Full text of Economic Indicators : October 1996
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104th Congress, 2d Session
Economic Indicators
OCTOBER
1996
(Includes data available as of November 5, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1996
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
HOUSE OF REPRESENTATIVES
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
ALICIA H. MUNNELL, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION}
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
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libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
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Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
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ISBN 0-16-053727-4
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1996, according to advance estimates, current-dollar gross domestic product (GDP) rose
3.8 percent (annual rate), red GDP (GDP in chained 1992 dollars) rose 2.2 percent, and the implicit price deflator
rose 1.6 percent.
BIU1ONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
8,000
8,000
SEASONM1Y AOIUS!H»W4JAl RATES
7,600
*S~
^-1
7,200
7,600
7,200
/*
6,800
.„-"
GDP
IAINED|1992)DOUARS
\
.,'-""
n
6,400
IN a
6,000
-"
5,600
,-
t— ""
6,800
~"
6,400
^
^,
--«., ___
^H^
6,000
^'
5,600
/^
5,200
5,200
x
-*
4,800
x
x ™
y 'A
X
•^
4,800
IN CURRENT DOLLARS
4,400
•MOO
4,000
y
3,600
/
3,200
s
/
4,000
3,600
3,200
^
\
\ \
1982
i t i
1983
\
\ 1
1984
i i i
i i i
i i i
i < i
\ \ \
i ii
1985
1986
1987
1988
1989
1990
1991
\ i i
i i i
i i t
1992
1993
1994
SOURCE: DBMTMENT OF COMMBKX
\ \ i
1995
1996
COUNCH. OF ECONOMtC ADVBBtS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1991: IV
1992- IV
1993- I .
II
in
IV .
1994: I
II
in
IV
1995: I
n
m
IV
1996: I
n
mp
1
Exports and imports
of goods and services
Personal Gross
private
conGross
domestic sumption domestic
Net
product expendi- investexports Exports Imports
ment
tures
4,692.3
5,049.6
5,438.7
5,743.8
5,916.7
6,244.4
6,553.0
6,935.7
7,253.8
6,002.3
6,383.0
6,442.6
6,506.2
6,574.4
6,688.6
6,776.0
6,890.5
6,993.1
7,083.2
7,149.8
7,204.9
7,309.8
7,350.6
7,426.8
7,545.1
7,616.0
3,094.5
3,349.7
3,594.8
3,839.3
3,975.1
4,219.8
4,454.1
4,700.9
4,924.9
4,027.1
4,329.6
4,367.6
4,424.8
4,481.0
4,543.1
4,600.9
4,666.2
4,738.3
4,798.2
4,840.6
4,910.5
4,957.9
4,990.5
5,060.5
5,139.4
5,164.1
747.2
773.9
829.2
799.7
736.2
790.4
871.1
1,014.4
1,065.3
760.9
816.1
843.6
855.9
873.8
911.2
957.6
1,016.5
1,033.6
1,050.1
1,072.0
1,050.3
1,074.8
1,064.0
1,068.9
1,096.0
1,155.7
- 142.1
- 106.1
-80.4
-71.3
-20.5
-29.5
-62.7
-94.4
-94.7
-14.8
-42.7
-47.9
-59.6
-74.5
-68.8
-78.8
-93.0
- 107.0
-98.7
- 108.7
-115.3
-87.6
-67.2
-86.3
-99.2
- 115.7
GDP less exports of goods and services plus imports of goods and services.
365.7
447.2
509.3
557.3
601.8
639.4
657.8
719.1
807.4
624.4
649.1
646.9
660.4
645.3
678.7
678.9
707.4
729.2
761.0
776.1
797.3
819.0
837.0
839.5
850.0
846.3
507.9
553.2
589.7
628.6
622.3
669.0
720.5
813.5
902.0
639.3
691.8
694.8
720.0
719.8
747.5
757.6
800.4
836.1
859.6
884.8
912.6
906.6
904.2
925.8
949.2
962.0
Government consumption expenditures
and gross investment
Federal
Total
Total
992.8
1,032.0
1,095.1
1,176.1
1,225.9
1,263.8
1,290.4
1,314.7
1,358.3
1,229.2
1,280.0
1,279.3
1,285.1
1,294.1
1,303.2
1,296.4
1,300.8
1,328.2
1,333.5
1,345.8
1,359.4
1,364.6
1,363.4
1,383.7
1,408.8
1,412.0
455.7
457.3
477.2
503.6
522.6
528.0
522.6
516.4
516.6
515.5
535.0
525.5
520.1
521.3
523.5
511.3
509.4
523.8
520.9
519.7
522.0
516.8
507.7
518.6
529.6
524.5
National Nondefense defense
350.4
354.0
360.6
373.1
383.5
375.8
362.7
352.0
345.5
373.0
375.3
365.7
362.7
361.2
361.3
346.7
349.3
362.3
349.7
347.6
351.7
345.7
337.1
343.9
353.7
348.9
105.3
103.3
116.7
130.4
139.1
152.2
159.9
164.3
171.0
142.6
159.7
159.8
157.4
160.1
162.2
164.6
160.0
161.5
171.2
172.1
170.3
171.1
170.6
174.7
175.8
175.5
State
and
local
537.2
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
713.6
745.1
753.8
765.0
772.7
779.7
785.0
791.4
804.4
812.6
826.1
837.3
847.7
855.7
865.1
879.2
887.6
Final
Gross
sales of domestic
purdomestic
product chases'
Addendum:
Gross
national
product
4,834.5
5,155.6
5,519.1
5,815.1
5,937.2
6,274.0
6,615.7
7,030.1
7,348.4
6,017.1
6,425.7
6,490.5
6,565.8
6,648.8
6,757.4
6,854.8
6,983.5
7,100.1
7,181 9
7,258.4
7,320.2
7,397.3
7,417.8
7,513.2
7,644.3
7,731.7
4,701.3
5,062.6
5,452.8
5,764.9
5,932.4
6,255.5
6,563.5
6,931.9
7,246.7
6,016 6
6,390.5
6,458.6
6,516.5
6,587.1
6,691.9
6,781.0
6,888.3
6,987.0
7,071 4
7,146.8
7,202.4
7,293.4
7,344.3
7,426.6
7,537.5
4,668.1
5,038.7
5,407.0
5,735.8
5,919.0
6,237.4
6,532.4
6,876.2
7,216.7
5,980.9
6,376.6
6,422.8
6,484.6
6,552.3
6,669.8
6,735.9
6,816.0
6,928.5
7,024.6
7,091.7
7,170.9
7,271.5
7,332.8
7,428.6
7,537.1
7,573.7
Source; Department of Commerce, Bureau of Economic Analysis.
REAL GROSS DOMESTIC PRODUCT
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Period
Personal
eonGross
domestic sumption
product expenditures
Exports and imports of
goods and services
Gross private
domestic investment
Nonresidential
fixed
investment
Change
in business
inventories
Residential
fixed
investment
Government consumption expenditures
and gross investment
Federal
Net
exports
Exports
Imports
Total
Total
State
and
local
Nondefense
National
defense
Final
sales of
domestic
product
Gross
domestic
purchases1
Addendum:
Gross
national
product
1987
1988
1989
1990
1991
1992
1993
1994
1995
5,648.4
5,862.9
6,060.4
6,138.7
6,079.0
6,244.4
6,386.4
6,608.7
6,742.9
3,822.3
3,972.7
4,064.6
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
26.2
11.6
33.3
10.4
-3.0
7.3
19.1
58.9
33.1
-156.2
-114.4
-82.7
-61.9
-22.3
-29.5
-72.0
- 105.7
- 107.6
402.0
465.8
520.2
564.4
599.9
639.4
658.2
712.0
775.4
558.2
580.2
603.0
626.3
622.2
669.0
730.2
817.6
883.0
534.4
524.6
531.5
541.9
539.4
528.0
509.2
489.8
472.3
409.2
405.5
401.6
401.5
397.5
375.8
355.4
337.0
319.6
125.3
119.1
130.1
140.5
142.0
152.2
153.8
152.6
152.3
631.8
656.6
682.6
708.6
718.7
735.8
751.8
770.5
788.6
5,626.0
5,855.1
6,028.7
6,126.7
6,082.6
6,237.4
6,365.5
6,550.7
6,708.9
5,815.7
5,983.9
6,146.1
6,202.1
6,101.1
6,274.0
6,457.6
6,711.8
6,847.1
5,657.2
5,876.2
6,074.0
6,159.4
6,094.4
6,255.5
6,397.1
6,606.0
6,737.1
1991- IV
1992- IV ..
1993- I
II
Ill
6,104.4
6,327.3
4,109.1
4,282.3
539.5
569.1
202.4
236.7
21.4
5.8
-17.9
-40.0
623.5
649.1
641.4 1,250.7 526.9
689.1 1,272.5 534.0
381.7
376.8
145.3
157.1
723.8
738.5
6,083.8
6,320.7
6,122.3
6,367.3
6,118.7
6,334.8
6,326.4
6,356.5
6,393.4
6,469.1
6,508.5
6,587.6
6,644.9
6,693.9
4,289.7
4,318.8
4,359.5
4,390.0
4,420.5
4,458.7
4,489.4
4,524.0
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
18.5
20.8
19.5
17.4
40.5
74.5
64.5
56.1
-56.0
-64.4
-86.2
-81.5
-99.3
-107.3
-111.7
- 104.3
647.1
660.0
645.5
680.3
677.6
703.1
719.6
747.6
703.1
724.4
731.7
761.8
777.0
810.4
831.3
851.9
1,257.7
1,258.4
1,261.6
1,266.2
1,252.4
1,249.8
1,271.2
1,266.6
516.1
509.7
505.9
505.0
489.9
483.3
496.7
489.2
361.6
356.9
351.6
351.2
334.8
335.5
346.2
331.3
154.4
152.7
154.2
153.7
154.9
147.8
150.4
157.5
741.6
748.8
755.7
761.3
762.7
766.8
774.7
777.7
6,307.1
6,334.5
6,371.3
6,449.2
6,467.7
6,514.9
6,582.1
6,638.1
6,382.1
6,420.4
6,478.6
6,549.3
6,605.9
6,692.3
6,753.7
6,795.3
6,342.5
6,366.9
6,406.3
6,472.5
6,514.0
6,586.2
6,640.0
6,683.5
6,701.0
6,713.5
6,776.4
6,780.7
6,814.3
6,892.6
6,929.7
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
4,692.8
704.4
710.5
719.0
723.3
743.5
750.5
776.6
265.9
256.5
262.2
266.3
271.1
281.5
277.4
54.5
30.5
33.0
14.6
-3.0
7.1
39.6
- 122.5
-121.4
-101.6
-84.9
- 104.0
-114.7
-132.2
752.3
763.2
783.0
803.1
806.7
817.9
819.1
874.9
884.6
884.5
888.0
910.7
932.6
951.3
1,262.7
1,265.1
1,263.4
1,249.6
1,254.7
1,278.2
1,273.7
481.0
479.4
472.5
456.2
462.9
473.4
468.7
325.0
325.5
319.1
308.8
311.9
319.4
315.3
155.6
153.5
153.1
147.0
150.6
153.7
153.0
782.2
786.3
791.5
794.4
792.6
805.5
805.9
6,647.4
6,682.4
6,741.4
6,764.2
6,815.2
6,884.7
6,889.6
6,819.8
6,830.9
6,874.8
6,862.9
6,914.6
7,003.0
7,056.9
6,699.1
6,711.9
6,762.0
6,775.6
6,814.9
6,886.5
rv
1994- I
II ....
in
IV .
1995- I
II
in
IV
1996- I
II
in.?
1
GDP less exports of goods and services phis imports of goods and services.
Note.-—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar vahie of GDP or to any
intermediate aggregates.
1,165.9
1,180.9
1,213.9
1,250.4
1,258.0
1,263.8
1,261.0
1,260.0
1,260.2
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1992=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
domestic
product
Total
Gross private
domestic investment
Durable
goods
Nondurable goods
Services
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and
local
1987
1988
1989
1990
1991
1992 .
1993
1994
1995
83.1
86.1
89.7
93.6
97.3
100.0
102.6
104.9
107.6
81.0
84.3
88.4
92.9
96.8
100.0
102.6
105.1
107.6
91.6
93.3
95.3
96.6
98.5
100.0
101.3
103.4
104.6
81.8
84.8
89.3
94.6
98.1
100.0
101.5
102.8
104.5
78.2
82.2
86.6
91.2
95.8
100.0
103.6
106.7
109.9
91.3
93.7
96.2
98.4
99.9
100.0
100.9
102.3
103.4
88.3
92.1
95.1
97.8
98.8
100.0
103.7
107.0
110.3
91.0
96.0
97.9
98.7
100.3
100.0
99.9
101.0
104.1
91.0
95.3
97.8
100.4
100.0
100.0
98.7
99.5
102.2
85.3
87.2
89.8
92.9
96.9
100.0
102.6
105.4
109.4
85.6
87.3
89.8
92.9
96.5
100.0
102.1
104.5
108.1
84.0
86.7
89.7
92.8
97.9
100.0
104.0
107.7
112.3
85.0
87.5
90.5
94.9
97.9
100.0
102.1
103.6
106.7
1991- IV ..
1992: IV
98.3
100.9
98.0
101.1
99.1
100.2
98.7
100.7
97.4
101.5
99.9
100.1
98.9
101.4
100.2
100.0
99.7
100.4
97.8
100.2
97.7
99.6
98.1
101.6
98.6
100.9
1993: I
II
101.8
102.4
102.8
103.4
101.8
102.5
102.8
103.5
100.5
101.1
101.5
101.9
101.3
101.5
101.3
101.9
102.4
103.3
103.9
104.7
100.5
100.8
101.0
101.1
102.3
103.6
104.3
104.7
100.0
100.1
100.0
99.8
98.8
99.4
98.4
98.1
101.8
102.0
103.0
103.6
101.1
101.6
102.7
102.9
103.5
103.1
103.9
105.5
101.6
102.2
102.3
102.4
1994- I
II ....
104.1
104.6
105.2
105.8
104.1
104.7
105.5
106.1
102.4
103.2
103.9
103.9
102.0
102.4
103.3
103.6
105.6
106.2
107.1
107.9
101.6
102.2
102.7
102.7
105.7
106.2
107.4
108.6
100.2
100.6
101.3
101.8
97.5
98.8
100.6
100.9
104.4
105.4
105.5
106.5
103.6
104.1
104.7
105.5
106.3
108.3
107.4
108.7
102.9
103.2
103.8
104.5
1995: I
II .
106.7
107.3
107.9
108.4
106.7
107.5
107.8
108.3
104.7
104.8
104.5
104.3
103.9
104.5
104.7
105.0
108.8
109.7
110.3
110.9
102.7
103.4
103.8
103.6
109.2
109.9
110.7
111.3
103.2
104.5
104.6
104.2
101.1
103.2
102.5
101.8
108.0
108.9
109.4
111.3
106.9
108.1
108.3
109.2
110.6
110.9
111.8
116.0
105.6
106.5
107.1
107.7
1996: I
109.0
109.5
109.9
108.9
109.6
110.0
104.3
103.6
103.2
106.0
107.2
107.2
111.4
112.3
113.1
103.4
103.1
103.2
111.3
111.6
112.4
104.1
103.9
103.3
101.7
101.8
101.1
112.0
111.9
111.9
110.3
110.8
110.7
116.0
114.4
114.7
109.1
109.2
110.1
in
IV
in
rv
m
rv
II
m*-
Source: Department of Commerce, Bureau of Economic Analysis.
QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT AND
PERCENT CHANGES
[Quarterly data are seasonally adjusted]
Index numbers, 1992=100
Period
Current
dollars
51.9
56.3
62.5
67.0
70.8
75.1
80.9
87.1
92.0
94.8
100.0
104.9
111.1
116.2
98.0
99.3
100.4
102.2
103.2
104.2
105.3
107.1
108.5
110.3
112.0
113.4
114.5
115.4
117.1
117.7
118.9
120.8
122.0
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1992- I
II
m
...
IV
1993- I
II
m
IV
1994: I
II
in
IV
1995: I
II
Chain-type
quantify
index
...
m
IV
1996- I
II
in*
Chain-type
price index
70.2
73.2
75.9
78.6
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.6
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.9
108.4
109.0
109.6
110.1
74.0
77.0
82.3
85.3
87.9
90.5
93.9
97.1
98.3
97.3
100.0
102.3
105.8
108.0
98.9
99.5
100.3
101.3
101.3
101.8
102.4
103.6
104.2
105.5
106.4
107.2
107.3
107.5
108.5
108.6
109.1
110.4
111.0
1
Percent changes based on unrounded indexes. Quarterly percent ehanges are at annual
rates.
Percent change from preceding period '
Implicit
price
deflator
Chain-type
quantity
index
Current
dollars
70.1
73.1
75.9
78.4
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
104.9
107.6
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.9
108.4
109.0
109.5
109.9
4.1
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
4.9
5.8
4.6
8.2
5.3
4.6
7.3
3.8
4.0
4.3
7.1
5.3
6.9
6.1
5.3
3.8
3.1
6.0
2.3
4.2
6.5
3.8
Chain-type
price
index
-2.1
4.0
6.8
3.7
3.0
2.9
3.8
3.4
1.3
-1.0
2.7
2.3
3.5
2.0
4.7
2.5
3.0
4.3
-.1
1.9
2.3
4.8
2.5
4.9
3.5
3.0
.4
.7
3.8
.3
2.0
4.7
2.2
Implicit
price
deflator
6.3
4.2
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.3
2.5
3.4
2.8
1.5
2.8
3.8
2.2
1.8
2.3
2.9
1.9
2.4
2.1
3.3
2.4
2.1
2.1
2.3
2.2
1.9
6.3
4.2
3.9
3.3
2.7
3.1
3.7
4.2
4.3
4.0
2.7
2.6
2.3
2.5
3.3
2.7
1.5
2.9
3.8
2.1
1.9
2.2
2.8
1.9
2.5
2.2
3.4
2.4
2.1
2.0
2.2
1.8
1.6
Source: Department of Commerce, Bureau of Keonomie Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
| Quarterly data at seasonally ac^usted annual rates]
Gross domestic product
of nonfinancial
corporate busineKS
(billions of dollars)
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993- I
II
m
IV
1994: I
II
m
rv
1995: I
II
m
rv
1996: I
II
Current
dollars
Chained
(1992)
dollars
2,589.6
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3,689.4
3,885.8
3,344.2
3,407.3
3,459.7
3,538.7
3,601.7
3,663.0
3,709.5
3,783.2
3,803.3
3,841.9
3,924.8
3,973.2
4,011.6
4,081.6
2,967.0
3,122.1
3,175.4
3,212.5
3,168.8
3,262.6
3,380.0
3,567.7
3,692.3
3,302.9
3,356.7
3,399.2
3,461.1
3,503.9
3,553.0
3,577.7
3,636.3
3,634.1
3,656.1
3,719.9
3,759.1
3,779.2
3,831.0
Current-dollar cost and profit per unit of rea output (dollars) '
Total
cost and
profit 2
0.873
.898
.929
.960
.988
1.000
1.017
1.034
1.052
1.012
1.015
1.018
1.022
1.028
1.031
1.037
1.040
1.047
1.051
1.055
1.057
1.062
1.065
1
3
a
4
Output is measured by GDP of nonfinancial corporate business in chained (1992) 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.
Consumption of
fixed
capital
0.100
.101
.106
.110
.116
.115
.115
.116
.115
.116
.115
.116
.114
.122
.114
.114
.113
.114
.115
.115
.115
.115
.115
Indirect
business
tax, ete.3
0.083
.084
.088
.092
.100
.103
.105
.106
.109
.105
.105
.105
.107
.106
.106
.107
.106
.108
.110
.108
.108
.107
.105
Compensation
of employees
0.578
.591
.614
.640
.660
.673
.679
.682
.697
.682
.679
.679
.675
.680
.681
.684
.686
.696
.698
.696
.699
.702
.706
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.076
.082
.075
.072
.070
.077
.088
.102
.104
.079
.085
.089
.098
.092
.103
.105
.108
.100
.100
.109
.108
.111
.113
Profits
tax
liability
0.031
.033
.031
.030
.027
.028
.031
.036
.038
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
.037
.039
.039
Profits
after
tax4
0.044
.050
.044
.042
.043
.049
.057
.066
.066
.050
.055
.059
.065
.058
.067
.068
.070
.061
.062
.071
.070
.072
.074
Net
interest
0.035
.039
.046
.046
.042
.032
.029
.027
.027
.031
.030
.029
.028
.027
.027
.028
.027
.028
.028
.027
.027
.026
.027
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce, Bureau of Economic Analysis.
NATIONAL INCOME
| Billions of dollars; quarterly data at seasonally adjusted annual rates)
Period
1990
1991
1992
1993
1994
1995
1991- IV
1992- IV
1993- I
II
m
IV
1994- I
II
in
IV
1995- I
n
in
rv
1996- I
n
m/>
1
National
income
Compensation
of
employees'
4,611.9
4,719.7
4,950.8
5,195.3
5,501.6
5,813.5
4,770.0
5,061.7
5,096.3
5,159.4
5,214.1
5,311.3
5,304.8
5,493.2
5,561.7
5,646.9
5,709.9
5,755.4
5,861.4
5,927.4
6,015.3
6,118.7
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
Nonfarm
36.3
30.2
38.0
32.0
35.0
29.0
31.0
37.3
31.5
35.8
26.1
34.4
40.8
35.1
31.9
32.3
28.5
27.6
28.1
31.8
38.4
45.8
48.3
3,352.8
3,457.9
3,644.9
3,809.5
4,009.8
4,222.7
3,511.0
3,707.0
3,744.2
3,787.9
3,834.9
3,871.1
3,932.6
3,988.0
4,027.5
4,091.0
4,150.5
4,191.6
4,247.7
4,301.1
4,344.3
4,420.9
4,489.6
324.6
332.7
371.5
388.1
415.9
449.3
341.1
385.1
382.0
381.8
388.1
400.5
380.3
419.3
426.8
437.1
443.5
447.1
451.5
454.9
461.1
469.4
473.5
Includes employer contributions for social insurance. (See also p. 5.)
Rental
income
of
persons
with
capital
consumption
adjustment
61.4
68.4
80.6
102.5
116.6
122.2
73.0
92.3
98.4
102.9
104.1
104.5
101.1
121.0
122.2
121.9
120.6
121.6
120.9
125.8
126.9
124.5
127.0
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
369.5
382.5
401.4
464.4
529.5
586.6
379.6
427.7
427.4
447.8
469.6
512.8
459.7
534.3
553.1
570.9
560.0
562.3
612.5
611.8
645.1
655.8
358.2
378.2
398.9
457.7
517.9
570.8
375.2
420.5
422.4
442.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
Profits
before tax
Inventory
valuation
adjustment
371.7
374.2
406.4
464.3
531.2
598.9
382.8
420.3
437.0
457.6
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604.2
642.2
644.6
-13.5
4.0
-7.5
-6.6
-133
-28.1
-7.6
.2
-146
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-17.4
-11.0
2.2
Capital
consumption
adjustment
11.3
4.3
2.5
6.7
11.6
15.9
4.5
7.2
5.0
5.8
3.8
12.3
-11 8
18.1
18.8
21.3
17.4
15.0
14.6
16.5
20.4
22.3
23.8
Net
interest
467.3
448.0
414.3
398.9
394.9
403.6
434.3
412.4
412.8
403.2
391.4
388.0
390.2
395.5
400.1
393.8
406.9
405.2
400.7
401.9
399.5
402.3
Source: Department of Commerce, Bureau of Economic Analysis.
REAL PERSONAL CONSUMPTION EXPENDITURES
(Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates)
Period
1990
1991
1992
1993
1994
1995
1991- IV
1992: IV
1993: I
II
m
IV
1994- I
II
m
IV
1995- I
II
in
rv
1996- I
II
in?
1
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
4,109.1
4,282.3
4,289.7
4,318.8
4,359.5
4,390.0
4,420.5
4,458.7
4,489.4
4,524.0
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
4,692.8
Total
durable
goods
493.3
462.0
488.5
524.1
562.0
579.8
461.5
505.0
506.0
519.6
528.9
541.9
549.6
555.4
563.1
579.8
566.5
576.2
589.1
587.5
599.2
615.6
614.4
Motor
vehicles
and
parts
224.3
193.2
206.9
218.6
228.2
221.1
194.6
213.9
210.8
219.0
219.1
225.3
230.3
226.6
226.5
229.4
216.3
220.9
226.4
220.6
224.2
225.9
222.1
Furniture
and
household
equipment
173.5
177.0
189.4
208.4
230.1
251.1
178.0
196.4
200.7
205.0
211.0
216.8
219.0
226.1
232.6
242.6
243.1
247.1
254.1
259.9
264.1
276.0
278.8
Other
Total
nondurable
goods
Pood
96.6
91.8
92.3
97.2
104.2
109.8
88.9
94.6
94.5
95.5
98.9
99.9
100.3
103.0
104.7
108.8
108.9
109.9
110.5
109.9
113.9
117.4
117.7
1,316.1
1,302.9
1,321.8
1,348.8
1,390.5
1,421.9
1,295.7
1,339.8
1,336.9
1,344.5
1,354.0
1,359.9
1,372.9
1,383.9
1,397.0
1,408.1
1,416.6
1,422.9
1,424.7
1,423.2
1,436.1
1,440.9
1,439.6
662.9
659.6
660.0
674.3
689.1
702.1
656.5
668.6
670.5
672.9
675.7
677.9
682.3
688.6
690.5
694.9
700.5
701.3
703.6
703.0
709.2
704.9
701.0
Includes other items, not shown separately.
NOTB.—Because of the formula used for calculating real GDI*, the chained (1992) dollar
estimates for the detailed components fin not <idd to the ehained-dollar value of GDP or to any
intermediate aggregates.
Services
Nondurable goods
Durable goods
Total
persona!
eonsumption
expenditures
Clothing
Gasoline
and
and oil
shoes
217.9
215.9
225.5
233.3
247.2
257.2
213.1
230.9
227.4
232.3
235.0
238.6
241.1
243.3
249.0
255.5
254.6
257.9
258.8
257.3
262.5
268.9
269.9
107.3
103.4
106.6
109.1
110.4
113.3
102.5
107.3
108.2
108.0
110.9
109.3
108.8
109.5
111.6
111.6
113.4
113.6
112.5
113.7
112.6
114.3
113.2
Fuel
oil
and
coal
Other
11.2
10.8
10.9
10.7
10.3
10.3
10.6
10.7
10.9
10.6
10.7
10.6
11.4
10.0
10.2
9.6
9.9
10.6
10.0
10.7
10.7
10.1
10.0
316.7 2,321.3
313.2 2,341.0
318.8 2,409.4
321.5 2,466.7
333.5 2,521.4
339.3 2,577.0
312.8 2,352.0
322.3 2,437.6
319.9 2,446.8
320.8 2,454.9
321.8 2,476.7
323.4 2,488.5
329.3 2,498.5
332.3 2,519.9
335.8 2,530.0
336.7 2,537.3
338.4 2,552.5
339.9 2,571.6
340.0 2,584.6
338.8 2,599.3
341.6 2,614.7
343.5 2,632.3
346.3 2,639.7
Total
services '
Housing
Medical
care
627.2
635.2
646.8
655.0
668.2
681.7
638.6
650.6
652.2
653.5
655.9
658.5
662.1
666.1
670.7
674.1
677.4
680.0
683.2
686.3
689.0
691.6
694.0
602.8
621.6
646.6
658.8
668.8
684.1
630.8
652.2
656.6
657.5
659.7
661.4
663.2
667.6
670.4
674.2
677.8
681.3
686.0
691.2
691.1
696.1
700.2
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales
of new passenger cars
and light
trucks
(millions of
unite)
13.9
12.3
12.8
13.9
15.0
14.7
12.3
13.3
13.0
14.1
13.8
14.5
15.1
14.8
15.0
15.2
14.6
14.4
15.0
14.9
15.2
15.1
15.0
SOURCES OF PERSONAL INCOME
Personal income rose $41.5 billion (annual rate) in September, following an increase of $35.5 billion in August.
In both months, private-sector employment, average weekly hours, and average hourly earnings all rose.
BILLIONS OF DOUARS* (RATIO SCA1£|
BILLIONS OF DOUARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
•OTHER INCOME •
800
800
TRANSFER PAYMENTS
400
400
1989
1990
1991
1992
1994
1993
•SEASONALLY ADJUSTED ANNUM HATES
SOURCE: Dfi>ARTMB4T OF COMMBta
1995
1996
COUNCIL Of ECONOMIC ADVKERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Sept
Oct
Nov
Dec
1996- Jan
Peb
Mar
May
July
Sept?
1
.
Total
personal
income
3,877.3
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,480.1
5,753.1
6,115.1
6,172.1
6,206.6
6,229.4
6,267.4
6,270.1
6,315.2
6,340.1
6,371.5
6,405.2
6,460.3
6,465.4
6,500.9
6,542.4
Wage and
salaiy
disbursements1
2,272.7
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,090.7
3,241.8
3,430.6
3,465.6
3,491.9
3,495.0
3,513.6
3,508.1
3,546.0
3,560.6
3,579.1
3,597.2
3,643.1
3,636.0
3,665.4
3,696.1
Proprietors' income3
Other labor
income '2
32.3
28.2
36.8
36.3
30.2
38.0
32.0
35.0
29.0
28.8
30.4
31.9
33.2
36.2
38.8
40.1
43.2
46.2
48.0
48.5
48.7
47.9
235.4
251.7
273.1
300.6
322.7
351.3
380.9
402.2
424.0
427.2
428.7
430.2
431.7
427.4
429.1
430.8
432.4
434.0
435.6
437.1
438.6
440.1
The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
Farm
3
Nonfarm
260.6
294.7
308.2
324.6
332.7
371.5
388.1
415.9
449.3
454.2
452.9
455.0
456.9
457.0
461.3
465.1
467.3
469.9
471.0
472.0
472.4
476.2
Rental
income
of
peraons*
45.5
55.7
52.4
61.4
68.4
80.6
102.5
116.6
122.2
120.2
119.5
127.4
130.7
129.1
126.7
125.0
124.1
124.8
124.6
126.4
126.6
128.1
Personal
dividend
income
101.1
109.9
130.9
142.9
153.6
159.4
186.8
199.6
214.8
217.4
219.5
221.9
223.8
225.3
226.5
227.9
228.7
229.4
229.9
230.8
231.5
232.3
Personal
interest
income
560.0
595.5
674.5
704.4
699.2
667.2
648.1
663.7
717.1
721.7
724.2
727.0
730.3
728.4
725.6
724.3
728.1
733.6
737.5
740.0
742.2
744.9
Transfer
payments5
Less: Persona] contributions
for social
insurance
543.3
577.6
626.0
687.8
769.9
858.2
910.7
956.3
1,022.6
1,034.1
1,038.0
1,039.3
1,046.9
1,057.4
1,062.5
1,069.0
1,072.5
1,075.4
1,078.9
1,082.8
1,085.6
1,089.2
With inventory valuation and capital consumption adjustments.
With capita] consumption adjustment
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
4
5
173.7
194.2
210.8
223.9
235.8
248.4
259.6
278.1
294.5
297.2
298.4
298.4
299.7
298.9
301.5
302.7
303.9
305.2
308.4
308.1
310.1
312.3
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (1992) dollars rose at an
annual rate of 3.9 percent in the third quarter.
BILUONS OF DOLLARS' (RATIO SCALE)
BIUIONS OF DOLLARS' (RATIO SCALE)
7000 IT I I I I
i
DOLLARS* (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
CHAINED (1992) DOLLARS
18,000
\ _
i i I I i i t I i i i I i i i
,,——•
r*^" ~s*sZZ,
f
.
16,000
,---'
~^~_^.
^— '
22,000
20,000
18,000
16,000
—-^^^r~^\\
\ 1
14,000
12,000
2,000
14,000
CURRENT DOLLARS
12,000
-""
10,000
8,000
10,000
—— ^
i i i
1982
\ \ i
1983
1
1
1984
1
i ii
1985
i i i
1986
i ii
1987
i t I
1988
1
1 1
1989
i i <
!
1990
1991
! '
\ \ \
i i i
1992
1993
\ i i
1994
I i i
1995
i t j
1996
8,000
COJNOL OF ECONOMIC ADVS81S
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
IjCSS:
Personal
outlays1
Equals:
Personal
saving
DispoKable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Billions of dollars
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,480.1
5,753.1
6,115.1
1988
1989
1990
1991
1992
1993
1994
1995
532.0
594.9
624.8
624.8
650.5
689.9
731.4
794.3
3,640.8
3,894.5
4,166.8
4,343.7
4,613.7
4,790.2
5,021.7
5,320.8
Chained
(1992)
dollars
Per capita personal
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
Dollars
3,451.7
3,706.7
3,958.1
4,097.4
4,341.0
4,575.8
4,832.3
5,071.5
4,318.1
4,403.7
4,484.6
4,486.4
4,613.7
4,666.9
4,778.2
4,945.8
189.1
187.8
208.7
246.4
272.6
214.4
189.4
249.3
14,857
15,742
16,670
17,191
18,062
18,555
19,264
20,224
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands)2
Percent
17,621
17,801
17,941
17,756
18,062
18,078
18,330
18,799
13,669
14,531
15,360
15,732
16,520
17,253
18,033
18,719
16,211
16,430
16,532
16,249
16,520
16,809
17,159
17,400
17,759
18,277
17,900
18,069
18,084
18,256
17,966
18,346
18,430
18,574
18,704
18,676
18,829
18,986
19,041
19,063
19,246
15,871
16,877
16,984
17,164
17,335
17,528
17,714
17,924
18,154
18,338
18,463
18,689
18,823
18,901
19,128
19,383
19,428
16,194
16,692
16,681
16,754
16,864
16,937
17,019
17,127
17,200
17,290
17,296
17,393
17,454
17,458
17,573
17,679
17,655
3.0
1.0
.8
-1.0
1.7
.1
1.4
2.6
5.2
4.8
5.0
5.7
5.9
4.5
3.8
4.7
245,061
247,387
249,956
252,680
255,432
258,159
260,681
263,090
-8.0
3.8
.3
3.9
-6.2
8.7
1.8
3.2
2.8
-.6
3.3
3.4
1.2
.5
3.9
6.0
6.1
4.2
4.8
4.2
4.7
2.7
4.0
4.1
4.3
4.9
4.1
4.5
5.2
4.8
4.3
5.4
253,743
256,543
257,155
257,787
258,501
259,192
259,738
260,327
261,004
261,653
262,181
262,748
263,399
264,032
264,563
265,155
265,808
Seasonally adjusted annual rates
1991:
IV
1992- IV
1993: I
n
in
IV
1994:
I
1995:
I
n
in
IV
n
m
IV
1996- I
n
m?
1
5,048.9
5,415.3
5,349.1
5,459.2
5,501.6
5,610.5
5,562.4
5,739.1
5,808.2
5,902.7
6,004.5
6,074.4
6,146.9
6,234.5
6,308.5
6,412.4
6,502.9
632.5
674.8
662.4
686.9
696.4
713.8
705.5
740.8
731.3
748.1
770.0
801.5
798.4
807.2
824.9
870.6
873.3
4,416.4
4,740.5
4,686.7
4,772.3
4,805.2
4,896.7
4,856.8
4,998.3
5,076.9
5,154.6
5,234.5
5,272.9
5,348.5
5,427.3
5,483.5
5,541.8
5,629.6
4,149.8
4,450.0
4,489.2
4,545.5
4,602.2
4,666.3
4,728.0
4,796.1
4,870.8
4,934.2
4,980.3
5,054.4
5,106.6
5,144.7
5,218.1
5,300.7
5,327.6
266.6
290.5
197.4
226.8
202.9
230.5
128.8
202.2
206.2
220.4
254.2
218.5
241.9
282.6
265.4
241.1
302.0
4,506.3
4,688.7
4,603.0
4,658.0
4,674.8
4,731.7
4,666.5
4,776.0
4,810.2
4,859.9
4,903.8
4,907.1
4,959.5
5,012.9
5,037.6
•5,054.5
5,115.9
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
17,405
18,478
18,225
18,513
18,589
18,892
18,699
19,200
19,452
19,700
19,965
20,068
20,306
20,555
20,727
20,900
21,179
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1996, according to preliminary estimates, gross farm income rose $12.3 billion (annual
rate) and net farm income rose $5.1 billion.
BIUIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
280
,
X^i
^-*
^ ^^^T—^1
1k
f
jf***»
- -1
»
1
r^^^Mf
200
160
c ROSSFAf.MINCC*<E
120
120
80
60
/^
.
20
\
N /
\ A
\ '
\ *
I
i
/1
/\ /
' \ /
*x
;
x
.
V
'
x/
\1
7
**
*
^
•».
/
\'
\
^\
t
\*
s
1
1
„
60
40
\'
*
\l
*"•
l' M
\l '
i
\/
^" *v v'
^v
• \
NETFAt1MINCOAAE
20
1
A 1
M 1
1U
1 , if
1
1
10
10
11
Ij
4
1982
i i i
i i i
1 1 1
i i i
1
1983
1984
1985
1986
1987
1
1
i i i
1988
i i i
1989
i i i
1
1990
1991
1
1
i i t
i i i
1992
1993
* SEASONAUY ADJUS1H) ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
} i i
1994
1995
1996
COUNCH. OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Cash marketing receipts
Total"
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994- I
II
Ill
IV
1995- I
II
Ill
IV
1996- IP
HP
.
....
..
168.4
177.9
191.9
198.2
191.9
200.6
204.2
215.8
210.4
141.8
151.2
160.8
169.5
167.9
171.3
177.6
180.8
185.8
76.0
79.6
83.9
89.2
85.8
85.6
90.2
88.1
86.8
221.2
208.6
214.1
219.4
208.3
206.4
218.5
208.4
233.1
245.4
179.9
170.8
186.9
185.5
180.6
181.0
199.8
181.5
193.5
209.5
92.1
82.9
97.7
79.9
83.2
81.6
96.1
86.5
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income fiirnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.
Livestock and
products
85.3
89.7
Crops
65.8
71.6
76.9
80.3
82.1
85.7
87.5
92.6
98.9
87.9
88.0
89.2
105.5
97.4
99.4
103.7
95.1
108.2
119.8
Production
expenses
Value of
inventory
changes2
-2.3
-4.1
3.8
3.3
9
4^2
-4.5
8.2
-3.4
10.2
9.6
7.3
5.8
-4.1
-3.9
-3.0
-2.4
6.4
6.1
131.0
139.9
146.7
153.4
153.3
152.5
160.5
167.4
175.6
164.5
166.8
168.8
169.6
172.4
175.4
177.5
177.0
178.4
185.6
Net farm
income
37.4
38.0
45.3
44.8
38.5
48.0
43.7
48.4
34.8
56.7
41.8
45.3
49.8
35.9
30.9
41.0
31.4
54.7
59.8
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture.
CORPORATE PROFITS
In the second quarter of 1996, according to current estimates, corporate profits before tax rose $2.4 billion (annual
rate) and profits after tax fell $0.7 billion.
BILJONSOfDOUARS
650
BUJONSOFDOUARS
650
SEWCHMLVWUSIBAMtlALIAIES
600
*"**
/
550
/
500
J
450
PROHTS BBORETAX
S\.f/ f
400
\S ^
y IN
350
-
200
'
„
--—^. r
~— ~ _
~ „
111
'
/
50
0
". _
f"
^
^
---.
\. ^ *.•*
'',*'"•'
L.'
1982
1983
1
1
1
1984
1
|
1
1985
k
_, -.s'~-
TAXI1ABIUTY
\
\_
X.—
'
"*'" V
/ -"'
^ — *•'"''
'
S'-f
V'
f
,
1986
'
k\
\
,--'
/' UNIaSIRBUT BPROfil j
"—•
V
r' \ '
•**
1987
i i i
1989
1 1 1
1988
,-'"
,\
x
PRCIrTTSAFTERTAX
/"
100
^
V—S-^
J
150
s
^
300
250
V
;
<T
y
i l i
1991
/'
» r
\t
--— ''
i i i
1990
y
1
h
1
1992
1993
1 1 1
1994
1995
r ,—
/.. 1 i1
600
550
500
450
400
350
300<
250
200
ISO
100
50
0
1996
CDUNO. Of ECONOMIC ADVtSBG
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment '
Profits aftertax
Domestic industries
Period
Total 2
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1991: IV
1992: IV
1993: I
II
ra
IV
1994- I
H
m
IV
1995- I
II .
in
IV
1996: I
n
in*
1
2
272.9
325.0
330.6
358.2
378.2
398.9
457.7
517.9
570.8
375.2
420.5
422.4
442.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
231.3
274.3
272.6
292.5
309.5
334.0
388.1
453.7
494.1
303.6
361.2
347.0
375.7
393.1
436.8
407.0
452.4
469.9
485.5
467.5
468.2
527.1
513.7
541.6
555.1
Financial
37.1
43.0
53.1
68.6
87.4
83.7
91.0
94.4
119.1
87.6
83.1
85.7
88.1
88.8
101.3
64.9
97.8
108.4
106.4
114.3
112.6
130.4
119.3
134.9
136.6
Total"
194.2
231.2
219.6
223.8
222.1
250.3
297.2
359.3
375.0
216.1
278.1
261.2
287.6
304.3
335.4
342.1
354.6
361.5
379.0
353.2
355.6
396.7
394.4
406.7
418.5
Manufacturing
85.0
115.1
109.3
112.3
92.7
96.3
109.7
142.7
145.7
83.8
105.1
90.4
108.4
106.0
134.0
145.3
134.2
142.8
148.4
134.7
137.8
153.2
157.3
161.3
164.7
Sec p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before
tax
Nonfinancial
Wholesale
Tax
liability
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
Retail
16.7
19.3
20.4
17.2
20.6
23.0
25.5
34.5
29.6
17.0
28.3
17.9
28.6
27.0
28.7
28.8
39.5
34.3
35.4
29.7
26.4
31.2
31.2
37.5
32.8
23.9
19.6
20.7
20.6
26.1
32.2
39.2
42.2
38.7
28.6
37.3
36.3
38.1
42.4
39.8
38.3
43.2
43.7
43.6
36.0
36.6
42.5
39.6
41.7
44.3
3
293.6
354.3
348.1
371.7
374.2
406.4
464.3
531.2
598.9
382.8
420.3
437.0
457.6
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604.2
642.2
644.6
127.1
137.0
141.3
140.5
133.4
143.0
163.8
195.3
218.7
135.2
149.7
151.5
162.6
159.3
181.7
171.4
192.8
203.4
213.5
217.3
214.2
224.5
218.7
233.4
236.4
166.5
217.3
206.8
231.2
240.8
263.4
300.5
335.9
380.2
247.6
270.6
285.6
295.0
298.6
322.8
304.1
333.3
347.4
358.8
377.2
375.3
382.8
385.5
408.8
408.1
107.0
116.8
138.9
151.9
163.1
169.5
197.3
211.0
227.4
165.3
180.4
190.2
195.8
200.2
202.9
204.4
208.8
212.5
218.5
221.7
224.6
228.5
234.7
239.9
243.1
245.2
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
59.5
100.5
67.9
79.4
77.7
93.9
103.2
124.8
152.8
82.2
90.3
95.3
99.2
98.4
119.9
99.7
124.5
134.9
140.3
155.5
150.8
154.3
150.8
168.9
165.1
-20.7
-29.3
-17.5
-13.5
4.0
-7.5
-6.6
-13.3
-28.1
-7.6
.2
-14.6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-17.4
-11.0
2.2
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the third quarter of 1996, according to advance estimates, nonresidential fixed investment in chained (1992)
dollars rose $26.1 billion (annual rate) and residential investment fell $4.1 billion. There was an increase of $39.6
billion in inventories following an increase of $7.1 billion in the second quarter.
BILLIONS OF CHAINED (1992) DOLLARS
BILLIONS OF CHAINED (1992) DOLLARS
1,100
1,100
SEASONAilY ADJUSTED ANNUAL RATES
900
800
//^
,
/
J
f
_ ___ s /
X
•V
V
\
GRCKSPRIVA1re DOMESTK
INVEST MENT
\
500
r—'r\v>_7W^""r\
l\
700
600
./
r
1,000
+ *'
. — - "* ** ^ ^
^ +— -
800
s
—
1^1
V
ONRESI:
"""
1,000
900
S
^
*•
. -* "~
*^~*-\
s
700
s
t^
600
• - - - „--•"
500
F XEDINVESTMENT
400
400
RESIDENTIAL
FIXED INVESTMENT
\
300
^.:
200
300
„. —
\
..—.—••
..m"
^•""'
"*"••».
200
s
"».«.•*"
100
'
f
0
*"
\
V
1 1 i
1982
-100
x
t
^f
1 1 1
1983
i i i
1984
'— *
111
1985
CHAN 3EINBUS INESS
INVENTORIE S
*\
* ,
\
\
100
.
,'\
f
"" *
" V ^
f
....
0
V
1 1 1
1986
i i i
1987
i i i
1988
i i i
1989
.III
1990
i ii
1991
1 1 1
1992
SOURCE: DaWRTMENT OF COMMERCE
i i l
1993
1 1 1
1994
1
1
1
1995
i i i
1996
-100
COUNOt Of ECONOMIC ADVISERS
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1991- IV
1992- IV
1993: I
II
Ill
IV
1994- I
II
III
820.5
826.0
861.9
817.3
737.7
790.4
857.3
979.6
1,010.2
762.4
812.4
834.8
843.2
857.6
893.5
. . . .
rv
1995- I
II ...
HI
1,023.7
996.8
1,015.2
1,004.9
rv
1996- I
II
HIP
933.6
984.8
994.2
1,005.9
...
1,011.9
1,038.6
1,092.7
Nonresidential
Total
Total
799.4
818.3
832.0
805.8
741.3
783.4
836.4
921.1
975.9
742.0
805.8
815.4
821.1
835.4
873.5
892.4
911.4
930.8
949.7
969.5
965.7
980.0
988.5
1,013.3
1,031.1
1,052.3
NOTE.—See p. 10 for farther detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (1992) dollar estimates
for the detailed components do not add to the ehained-doliar value of GDP or to any intermedi-
Change in business
inventories
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
539.5
569.1
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
776.6
Structures
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.8
183.2
186.6
184.9
186.4
Producers'
durable
equipment
Residential
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
202.4
236.7
368.1
403.5
410.5
421.7
428.2
449.8
466.4
471.1
492.5
506.5
527.2
531.7
537.4
541.4
558.3
567.5
592.6
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.4
ate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
Total
26.2
11.6
33.3
10.4
-3.0
7.3
19.1
58.9
33.1
21.4
5.8
18.5
20.8
19.5
17.4
40.5
74.5
64.5
56.1
54.5
30.5
33.0
14.6
-3.0
7.1
39.6
Nonfarm
34.2
24.7
33.5
7.8
12
1.9
26.4
46.8
37.2
19.9
7.2
26.0
26.7
30.9
22.1
29.7
54.0
50.5
53.0
57.4
33.7
38.6
19.0
2.9
11.7
41.2
REAL PRIVATE FIXED INVESTMENT BY TYPE
{Billions of chained (1992) dollars; quarterly data at seasonally adjusted animal rates]
Nonresidential
Structures
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1991: IV
1992: IV
1993: I
II
in
IV
1994- I
II
m
IV
1995- I
II
m
IV
1996- I
n
TTTf
Total
nonresidential
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
539.5
569.1
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
776.6
Total'
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.8
183.2
186.6
184.9
186.4
Residential
Producers' durable equipment
Structures
Information processing
and related equipment
Nonresidential
buildings,
including
farm
Utilities
142.4
145.3
150.2
152.0
126.9
113.2
112.8
117.7
127.9
116.4
109.8
111.4
110.6
112.7
116.3
112.4
117.8
117.4
123.3
125.4
126.8
129.2
130.3
131.4
129.7
131.8
30.7
30.0
30.9
28.1
32.0
34.5
31.1
31.7
35.1
33.3
33.9
32.4
31.0
30.7
30.5
30.7
31.2
32.1
32.7
33.7
34.8
35.8
36.0
36.4
36.8
36.4
Mining
exploration,
shafts,
and
wells
Total'
15.5
15.8
13.9
16.1
15.7
13.3
14.8
12.6
11.2
14.4
13.7
15.2
15.2
14.6
14.2
13.4
13.3
12.2
11.5
12.5
10.7
11.0
10.5
12.8
12.9
12.4
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
368.1
403.5
410.5
421.7
428.2
449.8
466.4
471.1
492.5
506.5
527.2
531.7
537.4
541.4
558.3
567.5
592.6
Total
Computers
and
peripheral
equipment2
Other
97.5
106.6
116.2
116.2
117.8
134.2
147.1
170.4
201.1
122.5
138.9
139.5
142.2
150.7
156.0
161.2
166.6
171.6
182.4
189.1
199.7
201.4
214.4
225.5
234.1
249.9
21.0
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.5
36.6
47.5
51.1
52.9
58.3
62.5
64.5
67.1
69.3
76.3
80.2
88.2
91.9
105.6
117.2
126.3
138.4
80.2
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.2
86.2
91.5
88.6
89.6
93.1
94.6
97.8
100.8
103.6
108.3
111.5
115.1
114.0
116.2
118.1
119.7
125.4
1
Includes other items, not shown separately.
2
Includes new computers and peripheral equipment only.
3
Includes producers' durable equipment, not shown separately.
Industrial
equipment
91.1
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
86.4
92.6
93.7
94.4
96.3
100.7
102.8
104.3
107.0
109.4
114.2
118.4
116.6
115.4
117.8
120.6
117.7
Transportation
and
related
equipment
82.1
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.1
81.6
91.5
93.0
99.5
95.0
102.7
109.0
105.3
115.8
116.6
121.9
114.9
120.3
115.4
117.5
114.9
124.8
Total
residential3
Total
Single
family
Multifamily
Other
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.4
251.6
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.8
196.6
230.5
231.7
228.5
235.7
249.2
257.0
264.8
263.5
263.2
258.9
249.6
255.3
259.3
264.1
274.3
270.2
128.3
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.7
105.1
121.6
124.9
122.5
126.3
134.4
140.3
143.5
140.8
137.4
133.0
123.0
125.8
129.1
132.5
137.6
136.7
28.3
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.6
14.2
11.5
10.3
10.0
10.7
10.6
11.2
12.8
14.5
15.6
16.8
17.4
17.8
18.5
19.2
21.0
18.5
94.8
96.8
91.8
84.4
75.7
89.9
98.8
108.1
110.9
77.3
97.4
96.5
96.0
98.7
104.1
105.4
108.4
108.2
110.4
109.3
109.8
112.2
112.4
113.0
116.3
115.4
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the ehained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993 ' .
19942 ...
19953
1996 4
Total
expenditures
489.7
549.9
594.5
603.4
Total
488.2
547.8
591.7
600.7
Mining
and
construction
31.2
36.1
36.0
33.6
Manufacturing
Total
134.1
153.3
172.3
184.8
Durable
goods
Nondurable
goods
66.4
78.9
91.4
100.2
67.7
74.4
80.9
84.6
1
Estimates collected from the 1993 Annual Capital Expenditures Survey.
2
Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are scheduled for release in summer 1996.
3
Revised estimates collected from the March 1996 Investment Plans Survey. Final data will
be available upon release of the 1995 Annual Capital Expenditures Survey.
4
Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.
10
Transportation
Communications
30.6
33.3
37.0
35.2
37.1
41.5
46.0
46.3
Utilities
41.3
42.2
42.8
40.6
Wholesale
and
retail
trade
Finance,
insurance,
and
real
estate
60.3
68.9
75.1
71.9
40.2
46.8
57.3
57.7
Services
111.8
123.5
123.7
129.4
Serving
multiple
industries
1.7
2.2
1.5
1.3
Not
distributed
by
industry
1.4
2.2
2.8
2.7
NOTE.—Data for 1994-1996 from Business Investment and Plans released March 28, 1996.
Data for 1993 from Annual Capital Expenilituns: 1993.
The Business Investment and Plans release has been discontinued effective with release of
the March 1996 survey estimates. Estimates of business investment and plans will be available
annually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In October, employment rose by 259,000 and unemployment fell by 23,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS *
138
138
5EASONAUY ADJUSTED
134
134
CIVILIAN LABOR FORCE
130
130
126
126
122
122
118
118
CIVILIAN
EMPLOYMENT
114
114
110
4
110
-
-4
1995
1996
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]
Civilian employment
Period
Civilian
noninstitutional
population
NSA
Civilian
labor
force
19863
1987
1988
1989 3
1990
1991
1992
1993
19944
1995
180,587
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
117,834
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
1995- Oct ...
Nov
199,192
199,355
199,508
199,634
199,772
199,921
200,101
200,278
200,459
200,641
200,847
201,060
201,273
132,473
132,471
132,352
132,903
133,018
133,655
133,361
133,910
133,669
134,181
133,885
134,340
134,574
Dec
1996- Jan
Feb ...
Mar ...
Sept .
Oct
Nonagricultural
Total
109,597
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
125,244
125,062
124,981
125,226
125,663
126,151
126,095
126,462
126,610
126,884
127,055
127,368
127,627
Agricultural
3,163
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,434
3,323
3,325
3,529
3,519
3,487
3,368
3,491
3,382
3,502
3,421
3,535
3,457
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
3
Not strictly comparable with earlier data.
Total
106,434
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
121,810
121,739
121,656
121,698
122,143
122,664
122,726
122,971
123,228
123,382
123,635
123,833
124,169
Percent 2
Unemployment
Part time
for
economicx
reasons
5,345
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,274
4,283
4,306
3,842
4,274
4,223
4,287
4,068
4,146
4,159
4,205
4,128
4,125
Total
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,229
7,409
7,371
7,677
7,355
7,504
7,266
7,448
7,060
7,297
6,830
6,971
6,948
15
weeks
and
over
Not in
labor
force
2 232
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
2,281
2,305
2,322
62,752
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
66,719
66,884
67,156
2,370
2,307
2,479
2,388
2,336
2,435
2,319
2,248
2,279
2,306
66,730
66,754
66,266
66,741
66,368
66,790
66,460
66,962
66,721
66,699
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
65.3
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.5
66.4
66.3
66.6
66.6
66.9
66.6
66.9
66.7
66.9
66.7
66.8
66.9
60.7
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
62.9
62.7
62.6
62.7
62.9
63.1
63.0
63.1
63.2
63.2
63.3
63.3
63.4
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.5
5.6
5.6
5.8
5.5
5.6
5.4
5.6
5.3
5.4
5.1
5.2
5.2
4
Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In October, the unemployment rote was 5.2 percent, the same as in September.
PERCENT * (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
15
10
10
1992
1992
1996
*UNEMPtOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
All
1986
1988
1989 . .
1990
1991
1992
1993
1994 2
1995
1995- Oct
Nov
Dec
1996: Jan ..
Peb
Mar
Apr
Mav
June
July
Aug
Sept
Oct
1
Both
sexes
20 years
and over
Women
20 years
and over
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
6.1
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
6.2
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
5.5
5.6
5.6
4.5
4.9
4.8
5.0
4.8
4.7
18.3
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
17.1
17.8
18.0
5.8
5.5
5.6
5.4
5.6
5.3
5.4
5.1
5.2
5.2
4.9
4.9
5.0
4.8
4.8
4.6
4.7
4.2
4.5
4.3
5.1
4.8
4.8
4.7
5.0
4.6
4.9
4.6
4.5
4.7
18.2
16.6
17.5
16.7
16.4
15.9
16.4
17.2
15.6
16.1
civilian
workers
1987
Men
By race
16-19
Black
White
12
and
Black
other
years
Revised definition; for details, see Employment and Earnings, February 1994.
2
Data beginning January 1994 are not directly comparable with data for earlier periods.
By selected groups
6.0
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
4.8
5.0
4.9
5.0
4.9
4.8
4.7
4.9
4.6
4.7
4.4
4.5
4.4
9.4
9.0
9.3
9.5
9.1
9.8
9.4
9.2
9.0
9.4
8.7
9.3
9.4
Experienced
wage
and
salary
workers
14.5
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.0
9.6
10.2
10.6
10.3
11.1
10.5
10.2
10.1
10.5
10.5
10.5
10.8
6.6
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.4
5.4
5.4
5.4
5.3
5.4
5.3
5.4
5.1
5.2
4.9
5.0
5.0
Married
Women
men,
who
spouse
present
maintain
families
4.4
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.2
3.3
3.2
3.3
3.0
3.1
3.0
2.9
3.0
3.0
2.9
3.0
3.0
9.8
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
7.9
7.7
6.8
8.2
7.5
7.7
6.8
8.7
7.6
9.1
8.8
8.3
8.5
NOTE.—Data relate to persons age 16 years and over.
Source: Department of Ijabor, Bureau of Ijabor Statistics.
Full-time
workers *
Part-time
workers l
6.9
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
7.4
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
5.4
5.5
5.5
5.9
5.9
5.9
5.7
5.4
5.5
5.4
5.5
5.2
5.3
4.9
5.1
5.1
6.0
6.2
6.0
5.8
5.9
5.6
6.1
5.9
5.6
5.5
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In October, the percentages of the unemployed who had been out of work for less than 5 weeks and for 1526 weeks rose; the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of unemployment
fell to 16.7 weeks and the median duration fell to 8.3 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION '
70
70
REASON FOR UNEMPLOYMENT
60
JOB LOSERS M
'\
30
REENTRANTS
20
20
JOB LEAVERS
10
-
—
10
">-~
NEW ENTRANTS
i ii Imillimilmi
II II 1 1 1
1992
1993
1992
1996
1994
* SEASONALLY ADJUSTED
1/BEONNING JANUARY 1994, JO* LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOfcS.
SOURCE: DEPARTMENT OF LABOR
1995
COUNCll OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Unemployment
(thousands)
Period
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers'
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unaojusted)2
Weekly average, thousands
1986 ...
1987
1988
1989
1990
1991 ..
1992
1993
1994 3
1995
1995- Oct
Nov
Dec
1996: Jan
Feb
Mar
May
July
Sept
Oct
1
. ..
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,229
7,409
7,371
7,677
7,355
7,504
7,266
7,448
7,060
7,297
6,830
6,971
6,948
41.9
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
37.2
37.1
36.4
36.8
37.8
35.4
33.8
37.6
35.1
36.8
36.2
35.1
35.2
31.0
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.8
32.0
32.5
31.9
30.9
31.1
32.7
31.2
30.5
31.6
31.0
32.2
32.1
12.7
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
13.7
14.2
14.5
14.8
15.3
15.7
15.5
13.6
15.8
13.1
14.3
15.1
15.2
14.4
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
17.2
16.7
16.6
16.5
16.0
17.8
18.0
17.6
18.6
18.5
18.5
17.6
17.4
Beginning January 1994, job losers and jwrsons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (ITCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended Itcnefit 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.
2
15.0
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.2
16.3
16.2
16.0
16.6
17.3
17.4
16.8
17.6
16.8
17.4
17.0
16.7
6.9
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.1
8.0
8.1
8.3
8.0
8.3
8.8
8.3
8.1
8.6
8.5
8.9
8.3
48.9
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
47.5
46.9
46.9
47.6
48.1
47.4
50.0
46.0
48.6
46.1
44.8
46.2
44.5
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.5
11.5
11.9
11.5
10.0
10.4
9.7
9.0
9.6
10.3
11.3
11.6
11.6
26.2
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
34.4
33.7
33.2
32.5
33.7
34.4
32.8
37.8
34.3
34.9
35.9
34.4
35.6
12.5
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
7.7
7.9
8.1
8.5
8.2
7.9
7.6
7.2
7.5
8.6
8.0
7.8
8.3
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,574
2,678
2,652
2,625
2,655
2,660
2,641
2,576
2,544
2,570
2,537
2,523
2,462
378
328
310
330
388
447
408
341
340
357
365
375
363
374
371
393
356
348
356
335
323
334
"332
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,293
2,422
2,669
3,499
3,333
3,161
2,934
2,352
2,383
2,550
' 2,254
2,185
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment and initial claims).
Source: Department of Ijabor (Bureau of Ijabor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonogricultural employment as measured by the payroll survey rose by 210,000 in October.
MILLIONS Of PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
130
34
34
ALL NONAGRICULTURAL
ESTABLISHMENTS
120
32
30
110
SERVICES
28
100
26
24
90
RETAIL TRADE.
22
SERVICE-PRODUCING
INDUSTRIES
80
20
70
18
GOVERNMENT
16
11 ill li ii INI ii nil
20
40
MANUFACTURING
18
GOC3DS-PRODUC NG
30 —
—
INDUSTRIES
6
\
4
20 1 1 M 1 1 1 1 1 1 1 I l l l l l l l l l l Illllllllll Illllllllll
'
1992
1994
1993
CONSTRUCTION
1995
Inn,
1996
1992
'
1994
1993
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Goods-producing industries
Period
1986
1987
1988
1989
1990
1991
1992
1993 .. .
1994
1995
1995- Oct
Nov
Dec
1996: Jan
Peb r
Mar
Aprrr
May
Julyr
Au£rr
Sepf
OctP
Total
nonagricultural
employment
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,172
117,203
117,749
117,899
118,136
118,070
118,579
118,750
118,922
119,332
119,537
119,772
120,052
120,017
120,227
Service-producing industries
Manufacturing
Total 2
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,206
24,151
24,133
24,160
24,112
24,254
24,196
24,209
24,263
24,274
24,264
24,298
24,245
24,262
Construction
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
4,986
5,158
5,200
5,211
5,223
5,234
5,349
5,341
5,353
5,384
5,401
5,427
5,437
5,445
5,455
Total
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,321
18,468
18,378
18,353
18,367
18,309
18,332
18,281
18,283
18,303
18,298
18,267
18,291
18,232
18,238
Durable
goods
Nondurable
goods
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,448
10,654
10,631
10,628
10,667
10,643
10,659
10,623
10,654
10,679
10,696
10,680
10,711
10,676
10,674
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,814
7,747
7,725
7,700
7,666
7,673
7,658
7,629
7,624
7,602
7,587
7,580
7,556
7,564
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from
14
Total
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,264
92,997
93,598
93,766
93,976
93,958
94,325
94,554
94,713
95,069
95,263
95,508
95,754
95,772
95,965
Transportation and
public
utilities
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
5,993
6,165
6,212
6,233
6,249
6,254
6,270
6,292
6,294
6,309
6,329
6,333
6,342
6,330
6,337
Wholesale
trade
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,162
6,412
6,465
6,478
6,498
6,512
6,529
6,548
6,550
6,567
6,575
6,585
6,603
6,613
6,632
Retail
trade
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,507
21,173
21,263
21,300
21,334
21,268
21,340
21,350
21,415
21,485
21,568
21,671
21,672
21,699
21,761
Finance,
insurance, Services
and real
estate
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,896
6,830
6,859
6,871
6,887
6,894
6,919
6,931
6,942
6,964
6,967
6,987
6,999
7,003
7,029
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,579
33,107
33,460
33,546
33,661
33,694
33,902
34,039
34,117
34,285
34,378
34,448
34,532
34,588
34,707
Government
Total
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,128
19,310
19,339
19,338
19,347
19,336
19,365
19,394
19,395
19,459
19,446
19,484
19,606
19,539
19,499
Federal
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,801
2,796
2,790
2,783
2,780
2,780
2,776
2,776
2,756
2,752
2,739
2,741
2,733
employing establishments. In the series shown here, persons wh» work at more than one job
are counted each lime they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted onh/ once—as employed, unemployed, or not in the labor force.
2
Includes mining, not shown separately.
Note.—Data revised beginning March 1996 to reflect revised seasonal adjustment factors.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Total
Total private
nonagricultural1
Total private
nonagricultural 1
Manufacturing
Total
private
nonagri-1
cultural
Period
Average gross weekly earnings
Average gross hourly earnings
Overtime
Current
dollars
1982
dollars2
Manufacturing
Percent change from
a year earlier, total
private nonagricultural3
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Construction .
Retail
trade
Current
dollars
1982
dollars
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.6
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
$8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.44
$7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.40
$9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.07
12.37
$304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.68
$271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.73
255.29
$396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.94
514.59
$466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
573.00
585.10
$176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.47
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.3
2.3
0.3
-1.0
-.9
-1.0
-1.8
-1.6
1995- Oct
34.5
34.4
34.3
33.8
34.5
34.5
34.3
34.2
34.7
34.2
34.4
34.7
34.3
41.4
41.5
41.2
40.0
41.4
'41.3
41.5
41.7
41.8
41.6
41.7
41.8
41.6
4.3
4.3
4.2
4.1
4.3
4.3
4.6
4.6
4.6
4.4
4.5
4.5
4.5
11.55
11.59
11.61
11.62
11.65
11.68
11.72
11.74
11.83
11.81
11.87
11.91
11.91
7.42
7.44
7.44
7.41
7.42
7.40
7.40
7.39
7.44
7.41
7.45
7.45
12.46
12.49
12.51
12.63
12.56
12.55
12.74
12.73
12.77
12.79
12.89
12.90
12.87
398.48
398.70
398.22
392.76
401.93
402.96
402.00
401.51
410.50
403.90
408.33
413.28
408.51
255.93
255.91
255.11
250.48
255.84
255.36
253.79
252.68
258.18
253.55
256.17
258.46
515.84
518.34
515.41
505.20
519.98
'518.31
528.71
530.84
533.79
532.06
537.51
539.22
535.39
593.54
589.76
583.28
582.55
604.63
589.79
594.39
581.78
595.98
598.30
599.46
598.27
604.12
223.49
224.84
224.15
221.59
226.08
227.73
225.94
228.38
232.00
227.66
230.69
232.58
233.57
2.0
2.3
2.1
.2
2.7
3.1
2.6
3.6
4.6
2.5
3.5
4.4
2.4
-.6
-.1
-.4
-2.5
.0
.3
-.3
.6
1.8
-.4
.7
1.4
Dec
1996: Jan
Feb
Mar
May
July
Aug r
Sepf
Ocf
— 9
-.0
.7
-.6
3
1
Based on seasonally unadjusted data.
NOTE.—See Note, p. 14.
Source: Department of Labor, Bureau of Labor 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
Percent change from
Index (June 1989 = 100)
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits1
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits1
Not seasonally adjusted
1986198719881989199019911992199319941995-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
...
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.7
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
135.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.6
1994- Mar
Sept
Dec
1995- Mar
Sept
Dec
1996- Mar
Sept
1
. ...
118.9
119.9
120.8
121.8
122.8
123.5
124.4
125.3
126.1
126.9
127.8
128.8
129.6
115.6
116.5
117.2
118.1
119.0
119.7
120.6
121.5
122.4
123.2
124.5
125.6
126.4
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
127.7
128.9
130.3
131.5
132.9
133.6
133.8
134.6
135.4
136.1
136.0
136.9
137.8
0.8
.8
.8
.8
.8
.6
.7
.7
.6
.7
.7
.8
.6
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.2
Not seasonally adjusted
Seasonally acjjusted
1993- Sept
Dec
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
0.9
.8
.6
.8
.8
.6
.8
.7
.7
.7
1.1
.9
.6
0.9
.9
1.1
.9
1.1
.5
.1
.6
.6
.6
-.1
.7
.7
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.6
2.7
2.9
2.9
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.2
3.4
3.3
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.2
1.6
1.7
1.8
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics
15
PRODUCTIVITY AND RELATED DATA. BUSINESS SECTOR
Output per hour of
all persons
I'criod
Business
sector
Output '
Nonfann
business
sector
Business
sector
Compensation per
hour 3
Hours of all
persons2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Heal compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator 5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Indexes, 1992=100; quarterly data seasonally adjusted
88.7
91.4
95.1
98.1
98.8
97.1
100.0
102.9
107.0
109.9
94.0
96.8
100.0
102.5
102.6
100.2
100.0
102.5
106.2
108.3
93.5
96.5
99.9
102.5
102.7
100.2
100.0
102.8
106.3
108.4
77.0
79.9
83.5
85.8
90.7
95.1
100.0
102.5
104.5
108.2
77.3
80.2
83.6
85.9
90.6
95.1
100.0
102.3
104.3
108.2
98.5
98.7
99.0
97.1
97.4
97.9
100.0
99.5
99.0
99.7
99.0
99.1
99.2
97.1
97.3
97.9
100.0
99.3
98.8
99.6
81.7
84.9
88.3
90.0
94.4
98.3
100.0
102.3
103.8
107.0
81.5
84.7
87.8
89.7
94.2
98.1
100.0
102.1
103.7
106.7
81.6
83.8
86.8
90.5
94.0
97.7
100.0
102.5
104.7
107.1
81.4
83.5
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.2
100.1
99.7
100.1
100.8
88.6
91.1
94.6
97.8
98.7
96.9
100.0
102.7
107.0
109.6
101.4
102.1
102.8
104.5
101.6
102.2
103.3
104.7
101.3
102.3
102.9
103.6
101.4
102.6
103.2
103.9
101.7
102.3
102.8
103.3
101.5
102.0
102.5
103.0
99.6
99.6
99.6
99.3
101.5
102.6
102.9
102.4
101.4
102.4
102.4
102.2
101.7
102.3
102.7
103.3
101.8
102.4
102.7
103.3
100.4
100.5
101.1
101.2
100.2
100.5
101.0
101.2
104.9
106.7
107.7
108.7
104.9
106.7
107.8
108.8
103.7
104.0
104.6
105.5
103.4
103.5
103.5
104.3
103.9
104.4
105.1
105.6
103.9
104.5
105.3
105.7
III
IV
108.8
109.0
110.3
110.4
109.0
109.2
110.6
110.7
106.6
107.8
108.8
110.0
106.5
107.7
108.8
109.9
99.0
99.3
99.8
100.2
105.8
106.5
107.1
108.4
105.6
106.3
106.8
108.2
106.4
106.9
107.5
107.8
1996- I
II*
102.0
102.3
102.0
102.1
111.2
112.7
111.4
112.8
109.3
110.4
110.8
111.9
110.7
111.7
99.4
99.0
98.6
98.9
99.1
99.4
99.8
100.3
100.2
100.3
103.6
103.6
103.6
104.4
100.8
101.3
101.8
101.5
104.6
106.1
106.7
107.5
108.1
107.8
108.6
109.0
104.0
104.2
104.7
105.6
100.7
101.2
101.6
101.5
104.5
106.1
106.6
107.4
108.1
107.7
108.5
108.8
109.1
110.2
99.5
99.3
99.3
98.9
99.1
98.8
98.4
98.8
100.2
100.1
108.7
109.5
108.6
109.4
108.2
108.8
106.5
107.1
107.5
107.8
108.1
108.7
1986
1987 ..
1988
1989
1990
1991 ....
1992
1993
1994 .
1995
1993:
I ...
II
in
IV .
1994:
I
II
....
Ill
IV
1995: I
II
94.2
94.1
94.6
95.3
96.1
96.7
100.0
100.2
100.7
101.2
94.9
94.6
95.2
95.7
96.2
96.9
100.0
100.2
100.7
101.3
100.2
99.8
100.0
100.9
Percent change; quarterly data at seasonally adjusted annual rates
1986 .
1987
1988 ..
1989
1990
1991
1992 .
1993
1994
1995
1993:
I
II
Ill
IV
1994:
I
H
III
IV
1995- I
II ..
Ill
IV
1996:
I
II*
1
.6
.5
.5
.7
3.2
.2
.5
.7
3.2
2.9
3.8
3.4
.9
-1.8
3.2
2.7
4.2
2.5
-3.5
-1.6
.7
3.7
-3.7
-1.8
1.6
2.7
-1.9
.6
2.2
.6
-1.9
1.9
1.7
-.6
2.0
1.1
3.0
2.9
4.0
2.7
0.7
3.0
3.3
2.5
.1
-2.3
-.2
2.5
3.7
2.0
0.8
3.2
3.5
2.6
.2
-2.5
-.2
2.8
3.5
2.0
5.2
3.8
4.5
2.8
5.7
4.8
5.2
2.5
1.9
3.6
5.2
3.7
4.3
2.7
5.5
4.9
5.2
2.3
2.1
3.7
3.3
.2
.3
-2.0
.3
.6
2.1
-.5
-.6
.7
3.3
.1
.1
-2.1
.1
.7
2.1
-.7
-.5
.8
2.6
4.0
4.0
1.9
4.9
4.2
1.7
2.3
1.4
3.1
2.5
4.0
3.7
2.1
5.0
4.2
1.9
2.1
1.5
3.0
2.2
2.7
3.5
4.2
4.0
3.9
2.4
2.5
2.2
2.3
2.2
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.2
-1.2
2.5
3.0
6.5
-.9
2.7
4.1
5.5
2.4
4.2
2.3
2.7
2.9
4.6
2.5
2.7
1.9
2.6
1.9
1.8
1.3
2.1
1.7
1.9
-1.0
-.3
.1
-1.3
-1.6
-.8
-.1
-1.2
5.6
4.3
1.2
-1.8
5.2
4.0
.1
-.8
3.5
2.5
1.3
2.4
3.8
2.1
1.2
2.5
-2.0
1.0
2.0
.9
1.7
6.9
4.1
3.8
.8
7.0
4.2
4.0
3.6
6.3
1.9
3.2
2.9
5.9
2.1
3.1
2.6
.8
2.3
3.4
2.8
1.4
2.1
3.9
.6
-1.8
-1.4
1.2
.7
-1.2
-1.6
1.6
4.6
.2
.2
2.8
4.8
.3
.1
2.9
2.5
2.2
2.9
1.9
-1.6
2.0
2.0
-1.1
1.8
.5
.3
.7
4.8
.5
3.0
5.2
.6
.9
5.0
.3
2.7
4.9
2.3
-1.1
3.0
1.1
1.0
4.0
2.2
-1.0
2.9
1.5
1.0
4.4
3.6
4.6
3.9
4.4
3.0
4.0
3.7
4.6
4.0
4.1
3.3
3.7
.7
1.2
1.8
1.9
-.2
.2
.8
1.1
1.8
1.6
.0
-.1
5.6
2.7
2.2
5.0
1.0
2.9
5.4
2.6
1.9
5.2
1.5
3.2
2.4
1.8
2.7
2.0
3.0
2.2
2.0
1.0
1.5
2.4
2.5
-.2
.5
.8
.8
.6
3.4
.2
.5
.5
2.6
0
3.4
3.0
4.1
3.2
.7
1
Q
J..O
Output refere to real gross domestic product originating in the sector.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data,
3
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, anil supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic output divided by the output index.
16
3.0
2.0
1.7
.9
1.4
2.1
NOTS.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
*Data for 1996: II are based on GDP data released on August 29, 1996.
Data based on GDP data for 1996: 111 released October 30, 1996 will be published in next
month's issue.
Source: Department of Labor, Bureau of Ijabor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in September; capacity utilization fell.
INDE<, 1987 - 100- (RATIO SCA1E)
180
FINAL PRODUCTS
170
INOEX, 1987 - 100' (RATIO SCAlf)
150
TOTAL INDUSTRIAL PRODUCTION
140
130
^—•
120
-r~"~~^r
110
100
_
y''
160
150
BUSINESS
tUUIPMENI
*s~
f
140
^_^r^r
130
1 1 1 1 1 ll 1 1 1 1 I 1 1 1 1 II 1 1 1 1 ll 1 M 1 1 1 1 1 11 11 1
1111
1 1 i 1 11 1 1 1 1 1 m 1 1
120 ,S^
120
110
100
lyu
60
UTILITIES AND MINING
140
1 1 I II 1 1 1 1 1 1
130
../vi'•'V-
\
120
,'N,'"-*'
\"
mii |
88
86
^1
90
IIHll
1992
^
~~s_
V_^^x
1 1 1 1 1 1 1 1 1 1 1 iiinliim 1 1 1 1 1 f 1 1 1 1 1 1 1 1 1 1 it 1 1 1 1
1993
1 111t ! 111 M
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
110
100
1 1 1 1 1 1 1 1 1 11
1 1 1 H 1 1 1 1 11
PHfCENT*
82
f^~~
^s~r—^ ^
80
78 <„,!
1996
1994 1995
^Vv-'"s_1
i i i i i l i n i i mill
1992
1 1 1 M 1 1 1 11 1
1994
1993
1995
1
1996
« SEASGNAU.Y ADJUSTED
OUKE KWtO OF GOVBINOB OF THE FEDBU1 KESBIVE SYSTEM
COUNQl OF ECONOMIC ADVtSBtS
[Monthly data seasonally adjusted]
Total industrial production
Industry production indexes, 1987=100
Percent change '
Period
Index,
1987=100
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Sept
Oct
Nov
Dec
.
1996: Jan .
Feb
Mar
Apr
May
Juner
July
Augr
Sepf
1
From
preceding
month
..
Percent changes based on unrounded indexes.
From
year
earlier
Capacity utilization
rate, percent2
Manufacturing
Total
Durable
Nondurable
Mining
Utilities
Total
industry
Manufacturing
0.9
4.9
4.4
1.5
.0
-1.8
3.4
3.5
5.9
3.2
94.3
100.0
104.7
106.4
106.1
103.8
108.2
112.3
119.7
123.9
93.9
100.0
106.6
108.6
107.4
104.1
109.3
115.6
125.8
132.5
94.9
100.0
102.3
103.7
104.4
103.4
106.7
108.6
113.0
114.3
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.0
100.3
99.9
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.3
117.9
122.0
79.2
81.5
83.7
83.7
82.1
79.2
80.3
81.4
83.9
83.8
79.1
81.6
83.6
83.2
81.3
78.0
79.5
80.6
83.3
83.0
122.8
122.2
122.6
122.8
0.1
-.5
.3
.2
3.2
1.9
1.7
1.1
124.9
124.4
124.5
124.8
134.4
133.5
134.3
134.8
114.4
114.3
113.7
113.8
100.0
98.2
98.3
98.1
122.7
121.6
125.4
125.1
83.7
83.0
83.0
82.9
82.8
82.2
82.0
81.9
122.5
124.2
123.6
124.5
125.4
126.4
126.4
126.8
127.1
-.2
1.3
-.5
.8
.7
.8
.0
.4
.2
.6
2.0
1.4
2.6
3.3
4.1
4.0
3.4
3.5
124.5
126.2
125.2
126.5
127.4
128.5
129.0
129.1
129.4
134.9
137.5
135.6
138.3
139.1
141.1
141.5
142.2
142.4
113.1
113.8
113.6
113.5
114.4
114.6
115.1
114.6
115.1
97.1
98.0
101.1
100.4
100.5
102.8
101.4
103.8
103.6
125.6
126.6
128.0
126.4
128.4
126.6
123.1
125.2
125.7
82.4
83.3
82.6
83.0
83.3
83.7
83.4
83.4
83.3
81.4
82.3
81.3
81.9
82.1
82.6
82.5
82.3
82.2
2
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1986
1987
1988
1989
1990 .
1991
1992
1993
1994
1995
1995: Sept
Get
Nov
Dec
1996: Jan
Peb .
Mar
... .
..
May
Julvr
Sepf
1
95.7
100.0
104.8
106.8
107.0
105.4
108.7
112.7
118.3
121.4
122.6
121.3
121.9
122.1
121.9
124.5
123.4
124.8
125.1
126.0
126.7
126.5
126.8
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
115.1
116.0
114.9
115.9
115.7
114.6
116.6
115.3
115.9
116.3
116.8
117.4
116.6
116.6
Durable
goods
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
124.2
125.8
123.4
124.9
126.3
120.3
125.1
119.3
125.5
126.2
130.4
131.4
128.3
126.1
Nondurable
goods
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108.6
111.2
112.9
113.7
112.9
113.8
113.2
113.3
114.5
114.4
113.6
114.0
113.5
113.9
113.7
114.3
1
Total
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
131.4
133.1
131.5
131.4
132.3
133.7
137.3
136.5
139.2
139.2
140.8
141.8
142.6
143.4
Business
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
155.7
158.2
156.5
156.9
158.4
160.5
164.8
162.7
166.3
166.0
168.6
170.1
170.8
172.1
Defense
and
space
equipment
96.0
100.0
99.7
100.1
98.8
90.8
84.8
79.3
71.9
65.9
65.2
64.4
62.9
62.0
61.6
63.1
64.2
64.0
64.3
63.7
64.5
65.2
65.3
Total
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.0
109.5
109.2
109.3
110.1
108.5
109.3
109.6
108.6
110.1
111.3
110.2
110.3
111.1
Construction
supplies
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
108.2
108.4
108.3
108.7
110.5
107.2
109.3
111.5
109.2
111.0
113.9
112.5
113.2
113.5
Business
supplies
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
109.6
110.3
109.9
109.9
110.0
109.6
109.5
108.6
108.4
109.6
109.8
109.0
108.6
109.7
Total
Energy
95.9
100.0
105.0
106.7
106.8
105.5
109.7
113.8
122.0
127.4
128.1
128.1
128.4
128.4
128.5
129.4
129.1
130.3
131.6
132.6
132.3
133.7
133.7
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.5
105.3
106.6
105.8
105.5
105.7
106.0
105.9
106.1
108.2
107.0
108.1
108.7
106.6
109.2
109.3
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1986
1987
1988 .
1989
1990
1991
1992
1993
1994
1995
1995: Sept
Oct
Nov
Dec
1996: Jan
Feb
Mar
Apr ...
July1"
Sepf
.
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
119.2
121.0
115.7
120.8
120.0
121.5
117.1
118.0
119.2
118.6
121.0
118.9
120.1
120.2
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.9
119.3
122.4
127.0
115.1
126.1
122.7
128.1
119.5
120.2
122.9
121.0
124.2
123.3
124.1
123.8
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
93.8
100.0
104.2
102.8
99.5
94.5
99.0
103.1
110.5
113.9
115.1
114.0
114.5
115.0
115.6
117.0
116.1
115.5
116.7
117.3
117.3
117.7
117.7
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
177.8
181.3
183.8
186.5
190.1
191.9
196.1
197.8
199.0
201.2
205.2
205.4
210.0
211.3
94.3
100.0
108.5
111.0
111.4
113.9
123.5
134.1
154.3
174.9
180.8
182.4
183.6
182.8
182.4
188.7
187.9
187.3
188.8
191.0
190.6
190.8
191.4
Transportation
equipment
Total
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
113.3
114.1
109.3
108.6
109.7
108.3
112.1
103.1
114.6
114.6
116.6
120.3
119.4
118.6
Motor
vehicles
and
parts
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
141.9
143.3
139.7
140.7
141.2
135.5
141.1
121.3
144.3
144.7
148.7
154.5
151.4
147.8
Lumber
and
products
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
104.5
106.2
105.7
104.8
106.9
103.1
103.3
107.5
108.4
107.7
110.6
108.1
108.8
108.4
Apparel
products
96.3
100.0
98.1
95.0
92.2
92.7
95.0
97.1
100.1
95.7
94.5
93.3
92.4
91.5
89.2
90.9
89.7
90.4
90.8
90.9
90.0
89.9
89.7
Printing
and
publishing
Chemicals
and
products
90.6
100.0
100.9
101.1
100.8
97.0
98.1
98.8
100.1
99.4
94.6
100.0
106.0
109.2
111.8
110.5
114.4
115.4
121.3
125.0
125.3
126.7
126.0
126.5
127.1
127.1
126.5
126.0
127.7
128.1
129.5
128.6
129.5
99.8
98.9
99.3
98.8
97.9
98.7
96.7
96.3
97.7
97.2
97.3
97.2
97.6
Foods
97.4
100.0
101.5
102.5
103.7
105.3
106.9
109.5
113.2
115.3
115.5
115.4
114.8
114.8
114.8
116.0
115.6
115.4
115.6
115.1
115.7
114.5
115.1
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Private
Period
Residential
Total new
construction
expenditures
Total
New housing
units
Total'
Commercial
and industrial2
Other
Federal
and
State
and
local
Construction contracts3
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
429.9
441.6
455.6
469.8
468.5
424.2
452.1
482.7
527.1
547.1
1986
1987
1988
1989
1990
1991
1992
1993
1994 . . .
1995
345.3
351.0
360.9
371.6
361.1
314.1
336.2
362.6
400.0
410.2
105.5
104.4
109.6
118.0
119.4
93.7
82.2
84.4
93.3
107.0
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.9
187.1
194.7
198.1
196.6
188.9
157.8
187.8
210.5
238.9
236.6
53.2
52.0
53.2
57.1
58.8
62.6
66.2
67.7
67.8
66.6
96
100
101
105
95
89
97
105
114
118
84.6
90.6
94.7
98.2
107.5
110.1
115.8
120.2
127.1
136.9
Annual rates
1,016
1,019
973
961
783
577
556
589
744
842
Annual rates
1995: Sept
Oct
Nov
Dec
550.5
550.0
549.7
555.7
411.3
410.6
411.0
417.2
237.7
238.0
239.9
243.1
164.3
165.8
166.4
J68.1
107.5
106.0
107.3
108.9
66.2
66.6
63.8
65.2
139.1
139.4
138.7
138.5
'115
120
122
117
828
731
851
784
1996: Jan
Feb
Mar ..
Apr'
May
559.0
544.6
557.0
564.6
558.5
563.1
558.6
562.7
573.4
418.9
411.2
419.7
424.2
418.1
423.1
418.6
424.6
426.4
242.5
238.6
245.9
248.0
247.5
246.9
244.6
244.3
244.1
169.2
166.9
173.8
179.3
178.2
177.7
175.2
175.8
174.8
109.3
107.4
106.4
108.1
103.1
109.2
107.2
110.6
112.4
67.1
65.2
67.4
68.2
67.5
67.0
66.7
69.7
70.0
140.1
133.3
137.3
140.4
140.4
140.0
140.0
138.1
147.0
120
114
126
129
127
123
122
124
120
697
615
750
708
807
723
628
696
842
July
Sepf
1
Includes
2
residential improvements, not shown separately.
Includes hotels and motels.
s F.W. Dodge aeries.
Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies,
Inc., F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993 ...
1994
1995 ..
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1 unit
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
2-4 units
5 or more
units
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
Units
authorized
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
1,332.5
Units
completed
Homes
sold
Homes for
sale at end
of period!
Vacancy rate
for rental
housing unite
(percent)2
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
750
671
676
650
534
509
610
666
670
667
357
366
368
365
321
284
265
293
337
372
7.3
7.7
7.7
27.4
7.2
7.4
7.4
2
7.3
7.4
7.6
1,267
1,320
1,360
1,225
1,403
1,328
1,391
1,350
1,408
'1,418
1,447
1,442
1,358
684
673
679
683
743
784
713
740
734
'733
785
820
816
350
360
368
372
370
355
368
369
'362
'356
356
349
336
7.7
Seasonally adjusted annual rates
1995- Sept
Oct
Nov
Dec
1996- Jan
Feb
Mar
May
July'
Auc'
Sepf
1
1,401
1,351
1,458
1,425
1,453
1,514
1,439
1,511
1,478
1,490
1,470
1,529
1,438
1,130
1,109
1,129
1,150
1,146
1,183
1,163
1,209
1,144
1,209
1,150
1,232
1,122
39
31
32
29
20
33
25
53
49
46
43
37
41
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 unite.
232
211
297
246
287
298
251
249
285
235
277
260
275
1,427
1,393
1,450
1,487
1,378
1,417
1,423
1,459
1,452
1,415
1,457
1,423
1,399
7.7
7.9
7.8
8.0
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In August, manufacturing and trade sates fell 0.3 percent and inventories rose $4.7 billion. According to advance
data, retail sales rose 0.7 percent in September following a decline of 0.2 percent in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
400
1,100
1,000
^r^
900
\
800
700
600
1
MANUFACTURING AND
TRADE INVENTORIES
-M"""
i \ i
,—'N'~'—-"--•*.MANUFACTURING
AND TRADE SALES
200
500
150
RATIO*
400
1.80
INVENTORY-SALES RATIO
1.70
.RETAIL-
1.60
300
1.50
1.40
200
1 1 1 1 ii 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 E 1 1 1 1 1 1 1 1 1 1
1992
1993
1994
1995
1 1 1 1 111 11 11
1.30
MANUFACTURING
TRADE
1992
1996
f
I I 1 I I I I I I I I M I I1I1 1fi1 11 I1 I1 I I I 1 I I I
1993
•SEASONAUY ADJUSTED
SOUUCE: OffiUIMENrCF COMMERCE
Manufacturing and
trade<
Period
Sales?
Inventories3
1 1 1 11
1994
1 i 1 iI
1 III i Illil
1995
1996
COUNOl OF ECONOMIC ADVKB1S
Wholesale
Retail
Sales*
Sales2
Inventories3
Durable
goods
stores
Total
Inventory-sales
ratio4
3
Inventories
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade i
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,161
142,516
143,155
143,104
144,059
144,022
142,516
143,054
143,249
142,494
142,907
142,774
142,703
144,772
145,069
1.55
1.50
1.49
1.52
1.52
1.53
1.48
1.45
1.41
1.43
1.43
1.44
1.45
1.44
1.42
1.44
1.42
1.42
1.41
1.39
1.40
1.39
1.40
Retail
Millions of dollars, seasonally adjusted, except as noted
1986
1987 .
1988
1989
1990
1991
1992
1993
1994
1995
1995- Aug'
Sept
Oct
Nov
Dec
1996- Jail
Feb
Mar
May
July
Aagp
Sepf
1
430,419 662,738
457,735 709,846
497,157 767,226
527,039 815,486
545,909 840,428
834,281
542,815
567,176 842,137
595,240 874,515
637,561 931,702
679,700 989,839
685,051 981,703
••686,059 986,369
685,660 992,265
690,243 993,644
695,289 989,839
690,692 995,352
699,208 996,008
700,253 994,010
709,541 998,430
715,130
996,984
997,322
711,760
719,176 1,002,404
717,295 1,007,114
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
187,387
188,162
188,874
189,643
191,574
194,901
192,878
194,053
195,379
197,507
198,258
198,543
202,057
200,196
153,574 120,803
163,903 128,442
178,801 138,017
187,009 146,581
195,550 153,718
200,062 154,661
207,663 162,632
215,878 172,924
234,893 185,936
254,616 195,068
252,078 197,081
253,111 '196,431
254,738
196,193
254,727 197,914
254,616 199,104
256,258
199,129
255,569 203,392
256,444 204,228
259,592 204,031
258,834 205,669
259,262 204,366
259,100 204,719
260,314 '204,252
205,709
See page 21 for manufacturing,
Annual data are averages of monthly not seasonally adjusted figures; monthly data arc t
sonally adjusted totals for month.
2
45,057
75,746
47,989
80,453
52,430
85,587
54,763
91,818
55,736
97,981
54,165 100,497
58,634
103,999
64,795 108,129
73,042 112,894
78,018 117,050
79,687 117,394
'78,710 '117,721
79,160 117,033
80,296 117,618
80,852 118,252
80,623 118,506
83,285 120,107
84,108 120,120
82,794 121,237
84,053 121,616
83,472 120,894
83,539
121,180
'83,468 '120,784
84,184
121,525
3
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,916
290,602
302,879
302,380
303,299
306,224
307,265
302,879
304,370
304,824
302,153
303,397
303,930
304,192
308,858
311,113
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,949
150,441
160,363
159,225
160,195
162,165
163,243
160,363
161,316
161,575
159,659
160,490
161,156
161,489
164,086
166,044
Seasonally adjusted, end of period.
* Annual data are averages of seasonally a<ljusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.54
1.53
1.54
1.56
1.55
1.52
1.53
1.50
1.48
1.49
1.48
1.49
1.51
1.52
MANUFACTURERS' SHIPMENTS. INVENTORIES, AND ORDERS
In September, manufacturers' shipments, inventories, and orders all rose.
^LLK3NS OF DOLLARS* (RATIO SCALE)
BILUCINS OF DOLLARS* (RATIO SCALE)
320 - SHIPMENTS
480 440
400
360
.,
280
240
•*"*"T ^ \
^—->^-'r
TOTAL -
"
.
r=N—!
•
——
280
DLJRABLEGOOC S
\
—•—*—•—
±gy *"""'*
240
-----
\
200
-
j^ag^a^^^i
TOTAL
320
200
160
INVENTORIES
— DL RABLEGOOCS
120
160
NONt HJRABIEGOC OS
1
80
120
— NO MDURABLEa XDDS
BILUC)NS OF DOLLARS* (RATIO SCALE)
320
NEW ORDERS
TOTAL
280
240
80
1 ~~^~~*
.r _ _ -
^—•"•'I
RATIO *
2.00
200
CHJRABLEGOOOS
\
160
•-'v'
1.80
*•
v
120
INVENTORY-SHIPMENTS RATIO
1.60
^^S,
NON XJRABLEGOCx>s
1.40
80
1 II 1 1 1 II II
1992
1 1 1 II M i l l
1993
M 1111M 1 11
1994
111111 1111
1995
1 1 1 1 ll 1 II M
1.20
_^_ -v
|mn
n',
1993
1992
1996
^>-^•>^_
II 1 1 1
1994
1995
•SEASONAUYADIJSTED
lOURCE: DEPARTMEiMTOFODMMEKE
COUNCIL OF EC DNOMtCADVlSfRS
Manufacturers' shipments *
Manufacturers' inventories2
Manufacturers' new orders1
Durable goods
Period
Total
1996
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
Manufacturers'
unfilled
orders2
Manufacturers'
inventory —
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989
1990
1991
1992 .
1993
1994
1995
1995: Sept
Oct
Dec
1996: Jan
Feb
Mar
July ...
Sepf
1
194,657
206,326
224,619
236,698
242,686
239,847
250,394
260,635
278,652
297,244
103,238
108,128
118,458
123,158
123,776
121,000
128,489
135,886
148,916
159,215
91,419
98,198
106,161
113,540
118,910
118,847
121,905
124,749
129,736
138,029
322,654
338,107
369,378
391,243
405,105
390,944
382,480
390,721
406,207
432,344
211,997
220,778
242,450
257,513
263,213
250,006
238,096
243,476
254,798
270,356
110,657
117,329
126,928
133,730
141,892
140,938
144,384
147,245
151,409
161,988
195,204
209,389
228,270
239,572
244,507
238,805
248,212
257,698
279,560
298,092
103,647
110,809
122,076
126,055
125,583
119,849
126,308
133,081
149,505
160,214
23,982
26,094
31,108
32,988
33,331
30,471
31,525
31,693
35,847
41,302
91,557
98,579
106,194
113,516
118,924
118,957
121,905
124,617
130,055
137,877
300,754
299,824
300,755
301,284
162,281
160,706
161,360
161,976
138,473
139,118
139,395
139,308
139,560
139,845
140,269
143,388
143,716
141,949
144,626
144,376
144,440
429,959
431,303
431,652
432,344
268,267
269,971
270,389
270,356
161,692
161,332
161,263
161,988
44,880
41,310
44,279
47,586
137,380
138,675
139,663
138,635
434,724
435,615
435,413
435,441
434,220
433,868
434,446
435,687
437,134
272,657
273,400
273,535
273,870
273,857
273,649
274,807
275,926
276,423
162,067
162,215
161,878
161,571
160,363
160,219
159,639
159,761
160,711
302,744 165,364
301,467
162,792
302,155 162,492
306,155 167,520
307,151 167,355
163,146
302,648
305,091 165,519
307,001 163,472
314,194 170,287
312,139 169,994
317,304 172,402
310,575 ' 166,267
319,018 174,413
393,515
430,468
474,192
508,853
531,115
519,143
493,104
458,161
469,450
480,128
472,214
473,857
475,257
480,128
46,163
44,555
46,613
40,487
44,979
42,921
45,935
'41,172
47,580
139,796
139,502
139,572
143,529
143,907
142,145
144,902
144,308
144,605
488,594
489,479
493,924
492,922
495,913
499,201
504,105
501,833
505,571
298,685 159,125
301,763 161,918
300,646 160,377
308,003 164,615
311,203 167,487
166,902
308,851
167,774
312,400
312,847 '168,471
170,840
315,280
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.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.68
1.59
.58
.63
.65
.65
.54
1.49
1.43
1.43
1.43
1.44
1.44
1.44
1.46
1.44
1.45
1.41
1.40
1.40
1.39
1.39
1.39
PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.2 percent In September. Prices of finished consumer foods
rose 0.2 percent as did prices of other finished consumer goods. Capital equipment prices rose 0.3 percent.
INDEX, 1982- 100 (RATIOSCA1E)
INDEX, 1982-100 (RATIO SCALE)
CONSUMER GOODS
EXCLUDING FOODS
110
110
100
100
1988
1989
1995
1996
COUNOl Of ECONOMIC ADVISERS
SOURCE: DffASTMENT OF 1AB08
[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
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Sept
Get
Nov
Dec
1996: Jan
Feb
Mar
Apr
May ...
June
July
Aug
Sept
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
128.2
128.4
128.8
129.6
129.8
129.7
130.4
130.7
130.9
131.0
131.0
131.4
131.7
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
130.1
130.0
131.4
131.5
131.0
130.7
131.7
131.1
131.3
133.3
133.6
135.0
135.3
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
127.6
127.9
128.0
129.0
129.4
129.3
129.9
130.5
130.7
130.3
130.2
130.3
130.6
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
123.9
123.9
124.1
124.1
125.4
126.2
126.0
126.9
127.7
128.0
127.4
127.1
127.3
127.6
1
Intermediate materials for food manufacturing and feeds.
NOTE.—Beginning 1996, indexes are based on updated value weights.
9.9.
Durable
108.9
111,5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.7
132.6
133.2
134.0
134.2
133.7
133.8
134.0
133.8
134.2
134.7
134.3
134.3
135.0
N d
ble
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
118.7
118.8
118.4
120.2
121.5
121.2
122.3
123.6
123.8
122.7
122.5
122.8
122.9
Tntnl
1OUU
Capital
equipment
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
137.1
137.5
138.1
138.1
138.0
138.0
138.1
138.1
138.1
138.0
138.4
138.3
138.7
finished
consumer
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
125.8
126.0
126.4
127.4
127.7
127.5
128.4
128.9
129.1
129.3
129.1
129.7
130.0
Total
Foods
and
feeds'
99.1
101.5
107.1
96.2
99.2
109.5
112.0
114.5
114.4
114.7
116.2
118.5
124.9
125.4
125.4
125.3
125.5
125.7
125.1
125.2
125.7
126.3
125.7
125.3
125.5
125.9
113.8
113.3
111.1
110.7
112.7
114.8
114.8
115.7
119.0
121.5
123.3
123.2
123.0
123.0
125.3
130.3
131.9
131.8
132.1
133.6
Crude materials
FoodOther
Total
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
125.9
125.7
125.5
125.7
125.8
125.2
125.4
125.7
126.1
125.4
124.9
125.2
125.5
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.7
102.9
103.0
104.6
106.3
108.7
110.4
108.9
113.8
115.1
112.6
114.9
115.1
113.4
Source: Department of Ijabor, Bureau of Labor Statistics.
stuffs
and
feedstuffs
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
109.7
112.3
115.5
115.0
114.5
113.7
113.8
118.7
126.2
127.6
131.0
130.6
125.6
Other
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
94.6
93.2
93.6
96.7
100.9
104.3
101.7
106.4
103.6
98.5
100.2
100.6
101.2
CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted and not
seasonally adjusted. The index was 3.0 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SOME)
INDEX, 1982-84 - 100 (RAHO SCALE)
180
180
SEASONAUY ADJUSIB)
170
170
160
160
150
150
CONSUMER PRICES—ALL ITEMS
140
140
130
130
120
120
110
110
I I I I I I I 1 M
100
1988
1989
1990
1991
1992
1993
I I I I I I MI II
1994
M i i l I i i i i i 100
1996
1995
COUNOl Of ECONOMIC ADV1SB5
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items'
Shelter
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Sept
Get
Dec
1996- Jan
Feb
Mar
May
July
Aug
Sept
1
Not
seasonally
adjusted
(NSA)
100.0
109.6
1136
118.3
124.0
1307
136.2
140.3
144.5
148.2
152.4
153.2
153.7
153.6
153.5
154.4
154.9
155.7
156.3
156.6
156.7
157.0
157.3
157.8
Season- Food
ally
Total'
adjustTotal
ed
15.8
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
153.2 149.5
153.7 150.0
153.8 150.0
154.1 150.2
154.7 150.3
155.0 150.5
155.6 151.4
156.2 151.9
156.7 152.0
156.8 153.1
157.2 153.8
157.4 154.4
157.8 155.1
41.3
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
149.1
149.6
149.9
150.3
150.8
151.1
151.5
151.9
152.2
152.3
152.9
153.2
153.5
Renters'
costs
(Dec.
1982=
100)
28.3
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
166.5
167.1
167.5
167.9
168.6
168.9
169.3
169.7
170.1
170.4
171.2
171.4
171.7
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, ete.—and motor fuel. Motor oil, coolant,
t>te. excluded beginning 1983.
;1
Relative importance, December 1995.
2
8.0
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
174.7
175.2
175.3
175.5
176.7
177.1
177.7
178.1
178.4
178.7
180.2
180.3
180.5
Home- Main- Fuel
and
ownteers'
nance other
utilicosts
and
(Dec.
ties
re1982= pairs
100) (NSA)
20.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
172.2
172.8
173.4
173.9
174.3
174.6
175.0
175.4
175.9
176.2
176.7
177.0
177.4
0.2
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
135.4
136.3
136.2
136.6
136.3
137.0
137.5
138.0
138.8
138.8
139.4
139.7
139.9
7.0
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
123.4
124.1
124.2
124.4
125.0
125.7
126.0
126.8
127.2
126.9
127.5
128.0
128.3
Apparel
and
up- Total'
keep
5.5
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
131.7
132.1
132.1
132.2
133.1
131.9
132.7
132.2
132.3
131.8
131.7
129.9
130.5
17.0
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
139.4
139.5
138.9
139.0
140.0
140.7
141.7
143.3
144.3
143.7
143.4
143.1
143.8
New
cars
Medical
Motor care
fuel
Energy2
All
items
less
food
and
energy
4.0
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
139.6
139.6
139.8
139.8
140.0
140.4
140.6
140.7
140.8
141.4
141.7
142.1
142.8
2.9
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
97.9
97.4
95.4
97.5
101.2
101.0
104.6
110.3
112.8
108.7
106.6
104.5
104.2
7.4
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
222.6
223.1
223.8
224.6
225.4
225.8
226.4
227.0
227.7
228.3
228.9
229.4
229.8
6.7
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
103.6
103.9
103.0
104.1
106.1
106.5
108.0
111.5
112.7
110.2
109.8
109.1
109.1
77.5
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
162.4
162.9
163.1
163.3
163.8
164.2
164.7
164.9
165.3
165.6
166.1
166.2
166.7
NOTE.—Data incorporate a rental equivalence measure for homeowncrship costs (beginning
1983).
Source: Department of Labor, Bureau of Ijabor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
{Percent change from preceding period; monthly data seasonally adjusted, except as noted by NBA)
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
fowls
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.3
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.3
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
Change, month to month
1995- Sept
Oct
NOT
Dec
1996- Jan
Peb
Mar
Apr
May
July
AUK
Sept
0.3
.2
.3
.6
1.2
-.1
1.1
.1
0.1
.2
0
1.0
0.1
.3
.4
0
1.6
2.2
3.2
4.4
8.8
4.8
9.0
4.4
-1.0
1.0
1.0
4.9
1.8
2.4
3.6
2.9
1.4
1.3
1.4
3.0
3.0
2.3
5.7
6.5
0.6
.5
-.6
1.9
1.8
1.9
2.5
2.4
1.8
2.3
2.1
2.3
.2
-.1
.5
.2
.2
M
0
3
.2
-.4
-.2
.8
-.5
.2
'1.5
.2
1.0
.2
.6
-.2
.7
.6
.2
'-.5
-.2
.2
.2
-.1
0
.1
0
0
-.1
.3
-.1
.3
4.4
2.8
2.5
2.8
3.8
1.9
.9
'1.5
22
3.1
-2.1
.6
.3
1.8
4.9
7.8
'11.8
6.1
6.9
6.3
4.9
4.8
6.5
1.6
-1.9
'-2.2
.6
1.5
-.3
0
.3
.3
-.3
.9
'.6
2.0
3.3
3.0
3.5
3.6
3.3
2.2
1.9
2.6
2.0
3.9
3.3
2.5
1.7
-.2
2.8
4.0
6.7
5.5
3.9
3.6
4.9
5.9
6.4
3.2
1.4
2.1
1.1
1.9
1.6
1.5
.9
0
-.1
.6
.4
.9
2.2
2.0
2.4
2.4
2.3
2.7
2.6
3.0
2.9
Source: Department of Ijabor, Bureau of Ijabor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
(Percent change from preceding period; monthly data seasonally adjusted, except as noted by NBA]
Housing
Fuel
All
Period
items1
Food
Total'
Total'
Renters'
cost*
Addendum: All items,
percent change
(annual rate)
Transportation
Shelter
Homeowners*
costs
and
other
utilities
All
Ap-
Medi-
parel
and
upkeep
Total'
New
ears
Motor
fuel
cal
care
Ener-
gy2
items
leas
food
From
energy
vious
quar-
and
pre-
ter"
From
From
From
year
3
'6
months months earlier
NSA
earlier earlier
Change, December to December, NSA
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
1.4
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
1.5
0.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6
.1
5.9
1.8
2.1
2.3
1.4
3.3
2.3
2.8
3.2
1.6
-30.7
18.7
-2.1
6.8
36.5
-16.0
1.8
-5.4
5.9
-4.0
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
-1.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
Change, month to month
1995- Sept
Oct
NOT
Dec
1996- Jan
Feb
Mar
-.
May
" '
July
Sept
1
0.1
.3
.1
.2
0.3
.3
0
.1
0.1
.3
.2
.3
0.3
.4
.2
.2
0.4
.3
.1
.1
0.3
.3
.3
.3
-0.6
.6
.1
.2
-0.2
.3
0
.1
-0.1
.1
-.4
.1
0.3
0
.1
0
-1.4
-.5
-2.1
2.2
0.4
.2
.3
.4
-1.3
.3
-.9
1.1
0.2
.3
.1
.1
.4
.2
.4
.4
.3
.1
.3
.1
.3
.1
.1
.6
.3
.1
.7
.5
.4
.5
.3
.2
.3
.3
.2
.1
.4
.2
.2
.4
.2
.2
.2
.2
.2
.5
.1
.2
.7
.2
.3
.2
.2
.2
.8
.1
.1
.2
.2
.2
.2
.3
.2
.3
.2
.2
.5
.6
.2
.6
.3
-.2
.5
.4
.2
.7
-.9
.6
-.4
.1
-.4
-.1
-1.4
.5
.7
.5
.7
1.1
.7
-.4
-.2
-.2
.5
.1
.3
.1
.1
.1
.4
.2
.3
.5
3.8
-.2
3.6
5.4
2.3
-3.6
-1.9
-2.0
-.3
.4
.2
.3
.3
.3
.3
.3
.2
.2
1.9
.4
1.4
3.2
1.1
-2.2
-.4
-.6
0
.3
.2
.3
.1
.2
.2
.3
.1
.3
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
3
2.1
2.4
32
33
23
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
1.6
2.6
2.1
2.4
2.5
2.5
2.1
2.0
2.5
2.8
2.6
2.5
2.6
3.2
4.0
3.9
4.5
3.1
2.6
1.8
2.6
2.6
2.6
3.2
3.3
3.8
3.5
3.3
3.1
2.8
2.7
2.7
2.8
2.9
2.9
2.8
3.0
2.9
3.0
PRICES RECEIVED AND PAID BY FARMERS
In October, prices received by farmers fell 3.4 percent and prices paid by farmers were unchanged. (Data are
not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92-100 (RATIO SCALE)
60
1988
1989
1991
1990
1992
1994
1993
1995
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
1996
COUNCIL OF ECONOMIC ADVISERS
[1990-92 = 100; not seasonally adjusted]
Prices received by farmers
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Oct ....
Nov
Dec
1996: Jan
Feb
Anr . .
May
July
Ausr
Septr
Oct
1
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and wage
rates1
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
87
89
99
104
104
100
98
101
100
102
87
86
104
109
103
101
101
102
105
112
88
91
93
100
105
99
97
100
95
92
85
87
91
96
99
100
101
C
104
106
<aio
85
87
92
97
99
100
101
102
'107
109
86
87
90
95
99
100
101
103
106
109
103
102
108
108
105
99
97
98
94
92
104
106
108
108
106
109
108
111
118
118
116
116
112
114
117
118
122
122
'129
'129
131
141
136
130
125
119
92
94
96
94
93
93
93
96
99
103
103
106
103
111
111
112
113
113
114
114
115
115
115
115
115
115
110
111
112
113
113
114
114
114
114
114
114
114
114
110
111
112
113
113
114
114
115
115
116
116
116
115
94
95
96
96
94
96
95
97
103
103
101
101
97
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.
2
Prices paid by farmers
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.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 slowed in September; growth in M3 accelerated.
BILUONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
BILUONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,000
3,600
3,600
-V
3,200
2,800
3,200
2,800
2/400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
-Ml-
600
600
400
400
1988
1989
1991
1990
1992
1993
1994
1995
•AVERAGES OF OMY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
1996
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMF balances,
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
RPs, Kurodollars, and
institutiononly MMMF
balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
724.4
749.8
786.9
794.2
825.8
897.2
1,024.4
1,128.6
1,148.7
1,124.9
2,734 6
2,834.4
2,997.9
3,164.0
3,282.2
3,383.7
3,438.7
3,494.0
3,509.2
3,657.4
3,486.4
3,673.3
3,912.4
4,065.5
4,124.1
4,178.4
4,187.1
4,249.6
4,319.1
4,570.5
4,122.4
4,328.5
4,664.2
4,894.2
4,975.8
5,004.4
5,075.6
5,164.5
5,302.8
'5,680.1
7,906.5
8,664.2
9,440.5
10,170.9
10,851.8
11,337.2
11,880.1
12,507.6
13,148.8
13,869.4
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.8
—21
9.5
3.6
5.8
5.5
3.7
3.1
1.6
1.6
.4
4.2
9.0
5.4
6.5
3.9
1.4
1.3
.2
1.5
1.6
5.8
1995- Aug
Sept
Oct
Nov
Dec
1,143.8
1,140.1
1,131.8
1,129.0
1,124.9
3,607.3
3,620.8
3,628.4
3,640.2
3,657.4
4,508.2
4,529.0
4,544.5
4,556.2
4,570.5
'5,574.5
'5,621.2
'5,648.3
'5,654.9
'5,680.1
13,655.0
13,706.4
13,765.8
13,822.4
13,869.4
n
-1.5
-3.4
30
-3.4
1996- Jan
Peb
Mar
1,119.2
1,117.3
1,126.7
1,123.6
1,117.2
1,116.7
1,108.4
1,099.5
1,091.8
3,671.7
3,687.4
3,722.3
3,727.5
3,721.2
3,737.5
3,742 9
3,754.8
3,765.0
4,598.1
4,635.7
4,677.6
'4,684.0
'4,693.4
'4,710.7
4,720.5
4,739.4
4,768.0
'5,698.3
'5,718.4
'5,777.3
'5,802.6
'5,797.0
'5,824.3
5,839.0
f 5,870.5
13,920.0
13,991.4
14,066.9
'14,131.6
'14,185.9
14,244.5
14,306.6
"14,347.4
-4.6
-4.6
24
-1.4
-2.1
-1.5
-1.9
-3.2
-6.2
5.3
5.8
5.7
5.6
4.9
4.7
4.4
5.6
5.5
4.5
4.4
3.9
3.7
2.3
7.2
7.3
7.0
6.3
5.3
5.3
5.7
6.6
6.1
6.0
6.1
5.3
4.5
3.9
Period
1986198719881989199019911992:
199319941995-
May
July'
Aug'
Sept
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sec-tors; 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.
9.R
L
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month-end
levels) '
Percent change from year or 6
months earlier2
Ml
M2
NOTE.—See p. 27 for eornponents.
Source: Board of Governors of the Federal Reserve System.
M3
Debt
12.5
9.6
9.0
7.7
6.7
4.5
4.8
5.3
5.1
5.5
5.7
5.4
5.4
5.0
4.5
4.5
4.9
5.3
5.3
5.3
5.4
5.6
5.1
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency
Period
Other
Decheckmand
able
depos- deposits
its
(OCDs)
180.7 302.1
196.8 286.8
212.3 286.8
222.6 279.3
246.9 277.4
267.4 289.5
292.9 339.1
322.4 384.3
354.9 382.4
373.2 389.8
368.5 389.3
369.5 389.4
370.8 388.1
371.6 388.2
373.2 389.8
373.6 393.5
373.3 397.4
375.2 407.1
376.0 406.3
377.1 409.7
379.4 413.7
382.6 '410.5
385.0 407.5
387.4 405.5
1986:
1987:
19881989:
1990:
19911992:
1993:
19941995:
1995:
Dec .
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
DSC
Aug
Sept
Get ... .
Nov
Dec
1996: Jan
Feb
Mar
Apr
July
Augr
Sept
235.6
259.5
280.9
285.3
293.9
332.5
384.2
414.0
402.9
353.0
377.2
372.4
364.1
360.4
353.0
343.2
337.8
335.4
332.4
321.8
315.0
306.8
298.7
290.5
Money market
mutual fund
balances
Retail1
210.3
224.5
246.0
322.5
358.1
373.7
356.0
358.7
388.1
460.3
438.7
445.9
450.6
455.5
460.3
463.2
468.4
480.1
480.3
478.3
486.3
491.6
497.7
504.9
Savings
deposits,
including
money
market
Instideposit
tution2 accounts
only (MMDAs)
84.5
91.1
90.3
106.9
133.5
179.5
199.8
197.9
183.7
227.2
218.5
221.7
223.7
224.8
227.2
230.6
243.9
248.3
245.6
243.5
249.4
252.9
257.2
262.7
1
940.9
937.3
926.3
893.6
923.8
1,045.0
1,187.1
1,218.8
1,148.9
1,134.6
1,101.6
1,108.4
1,116.1
1,120.6
1,134.6
1,151.8
1,164.5
1,183.0
1,193.2
1,197.5
1,206.9
1,213.6
1,224.5
1,231.6
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Small denomination and large denomination deposits arc those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
3
Small
denomination
time
deposits:*
Overnight
and
Large
denom- term
ination repurchase
time deposits3 agreements
(KPs)
(net)
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.8
871.2
787.9
823.5
937.7
923.3
926.4
929.8
935.1
937.7
937.5
937.1
932.5
930.4
928.2
927.5
929.3
933.1
936.6
420.2
467.0
518.3
541.5
480.9
416.5
353.6
333.7
363.1
417.2
396.4
400.3
409.7
415.3
417.2
416.1
'421.6
'428.5
'430.9
'436.5
'442.6
'448.6
452.2
460.7
143.3
172.6
189.0
158.0
138.8
119.4
128.1
157.5
180.8
177.6
192.9
192.5
190.0
185.3
177.6
184.4
186.3
184.1
182.9
195.1
183.6
179.9
178.3
181.1
Overnight
and
term
Eurodollars
(net)
Savings
bonds
103.9
91.8
108.2
100.6
117.0
109.4
95.2 117.5
88.7 126.0
79.3 137.9
66.9 156.6
66.3 171.5
82.3 180.3
91.1
184.8
93.1
183.5
93.7 183.9
92.9 184.2
90.7 184.5
91.1
184.8
95.4 185.0
96.6 185.0
94.4 185.2
97.0 185.6
'97.1 186.0
'97.6 186.4
'96.2 186.8
96.8 P 187.2
98.5
Shortterm BankTreas- ers' acury
ceptsecuri- ances
ties
275.8
249.5
266.8
324.0
334.2
329.1
345.9
342.8
'386.9
'475.7
'437.1
'456.8
'465.6
'464.5
'475.7
'466.2
'445.1
'459.6
'461.8
'433.5
'444.9
'447.2
P 454.0
37.1
44.5
40.2
40.7
36.1
23.9
20.9
14.9
14.2
12.0
12.4
12.8
13.4
12.6
12.0
11.8
10.3
9.8
10.3
10.8
11.4
11.4
'11.3
Commercial
paper
231.3
260.6
335.4
346.5
355.3
335.2
365.0
385.5
402.4
437.1
433.3
438.6
440.5
437.1
437.1
437.2
442.3
445.1
461.0
473.4
470.9
473.1
P 478.6
N()TB.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal lieserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures'; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
19861987:
198819891990:
19911992:
19931994:
1995:
1995:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1996- Jan
Feb
Mar
May
July
Sept
1
.. .
.. .
38,950
38,866
40,410
40,508
41,780
45,547
54,367
60,519
59,364
56,364
57,344
56,839
56,333
56,364
55,606
54,848
55,727
55,182
54,227
54,112
53,197
52,269
51,352
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
38,123
38,089
38,694
40,242
41,455
45,355
54,243
60,437
59,156
56,106
57,066
56,593
56,129
56,106
55,568
54,813
55,706
55,091
54,100
53,726
52,829
51,935
50,984
Nonborrowed
plus
extended
credit
38,426
38,572
39,938
40,262
41,478
45,356
54,244
60,437
59,156
56,106
57,066
56,593
56,129
56,106
55,568
54,813
55,706
55,091
54,100
53,726
52,829
51,935
50,984
Required
37,580
37,820
39,362
39,585
40,116
44,569
53,212
59,456
58,196
55,086
56,394
55,758
55,390
55,086
54,121
53,997
54,590
54,062
53,368
52,962
52,132
51,308
50,312
Monetary
base
223,571
239,784
256,920
267,723
293,332
317,502
351,244
386,877
418,723
435,006
431,685
432,737
433,206
435,006
435,182
433,667
436,871
436,644
437,009
439,079
441,846
444,141
445,793
Total
827
777
1,716
265
326
192
124
82
209
257
278
245
204
257
38
35
21
91
127
386
368
334
368
Seasonal
38
93
130
84
76
38
18
31
100
40
252
199
73
40
7
7
10
34
105
192
284
309
306
Extended
credit
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Heserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.8 percent in September; commercial and industrial loans rose
1.9 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
3,600 _ ALL COMMERCIAL BANKS
3,200
4,000
3,600
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
- U.S. GOVERNMENT SECURITIES-
800
\
400
400
OTHER SECURITIES
-V
200
i i i 1 1 i i i II
I H II II I
160
1988
1989
1991
1990
200
I IIIIIItI M
I III II M
I II
1994
1993
1992
1 M M I M IM I I IM IiM I I I
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
160
1996
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted '
Loans and leases in bank credit
Securities in bank credit
Period
Total
bank
credit
Total
securities
U.S.
loans CommerOther Total
Governcial and
and 2
securities
ment
industrial
leases
securities
B«al estate
Total
Revolving
home
equity
Consumer Security
Other
Other
-2,436.0
-2,609.3
-2,751.9
2,856.4
-2,956.9
3,113.7
-3,326.3
3,611.5
562.0
584.5
633.7
745.0
-843.5
918.8
952.2
997.4
366.8
400.0
455.6
565.2
666.8
733.9
732.0
709.4
195.2
184.5
-178.1
179.8
176.7
184.9
220.2
288.0
1,874.1
-2,024.8
-2,118.2
2,111.4
-2,113.4
-2,194.9
-2,374.0
2,614.1
608.0
639.3
-640.9
619.5
596.2
585.9
645.2
716.8
675.1
770.2
855.3
880.0
901.3
940.5
1,002.5
1,078.9
40.1
50.3
62.3
69.6
73.5
73.0
75.3
79.1
635.0
719.9
793.0
-810.4
-827.8
867.5
927.2
999.8
357.8
378.3
383.4
366.6
358.9
390.5
451.2
496.0
40.7
41.4
45.0
54.4
64.1
87.5
76.2
83.8
-192.4
-195.6
-193.5
190.9
-192.9
190.6
-199.0
238.7
1995- SeptOctNovDec-
3,576.5
3,587.3
3,599.3
3,611.5
994.5
994.1
995.0
997.4
707.7
712.3
713.4
709.4
286.9
281.8
281.6
288.0
2,582.0
2,593.2
2,604.3
2,614.1
707.6
709.6
713.8
716.8
1,071.9
1,075.8
1,077.8
1,078.9
78.3
78.4
78.8
79.1
993.6
997.4
999.0
999.8
489.5
490.1
493.1
496.0
86.7
87.0
87.0
83.8
226.3
230.8
232.5
238.7
1996- JanFebMar-
3,642.7
3,655.9
3,649.7
3,668,4
3,672.1
3,679.4
3,683.5
3,677.9
3,693.3
1,000.2
1,006.5
991.4
990.7
996.6
990.8
985.9
974.8
969.3
701.8
714.8
704.3
704.5
713.3
708.5
708.2
702.3
703.7
298.4
291.8
287.1
286.3
283.4
282.2
277.7
272.5
265.6
2,642.5
2,649.3
2,658.3
2,677.7
2,675.4
2,688.7
2,697.6
2,703.0
2,724.0
723.9
728.4
727.3
733.2
735.6
738.6
742.4
744.0
757.9
1,086.4
1,089.9
1,095.3
1,097.1
1,098.8
1,102.0
1,103.2
1,109.9
1,111.6
79.6
79.9
79.9
80.1
79.7
79.3
79.7
80.3
81.0
1,006.7
1,010.0
1,015.4
1,017.0
1,019.1
1,022.8
1,023.5
1,029.6
1,030.6
500.2
500.3
503.8
507.5
505.0
510.3
512.6
514.0
518.0
85.0
85.7
84.9
85.9
82.6
82.1
80.3
76.7
77.0
247.0
245.0
247.0
254.0
253.5
255.7
259.1
258.4
259.5
19881989199019911992199319941995-
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec-
JuneJulySept
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial hanks, branches and agencies of foreign hanks, New York State investment
companies, and foreign-related institutions. Data are adjusted for breaks caused by reelassificatioris of assets and liabilities.
28
'"Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Hoard of Governors of the Federal Heserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
533.4
648.4
851.9
744.3
592.6
489.3
599.9
698.1
758.9
894.9
663.5
755.3
698.1
918.5
754.7
963.3
906.4
955.2
976.6
878.1
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994: I
n
m
IV
1995- I
n
m
IV
1996:
I
n/»
Internal1
343.4
374.5
408.2
396.9
409.1
422.2
438.6
480.2
524.9
543.8
517.1
524.7
524.7
532.8
517.7
527.5
559.1
571.0
578.4
584.5
Credit market funds
Total
Total
190.0
273.9
443.7
347.4
183.5
67.1
161.3
217.9
234.0
351.1
146.4
230.6
173.4
385.7
237.0
435.8
347.3
384.2
398.2
293.6
Securities
and mortgages
58.9
29.1
-.2
-35.9
-26.6
75.9
67.1
80.2
-33.0
2.8
5.7
29.8
-47.3
-120.4
-4.9
27.4
-31.7
20.3
-46.6
63.4
151.3
73.2
95.5
59.0
47.0
-34.8
61.1
67.8
79.4
134.3
97.4
121.3
77.6
21.4
179.0
187.5
62.2
108.5
59.6
140.5
1
I*rofits before tax (book) less profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, and inventory valuation adjustment.
2
Consist* of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Loans and
short-term
paper
92.4
44.1
95.7
94.9
73.6
-110.7
-6.0
-12.4
112.4
131.5
91.7
91.5
124.9
141.8
183.9
160.1
93.9
88.2
106.2
77.1
Total
Other"
38.7
200.8
348.1
288.4
136.5
101.9
100.1
150.1
154.6
216.7
48.8
109.3
95.8
364.3
58.0
248.4
285.1
275.7
338.6
153.0
519.4
592.0
756.2
632.9
509.8
500.7
554.4
787.9
763.1
882.6
680.6
698.8
671.9
1,001.2
726.4
929.3
857.3
1,017.3
960.0
859.7
Increase in
financial
assets
Capital
expenditures11
347.3
357.4
373.3
399.4
394.5
370.9
. 386.9
430.6
485.0
546.6
443.8
476.8
490.7
528.7
552.9
534.1
573.0
526.3
520.7
529.5
Discrepancy
(sources
less
uses)
14.0
56.5
95.7
111.4
82.9
-11.4
45.6
-89.8
-4.3
12.3
-17.1
56.5
26.2
-82.6
28.4
34.0
49.1
-62.2
16.5
18.4
172.1
234.6
382.9
233.5
115.3
129.8
167.5
357.3
278.1
336.0
236.8
222.0
181.2
472.5
173.5
395.2
284.3
491.0
439.3
330.2
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Source: Hoard of Governors of the Federal Reserve System.
CONSUMER CREDIT
j Billions of dollars; seasonally adjusted)
Period
1986- Dec
1987: Dec 3
1988- Dec
1989: Dec
19901991:
199219931994:
19951995-
Dec
Dec
Dee
Dec
Dec
Dec
Aug
Sept
Oct
Dec
1996- Jan
Peb
Mar
Aprr
May
Juner
July
Consumer credit outstanding (end of period)
Total
638.9
671.7
729.9
781.9
796.4
781.1
784.9
844.1
966.5
1,103.3
1,059.9
1,074.7
1,082.7
1,094.4
1,103.3
1,113.4
1,124.7
1,135.7
1,143.3
1,149.2
1,155.9
1,163.2
1,166.5
Automobile
Revolving
247.2
266.1
285.5
291.0
282.4
259.3
257.1
279.8
317.2
350.8
339.2
341.0
344.1
347.2
350.8
352.5
355.1
357.8
360.1
360.9
366.1
368.1
368.3
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, eta., plus noninstallment credit.
136.0
153.3
174.5
198.6
223.3
245.8
257.8
287.0
339.3
413.9
390.1
399.5
404.6
407.4
413.9
419.0
425.7
431.2
437.6
443.1
444.4
450.0
452.8
Net change in consumer credit outstanding '
Other"
255.7
252.4
269.9
292.3
290.7
276.1
269.9
277.3
309.9
338.6
330.6
334.2
334.0
339.7
338.6
341.9
343.9
346.7
345.5
345.3
345.4
345.1
345.5
Total
54.2
32.8
58.2
(4)
14.5
-15.3
3.8
59.2
122.4
136.8
12.4
14.8
8.0
11.7
8.9
10.1
11.3
11.0
7.6
5.9
6.7
7.3
3.3
Automobile
36.3
18.9
19.4
(4)
-8.6
-23.1
-2.2
22.7
37.4
33.6
2.3
1.8
3.1
3.1
3.6
1.7
2.6
2.7
2.3
.8
5.2
2.0
.2
Revolving
13.9
17.3
21.2
(4)
24.7
22.5
12.0
29.2
52.3
74.6
7.9
9.4
5.1
2.8
6.5
5.1
6.7
5.5
6.4
5.5
1.3
5.6
2.8
Other2
4.0
-3.3
17.5
(4)
-1.6
-14.6
-6.2
7.4
32.6
28.7
2.2
3.6
-.2
5.7
-1.1
3.3
2.0
2.8
-1.2
-.2
.1
0
A
:1
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in scries, net change not available.
Source: Hoard of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rotes fell In October.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
V/" \-|r'"\\
10
y
x~\.x""\
CORPORATE Aoa BONOS
(MOODY'S)
s
~N--<: .
••-..
/ r~ J
X
X
^ >.
\s\
/
\
\_,—
q
\
/
-S
*f
TREASURY
BILLS
.-
•/H. .-
x"N'\
"""•-.
J
y\
/H
DISC OUNT
RATE
/
-..
^
RE. ERVE
BA -IK OF
NEW^YORK
h,,,,l
1
I II I I1 I l I I i
1988
1989
1
i t I t I 1 II I I | M M , I
1991
1992
1990
1993
1995
1994
SOURCE: SEE TABLE B
MM,
1996
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasuiy security yields
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Oct
Dec
1996- Jan
Peb
Mar
May
June
July
Sept
Get
Week ended:
1996- Oct 5
12
19
26
Nov 2
1
3-month
bills (new issues) l
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard
& Poor's)3
30
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged by
banks4
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.30
5.35
5.16
5.02
4.87
4.96
4.99
5.02
5.11
5.17
5.09
5.15
5.01
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.77
5.57
5.39
5.20
5.14
5.79
6.11
6.27
6.49
6.45
6.21
6.41
6.08
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
6.04
5.93
5.71
5.65
5.81
6.27
6.51
6.74
6.91
6.87
6.64
6.83
6.53
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.77
5.61
5.42
5.42
5.45
5.82
5.93
5.98
6.03
5.91
5.72
5.86
5.71
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
7.12
7.02
6.82
6.81
6.99
7.35
7.50
7.62
7.71
7.65
7.46
7.66
7.39
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.71
5.59
5.43
5.23
4.99
5.26
5.38
5.42
5.57
5.67
5.51
5.66
5.45
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.75-8.75
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
5.01
4.96
5.01
5.01
5.04
6.16
6.10
6.08
6.09
5.97
6.61
6.55
6.54
6.55
6.42
5.68
5.68
5.73
5.75
5.73
7.46
7.43
7.40
7.39
7.28
5.53
5.45
5.45
5.44
5.42
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treai
Department.
3
Weekly data are Wednesday figures,
4
Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Mood/a)
New-home
mortgage
yields
(FHFB) 5
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.58
7.46
7.40
7.32
7.20
7.49
7.76
7.80
8.05
8.01
8.08
7.98
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in October.
INDEX, DEC. 31,1965-50 (RATIO SCALE)
380
INDEX, DEC. 31 , 1 965-50 (RATIO SCALE)
380
/
360
__^^ \S
340
320
s\
320
S*'
^~
/--^
>
N^/
,/
A
/
V
,
X—
^~^
'
V
4\
s—^
^^"
200
(NYSE)
180
^/^
/^
1 1 111 i iiii 1 1 1 11
170
19 38
I I I II
1 M 1
1 1 111
1 1111
191TO
1989
1 1 1 11
1 1111
1919}
1 III
i i i I I 1 11 1 1 11 11 ii 1 1111 i i iI I
1992
19195
1994
1993
PER :ENT
20
——
«.
•>
—
t
I
1988
no ON COMMC)N STOCKS
10
(S&P)
.—
i
-*'—"""1p^
i
t
i
I
19<n
19139
'
1
19«n
i
)
191?2
1
~
-
i—
i
19194
1993
SOURCES: NEW YOBC STOCK EXCHANGE AND STANDASD1 POCK'S COKPORADON
Period
.. . .
July
Sept
Oct
Week ended:
1996- Oct 5
12
19
26
Nov 2
1
Average
2
Includes
3
Industrial
Transportation
0
Common stock yields
(percent) G
Utility
8
Finance
Dow-Jones
industrial4
average
Standard &
Poor's composite index
(194143=10) =
Dividendprice ratio
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
311.78
317.58
327.90
329.22
346.46
346.73
347.50
354.84
358.32
345.52
354.59
360.96
373.54
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
389.63
398.66
412.11
412.71
435.92
439.56
441.99
452.63
458.30
438.58
449.41
459.69
473.98
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
291.16
300.06
303.53
300.30
315.29
324.76
326.42
334.66
331.57
316.66
321.61
323.12
332.93
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
236.43
238.98
247.59
254.07
257.80
245.77
244.87
249.73
247.20
245.31
244.74
242.25
249.61
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
265.12
266.12
273.36
273.73
290.97
290.45
287.92
290.43
294.42
287.89
302.95
308.16
324.42
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
4,760.46
4,935.81
5,136.10
5,179.37
5,518.73
5,612.24
5,579.86
5,616.71
5,671.51
5,496.26
5,685.50
5,804.01
5,996.21
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
582.92
595.53
614.57
614.42
649.54
647.07
647.17
661.23
668.50
644.07
662.68
674.88
701.46
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.41
2.37
2.30
2.31
2.22
2.22
2.24
2.21
2.21
2.28
2.22
2.20
2.11
370.07
372.57
375.42
375.42
373.00
470.42
473.19
477.62
476.27
470.56
329.09
328.39
333.20
338.67
335.20
246.83
249.00
249.26
250.58
251.92
319.59
322.72
324.05
326.13
328.97
5,929.35
5,953.65
6,037.80
6,037.73
6,004.86
692.93
699.20
705.67
705.38
701.74
2.13
2.13
2.10
2.09
2.10
of daily closing prices.
all the stocks (more than 2,1)00 in 1992) listed on the NYSK.
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.
i
1996
COUNCIL Of ECONOMIC ADVISERS
New York Stock Exchange indexes (Dec.
31, 1965
except as noted)2
Composite
5
i
19"95
Common stock prices '
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Oct
Nov
Dec
1996- Jan
Feb
Mar
170
PERCE NT
20
EAR! MINGS-PRICERA
0
11iM
1996
Earningsprice ratio
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
6.09
5.51
5.27
5.21
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTK.—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
CorjX>ration.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In fiscal 1996, there was a deficit of $107.3 billion, compared with a deficit of $163.9 billion a year earlier.
BILLIONS OF DOLLARS
1,600
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS **
1,500
1,500
OUTLAYS J/-
1,400
1,400
1,300
1,300
1,200
1,200
1,100
1,100
1,000
1,000
17
RECEIPTS-
900
900
800
800
700
700
600
600
st IBPI i K DP nFFirrr t \ ^
0
-inn
1
^~~^^-——-___—-400
A
V
\
1987
\
1988
\
1989
-"
• —*
-~^^
\
1990
\
1991
J
INCO»ES ON-BUDGET AND OFF-BUDGET ft£hB.
>OURCES:DB>AOTMENT OF THE TREASURY AW O^^
1992
-100
-200
~""~^
1
!
1993
1994
1
1
1995
1996
N -400
N
^^
COUNQL OF ECONOMIC ADVISEJIS
"[Billions of dollars]
Total
Receipts
Outlays
Surplus
or
deficit
(-)
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,351.5
1,452.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,515.4
1,560.1
-53.7
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.2
-269.4
-290.4
-255.1
-203.1
-163.9
-107.3
Fiscal year or period
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 .
1992
1993
1994
1995 '
1996 i .
On-budget
Receipts
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667,5
727.0
749.7
760.4
788.0
841.6
922.7
1,000.4
1,085.3
' Data from Monthly Treasury Stntfmumt.
NOTB.—Data (except as noted) are from Ruttye-l of the Unitf.il States (Sanernmunt, I^xcal Year
1997, issued March 19, 1996.
32
Off-budget
Outlays
Surplus
or
deficit
(-)
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.5
1,081.9
1,128.5
1,142.1
1,181.5
1,226.7
1,259.6
-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
-277.8
-321.6
-340.5
-300.5
-258.8
-226.3
1744
Receipts
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
Outlays
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.5
Federal debt (end of
period)
Surplus
or
deficit
(-)
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
67.0
Gross
Federal
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,920.9
5,181.9
Sources: Department of the Treasury and Office of Management and Budget.
Held by
the public
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.1
3,603.3
3,733.0
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1996, receipts were $101.3 billion higher than a year earlier and outlays were $44.7 billion higher.
BILLIONS OF DOLLARS
AX)
-.-
BILUONS OF DOLLARS
/(JO
RECEIPTS-17
INDIVIDUAL INCOME TAXES
.__.
VY1
— •— •—
___..
*"""
sno
r—
400
V
SOOAI INSURANCE
TAXES AND CONTRIBUTIONS
rnppnpATI<~>N
INCOME TAXES
^_
1
0
1
1
1
1
,
1
OTHER RECEIPTS
TOO
,
0
1,400
1,400
OUTLAYS ^
1,300
1,300
<--...• •— """""
1,200
1,200
_-.-. — — """-'"-
1,100
1,100
^\
1,000
1,000
^^. •"•"""
900
900
^ , ^.-»**
800
800
.
. — """"""""""
700
700
600
600
500
500
400
400
300
200
300
xl
V
1
1987
1
1988
1
1989
1
1
1990
1991
1
1
I
1993
1992
1
1994
J' INCUDES ON-8UDGET AN) OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
.
N
200
1996N
1995
COUNCIL OF ECONOMIC ADVISERS
[BUlions of dollars]
On- indget ant! off-budget receipts
Fiscal year or period
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987 ...
1988
1989
1990
1991
1992 .
1E-93
1994
1995'
1996'
Total
Social
insurCorIndiance
poravidual
taxes
tion
income
and
taxes income contritaxes
butions
Ori-budgct and off-budgpt outlays
Nationa defense
Other
Total
Department of
Defense,
military
InternationHealth
al
affairs
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,351.5
1,452.8
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
656.4
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
171.8
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
509.4
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
112.8
119.8
115.1
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,515.4
1,560.1
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.4
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.6
253.3
16.2
33.5
14.2
35.9
11.6 40.0
10.5 44.5
9.6 48.4
13.8 57.7
71.2
15.9
16.1 89.5
17.2
99.4
17.1 107.1
16.4 115.1
13.7 118.9
1
Data from Monthly 7Vmvwn/ Statc-mc-nt.
NOTE.—Data (except as noted) are from Hurl/jet of the, IJmtwl Stdtex Government, Fixaii Yetir
1'!)!)?, issud Mart* 19, 1996.
Total
Medicare
Income
security
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
174.2
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
220.4
225.3
Social
security
Net
interest
Other
85.1 29.9
93.9
35.5
104.1 42.6
118.5 52.5
139.6
68.8
156.0 85.0
170.7 89.8
178.2 111.1
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
349.7
131.8
142.1
125.9
139.4
158.8
203.7
225.0
173.9
159.7
173.7
163.5
171.9
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
Sources: Department of the Treasury arid Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1996, according to advance estimates, Federal current expenditures rose $0.8 billion (annual
rate); receipts data are incomplete.
BILUONS Of DOUARS
BIU1ONSOFDOUARS
1,800
1,800
SEASCWUY ADJUSTED WMJAlllAIK
1,600
^ *• •
-
s *""
1,400
CURRENT EXPENDITURES
\
1,200
,^>
,
,'
^.*^ *" —
1,000
_—S** ™
—
*
r *" """ ~"
1,«00
1/400
1,200
^
-
^
1,000
y^ \
RECEIPTS
•"]
^-*
^s
_***
-
-
/
__
_ ^ *»
800
.- ../
^<*
800
^—' ^
-
600
600
400
400
-
-
200
200
-
C JRRENTS URPLUSOR DEFICIT ( - )
0
-200
-400
0
^——*~~*
1 1 1
\ Ii
1982
1983
^-*~^—S" s—~
1
1
1
1984
~--~.
s*
>s
S
—Hi.
•-—" S
i ii
1 1 1
\
1985
1984
1987
\ \
i i i
1988
i i i
I j I
1990
aMENDAKYE«s
1989
i i i
1991
1
1992
1
1
1993
^—— —•
i i i
i ii
1994
1995
SOURCE: oewnwEw OF COMMERCE
-200
-400
1994
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current expenditures
Federal Government receipts
Period
Total
Calendar year:
19S9
1990
1991
1992
1993
1994
1995
1991- IV
1992- IV
1993- I
II
m
IV
1994- I
II
in
rv
1995. I
II
m
IV
1996- I
II
llip
1,079.3
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,478.4
1,160.9
1,230.5
1,225.2
1,271.3
1,280.3
1,324.4
1,321.9
1,382.8
1,387.1
1,416.3
1,449.3
1,483.2
1,486.6
1,494.7
1,523.1
1,575.6
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
463.4
485.7
476.9
490.8
523.6
561.4
614.9
479.0
510.0
501.0
521.0
529.1
543.4
539.3
571.3
560.4
574.5
594.6
624.4
617.3
623.3
639.6
681.4
680.7
117.1
118.0
109.8
118.6
137.5
164.4
184.3
111.1
123.7
127.5
136.5
133.7
152.2
144.3
162.2
171.3
180.0
61.7
65.1
79.7
81.9
88.2
92.6
91.2
82.8
86.5
84.3
87.5
87.2
93.7
92.8
91.3
93.3
93.2
183.1
180.7
189.1
184.3
196.4
199.0
91.7
93.5
88.4
91.3
84.4
83.2
85.8
Source: Department of Commerce, Bureau of Economic Analysis.
34
Contributions
for
social
insurance
437.1
461.1
482.6
507.1
526.0
558.6
588.0
488.1
510.3
512.4
526.2
530.3
535.1
545.5
558.1
562.1
568.6
579.9
584.6
591.8
595.9
602.6
612.0
620.3
Total
1,192.7
1,284.5
1,345.0
1,479.4
1,530.9
1,567.3
1,640.1
1,399.8
1,509.5
1,509.7
1,521.5
1,534.7
1,557.7
1,534.6
1,552.5
1,575.7
1,606.4
1,621.9
1,644.3
1,645.0
1,649.3
1,678.3
1,702.3
1,703.1
Consumption
expenditures
Transfer
payments
405.2
426.6
445.9
451.0
451.9
450.7
453.8
440.5
457.7
451.3
448.5
453.5
454.3
471.7
513.3
522.2
625.1
659.1
682.9
719.9
565.8
643.3
645.9
654.7
660.8
675.0
446.7
445.1
455.7
455.3
454.6
455.6
453.6
451.4
670.9
676.4
683.5
700.9
708.3
716.2
724.2
730.9
756.2
757.9
762.7
453.6
463.5
460.7
Grantsin-aid
to
Net
State interest
and
paid
local
governments
118.2
132.4
153.4
172.2
185.7
195.9
206.1
162.7
176.3
177.3
181.5
187.2
197.0
192.2
197.5
196.9
196.9
205.8
211.3
203.8
203.3
207.6
219.3
215.7
166.7
179.9
192.7
195.8
192.3
201.4
229.1
200.0
191.8
190.5
193.2
192.7
192.8
188.3
198.3
204.3
214.8
220.9
229.3
232.3
233.9
230.5
230.8
233.7
Subsidies less
current
surplus
of
Government
enterprises
30.8
32.4
30.8
35.1
41.8
36.4
31.3
30.9
40.3
44.7
43.6
40.5
38.6
36.5
35.3
35.2
38.5
32.3
32.0
31.1
29.9
30.4
30.8
30.3
Less:
Wage
accruals less
disbursements
Current
surplus
or
deficit
(-),
national
income
and
product
accounts
0.0
.1
-.1
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-113.4
-154.7
- 196.0
-280.9
-255.6
- 190.2
-161.7
- 238.8
-279.0
- 284.5
-250.2
-254.4
- 233.3
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-212.7
- 169.6
- 188.5
-190.1
-172.6
-161.1
-158.5
- 154.5
-155.2
-126.7
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987-100; seasonally adjusted)
Period
United
States
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995:
June
July
Oct...:::::
::::
£e£
Nov
Dec ..
1996: Jan .
Feb
Mar
Apr
May ....
Prance
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
115.8
98.8
100.0
104.6
108.5
110.1
108.7
107.5
103.4
107.3
109.0
99.6
100.0
103.9
108.8
114.5
117.8
115.8
107.1
110.4
110.0
121.4
121.5
122.7
122.8
122.2
122.6
122.8
113.0
113.8
113.9
113.9
113.5
113.7
113.5
115.4
112.8
116.5
113.4
115.0
116.6
11J.7
110.0
110.1
110.1
108.2
107.2
107.5
108.6
112.2
113.7
110.7
112.1
109.5
110.6
110.8
122.5
124.2
123.6
124.5
125.4
'114.1
'113.7
'113.5
108.8
109.1
109.7
108.8
109.7
109.4
111.1
109.1
111.1
'114.5
'114.5
'116.1
117.7
121.0
113.6
117.2
119.9
115.6
120.1
116.3
'117.5
114.2
'110.5
'111.3
112.2
'113.1
114.5
Consumer prices (1982-84-100; NSA)
United
Kingdom
Italy
95.4
100.0
105.3
105.2
101.7
97.4
98.5
102.9
110.1
113.8
127.1
Sepf ...
Japan
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
'126.4
'126.4
'126.8
July
Aug
1
Canada
Germany
United
States>
Japan
Germany
France
United
Kingdom
Italy
'117.0
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.9
110.1
113.0
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
104.8
104.8
105.6
108.1
111.4
115.0
116.9
118.4
119.3
119.1
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
104.7
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
'116.3
'117.3
'125.6
'118.3
'117.4
'117.4
'121.8
112.6
113.1
113.6
114.1
113.0
113.6
114.0
152.5
152.5
152.9
153.2
153.7
153.6
153.5
151.6
151.9
151.8
151.8
151.8
152.0
151.8
119.4
118.8
118.9
119.6
119.3
118.9
118.9
148.3
148.0
148.7
149.2
149.3
149.5
149.6
131.1
131.5
131.2
131.1
131.0
131.0
131.4
204.6
204.7
205.4
206.0
'115.7
'115.2
'116.9
'113.8
'114.0
'113.1
'113.7
'114.3
'113.4
'113.4
'114.0
152.2
152.4
153.0
153.4
153.9
153.7
153.7
153.9
154.1
118.8
118.5
118.8
119.5
119.7
119.4
119.3
119.1
119.6
149.9
150.4
151.3
151.6
151.9
151.7
151.5
151.1
151.6
131.5
132.2
132.2
132.3
132.6
132.8
133.2
133.1
133.0
209.0
209.6
117.3
113.9
114.4
154.4
154.9
155.7
156.3
156.6
156.7
157.0
157.3
157.8
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
111.0
114.5
113.6
1187
Data relate to all urban consumers.
Canada
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
175.2
204.0
176.0
175.2
176.1
176.9
176.0
176.0
177.1
207.1
208.3
208.7
176.5
177.3
178.0
179.3
179.6
179.8
179.1
179.9
180.7
210.2
211.4
212.2
212.7
212.2
212.4
213.1
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE W GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
P
. . .,
,
.j
nsus
(Dy e -use tegory;
Services
(BOP basis)
Goods: Imports (customs value)
P
.
.
.
census oasis (Dy ena use category!
Balance of trade
(exports minus imports)
BOP basis
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Aug
Sept
Oct
Nov
Dec
1996: Jan
Feb
Mar
Apr
May
June
July ....
Aug
BOP
basis
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
575.9
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
584.7
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
50.5
48.7
49.7
49.5
49.8
50.1
49.5
50.3
50.3
50.6
50.9
4.5
4.7
4.4
4.4
4.5
48.7
49.3
51.7
51.4
51.6
52.5
51.9
50.2
52.0
4.7
4.5
4.9
4.7
4.7
4.5
4.7
4.7
50.9
50.5
50.7
51.4
51.0
48.8
50.7
1
2
ConAuto- sumer
Inmodus- Captive goods
ital
Foods, trial
Total, feeds, sup- goods vehi- (nonexcept cles, food)
Census and
explies
bevbasis2
auto- parts
cept
and
moerages and
automate- tive
enrials
gines motive
57.3
BOP
basis
Total,
Census
basis2
101.3 71.8
111.0 84.5
118.3 101.4
Exports
85.9
Imports
81.0
91.7
Goods,
Census
basis
Goods
— 145.1
- 159.6
— 127.0
-115.2
- 109.0
-74.1
-96.1
- 132.6
- 166.1
- 173.4
4.9
6.6
11.4
23.5
28.7
44.2
57.8
60.6
61.7
68.4
— 115.5
-91.8
-80.3
-29.9
-38.3
-72.0
- 104.4
- 105.1
Services
Goods
and
services
- 140.1
- 152.9
145.6
162.0
180.7
113.3
116.4
120.7
134.3
152.4
184.4
221.4
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
124.8
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
160.0
127.0
147.5
163.8
177.3
186.1
195.8
210.6
99.5
103.5
118.8
119.6
119.5
125.5
134.1
1423
— 138.3
- 152.1
— 118.5
- 109.4
-101.7
-66.7
-84.5
-115.6
-150.6
- 158.7
2.7
2.8
2.8
2.7
2.7
14.8
15.3
14.7
14.9
14.8
18.8
19.0
19.5
19.2
19.3
10.2
10.2
9.6
9.9
10.3
13.4
13.4
13.4
13.1
13.2
18.1
18.4
18.0
18.2
18.0
12.1
12.0
11.8
12.0
11.8
-12.4
-12.4
-11.9
-11.2
-11.6
-13.4
-13.2
-13.1
-12.3
-12.6
6.0
6.3
6.2
6.2
6.2
-7.4
-6.9
-6.9
-6.1
-6.4
2.8
2.8
3.0
3.0
3.0
2.9
2.9
3.0
15.6
14.7
15.3
16.6
17.0
16.3
17.0
16.9
19.5
19.4
19.5
18.8
19.0
18.6
18.6
18.8
10.6
10.6
10.0
10.5
11.5
10.8
11.1
11.6
13.5
13.7
13.7
13.5
14.2
13.9
13.9
14.4
17.9
18.3
18.8
18.5
18.8
18.8
18.5
18.7
12.0
12.3
12.3
12.3
12.5
12.3
12.6
12.5
-14.5
-11.6
-12.3
-13.1
-14.4
-12.9
-15.6
-14.9
-15.5
-12.8
-14.4
-15.6
-16.8
-14.6
-17.5
-17.0
5.9
6.0
6.6
6.2
6.3
6.4
5.9
6.2
-9.6
-6.8
-7.9
-9.4
-10.5
-8.2
75.8
86.2
66.7
85.1 109.2
99.3 138.8
104.4 152.7
109.7 166.7
109.1 175.9
111.8 181.7
121.4 205.2
146.3 233.0
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
61.8
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.4
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.4
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
12.1
12.4
12.5
11.9
12.1
20.0
19.8
20.3
20.7
21.2
5.1
5.6
5.2
5.1
5.2
5.5
5.4
5.5
5.5
5.5
62.2
62.9
62.6
62.1
62.7
61.9
62.7
62.2
61.8
62.5
11.9
12.2
12.5
12.7
12.5
12.3
11.4
12.1
19.9
21.3
20.8
21.1
21.1
20.7
20.0
21.0
5.2
5.4
4.9
4.9
5.4
5.5
5.2
5.4
5.5
5.8
5.7
5.8
5.9
5.9
5.5
5.8
64.2
63.7
64.9
66.3
68.2
65.6
66.3
67.6
63.9
63.3
63.7
64.7
66.9
64.7
65.8
66.9
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
Auto- Conmo- sumer
Captive goods
ital
Foods, trial
goods vehi- (nonfeeds,
sup- except cles, food)
and
plies auto- parts except
bevand
automoerages and
mate- tive
enmorials
tive
gines
In-
132.3
143.2
131.6
138.6
98.3
110.9
-11.6
-10.8
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1996, the merchandise trade deficit rose to $46.8 billion, from $42.7 billion in the first
quarter. The current account deficit rose to $38.8 billion, from $34.9 billion in the first quarter.
BILLIONS OF DOLLARS'
BlUJONSOf DOUARS*
-50
1986
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( — ) ]
Goods1
Imports
Net
balance
Net
travel Other
Net
military and
servtrans- transices,
ac- 23 portanet
tions
tion
receipts
- 368,425
-409,765
-447,189
- 477,365
-498,337
- 490,981
- 536,458
- 589,441
- 668,584
- 749,364
- 155,301
- 163,993
-171,652
- 177,638
- 183,474
-190,910
- 187,532
- 187,448
-192,758
-200,146
- 145,081
- 159,557
-126,959
- 115,245
- 109,030
- 74,068
-96,106
- 132,609
-166,121
- 173,424
- 36,839
-41,084
-44,415
-43,783
-44,923
-47,927
- 42,548
-38,026
-42,730
- 46,830
5 181
- 3,844
- 6,320
-6,749
- 7,599
-5,274
- 1,448
880
1,963
3,585
-38
367
1,171
463
628
859
1,120
978
489
835
Period
Exports
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994: I
II
in
IV
1995- I
II
m
IV
1996: I
UP
1
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,832
502,463
575,940
118,462
122,909
127,237
133,855
138,551
142,983
144,984
149,422
150,028
153,316
Investment income
Services
-8,484
-7,613
-2,591
4,043
8,002
17,032
20,484
20,026
16,711
18,361
4,016
4,221
3,758
4,717
3,770
3,834
5,087
5,670
5,362
5,559
18,609
18,097
20,352
26,192
28,291
32,440
38,805
39,665
43,068
46,415
10,159
10,614
11,039
11,257
11,010
11,410
12,006
11,987
12,652
12,561
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).
a
36
Balance
on
goods
and
services
- 140,136
- 152,918
-115,518
-91,758
- 80,336
29 872
- 38,264
- 72,039
- 104,379
105 064
-22,702
-25,882
-28,447
-27,346
-29,515
-31,824
-24,335
- 19,391
- 24,227
-27,875
3
4
Receipts Payments
on U.S. on foreign
assets assets in
U.S.
abroad
91,976
100,767
129,070
152,517
160,300
137,003
119,046
119,900
141,704
182,659
31,841
33,287
37,212
39,368
44,100
46,779
45,269
46,513
-79,095
-91,302
-115,722
- 138,639
- 139,402
-121,159
- 107,851
-110,158
145 863
-190,674
- 30,678
-33,923
-38,801
-42,462
-45,000
-47,641
-49,630
- 48,403
47,497
48,195
-47,235
-49,799
Net
12,881
9,465
13,348
13,878
20,897
15,844
11,195
9,742
-4,159
-8,016
1,163
-636
- 1,589
- 3,094
-900
-862
- 4,361
-1,890
262
- 1,604
Balance
on goods, Unilateral
services, transfers,
and
net 4
income
- 127,255
-143.453
- 102,170
-77,880
-59,439
- 14,028
-27,069
-62,297
108 539
-113,079
-21,539
-26,518
-30,036
-30,440
-30,415
-32,686
-28,696
-21,281
-23,965
-29,479
-24,833
-23,939
-26,266
-27,696
-35,219
4,510
-35,514
-37,640
-39,866
-35,075
-8,169
-9,507
-9,975
-12,215
-8,639
-8,290
- 8,992
-9,154
- 10,904
- 9,300
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services imdw U.S. militaiy grant programs.
Sue, p. 37 for ftMitinwtivm of table.
Balance
on
current
account
-152,088
-167,392
-128,436
-105,575
-94,657
-9,518
-62,583
- 99,936
- 148,405
-148,154
-29,708
- 36,025
-40,011
-42,655
- 39,054
- 40,976
-37,688
-30,435
- 34,869
- 38,779
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $5.1 billion in the second
quarter of 1996, in contrast to a decrease of $1.7 billion in the first quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $3.9 bilHon in the second quarter, following a
decrease of $35.6 billion in the first quarter.
BILUONS OF OCULARS'
BILLIONS OF DOLLARS •
120
COUNCIL Of ECONOMIC ADVISBB
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
(increase/capiti
)]
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994: I
II
in
IV
1995: I
II
m
IV
1996: I
HP
r>
U.S.
official
reserve
assets35
-106,753
312
-72,617
9,149
- 100,087 -3,912
-168,744 -25,293
-74,011 -2,158
-57,881
5,763
-68,622
3,901
-194,609
-1,379
- 150,695
5,346
-307,856
-9,742
-36,897
-59
-28,627
3,537
-25,569
-165
-59,603
2,033
-61,747
-5,318
- 108,299 -2,722
-39,595
-1,893
-98,214
191
-68,750
17
-49,165
-523
Other U.S.
Government
assets
-2,022
1,006
2,967
1,259
2,307
2,911
-1,657
-342
-341
-280
399
491
-288
-943
-154
-179
252
-199
-152
-429
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S.
private
assets
- 105,044
-82,771
-99,141
- 144,710
-74,160
-66,555
-70,866
- 192,889
- 155,700
-297,834
-37,237
-32,655
25 116
-60,693
-56,275
- 105,398
-37,954
98206
-68,615
-48,213
Total
226,111
242,983
240,265
218,490
122,192
94,241
154,285
250,996
285,376
424,462
83,235
45,889
83,619
72,632
90,995
115,421
118,816
99,229
99,471
80,315
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets3
Other
foreign
assets
35,648
45,387
39,758
8,503
33,910
17,389
40,477
72,153
40,253
109,757
11,036
9,166
19,785
266
21,822
37,380
39,186
11,369
52,021
13,197
190,463
197,596
200,507
209,987
88,282
76,853
113,808
178,843
245,123
314,705
72,199
36,723
63,834
72,366
69,173
78,041
79,630
87,860
47,450
67,118
Statistical discrepancy
Allocations
of special Total (sum
Of which:
drawing of the items
Seasonal
rights
adjustment
with sign
(SDKs)
discrepancy
reversed)
32,729
-2,974
-11,743
55,830
46,476
-26,843
-23,080
43,550
13,724
31,548
-16,630
18,763
-18,039
29,626
9,806
33,854
-41,533
29,420
4,148
7,629
5,105
274
-6,490
1,107
6,519
-266
-7,407
1,153
6,279
-743
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
76,809
75,732
76,532
74,335
86,761
90,063
87,152
85,832
84,212
83,455
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Pa e
TOTAL OUTPUT, INCOME. AND SPENDING
«
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Quantity and Price Indexes for GDP and Percent Changes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment and Plans
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT. UNEMPLOYMENT. AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufacrures
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
's«K
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receiprs 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.
rtri
38
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