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104th Congress, 1st Session
Economic Indicators
OCTOBER 1995
(Includes data available as of October 31, 1995)
LIBRARY
NOV 1 4 1995
FEDERAL RESERVE
BANK OF CHICAGO
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1995
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
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)
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
DAVID R. OBEY (Wisconsin)
LEE H. HAMILTON (Indiana)
KWEISI MFUME (Maryland)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member-Nominee
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ISBN 0-16-047795-6
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1995, according to advance estimates, current-dollar gross domestic product (GDP) rose
4.8 percent (annual rate), real GDP (GDP in 1987 dollars) rose 4.2 percent, and the implicit price deflator rose
0.6 percent.
BIWONS OF DOLLARS (RATIO SCALE)
7,200
BILUONS OF DOLLARS (RATIO SCALE)
7,200
SEASONAL? ADJUSTS) ANNUAL RATES
r---
6,800
6,800
/
/
6,400
6,400
y
6,000
6,000
^
^
GDP
INCUR SENT DOLLARS
5,600
\
5,200
/-
4,800
:>-
4,400
x
4,000
s
/
3,600
^
5,600
_-^
--"
f
s'
5,200
- " "
.--'
^
fxK"
4,800
4,400
GDP
IN 987 DOLLARS
4,000
'
X'^
s
/S
3,600
/
3,200
3,200
2,800
1 1 1
1982
\
\ 1
1983
i ii
I I I
1
1984
1985
1986
1
!
i i i
i i i
I I I
I I I
i i i
i I i
i i i
I I i
I I I
1987
1988
1989
1990
1991
1992
1993
1994
1995
SOURCE: DEPARTMENT OF COMMERCE
2,800
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
19851986198719881989:
199019911992:
1993:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III
IV
1994: I
II
III
IV
1995- I
II
l\\p
1
Personal Gross
private
conGross
domestic sumption domestic
product expendi- investment
tures
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
6,738.4
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,796.6
6,169.3
6,235.9
62999
6,359.2
6,478.1
6,574.7
6,689.9
6,791.7
6,897.2
6,977:4
7.030.0
7,113.2
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,902.4
4,136.9
4,378.2
4,628.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,955.7
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,586.4
4,657.5
4,734.8
4,782.1
4,851.0
4,898.1
717.6
749.3
793.6
832.3
808.9
744.8
788.3
882.0
1,032.9
737.0
697.1
800.2
814.8
825.2
756.4
756.8
822.0
853.8
869.7
882.2
922.5
966.6
1,034.4
1,055.1
1,075.6
1,107.8
1,094.1
1,113.4
Federal
Net
exports
Exports
Imports
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
718.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
649.2
646.8
660.1
649.0
680.3
674.2
704.5
730.5
765.5
778.8
797.5
802.0
451.7
507.1
552.2
587.7
628.5
620.9
668.4
724.3
816.9
440.2
467.1
535.6
573.1
597.7
649.2
637.5
691.4
696.4
723.5
726.0
751.4
760.9
802.1
840.1
864.4
889.9
922.2
920.3
-132.5
-143.1
- 108.0
-79.7
-71.4
-19.9
-30.3
-65.3
-98.2
-135.5
-1332
-143.2
-106.0
-73.9
-71.6
-13.7
-42.2
-49.6
-63.3
-77.0
-71.2
-86.7
-97.6
-109.6
-98.9
-111.1
-124.7
-118.3
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports
of goods and services
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,097.4
1,125.3
1,148.4
1,175.3
799.2
849.7
901.4
937.6
994.5
1,076.5
1,097.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,166.7
1,188.8
1,185.8
1,198.7
1,209.6
1,220.1
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
437.3
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
434.7
436.8
National
defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
292.3
268.6
278.6
295.8
296.8
302.5
322.5
311.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
285.3
283.7
286.7
285.6
Nondefense
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
145.0
88.3
94.5
96.7
95.2
102.6
114.0
126.6
138.7
139.9
139.4
143.6
140.7
146.1
143.5
143.8
146.6
150.6
148.1
151.1
State
and
local
465.3
496.6
531.7
573.6
620.9
651.6
676.3
704.7
738.0
442.4
476.6
509.0
545.7
589.3
640.0
659.7
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.5
753.8
764.3
774.8
783.3
Gross
Final
sales of domestic
purdomestic
product chases l
Addendum:
Gross
national
product
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
6,836.6
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
6,787.5
6,901.3
6,996.1
7,088.5
7,154.7
7,231.5
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
6,726.9
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,810.7
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,779.6
6,871.3
6,959.5
7,008.6
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
6,686.2
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,729.1
6,842.4
6,922.9
6,992.8
7,074.3
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Biliions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
domestic
product
Personal
consumption
expenditures
1986
1987
1988
1989
1990
1991
1992 . .
1993
1994
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
5,344.0
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
19821983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
19911992:
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
5,060.7
1993: I
II
Ill
IV
5,075.3
5,105.4
5,139.4
5,218.0
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
1994: I
II
III
IV .
5,261.1
5,314.1
5,367.0
5,433.8
3,546.3
3,557.8
3,584.7
3,629.6
1995: I
II
HIP
5,470.1
5,487.8
5.544.6
3,643.9
3,674.3
3.701.1
1
IV
IV
IV
IV ..
IV
IV
IV
IV
IV
IV
IV
Gross private
domestic investment
Nonresidential
fixed
investment
Residential
fixed
investment
Government purchases
Exports and imports of
goods and services
Change
in business
inventories
Net
exports
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
47.8
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.6
-143.1
-104.0
-73.7
-54.7
-19.5
-32.3
-73.9
-110.0
-19.0
-83.7
-131.4
-155.4
-156.0
-136.0
-102.7
-67.4
-36.8
-16.9
-38.5
560.3
581.0
597.9
627.2
643.6
657.9
680.0
708.2
743.6
763.7
779.0
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
-57.6
-69.3
-86.3
-82.2
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
229.5
221.2
227.0
51.1
34.3
35.3
-104.0
-111.8
-117.0
-107.1
-118.5
-126.7
-125.8
— 155 1
Federal
Exports
Imports
329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
657.0
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
590.7
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
766.9
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
629.3
646.8
669.6
681.6
707.4
723.6
755.6
783.5
805.0
824.6
844.3
861.8
589.2
600.2
595.3
625.2
619.6
643.9
666.5
697.9
706.2
717.6
735.9
GDP less exports of goods and services plus imports of goods and services.
Total
Total
855.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
922.8
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
940.6
373.0
384.9
377.3
376.1
384.1
386.7
373.5
356.6
337.6
Nondefense
National
defense
State
and
local
280.6
292.1
287.0
281.4
283.6
281.4
261.4
243.7
226.7
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
262.4
92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
110.9
482.4
496.6
509.6
528.3
548.5
557.2
563.3
573.1
585.2
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
114.6
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
563.6
113.3
111.5
114.7
112.4
564.9
571.0
576.2
580.4
341.7
334.7
343.5
330.4
248.2
246.8
240.9
238.7
228.5
226.1
233.0
219.1
113.2
108.7
110.5
111.3
920.5 327.2
921.0 324.8
928.0 328.7
214.9
215.0
216.1
112.3
109.8
112.5
926.5
929.3
931.8
931.5
919.9
917.1
932.0
922.2
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
377.0
361.6
358.3
355.6
351.1
Final
sales of
domestic
product
Gross
domestic
purchases1
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
5,099.2
578.3
582.4
588.5
591.8
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
5,296.2
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
5,054.1
5,056.8
5,086.5
5,126.5
5,207.2
5,235.7
5,254.9
5,310.0
5,384.4
593.3
596.2
599.3
5,419.0
5,453.5
5.509.3
5,588.6
5,614.5
5.670.4
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
5,454.0
5,132.9
5,174.7
5,225.8
5,300.2
5,365.1
5,425.8
5,484.0
5,540.9
Addendum:
Gross
national
product
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
5,337.3
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
5,061.0
5,083.9
5,110.1
5,148.4
5,218.7
5,262.7
5,310.5
5,359.9
5,416.0
5,458.3
5,473.4
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987=100; quarterly data are seasonally adjusted]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1985:
1986:
1987:
19881989:
1990:
1991:
1992:
Gross
domestic
product
Gross private
domestic investment
Personal consumption
expenditures
Exports and imports of
goods and services
Government purchases
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and
local
.
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
126.1
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
129.3
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
111.2
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
125.7
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
136.4
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
103.8
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
122.3
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
109.4
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
106.5
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
129.5
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
129.0
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
130.7
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
126.1
IV
IV
IV
IV
IV
IV
IV
IV
95.5
98.0
101.2
105.5
110.1
115.0
118.8
121.9
94.6
97.0
101.6
106.1
111.0
117.5
121.1
124.9
95.9
97.8
101.0
103.1
104.9
106.1
107.8
109.1
97.0
96.3
101.5
105.6
110.8
119.2
120.8
123.3
92.9
97.3
101.9
107.1
112.7
119.2
124.5
129.8
97.3
99.2
100.7
104.0
106.0
108.2
107.3
106.0
93.1
97.3
101.5
105.3
108.8
111.1
111.9
115.1
97.7
97.4
101.6
106.6
107.4
111.0
110.9
109.9
94.2
93.6
102.6
106.0
107.7
116.5
110.0
109.9
98.1
98.8
100.2
103.6
107.7
112.9
117.2
120.6
98.7
98.7
100.3
103.9
107.5
112.9
117.2
120.4
96.4
99.2
100.1
102.6
108.4
113.1
117.0
121.1
94.8
97.8
101.5
105.7
109.9
115.2
117.7
121.2
122.9
123.4
123.7
124.1
125.7
126.4
126.8
127.5
109.2
109.8
110.0
110.2
124.0
124.2
123.9
124.6
130.8
131.9
132.7
133.8
105.3
104.9
103.5
103.0
115.9
117.2
118.2
119.0
109.8
110.0
109.0
108.8
107.7
108.1
106.5
106.2
123.6
124.2
124.5
125.3
123.7
123.9
124.1
125.3
123.5
125.0
125.2
125.1
122.2
122.8
123.3
123.6
125.0
125.9
126.5
126.9
127.9
128.9
129.9
130.5
110.5
111.1
111.7
111.3
124.6
125.1
126.3
126.6
134.4
135.9
137.0
138.1
103.4
103.9
104.3
103.5
120.5
121.3
123.1
124.4
108.8
109.4
109.6
109.7
105.2
106.1
107.2
107.4
128.1
130.0
129.3
130.7
127.7
129.0
129.0
130.2
129.1
132.0
130.1
131.7
124.9
125.6
126.5
127.4
127.6
128.1
128.3
131.2
132.0
132.3
111.8
111.8
110.9
126.9
127.6
127.8
139.1
140.2
141.0
103.1
102.0
101.1
125.0
125.5
126.2
110.3
111.1
109.0
107.9
109.2
106.8
132.7
133.8
132.9
132.0
133.3
132.2
134.1
134.9
134.3
128.8
130.0
130.7
1993: I
II
III
IV
1994: I .
II
Ill
IV
1995: I .. .
II
lllp
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN FIXED-WEIGHTED AND ALTERNATIVE QUANTITY AND PRICE
INDEXES FOR GROSS DOMESTIC PRODUCT
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Quantity indexes
Current
dollars
Period
1981
11.9
3.9
8.1
10.9
6.9
57
6.4
79
72
5.6
3.2
5.2
54
6.2
2.8
5.0
3.8
2.6
7.1
52
4.9
8.6
4.4
4.2
3.8
7.7
6.1
7.2
6.2
6.4
4.7
3.0
48
...
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1991- I
II
III
.
.
rv
1992- I
II
III
rv
1993- I
II
HI
. . . .
rv
1994- I
II
Ill
rv
1995- I
H
Hip
..
Chain-type
annual
weights
Fixed
1987
weights J
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.6
2.3
3.1
4.1
-2.1
2.2
1.0
.1
3.1
2.4
3.5
5.7
1.2
2.4
2.7
6.3
3.3
4.1
4.0
5.1
2.7
1.3
42
Price indexes
Benchmarkyears
weights
Fixed
1987
weights
2.5
2.7
-2.2
3.8
7.0
3.2
2.9
3.1
3.9
2.6
1.2
-.7
2.1
2.5
3.6
-2.3
1.7
.8
2
3.0
2.2
3.1
5.2
.5
1.8
1.8
5.1
3.2
4.2
3.6
4.0
1.7
.7
3.0
-1.9
3.9
6.7
3.3
2.9
3.2
3.8
2.5
1.2
-.7
2.2
2.5
3.6
-2.3
2.0
.9
.1
3.1
2.2
3.3
5.1
.5
1.8
1.8
5.1
3.2
4.1
3.6
4.1
1.8
.7
3.1
Chain-type
annual
weights
3.9
3.4
3.5
28
3.1
40
4.5
4.6
4.0
3.2
30
2.7
5.1
3.1
3.3
2.7
3.9
33
27
2.8
42
2.4
2.0
2.4
3.1
2.9
3.0
2.6
3.3
2.8
21
Benchmarkyears
weights
9.2
6.3
9.1
6.4
4.1
3.6
3.6
2.7
3.1
3.9
4.4
4.4
3.9
3.0
2.8
2.7
5.2
3.2
3.1
2.5
3.8
3.1
2.3
2.5
4.0
2.3
1.9
2.5
3.2
2.7
2.8
2.5
3.2
2.6
2.0
4.1
3.6
3.6
29
3.2
3.9
4.4
4.4
4.0
3.1
2.8
2.7
5.1
3.2
3.1
2.6
3.9
32
2.4
2.5
4.0
2.3
1.9
2.4
3.2
2.7
2.7
2.6
3.3
2.7
20
price
deflator
100
62
41
44
37
26
32
39
44
44
38
28
99
21
50
28
28
27
38
27
13
27
33
16
10
13
29
19
19
16
22
16
6
Source: Department of Commerce, Bureau of Economic Analysis.
* Percent change in GDP in 1987 dollars.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic product
of nonfinartcial
corporate business
(billions of dollars)
Period
Current
dollars
1987
dollars
1986
2 386 3
1987
1988
1989
1990
1991
1992
1993
1994
1985:
1986:
19871988198919901991:
19921993-
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
3,656.9
2,338.8
2,422.8
2.627.6
2,843.2
2.951.5
3,052.5
3,125.9
3,307.8
3 324 4
3,386.3
3,428.7
3,499.3
3,568.6
3,626.7
3.679.4
3,752.8
3,793.8
3,824.9
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
3,121.9
2,396.9
2.463.3
2,604.0
2,719.0
2.722.7
2,725.0
2,740.9
2,870.2
2,868.4
2,920.5
2,963.3
3,019.5
3,062.6
3,098.9
3,131.2
3,195.0
3,229.3
3,255.0
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III
IV
1994- I
II
III
IV
1995- I
II
1
Total
cost and
profit 2
0.978
1.000
1.030
1.072
1.109
1.137
1.150
1.159
1.171
.976
.984
1.009
1.046
1.084
1.120
1.140
1.152
1.159
1.159
1.157
1.159
1.165
1.170
1.175
1.175
1.175
1.175
Consumption of
fixed
capiUtl
0.111
.110
.111
.117
.120
.126
.126
.123
.122
.110
.112
.110
.112
.120
.123
.125
.123
.124
.123
.124
.120
.125
.121
.122
.121
.122
.123
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business
with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
2
Indirect
business
taxes:i
0.095
.095
.096
.101
.106
.115
.117
.117
.117
.093
.095
.094
.097
.102
.109
.117
.118
.117
.117
.116
.117
.117
.117
.118
.117
.116
.116
Compensation
of employees
0.648
.658
.676
.706
.736
.756
.767
.768
.766
.643
.654
.664
.687
.718
.748
.760
.768
.776
.770
.766
.760
.763
.766
.768
.768
.771
.768
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.040
.042
.045
.054
.054
.049
.041
.039
.039
.038
.042
.042
.047
.055
.054
.047
.038
.039
.039
.039
.038
.038
.039
.040
.041
.042
.042
0.084
.096
.102
.094
.093
.092
.099
.112
.126
.092
.081
.099
.102
.088
.085
.092
.107
.102
.111
.113
.123
.122
.127
.127
.128
.125
.126
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.031
.040
.046
.030
.035
.038
.040
.033
.034
.031
.033
.037
.040
.038
.043
.043
.046
.047
.049
.049
.048
Profits
after
tax4
0.053
.059
.064
.057
.059
.061
.067
.073
.080
.063
.045
.060
.063
.055
.052
.061
.073
.065
.071
.075
.080
.078
.081
.080
.079
.076
.078
Output
per hour
of all
employees
(1987
dollars)
Compensation
per hour
of all
employees
(dollars)
22.733
23.127
23.572
23.188
23.447
23.926
24.649
25.330
25.881
22.346
22.891
23.356
23.521
23.145
23.552
24.214
25.084
24.942
25.221
25.421
25.664
25.792
25.744
25.849
26.069
26.176
26.521
14.739
15.207
15.833
16.376
17.246
18.081
18.917
19.445
19.829
14.359
14.975
15.517
16.069
16.616
17.625
18.402
19.253
19.349
19.418
19.467
19.497
19.683
19.714
19.855
20.010
20.180
20.345
4
With inventor}' valuation and capita) consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) arid Department, of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annua! rates]
National
income
Period
Compensation
of
ees'
1989
1990 .
1991
1992
1993
1994
1985- IV
1986: IV ....
1987- IV
1988: IV
1989- IV
1990- IV
1991- IV
1992: IV
1993: I
II
Ill
IV
1994: I
II
Ill
IV
1995- I
II
Hip
1
. .
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
5,458.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
5,494.9
5,599.4
5,688.4
5,719.4
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
Nonfarm
40.2
41.9
36.7
44.4
37.3
39.5
17.8
23.6
42.4
30.9
38.4
43.8
36.6
46.0
49.6
39.4
15.8
44.4
47.2
39.3
29.8
41.7
44.4
35.0
34.0
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
4,004.6
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.7
4,095.3
4,157.3
4,183.0
4,230.9
307.0
321.4
339.5
374.4
404.3
434.2
250.9
260.9
282.6
302.5
311.4
325.1
349.8
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
444.0
449.2
452.2
458.3
Includes employer contributions for social insurance. (See also p. 5.)
Rental
income
of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
362.8
380.6
390.3
405.1
485.8
542.7
284.9
264.6
343.3
378.3
354.5
362.8
394.7
432.5
442.5
473.1
493.5
533.9
508.2
546.4
556.0
560.3
569.7
581.1
-13.5
-14.2
-10.5
-5.5
24.1
27.7
14.0
4.7
6.8
2.8
-21.6
-11.1
-8.1
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.6
29.0
25.4
24.2
20.5
Profits
before tax
325.4
354.7
370.9
389.4
456.2
505.0
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
545.9
Inventory
valuation
adjustment
342.9
365.7
365.2
395.9
462.4
524.5
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
574.1
-17.5
-11.0
5.8
-6.4
-6.2
-19.5
-3.8
-10.7
-17.8
-31 7
-13.5
-195
-.8
2.1
-11.2
-10.0
3.0
-65
-12.3
-14.1
-19.6
-32.1
-39.0
-28.2
-7.4
Capital
consumption
adjustment
37.4
25.9
19.4
15.7
29.5
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
38.8
38.1
35.2
35.4
Net
interest
452.7
463.7
447.4
420.0
399.5
409.7
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.0
414.6
397.6
396.7
389.1
394.2
399.7
415.7
429.2
442.4
444.0
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1989
1990
1991
1992
1993
1994
1983:
19841985:
19861987:
1988:
1989:
1990:
19911992:
1993:
FV
IV
IV
IV
IV
IV
IV .
IV
TV
IV
I
II
Ill
W
1994: I
II
in ....
TV
1995: I
II
III"
1
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3,643.9
3,674.3
3,701.1
Total
durable
goods
440.7
443.1
425.3
452.6
489.9
532.1
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
468.8
472.5
483.7
492.7
510.8
521.7
522.2
529.6
554.8
550.0
554.8
570.4
Includes other items, not shown separately.
Motor
vehicles
and
parts
196.4
192.7
170.0
181.8
196.1
208.2
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.0
211.9
203.2
202.7
207.9
Furniture
and
household
equipment
165.8
171.6
179.2
193.3
214.1
238.7
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.7
254.5
256.6
261.8
271.6
Services
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Other
78.5
78.7
76.1
77.5
79.7
85.2
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
88.4
90.3
90.4
90.9
Total
nondurable
goods
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
1,109.5
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.4
1,121.9
1,128.2
1,133.5
1,133.7
Pood
515.0
523.9
518.8
514.7
524.0
535.6
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
522.0
520.7
522.3
525.1
528.1
531.9
536.1
535.7
538.5
541.1
540.8
542.1
Clothing Gasoline
and
and oil
shoes
187.8
186.2
184.7
193.2
197.8
208.8
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
198.7
194.0
196.1
198.6
202.4
203.8
204.9
210.2
216.4
216.6
219.3
219.3
87.3
86.4
83.1
85.6
86.5
87.2
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.0
86.1
85.7
87.5
86.6
86.1
86.7
88.0
88.2
90.3
91.1
90.4
Retail sales of new
passenger cars
(millions of units)
Fuel
oil
and
coal
Other
11.4
10.5
10.7
11.2
12.1
11.9
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.7
11.1
11.5
12.2
11.7
250.2
253.8
250.5
253.0
258.2
265.9
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.8
267.6
268.7
270.1
270.3
Total
services1
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
1,938.1
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,797.3
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,941.8
1,952.9
1,965.7
1,986.0
1,997.0
Housing
469.2
474.6
479.0
485.2
492.6
501.3
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.6
505.0
507.4
509.5
511.6
Medical
care
Domestics
408.6
424,6
437.7
454.3
466.4
479,0
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.0
484.4
486.9
489.6
490.7
7.1
6.9
6.1
6.3
6.7
7.3
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
7.4
7.0
6.9
7.4
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
2.8
2.6
2.3
2.1
2.0
2.0
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
22
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
1.8
1.8
1.8
1.8
SOURCES OF PERSONAL INCOME
Personal income rose $26.7 billion (annual rate) in September, following a rise of $6.9 billion in August. Wages
and salaries rose $16.5 billion in September, following a decline of $4.9 billion in August.
BIUIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
- TOTAL PERSONAL INCOME
3,000
3,000
\
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
OTHER INCOME
800
800
TRANSFER PAYMENTS
111 i l l
400
1987
1988
1989
1990
t l l l I I l t l l l 11 i i i I i i 11 i
II M il ii ii l
1991
1992
1993
1994
400
1995
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Sept
Oct
Nov
Dec
1995- Jan
Peb
May
July
Sepf
1
:
. .
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
5,768.4
5,844.7
5,841.8
5,883.5
5,930.6
5,962.7
5,992.7
6,005.1
5,993.8
6,025.3
6,062.3
6,069.2
6,095.9
Wage and
salary
disbursements1
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,816.1
2,974.8
3,080.8
3,279.0
3,310.2
3,351.6
3,349.3
3,368.3
3,391.1
3,406.8
3,412.2
3,429.6
3,405.6
3,431.5
3,460.4
3,455.5
3,472.0
Proprietors' income3
Other labor
income 1 2
200.7
210.4
230.5
251.9
274.3
299.0
328.7
355.3
381.0
385.5
387.1
388.7
390.3
398.1
399.6
401.1
402.5
403.9
405.3
406.5
407.7
409.1
Farm
261.5
279.0
293.4
307.0
321.4
339.5
374.4
404.3
434.2
439.4
441.4
443.5
447.0
448.7
449.4
449.6
450.4
451.6
454.6
455.5
458.2
461.0
22.3
31.3
30.9
40.2
41.9
36.7
44.4
37.3
39.5
30.0
49.0
35.1
41.1
36.1
42.3
54.8
39.9
35.2
29.9
30.9
34.7
36.4
The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it exchides employer contributions for social insurant* and
the excess of wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
4
Rental
income
of
persons4
8.7
3.2
4.3
-13.5
-14.2
-10.5
-5.5
24.1
27.7
32.7
31.4
29.5
26.1
26.8
25.5
23.8
23.4
24.2
24.9
23.4
20.2
17.8
Personal
dividend
income
104.7
100.4
108.4
126.5
144.4
150.5
161.0
181.3
194.3
198.8
200.8
202.8
204.4
204.8
205.4
206.4
207.5
208.1
208.8
210.2
211.5
213.2
Personal
interest
income
531.7
548.1
583.2
668.2
698.2
695.1
665.2
637.9
664.0
683.6
692.5
701.2
709.6
717.2
724.0
729.5
734.9
739.5
743.4
746.1
748.4
750.4
Transfer
payments5
Less: Personal contributions
for social
insurance
517.8
542.2
576.7
625.0
687.6
770.1
860.2
915.4
963.4
972.3
977.1
977.7
984.2
1,000.7
1,003.7
1,009.9
1,012.8
1,020.0
1,022.9
1,027.3
1,031.0
1,034.8
162.1
173.6
194.5
211.4
224.9
236.2
248.7
261.3
281.4
284.1
286.2
286.1
287.4
292.8
294.0
294.5
295.8
294.3
296.1
298.1
297.9
299.1
Nonfann
personal
income 6
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,801.8
5,089.4
5,316.6
5,639.4
5,715.5
5,772.5
5,783.3
5,818.7
5,870.8
5,896.5
5,914.1
5,941.1
5,934.4
5,971.0
6,006.9
6,009.9
6,034.7
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars rose in the third quarter
of 1995.
BILLIONS OF DOLLARS' (RATIO SCALE)
5,500
BILLIONS Of DOLLARS' (RATIO SCALE]
2,500
2,500
2,000
DOLLARS* (RATIO SCALE]
22,000
20,000
-18,000
DOLLARS' (RATIO SCALE]
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
18,000
CURRENT DOLLARS
\
16,000
14,000
"^
=
^'
r
——.
•
16,000
^rM
14,000
[
\
987DOLU
12,000
•^ j,-^"^
^
12,000
r
—=
-^
_,
-^
10,000
8,000
1
1
!
1982
^
i ii
1983
10,000
I I I
I I i
1984
1985
!
1
1
1
1986
1
1
1987
I I i
i ) i
i I I
l i i
i i i
I I i
i i I
1
1988
1989
1990
1991
1992
1993
1994
1995
!
!
8,000
COUNOl OF ECONOMIC ADVI5BS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1987
Per capita
disposable personal
income
Current
dollars
dollars
(billions)
Billions of dollars
1987
1988
1989
1990
1991 . .
1992
1993
1994
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
512.5
527.7
593.3
623.3
623.7
648.6
686.4
742.1
3,289.5
3,548.2
3,787.0
4,050.5
4,236.6
4,505.8
4,688.7
4,959.6
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
142.0
155.7
152.1
170.0
211.6
247.9
192.6
203.1
3,289.5
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3,704.1
3,835.7
13,545
14,477
15,307
16,205
16,766
17,636
18,153
19,003
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
4,756.5
Percent
change
in real
per capita
disposable
personal
income
13,545
13,890
14,005
14,101
14,003
14,279
14,341
14,696
12,568
13,448
14,241
15,048
15,444
16,192
16,951
17,734
12,568
12,903
13,029
13,093
12,899
13,110
13,391
13,716
-0.1
2.5
.8
.7
-.7
2.0
.4
2.5
4.3
4.4
4.0
4.2
5.0
5.5
4.1
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
260,991
13,278
13,522
13,685
13,996
14,015
14,018
13,998
14,533
14,222
14,351
14,338
14,451
14,535
14,625
14,697
14,927
15,048
14,973
15,095
11.445
12,101
12,819
13,814
14,491
15,283
15,588
16,566
16,693
16,856
17,017
17,233
17,443
17,598
17,821
18,072
18,216
18,438
18,572
12,095
12,472
12,615
13,020
13,053
13,010
12,868
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,717
13,853
13,880
13,966
14,033
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
9.3
-8.3
3.7
-.4
3.2
2.3
2.5
20
6.4
3.3
-2.0
3.3
6.0
4.8
5.0
4.3
3.9
4.3
5.2
6.2
4.0
4.6
3.9
4.0
3.6
4.1
4.1
4.6
5.1
4.0
4.2
239,387
241,550
243,745
246,004
248,372
251,035
253,758
256,626
257,262
257,908
258,635
259,356
259,997
260,627
261,340
261,999
262,527
263,095
263,736
Seasonally adjusted annual rates
1985:
1986:
19871988:
1989:
1990-
IV ....
IV
IV
IV
IV
IV
1991: IV
1992: IV
1993:
I
II
Ill
IV
1994- I
II
III
IV
1995:
I
II
IIlP
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,934.2
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,734.5
5,856.6
5,962.0
6,008.1
6,075.8
448.8
478.5
528.6
542.0
605.1
625.2
631.2
676.2
657.3
685.9
695.4
707.0
723.0
746.4
744.1
754.7
777.6
807.0
807.0
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,303.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,990.3
5,101.9
5.184.4
5,201.0
5,268.8
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,787.0
4,869.3
4,920.7
4,994.9
5,045.9
179.2
151.1
169.8
156.4
148.8
176.2
224.6
287.4
184.6
214.0
182.3
189.4
175.5
201.1
203.3
232.6
263.7
206.1
222.9
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,840.9
3,911.0
3,950.5
3,939.4
3,981.2
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2
12,565
13,121
13,907
14,850
15,558
16,467
16,957
18,154
17,874
18,141
18,174
18,421
18,588
18,853
19,095
19,473
19,748
19,769
19,977
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1995, according to preliminary estimates, gross farm income fell $9.9 billion (annual
rate) and net farm income fell $12.1 billion.
BllilC)NS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SDALE)
240
200
160
x^
y— —>i
-**v
^-N.
r
/"
-
-^ •
^
f~
.--
240
200
i
160
^
120
120
\
GROSS FARM IN COME
80
80
An
60
40
40
20
20
10
10
" SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of AGRICULTURE
COUNCIL OF ECONOMY ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Net farm income
Period
Cash marketing receipts
Total i
Total
1986
1987 T
1988'r ....
1989
1990r
1991 r
1992 '
1993'
1994'
1993: I'
II '
III'
IV'
1994- I'
II'
III'
IV'
1995- I'
II"
1
156.1
168.3
177.3
191.9
198.5
191.8
200.5
203.0
213.5
203.9
203.4
198.9
205.6
218.8
206.1
211.8
217.1
211.4
201.5
135.4
141.8
151.2
160.8
169.4
167.8
171.3
177.1
179.7
174.3
177.2
187.7
169.4
178.8
169.7
185.8
184.4
184.4
177.1
Livestock and
products
71.6
76.0
79.6
83.9
89.2
85.8
85.6
90.0
88.1
83.7
87.9
101.3
87.3
92.0
82.8
97.6
79.9
87.5
78.0
Cash marketing receipts and inventory changes 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.
3
Income in current dollars divided by the GDP implicit price deflator.
Crops
63.8
65.8
71.6
76.9
80.3
82.0
85.7
87.1
91.6
90.6
89.3
86.3
82.1
86.8
86.9
88.2
104.5
96.9
99.1
Value of
inventory
changes2
-2.2
-2.3
-4.1
3.8
3.5
-.2
4.2
-4.5
8.7
-8.0
-6.3
-7.4
3.7
10.6
10.0
7.8
6.3
.6
.6
Production
expenses
Current
dollars
125.1
130.2
139.8
146.9
153.7
153.4
152.6
160.9
166.7
158.5
160.8
162.6
161.7
164.3
166.5
168.5
167.6
162.9
165.3
31.1
38.0
37.5
45.0
44.8
38.4
47.9
42.1
46.7
45.4
42.7
36.3
43.9
54.5
39.6
43.3
49.5
48.4
36.3
1987 dollars3
32.0
38.0
36.1
41.5
39.5
32.6
39.7
34.1
37.1
37.0
34.6
29.4
35.4
43.6
31.4
34.2
39.0
38.0
28.3
NOTE.—Date include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1992 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the second quarter of 1995, according to current estimates, corporate profits before tax rose $3.5 billion (annual
rate) and profits after tax rose $2.9 billion.
BILLIONS OF DOLLARS
600
BILLIONS OF COLLARS
600
SEASONALLY ADJUSTED ANNUAL RATES
,-
yl
550
550
-
/1
500
500
</
-
f
450
450
/
200
/
s^\
300
-
r\
^y
1
/
y
x _^
/
~
/'
"
s«-">
/
100
f
~
^
"x.^.
n
x
*""
./
0
1 1 1
1982
1
s
\
/''
1
!
1
1983
1
1
1
1984
!
1985
1
^
^y
i ii
,'
400
-
.
<*
-\V ,'
s
"\
-
./
300
^ /
250
^.~ —
150
..._>-.- •'\/
\
X
X
^jf
-'
V -'
"~ —
~
200
/• -'
„-./
s'
s~*
\
350
s
s
"
%''
100
50
UNC ISTRIBUTEI: PROFITS
0
i i i
1
1987
1986
/ ~~ ~~
TAX LIABILITY
\
• •'' ^ ]
N,
' *•—* ,..**'""
~ —.-'^*.
' ./
**"*"*
50
/
v,
s
150
"
OFITSAFT
O
/
/
s"
x_.J
-
X
V>r^ V
\/
350
250
^
P (OFITS BEFORE TAX _
400
~
!
1
I I I
i t i
i i i
!
1989
1990
1991
1992
1988
1
1
1
!
1
1 1 1
i i i
1994
1995
1993
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally ac(justed annual rates]
Profits (before tax) with inventory valuation acyustment 1
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1985198619871988:
19891990-
IV
IV
IV
IV
IV
IV
1991:
IV
1992- IV
1993- I
II
Ill
rv
1994- I
II
in
IV
1995- I
II
in*"
1
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
505.0
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
545.9
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
444.6
193.5
192.5
246.3
285.9
254.8
273.8
301.4
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.1
461.7
462.9
473.6
Financial
Total3
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
340.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
345.5
354.5
347.7
357.4
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
104.0
29.0
34.7
39.4
46.1
52.5
66.6
84.6
86.7
95.9
100.1
103.9
114.6
89.6
106.4
112.6
107.2
115.2
116.2
1
See p. 4 for profits with inventory valuation and capital consumption adjustments
2
Includes rest of the world, not shown separately.
1
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
145.6
83.3
63.9
98.7
129.3
94.5
98.5
85.3
101.3
96.2
114.2
112.4
134.2
145.1
143.0
143.3
150.9
143.9
148.9
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
67.6
39.0
43.1
39.3
39.3
39.2
36.2
47.4
64.6
56.0
63.3
62.0
63.7
59.0
72.0
70.1
69.2
66.7
64.0
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
524.5
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
574.1
Tax
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
202.5
97.6
116.6
135.2
146.2
134.2
137.0
133.1
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.6
215.6
220.0
220.4
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
322.0
134.2
119.2
176.0
226.0
200.0
231.8
240.0
264.8
273.0
284.8
288.9
310.2
299.4
321.4
329.5
337.9
350.7
353.6
Dividends
Undistributed
profits
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
205.2
97.4
111.0
106.3
121.0
141.3
153.7
160.9
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
213.9
217.1
219.9
223 7
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
116.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
82.7
84.7
94.1
95.6
115.6
103.0
118.9
121.6
124.0
133.5
133.8
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
9.7
-14.5
-27.3
17 5
-11.0
5.8
-6.4
62
-19.5
-3.8
10 7
-17.8
-31.7
-13.5
-19.5
-.8
2.1
-11.2
-10.0
3.0
65
-12.3
-14.1
-19.6
-32.1
-39.0
-28.2
-7.4
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the third quarter of 1995, according to advance estimates, nonresidential fixed investment in 1987 dollars rose
$15.3 billion (annual rate) and residential investment rose $5.8 billion. There was a $35.3 billion increase in inventories,
following an increase of $34.3 billion in the second quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,100
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
^
900
900
^
800
^-/
/O
700
~\
500
/
^
^
r^
tf
/
700
S
*- ^
f
^
/
•
->
„--
s
600
s
•*.
500
1
NCPRESIDESrriAL
D INVESTA
s
**
*+
s
jl
S1
s
400
p\
INC^\^
GROSS PRIVATE DOMESTIC
INVESTMENT
/
600
800
y^
^
400
RESIDENTIA L
FIXF 3JNVESTA/ FNT
300
300
\
200
__
100
* «• —
N
-'
\
\
100
!
1
1982
!
^
S
/
0
200
••*..,
s*
^. s'
CHANC5E IN BUSI NESS
IN /ENTORIE
/
-\
'\
100
,--, - - - .
0
\
/
!
1
!
1983
1
!
1
1
1984
1
!
1985
1
1
1986
1
i i i
i i i
1987
1988
l l l
1989
1
!
1
1990
i i i
1991
i i i
1 1 i
i i i
i i i
1992
1993
1994
1995
-100
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Gross
private
domestic
investment
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
19851986:
19871988:
198919901991:
1992:
...
IV
IV
R7
IV
IV
IV
IV
IV
....
. .
1993- I
II
III
IV
1994: I
II
III
IV
1995- I
II
III?
. ...
...
•
.. .
Note.—See p. 10 for further detail on fixed investment by type.
Nonresidential
Total
Total
Producers'
durable
equipment
Residential
Structures
Total
Nonfarm
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
951.5
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
903.8
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
47.8
10.6
32.7
26.9
29.9
3.2
-1.3
-2.0
18.5
40.7
763.1
705.9
793.8
785.0
769.5
695.7
697.9
755.2
732.9
725.9
733.9
764.1
744.6
716.6
684.4
748.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
327.2
325.0
332.7
363.1
356.9
367.4
355.5
394.6
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.3
28.0
-18.6
62.1
30.5
31.2
18 7
14.6
789.2
806.2
821.8
862.5
770.7
787.3
808.8
851.7
560.3
581.0
597.9
627.2
147.2
147.3
147.5
148.7
413.0
433.7
450.3
478.5
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
19.7
22.8
20.9
10.7
898.9
950.9
967.3
989.1
873.4
891.7
910.2
939.7
643.6
657.9
680.0
708.2
144.1
151.0
151.6
155.6
499.4
506.9
528.4
552.6
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
22.1
51.7
47.4
41.7
1,024.1
1,019.2
1,041.3
973.0
984.9
1,006.1
743.6
763.7
779.0
159.9
163.4
164.8
583.7
600.3
614.3
229.5
221.2
227.0
51.1
34.3
35.3
49.1
33.2
36.8
Source: Department of Commerce, Biireau of Economic Analysis.
FIXED INVESTMENT BY TYPE IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Structures
1986
1987
1988
1989
1990
1991
1992
1993
1994
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV ....
IV
IV .
1991:
IV
1992: IV
1993: I
II .
Ill
IV ..
1994: I
II
HI
IV
1995: I
II
lllp
1
Total
nonresidential
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
560.3
581.0
597.9
627.2
643.6
657.9
680.0
708.2
743.6
763.7
779.0
Total i
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
147.2
147.3
147.5
148.7
144.1
151.0
151.6
155.6
159.9
163.4
164.8
Structures
Information processing
and related equipment
NonPeriod
Residential
Producers' durable equipment
dential
buildings,
including
farm
Utilities
125.2
124.4
128.5
133.2
134.8
113.4
100.8
100.0
104.8
139.2
122.8
129.3
128.9
134.2
127.8
104.0
97.6
98.4
98.5
100.5
102.7
99.2
105.4
105.1
109.5
113.1
114.9
115.8
31.5
26.5
26.0
26.5
24.1
27.7
29.9
28.8
29.5
30.7
30.3
25.3
26.7
25.9
24.8
28.8
30.0
29.7
28.7
28.5
28.5
28.4
29.0
29.7
30.7
30.5
31.8
32.9
Mining
exploration,
shafts,
and
wells
13.5
13.1
13.5
11.3
13.2
12.4
10.3
10.7
9.3
20.0
11.6
15.3
14.0
12.3
13.0
11.0
10.7
11.1
11.2
10.5
9.9
9.6
9.8
9.3
8.5
9.4
9.1
9.5
Total
Computers
and
peripheral
equipment2
Other
105.7
109.4
120.3
128.0
133.1
138.8
156.8
200.9
249.1
102.4
109.8
112.1
122.3
129.3
134.6
143.9
166.6
178.7
190.8
208.9
225.2
233.2
242.2
251.2
269.9
285.3
308.6
320.4
27.7
34.0
37.9
44.4
47.7
54.1
68.3
105.4
134.8
26.2
27.9
35.9
37.4
46.0
49.4
59.7
76.4
88.8
98.0
112.2
122.5
127.2
130.3
135.1
146.5
157.2
174.8
186.4
78.0
75.3
82.4
83.7
85.4
84.7
88.5
95.5
114.3
76.1
81.9
76.1
84.8
83.3
85.2
84.2
90.2
89.8
92.8
96.7
102.7
106.0
111.8
116.1
123.4
128.0
133.8
134.0
Total i
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
327.2
325.0
332.7
363.1
356.9
367.4
355.5
394.6
413.0
433.7
450.3
478.5
499.4
506.9
528.4
552.6
583.7
600.3
614.3
Includes other items, not shown separately.
new computers and peripheral equipment only.
Includes producers' durable equipment, not shown separately.
Industrial
equipment
Transportation
and
related
equipment
76.7
74.8
81.6
85.0
78.2
73.4
71.7
79.2
90.3
79.2
77.3
76.6
86.0
83.6
75.6
71.6
74.0
75.6
77.5
79.9
83.6
86.4
88.9
92.1
93.6
98.9
101.8
102.5
74.9
73.6
78.5
72.6
78.5
74.7
78.3
87.8
98.3
78.1
71.4
71.6
78.5
68.7
80.2
73.3
83.3
84.5
90.4
85.3
90.9
98.5
92.3
99.1
103.4
109.6
101.2
101.2
Total
residential 3
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
210.4
206.3
211.0
224.5
229.9
233.8
230.2
231.5
229.5
221.2
227.0
Total
Single
family
Multifamily
Other
220.6
219.4
216.5
207.7
188.0
162.9
189.9
205.7
223.5
202.0
224.8
217.3
218.9
201.4
169.8
170.9
200.5
203.2
199.1
203.5
216.9
222.4
226.0
222.3
223.3
221.4
213.2
218.9
106.7
114.5
112.1
107.9
97.6
85.4
102.4
112.1
124.4
95.6
110.4
115.8
113.9
103.9
86.1
92.9
106.6
111.2
108.5
110.2
118.3
125.1
127.6
123.8
121.0
118.9
110.2
111.8
32.2
25.5
20.8
20.6
17.5
13.5
11.7
9.6
11.7
30.3
31.6
24.0
20.8
19.0
16.5
12.5
10.4
9.5
9.2
9.9
9.7
10.0
11.3
12.1
13.5
14.7
15.2
16.1
81.7
79.5
83.5
79.1
73.0
64.0
75.8
84.1
87.4
76.0
82.7
77.5
84.2
78.5
67.2
65.5
83.5
82.5
81.3
83.5
88.9
87.3
87.2
86.5
88.8
87.8
87.7
91.0
Source: Department of Commerce, Bureau of Economic Analysis.
2
Includes
3
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993 '
19942
19953
1
Total
expenditures
489.7
549.0
600.7
Total
488.2
518.6
587.3
Mining
and
construction
31.2
34.9
35.6
Manufacturing
Durable
goods
Nondurable
goods
134.1
144.1
66.4
76.1
181.8
100.6
67.7
68.1
81.2
Total
Estimates collected from the 1993 Annual Capital Expenditures Survey.
2
Preliminary estimates collected from the February 1995 Investment Plans Survey. Final
data are scheduled to be published in January 1996 in the 1994 Annual Capital Expenditures
Survey.
3
Revised estimates of planned capital expenditures from the September 1995 Investment
Plans Survey.
10
Transportation
Communications
30.6
32.3
37.0
37.1
44.6
49.3
Utilities
41.3
38.0
41.8
Wholesale
and
retail
trade
60.3
68.1
75.7
Finance,
insurance,
and
real
estate
40.2
36.9
47.1
Services
111.8
118.5
117.3
Serving
multiple
industries
Not
distributed
by
industry
1.7
1.2
1.4
30.4
1.6
13.5
Note.—Data from Business Investment and Plans, 1993 to 1995, released September 22,
1995. For further information, see Annual Capital Expenditures: 1993, and Technical Note on
New Annual Capital Expenditures Survey, September 1995.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In September, employment rose by 361,000 and unemployment rose by 20,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS'
134
134
<-*">W"'
SEASONALLY ADJUSTED
^
r—~^***'~^
130
,. —^
r"—
CIVILIAN LABOR FORCE
\
126 -
r^~~^~
_—"»•" ••'-'"---,
_^-
— 126
x1"
"
_^H
l"""*"*^
^•^•"1
118
>~-~"X
114
%
\
-
__x
- 118
114
CIVILIAN
EMPLOYMENT
^m*"
110
106
- 110
106
,
s
1987
1994
1995
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
Civilian
labor
force
Nonagricultural
Total
Agricultural
Total
Percent2
Unemployment
Civilian employment
Civilian
noninstitutional
population
NSA
Part time
for
economic
reasons *
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
1985
19863
1987
1988
1989
1990
1991
1992
1993
1994 4
178,206
180,587
182,753
184,613
186,393
188,049
189,765
191,576
193,550
196,814
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
131,056
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
123,060
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
3,409
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
119,651
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
4,414
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
2,860
62,744
62,752
62,888
62,944
62,523
63,262
64,462
64,593
65,509
65,758
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
66.6
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
62.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
1994- Sept
Oct
197,248
197,430
197,607
197,765
131,291
131,646
131,718
131,725
123,644
124,141
124,403
124,570
3,411
3,494
3,500
3,532
120,233
120,647
120,903
121,038
4,154
4,226
4,246
4,254
7,647
7,505
7,315
7,155
2.768
2,934
2,661
2,456
65,957
65,784
65,889
66,040
66.6
66.7
66.7
66.6
62.7
62.9
63.0
63.0
5.8
5.7
5.6
5.4
197,753
197,886
198,007
198,148
198,286
198,452
198,615
198,801
199.005
132,136
132,308
132,511
132,737
131,811
131,869
132,518
132,211
132.591
124,639
125,125
125,274
125,072
124,319
124,485
124,959
124,779
125.140
3,575
3,656
3,698
3,594
3,357
3,451
3,409
3,362
3.273
121,064
121,469
121,576
121,478
120,962
121,034
121,550
121,417
121.867
4,430
4,187
4,347
4,171
4,289
4,185
4,234
4,316
4,451
7,498
7,183
7,237
7,665
7,492
7,384
7,559
7,431
7,451
2,386
2,298
2,266
2,505
2,585
2,299
2,319
2,380
2.352
65,617
65,578
65,496
65,412
66,476
66,583
66,096
66,590
66.414
66.8
66.9
66.9
67.0
66.5
66.4
66.7
66.5
66.6
63.0
63.2
63.3
63.1
62.7
62.7
62.9
62.8
62.9
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
5.6
Dec
1995- Jan
Feb .
Mar
July
Sent
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
3
Not strictly comparable with earlier data.
4
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
11
UNEMPLOYMENT RATES
In September, the unemployment rote remained at 5.6 percent.
PERCENT* (SFASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
25
TEENAGERS
i (16-19)
.L\
20
IV
f
\A
•s.
iVV"
15
10
10
MEN 20YEARS
AN DOVER
_ — — -- .
•
^
\
WOMEN 20 YEARS
ANDOV ER
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 III 1 1 1
1991
1993
1995
1994
1992
1995
*UNEMHOYMENT AS PERCENT Of CIVILIAN IA8OS 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 race
By sex and age
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
19942
1994- Sept
Oct
Nov
Dec
1995- Jan
Feb
May
-June
July
Sept
1
Revised
2
All
civilian
workers
Men
20 years
and over
Women
20 years
and over
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
5.4
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.4
5.8
5.7
5.6
5.4
5.1
5.0
4.9
4.7
5.2
5.0
5.0
4.7
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
5.6
5.0
4.6
4.7
4.9
5.1
4.8
4.7
4.8
4.9
4.9
4.8
4.9
5.2
4.8
5.0
5.1
5.0
4.9
Both
sexes
16-19
years
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.6
17.2
17.1
15.8
17.2
16.7
17.6
16.1
17.5
17.6
16.4
18.2
17.7
17.5
White
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.3
5.1
5.0
4.8
4.8
4.9
4.7
4.7
5.0
5.0
4.8
4.8
4.8
4.8
definition; for details, see Employment atid Earnings, February 1994.
Data beginning Januaiy 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
12
Black
and
other
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
10.2
10.4
9.8
9.2
9.5
9.4
9.2
9.8
9.1
9.8
10.1
10.2
10.2
By selected groups
Black
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
11.5
10.7
11.1
10.5
9.8
10.2
10.1
9.8
10.7
9.9
10.6
11.1
11.3
11.3
Experienced
wage
and
salary
workers
Married
men,
spouse
present
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
5.9
5.7
5.5
5.4
5.3
3.4
3.3
3.2
3.2
5.4
5.1
5.2
5.6
5.6
5.4
5.5
5.4
5.5
3.4
3.0
3.2
3.4
3.4
3.4
3.4
3.3
3.5
Women
•who
maintain
families
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
3.7
NOTE.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
8.9
8.9
8.9
8.7
8.8
8.9
8.1
7.6
9.0
8.0
8.4
8.5
7.0
8.0
Full-time
workersl
Part-time
workers J
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.1
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.0
5.8
5.8
5.6
5.3
5.8
5.6
5.4
5.9
5.5
5.3
5.4
5.6
5.6
5.5
5.5
5.6
5.6
6.2
6.0
5.8
6.3
6.1
6.3
6.6
5.9
5.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In September, the percentages of the unemployed who had been out of work for less than 5 weeks and for
27 weeks and over rose, while the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration
of unemployment was unchanged at 16.3 weeks and the median duration fell to 8.0 weeks.
PERC:ENT
DISTRIBUTION *
PER CENT DISTRIBUTION *
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
60
50
50
S~^/~''*r
JOB LOSERS-"
LESS THAN
5 WEEKS
\
40
VA yv
[iV^ X
20
^
'27 WEEKS
AND OVER
>/
""
i
sp#
15-26
WEEKS
10
\
""'^/A-
t
R ENTRANTS
30
I-'-'
5-14
WEEKS
s-*S\,
(V/u
V/v\
\S
V/^^
40
'
30
r^
V.X-N.A,...
V— '
20
x^_
JOB LEAVER
10
r^.>£TSV
i
—A^.
NEWE NTRANTS
0
M 1 t t l i 1 1 11
1991
1 1 1 1 1 1 1 1 1 1 1
1992
1 1 1 1 1 1 1 1 M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 It
1994
1993
1995
0
1 1 1 n 1 1 1 1 11
1 1111111111
1991
1992
1 1 1 1 1 1 1 1 M 1 1 1 1 1 Ll 1 1 1 1 1 i n 1 1 1 1 1 1 1 1
1994
1993
1995
* SEASONALLY ADJUSTED
i/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
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
15-26
weeks
Reason for unemployment:
percent distribution
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers i
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1985
1986
1987
1988
1989
1990
1991
1992
1993
19943
1994: Sept
Oct
Dec
1995: Jan
Feb
Mar
July
Sept
1
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
34.1
34.6
7,647
7,505
31.9
35.0
7,315
7,155
36.0
39.4
7,498
36.8
7,183
35.5
7,237
7,665
34.8
34.7
7,492
7,384
37.1
34.5
7,559
36.0
7,431
- 7,451 38.3
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
30.2
31.0
28.6
30.0
30.3
32.0
32.3
29.4
28.9
30.1
29.6
29.6
29.1
29.9
28.5
30.7
32.6
32.1
30.8
31.8
34.8
32.3
30.3
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.5
15.7
17.6
16.0
15.1
13.9
15.4
12.9
14.7
17.1
14.8
13.6
15.3
14.3
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.3
20.1
20.9
19.9
19.0
18.2
17.1
18.9
18.4
17.4
16.3
17.2
16.3
17.1
Beginning January 1994, job losers and persons who completed temporary jobs.
2
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs- Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.8
18.8
19.3
18.2
17.8
16.7
16.9
17.5
17.7
16.9
15.6
16.5
16.3
16.3
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
9.2
9.5
10.1
9.1
8.7
7.9
7.8
7.9
8.5
9.0
7.5
9.1
8.7
8.0
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
47.7
46.6
46.8
47.5
47.6
49.2
46.6
46.6
45.5
48.4
46.7
47.5
46.2
45.2
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.9
11.4
10.1
9.6
9.7
9.3
10.8
11.3
10.5
11.7
11.4
10.9
11.8
11.9
27.1
262
26.6
27.0
28.2
27.4
24.8
23.7
24.6
34.8
34.2
35.0
35.0
34.9
33.4
34.5
33.8
35.8
32.9
34.5
34.1
34.2
34.6
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
7.6
7.8
8.2
7.9
7.7
8.0
8.1
8.4
8.2
7.0
7.4
7.5
7.8
8.3
2,617
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2.751
2,671
2,614
2,569
2,531
2,533
2,515
2,518
2,498
2,488
2,552
2,633
2,685
2,626
2,613
397
378
328
310
330
388
447
408
341
340
323
328
329
326
335
338
342
352
374
377
375
342
351
2,699
2,739
2.369
2,135
2,205
2,575
3,406
3.348
2,845
2,740
2,179
2,201
2,340
2,510
3,275
3,173
2,949
2 722
2,*476
2,398
-2.635
2,461
NOTE.—Data relate to persons age 16 years of age and over (except For insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 121,000 in September.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
120
110
100 -
90
80 -
SERVICE-PRODUCING
INDUSTRIES
70
50
40 GOODS-PRODUCING
INDUSTRIES
30
\
11m i
in 11
20
1991
1993
1992
Illlllll
1994
1995
1991
1992
1993
1994
1995
'
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;' seasonally adjusted]
Goods-producing industries
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: Sept
Oct
Nov
Dee
1995: Jan
Peb
Mar
Anr ...
May
June
Julyr
Aug r
Sepf
Total
nonagricultural
employment
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
114,762
114,935
115,427
115,624
115,810
116,123
116,302
116,310
116,248
116,547
116,575
116,837
116,958
Total
2
Construction
Service-producing industries
Manufacturing
Total
NonDurable durable
goods
goods
24,842 4,668 19,248 11,458
24,533 4,810 18,947 11,195
24,674 4,958 18,999 11,154
25,125 - 5,098 19,314 11,363
25,254 5,171 19,391 11,394
24,905 5,120 19,076 11,109
23,745 4,650 18,406 10,569
23,231 4,492 18,104 10,277
23,352 4,668 18,075 10,221
23,913 5,010 18,303 10,431
24,030 5,077 18,355 10,481
24,081 5,088 18,398 10,513
24,175 5,144 18,439 10,550
24,230 5,166 18,472 10,574
24,293 5,201 18,502 10,596
24,324 5,213 18,523 10,622
24,370 5,256 18,525 10,633
24,331 5,242 18,506 10,632
24,228 5,190 18,456 10,611
24,240 5,230 18,428 10,597
24,156 5,226 18,353 10,569
24,163 5,231 18,357 10,584
24,145 5,247 18,325 10,573
7,790 72,544
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,874
7,885
7,889
7,898
7,906
7,901
7,892
7,874
7,845
7,831
7,784
7,773
7,752
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample
14
Total
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
90,732
90,854
91,252
91,394
91,517
91,799
91,932
91,979
92,020
92,307
92,419
92,674
92,813
Transportation and
public
utilities
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,048
6,061
6,092
6,121
6,129
6,156
6,175
6,184
6,177
6,192
6,195
6,212
6,218
Wholesale
trade
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,181
6,195
6,210
6,229
6,251
6,275
6,287
6,300
6,298
6,320
6,333
6,338
6,339
Retail
trade
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,565
20,580
20,703
20,759
20,760
20,794
20,760
20,762
20,747
20,798
20,851
20,840
20,888
Finance,
insurance, Services
and real
estate
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,942
6,935
6,937
6,931
6,927
6,929
6,938
6,924
6,925
6,930
6,938
6,947
6,955
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,488
31,789
31,888
32,035
32,135
32,228
32,404
32,524
32,548
32,630
32,784
32,820
32,984
33,090
Government
Total
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,207
19,195
19,275
19,219
19,222
19,241
19,248
19,261
19,243
19,283
19,282
19,353
19,323
Federal
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,863
2,858
2,854
2,853
2,838
2,831
2,828
2,826
2,831
2,838
2,834
2,826
2,826
of the working-age population, whereas the estimates in this table are based on reports from
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted only once—as employed, unemployed, or not in the labor force.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
I For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted |
Average weekly hours
Average gross hourly earnings
Period
Total
private
nonagri(cultural '
Total
Average gross weekly earnings
Total private
nonagrieultural '
Manufacturing
Overtime
Current
dollar
Total private
nonagrieultural '
1982
dollarsa
Manufacturing
Percent ehange from
a year ear ier, total
private nonagrieultural :1
Current dollars
Current
dollars
1982
dollars 2
Manufaeturing
Oonstruetiori
Retail
trade
Current
dollars
1982
dollars
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
$8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.13
$7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
$9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
$299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
386.21
$271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.96
$386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
$464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
572.61
$174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.4
-1.3
.3
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.8
1994- Sept
Oct
34.7
34.9
34.6
34.7
42.1
42.1
42.1
42.1
4.8
4.7
4.8
4.8
11.18
11.25
11.24
11.27
7.38
7.42
7.40
7.40
12.12
12.14
12.17
12.18
387.95
392.63
388.90
391.07
256.24
258.99
256.02
256.94
510.25
511.09
512.36
512.78
577.98
578.12
575.79
579.07
217.62
220.75
218.48
219.64
3.7
4.3
3.1
3.1
.7
1.7
.4
.4
34.8
34.6
34.6
34.6
34.2
34.4
34.6
34.3
34.4
42.2
42.1
42.0
41.5
41.4
41.5
41.3
41.5
41.6
4.9
4.8
4.7
4.5
4.4
4.2
4.3
4.3
4.5
11.29
11.32
11.34
11.40
11.37
11.43
11.50
11.48
11.52
7.39
7.39
7.38
7.40
7.36
7.39
7.43
7.41
7.42
12.21
12.24
12.25
12.28
12.28
12.32
12.40
12.41
12.45
392.89
391.67
392.36
394.44
388.85
393.19
397.90
393.76
396.29
257.30
255.83
255.44
255.96
251.85
254.33
257.21
254.20
255.34
515.26
515.30
514.50
509.62
508.39
511.28
512.12
515.02
517.92
579.28
575.86
578.12
566.61
563.62
582.86
590.02
583.60
588.56
220.11
218.88
219.17
222.03
219.56
220.90
223.11
221.85
222.91
2.7
3.3
2.6
2.5
1.1
2.4
3.0
2.5
2.4
-.2
.3
-.4
-.7
-2.1
-.6
.2
-.0
-.1
Dec
1995- Jan
Peb
Mar
May
July'
. •*
SevtP
3
1
Based on seasonally unatljusted data.
8oum>: Department of Lalwr, Bureau of Ijabor Statistics.
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).
2
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Pereent (change from
Index (June 1989 = 100)
12 months earlier
3 months earlier
Period
Total
(compensation
Wages and
salaries
Benefits l
Total
(compensation
Wages and
salaries
Benefits '
Total
(compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
1993- Mar
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.6
124.3
125.2
125.9
113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
120.6
121.5
122.3
1985198619871988198919901991199219931994-
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
Seasonally adjusted
Sept
Dec
1994- Mar
Sept
Dec
1995- Mar
Sept
1
.
Employer costs for employee Ix^nefits.
NOTE.—The employment cost index is a measure of the change in the cost of Iai>or, free
from the influence of employment shifts among occupations and industries.
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0
134.7
135.4
1.0
.9
.8
.8
.8
.8
.8
.7
.6
.7
.6
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
Not seasonally adjusted
0.8
.6
.9
.7
.8
.9
.7
.6
.7
.7
.7
1.5
1.4
.9
1.1
.9
1.0
1.0
.8
.1
.5
.5
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
2.8
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
Data exclude farm arid household workers.
Source: Department of Lalx>r, Bureau of Ijabor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output1
Business
sector
Hours of 2all
persons
Nonfarm
business
sector
Business
sector
Compensation
per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour4
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator 5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982=100; quarterly data seasonally adjusted
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.0
119.4
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.2
117.4
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
148.4
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
148.5
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.2
124.2
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.4
126.5
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.1
164.5
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.3
162.6
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
106.9
107.1
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
105.7
105.9
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
137.8
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
138.5
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
143.9
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
145.2
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
101.1
103.1
105.4
107.0
108.3
110.6
110.8
109.7
110.5
113.0
116.8
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
111.5
115.0
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
132.6
137.9
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
132.8
137.9
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
117.4
118.1
98.9
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
119.2
120.0
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
150.1
157.7
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
142.2
148.8
156.4
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
105.1
107.1
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
104.2
106.2
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
133.5
136.1
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
136.9
140.1
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
137.9
141.2
1993- I
II
III
IV
1994- I
II
III
116.2
116.3
117.0
118.4
114.3
114.5
115.3
116.5
138.1
139.6
140.9
143.9
118.9
120.0
120.5
121.5
120.9
122.2
122.8
123.8
158.7
159.9
160.6
161.3
105.9
105.8
105.7
105.3
137.4
138.1
137.7
136.8
140.8
141.4
141.6
142.1
142.0
142.5
142.8
143.1
117.0
116.6
117.3
118.6
119.3
120.7
145.8
147.2
148.8
151.6
122.6
124.2
124.6
125.6
163.3
163.6
164.9
166.4
126.3
125.5
167.9
169.5
166.1
167.5
137.3
138.1
138.0
137.8
138.4
138.1
137.8
138.8
138.8
138.7
139.2
138.8
142.6
143.8
144,5
144.8
145.3
145.7
143.5
145.1
145.9
146.1
153.3
154.2
107.4
106.9
106.8
107.2
107.3
107.4
106.0
105.7
105.5
105.9
153.2
154.0
124.9
126.3
126.8
127.9
128.5
127.7
157.2
158.1
158.7
159.3
161.2
161.8
162.9
164.4
107.0
107.0
107.0
106.6
118.9
118.5
119.5
120.7
121.3
122.7
138.3
139.9
141.5
144.3
146.1
147.3
148.8
151.6
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
132.9
135.1
136.6
137.5
137.3
136.2
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
198219831984198519861987:
198819891990:
19911992:
rv
1995- I
II*
106.2
106.2
146.6
147.0
Percent change; quarterly data at seasonally adjusted annual rates
1.4
2.1
1.0
1.0
1992- I
II
Ill
IV
5.3
1.5
3.3
3.3
0.8
2.0
.8
1.0
-.9
.4
1.5
2.7
1.3
1.9
4.0
2.3
2.4
3.9
1993- I
II
III
rv
-2.1
.6
2.2
5.0
-2.2
.4
2.9
4.2
.6
4.2
4.0
8.6
1.0
4.7
4.9
7.9
2.7
3.6
1.7
3.5
3.2
4.2
1.9
3.5
2.5
3.1
1.8
1.7
1.9
2.4
1.5
1.6
-.6
.1
.1
-1,5
-1.1
-.6
_ 2
-1.6
4.6
2.5
-.4
-3.2
1994- I
II
III
IV
1.8
-1.4
3.2
4.3
1.7
-1.4
2.7
4.3
5.5
3.7
4.5
7.8
5.2
3.2
4.3
7.7
3.6
5.2
1.3
3.3
3.4
4.7
1.6
3.3
5.1
.9
3.1
3.6
4.9
1.4
2.7
3.8
2.9
-1.7
-.4
1,3
2.7
-1.2
-.8
1.5
3.2
2.3
-'.1
3.1
2.8
0
-.4
1995- I
II*
2.1
4.7
2.5
4.8
4.3
2.1
4.5
2.3
2.2
-2.4
2.0
-2.3
3.8
3.7
4.1
3.5
.7
.3
1.0
.1
1.7
-1.0
1.6
-1.2
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
—- 7
.'7
1.3
3.0
1.3
2.1
1
3.6
2.8
4.1
4.3
1.7
.7
-1.0
2.7
3.8
5.5
3.4
2.2
4.9
5.6
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
5.3
2.4
2.5
4.4
6.2
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.3
2.4
3.4
2.5
.8
3.2
3.4
2.6
.2
-2.4
-.3
2.7
3.3
4,5
5.0
3.6
4.4
3.5
5.7
4.8
5.1
3.4
2.8
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.0
2.7
-1.8
.7
1.6
2.2
-1.6
2
L9
2.2
5.6
4.4
5.7
4.6
Output refers to gross domestic product originating in the sector in 1987 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
* Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
2
16
5
0.9
3.1
-.1
2
.3
.6
2.0
.4
.2
0.6
3.1
-.2
.1
-1.4
.1
.8
2.0
.0
.1
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.0
.7
3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
.8
3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
1.7
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
1.8
5.5
5.0
5.3
4.6
2.8
1.3
2.5
1.1
2.7
1.9
2.2
1.1
.3
2.9
2.3
1.2
1.4
2.7
2.9
.6
4.1
2.0
-1.3
-2.5
3.3
2.2
-1.3
5.1
3.2
2.5
-1.2
5.1
2.3
1.7
.6
1.2
22
1.5
3.5
2.0
.7
1.2
4.5
2.3
.5
1.4
1.2
1.3
1.1
-ils
l
lie
.7
.8
Current dollar gross domestic product divided by constant dollar gross domestic- product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
•Second quarter 1995 data are based on GDP data released August 30, 1995.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in September.
INDEX, 1987= 100' (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
130
s\.—^—s-
120
^ —• — "
"—"^1
Mill
140
II 1 1
inn inn 1 1 i n
100
MANUFACTURING
—^^
-
130
DURABLE
\
120
^^ ^-^
110
100
^s^^f^
s~ **"f '
,'-•"-''
N
GOODS
*""''*•«*
'
^
x
AND SPACE
EQUIPMENT
i l i i i l l l i i i l l l i i l l l l i M H I M M in
'\
\
70
1 1 1 1 1 1 1 1 II i 1 1 i I 1 1 1 I I M 1 1 1 1 1 1 1 n 1 1 1 1 1 1 1 1 1 1 \ 1 1 ffrrt 1 1 1
140
UTILITIES AND MINING
130
UnLITIES
\
120
L'"\''V"
110
•. „_*
NONDURAB i
i
imilimi
90
- - _ ^ ' -^--.,-
^
110
i 111i
-/
J
x
I1 1 1 1
^-^
^/s
120
100 v—-"
.
,/"
-^
\
130
s—
110
INDEX, 1987 = 100* (RATIO SCALE)
160
FINAL PRODUCTS
150
BUSINESS
FOUIPMFNT
140
\
/
A
.
\
.
\*
/v\
**. '
PER<:ENT"
88
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
86
^y
r—^—^
84
~ \^^"^~"
MINING
82
100 ^ V _
80
90
1992
1991
1993
MMlllMM MMilmii
1995
1994
78
l\>3
1
M M in M 1 1 1 1 1 M i
1991
1 1992
II,
1,1,
MM
1993
1 1 n i 11 1 11
1994
^"^
1 1 t 1 t I 1 1 II 1
1995
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987=100
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
.
.
..
1994- Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
Apr
Mav
June r
July
Aug r
Sepf
1
Output as percent of capacity.
.
...
Industry production indexes, 1987=100
Capacity utilization
rate, percent1
Manufacturing'
Percent
change
from year
eariier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
94.4
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
1.7
.9
4.9
4.4
1.5
.0
-1.7
3.2
4.1
5.4
91.6
94.3
100.0
104.7
106.4
106.1
103.9
108.0
112.9
119.7
91.8
93.9
100.0
106.6
108.6
107.4
104.2
109.3
116.1
125.5
91.5
94.9
100.0
102.3
103.7
104.4
103.6
106.5
109.3
113.3
109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.2
99.8
99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.2
118.1
80.3
79.2
81.5
83.7
83.7
82.1
79.2
80.2
81.7
84.0
79.5
79.1
81.6
83.6
83.2
81.3
78.0
79.2
80.9
83.4
119.0
119.5
120.3
121.7
5.8
6.0
5.8
6.1
120.9
121.5
122.6
124.2
127.2
128.0
129.1
131.2
113.7
114.2
115.4
116.4
100.1
99.2
98.3
100.1
116.5
117.2
116.5
115.2
84.2
84.4
84.8
85.5
83.6
83.8
84.4
85.2
122.0
122.1
122.0
121.2
121.4
121.4
121.5
122.9
122.6
6.4
5.6
4.6
3.9
3.4
2.9
2.8
3.2
3.1
124.5
124.2
124.2
123.3
123.2
123.2
123.1
124.3
124.6
131.6
131.5
131.6
130.4
130.1
130.5
130.9
132.7
133.5
116.5
116.1
115.8
115.4
115.5
115.0
114.5
114.9
114.7
100.0
100.6
100.2
100.7
100.5
100.4
101.6
100.4
101.0
116.5
119.2
118.9
118.0
122.1
122.0
123.9
129.3
122.3
85.5
85.3
84.9
84.1
84.0
83.7
83.6
84.2
83.8
85.2
84.7
84.4
83.5
83.1
82.8
82.5
83.0
82.9
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
Total
1985
1986
1987
1988 ..
1989
1990
1991
1992
1993
1994
94.2
95.7
100.0
104.8
106.8
107.0
105.6
109.0
113.4
118.4
118.9
119.2
119.8
121.2
121.6
121.8
121.6
121.0
121.1
121.5
121.4
122.8
122.7
.
..
1994- Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
May
July
Sepf
1
93.7
96.8
100.0
102.9
104.0
103.4
103.0
105.9
109.4
113.2
113.0
113.0
113.9
115.5
115.7
115.7
114.9
114.4
114.4
114.9
114.2
115.8
115.2
Durable
goods
91.6
94.5
100.0
104.6
106.6
102.3
95.5
102.6
110.7
119.4
119.1
119.4
120.5
123.4
124.5
123.4
121.4
119.4
116.5
117.1
115.5
118.9
119.9
Nondurable
goods
94.4
97.6
100.0
102.4
103.2
103.8
105.2
106.9
109.2
111.8
111.7
111.5
112.4
113.7
113.6
113.9
113.5
113.3
114.0
114.5
114.0
115.1
114.2
Total
1
94.8
94.5
100.0
107.6
110.9
112.1
109.4
113.4
119.3
126.5
128.0
128.8
128.9
130.1
130.9
131.2
132.0
131.3
131.4
131.7
132.7
133.9
134.4
Business
91.1
93.1
100.0
110.7
115.5
116.9
116.5
124.1
134.6
146.7
149.5
150.9
151.0
152.6
153.7
154.5
155.9
154.9
154.9
155.5
156.9
158.8
159.5
Defense
and
space
equipment
89.4
96.0
100.0
99.7
100.1
98.8
91.3
86.5
78.5
71.0
68.8
68.7
69.0
68.7
68.6
67.7
67.5
66.8
66.8
66.9
66.5
66.2
65.6
Total
88.3
91.9
100.0
101.8
102.0
101.2
96.9
98.8
102.4
108.1
108.6
109.9
110.6
110.9
111.3
110.9
110.7
108.9
109.4
109.3
109.4
110.3
110.0
Construction
supplies
89.1
93.8
100.0
101.5
100.5
98.2
91.8
95.0
98.9
106.8
108.6
109.7
109.8
111.6
112.2
111.0
110.5
108.6
107.1
107.2
107.7
108.3
109.0
Business
supplies
87.7
90.7
100.0
102.0
103.0
103.2
100.3
101.3
104.9
109.1
108.7
110.1
111.3
110.7
110.9
111.0
110.9
109.3
111.0
110.8
110.6
111.8
110.9
Total
Energy
96.6
95.9
100.0
105.0
106.7
106.8
105.4
109.2
114.1
121.5
122.9
123.4
124.6
126.3
126.5
126.7
126.7
126.1
126.3
125.8
126.4
127.7
127.5
103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.6
105.2
105.6
105.2
104.9
105.3
105.6
106.6
106.6
106.7
107.1
107.2
108.2
108.7
107.1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 — 100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1985
1986
1987
1988 .
1989
1990
1991
1992
1993
1994
1994- Sept
Oct
Dee
1995: Jan
Feb
Mar
Apr ..
July*"
Sepf
101.8
93.7
100.0
108.7
107.2
106.5
98.7
101.9
106.9
114.5
116.0
115.9
119.1
123.0
120.9
119.8
120.5
117.8
117.7
115.0
115.6
113.6
115.3
Souree: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
104.5
90.8
100.0
112.7
111.2
111.5
100.5
105.1
111.4
118.3
118.2
118.8
121.9
129.3
125.9
124.3
126.1
122.6
122.1
117.3
116.2
115.3
117.8
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
94.5
93.8
100.0
104.2
102.8
99.5
95.3
98.8
103.7
110.8
111.6
112.2
113.3
115.3
115.3
114.9
114.6
112.9
113.8
114.5
113.3
115.4
116.3
86.8
90.3
100.0
113.0
117.3
117.6
115.0
124.6
141.1
159.9
164.6
166.5
167.5
168.5
171.4
171.1
172.0
172.3
173.3
173.1
175.9
178.6
180.0
93.1
94.3
100.0
108.5
111.0
111.4
113.4
121.9
139.3
160.0
165.0
166.9
168.8
172.5
172.9
174.0
175.2
175.1
176.9
178.7
182.1
185.1
187.3
Nondurable manufactures
Transportation
equipment
Total
91.8
96.9
100.0
105.2
109.6
107.0
101.3
105.1
105.5
109.7
108.8
109.0
110.5
111.9
112.6
113.5
112.9
110.1
107.6
107.7
106.4
109.1
109.1 ,
Motor
vehicles
and
parts
99.0
98.5
100.0
105.7
106.9
101.0
94.3
107.4
121.1
137.9
137.4
138.4
141.4
144.6
146.1
146.7
144.8
139.0
134.4
134.7
132.4
137.6
138.1
Lumber
and
products
88.0
95.1
100.0
100.1
99.4
97.1
90.5
95.8
100.2
106.0
107.6
106.7
106.7
110.4
110.2
107.4
105.2
104.9
102.7
104.0
104.5
106.2
106.5
Appare!
products
92.6
96.3
100.0
98.1
95.0
92.2
92.9
95.0
94.9
96.3
96.8
96.9
96.8
97.0
96.6
95.8
95.4
93.9
93.5
91.1
89.8
90.4
89.8
Printing
and
publishing
Chemicals
and
products
87.6
90.6
100.0
100.9
101.1
100.8
97.0
97.2
99.3
101.1
100.9
101.4
102.0
101.6
101.3
100.8
100.4
99.7
100.3
99.6
99.4
100.3
99.8
91.4
94.6
100.0
106.0
109.2
111.8
111.1
114.7
119.1
124.1
123.7
123.8
126.2
128.0
130.4
129.7
129.2
127.8
127.8
128.2
127.7
128.3
128.7
Foods
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.0
109.4
112.8
114.6
113.4
113.9
114.7
115.9
115.7
115.4
115.3
116.5
116.8
115.6
116.2
116.4
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total'
Commercial
and industrial 2
Other
Federal
and
State
and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
377.4
407.7
419.4
432.3
443.7
442.2
403.4
435.0
464.5
506.9
299.5
323.1
328.7
337.5
345.5
334.7
293.3
315.7
339.2
376.6
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
238.9
1994- Aug
Sept
Oct
Nov
Dee
509.9
518.3
521.3
520.2
521.8
379.7
384.5
382.9
387.1
386.1
240.1
242.2
240.5
242.4
243.6
1995- Jan
Peb
Mar
521.1
521.4
523.5
526.3
518.6
523.3
531.6
530.4
384.8
383.7
383.3
386.4
380.2
381.8
390.1
390.3
241.9
240.2
237.9
238.3
235.4
232.7
237.8
241.8
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
73.8
51.3
51.6
50.1
51.5
54.6
55.4
58.4
62.1
62.3
63.9
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.3
125.3
130.3
91
96
100
101
105
95
89
97
105
114
169.3
170.6
168.3
169.3
169.7
73.4
76.4
76.9
81.4
80.9
66.2
65.9
65.6
63.2
61.7
130.2
133.9
138.3
133.1
135.7
'122
118
115
117
109
688
710
707
771
688
168.6
167.2
163.9
159.8
156.4
153.2
157.5
161.0
81.3
82.7
84.7
85.0
81.9
85.9
87.3
83.9
61.5
60.7
60.7
63.1
62.9
63.2
64.9
64.6
136.2
137.8
140.2
139.9
138.4
141.4
141.6
140.1
111
115
'116
'107
'117
'120
'114
'120
116
786
883
778
632
727
800
713
826
828
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
Annual rotes
Annual rates
May
July
Sept
1
Includes residential improvements, not shown separately.
2
Includes hotels and motels.
3
F.W. Dodge series.
1,097
1,016
1,019
973
961
783
577
556
589
715
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information
Systems Company, P.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
1985
1986 ....
1987
1988 .
1989
1990
1991
1992
1993
1994
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1 unit
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
2-4 units
5 or more
units
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
Units
authorized
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
Units
completed
Homes
sold
Homes for
sale at end
of period 1
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
688
750
671
676
650
534
509
610
666
670
346
357
366
368
365
321
284
265
293
338
Vacancy rate
for rental
housing units
(percent)2
6.5
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
2
7.3
7.4
Seasonally adjusted annual rates
1994- Aug
Sept
Oct
Dec
1995: Jan
Peb
Mar
May
July'
Sept f
1
1,463
1,511
1,451
1,536
1,545
1,174
1,235
1,164
1,186
1,250
40
42
39
62
33
249
234
248
288
262
1,386
1,426
1,401
1,358
1,420
1,337
1,400
1,376
1,371
1,388
672
691
707
642
627
322
328
330
335
338
1,366
1,319
1,238
1,269
1,282
1,298
1,432
1,392
1,390
1,055
1,048
987
1,009
988
1,034
1,107
1,127
1,118
38
42
35
26
36
33
40
28
42
273
229
216
234
258
231
285
237
230
1,293
1,282
1,235
1,243
1,243
1,275
1,355
1,368
1,375
1,436
1,302
1,443
1,334
1,342
'1,256
1,322
1,217
643
575
612
607
667
'723
792
704
727
342
347
347
348
347
347
347
351
352
Seasonally adjusted.
2
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
7.2
7.4
7.4
7.7
7.7
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 August, manufacturing and trade sales rose 1.6 percent and inventories rose $4.5 billion. According to advance
data, retail sales rose 0.3 percent in September following a rise of 0.5 percent in August.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,000
400
^-~-
900
1
~—^
350
'
800
300
MM «AOURiN<3 AND
TC*DE INVENTC>RIES
700
—
— ""
250
600
-„
V
'
500
RETAIL INVENTORIES
NUFACTURIN
200
AND TRADE SALf5
400
RETAIL SALES-
150
300
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
1.50
^XL? V
1991
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 u ill i M I
1993
1992
1994
1 1 I1 111 1 1 1 1
1.30
1995
~XN
''X-v
'
~
|m||
.
MANUFACTl
ANDTRADE
1991
1992
1993
.m!^
1994
« SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturing and
trade1
Period
Sales2
Inventories3
_,'~~^~'
N/
1.40
1 1 M 1 1 ! 1 II 1
/N
A.
umlimr
1995
COUNdl Of ECONOMIC ADVISERS
Wholesale
,
Retail
Sales2
Inventories3
Total
Durable
goods
stores
Inventory-sales
ratio4
Inventories3
Sales2
Nondurable
goods
stores
Total
Durable
goods
stores
Nondurable
goods
stores
Manufacturing
and
trade >
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988 .
1989
1990
1991
1992
1993
1994
1994- Aug'
Sept
Get
. . . .
Dec
1995- Jan
Feb
Mar
Apr
June
.My
SeptP
1
410,124
422,583
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,076
639,770
649,780
664,089
662,753'
709,814
765,270
811,154
834,391
829,685
838,895
860,979
916,550
112,199
113,459
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,521
142,452
147,409
153,574
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234,722
652,773
'650,995
653,124
661,904
671,275
896,946
902,120
908,570
913,833
916,550
176,743
175,960
177,657
178,593
182,830
673,918
675,480
674,797
672,912
678,444
682,958
675,776
686,667
928,672
936,091
942,743
952,235
956,516
960,157
964,894
969,399
182,829
185,056
183,207
184,597
186,244
187,472
186,232
186,757
226,815
187,950
228,341 '188,901
231,837
191,492
233,858
192,120
234,722
192,392
238,272
193,299
240,365
191,868
243,462
193,153
246,867
193,022
247,702
195,107
249,813
196J74
253,060
196,070
254,142 '196,992
197,514
See pajre 21 for manufacturing:.
Annual data are averages of monthly not seasonally adjusted figures; monthly data ;
wnaily adjusted totals for month.
a
20
107,243
114,586
120,803
128,442
138,017
146,581
153,718
154,661
162,632
172,875
186,414
37,873
41,510
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,369
73,968
'74,712
76,865
77,098
77,047
76,775
76,138
76,978
76,549
77,533
78,835
78,446
'79,820
79,60.9
3
69,369
73,075
75,746
80,453
85,587
91,818
97,981
100,497
103,999
108,080
113,045
113,982
'114,189
114,627
115,022
115,345
116,524
115,730
116,175
116,473
117,574
117,939
117,624
'117,172
117,905
167,812
181,881
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,676
290,018
283,119
287,248
288,670
289,987
290,018
79,074
88,315
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,709
149,071
88,738
93,566
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,947
144,806
147,434
148,030
14.9,081
149,071
138,313
139,814
140,640
140,906
140,947
294,296
296,000
297,200
299,690
300,525
300,333
299,411
302,513
152,754
153,826
155,530
157,958
157,842
157,109
156,320
158,155
141,542
142,174
141,670
141,732
142,683
143,224
143,091
144,358
Seasonally adjusted, end of period.
4
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.53
1.56
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.37
1.39
1.39
1.38
1.37
1.38
1.39
1.40
1.42
1.41
1.41
1.43
1.41
1.49
1.52
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.51
1.52
1.51
1.51
1.51
1.52
1.54
1.54
1.55
1.54
1.53
1.53
1.54
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments, inventories, and new orders rose; unfilled orders fell. In September, according
to advance data, durable goods shipments and new orders rose.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
480
440
400
360
INVENTORIES
'
\
320
280
240
'\
1
RABLEGOOC
200
120 -
160
" \
120
80
"
^DURABLE G(
BILLIONS OF DOLLARS' (RATIO SCALE)
320
NEW ORDERS
TOTAL
280
240 ^^*~"^
—S'
!
80
—""V—-^
_/_/ p~~-^
RATIO*
200
DURABLE OCX»S
160
120 -,-V-*=', .- -
'(.
\\
•'N.^-N.^'
. — ."
•—
.
*'
'" ^
\-
^~ — *""*
/
NONt3URABLE GOC IDS
Mlllllllll
80
1991
1992
Mlllllllll
1994
1993
1991
1995
1995
•SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COJMttRCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments]
Manufacturers' inventories2
Manufacturers' new orders1
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
37,595
39,056
38,276
40,781
37,759
41,785
42,055
42,628
40,072
43,115
42,964
40,233
' 41,653
46,676
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
132,547
131,815
131,835
134,395
137,204
137.217
137,466
136,583
137,516
137,544
137,723
137,733
137,876
Manufacturers'
unfilled
orders2
Manufacturers'
inventoiy—
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 .
1994
1994- Aug
Sept
Oct
Dec
1995: Jan
Feb
Mav
July
Sept/7
190,682
97,940
194,538
101,279
194,657
103,238
206,326
108,128
223,541
117,993
232,724
121,703
239,459
122,387
119,151
235,518
244,511
125,553
258,520
135,981
280,835
151,060
155,619
288,080
286,134
154,350
283,975
152,586
291,191
157,292
159,299
296,053
297,790
161,079
298,556
161,206
298,437
161,571
295,293
157,970
297,093
159,612
298,712
160,828
293,474
155,919
302,918 ••164,180
165 893
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
132,461
131,784
131,389
133,899
136,754
136,711
137,350
136,866
137,323
137,481
137,884
137,555
138,738
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
387,012
386,531
388,063
389,988
391,810
396,104
399,726
402,081
405,678
408,289
410,011
412,423
412,744
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
244,116
243,814
244,925
246,374
247,644
250,251
252,124
253,237
255,334
256,787
257,442
259,532
259,974
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
142,896
142,717
143,138
143,614
144,166
145,853
147,602
148,844
150,344
151,502
152,569
152,891
152,770
192,879
100,164
195,706
102,356
195,204
103,647
110,809
209,389
227,026
121,445
235,932
124,933
240,646
123,556
234,354
117,878
241,545
122,614
133,273
255,701
281,953
151,878
287,222
154,675
287,248
155,433
285,985
154,150
293,716
159,321
299,514 162,310
301,724
164,507
300,804
163,338
163,042
299,625
293,069
155,553
297,046
159,502
296,754
159,031
293,863
156,130
301,959 '164,083
169,031
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475.304
441,947
456,838
447,729
448,843
450,853
453,378
456,838
460.772
463,020
464,208
461,984
461,937
459,979
460,368
459,409
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
1.34
1.35
1.37
1.34
1.32
1.33
1.34
1.35
1.37
1.37
1.37
1.41
1.36
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In September, the producer price index for all finished goods rose 0.3 percent. Prices of finished consumer foods
rose 1.0 percent and prices of other finished consumer goods rose 0.1 percent. Capital equipment prices rose
0.1 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
150
150
FINISHED GOODS PRICES
SEASONAUY ADJUSTED
140
140
---
_^-<— 1
CAPITAL EQUIPMENT
130
130
CONSUMER FOODS
V, _«
'
/
120
'•^•'^'
*r-
Si
/
*-*\
110
**\
f
f —
~~"™"
X*
\^"
•^""^ /T"
___//
r
_.
\
/'
«
.s"^
"~^-Z.'-*~
\
f i
—^S"^ TOTAL /
^ V
».
y^
1
.-
^
^^
~^^
f
§/
^'^
120
^'
\
CONSUMER GOODS
EXCLUDING FOODS
110
/ v '"'
;^
.•~-'
^
100
- s'
100
1 1 1 1 1 1 1 1 1 1 1 i i i i i 1 i i i i i 1 1 1 1 1 1 1 1 1 1 1 i I I 1 1i 1 I 1 i 1 1 1 1 1 t | 1 1 M
1988
1987
1989
1 1 { ( 1 1 f M
1991
1990
1 1
1 1 1 1 1 1 1 1 1 1 1 1 I I I I 1 I i I II
1993
1992
1994
1 1 1 M 1 1 1 1 11
1995
COUNOl OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IABOR
[1982=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1985
1986
1987 .
1988
1989
1990
1991
1992
1993
1994 .. .
1994: Sept
Oct
Nov
Dec
1995: Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
1
104.7 104.6
103.2 107.3
105.4 109.5
108.0 112.6
113.6 118.7
119.2 124.4
121.7 124.1
123.2 123.3
124.7 125.7
125.5 126.8
125.8 126.2
125.3 126.1
126.1 127.3
126.5 129.0
127.1 128.3
127.3 128.7
127.5 128.6
127.8 128.4
128.0 127.5
127.8 127.0
127.8 128.5
127.7 128.5
128.1 129.8
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
125.6
125.0
125.6
125.7
126.6
126.9
127.1
127.5
128.0
127.9
127.5
127.4
127.5
Intermediate materials for food manufacturing and feeds.
22
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
122.0
121.4
122.2
122.2
123.2
123.4
123.6
124.2
124.7
124.6
123.9
123.7
123.8
Durable
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
131.9
131.0
131.4
131.6
132.0
132.2
132.0
132.3
132.3
132.6
132.5
132.6
132.9
Nondurable
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
116.3
115.8
116.9
116.7
118.0
118.3
118.6
119.3
120.0
119.7
118.8
118.5
118.5
Capital
equipment
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
135.0
134.3
134.5
134.9
135.5
135.7
135.9
136.2
136.5
136.7
136.9
137.1
137.2
Total
finished
consumer
goods
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
123.4
122.9
123.9
124.3
124.8
125.1
125.3
125.6
125.7
125.5
125.4
125.3
125.7
Crude materials
Total
Foods
and
feeds1
Other
Total
Foodstuffs
and
feedstuffs
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
119.5
119.9
120.9
121.4
123.0
123.9
124.4
125.1
125.4
125.5
125.5
125.5
125.4
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
113.5
112.5
112.5
111.9
112.3
112.2
112.6
111.5
110.4
111.5
113.2
114.5
115.5
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
119.8
120.3
121.4
121.9
123.5
124.5
125.0
125.8
126.2
126.2
126.2
126.1
126.0
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
100.1
99.5
100.1
100.6
100.9
102.5
101.2
102.9
101.8
103.2
102.4
101.0
102.9
"94.8
96.9
81.6
93.2
96.2
87.9
106.1
85.5
93.4
111.2
113.1 101.5
105.5
94.6
105.1
93.5
108.4
94.7
94.8
106.5
102.6
94.7
94.4
101.5
94.7
102.4
102.3
95.6
96.0
102.3
103.6
97.8
97.4
101.1
100.0 100.8
97.2 100.8
101.0 100.5
96.7
105.1
105.8
94.0
94.3
110.2
Source: Department of Labor, Bureau of Labor Statistics.
Other
CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted (it rose
0.2 percent not seasonally adjusted). The index was 2.5 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE]
INDEX, 1982-84 = 100 (RATIO SCALE]
1 160
160
SEASONAUY ADJUSTED
150
150
140
140
130
130
120
120
110
110
100
100
90
90
1987
1988
1989
1990
1992
1991
1993
1994
1995
COUNCIL Of KONOWC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items >
Shelter
Not
seasonally
adjusted
(NSA)
Period
1985'
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
May
Sept
1
.
100.0
107.6
109.6
113 6
118.3
1240
130.7
136.2
140.3
144.5
148.2
149.4
149.5
149.7
149.7
150.3
150.9
151.4
151.9
152.2
152.5
152.5
152.9
153.2
Seasonally
adjusted
Total
Renters'
costs
(Dec.
1982=
100)
28.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
161.3
161.8
162.2
162.3
162.8
163.3
163.8
164.4
165.0
165.3
165.8
165.9
166.6
8.0
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
169.1
169.7
170.2
170.1
170.5
171.0
172.0
172.7
173.4
173.5
174.1
173.9
174.7
Food
15.8
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
149.4 145.7
149.6 145.8
149.8 146.0
150.1 147.1
150.6 146.7
151.0 147.1
151.3 147.1
151.9 148.2
152.3 148.3
152.5 148.4
152.8 148.7
153.0 149.0
153.2 149.7
Total i
41.2
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
145.4
145.7
145.9
145.9
146.5
146.9
147.2
147.6
147.8
148.1
148.5
148.9
149.1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, ete.--and motor fuel. Motor oil, coolant,
etc. excluded beginning; 1983.
3
Relative importance, December 1994.
Home- Main- Fuel
teownand
nance other
ers'
and
utilicosts
ties
re(Dec.
1982 = pairs
100) (NSA)
19.9
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
166.8
167.3
167.7
167.8
168.4
168.9
169.2
169.8
170.4
170.8
171.3
171.6
172.2
0.2
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
131.6
130.8
131.2
132.7
133.1
133.8
134.2
134.2
134.6
135.0
135.1
135.4
135.4
7.1
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
122.6
122.6
122.9
122.7
123.3
123.3
123.1
123.4
122.9
123.4
123.5
124.2
123.4
Apparel
and
up- Total1
keep
5.7
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
133.1
132.8
132.4
132.1
133.0
132.2
132.2
132.1
131.7
131.3
131.6
132.0
131.7
17.1
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
136.2
136.1
136.3
136.6
137.4
137.9
138.7
139.7
140.3
140.9
140.3
139.4
139.2
New
cars
Medical
Motor care
fuel
Energy2
All
items
less
food
and
energy
4.1
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
137.5
137.6
137.4
137.6
137.7
138.1
138.1
138.9
139.0
139.2
139.0
139.3
139.6
3.1
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
101.1
100.4
101.1
101.3
101.7
101.3
100.9
101.5
103.5
103.8
101.9
98.8
97.3
7.0
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.3
105.0
105.5
105.4
105.7
105.6
105.1
105.5
106.0
106.5
105.6
104.8
103.3
77.2
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
157.7
158.0
158.3
158.5
159.2
159.6
160.1
160.7
161.0
161.3
161.7
162.0
162.4
7.3
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
213.3
214.3
215.2
216.2
216.9
217.6
218.2
218.8
219.5
220,2
221.0
221.8
222.5
NOTE.—Data incorporate a rental equivalence measure for homeownership costs (beginning
1983).
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
finished
goods
Capital
equipment
Excluding
foods
Poods
Total
finished
Capital
equipment
Excluding
foods
Foods
goods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dee., NSA
1985
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
.
1986
1987
1988
1989
1990
1991
1992
1993
1994
0.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
1.0
-1.4
2.1
25
5.2
4.9
2.1
1.2
1.2
.6
Change, month to month
-0.3
-.4
.6
.3
.5
.2
.2
.2
.2
'-.2
0
-.1
.3
1994: Sept
Oct
Nov
Dec
1995: Jan
Feb
May1"
.... ....
July
Sept
-0.2
-.1
1.0
1.3
-.5
.3
1
0.2
-.5
.1
.3
.4
.1
.1
.2
.2
'.1
.1
.1
.1
-0.6
-.5
.7
0
.8
.2
.2
.5
.4
-.1
-.6
-.2
.1
9
~ .1
'-A
1.2
0
1.0
1.9
0
2.9
9.2
7.2
4.5
-1.2
.3
-3.7
-4.9
.3
'3.2
9.1
1.9
-.6
_ 3
2.2
5.9
3.9
3.2
2.2
2.2
.9
0
'-.9
.9
2.1
-.3
-.6
-.3
3.6
3.6
3.0
2.1
2.4
2.4
2.1
'1.8
1.5
2.0
-1.0
-1.6
.7
6.1
4.0
4.7
3.3
4.3
3.3
-1.0
-3.2
-2.5
-1.9
-1.1
1.9
5.5
3.5
3.7
3.8
3.7
.3
-3.1
.3
1.0
_2
1.6
2.1
2.6
1.8
2.7
4.0
3.0
2.1
1.1
.6
.9
1.5
.3
1.7
1.3
2.5
1.1
2.6
4.7
4.1
4.0
1.1
.5
.3
o
1.9
2.6
.9
.6
.9
1.6
1.5
1.3
2.8
3.0
2.7
2.1
2.1
1.9
1.5
1.0
1.3
1.7
1.7
1.7
1.8
2.1
2.2
2.1
1.8
1.3
1.8
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
(Percent change from preceding- period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
All
items1
Period
Food
Total >
Total"
Renters'
OOStS
Homeowners'
costs
Fuel
and
other
utilities
APparel
and
1
upkeep Total
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
Addendum: All items,
percent change
(annual rate)
From
previous
quarter 3
From
From
From
year
3
6
months months earlier
NSA
earlier earlier
Change, December to December, NSA
1985
1986
1987
1988
1989
1990
1991
1992
1993 """I""!""!IZ"""!
1994
38
1.1
44
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2,6
3.8
35
5.2
5.6
5.3
1.9
1.5
2.9
2.9
4.3
1.7
6,0
4.6
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
0.2
2
.1
0.2
.3
.2
.1
.4
.3
_2
3
.1
2
3
3
.1
.3
.3
.3
4
.4
2
3
1
.4
6.3
5.0
3.9
3.9
4,5
5.7
4.2
2.8
2.6
2.3
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
2.8
26
.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6
-5.9
61
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
3.1
34
5.9 -3Q7
18.7
18
2.1 -2.1
6.8
2.3
1.4 36.5
3.3 -160
1.8
2.3
2.8 -5.4
5.9
3.2
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
18
-197
82
.5
5.1
18.1
-7.4
2.0
-1.4
22
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
43
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
Change, month to month
1994- Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
May
June
July
Sept
1
0.2
.1
.1
2
».
.3
3
_2
4
3
.1
0.2
.1
.1
.8
-.3
3
0
.1
.1
9
9
1
9
.1
.5
0
-0.1
.4
.3
— 1
2
.3
.6
4
.4
.1
3
-1
.5
0.4
.3
2
.1
.4
.3
_2
4
.4
9
3
9
.3
-0.3
0
_2
0
q
ff
_ 2
.5
.7
-.6
0
- l
-.3
-.3
— 2
9
-.4
.4
1
6
-.6
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
24
0.1
-.2
9
3
_ _2
3
0.1
-.1
.1
2
.6
.4
.6
7
.4
.4
— 4
-6
-.1
0.4
.1
-.1
.1
.1
,3
0
6
.1
.1
— l
9
.2
-0.7
-7
.7
_2
.4
-.4
-.4
6
2.0
.3
-1 8
-30
-1.5
0.4
.5
.4
.5
.3
.3
.3
3
.3
.3
4
4
.3
-0.6
o
.5
.3
-.1
-.5
4
.5
.5
-8
-8
-1.4
0.2
.2
_2
.1
.4
.3
.3
4
3.6
22
£2
3.2
•
2.1
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of I>abor Statistics.
3.6
3.0
1.9
1.9
2.7
3.2
3.2
3.5
3.5
3.2
2.4
1.9
1.8
3.2
3.0
3.0
2.7
2.8
26
2.6
3.1
3.4
3.2
2.9
2.7
2.5
3.0
2.6
2.7
2.7
2.8
2.9
29
3.1
3.2
3.0
2.8
2.6
2.5
PRICES RECEIVED AND PAID BY FARMERS
In October, prices received by farmers rose 1.0 percent from their September level. Prices paid by farmers in
October rose 0.9 percent from their July level. (Data are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92-100 (RATIO SCALE)
120
120
110
110
100
80
80
RATIO-^
RATIO 1*
140
140
120
120
100
100
80
80
60
| It | | 1 i M 1 1
1987
1 1 1 1 1I M 1 1 1
1 M 11111t 11
| | 11 11M 1 M
1989
1990
1988
IE 1 1 1 1 1 1 1
1991
1993
1992
1994
-I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
1995
COUNCIL OF ECONOMIC ADVISERS
[1990-92=100; not seasonally adjusted]
Prices received by farmers
Period
All farm
products
Prices paid by farmers
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and wage
rates1
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
91
87
89
99
104
104
100
98
101
100
98
87
86
104
109
103
101
101
102
105
86
88
91
93
100
105
99
97
100
95
86
85
87
91
96
99
100
101
103
106
87
85
87
92
97
99
100
101
103
106
91
86
87
90
95
99
100
101
103
106
106
103
102
108
108
105
99
97
98
94
Get
Nov .
Dec
95
95
98
99
100
106
89
90
90
106
(3)
(3)
104
(3)
(3)
105
(33)
()
90
90
92
1995: Jan .
Feb
Mar
Apr
May
98
98
100
100
100
100
101
102
104
105
103
102
109
114
115
112
113
113
113
114
93
94
93
90
88
90
91
92
93
92
108
( 33 )
()
108
(3)
(3)
108
(33)
()
109
107
(3)
(3)
107
(3)
(3)
107
(3)
(3)
108
106
(3)
(3)
107
(3)
(3)
107
(33)
()
108
91
91
93
93
93
93
94
94
96
96
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994:
June
July
Aug
Septr
Oct
1
,
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates. See also footnote 3.
3
Prices paid by farmers are available only for first month in quarter, and for each month
the received/paid ratio is based on latest data available.
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 and M3 slowed in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
-V
3,600
3,600
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
600
400
400
1987
1988
1989
1992
1990
1993
1994
* AVERAGES Of DAILY FIGURES; SEASONALLY ADJUSTS)
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1995
COUNCIL OF ECONOMY ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus overnight
RPsand
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
619.9
724.4
749.8
786.9
794.2
825.9
897.3
1,024.4
1,128.6
1,148.0
2,576.1
2,820.3
2,922.3
3,083.5
3,243.1
3,355.9
3,457.9
3,515.3
3,583.6
'3,616.8
3,200.2
3,488.7
3,675.8
3,915.7
4,066.1
4,123.0
4,176.0
4,182.9
4,242.3
'4,303.0
3,827.5
4,129.1
4,334.8
4,670.1
4,896.5
4,972.6
4,989.8
5,059.3
5,145.8
'5,269.8
6,902.1
7,785.2
8,544.6
9,315.0
10,045.8
10,695.1
11,179.9
11,719.6
12,341.5
12,959.6
12.3
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.7
8.3
9.5
3.6
5.5
5.2
3.5
3.0
1.7
1.9
.9
7.3
9.0
5.4
6.5
3.8
1.4
1.3
_2
1.4
1.4
14.8
12.8
9.8
9.0
7.8
6.5
4.5
4.8
5.3
5.0
1994: Aug
Sept
Octr
Nov
Deer
1,150.8
1,151.0
1,148.2
1,147.6
1,148.0
3,614.9
3,614.0
3,610.1
3,611.8
3,616.8
4,273.8
4,279.9
4,286.4
4,291.9
4,304.0
5,226.5
'5,224.6
5,237.5
5,248.6
5,269.8
12,744.8
12,804.0
12,850.8
12,917.8
12,959.6
2.4
1.7
.9
.7
_2
1.6
.9
.3
.2
.6
2.0
1.9
1.7
1.9
2.2
5.0
4.9
4.7
4.8
4.9
1995- Janr
Feb'
Mar r
1,149.0
1,147.3
1,147.9
1,149.7
1,143.0
1,143.9
1,145.1
1,143.7
1,140.2
3,628.8
3,624.6
3,632.3
3,645.5
3,662.1
3,698.3
3,717.5
3,743.2
3,758.0
4,327.0
4,336.7
4,360.0
4,382.9
4,412.3
4,459.4
4,490.5
4,519.1
4,535.4
5,295.2
5,335.1
5,378.2
5,405.4
5,433.9
5,471.6
5,524.2
P5.559.1
13,014.7
13,094.7
13,155.9
13,228.1
13,319.2
13,374.8
13,411.4
f 13,450.9
-.6
-.6
-.5
.3
-.8
.7
.5
1.0
2.0
2.8
4.5
4.9
6.5
6.9
2.5
2.9
3.7
4.5
5.6
7.2
7.6
8.4
8.0
5.3
5.5
5.5
5.9
6.2
6.4
6.1
5.4
Period
19851986198719881989199019911992:
19931994-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May r
Julyr
Aug
Sept
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinaneial 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
Percent change from year or 6
months earlier2
M2
Ml
rj
-.7
-.6
-1.3
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Other
Decheekmand
able
depos- deposits
its
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars *
Money market
mutual fund
balances
General
purInstitution
pose
and
only
broker/
dealer
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
Large Term
denom- denom- repurination ination chase
time
time
agreements
deposdepos2
2
its
its
(RPs)
NSA
19851986:
1987:
19881989:
19901991:
19921993:
19941994-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
Sept
167.9
180.7
196.8
212.2
222.6
246.8
267.4
292.8
322.1
354.5
345.1
347.2
350.0
353.0
354.5
357.7
358.8
362.5
365.7
368.1
367.4
367.2
368.3
369.1
266.6 179.8
302.1
235.6
286.8 259.5
286.8 280.9
279.3 285.4
277.4 293.9
289.5 332.7
338.9 384.6
383.9
414.7
382.2 402.9
386.6
410.8
386.5 408.9
405.4
384.5
382.5
403.8
382.2
402.9
383.6 399.3
384.1
395.9
383.3 393.3
381.2
393.6
380.6
385.0
386.8 '380.7
389.5 379.5
376.4
390.1
389.8 372.4
76.3 178.0
84.9 210.6
87.3 224.5
85.1 245.9
81.5 322.4
77.7 358.2
79.9 374.2
83.1 356.9
96.5 360.1
117.1
389.0
111.0
377.0
112.0 377.4
114.0 379.5
113.4 383.3
117.1 389.0
123.8 392.1
118.3 391.5
118.2
390.9
115.8 396.0
116.5 '405.4
117.3 '426.2
114.4 442.0
118.4
455.9
121.5 462.6
64.1
84.5
91.1
90.5
107.2
134.0
180.0
200.2
198.1
180.8
177.4
176.3
180.8
180.5
180.8
186.3
180.4
189.0
192.9
194.8
205.6
212.4
210.8
213.5
1
Includes continuing contract RPs.
2
Small denomination and large denomination deposits are those issued i
than $100,000 and more than $100,000, respectively.
amounts of less
815.4
941.0
937.7
926.7
891.0
920.5
1,041.2
1,183.6
1,215.7
1,144.2
1,192.6
1,183.7
1,171.0
1,157.8
1,144.2
1,129.8
1,111.9
1,094.9
1,082.4
1,081.4
1,091.1
1,091.4
1,098.2
1,105.3
885.7
859.0
922.7
1,038.6
1,153.7
1,174.0
1,066.6
869.2
785.1
'820.9
782.8
789.6
'799.7
'810.8
'820.9
'836.5
'856.5
'879.5
'898.5
'912.7
'919.7
924.2
926.8
929.0
422.4
420.2
467.0
518.3
541.5
480.9
416.6
353.8
332.7
361.4
342.0
348.2
353.6
357.4
361.4
361.9
371.2
378.6
380.2
385.5
389.3
396.3
398.4
401.0
Term
Eurodollars
(net)
Savings
bonds
NSA
NSA
62.5
81.1
107.3
123.2
100.4
90.9
73.3
82.0
97.6
105.6
101.0
101.7
101.9
103.1
105.6
109.4
113.4
113.4
116.5
121.7
119.8
115.3
117.6
115.4
76.9
79.5
85.1
91.8
91.6
100.6
106.3
109.4
83.8
117.5
71.6 126.0
59.4 137.9
45.9 156.6
46.5 171.5
52.4 180.3
51.2
178.5
52.1 179.1
52.7 179.5
54.5
179.9
52.4 180.3
53.1
180.5
56.3 180.4
58.3
180.5
59.9 180.9
61.1
181.6
62.4 182.3
63.3 183.0
62.6 r 183.7
61.4
Short- Bankterm
Treas- ers'
acury
ceptsecuri- ances
ties
Commercial
paper
298.3 42.1
280.1 37.1
253.2 44.5
269.5 40.2
326.0 40.6
332.5 35.9
317.4 23.8
334.4 20.8
332.9 14.9
'370.2 14.0
365.0 13.8
'360.5 14.8
358.6 13.1
361.9
13.5
'370.2 14.0
'371.4 13.4
'389.9 '13.4
'402.0 '14.1
'396.9 13.9
'383.9 12.3
'391.0 11.3
410.9 11.7
P408.8 P12.2
207.5
231.3
260.6
335.4
346.4
355.2
334.8
364.5
387.1
401.3
395.4
390.2
399.9
401.4
401.3
402.8
414.7
421.7
430.8
443.8
427.5
428.0
P 435.3
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures *; 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
1985198619871988:
198919901991:
19921993:
19941994-
Dec .
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Dec
1995- Jan
Feb
Mar
July
Sepf
1
. ..
31,452
38,940
38,856
40,399
40,498
41,771
45,536
54,354
60,502
59,342
59,794
59,496
59,401
59,342
59,124
58,919
58,552
57,957
57,761
57,352
57,655
57,515
57,368
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
30,133
38,113
38,078
38,683
40,232
41,445
45,343
54,230
60,420
59,133
59,307
59,116
59,152
59,133
58,988
58,860
58,483
57,847
57,611
57,080
57,284
57,233
57,091
Nonborrowed
plus
extended
credit
30,633
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
59,307
59,116
59,152
59,133
58,992
58,860
58,483
57,847
57,611
57,080
57,284
57,233
57,091
Required
30,415
37,570
37,809
39,352
39,575
40,106
44,557
53,199
59,440
58,174
58,734
58,693
58,394
58,174
57,785
57,973
57,757
57,204
56,881
56,388
56,565
56,527
56,418
Monetary
base
203,539
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
411,338
413,854
416,788
418,223
421,054
422,312
425,350
428,127
'430,687
'429,755
'429,659
430,857
431,236
Total
1,318
827
777
1,716
265
326
192
124
82
209
487
380
249
209
136
59
69
111
150
272
371
282
278
Seasonal
56
38
93
130
84
76
38
18
31
100
444
339
164
100
46
33
51
82
137
172
231
258
252
Extended
credit
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
4
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 0.6 percent in September; commercial and industrial loans also
rose 0.6 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,400
3,200
2,800
2,400
200 =.
200
160
160
120
120
1995
COUNCIL OF ECONOMIC ADVISERS
(Billions of dollars, seasonally adjusted '
Securities in bank credit
Total
bank
credit
Period
1988:
19891990:
1991:
1992:
1993:
1994-
Dec
Dec
Dec
Dec
Dec
Decr
Decr
Total
securities
U.S.
CommerTotal
GovernOther
cial and
and
ment
securities loans
2
industrial
leases
securities
2,435.8
2,608.7
2,750.4
2,855.0
2,949.6
3,106.0
3,318.6
562.4
584.9
634.1
745.3
841.4
915.6
949.7
367.2
400.3
455.8
565.2
664.9
730.8
728.4
195.3
184.6
178.2
180.0
176.5
184.8
221.3
1994: Sepf
Ocf
Nov7"
Deer
3,285.3
3,295.2
3,299.9
3,318.6
971.2
964.6
954.4
949.7
750.0
740.4
732.5
728.4
1995: Jan r
Pebr
Mar'
Anr r
May
June r
3,350.7
3,363.1
3,388.2
3,455.8
3,483.2
3,499.0
3,516.0
3,531.5
3,552.6
946.5
936.8
939.3
981.1
977.0
973.7
964.4
971.5
977.2
729.4
724.6
711.7
710.6
713.5
711.2
705.3
709.7
707.0
July
Sept
r
Loans and leases in bank credit
Total
Revolving
home
equity
Consumer
Security
Other
Other
1,873.4
2,023.8
2,116.3
2,109.8
2,108.2
2,190.4
2,369.0
607.6
638.8
640.3
619.0
594.6
584.5
643.0
674.6
769.5
854.3
878.8
898.5
938.2
999.4
40.1
50.3
62.3
69.7
73.5
73.1
75.6
634.5
719.2
792.0
809.2
825.0
865.2
923.8
357.8
378.3
383.3
366.7
358.7
390.7
452.0
40.6
41.3
44.9
54.0
63.3
86.0
74.7
192.8
195.8
' 193.6
'191.3
193.1
190.9
199.8
221.1
224.2
221.9
221.3
2,314.1
2,330.6
2,345.5
2,369.0
626.6
632.6
638.2
643.0
980.8
985.7
991.1
999.4
74.4
74.6
75.1
75.6
906.4
911.1
916.0
923.8
434.1
441.3
445.4
452.0
76.3
74.4
73.1
74.7
196.4
196.6
197.7
199.8
217.2
212.2
227.6
270.5
263.5
262.5
259.2
261.8
270.1
2,404.2
2,426.3
2,448.9
2,474.7
2,506.2
2,525.3
2,551.6
2,560.0
2,575.4
656.3
669.2
673.8
681.0
688.9
691.8
697.1
698.4
702.3
1,014.6
1,022.4
1,028.6
1,036.7
1,042.4
1,051.4
1.062.2
1,067.3
1,071.0
76.0
76.2
76.4
77.0
77.6
78.1
78.5
78.4
78.8
938.7
946.2
952.2
959.7
964.7
973.2
983.7
988.9
992.2
457.5
459.8
465.1
471.2
473.0
478.1
481.3
486.7
489.7
72.7
72.2
74.7
78.1
89.7
89.7
88.9
84.3
86.6
203.1
202.7
206.7
207.8
212.2
214.4
222.1
223.4
225.8
r
J
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 recla-ssifications of assets and liabilities.
28
Real estate
2
Excludes Federal ftinds sold to, reverse repurchase agreements (RPs) with, and loans
commercial banks in the United States.
Souree: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Total
Total
493.8
538.8
564.7
634.2
567.9
536.8
473.6
566.7
563.2
683.2
464.0
543.8
614.6
630.5
666.9
688.2
726.4
651.6
863.5
823.9
1985
1986
1987
1988
1989
1990 . .
1991
1992
1993
1994
1993- I
II
Ill
IV
1994:
I
II
III
IV
1995:
I
HP
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
499.8
436.4
450.7
476.4
485.7
501.5
498.6
500.2
499.1
510.1
536.8
142.0
202.1
188.8
229.9
168.2
125.2
47.6
128.3
100.9
183.4
27.6
93.1
138.2
144.8
165.4
189.6
226.2
152.5
353.4
287.1
Securities
and mortgages
Loans and
short-term
paper
71.5
83.0
49.4
99.8
105.6
68.4
-85.3
3.2
-17 6
104.4
-55.1
10.9
-22.0
-4.1
98.4
90.2
108.7
120.5
189.4
177.1
13.2
65.1
39.9
-4.7
37 6
-20.0
96.1
67.0
80.0
-30.5
84.0
65.9
99.0
71.1
12.6
30.5
-43.7
-121.5
-27.8
39.6
84.7
148.1
89.3
95.0
68.0
48.4
10.8
70.2
62.4
73.9
28.9
76.8
77.0
67.0
111.0
120.7
65.0
-1.0
161.6
216.7
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings
retained abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Other2
Total
57.3
54.0
99.4
134.9
100.2
76.8
36.8
58.1
38.5
109.6
-1.3
16.2
61.3
77.8
54.5
68.9
161.2
153.5
191.9
70.4
Increase in
financial
assets
Capital
expenditures3
Credit market funds
Internal 1
467.2
501.7
492.3
575.8
509.4
488.7
435.4
529.0
531.4
664.2
431.7
532.4
553.0
608.4
633.5
660.2
678.0
685.0
812.9
771.7
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
510.4
424.7
441.5
444.1
451.2
462.1
507.7
519.6
552.3
580.5
562.6
Discrepancy
(sources
less
uses)
97.0
157.5
130.9
184.8
108.3
85.9
55.6
143.0
91.0
153.8
7.0
90.9
108.9
157.2
171.4
152.5
158.4
132.7
232.4
209.1
26.7
37.1
72.4
58.4
58.4
48.1
38.2
37.7
31.9
19.0
32.3
11.4
61.6
22.1
33.3
28.0
48.4
-33.5
50.6
52.1
3
Plant and equipment, residential structures, inventory investment, and mineral rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve Systen
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Period
Total
1985:
1986:
1987:
19881989:
19901991199219931994:
Dec
Dee
Dec 3
Dec
Dec
Dec
Dec
Dee
Dec
Dec
1994: Aug
Sept
Oct
Nov
Dec
1995: Jan
Peb
Mar
Apr
May
Juner
July
Aue^
Automobile
Revolving
Other2
Total
Automobile
Revolving
Other2
517,659
572,006
608,675
662,553
717,200
734,898
728,389
730,847
790,351
902,853
210,238
247,772
266,295
285,364
291,531
283,072
259,594
257,436
280,566
317,237
121,758
135,825
153,064
174,269
199,162
223,517
245,281
258,081
286,588
334,511
185,664
188,408
189,316
202,921
226,508
228,309
223,514
215,331
223,197
251,106
75,057
54,347
36,669
53,878
(4)
17,698
-6,509
2,458
59,504
112,502
36,674
37,534
18,523
19,069
(4)
-8,459
-23,478
2 158
23,130
36,671
21,478
14,067
17,239
21,205
(4)
24,355
21,764
12,800
28,507
47,923
16,906
2,744
908
13,605
(4)
1,801
-4,795
8 183
7,866
27,909
863,484
873,606
882,210
895,627
902,853
304,330
308,654
311,197
315,213
317,237
319,687
322,035
324,655
332,402
334,511
239,467
242,916
246,358
248,012
251,106
13,554
10,122
8,604
13,417
7,226
3,740
4,324
2,543
4,016
2,024
6,970
2,348
2,620
7,747
2,109
2,844
3,449
3,442
1,654
3,094
914,260
918,968
933,717
946,451
959,593
970,741
979,550
988,605
319,408
321,175
323,502
326,430
330,390
333,164
337,588
339,051
340,450
345,630
352,741
359,655
367,117
373,572
376,818
381,149
254,402
252,164
257,474
260,366
262,085
264,005
265,145
268,405
11,407
4,708
14,749
12,734
13,141
11,148
8,809
9,054
2,171
1,767
2,327
2,928
3,959
2,774
4,424
1,464
5,939
5,180
7,112
6,914
7,463
6,455
3,245
4,331
3,296
-2,238
5,310
2,892
1,719
1,920
1,140
3,260
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.
Net change in installment credit outstanding1
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
Long-term interest rotes fell in October. Short-term rotes rose a little.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
1994
,
1995
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Oct
Nov
Dec
1995- Jan
Feb
Apr
May
July
Aug
Sept
Ocf
3-month bills
(new issues) *
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard
& Poor's)3
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank)*
Prime rate
charged by
banks4
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
4.96
5.25
5.64
5.81
5.80
5.73
5.67
5.70
5.50
5.47
5.41
5.26
5.30
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
7.04
7.44
7.71
7.66
7.25
6.89
6.68
6.27
5.80
5.89
6.10
5.89
5.77
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
7.74
7.96
7.81
7.78
7.47
7.20
7.06
6.63
6.17
6.28
6.49
6.20
6.04
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
6.50
6.96
6.76
6.53
6.24
6.10
6.01
5.90
5.83
5.98
6.07
5.88
5.77
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
8.57
8.68
8.46
8.46
8.26
8.12
8.03
7.65
7.30
7.41
7.57
7.32
7.13
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.70
6.01
6.62
6.63
6.38
6.30
6.19
6.07
5.79
5.68
5.75
5.66
5.71
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
4.00^1.00
4.00-4.75
4.75-4.75
7.75-7.75
7.75-8.50
8.50-8.50
4.75-4.75
4.75-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.75
8.75-8.75
8.75-8.75
8.75-8.75
5.34
5.31
5.32
5.22
5.84
5.79
5.74
5.75
6.10
6.05
5.99
6.04
5.85
5.80
5.73
5.71
7.20
7.14
7.08
7.10
5.74
5.73
5.70
5.70
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
New-home
mortgage
yields
(FHPB) 5
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.76
7.81
7.83
8.18
8.28
8.21
8.15
7.99
7.73
7.78
7.75
7.69
Week ended:
1995- Oct 7
14
21
28
1
Bank-discount basis.
Yields on the more actively traded issues adjusted t« constant maturities by the Treasury
Department.
3
Weekly data are Wednesday figures.
1
Average effective rate for year; opening and closing1 rate for month and week.
2
30
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rat* 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 Corpora-
COMMON STOCK PRICES AND YIELDS
Stock prices rose in October.
INDEX, DEC. 31,1965=50 (RATIO SCALE)
320
300
280
260
INDEX, DEC. 31,1965=50 (RATIO SCALE)
320
300
280
260
240
220
240
220
f=^=4
200
• COMPOSITE STOCK PRICE INDEX
(NYSE)
200
180
180
160
160
140
140
120
120
100
100
1987
1989
1988
1990
1991
1992
1993
1995
1994
PERCENT
120
PERCENT
20
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
5
1987
1988
1989
1990
1993
1992
1991
1994
1995
COUNOl Of ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common stock prices 1
Period
New York Stock Exchange indexes (Dec. 31, 1965
except as noted) 2
Composite
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: Oct
Nov
Dec
1995: Jan
Feb
May
July
Aug
Sept
Ocf ...
Week ended:
1995: Oct 7
14
21
28
1
Average
2
Includes
3
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
255.22
252.48
248.65
253.56
261.86
266.81
274.37
281.81
289.52
298.18
300.05
310.41
311.78
312.06
311.26
314.12
310.42
Industrial
Transportation
Finance
Common stock Gyields
(percent)
price ratio
201.05
211.76
213.29
219.38
228.55
236.26
240.50
245.27
260.72
265.12
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
3,868.10
3,792.43
3,770.31
3,872.46
3,953.72
4.062.78
4,230.66
4,391.57
4,510.76
4,684.76
4,639.27
4,746.76
4,760.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
463.81
461.01
455.19
465.25
481.92
493.15
507.91
523.81
539.35
557.37
559.11
578.77
582.92
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.82
2.86
2.91
2.87
2.81
2.76
2.68
2.60
2.55
2.50
2.49
2.42
2.41
265.52
267.43
269.86
260.47
4,756.71
4,748.19
4,791.03
4,747.68
582.13
580.59
587.07
582,10
2.41
2.42
2.39
2.41
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
203.35
200.13
200.02
201.16
207.73
204.16
208.93
211.58
216.27
219.18
221.99
229.64
236.43
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
203.33
198.38
195.25
319.93
328.98
337.96
347.69
357.01
366.75
379.13
379.79
390.42
389.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
230.71
227.45
218.93
230.25
237.29
244.45
254.36
254.69
256.80
279.15
285.63
295.54
291.16
390.42
388.15
391.97
388.45
290.89
290.27
293.83
289.78
234.91
235.52
236.69
238.13
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
321.53
319.33
313.92
of daily closing prices.
all the stocks (more than 2,000 ifi 1992) listed on the NYSE.
Dee. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.
Utility 3
Dow-Jones
industrial
average 4
Standard &
Poor's eomposite index
(194143=10)5
Earningsprice ratio
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
6.66
6.51
6.32
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In fiscal 1995, there was a deficit of $163.8 billion, compared with a deficit of $203.2 billion a year earlier.
BILUOr-4S OF DOLLARS
1,600
RECEIPTS AND OUTLAYS ^
1,500
BILLIONS OF D<DLLARS
1,600
1,500
_---•""""""
1,400
OUTLAYS-'
_
1,400
' ~-
1,300
1,300
„--""
^^^
1,200
1,200
^,
_^-""
-"^
1,100
1,100
---'"''
1,000
——T
_^800
'
'
1,000
RECEIPTS-1'
_---'"''
900
'
900
"""
800
"
700
700
600 /I
1
1
1
1
1
1
1
1
i
N 600
V
N
<;i IPPI i is HP hFFinr f \ -^
0
0
100
-100
^****~—
""^--^
_—.—--—— "
"
-200
-——
^^-__
-300
-400
-300
y|
V
1
1986
1
1987
1
1
1
1
1
1
1
N
-400
1988 1989 1990 1991 1992 1993 1994 1995 ^
^INOUDESON-BUDGEt AND OFF-BUDGET TTEMS.
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AM) OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
1976
1977 .
1978
1979
1980
1981
1982
1983
1984
'
1985
1986 .
1987
1988
1989
1990 .
1991
1992
. ...
1993
1994
1995 »
1
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,350.6
Outlays
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,514.4
Surplus
or deficit
(-)
-73.7
-53.7
-59.2
40 7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
- 155.2
- 152.5
-221.4
-269.2
-290.4
-255.1
-203.2
-163.8
Receipts
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
999.5
Data from Monthly Treasury Statement,
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal, Year
1996, issued February 6, 1995.
32
Off-budget
On-budget
Total
Fiscal year or period
Outlays
Surplus
or deficit
(-)
302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.6
1,081.8
1,128.5
1,142.1
1,181.5
1,225.7
-70.5
-49.8
-54.9
-38 7
-72.7
-74.0
-120.1
-208.0
-185 7
-221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.4
-340.5
-300 5
-258.8
-226.2
Receipts
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
Outlays
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
-3.2
-3.9
-4.3
-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
Total
Held by
the public
629.0
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
477.4
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.2
3,603.3
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1995, receipts were $92.9 billion higher than a year earlier and outlays were $53.5 billion higher.
BILLO•JS OF DOLLARS
700
RECEIPTSM
600
BILLIONS OF D<DLLARS
700
600
INDIVIDUAL INCOME TAXES
\
500
_.
500
400
400
— — "•'"""""'"
300
200
fs-\nru-\n ATl^fi 1
i-r—ir-
INCOME JAXES
\
OTHER RECEIPTS
ir-i in i t
i—
300
TAXES AND CONTRIBUTIONS
.
200
-
100
100
1
0
1,300
1
1
1
1
1
1
1
1
0
1,300
OUTLAYSv
1,200
1,200
1,100
1,100
NONDEFENSE
\
1,000
—•*•""
1,000
>-'""
900
900
--*'
800
800
.
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 x|
V
1
1986
1
1987
1
300
1
1988
1989
1
1990
1
1991
1
1
1992
1993
1
|v 200
1995 N
1994
f INOUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year or period
1976 ... .
1977
1978
1979
1980
1981 ....
1982
1983
1984 ...
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995'
Total
298.1
355.6
399.6
463.3
517.1
5993
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,350.6
Social
CorinsurIndiporaance
vidual
tion
income income taxes
and
taxes
taxes contributions
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
Other
Total
Department of
Defense,
military
International
Health
affairs
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
73.0
946.4
265.2
283.9
73.1
990.3
303.3 74.3 1,003.9
78.9 1,064.1
334.3
359.4
82.3 1,143.2
380.0 90.9 1,252.7
396.0
92.3 1,323.4
413.7 100.5 1,380.9
428.3 98.0 1,408.7
461.5 112.8 1,460.9
484.5 118.9 1,514.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272 2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.6
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
17.1
16.4
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
107.1
114.8
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1996 issued February 6, 1995.
Total
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
41.4
90.8
54.9 106.5
60.0 121.0
65.7 138.9
64.6 157.8
61.1 182.7
49.2 201.5
37.0 209.0
56.9 239.4
334.5
61.3
349.0
63.1
392.6
83.9
401.2
94.5
445.7 103.3
466.9
93.5
467.8
98.1
476.0 100.3
509.7 117.5
543.1
140.4
590.2 157.1
National defense
Medicare
Income Social
secusecurity
rity
15.8 60.8
19.3 61.0
22.8
61.5
66.4
26.5
32.1 86.5
39.1 99.7
46.6 107.7
52.6 122.6
57.5 112.7
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
220.2
Net
inter-
Other
est
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
131.8
142.1
125.9
139.4
158.8
203.9
224.8
173.9
159.7
173.8
162.9
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR. NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1995, Federal receipts rose $34.5 billion (annual rate) and Federal expenditures rose
$15.5 billion. In the third quarter, according to advance estimates, expenditures rose $9.9 billion; receipts data
are incomplete.
BILLION S OF DOLLARS
BILLIONS Of L>OLLARS
1,800
1,800
SEASONAliY ADAJ51H) ANNUAL RATES
1,600
1,600
_ — s *^ --'""
/
y- ""
1,400
x
__
y
^s' • ~"
—~S~
— — •
800
1,200
^
-
-
1,000
S-
800
^
^
^
^——
,
f —-""
— .
V-
• ^—'
__-
X
S ""* """
1,000
.
-
^
^'
S "" ~*
\
1,200
1,400
^ ^'
EXPENDITURES
'
-
600
600
-
400
400
200
200
-
S JRPLUS OR DEFICIT ( - 1
0
-200
0
^\
L/~~- --—
—-^
—•—*«—.•
—V "\^•X
'
—.
^
400
\
1982
\
\
1983
1
1
!
1984
I
1
)
1985
1
1
i
1986
1
!
1
1987
*—-^--l-
i ti
1
1988
1989
!
1
1
\
1990
1
I
1
t
1991
1
1
^~~
1
1992
1993
^2rr **^
-200
i i i
\
1994
1995
i
i
-400
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCF
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Federal Government expenditures
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
Purchases
Transfer
payments
Grantsin-aid
to
State
and
local
governments
1,161.2
1,241.0
1,349.4
484.6
511.8
552.1
112.4
134.6
161.2
81.1
82.9
93.3
483.1
511.7
542.8
1,435.9
1,495.5
1,521.9
445.2
446.3
435.1
607.4
651.5
674.4
1 1783
1,265.7
1,379.0
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,140.5
1,219.9
1,212.7
1,263.7
1,272.7
1,313.6
1,337.4
1,380.7
1.388.8
1,408.8
1,441.0
1,475.5
489.5
520.3
565.6
351.8
371.7
414.8
420.0
470.1
483.9
477.3
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.9
574.2
594.8
623.5
620 1
115.6
143.0
167.1
77.0
91.4
109.7
118.5
111.3
115.1
109.6
122.6
132.1
141.8
140.2
157.8
151.8
166.3
172.4
178.1
181.9
182.5
81.3
84.6
91.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91.9
91.9
89.1
90.9
85.5
491.9
517.8
555.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
501.9
501.6
518.6
522.7
528.3
545.1
553.0
557.6
564.6
575.1
578.6
584.5
1,460.9
1,507.0
1,538.1
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
1,492.0
1,496.2
1,500.6
1,497.6
1,533.7
1,513.7
1,525.9
1.542.8
1,569.9
1,589.6
1,605.1
1.615.0
449.0
443.6
437.3
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
434.7
436.8
625.3
658.0
682.5
383.8
404.2
419.7
444.5
488.8
526.6
566.2
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.0
699.2
708.1
716.0
722.9
Period
Total
Fiscal 3'ear:
1992
1993
1994
Calendar year:
1992
1993
1994
1985: IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- IV
1991- IV
1992- TV
1993- I
II
HI
IV
1994- I
II
HI
IV
1995- I
II
HI?
Source: Department of Commerce, Bureau of Economic Analysis.
34
Total
Net
interest
paid
Subsidies less
current
surplus
of
Government
enterprises
Less:
Wage
accruals less
disbursements
Surplus
or
deficit
(-),
national
income
and
product
accounts
168.2
180.7
197.9
188.9
183.5
187.0
26.1
33.4
27.6
0.0
.0
.0
-274.7
254 4
-172.5
172.2
186.1
197.6
104.5
103.8
102.9
113.0
121.9
137.6
162.6
176.6
176.7
182.9
187.8
197.0
190.0
194.4
200.3
205.5
211.0
215.7
220.7
186.8
183.6
191.5
129.2
131.1
143.1
151.2
168.9
174.4
191.6
183.1
182.5
184.8
183.6
183.5
179.3
188.8
194.4
203.5
209.0
218.4
221.0
27.6
35.7
29.2
16.4
22 1
37.8
34.9
25.0
32.0
27.7
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
29.8
27.2
20.3
13.7
.0
.0
.0
.0
.0
-282.7
-241.4
159 1
- 187.2
-177.5
- 152.7
-134.9
141 5
-191.0
- 245.8
-272.1
-283.5
-237.0
-224.9
-220.1
-176.2
-145.1
-154.0
-161.1
-148.6
-129.6
9
.0
,0
•}
!o
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987=100; seasonally adjusted)
Period
United
States
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: June
July
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
1
Japan
Prance
Italy
Germany
United
States1
Canada
France
Japan
Italy
Germany
United
Kingdom
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
95.4
100.0
105.3
105.2
101.7
97.4
98.5
102.9
109.6
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
100.0
104.6
108.9
111.0
111.0
109.7
105.6
111.0
99.6
100.0
103.9
108.8
114.5
118.7
116.3
107.4
110.8
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
110.7
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.7
110.0
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
129.4
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
118.0
118.2
119.1
119.0
119.5
120.3
121.7
109.9
110.7
111.4
111.9
111.9
113.6
114.3
112.3
111.2
115.7
113.5
112.5
115.7
115.3
110.6
112.9
112.9
112.6
111.6
112.5
113.6
110.5
112.7
110.6
111.4
112.7
112.9
116.1
110.1
112.2
114.3
112.4
112.5
112.5
119.1
110.0
110.5
111.5
112.1
111.5
110.8
111.4
148.0
148.4
149.0
149.4
149.5
149.7
149.7
147.6
148.2
148.3
148.4
148.2
149.0
149.2
119.2
118.6
119.2
119.5
120.0
119.7
119.4
145.9
145.9
145.9
146.3
146.7
146.7
146.5
129.5
129.6
129.7
129.8
129.9
130.1
130.4
193.3
193.6
194.2
194.7
195.8
196.5
197.2
170.0
169.2
170.0
170.4
170.6
170.7
171.5
114.8
114.0
114.4
116.3
113.4
118.1
'113.7 117.0
'114.1 116.4
'113.0 115.4
113.8 '112.8
116.3
114.0
112.5
115.1
112.9
115.9
115.4
109.8
110.5
108.8
'111.4
'112.4
'111.5
'114.0
108.6
114.3
115.0
116.4
117.4
115.9
116.3
117.3
124.5
111.3
111.7
112.9
112.2
112.4
112.0
'112.6
112.6
150.3
150.9
151.4
151.9
152.2
152.5
152.5
152.9
153.2
149.8
150.5
150.8
151.2
151.6
151.6
151.9
151.8
151.8
119.4
118.9
118.8
119.3
119.6
119.5
118.7
118.9
146.9
147.5
147.9
148.0
148.3
148.3
148.0
148.7
149.2
131.0
131.5
131.6
131.9
132.1
132.7
132.6
132.3
197.9
199.5
201.2
202.2
203.5
204.6
204.7
205.4
206.0
171.5
172.6
173.3
175.1
175.8
176.0
175.2
176.1
176.9
122.0
122.1
122.0
121.2
121.4
'121.4
'121.5
'122.9
122.6
July
Aug
Sepf
Canada
United
Kingdom
98.0
Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce {Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Services
(BOP basis)
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
Balance of trade
texpor minus i po
P
h
' (by
fhv end1 use category)
t
}
Census
basis
P
ha
' (by
thv end-use
H
t
^1
Census
oasis
category;
ROP h
'
oasis
In-
Period
BOP
basis
Total,
Census
basis2
Foods,
feeds,
and
beverages
trial
supplies
rials
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
1994: Aug
Sept
Oct
Nov
Dec
43.7
43.3
43.3
44.4
46.2
44.7
44.1
44.3
45.3
47.2
3.6
3.7
3.8
4.0
4.2
1995: Jan
Feb
Mar
Apr
May
June
July
Aug'
44.9
45.6
47.9
47.2
48.3
47.4
46.4
48.7
45.6
46.3
48.7
47.8
49.1
48.2
47.1
49.5
3.9
3.9
4.1
4.2
4.0
3.9
4.2
4.4
1986
1987
1988
1989
1990
1991 .
1992
1993
1994
1
2
AutoCap- moital
tive
goods vehiexcept cles,
auto- parts
moand
entive
gines
InBOP
basis
Total,
Census
basis2
Foods
feeds,
and
beverages
trial
supplies
rials
mo^
tive
Auto- ConCapmo- sumer
tive goods
ita!
goods vehi- (nonexcept cles, food)
auto- parts except
automoand
enmotive
gines
tive
Exports
Imports
Goods,
Census
basis
Goods
Services
Goods
and
57.3
75.8
66.7
86.2
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
21.7
24.6
29.3
34.8
37 .4
40.0
47.0
52.4
57.6
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
71.8
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
86.5
98.5
111.1
127.4
147.8
164.3
178.6
187.8
198.7
81.0
91.7
99.5
103.5
118.8
119.6
122.0
130.0
138.8
-138.3
- 152.1
-118.5
-109.4
-101.7
-66.7
-84.5
-115.6
- 150.6
-145.1
- 159.6
- 127.0
-115.2
- 109.0
-74.1
-96.1
- 132.6
— 166.1
5.5
6.9
11.6
23.9
29.0
44.7
56.6
57.8
59.9
-139.6
- 152.7
-115.3
-91.4
-80.0
-29.4
-39.5
-74.8
- 106.2
10.7
10.3
10.7
10.7
11.3
17.6
17.8
17.0
18.0
18.7
5.1
5.0
4.9
5.0
5.5
5.2
5.1
5.2
5.4
5.3
57.9
57.8
58.2
59.7
59.4
57.6
57.6
58.0
59.5
59.2
2.7
2.7
2.7
2.6
2.7
14.7
14.2
13.9
14.5
14.2
15.4
16.3
16.4
16.8
16.8
10.7
10.0
10.3
10.7
10.8
12.4
12.5
12.8
12.9
12.9
16.6
17.7
16.7
17.3
17.0
11.7
11.8
11.6
11.7
11.6
-12.9
-13.5
-13.6
-14.2
-12.0
-14.2
-14.6
-14.9
-15.3
-13.3
4.9
5.9
5.1
5.6
5.4
-9.4
-8.7
-9.8
-9.7
-7.9
11.6
11.7
12.6
12.3
12.4
12.7
11.8
12.1
17.1
17.9
19.2
18.8
19.4
19.5
19.0
20.0
5.5
5.3
5.1
5.1
5.1
4.5
4.4
5.3
5.1
5.3
5.4
5.3
5.5
5.4
5.2
5.5
60.7
59.9
62.5
63.5
64.3
63.9
62.6
62.5
60.5
59.7
61.6
62.6
63.1
63.0
62.4
62.3
2.8
2.8
2.9
2.7
2.7
2.8
2.7
2.7
14.5
14.4
15.3
15.5
15.8
15.7
15.3
14.9
17.1
16.9
17.6
18.0
18.1
18.7
18.9
18.9
11.0
10.8
10.7
11.0
10.7
10.4
10.0
10.4
13.3
13.1
13.3
13.6
13.8
13.4
13.5
13.4
17.3
16.5
17.4
17.3
17.3
17.2
17.0
17.0
11.8
11.7
12.1
12.0
12.1
12.0
12.0
12.0
-14.9
-13.4
-12.9
-14.8
-14.1
-14.7
-15.3
-12.8
-15.8
-14.3
-14.5
-16.3
-16.0
-16.5
-16.2
-13.8
5.5
4.8
5.3
5.3
5.2
5.2
5.0
5.0
-10.3
-9.5
-9.2
-11.1
-10.8
-11.3
-11.2
-8.8
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
Consumer
goods
(nonfood)
ex-
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1995, the merchandise trade deficit rose to $49.0 billion, from $45.1 billion in the first
quarter. The current account deficit rose to $43.6 billion, from $39.0 billion in the first quarter.
BILLIONS OF DOUARS*
BILLIONS OF DOLLARS'
BALANCE ON GOODS
AND SERVICES
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( — ) ]
Merchandise 1
Period
1983
1984
1985
1986
1987
1988
1989
1990 .
1991
1992
1993
1994 .
1993: I
II
Ill
IV
1994: I
II
Ill
IV
1995:
I
UP
Exports
Imports
201,799 — 268,901
219,926 — 332,418
215,915 -338,088
223,344 -368,425
250,208 -409,765
320,230 — 447 189
362,120 -477,365
389,307 — 498,337
416,913 -490,981
440,352 — 536,458
456,823 -589,441
502,485 - 668,584
111,862 -140,821
114,131 -147,718
111,576 -148,181
119,254 -152,721
118,445 -154,935
122,730 -184,224
127,384 -172,011
133,926 -177,414
138,061 -183,111
142,543 -191,583
1
Investment income
Services
Net
balance
— 67,102
— 112,492
-122,173
— 145.081
- 159,557
— 126,959
-115,245
-109,030
- 74,068
- 96,106
-132,618
-166,099
-28,959
- 33,587
- 36,605
-33,467
-36,490
-41,494
- 44,627
- 43,488
- 45,050
- 49,040
Net
military
transactions 23
Net
travel
Other
and
trans- services,
net
portation
receipts
-4,227
- 8,438
-9,798
- 8,484
-7,613
9
591
4^043
8,002
17,032
20,484
19,885
19,330
5,302
5,389
5,062
4,131
4,642
-31
4,647
376
4,792
1,124
5,247
679
5,050
542
4,690
537
563
— 2,547
-4,390
5 181
-3,844
-6,320
-6,749
— 7,599
-5,274
2 142
448
2,148
401
90
283
- 326
-57.767
14,124
14,404 - 109,073
14,483 -121,880
19,194 - 139,551
18,319 -152,696
20,546 -115,324
-91 ',392
26*558
- 79,994
28,633
-29,404
32,907
-39,480
38,284
-74,841
37,444
38,410 -106,212
-13,573
9,683
9,315
-18,793
-21,988
9,272
9,172
-20,490
-23,016
8,863
9,548
-26,923
9,904
-28,807
-27,467
10,095
- 29,440
10,018
-33,368
10,445
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
3
Receipts
on U.S.
assets
abroad
85,200
104,756
93,677
91,976
100,767
129,070
152^517
160,300
137,003
118,425
119,248
137,619
28,950
29,958
29,931
30,412
30,942
32,338
36,031
38,307
43,254
45,261
Payments
on foreign
assets in
U.S.
Net
— 53,700
— 74,036
-73,087
— 79,095
-91,302
— 115,806
-138,858
-139,574
-121,892
- 108,346
-110,248
-146,891
-25,239
-27,893
-26,741
-30,376
-30,826
-34,623
-38,564
-42,878
-45,215
-48,135
31,500
30,720
20^590
12,881
9,465
13,264
13,659
20,725
15,111
10,079
9^000
-9,272
3,711
2,065
3,190
36
116
-2,285
-2,533
- 4,571
-1,961
-2,874
Balance
on goods,
services,
and
income
-26,267
- 78,353
-101,290
-126,670
-143,231
— 102,060
-77J33
- 59,268
-14,293
— 29,402
-65,841
-115,484
-9,862
-16,728
-18,798
-20,454
-22,900
-29,208
-31,340
-32,038
-31,401
-36,242
Unilateral
transfers,
net 4
— 43,985
— 98,951
- 124,243
-150,859
-166,338
— 127.083
- 103^839
-92,661
- 7,424
— 61,549
-99,925
-151,245
-17,383
- 24,337
- 27,032
-31,176
-30,271
-7,371
-37,986
-8,778
- 8,374 -39,714
-43,277
-11,239
- 39,025
-7,624
- 43,622
- 7,380
— 17,718
- 20,598
-22,954
— 24,189
-23,107
- 25,023
-26,106
— 33,393
6,869
-32,148
- 34,084
-35,761
- 7,521
- 7,609
- 8,234
-10,722
Quarterly data are riot seasonally adjusted.
Includes transfers of goods and semces under U.S. military grant programs.
See. p. 3? for continuation of
4
Balance
on
current
account
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $35.5 billion in the second
quarter of 1995, following an increase of $29.3 billion in the first quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $15.0 billion in the second quarter, in contrast to a decrease
of $0.5 billion in the first quarter.
BILUONSOf DOLLARS*
BILLIONS OF DOLLARS •
120
1985
* SEASONAIiY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[inerease/capit
Period
Total
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993:
I
II
Ill
rv
1994: I
II
Ill
IV
1995- I
II"
U.S.
official
reserve
assets 35
-61,573 -1,196
-36,313 -3,131
-39,889
-3,858
-106,753
312
-72,617
9,149
- 100,087 -3,912
-168,744 -25,293
-74,011
-2,158
-57.881
5,763
-65,875
3,901
-184,589
-1,379
-125,851
5,346
-19,729
-983
-40,933
822
-545
-46.270
-673
-77,657
-59
-36,783
-5,973
3,537
-27,940
-165
-55,156
2,033
- 75,343 -5,318
-75,107
— 2 722
Other U.S.
Government
assets
- 5,006
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,911
-1,661
-330
— 322
467
-281
-197
-318
401
491
-283
-931
-152
-157
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
)]
U.S.
private
assets
-55,372
-27,694
33211
- 105,044
-82,771
-99,141
-144,710
-74,160
- 66,555
-68,115
- 182,880
- 130,875
-19,213
-41,474
-45,529
-76,666
-37,125
-10,001
-27,492
-56,258
- 69,873
-72,228
Total
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
291,365
19,867
51.277
77,928
99,458
80,390
46,526
79,736
84,715
94,841
114,218
3
Consists of gold, special drawing rights (SDRs), foreijrn currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets 3
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,389
40,466
72,146
39,409
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
22,308
37,759
Other
foreign
assets
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176,383
251,956
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
72,533
76,459
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of Which:
Seasonal
adjustment
discrepancy
22 179
21 331
22 950
31,501
- 4,028
-13,095
54 094
44,480
-28 936
-26 399
35,985
-14,269
17,245
13,993
-4,626
9,375
-13,336
-2,567
-12,082
13,718
19,527
4,511
5,367
154
- 6,353
834
5,274
587
-6,641
782
6,183
410
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
86,761
90,063
Sources: Department uf Conin ei'ce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT. INCOME. AND SPENDING
^
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in Fixed-Weighted and Alternative Quantity and Price Indexes for Total GDP
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Fixed Investment by Type in 1987 Dollars
Business Investment and Plans
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT. UNEMPLOYMENT. AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks .,
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
• 26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
,
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
nn
38
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