Full text of Economic Indicators : September 1996
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W4th Congress, 2d Session
Economic Indicators
SEPTEMBER 1996
(Includes data available as of October 1, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
OCT 2 >. 1996
FEDERAL RESERVE
BANK OF CHICAGO.
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
HOUSE OF REPRESENTATIVES
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
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11
TOTAL OUTPUT, INCOME. AND SPENDING
GBOSS DOMESTIC PRODUCT
In the second quarter of 1996, according to revised estimates, current-dollar gross domestic product (GDP) rose
6.5 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 4.7 percent, and the implicit price deflator
rose 1.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
7,600
X
r ADJUSTED Ah^UAL RATES
SEASONAL
x^
6 800
INCHMNED(1992)DOLt>\RS
s~
5 600
X
_ — -^
,x'1
5 200
X
4,800
/
4400
x
4000
/
q ZAA
3 200
y
5 600
5200
4,800
GDP
INCZURRENT DOLLARS
^^.x''^
4/400
4,000
X
3 600
3 200
111
I I i
1983
1984
1982
6,000
x K^
\-
X*
.X
7 Ofifl
6,400
xX
X
7,600
6800
^^
W,. *"
6,000
^1
-^
r^l
GDI3
6,400
^
i i i
1985
1986
1987
1988
i i |
1 1 1
1989
1990
1991
1992
1993
1994
SOURCE: DEPARTMENT OF COMMERCE
i i i
1 1 i
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1987
1988
1989
1990
1991 ,
1992
1993
1994
1995
1990:
IV
1991: IV
1992: IV
1993: I
II
Ill
IV
1994:
1995:
I
II
Ill
IV
I
II
Ill
IV
1996: I
II'
Expo rts and im ports
Gross
Personal
of goods and services
conGross
private
domestic sumption domestic
product expendi- investNet
ment
tures
exports Exports Imports
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
5,781.5
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
3,094.5
747.2 -142.1
3,349.7
773.9 -106.1
3,594.8
829.2
-80.4
3,839.3
799.7
-71.3
736.2
3,975.1
-20.5
4,219.8
790.4
-29.5
4,454.1
871.1
-62.7
4,700.9 1,014.4
-94.4
4,924.9 1,065.3
-94.7
3,907.0
736.1
-72.0
4,027.1
760.9
-14.8
816.1
4,329.6
-42.7
843.6
4,367.6
-47.9
4,424.8
855.9
-59.6
4,481.0
873.8
-74.5
4,543.1
911.2
-68.8
4,600.9
957.6
-78.8
4,666.2 1,016.5
-93.0
4,738.3 1,033.6 - 107.0
4,798.2 1,050.1
-98.7
4,840.6 1,072.0 - 108.7
4,910.5 1,050.3 -115.3
4,957.9 1,074.8
-87.6
4,990.5 1,064.0
- 67.2
5,060.5 1,068.9
-86.3
5,139.4 1,096.0
-99.2
less exports of goods and services plus imports of goods ami services.
365.7
447.2
509.3
557.3
601.8
639.4
657.8
719.1
807.4
577.3
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
507.9
553.2
589.7
628.6
622.3
669.0
720.5
813.5
902.0
649.2
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
Gw eminent c onsumptio n expendit ares
and %TOSS inves tment
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
1,210.4
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
455.7
457.3
477.2
503.6
522.6
528.0
522.6
516.4
516.6
516.7
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
n
domestic
and
local
product
chases 1
537.2
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
693.7
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
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
5,812.9
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
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
5,853.5
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
Qta+/a
National Nondefense defense
350.4
354.0
360.6
373.1
383.5
375.8
362.7
352.0
345.5
383.3
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
TPinal
sales of
105.3
103.3
116.7
130.4
139.1
152.2
159.9
164.3
171.0
133.3
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
Source: Department of Commerce, Bureau of Economic Analysis,
Addendum:
Gross
national
product
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
5,813.6
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
REAL GROSS DOMESTIC PRODUCT
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Personal
tares
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990:
1991:
1992:
1993:
IV
IV
IV
I
II
Ill
IV
1994: I
II
Ill
IV
1995: I
II
Ill
IV
1996: I
II '
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
6,081.0
6,104.4
6,327.3
6,326.4
6,356.5
6,393.4
6,469.1
6,508.5
6,587.6
6,644.9
6,693.9
6,701.0
6,713.5
6,776.4
6,780.7
6,814.3
6,892.6
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
4,116.4
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
Gross prival e
domestic invest!nent
Nonresidential
fixed
investment
Residential
fixed
investment
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
573.9
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
Exports and impo rts of
goods and serviees
Change
in business
inventories
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
200.3
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
Government oonsumptioii expenditiires
and gjross invest ment
Federal
exports
-156.2
11.6 -114.4
-82.7
33.3
10.4
-61.9
-3.0
-22.3
7.3
-29.5
19.1
-72.0
58.9 -105.7
33.1 -107.6
-28.2
-42.5
21.4
-17.9
5.8
-40.0
18.5
-56.0
20.8
-64.4
19.5
-86.2
17.4
-81.5
40.5
-99.3
74.5 -107.3
64.5 -111.7
56.1 -104.3
54.5 -122.5
30.5 -121.4
33.0 -101.6
14.6
-84.9
-3.0 -104.0
7.1 -114.7
26.2
Exports
Imports
Total
Total
402.0
465.8
520.2
564.4
599.9
639.4
658.2
712.0
775.4
573.9
623.5
649.1
647.1
660.0
645.5
680.3
677.6
703.1
719.6
747.6
752.3
763.2
783.0
803.1
806.7
817.9
1
GDP less exports of goods and services plus imports of goods and services.
Note.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the ehained-dollar value of GDP or to any
intermediate aggregates.
558.2
580.2
603.0
626.3
622.2
669.0
730.2
817.6
883.0
616.4
641.4
689.1
703.1
724.4
731.7
761.8
777.0
810.4
831.3
851.9
874.9
884:6
884.5
888.0
910.7
932.6
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
1,259.9
1,250.7
1,272.5
1,257.7
1,258.4
1,261.6
1,266.2
1,252.4
1,249.8
1,271.2
1,266.6
1,262.7
1,265.1
1,263.4
1,249.6
1,254.7
1,278.2
534.4
524.6
531.5
541.9
539.4
528.0
509.2
489.8
472.3
543.5
526.9
534.0
516.1
509.7
505.9
505.0
489.9
483.3
496.7
489.2
481.0
479.4
472.5
456.2
462.9
473.4
National
defense
409.2
405.5
401.6
401.5
397.5
375.8
355.4
337.0
319.6
403.1
381.7
376.8
361.6
356.9
351.6
351.2
334.8
335.5
346.2
331.3
325.0
325.5
319.1
308.8
311.9
319.4
State
and
local
Nondefense
125.3
119.1
130.1
140.5
142.0
152.2
153.8
152.6
152.3
140.5
145.3
157.1
154.4
152.7
154.2
153.7
154.9
147.8
150.4
157.5
155.6
153.5
153.1
147.0
150.6
153.7
631.8
656.6
682.6
708.6
718.7
735.8
751.8
770.5
788.6
716.5
723.8
738.5
741.6
748.8
755.7
761.3
762.7
766.8
774.7
777.7
782.2
786.3
791.5
794.4
792.6
805.5
Adden-
Final
sales of
domestic
product
Gross
domestic
purchases1
produet
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
6,108.1
6,083.8
6,320.7
6,307.1
6,334.5
6,371.3
6,449.2
6,467.7
6,514.9
6,582.1
6,638.1
6,647.4
6,682.4
6,741.4
6,764.2
6,815.2
6,884.7
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
6,124.3
6,122.3
6,367.3
6,382.1
6,420.4
6,478.6
6,549.3
6,605.9
6,692.3
6,753.7
6,795.3
6,819.8
6,830.9
6,874.8
6,862.9
6,914.6
7,003.0
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
6,113.4
6,118.7
6,334.8
6,342.5
6,366.9
6,406.3
6,472.5
6,514.0
6,586.2
6,640.0
6,683.5
6,699.1
6,711.9
6,762.0
6,775.6
6,814.9
6,886.5
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
expe nditures
Gross private
domestic i nvestment
Exports an< I imports of
goods an d services
Governnlent consum ption expeiiditures
and gross irivestment
ftiwcc
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990: IV
1991: IV
1992: IV
1993: I
II
Ill
IV
1994: I
II
in
IV
1995: I
II
Ill
IV
1996: I
IP
domestic
product
83.1
86.1
89.7
93.6
97.3
100.0
102.6
104.9
107.6
95.1
98.3
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
Federal
Total
81.0
84.3
88.4
92.9
96.8
100.0
102.6
105.1
107.6
94.9
98.0
101.1
101.8
102.5
102.8
103.5
104.1
104.7
105.5
106.1
106.7
107.5
107.8
108.3
108.9
109.6
Durable
goods
Nondurable goods
Services
91.6
93.3
95.3
96.6
98.5
100.0
101.3
103.4
104.6
97.0
99.1
100.2
100.5
101.1
101.5
101.9
102.4
103.2
103.9
103.9
104.7
104.8
104.5
104.3
104.3
103.6
81.8
84.8
89.3
94.6
98.1
100.0
101.5
102.8
104.5
97.4
98.7
100.7
101.3
101.5
101.3
101.9
102.0
102.4
103.3
103.6
78.2
82.2
86.6
91.2
95.8
100.0
103.6
106.7
109.9
93.1
97.4
101.5
102.4
103.3
103.9
104.7
105.6
106.2
107.1
107.9
108.8
109.7
110.3
110.9
111.4
112.3
103.9
104.5
104.7
105.0
106.0
107.2
Source: Department of Commerce, Bureau of Economic Analysis.
dential
fixed
91.3
93.7
96.2
98.4
99.9
100.0
100.9
102.3
103.4
99.4
99.9
100.1
100.5
100.8
101.0
101.1
101.6
102.2
102.7
102.7
102.7
103.4
103.8
103.6
103.4
103.1
Residential fixed
88.3
92.1
95.1
97.8
98.8
100.0
103.7
107.0
110.3
98.3
98.9
101.4
102.3
103.6
104.3
104.7
105.7
106.2
107.4
108.6
109.2
109.9
110.7
111.3
111.3
111.6
Exports
Imports
Total
91.0
96.0
97.9
98.7
100.3
100.0
99.9
101.0
104.1
100.6
100.2
100.0
100.0
100.1
100.0
99.8
100.2
100.6
101.3
101.8
103.2
104.5
104.6
104.2
104.1
103.9
91.0
95.3
97.8
100.4
100.0
100.0
98.7
99.5
102.2
105.3
99.7
100.4
98.8
99.4
98.4
98.1
97.5
98.8
100.6
100.9
101.1
103.2
102.5
101.8
101.7
101.8
85.3
87.2
89.8
92.9
96.9
100.0
102.6
105.4
109.4
95.1
97.8
100.2
101.8
102.0
103.0
103.6
104.4
105.4
105.5
106.5
108.0
108.9
109.4
111.3
112.0
111.9
National
defense
Nondefense
85.6
87.3
89.8
92.9
96.5
100.0
102.1
104.5
108.1
95.1
97.7
99.6
101.1
101.6
102.7
102.9
103.6
104.1
104.7
105.5
106.9
108.1
108.3
109.2
110.3
110.8
84.0
86.7
89.7
92.8
97.9
100.0
104.0
107.7
112.3
94.9
98.1
101.6
103.5
103.1
103.9
105.5
106.3
108.3
107.4
108.7
110.6
110.9
111.8
116.0
116.0
114.4
and
local
85.0
87.5
90.5
94.9
97.9
100.0
102.1
103.6
106.7
96.8
98.6
100.9
101.6
102.2
102.3
102.4
102.9
103.2
103.8
104.5
105.6
106.5
107.1
107.7
109.1
109.2
QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT AND
PERCENT CHANGES
(Quarterly data are seasonally adjusted]
Percent change from preceding periodl
Index numbers, 1992=100
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1991: I ...
II ..
Ill
IV .
1992: I ...
II ..
Ill
IV .
1993: I ...
II ..
Ill
IV .
1994: I ...
II ..
Ill
IV .
1995: I ...
II ..
Ill
IV .
1996: I ...
II'
Chain-type
quantity
index
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
93.2
94.4
95.3
96.1
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
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
96.3
97.0
97.7
98.3
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
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
96.9
97.3
97.5
97.8
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
1
Percent changes based on unrounded indexes. Quarterly percent changes are at annual
rates.
Implicit
price
deflator
Chain-type
quantity
index
Current
dollars
70.1
73.1
75.9
78.4
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
104.9
107.6
96.3
97.0
97.7
98.3
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
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
2.8
4.9
4.0
3.6
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
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
-2.2
1.7
1.0
1.0
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
Implicit
price
deflator
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
5.1
3.1
2.9
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
6.3
4.2
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.3
2.5
4.8
3.2
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
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of real output (dollars)J
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993: I ...
II ..
Ill
IV.
1994: I ...
II ..
Ill
IV.
1995: I ...
II ..
Ill
IV,
1996: I ...
II'
1
Current
dollars
Chained
(1992)
dollars
2,589.6
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3,689.4
3,885.8
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
Total
cost and
profit 2
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.
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
3
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, etc.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
Indirect business tax aad nontax liability plus business transfer payments les
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce, Bureau of Economic Analysis.
4
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
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation
of
ees1
1990
1991
1992
1993
1994
1995
1990: IV
1991: IV
1992: IV
1993: I
II
Ill
IV
1994: I
II
Ill
IV
1995: I
II
Ill
TV
1996: I
II'
1
Proprieto rs' income
with invei itory valuation and <stpital consumption a cjjustments
4,611.9
4,719.7
4,950.8
5,195.3
5,501.6
5,813.5
4,667.2
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
3,352.8
3,457.9
3,644.9
3,809.5
4,009.8
4,222.7
3,395.9
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
6,015.3
6,118.7
4,344.3
4,420.9
Nonfarm
Farm
36.3
30.2
38.0
32.0
35.0
29.0
33.9
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
324.6
332.7
371.5
388.1
415.9
449.3
327.1
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
Includes employer contributions for social insurance. (See also p. 5.)
Coiljorate profits5 with invent My valuation and
capital co nsumption ac [justments
Rental
nf
with
capital
consumption
adjustment
61.4
68.4
80.6
102.5
116.6
122.2
67.3
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
Profits with inventory valuation
adjustme nt and without capital
consu mption acyus tment
Total
Total
369.5
382.5
401.4
464.4
529.5
586.6
365.5
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
Profits
before tax
376.7
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
624.8
633.5
. Net
interest
-13.5
11.3
4.0
4.3
2.5
6.7
467.3
448.0
414.3
398.9
394.9
403.6
477.5
434.3
412.4
Inventory
valuation
adjustment
371.7
374.2
406.4
464.3
531.2
598.9
358.2
378.2
398.9
457.7
517.9
570.8
356.5
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
Capital
consumption
adjustment
-7.5
-6.6
-13.3
-28.1
-20.3
-7.6
11.6
15.9
7.9
9.0
4.5
7.2
5.0
5.8
3.8
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-17.4
-11.0
12.3
-11.8
18.1
18.8
21.3
17.4
15.0
14.6
16.5
20.4
22.3
.2
-14.6
-15.6
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]
Nondurab e goods
Durable goods
To
Period
1990
1991
1992
1993
1994
1995
1990:
1991:
1992:
1993:
IV
IV
IV
I
II
Ill
IV
1994: I
II
Ill
IV
1995: I
II
Ill
IV
1996: I
IP
a
consumption
expenditures
Total
durable
goo
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
4,116.4
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
493.3
462.0
488.5
524.1
562.0
579.8
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
476.3
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
Motor
vehicles
and
parts
224,3
193.2
206.9
218.6
228.2
221.1
210.0
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
Furniture
and
household
equipment
Other
173.5
177.0
189.4
208.4
230.1
251.1
171.5
178.0
196.4
200.7
205.0
211.0
2.16.8
219.0
226.1
232.6
242.6
243.1
247.1
254.1
259.9
264.1
276.0
96.6 1,316.1
91.8 1,302.9
92.3 1,321.8
97.2 '1,348.8
104.2
1,390.5
109.8 1,421.9
1,308.4
95.5
88.9 1,295.7
94.6 1,339.8
94.5 1,336.9
95.5
1,344.5
98.9
1,354.0
99.9 1,359.9
100.3 1,372.9
103.0 1,383.9
104.7 1,397.0
108.8 1,408.1
108.9 1,416.6
109.9 1,422.9
110.5 1,424.7
109.9 1,423.2
113.9 1,436.1
117.4 1,440.9
Total
nondurable
goods
1
Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the ehained-dollar value of GDP or to any
intermed iate aggregates.
Food
Clothing Gasoline
and
and oil
662.9
659.6
660.0
674.3
689.1
702.1
217.9
215.9
225.5
233.3
247.2
257.2
662.9
656.5
668.6
215.1
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
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
107.3
103.4
106.6
109.1
110.4
113.3
104.9
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
Services
Fuel
oil
and
coal
11.2
10.8
10.9
10.7
10.3
10.3
9.9
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
Other
Total
services1
Housing
Medical
care
Retail sales
of new passenger ears
and light
tracks
units)
316.7
313.2
318.8
321.5
333.5
339.3
315.6
312.8
322.3
319.9
320.8
321.8
323.4
329.3
332.3
335.8
336.7
338.4
339.9
340.0
338.8
341.6
343.5
2,321.3
2,341.0
2,409.4
2,466.7
2,521.4
2,577.0
2,331.2
2,352.0
2,437.6
2,446.8
2,454.9
2,476.7
2,488.5
2,498.5
2,519.9
2,530.0
2,537.3
2,552.5
2,571.6
2,584.6
2,599.3
2,614.7
2,632.3-
627.2
635.2
646.8
655.0
668.2
681.7
602.8
621.6
646.6
658.8
668.8
684.1
630.6
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
610.6
630.8
652.2
656.6
657.5
659.7
661.4
663.2
667.6
670.4
674.2
Source: Department of Commerce, Bureau of Economic Analysis.
677.8
681.3
686.0
691.2
691.1
696.1
13.9
12.3
12.8
13.9
15.0
14.7
13.0
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
SOURCES OF PERSONAL INCOME
Personal income rose $36.1 billion (annual rate) in August, following an increase of $5.7 billion in July. Wages
and salaries rose $29.7 billion in August, compared with a decrease of $6.1 billion in July. In August, privatesector employment, average weekly hours, and average hourly earnings all rose. In July, on the other hand,
declines in hours and earnings offset an increase in employment.
BILUONS OF DOLLARS* (RATIO SCALE)
BILUONS OF DOLLARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
OTHER INCOME
.
800
400
1988
l i i I I I I I I 11
1989
800
H \
TRANSFER PAYMENTS
400
1990
1991
1992
1994
1993
* SEASONAUY ADJUSTH3 ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor s' income3
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Aug
Sept
Oct
Nov
Dee
1996: Jan
Feb
Mar
Apr r
May'r
June
Julyr
Aug^
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
6,138.9
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
6,466.0
6,502.1
salary
disbursements1
2,272.7
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,090.7
3,241.8
3,430.6
3,443.9
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
3,637.0
3,666.7
Other labor
income 1 2
. 32.3
28.2
36.8
36.3
30.2
38.0
32.0
35.0
29.0
28.0
28.8
30.4
31.9
33.2
36.2
38.8
40.1
43.2
46.2
48.0
47.3
45.4
235.4
251.7
273.1
300.6
322.7
351.3
380.9
402.2
424.0
425.8
427.2
428.7
430.2
431.7
427.4
429.1
430.8
432.4
434.0
435.6
437.1
438.6
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
451.9
454.2
452.9
455.0
456.9
457.0
461.3
465.1
467.3
469.9
471.0
472.9
474.3
Rental
income
of
persons4
45.5
55.7
52.4
61.4
68.4
80.6
102.5
116.6
122.2
120.6
120.2
119.5
127.4
130.7
129.1
126.7
125.0
124.1
124.8
124.6
126.3
126.6
Personal
dividend
income
101.1
109.9
130.9
142.9
153.6
159.4
186.8
199.6
214.8
215.6
217.4
219.5
221.9
223.8
225.3
226.5
227.9
228.7
229.4
229.9
.230.8
231.5
Personal
interest
income
560.0
595.5
674.5
704.4
699.2
667.2
648.1
663.7
717.1
719.7
721.7
724.2
727.0
730.3
728.4
725.6
724.3
728.1
733.6
737.5
740.1
742.3
Transfer
payments 5
543.3
577.6
626.0
687.8
769.9
858.2
910.7
956.3
1,022.6
1,028.9
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
1,082.7
1,086.9
With inventory valuation and capital consumption adjustments.
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
4
5
Less: Personal contributions
for social
insurance
173.7
194.2
210.8
223.9
235.8
248.4
259.6
278.1
294.5
295.6
297.2
298.4
298.4
299.7
298.9
301.5
302.7
303.9
305.2
308.4
308.1
310.2
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annual
rate of 0.5 percent in the second quarter.
BILUONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
10,000
10,000
8,000
8,000
1982
COUNCIL OF KONOMIC ADV1SB5S
Period
Personal
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
Less:
Personal
outlaysl
Equals:
Personal
saving
Disposable
personal
income in
Per eapita
disposable personal
ineome
Cu
(1992)
dollars
dollars
Billions of doll ars
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 capit,a personal
eonsu mption
expen litures
Current
dollars
Chained
(1992)
dollars
Dollars
3,451.7
3,706.7
3,958.1
4,097.4
4,341.0
4,575.8
4,832.3
5,071.5
189.1
187.8
208.7
246.4
272.6
214.4
189.4
249.3
4,318.1
4,403.7
4,484.6
4,486.4
4,613.7
4,666.9
4,778.2
4,945.8
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
Perc ent
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
17,802
17,759
18,277
17,900
18,069
18,084
18,256
17,936
18,346
18,430
18,574
18,704
18,676
18,829
18,986
19,041
19,063
15,564
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
16,398
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
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
5.0
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
251,031
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
Seasonally «adjusted amraal rates
1990: IV
1991: IV
1992: IV
1993:
I
II
Ill
IV
1994:
I
II
Ill
IV
1995:
I
II
Ill
IV
1996:
I
II'
4,868.6
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
627.1
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
4,241.5
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
4,027.9
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
213.5
266.6
290.5
197.4
226.8
202.9
230.5
128.8
202.2
206.2
220.4
254.2
218.5
241.9
282.6
"265.4
241.1
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
4,468.8
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
16,896
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
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1995, according to revised estimates, gross farm income fell $10.1 billion (annual rate)
and net farm income fell $9.6 billion.
BILUONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
'240
^-~^ *
200
i AH
^ X^-> * — —^
x-^*
f"«— -—i-—
•
B-^
S* ]—^^
^N.
240
200
160
\^
19ft
120
GROJ»S FARM IhICOME
ftft
80
60
60
-./
*
Af\
/\
i
20
\j
/
f
1
1
1
1
A •' X
V
^\ /
M
X
fX~^x
/*
/
^N
** /
\^
\A
-'NETFARMIhCOME
20
^ i
1 ' V
in
40
10
I' *
I'
1'
i i i
1 1 1
1982
1983
i
i i
1984
i i i
1985
1
1
1
1986
i i i
i t i
1987
1988
i i i
1989
i i i
i i i
I 1
1990
1991
1992
1
1993
* SEASONAUY ADJUSTED ANNUAL RATES
SOURd: DEPARTMENT Of AGRICULTURE
i i i
i i i
1994
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally ac^usted annual rates]
Income of f arm operators from farming
(jross farm incom e
Period
Gas>h marketing receipts
Total1
Total
1986
1987 r
1988'
1989'
1990'
1991 '
1992'
1993'
1994'
1995'
1994: I'
II'
Ill'
IV
1995: I'
II'
Ill'
IV'
156.1
168.4
177.9
191.9
198.2
191.9
200.6
204.2
215.8
210.4
221.2
208.6
214.1
219.4
208.3
206.4
218.5
208.4
135.4
141.8
151.2
160.8
169.5
167.9
171.3
177.6
180.8
185.8
179.9
170.8
186.9
185.5
180.6
181.0
199.8
181.5
1
Cash marketing receipts and inventory changes phis Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.
Livestock and
products
Crops
71.6
76.0
63.8
65.8
79.6
83.9
89.2
85.8
85.6
90.2
88.1
86.8
92.1
82.9
97.7
79.9
83.2
81.6
96.1
86.5
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
Value of
inventory
changes2
-2.2
-2.3
-4.1
3.8
3.3
-.2
4.2
-4.5
8.2
-3.4
10.2
9.6
7.3
5.8
-4.1
-3.9
-3.0
-2.4
Production
expenses
125.1
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
Net farm
income
31.1
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
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 revised estimates, corporate profits before tax rose $2.4 billion (annual
rate) and profits after tax fell $0.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
650
rADJUSTEDANNUAL RATES
SEASONAL
-
/
/
-
/-^
-
550
-
/
450
/
-
PROF
rrsBEFOsETAX
550
_
y
300
f
r
""•• >
x~"'
v. — <*- •^
~'
______
s^
±i
t
i i i
1
1982
1983
!
1
*••*' '
*
i i i
1984
1985
300
^/
\
TAXIJABILITY
\
\
^.-"*
^
'X,.
s
\
"*^-^"
'
" \/
*••*%
r
%\ X /•
/\
250
,•-
200
y
/ ,~~
/-
150
inn
,.—
50
/ UN 5ISTRIBUT1 D PROFITS
%
1 I 1
x.-.
^
f~..•
x
s -»• > <•-%--*. •
-^-^
V
~"
— X*— '
^^
^,.— . ^.*-*''
~~ "** "***
_
f
-*—-\.
IjO
___
s
/
PRC>FrrsAFreRTAX
400
_
^ — -*" "^
JT
S~\
\^
J/I
200
450
__
S
_/ ^-
250
-
s^
H/]^
V
r\\
/^
^^
\S
/I
S/
_
-
A/]
400
0
600
CAA
500
50
, 650
r*
x
-)-.L.-r'' i i i
1987
1986
1 i i
i i i
i i i
i i i
1 1 1
1
1988
1989
1990
1991
1992
1993
1
1
SOURCE: DEPARTMENT OF COMMERCE
111
i i 1
i 11
1994
1995
1996
0
COUNCIL OF fCONQMtC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation acyustment *
Profits after t ax
Domestic industries
Period
Total 2
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990:
1991:
1992:
1993:
1994:
,.
IV
IV
IV
I
II
Ill
IV
I
II
Ill
IV
1995: I
II
Ill
IV
1996: I
II1
2
272.9
325.0
330.6
358.2
378.2
398.9
457.7
517.9
570.8
356.5
375.2
420.5
231.3
274.3
272.6
292.5
309.5
334.0
388.1
453.7
494.1
282.5
303.6
361.2
422.4
442.0
465.9
500.5
347.0
375.7
393.1
436.8
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
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
70.5
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
3
Total
194.2
231.2
219.6
223.8
222.1
250.3
297.2
359.3
375.0
212.1
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
See p. 4 for profits with inventory valuation and capital consumption t
Includes rest of the world, not shown separately.
Profits
before
tax
Nonfin ancial
Manufacturing
85.0
115.1
109.3
112.3
92.7
96.3
109.7
142.7
145.7
108.4
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
Wholesale
Tax
liability
Total
Dividends
Undistributed
profits
Inventory
valuation
ac^ustnient
107.0
116.8
138.9
151.9
163.1
169.5
197.3
211.0
227.4
152.0
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
59.5
100.5
67.9
79.4
77.7
93.9
103.2
124.8
152.8
85.0
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
-20.3
-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
Retail
23.9
19.6
20.7
20.6
26.1
32.2
39.2
42.2
38.7
22.8
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
16.7
19.3
20.4
17.2
20.6
23.0
25.5
34.5
29.6
16.9
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
3
293.6
354.3
348.1
371.7
374.2
406.4
464.3
531.2
598.9
376.7
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
139.7
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
237.1
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
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the second quarter of 1996, according to revised estimates, nonresidential fixed investment in chained (1992)
dollars rose $7.0 billion (annual rate) and residential investment rose $10.4 billion. There was an increase of $7.1
billion in inventories following a decrease of $3.0 billion in the first quarter.
BILLIONS OF CHAINED (1992) DOLLARS
BILLIONS OF CHAINED (1992) DOLLARS
1,100
1,100
SEASONALr ADJUSTED A)NNUAl RATES
s
r
900
r
800
K.
S
f
700
600
-^
hf pFAr^
800
/"
GRC)SS PRIVA FE DOMES TIC
^-
**• ***
.-^-
s
^
— -
***
-.--
s"
700
—
^V'
*—
s
^--""
600
— """
tMONRESIC)ENTIAL F XED INVESTMENT
s
X
900
INVES1FMENT
VJ
500
f
1,000
500
400
MX)
R ESIDENTI/\L
FIXE :> INVESTS^\ENT
\
\
300
300
. — ••*" -..-•-
"-s..
200
s*
«— . — '^
100
/
0
*
-100
^
CHAN<3E IN BUJ>1NESS
IN VENTORII:S
/ • "*x
N
%
\
\
\
f
^/
/
100
.A
f
v
1 1 1
1 1 1
1 1 1
1
1982
1983
1984
1985
1
1
1
1
1986
1
V
i i i
1987
i i i
1988
i i i
1989
1
1
1
1990
-x
^
^^
\—
.'
"** **
- -^
i i i
i i i
i i i
1 1 1
1991
1992
1993
1994
SOURCE: DEPARTMENT OF COMMERCE
i i i
1995
1 1 1
-100
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
F ixed investment
Pe>i*inr1
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990:
1991:
IV
IV
1992: IV
1993:
I
II
Ill
IV
1994: I
II
Ill
IV
1995:
I
II
Ill
IV
199(>: I
II'
n
private
domestic
investment
820.5
826.0
861.9
817.3
737.7
790.4
857.3
979.6
1,010.2
748.1
762.4
812.4
834.8
843.2
857.6
893.5
933.6
984.8
994.2
1,005.9
1,023.7
996.8
1,015.2
1,004.9
1,011.9
1,038.6
Total
Total
799.4
818.3
832.0
805.8
741.3
783.4
836.4
921.1
975.9
774.4
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
NOTK.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (1992) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermedi-
Change in business
inven tones
NTonresidentia i
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
573.9
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
Producers'
durable
equipment
Residential
Structures
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
196.0
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
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
377.9
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
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
200.3
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
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
-28.2
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
Nonfann
34.2
24.7
33.5
7.8
-1.2
1.9
26.4
46.8
37.2
-25.9
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
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]'
Ncmresidenti al
Period
Total
nonresidential
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990: IV
1991:
IV
1992: IV
1993:
1994:
I
II
Ill
IV
I
II
Ill
rv
1995:
1996:
I
II
Ill
IV
I
II'
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
573.9
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
Total1
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
196.0
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
Besidential
Produ eers' dm able equi pment
Stra stores
Struct ures
Inform!ition pro(jessing
and rel ated equi pment
Nonresidential
buildings,
including
farm
Utilities
142.4
145.3
150.2
152.0
126.9
113.2
112.8
117.7
127.9
143.8
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
30.7
30.0
30.9
28.1
32.0
34.5
31.1
31.7
35.1
28,9
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
Mining
exploration,
shafts,
and
we s
Total
Computers
and
peripheral
equipment 2
Other
Industrial
equipment
97.5
106.6
116.2
116.2
117.8
134.2
147.1
170.4
201.1
115.7
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
21.0
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.5
29.9
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
80.2
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.2
87.1
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
91.1
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
91.4
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
Total !
15.5
15.8
13.9
16.1
15.7
13.3
14.8
12.6
11.2
16.3
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
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
377.9
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
1
Transportation
and
related
equipment
82.1
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.1
82.8
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
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
200.3
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
251.6
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.8
194.4
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
128.3
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.7
9?. 6
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
28.3
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.6
18.6
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
94.8
96.8
91.8
84.4
75.7
89.9
98.8
108.1
110.9
78.1
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
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
Includes other items, not shown separately.
2
Includes new computers and peripheral equipment only.
3
Includes producers' durable equipment, not shown separately.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By in Justry
Tji;
Total
Period
1993 i
19942
19953
1996^
1
2
penditures
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
M amifacturi ng
Total
134.1
153.3
172.3
184.8
Durable
goods
Nondurable
goods
66.4
78.9
91.4
100.2
Estimates collected from the 1993 Annual Capital Expenditures Survey.
Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are3 scheduled for release in summer 1996.
Revised estimates collected from the March 1996 Investment Plans Survey. Final data will
be available upon release of the 1995 Annual Capital Expenditures Survey.
4
Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.
10
67.7
74.4
80.9
84.6
Transportation
Communications
30.6
33.3
37.0
35.2
37.1
41.5
46.0
46.3
Utilities
41.3
42.2
42.8
40.6
Wholesale
and
retail
trade
nance,
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
distrib-
. lyy
industry
1.4
2.2
2.8
2.7
NOTE.—Data for 1994-1996 from Business Investment and Plans released March 28, 1996.
Data for 1993 from Annual Capital Expenditures: 1993.
The Business Investment and Plans release has been discontinued effective with release of
the March 1996 survey estimates. Estimates of business investment and plans will be available
annually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In August, employment rose by 171,000 and unemployment fell by 467,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS *
138
CIVILIAN LABC)R FORCE
130
N
r^-~-
126
122
118
138
s EASONALLY ADJUSTED
..Ill^l s^
-~^
1
—^1
""
r^"—1
. ^^-^—'
*""'
130
126
122
_—
- ,_-„
^^^— *- *~
r^"~
^•^^—
-
1
-**•
114
110
C1VIL1A N
EMPLOYE ENT
u*./'*'
114
/
X
1988
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 einployment
Period
19863
1987
1988
1989
19903
1991
1992
1993 4
1994
1995
1995: Aug
Sept
Oct
Nov
Dec
1996: Jan
Peb
Mar
Apr
May
June
July
Aug
Civilian
noninstitutional
population
NSA
180,587
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
198,801
199,005
199,192
199,355
199,508
199,634
199,772
199,921
200,101
200,278
200,459
200,641
200,847
Civilian
labor
force
117,834
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
132,298
132,501
132,473
132,471
132,352
132,903
133,018
133,655
133,361
133,910
133,669
134,181
133,885
Nonagiicultural
Total
109,597
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
124,859
125,036
125,244
125,062
124,981
125,226
125,663
126,151
126,095
126,462
126,610
126,884
127,055
Agricultural
3,163
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,376
3,335
3,434
3,323
3,325
3,529
3,519
3,487
3,368
3,491
3,382
3,502
3,421
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
121,483
121,701
121,810
121,739
121,656
121,698
122,143
122,664
122,726
122,971
123,228
123,382
123,635
Percent2
Unemp oyment
Part time
for
economic
reasons 1
5,345
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,291
4,355
4,274
4,283
4,306
3,842
4,274
4,223
4,287
4,068
4,146
4,159
4,205
Total
15
weeks
Not in
labor
force
over
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,439
7,465
7,229
7,409
7,371
7,677
7,355
7,504
7,266
7,448
7,060
7,297
6,830
2,232
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
2,371
2,323
2,281
2,305
2,322
2,370
2,307
2,479
2,388
2,336
2,435
2,319
2,248
62,752
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
66,503
66,504
66,719
66,884
67,156
66,730
66,754
66,266
66,741
66,368
66,790
66,460
66,962
Labor
force
participation
rate
Employment/
population
ratio
65.3
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.5
66.6
66.5
66.4
66.3
66.6
66.6
66.9
66.6
66.9
66.7
66.9
66.7
60.7
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
62.8
62.8
62.9
62.7
62.6
62.7
62.9
63.1
63.0
63.1
63.2
63.2
63.3
ployrate
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.6
5.6
5.5
5.6
5.6
5.8
5.5
5.6
5.4
5.6
5.3
5.4
5.1
4
Data beginning January 1994 are not directly comparable with data tor 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 August, the unemployment rate fell to 5.1 percent, from 5.4 percent in July.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
15
10
1992
1992
1996
1993
1994
1995
*UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemp loyment rsate (percent of civilian labor force in group)
By sex and ajge
Period
All
civilian
workers
1986
1987
1988
1989
1990
1991
1992
1993 2
1994
1995
1995: Aug
Sept
Oct
Nov
Dee
1996: Jan
Peb
Mar
Apr
May
June
July
Aug
1
2
Men
20 years
and over
Women
20 years
and over
6.1
6.2
5.4
4.9
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.6
5.6
5.5
5.6
5.6
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.7
4.9
5.7
6.3
5.9
5.4
4.9
4.8
4.8
4.5
4.9
4.8
4.9
4.9
5.0
4.8
4.7
5.8
5.5
5.6
5.4
5.6
5.3
5.4
5.1
4.9
4.9
5.0
4.8
4.8
4.6
4.7
4.2
5.1
4.8
4.8
4.7
5.0
4.6
4.9
4.6
Both
sexes
16-19
years
18.3
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
17.6
17.7
17.1
17.8
18.0
18.2
16.6
17.5
16.7
16.4
15.9
16.4
17.2
Revised definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier perioc
12
By selected groiaps
By race
White
6.0
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
Black
and
other
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
4.8
4.9
4.8
5.0
4.9
10.0
10.1
5.0
4.9
4.8
4.7
4.9
4.6
4.7
4.4
9.5
9.1
9.8
9.4
9.2
9.0
9.4
8.7
9.4
9.0
9.3
Black
14.5
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
11.0
11.1
10.0
9.6
10.2
10.6
10.3
11.1
10.5
10.2
10.1
10.5
10.5
Experienced
wage
and
salary
workers
Married
men,
spouse
present
6.6
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
4.4
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
5.4
5.5
5.4
5.4
5.4
5.4
5.3
5.4
5.3
5.4
5.1
5.2
4.9
3.3
3.4
3.2
3.3
3.2
Women
who
maintain
families
3.3
3.0
3.1
3.0
2.9
3.0
3.0
2.9
NOTE.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.
9.8
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
7.2
8.0
7.9
7.7
6.8
8.2
7.5
7.7
6.8
8.7
7.6
9.1
8.8
Pull-time
workersl
6.9
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.5
5.5
5.4
5.5
5.5
5.7
5.4
5.5
5.4
5.5
5.2
5.3
4.9
Part-time
workers 1
7.4
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
6.0
5.9
5.9
5.9
5.9
6.0
6.2
6.0
5.8
5.9
5.6
6.1
5.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
PROGRAMS
INSURANCE
In August, the percentages of the unemployed who had been out of work for less than 5 weeks and for 514 weeks fell; the percentage for 15-26 weeks rose; and the percentage for 27 weeks and over was unchanged.
The mean duration of unemployment rose to 17.4 weeks and the median duration fell to 8.5 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION *
70
70
REASON FOR UNEMPLOYMENT
60
JOB LOSERS -
-
50
40
-
30
REENTRANTS
20
—
JOB LEAVERS
NEW ENTRANTS
o limiiiiiii 1 II 1 1 i 1 1 1 1
1992
1992
I II I ill I III I HI III! Ill 1 1 1 1 1 1 1 1 1 1
1995
1996
1994
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Du ration of unemployment
Period
Un
employment
(thousands)
I^reent d istribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Rea son for u lemployndent:
1jereent dj stributio n
Sta te
progr Eims
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemploy-
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1986
1987
1988
1989
1990
1991
1992
1993
19943
1995
1995: Aug
Sept
Oct
Nov
Dee
1996: Jan
Peb
Mar
Apr
May
June
July
Aug
1
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,439
7,465
7,229
7,409
7,371
7,677
7,355
7,504
7,266
7,448
7,060
7,297
6,830
41.9
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
36.4
37.5
37.2
37.1
36.4
36.8
37.8
35.4
33.8
37.6
35.1
36.8
36.2
31.0
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.8
31.2
31.8
32.0
32.5
31.9
30.9
31.1
32.7
31.2
30.5
31.6
31.0
12.7
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
15.1
14.2
13.7
14.2
14.5
14.8
15.3
15.7
15.5
13.6
15.8
13.1
14.3
14.4
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
16.7
17.1
17.2
16.7
16.6
16.5
16.0
17.8
18.0
17.6
18.6
18.5
18.5
Beginning' Jantmiy 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods.
2
15.0
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.3
16.3
16.2
16.3
16.2
16.0
16.6
17.3
17.4
16.8
17.6
16.8
17.4
6.9
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.4
8.1
8.1
8.0
8.1
8.3
8.0
8.3
8.8
8.3
8.1
8.6
8.5
48.9
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
46.5
45.9
47.5
46.9
46.9
47.6
48.1
47.4
50.0
46.0
48.6
46.1
44.8
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
11.6
11.7
10.5
11.5
11.9
11.5
10.0
10.4
9.7
9.0
9.6
10.3
11.3
26.2
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
34.0
34.2
34.4
33.7
33.2
32.5
33.7
34.4
32.8
37.8
34.3
34.9
35.9
12.5
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
7.8
8.1
7.7
7.9
8.1
8.5
8.2
7.9
7.6
7.2
7.5
8.6
8.0
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,574
2,634
2,632
2,678
2,652
2,625
2,655
2,660
2,641
2,576
2,544
2,570
2,537
2,523
378
328
310
330
388
447
408
341
340
357
346
357
365
375
363
374
371
393
356
348
356
335
323
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,461
2,197
2,293
2,422
2,669
3,499
3,333
3,161
2,934
2,352
2,383
2,550
2,264
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagriculturai employment as measured by the payroll survey rose by 250,000 in August.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
36
130
34
ALL NONAGRICULTURAL
ESTABLISHMENTS
120
32
110
30
SERVICES
28
100 -
26
90
24
RETAIL TRADE.
22
SERVICE-PRODUCING
INDUSTRIES
80
20
70
GOVERNMENT -
18
16
20
40
MANUFACTURING
18
GOC>DS-PRODUCING
INDUSTRIES
30 _
—
6
\
CONSTRUCTION
4
20 illinium I M I l l l M I I i i m l i m i I l l l l l l l l l l 1 1 I 1 1 1 1 1 I ! 1 1
V
1992
1993
1994
1996
1995
N
1992
1993
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Ser\dce-produc ing indusl ries
Goods-p reducing iiidustries
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
,
1995: Aiig
Sept
Oct
Nov
Dec
1996: Jan
Peb
Mar
Apr
May
June r
JulyAug*
Total
nonagrieultural
employment
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,172
117,203
117,499
117,623
117,749
117,899
118,136
118,070
118,579
118,737
118,928
119,335
119,554
119,782
120,032
Total2
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,206
24,179
24,176
24,151
24,133
24,160
24,112
24,254
24,196
24,209
24,262
24,275
24,266
24,295
Construction
M anufacturi ng
Total
ThlTfllllA
4,810 18,947 11,195
4,958
5,098
5,171
5,120
4,650
4,492
4,668
4,986
5,158
5,164
5,187
5,200
5,211
5,223
5,234
5,349
5,340
5,353
5,384
5,403
5,426
5,432
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,321
18,468
18,439
18,415
18,378
18,353
18,367
18,309
18,332
18,282
18,283
18,302
18,297
18,270
18,295
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,448
10,654
10,653
10,648
10,631
10,628
10,667
10,643
10,659
10,623
10,654
10,679
10,695
10,682
10,714
Nondurable
goods
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,814
7,786
7,767
7,747
7,725
7,700
7,666
7,673
7,659
7,629
7,623
7,602
7,588
7,581
1
Includes all full- and part-time wage and salary workers in nonagriculturai establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample
14
Total
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,264
92,997
93,320
93,447
93,598
93,766
93,976
93,958
94,325
94,541
94,719
95,073
95,279
95,516
95,737
Transportation and
public
utilities
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
5,993
6,165
6,187
6,194
6,212
6,233
6,249
6,254
6,270
6,289
6,294
6,311
6,327
6,333
6,348
Finance,
insurance, Services
and real
estate
Wholesale
trade
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,162
6,412
6,437
6,451
6,465
6,478
6,498
6,512
6,529
6,548
6,550
6,567
6,576
6,586
6,593
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,507
21,173
21,225
21,258
21,263
21,300
21,334
21,268
21,340
21,343
21,422
21,499
21,575
21,663
21,684
Goven iment
Total
Federal
6,273 22,957 16,693
2,899
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,128
19,310
19,369
19,325
19,339
19,338
19,347
19,336
19,365
19,394
19,397
19,458
19,451
19,490
19,567
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,822
2,812
2,801
2,796
2,790
2,783
2,780
2,780
2,777
2,776
2,756
2,753
2,748
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,896
6,830
6,833
6,842
6,859
6,871
6,887
6,894
6,919
6,932
6,942
6,964
6,967
6,987
7,007
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,579
33,107
33,269
33,377
33,460
33,546
33,661
33,694
33,902
34,035
34,114
34,274
34,383
34,457
34,538
of the working-age population, whereas the estimates in this table are based on reports from
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted only once—as employed, unemployed, or not in the labor force.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly earnings
Avei•age weekly h ours
Manufa cturing
Period
Total
nonagricultural 1
1989
1990
1991
1992
1993
1994
1995
1995: Aug
Sept
Oct
Nov
Dec
1996: Jan
Peb
Mar
Apr
May
Juner
July'
AugP
Overtime
Current
dollars
1982
dollars2
(Current dollai•s
f
taring
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent eh,ange from
a year earlier, total
private nonagricul tural8
Current
dollars
1982
dollars
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
$7.81
$9.73
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.44
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.40
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
3.8
3.3
2.5
2.7
2.8
3.3
2.3
-.9
-1.0
-1.8
-1.6
-.2
-.0
.7
-.6
34.4
34.4
34.5
34.4
34.3
33.8
34.5
34.5
34.3
34.2
34.7
34.3
34.4
41.5
41.5
41.4
41.5
41.2
40.0
41.4
41.4
41.5
41.7
41.8
41.6
41.7
4.3
4.4
4.3
4.3
4.2
4.1
4.3
4.3
4.6
4.6
4.6
4.4
4.4
11.46
11.52
11.55
11.59
11.61
11.62
11.65
11.68
11.72
11.73
11.83
11.81
11.87
7.39
7.42
7.42
7.44
7.44
7.41
7.42
7.40
7.40
7.38
7.44
7.41
7.45
12.42
12.43
12.46
12.49
12.51
12.63
12.56
12.55
12.74
12.72
12.77
12.80
12.93
394.22
396.29
398.48
398.70
398.22
392.76
401.93
402.96
402.00
401.17
410.50
405.08
408.33
254.34
255.34
255.93
255.91
255.11
250.48
255.84
255.36
253.79
252.47
258.18
254.29
256.17
515.43
515.85
515.84
518.34
515.41
505.20
519.98
519.57
528.71
530.42
533.79
532.48
539.18
585.92
587.08
593.54
589.76
583.28
582.55
604.63
589.79
594.39
583.31
595.98
598.69
599.08
221.56
223.49
223.49
224.84
224.15
221.59
226.08
227.73
225.94
228.38
232.00
229.03
230.98
2.4
2.4
2.0
2.3
2.1
.2
2.7
3.1
2.6
3.6
4.6
2.5
3.5
-.1
1
-.6
-.1
-.4
-2.5
.0
.3
-.3
.6
1.8
-.4
.7
34.8
34.8
1986
1987
1988
Total private
nonagrk ultural1
M
Total
Average gross weekly earnings
Total private
nonagrk ultural *
1.9
2.5
3.0
0.3
-1.0
3
1
Also
2
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
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).
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Period
Total
compensation
Percent eh ange from
{ months earlier
Wages and
salaries
Benefits *
Total
eompensa-
Wages and
salaries
IS5 months earlier
1
Benefits
Total
compensa-
Wages and
salaries
3.2
3.3
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
Benefits l
Notseasonally ad> usted
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec'
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
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.5
124.4
125.3
126.1
126.9
127.8
128.8
113.9
114.6
115.6
116.5
117.2
118.1
119.0
119.7
120.6
121.5
122.4
123.2
124.5
125.6
90.1
93.1
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
135.9
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.6
June
Sept
Dec
1994: Mar
June
Sept
Dec
1995: Mar
June
Sept
Dec
1996: Mar
June
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
124.8
126.5
127.7
128.9
130.3
131.5
132.9
133.6
133.8
134.6
135.4
136.1
136.0
136.9
1.0
.9
.8
.8
.8
.8
.8
.6
.7
.7
.6
.7
.7
.8
6.1
6.6
6.2
5.2
5.0
3.7
2.2
Notseasonally a^ usted
Seasonallyf adjusted
1993: Mar
3.4
3.4
6.9
0.8
.6
.9
.8
.6
.8
.8
.6
.8
.7
.7
.7
1.1
.9
1.6
1.4
.9
.9
1.1
.9
1.1
.5
.1
.6
.6
.6
-.1
.7
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.6
2.7
2.9
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.2
3.4
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.2
1.6
1.7
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p<sr hour of
allpe rsons
Period
Business
sector
Nonfarm
business
sector
Out]jut 1
Business
sector
Compensat 3ion per
Hours of all
pers<MIS2
Nonfarm
business
sector
Business
sector
hoiir
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real comp>ensation
per h(mr 4
Business
sector
Nonfarm
business
sector
Implici t price
defla tor5
Unit labor
GC )St.S
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Indexes, 1992=1 00; quartjerly data seasonallyY a^juste d
94.2
94.1
94.6
95.3
96.1
96.7
100.0
100.2
100.7
101.2
94.9
94.6
95.2
95.7
96.2
96.9
100.0
100.2
100.7
101.3
88.6
91.1
94.6
97.8
98.7
96.9
100.0
102.7
107.0
109.6
88.7
91.4
95.1
98.1
98.8
97.1
100.0
102.9
107.0
109.9
94.0
96.8
100.0
102.5
102.6
100.2
100.0
102.5
106.2
108.3
93.5
96.5
99.9
102.5
102.7
100.2
100.0
102.8
106.3
108.4
77.0
79.9
83.5
85.8
90.7
95.1
100.0
102.5
104.5
108.2
77.3
80.2
83.6
85.9
90.6
95.1
100.0
102.3
104.3
108.2
98.5
98.7
99.0
97.1
97.4
97.9
100.0
99.5
99.0
99.7
99.0
99.1
99.2
97.1
97.3
97.9
100.0
99.3
98.8
99.6
81.7
84.9
88.3
90.0
94.4
98.3
100.0
102.3
103.8
107.0
81.5
84.7
87.8
89.7
94.2
98.1
100.0
102.1
103.7
106.7
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
II
Ill
IV
100.2
99.8
100.0
100.9
100.1
99.7
100.1
100.8
101.4
102.1
102.8
104.5
101.6
102.2
103.3
104.7
101.3
102.3
102.9
103.6
101.4
102.6
103.2
103.9
101.7
102.3
102.8
103.3
101.5
102.0
102.5
103.0
99.6
99.6
99.6
99.3
99.5
99.3
99.3
98.9
101.5
102.6
102.9
102.4
101.4
102.4
102.4
102.2
101.7
102.3
102.7
103.3
101.8
102.4
102.7
103.3
1994: I
II
Ill
IV
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
104.5
106.1
106.6
107.4
104.6
106.1
106.7
107.5
104.0
104.2
104.7
105.6
103.7
104.0
104.6
105.5
99.4
99.0
98.6
98.9
99.1
98.8
98.4
98.8
103.6
103.6
103.6
104.4
103.4
103.5
103.5
104.3
103.9
104.5
105.3
105.7
1995: I
II
Ill
IV
100.7
101.2
101.6
101.5
100.8
101.3
101.8
101.5
108.8
109.0
110.3
110.4
109.0
109.2
110.6
110.7
108.1
107.8
108.6
109.0
106.6
107.8
108.8
110.0
99.0
99.3
99.8
100.2
105.8
106.5
107.1
108.4
105.6
106.3
106.8
108.2
102.0
102.3
102.0
102.1
111.2
112.7
111.4
112.8
109.3
110.4
110.8
111.9
106.5
107.7
108.8
109.9
110.7
111.7
99.1
99.4
99.8
100.3
1996: I
IP*
108.1
107.7
108.5
108.8
109.1
110.2
100.2
100.3
100.2
100.1
108.7
109.5
108.6
109.4
103.9
104.4
105.1
105.6
106.4
106.9
107.5
107.8
108.2
108.8
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993:
I
106.5
107.1
107.5
107.8
108.1
108.7
Pereent change; quarte rly data sit season ally adjust -ed annusil rates
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993:
I
rv
1994:
I
II
Ill
IV
1995: I
II
Ill
IV
1996: I
II'*
1
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
~~ .&
-.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
-.9
2.7
4.1
5.5
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
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
2.4
1.8
2.7
2.0
2.5
2.2
2.9
1.9
.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
1.9
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
3.0
2.2
2.0
1.0
1.5
2.4
3.0
2.0
1.7
.9
1.4
2.1
.5
.8
.8
.6
3.4
.2
.5
.5
3.2
2.9
3.8
3.4
.9
-1.8
3.2
2.7
4.2
2.5
3.4
3.0
4.1
3.2
.7
-1.8
3.0
2.9
4.0
2.7
-3.5
-1.6
.7
3.7
-3.7
-1.8
1.6
2.7
-1.2
2.5
3.0
6.5
-1.9
.6
2.2
.6
-2.0
1.0
2.0
.9
-1.9
1.9
1.7
-.6
2.0
1.1
-1.6
2.0
2.0
-1.1
1.8
.5
9
II
Ill
0.7
3.0
3.3
2.5
.1
-2.3
-.2
2.5
3.7
2.0
2.4
4.2
2.3
2.7
2.6
-.3
.6
.5
.5
.7
3.2
.2
.5
.7
2.5
Output refers to real gross domestic product originating in the sector.
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 phis employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic output divided by the output index
2
16
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
*Data for 1996: II are based on GDP data released on August 29, 1996. GDP data for
1996: II shown elsewhere in this issue of Economic Indicators were released on September 27,
1996.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in August.
INDEX, 1987 - 100- (RATIO SCALE)
160
TOTAL 1ND USTR1ALPRO DUCTION
140
INDEX, 1987 . 100* (RATIO SCALE)
180
FINAL PRC
1 <JA
r^~"
^^^
1
_^s~> "
130
^—
100
fS^
f* —~>~^~'
BUSINESS
EQUIPME ^T ^x^
140
.—-^-^1
no
Duas
170
160
150
Ill II 1 II III
hi i ii
il 1 II 1
11111
120 '
x-^^
. — \- —
110
^-*.—"~
\
-CONSUME R
GOODS
100
90
*"* N ' «s
"N.
80
DEFENSE
70
/kND SPACE
*s
"v
— •—
^.^
EQUIPMENT
150
140
1 111111 1 1 11
130
— UTILITIES -
120
,
/ Vx
110 -^^^
— MINING -
\
./•"'"•'
1 1 1 1 1 1 1 1 1 i i 1 1 1 i 1 I i 1 1 11 M i l l 1 i i i I 1 1 1 1 1 1 1 1 1 1 1
PERCENT*
** ' \x
^v
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
_ \
100
"v^
60
UTILITIES AND MINING
^/
"**—****' —
90 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1992
1993
1994
1992
1996
1995
1996
COUNCIL OF ECONOMIC ADVISERS
(Monthly data seasonally acjjusted]
] ndustry proc uetion indextjs, 1987=10()
Total in dustrial proc uetion
Percent change
Period
Index,
1987=100
From
preceding
month
1
From
year
earlier
Nondurable
Mining
Utilities
Total
industry
Manufacturing
79.2
79.1
81.6
83.6
83.2
81.3
78.0
79.5
80.6
83.3
83.0
3.4
3.5
5.9
3.2
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.0
100.3
99.9
105.0
108.7
109.9
112.3
111.9
116.3
117.9
122.0
81.5
83.7
83.7
82.1
79.2
80.3
81.4
83.9
83.8
-.5
.3
.2
3.2
3.2
1.9
1.7
1.1
124.2
124.9
124.4
124.5
124.8
133.2
134.4
133.5
134.3
134.8
114.3
114.4
114.3
113.7
113.8
100.0
100.0
98.2
98.3
98.1
128.8
122.7
121.6
125.4
125.1
83.9
83.7
83.0
83.0
82.9
82.7
82.8
82.2
82.0
81.9
-.2
1.3
-.5
.8
.7
.6
.1
.5
.6
2.0
1.4
2.6
3.3
3.9
3.9
3.4
124.5
126.2
125.2
126.5
127.4
128.4
128.8
129.1
134.9
137.5
135.6
138.3
139.1
141.2
141.6
142.0
113.1
113.8
113.6
113.5
114.4
114.4
114.8
114.9
97.1
98.0
101.1
100.4
100.5
101.9
100.9
103.3
125.6
126.6
128.0
126.4
128.4
126.2
123.9
125.8
82.4
83.3
82.6
83.0
83.3
83.5
83.3
83.5
81.4
82.3
81.3
81.9
82.1
82.5
82.4
82.3
1995: Aug
Sept
Oct
Nov
Dec
122.7
122.8
122.2
122.6
122.8
1996:
122.5
124.2
123.6
124.5
125.4
126.2
126.3
126.9
Durable
94.9
100.0
102.3
103.7
104.4
103.4
106.7
108.6
113.0
114.3
0.9
4.9
4.4
1.5
.0
Percent changes based on unrounded indexes.
Total
93.9
100.0
106.6
108.6
107.4
104.1
109.3
115.6
125.8
132.5
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
1
I^amifaeturin g
94.3
100.0
104.7
106.4
106.1
103.8
108.2
112.3
119.7
123.9
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
Jan
Feb
Mar
Apr
Mayr .-.
June r
July'
Aug^
Capacity iitilization
rate, pereent2
-1.8
1.0
.1
2
96.3
100.0
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]
Mate rials
Produ<3tS
Interm ediate products
IInal produc ts
iIquipment
Consumer gc>ods
Period
Total
Total
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^
1
.,
95.7
100.0
104.8
106.8
107.0
105.4
108.7
112.7
118.3
121.4
122.4
122.6
121.3
121.9
122.1
121.9
124.5
123.4
124.8
125.1
125.8
126.6
126.4
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
115.1
115.9
116.0
114.9
115.9
115.7
114.6
116.6
115.3
115.9
116.3
116.6
117.3
116.5
Durable
goods
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
124.2
124.0
125.8
123.4
124.9
126.3
120.3
125.1
119.3
125.5
126.2
129.9
131.1
127.4
Nondurable
goods
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108.6
111.2
112.9
113.9
113.7
112.9
113.8
113.2
113.3
114.5
114.4
113.6
114.0
113.4
113.9
113.9
1
Total
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
131.4
132.9
133.1
131.5
131.4
132.3
133.7
137.3
136.5
139.2
139.2
140.8
141.7
142.6
Business
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
155.7
157.5
158.2
156.5
156.9
158.4
160.5
164.8
162.7
166.3
166.0
168.5
170.0
170.9
fense
and
space
equipment
96.0
100.0
99.7
100.1
' 98.8
90.8
84.8
79.3
71.9
65.9
66.1
65.2
64.4
62.9
62.0
61.6
63.1
64.2
64.0
64.3
63.7
64.1
65.0
Total
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.0
109.4
109.5
109.2
109.3
110.1
108.5
109.3
109.6
108.6
110.1
110.9
109.9
110.2
Construction
supplies
ness
supplies
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
108.2
107.0
108.4
108.3
108.7
110.5
107.2
109.3
111.5
109.2
111.0
113.8
112.2
111.9
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
109.6
111.0
110.3
109.9
109.9
110.0
109.6
109.5
108.6
108.4
109.6
109.2
108.6
109.3
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
128.1
128.4
128.4
128.5
129.4
129.1
130.3
131.6
132.5
132.2
133.8
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.5
105.3
106.6
108.5
105.8
105.5
105.7
106.0
105.9
106.1
108.2
107.0
108.1
107.6
106.2
108.9
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Noindurable nlanufactui -es
Durable m anufaetures
Primaryr metals
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Aug
Sept
Oct
Nov
Dec
1996: Jan
Feb
Mar
Apr
Mayr
June
July
Aug/>
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
119.2
115.4
121.0
115.7
120.8
120.0
121.5
117.1
118.0
119.2
118.6
121.5
120.5
120.3
Sowee: 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
117.7
127.0
115.1
126.1
122.7
128.1
119.5
120.2
122.9
121.0
125.1
126.1
124.0
Fabricated
metal
products
Industrial
machinery and
equip-
Electrical
machinery
93.8
100.0
104.2
102.8
99.5
94.5
99.0
103.1
110.5
113.9
114.3
115.1
114.0
114.5
115.0
115.6
117.0
116.1
115.5
116.7
117.2
117.0
117.7
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
177.8
179.5
181.3
183.8
186.5
190.1
191.9
196.1
197.8
199.0
201.2
205.1
205.4
208.1
94.3
100.0
108.5
111.0
111.4
113.9
123.5
134.1
154.3
174.9
178.7
180.8
182.4
183.6
182.8
182.4
188.7
187.9
187.3
188.8
191.5
191.7
192.1
Transp<ortation
equip ment
Total
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
113.3
114.1
114.1
109.3
108.6
109.7
108.3
112.1
103.1
114.6
114.6
116.6
120.0
119.0
Motor
vehicles
and
parts
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
141.9
142.1
143.3
139.7
140.7
141.2
135.5
141.1
121.3
144.3
144.7
148.7
154.1
150.8
Lumber
and
products
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
104.5
103.7
106.2
105.7
104.8
106.9
103.1
103.3
107.5
108.4
107.7
110.5
108.1
107.0
Apparel
products
96.3
100.0
98.1
95.0
92.2
92.7
95.0
97.1
100.1
95.7
94.5
94.5
93.3
92.4
91.5
89.2
90.9
89.7
90.4
90.8
90.9
89.6
89.1
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
100.5
99.8
98.9
99.3
98.8
97.9
98.7
96.7
96.3
97.7
96.7
96.4
97.2
94.6
100.0
106.0
109.2
111.8
110.5
114.4
115.4
121.3
125.0
124.4
125.3
126.7
126.0
126.5
127.1
127.1
126.5
126.0
127.7
128.1
129.2
128.6
Foods
97.4
100.0
101.5
102.5
103.7
105.3
106.9
109.5
113.2
115.3
115.5
115.5
115.4
114.8
114.8
114.8
116.0
115.6
115.4
115.6
115.0
115.8
115.7
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Private
Period
Total new
construction
expenditures
Resktential
Tote!
New housing
Total*
Commercial
and industrial2
Other
Federal
and
State
and
local
Constructioii contracts3
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
B illions of dollars
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
429.9
441.6
455.6
469.8
468.5
424.2
452.1
482.7
527.1
547.1
345.3
351.0
360.9
371.6
361.1
314.1
336.2
362.6
400.0
410.2
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
182.9
157.8
187.8
210.5
238.9
236.6
105.5
104.4
109.6
118.0
119.4
93.7
82.2
84.4
93.3
107.0
53.2
84.6
52.0
53.2
57.1
58.8
62.6
662
67.7
67.8
66.6
90.6
94.7
98.2
107.5
110.1
115.8
120.2
127.1
136.9
96
100
101
105
95
89
97
105
114
118
Annual rates
1,016
1,019
973
961
783
577
556
589
744
842
Annual rates
1995:
Aug
Sept
Oct
Nov
Dee
542.3
550.5
550.0
549.7
555.7
405.9
411.3
410.6
411.0
417.2
234.5
237.7
238.0
239.9
243.1
161.8
164.3
165.8
166.4
168.1
106.6
107.5
106.0
107.3
108.9
64.8
66.2
66.6
63.8
65.2
136.4
139.1
139.4
138.7
138.5
'122
120
120
122
117
826
828
731
851
784
1996:
Jan
Feb
Mar
Apr
May'
June1"
July>
Aug**
559.0
544.6
557.0
565.0
558.7
562.6
554.7
418.9
411.2
419.7
423.6
417.4
422.0
415.4
242.5
238.6
245.9
247.5
247.3
246.7
244.0
169.2
166.9
173.8
178.7
178.0
177.5
174.7
109.3
107.4
106.4
108.1
102.8
108.7
104.4
67.1
65.2
67.4
68.0
67.4
66.5
67.1
140.1
133.3
137.3
141.4
141.3
140.6
139.3
120
'114
126
'129
127
123
122
124
697
615
750
708
807
723
628
696
1
Includes
2
Includes
3
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information
Systems Company, F.W. Dodge Division.
residential improvements, not shown separately.
hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prhrate homes
New private housing units
IFnits started, bjr type of struct are
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
of period l
Vacancy rate
for rental
housing units
(percent)2
,756.4
,668.8
,529.8
,422.8
,308.0
,090.8
,157.5
,192.7
,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
2
7.4
7.2
7.4
7.4
2
7.3
7.4
7.6
7.7
Seasonal ly adjusted annu al rates
1995: July
Aug
Sept
Get
Nov
Dec
1,450
1,401
1,401
1,351
1,458
1,425
1,125
1,135
1,130
1,109
1,129
1,150
39
28
39
31
32
29
286
238
232
211
297
246
1,358
1,379
1,427
1,393
1,450
1,487
1,332
1,247
1,267
1,320
1,360
1,225
782
707
684
673
679
683
344
349
350
360
368
372
1996: Jan
Feb
Mar
Apr
May
June'
July'
AugP
1,453
1,514
1,439
1,511
1,478
1,490
1,460
1,525
1,146
1,183
1,163
1,209
1,144
1,209
1,143
1,238
20
33
25
53
49
46
43
36
287
298
251
249
285
235
274
251
1,378
1,417
1,423
1,459
1,452
1,415
1,457
1,423
1,403
1,328
1,391
1,350
'1,408
1,413
1,429
743
784
713
740
'734
734
795
832
370
355
368
369
'374
374
379
355
1
Seasonally
2
adjusted.
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly
data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
7.7
7.9
7.8
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.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In July, manufacturing and trade sales rose 1.2 percent and Inventories rose $4.1 billion. According to advance
data, retail sales rose 0.2 percent in August following a rise of 0.1 percent in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,200
400
350
1,000
300
900
BOO
MANUFACTURING AND
TRADE INVENTORIES
250
700
MANUFACTURING
AND TRADE SALES
.400
300
200 1 1 1 1 1 in i
1992
1994
1993
1995
1996
1996
* SEASONALLY ADJUSIfD
SOURCE: DEPARTMENT Of COMMERCE
and
Manufact uring
tra de1
Period
Sales2
Inventories3
COUNCIL OF ECONOMIC ADVISERS
Who esale
Retail
Sales2
Sales2
tones
Durable
goods
stores
Total
Inventory-sales
rat 104
[nventories 3
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
tradel
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,161
142,516
142,108
143,374
143,104
144,059
144,022
142,516
143,054
143,249
142,494
142,907
142,774
142,703
144,363
1.55
1.50
1.49
1.52
1.52
1.53
1.48
1.45
1.41
1.43
1.44
'1.44
1.44
1.45
1.44
1.42
1.44
1.42
1.42
1.41
1.39
1.40
1.39
T>_x
•!
Milh ons of dolla rs, seasona ly adjusted, except as r oted
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: July
Aug
Sept
Get
Nov
Dec
1996: Jan
Feb
Mar
Apr
May
June*"
July/*
Aug''
1
430,419 662,738
457,735 709,846
497,157 767,226
527,039 815,486
545,909 840,428
542,815 834,281
567,176 842,137
595,240 874,515
637,561 931,702
679,700 989,839
677,107 977,485
'684,398 982,154
686,272 986,369
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
711,760 997,322
720,004 1,001,463
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
187,387
187,591
187,953
188,874
189,643
191,574
194,901
192,878
194,053
195,379
197,507
198,258
198,543
203,214
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
251,179 195,615
252,209 '196,637
253,111 196,644
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
259,445 '204,662
204,998
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
2
20
45,057
75,746
47,989
80,453
52,430
85,587
91,818
54,763
55,736
97,981
54,165 100,497
58,634 103,999
64,795 108,129
73,042 112,894
78,018 117,050
78,281 117,334
'79,408 '117,229
78,711 117,933
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
'83,550 '121,112
83,776 121,222
3
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,916
290,602
302,879
299,584
302,700
303,299
306,224
307,265
302,879
304,370
304,824
302,153
303,397
303,930
304,192
307,522
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,949
150,441
160,363
157,476
159,326
160,195
162,165
163,243
160,363
161,316
161,575
159,659
160,490
161,156
161,489
163,159
Seasonally adjusted, end of period.
4
Annual data are averages of seasonally adjusted 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
1.54
1.56
1.55
1.52
1.53
1.50
1.48
1.49
1.48
1.49
1.50
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments, inventories, and orders rose. In August, according to advance estimates, durable
goods shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
320 - SHIPMENTS -
480 ~INVENTOIIIES
440
400
36/0
320
280
240
TOTAL
200
280
DURABLE GOODS
-A-
160
•S^^mssz
-*-—-"
~==\
^
\
TOTAL H
•J.IA
\
DLIRABLEGOOC s
200
120
160
NONDURABLE GOODS
""
\
NONDURABLEGCxos
120
1 1111 111 11
80
BILLIONS OF DOLLARS* (RATIO SCALE)
370 - NEWORDERS
.
TOTA L
»*
*~S\
p^J-
_^r-^~"
80
^—S"*
1
RATIO *
2.00
200
CDURABLE GOOOS
\
160
1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 111 iiiiillMii
*.,, %,— *""*s
1 11 1 1 | 1 1 111
INVENTOI?Y-SHIPMENTS RATIO
1.80
.-—
,.v>.%.--''
1 11 11 11 11 I !
1.60
120
NON XIRABLEGOC5DS
1.40
80 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1996
1994
1992
1993
1995
^^r^^^
1.20 1 1 1 1 1 1 1 1 1 1 1
1992
1 1 1 1 1 1 1 1 111
1993
r-v
^
1 1 1 1 1i 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1
1995
1994
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1 1 1 \L I i 1 1 1
1996
COUNCIL OF ECONOMIC ADVISERS
Manuf acturers' ship ments1
Manuf;icturers' inveritories 2
Manufacturer s' new orders
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
T ot a1
Capital
goods
industries,
nondefense
Nondurable
goods
Manufacturers'
unfilled
orders2
Manufacturers'
inventory —
shipments
ratio3
Millions o ' dollars, se<
isonally a^j usted, excep t as noted
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: July
Aug
Sept
Oct
Nov
Dec
1996: Jan
Feb
Mar
Apr
May
June
July'
Augp
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
98,579
106,194
113,516
118,924
118,957
121,905
124,617
130,055
137,877
393,515
430,468
474,192
508,853
531,115
519,143
493,104
458,161
469,450
480,128
293,901
299,808
300,754
299,824
300,755
301,284
156,108
160,625
162,281
160,706
161,360
161,976
137,793
139,183
138,473
139,118
139,395
139,308
426,722
427,245
429,959
431,303
431,652
432,344
266,482
266,987
268,267
269,971
270,389
270,356
160,240
160,258
161,692
161,332
161,263
161,988
293,595
298,670
302,744
301,467
302,155
306,155
155,476
160,400
165,364
162,792
162,492
167,520
37,976
39,532
44,880
41,310
44,279
47,586
138,119
138,270
137,380
138,675
139,663
138,635
471,362
470,224
472,214
473,857
475,257
480,128
298,685
301,763
300,646
308,003
311,203
308,851
312,128
159,125
161,918
160,377
164,615
167,487
166,902
167,703
168,239
139,560
139,845
140,269
143,388
143,716
141,949
144,425
434,724
435,615
435,413
435,441
434,220
433,868
434,496
272,657
273,400
273,535
273,870
273,857
273,649
274,731
162,067
162,215
161,878
161,571
160,363
160,219
159,765
307,151
302,648
305,091
307,001
314,194
312,139
317,044
167,355
163,146
165,519
163,472
170,287
169,994
172,401
167,012
46,163
44,555
46,613
40,487
44,979
42,921
46,009
41,373
139,796
139,502
139,572
143,529
143,907
142,145
144,643
488,594
489,479
493,924
492,922
495,913
499,201
504,117
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
91,557
1.68
1.59
1.58
1.63
1.65
1.65
1.54
1.49
1.43
1.43
.45
.43
: .43
.44
.44
.44
1.46
1.44
1.45
1.41
1.40
1.40
1.39
1
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.3 percent in August. Prices of finished consumer foods
rose 1.0 percent and prices of other finished consumer goods rose 0.2 percent. Capital equipment prices fell
0.1 percent.
INDEX, 1982* 100 (RATIO SCALE)
INDEX, 1982 - 100 (RATIO SCALE)
110
100
100
1988
1995
1989
SOURCE DEPARTMENT OF IABOR
1996
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Fini shed goods
Pinished goo<Is excluding consumer foods
Period
Total
finished
goods
Consumer
foods
(Consumer goods
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Aug
Sept
Oct
Nov
Dec
1996: Jan
Feb
Mar
Aprr
May
June
July
Aug
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
127.8
128.2
128.4
128.8
129.6
129.8
129.7
130.4
130.7
130.8
131.0
131.0
131.4
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
128.6
130.1
130.0
131.4
131.5
131.0
130.7
131.7
131.1
131.2
133.3
133.6
135.0
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
127.4
127.6
127.9
128.0
129.0
129.4
129.3
129.9
130.5
130.7
130.3
130.2
130.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
123.9
123.8
123.9
124.1
124.1
125.4
126.2
126.0
126.9
127.7
127.8
127.4
127.1
127.3
1
Intei .mediate materials for food manufacturing and feeds.
NOTE.—Beginning 1996, indexes are based on updated value weights.
22
Durable
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.7
132.5
132.6
133.2
134.0
134.2
133.7
133.8
134.0
133.8
134.1
134.7
134.3
134.3
ble
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
118.6
118.7
118.8
118.4
120.2
121.5
121.2
122.3
123.6
123.6
122.7
122.5
122.8
Capital
equipment
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
136.9
137.1
137.5
138.1
138.1
138.0
138.0
138.1
138.1
138.2
138.0
138.4
138.3
Total
finished
consumer
Interm ediate msiterials
Cra de materials
Foods
and
feeds1
Other
Total
Foodstuffs
and
feedstuffs
Other
96.2
99.2
99.3
101.7
93.2
81.6
109.5
113.8
113.3
111.1
110.7
112.7
114.8
114.8
114.6
115.7
119.0
121.5
123.3
123.2
123.0
123.0
125.3
130.2
131.9
131.8
132.1
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
126.1
125.9
125.7
125.5
125.7
125.8
125.2
125.4
125.7
126.1
125.4
124.9
125.2
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.7
101.0
102.9
103.0
104.6
106.3
108.7
110.4
108.9
113.8
115.2
112.6
'114.9
115.1
Total
8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
125.4
125.8
126.0
126.4
127.4
127.7
127.5
128.4
128.9
128.9
129.3
129.1
129.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
124.9
125.6
125.4
125.4
125.3
125.5
125.7
125.1
125.2
125.7
126.3
125.7
125.3
125.5
Source: Department of Labor, Bureau of Labor Statistics.
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
106.0
109.7
112.3
115.5
115.0
114.5
113.7
113.8
118.7
125.8
127.6
131.0
130.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
93.9
94.6
93.2
93.6
96.7
100.9
104.3
101.7
106.4
104.0
98.5
r
100.2
100.6
CONSUMER PRICES—ALL URBAN CONSUMERS
In August, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted (it rose 0.2
percent not seasonally adjusted). The index was 2.9 percent above its year-earlier level.
irvIDEX,
INDEX, 1982-84 -100 (RA11OSCALE)
180
1982-84 "100 (RATIO SC:ALE)
180
SEASONALLY ADJUSTE D
170
170
160
160
150
CONSUMER PRICES— ALL T E M S ^ ^ -
140
^^—"
^^^
150
r*^"^
140
r^^
130
-^
130
^^
^\
fS
120
120
^^
^
110
110
100
1988
Mill 1 1 1 11
,
,
,
i ii i i i i ii ii
1989
1990
1991
1992
1993
i
1 iiiii
1994
SEE NOTE (DN TABLE BlELOW
SOURCE: DEPARTMENT OF LABOR
100
1
1996
1995
COUNCIL Of ECONOMIC ADVISERS
[1982—84=100, except as noted; monthly data seasonally adjusted, except as noted]
All it ems1
Transporta ion
Hou sing
Sh€ Iter
Period
Bel imp.3
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Aug
Sept
Get
Nov
Dec
1996: Jan
Peb
Mar
Apr
May
June
July
Aug
1
Not
season- Seasonally
ally
a4j list- adjusted
ed
(NSA)
Pood
Total !
Total
Renters'
costs
(Dec.
1982=
i rim
100.0
15.8
41.3
28.3
8.0
'20.1
0.2
7.0
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
152.9
153.2
153.7
153.6
153.5
154.4
154.9
155.7
156.3
156.6
156.7
157.0
157.3
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
149.0
149.5
150.0
150.0
150.2
150.3
150.5
151.4
151.9
152.0
153.1
153.8
154.4
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
148.9
149.1
149.6
149.9
150.3
150.8
151.1
151.5
151.9
152.2
152.3
152.9
153.2
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
166.0
166.5
167.1
167.5
167.9
168.6
168.9
169.3
169.7
170.1
170.4
171.2
171.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
174.0
174.7
175.2
175.3
175.5
176.7
177.1
177.7
178.1
178.4
178.7
180.2
180.3
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
171.7
172.2
172.8
173.4
173.9
174.3
174.6
175.0
175.4
175.9
176.2
176.7
177.0
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
135.4
135.4
136.3
136.2
136.6
136.3
137.0
137.5
138.0
138.8
138.8
139.4
139.7
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
124.2
123.4
124.1
124.2
124.4
125.0
125.7
126.0
126.8
127.2
126.9
127.5
128.0
153.0
153.2
153.7
153.8
154.1
154.7
155.0
155.6
156.2
156.7
156.8
157.2
157.4
Includes items not shown separately.
Household fuels—pis (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
3
Relative importance, December 1995.
2
Home- Main- Fuel
and
teownnance other
ers'
and utilicosts
ties
re(Dec.
1982= pairs
(NSA)
100)
ApMediparel
and
cal
Motor care
up- Total1 New,
cars
fuel
keep
Energy2
17.0
4.0
2.9
7.4
6.7
105.9 102.3
110.6 105.4
115.4 108.7
118.6 114.1
124.1 120.5
128.7 123.8
131.9 126.5
133.7 130.4
133.4 134.3
132.0 139.1
132.0 139.5
131.7 139.4
132.1 139.5
132.1 138.9
132.2 139.0
133.1 140.0
131.9 140.7
132.7 141.7
132.2 143.3
132.3 144.3
131.8 143.7
131.7 143.4
129.9 143.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
139.2
139.6
139.6
139.8
139.8
140.0
140.4
140.6
140.7
140.8
141.4
141.7
142.1
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
99.3
97.9
97.4
95.4
97.5
101.2
101.0
104.6
110.3
112.8
108.7
106.6
104.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
221.8
222.6
223.1
223.8
224.6
225.4
225.8
226.4
227.0
227.7
228.3
228.9
229.4
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
105.0
103.6
103.9
103.0
104.1
106.1
106.5
108.0
111.5
112.7
110.2
109.8
109.1
5.5
All
items
less
food
and
energy
77.5
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
162.0
162.4
162.9
163.1
163.3
163.8
164.2
164.7
164.9
165.3
165.6
166.1
166.2
NOTE.—Data incorporate a rental equivalence measure for homeowuership costs (beginning
1983).
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Cha nge from preceding peri od
Change from 3 montl is earlier, annual rate
Change from 6 montl»s earlier, ann ual rate
Change
Consum er goods
Consum er goods
Consum er goods
earlier,
total
finished
goods
NSA
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Cha nge, Dee. to Dee., N SA
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.3
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.3
2.8
_ 9
Ch ange, month to mom h
1995: Aug
Sept
Get
Nov
Dee
0.1
.3
2
.3
.6
0.1
1.2
-.1
1.1
.1
0
.1
.2
0
1.0
0.1
.1
.3
.4
0
1996: Jan
Feb
Mar
Apr'
May
June
July
Aug
.2
-.1
.5
.2
r
.l
.2
0
.3
-.4
— .2
.8
-.5
'.1
1.6
.2
1.0
.6
-.2
.7
.6
r
.l
-.3
-.2
.2
-.1
0
.1
0
'.1
-.1
.3
-.1
-0.3
8.8
4.8
9.0
4.4
-.2.2
^1.0
1.0
1.0
4.9
1.8
2.4
3.6
2.9
3.1
-2.1
.6
.3
1.5
4.9
'7.8
12.1
6.9
6.3
4.9
4.8
5.8
1.6
'-1.9
-1.6
0
.3
.6
-.3
'.9
.3
2.5
1.6
2.2
3.2
4.4
4.4
2.8
2.5
2.8
3.4
1.9
'.9
1.8
-
1.5
r.so
0.9
1.4
1.3
1.4
3.0
0.6
3.0
2.3
5.7
6.5
0.8
.6
.5
-.6
1.9
1.8
1.9
2.5
2.4
1.3
1.8
2.3
2.1
2.3
3.3
3.0
3.5
3.6
3.1
2.2
1.9
2.6
3.9
3.3
2.5
1.7
-.3
2.8
4.0
6.7
3.9
3.6
4.9
5.9
6.1
3.2
1.4
2.1
1.9
1.6
1.5
.9
.1
-.1
.6
.4
2.2
2.0
2.4
2.4
2.3
2.7
2.6
3.0
1.6
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSAJ
All
items1
Food
Total1
Total i
Renters'
costs
percent change
(annua Irate)
All
Shelter
Period
A Jdendum All item %
T ransportation
Housing
Homeowners'
costs
Fuel
and
other
utilities
Apparel
1
and
upkeep Total
New
cars
Motor
aiel
Medical
care
Energy2
less
food
and
energy
From
previous
quarter 3
From From From
year
3
6
months months earlier
earlier earlier NSA
Cl^lange, 3 )eeembe rto Deimember, NSA
1986
1.1
1987
1988
1989
1990
1991
1992
1993
1994
1995
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
1.7
3.7
4.0
3.9
4.5
3.4
2.6
27
99
3.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
30
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
32
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
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
54
4.9
3.9
-0.4
-.1
.1
-.4
.1
0.1
.3
0
.1
0
-2.0
-1.4
-.5
-2.1
2.2
0.4
.4
.7
.5
.7
1.1
.7
-.4
.1
3.8
.4
_ 9
9
3.6
5.4
2.3
-3.6
-1.9
-2.0
.3
.3
.3
.3
.3
.2
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
24
3.8
1.5
0.9
4.8
4.7
1.0
5.1
3.4
1.4
9
-1.6
.1
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
32
2.6
3.0
-0.4
-1.3
.3
-.9
1.1
0.2
<y
.3
.1
.1
1.9
.4
1.4
3.2
1.1
.3
-19.7
1.9
3.6
4.1
4.8
5.4
4.2
3.0
30
2.6
2.8
Ch ange, m anth to month
1995: Aug
Sept
Get
Nov
Dee
0.2
.1
.3
.1
.2
0.2
.3
.3
0
.1
0.3
.1
.3
9
9
.3
1996: Jan
Feb
Mar
Apr
May
June
July
Aug
.4
9
.4
.4
.3
.1
.3
.1
.1
.1
.6
.3
.1
.7
.5
.4
1
Includes
2
.2
0
.4
.3
.1
.1
0.2
.3
.3
.3
.3
0.5
-.6
.6
.1
.2
.3
.4
.7
9
9
9
9
9
9
9
.5
.6
.2
.6
.3
.3
.3
0.1
.3
.4
2
.2
.3
.2
.1
9
9
9
.4
.5
.1
.8
.1
9
9
2
.3
9
9
.3
2
.5
.4
0.2
9
.3
0
.1
.7
-.9
.6
-.4
.1
-.4
-.1
-1.4
items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,,
etc., excluded beginning 1983.
24
_ 9
__2
3
.3
.1
.1
.1
.4
9
.3
9
.3
.4
2.1
2.4
9
.3
.1
—9 9
9
9
-.4
-.6
.3
.1
3.2
3.9
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.1
1.6
2.6
2.1
2.4
2.8
2.5
2.5
2.1
2.0
2.6
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
3.2
3.3
3.8
3.5
3.3
3.1
2.7
2.7
2.8
2.9
2.9
2.8
3.0
2.9
PRICES RECEIVED AND PAID BY FARMERS
In September, prices received by formers fell 0.9 percent and prices paid by farmers were unchanged. (Data
are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92-100 (RATIO SCALE)
120
60
60
1988
1991
1990
1989
1994
1993
1992
1995
U 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]
Pn ees received
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
Sept
1
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and wage
rates1
farmer•s
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
102
106
109
85
87
92
97
99
100
101
102
106
109
86
87
90
95
99
100
101
103
106
109
102
108
108
105
99
97
98
94
92
102
105
104
106
108
114
115
114
117
118
92
94
92
94
96
110
110
111
111
112
109
109
110
111
112
109
109
110
111
112
93
95
94
95
96
108
106
109
108
111
118
118
116
115
122
122
128
128
131
141
136
94
93
93
93
96
99
103
103
105
113
113
114
114
115
115
115
115
115
113
113
114
114
114
114
114
114
114
113
113
114
114
115
115
116
116
115
96
94
96
95
97
103
103
101
100
'130
124
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.
F'rices paid by
by farmtens
103
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990—92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 and M3 accelerated in August.
BILUOhIS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
,,.~3,600 *""
3,200
2,800
\
M3
—\:—
"
,••.•••
-•
=mr:—|
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
-• — *"•
4,000
.
-j —•*•"*"""""
3,600
3,200
M2
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
— x— ^"
800
—- —
-"
'-=•
—
\
Ml
800
600
400
600
MM.I
1988
1989
,
,
Inn,
1990
1991
11111111 111
Inn,
1992
1 LLI I L 1 1 1 I L
1993
1994
'AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE BOARD OF GlOVERNORSOFTHEFE:€RAL RESERVE SYSTEM
,
1995
COUNQLOF
i i i i i 1 i i i i i 400
1996
ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally a^justedj
Period
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dec'
Dee'
1995: July
Aur
Sept'
Get'
NoV
Dee'
1996: Jan'
Feb'
Mar'
Apr'
May'
June'
July'
Aug
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' cheeks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMP balances,
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
EPs, Eurodollars, and
institutiononly MMMF
balances
724.4
749.8
786.9
794.2
825.8
897.2
1,024.4
1,128.6
1,148.7
1,124.9
1,145.4
1,143.8
1,140.1
1,131.8
1,129.0
1,124.9
1,119.2
1,117.3
1,126.7
1,123.6
1,117.2
1,116.7
1,108.5
1,099.6
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
3,587.0
3,607.3
3,620.8
3,628.4
3,640.2
3,657.4
3,671.7
3,687.4
3,722.3
3,727.5
3,721.2
3,737.5
3,743.0
3,755.1
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
26
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
4,480.1
4,508.2
4,529.0
4,544.5
4,556.2
4,570.5
4,598.1
4,635.7
4,677.6
4,683.8
4,693.9
4,711.0
4,720.6
4,741.6
L
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month-end
levels)1
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
5,679.8
5,537.8
5,574.4
5,621.0
5,648.1
5,654.6
5,679.8
5,697.9
5,718.0
5,776.9
5,802.1
5,797.1
5,824.4
^5,838.7
'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
13,614.7
13,655.0
13,706.4
13,765.8
13,822.4
13,869.4
13,920.0
13,991.4
14,066.9
14,131.5
14,185.7
14,244.5
/> 14,307.1
Pereeiit change from year
or 6
months ijarlier2
Ml
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.8
-2.1
-.7
-.7
-1.5
-3.4
-3.0
-3.4
-4.6
-4.6
-2.4
-1.4
-2.1
-1.5
-1.9
-3.2
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
9.5
3.6
5.8
5.5
3.7
3.1
1.6
1.6
.4
4.2
9.0
5.4
6.5
3.9
1.4
1.3
.2
1.5
1.6
5.8
'12.5
4.2
5.3
5.8
5.7
5.6
4.9
6.4
7.2
7.3
7.0
6.3
5.3
6.3
5.7
5.4
5.4
5.0
4.5
4.7
4.4
5.6
5.5
4.5
4.4
3.9
3.7
5.3
5.7
6.6
6.1
6.0
6.1
5.3
4.6
4.5
4.9
5.3
5.3
5.3
5.4
5.6
9.6
9.0
7.7
6.7
4.5
4.8
'5.3
5.1
5.5
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally a^usted]
Currency
Period
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
367.3 388.5
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 r 410.6
385.0 407.5
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1995:
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Julv
Aug
Sept
Oet
Nov
Dee
1996: Jan
Feb
Mar
Apr
May
June
July
Aug
,
Money nrlarket
mutual fund
balan<3CS
Other
checkDeable
mand
depos- deposits
its
(OCDs)
Retail *
210.3
224.5
246.0
322.5
358.1
373.7
356.0
358.7
388.1
'460.3
'426.3
'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
235.6
259.5
280.9
285.3
293.9
332.5
384.2
414.0
402.9
353.0
380.8
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
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Institution
only2
84.5
91.1
90.3
106.9
133.5
179.5
199.8
197.9
183.7
227.2
218.6
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
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
1,096.2
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
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
3
Small
denomination
time
deposits3
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.8
871.2
'787.9
'823.5
'937.7
919.0
923.3
'926.4
'929.8
'935.1
'937.7
'937.5
937.1
'932.5
'930.4
'928.2
'927.5
'929.3
933.3
Large
ination
time deposits3
Overnight
and
term
repurchase
agreements
(RPs)
(net)
420.2 143.3
467.0 172.6
518.3 189.0
541.5 158.0
480.9 138.8
416.5 119.4
'353.6 128.1
'333.7 157.5
'363.1 180.8
'417.2 177.6
'393.5 188.4
'396.4 192.9
'400.3 192.5
'409.7 190.0
'415.3 185.3
'417.2 177.6
'416.1 184.4
'421,5 186.3
'428.4 184.1
'430.8 182.9
'436.2 195.1
'442.2 183.6
'448.2 '179.9
454.1 177.5
Over
night
term
Eurodollars
(net)
Savings
bonds
Shortterm
BankTreas- ers' acceptury
securi- ances
ties
91.8 275.8
103.9
108.2 100.6 249.5
117.0
109.4 266.8
95.2
117,5 324.0
88.7 126.0 334.2
79.3 137.9 329.1
66.9 156.6 345.9
66.3 171.5 342.8
82.3 180.3 '387.0
184.8 '475.4
91.1
92.6
183.0 '433.6
93.1 '183.5 '437.0
93.7 183.9 '456.6
184.2 '465.4
92.9
90.7 184.5 '464.2
91.1 184.8 '475.4
95.4
185.0 '465.8
96.6 185.0 '444.8
94.4
185.2 '459.2
'97.0 185.6 '461.3
'97.8 186.0 '433.1
'98.3 186,4 '444.8
'96.6 P 186.8 P 446.7
97.6
37.1
44.5
40.2
40.7
36.1
23.9
20.9
14.9
14.2
'12.0
12.1
12.4
12.8
13.4
12.6
'12.0
'11.8
'10.3
9.8
10.3
'10.8
'11.4
PllA
Commercial
paper
231.3
260.6
335.4
346.5
355.3
335.2
365.0
385.5
402.4
437.1
429.0
433.3
438.6
440.5
437.1
437.1
437.2
442.3
445.1
461.0
473.4
470.9
P 473.1
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA]
4Icyusted for el langes in rese rve requiremerits
Borrowings> of depositoiy institutions Tom the Fee eral
Rsserve (NSA )
Res>erves of depos itory instituti ons
Non-
Period
Total
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1995:
Dee
Dec
Dec
Dee
Dee
Dec
Dec
Dec
Dec
Dee
Aug
Sept
Oct
Nov
Dee
1996: Jan
Feb
Mar
Apr
May
June
July
AngP
1
,
,
...
38,950
38,866
40,410
40,508
41,780
45,547
54,367
60,519
59,364
56,364
57,499
57,344
56,839
56,333
56,364
55,606
54,848
55,727
S5,182
54,227
54,112
53,197
52,268
Data are prorated averages of biweekly (maintenance period) averages of daily fignres.
Nonborrowed
38,123
38,089
38,694
40,242
41,455
45,355
54,243
60,437
59,156
56,106
57,217
57,066
56,593
56,129
56,106
55,568
54,813
55,706
55,091
54,100
53,726
52,829
51,934
plus
extended
credit
38,426
38,572
39,938
40,262
41,478
45,356
54,244
60,437
59,156
56,106
57,217
57,066
56,593
56,129
56,106
55,568
54.813
55,706
55,091
54,100
53,726
52,829
51,934
Required
37,580
37,820
39,362
39,585
40,116
44,569
53,212
59,456
58,196
55,086
56,512
56,394
55,758
55,390
55,086
54,121
53t997
54,590
54,062
53,368
52,962
52,132
51,307
Monetary
base
223,571
239,784
256,920
267,723
293,332
317,502
351,244
386,877
418,723
435,006
430,807
431,685
432,737
433,206
435,006
435,182
433,667
436,871
436,644
437,009
439,079
441,846
444,144
Total
827
777
1,716
265
326
192
124
82
209
257
282
278
245
204
257
38
35
21
91
127
386
368
334
Seasonal
38
93
130
84
76
38
18
31
100
40
258
252
199
73
40
7
7
10
34
105
192
284
309
Extended
credit
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.2 percent in August; commercial and industrial loans also rose
0.2 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
200
160 I I I M i l l i | i i
i Iii iii
1992
I I I I I I I M II
1988
1989
1991
1990
-v
200
160
1994
1993
1996
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally accostedl
Loar s and leases in bank credit
Securi ties in bank credit
Total
bank
credit
Period
Total
securities
Real estate
U.S.
CommerTotal
Other
Governand
cial and
2
securities loans
ment
leases
industrial
securities
Total
Revolving
home
equity
62.3
69.6
73.5
73.0
75.3
79.1
357.8
378.3
383.4
366.6
358.9
390.5
451.2
496.2
40.7
41.4
45.0
54.4
64.1
87.5
76.2
83.8
192.5
195.5
193.2
190.9
193.0
190.6
199.6
238.6
1,067.9
1,071.9
1,075.8
1,077.7
1,078.7
78.2
78.4
78.4
78.8
79.1
989.7
993.5
997.3
998.9
999.7
485.7
489.5
490.1
493.3
496.2
84.3
86.7
87.0
87.0
83.8
223.9
226.4
230.8
232.4
238.6
1,086.1
1,089.7
1,095.0
1,096.8
1,098.5
1,101.8
1,102.8
1,109.7
79.6 1,006.6
79.8 '1,009.9
79.8 1,015.2
80.0
,016.9
79.5 1,019.0
79.1 1,022.6
79.5 1,023.3
80.3 1,029.5
500.5
500.6
504.1
507.7
505.3
510.5
512.4
513.5
85.0
85.7
84.9
85.9
82.6
82.1
80.3
76.7
246.9
244.9
246.9
253.8
253.2
255.3
258.7
258.2
2,436.1
2,609.1
2,751.6
2,856.4
2,957.0
3,113.8
3,326.9
3,604.9
562.0
584.5
633.7
745.0
843.4
918.8
952.2
990.8
366.8
400.0
455.6
565.2
666.8
733.9
732.0
710.7
195.2
184.5
178.2
179.8
176.7
184.9
220.2
280.1
1,874.1
2,024.7
2,117.8
2,111.4
2,113.6
2,195.0
2,374.7
2,614.1
608.0
639.3
640.8
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
1,078.7
40.1
50.3
1995: Aug
Sept
Oct
Nov
Dec
3,548.4
3,571.1
3,581.9
3,593.8
3,604.9
985.2
989.1
988.8
989.6
990.8
708.5
708.4
713.2
714.5
710.7
276.6
280.6
275.5
275.1
280.1
2,563.3
2,582.1
2,593.1
2,604.2
2,614.1
701.4
707.6
709.6
713.8
716.8
991.5
998.6
983.5
982.6
989.1
980.9
976.6
967.4
703.1
716.3
705.9
705.9
714.7
708.1
708.0
702.3
288.3
282.3
277.5
276.7
274.4
272.8
268.6
265.1
2,642.5
2,649.3
2,658.3
2,677.6
2,675.3
2,688.4
2,696.8
2,702.2
723.9
728.4
727.4
733.4
735.7
738.8
742.6
744.0
1996: Jan
Feb
Mar
Apr r
Mayr
June r
July
Aug
r
3,633.9
3,647.9
3,641.7
3,660.2
3,664.3
3,669.3
3,673.4
3,669.6
r
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment
companies, and foreign-related institutions. Data are adjusted for breaks caused by reelassifieations of assets and liabilities.
28
r
Other
635.0
719.9
793.0
810.3
827.7
867.5
927.2
999.7
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
Consumer Security
Other
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Cr,edit market fuinds
Internal1
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994"
1995'
1994: lr
IF
IIP
IV
1995: P
IP
IIP
IV
;
1996: P
HP
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
343.4
374.5
408.2
396.9
409.1
422.2
438.6
480.2
524.9
543.8
517.1
524.7
524.7
532.8
517.7
527.5
559.1
571.0
578.4
584.5
190.0
273.9
443.7
347.4
183.5
67.1
161.3
217.9
234.0
351.1
146.4
230.6
173.4
385.7
237.0
435.8
347.3
384.2
398.2
293.6
151.3
73.2
95.5
59.0
47.0
-34.8
61.1
'67.8
79.4
134.3
97.4
121.3
77.6
21.4
179.0
187.5
62.2
108.5
59.6
140.5
Securities
and mortgages
58.9
29.1
-.2
-35.9
-26.6
75.9
67.1
'80.2
-33.0
2.8
5.7
29.8
-47.3
- 120.4
-4.9
27.4
-31.7
20.3
-46.6
63.4
1
Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, and inventory valuation adjustment.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Loans and
short-term
paper
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
Other2
38.7
200.8
348.1
288.4
136.5
101.9
100.1
'150.1
154.6
216.7
48.8
109.3
95.8
364.3
58.0
248.4
285.1
275.7
338.6
153.0
519.4
592.0
756.2
632.9
509,8
500.7
554.4
787.9
763.1
882.6
680.6
698.8
671.9
1,001.2
726.4
929.3
857.3
1,017.3
960.0
859.7
Increase in
financial
assets
Capital
expenditures3
347.3
357.4
373.3
399.4
394.5
370.9
386.9
430.6
485.0
546.6
443.8
476.8
490.7
528.7
552.9
534.1
573.0
526.3
520.7
529.5
Discrepancy
(sources
less
uses)
14.0
56.5
95.7
111.4
82.9
-11.4
45.6
-89.8
-4.3
12.3
-17.1
56.5
26.2
-82.6
28.4
34.0
49.1
-62.2
16.5
18.4
172.1
234.6
382.9
233.5
115.3
129.8
167.5
357.3
278.1
336.0
236.8
222.0
181.2
472.5
173.5
395.2
284.3
491.0
439.3
330.2
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]
Net eh,inge in consume r credit outstanding1
Consu tner credit outstaitiding (end of pe riod)
Period
Total
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1995:
Dec
Dec 3
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec'
July
Aug
Sept
Oct
Nov
Decr
1996: Jan r
Feb'r
Mar
Apr rr
May
June7r
July'
638.9
671.7
729.9
781.9
796.4
781.1
784.9
844.1
966.5
1,103.3
1,047.5
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
1,149.3
1,156.0
1,163.7
Automobile
Revolving
247.2
266.1
285.5
291.0
282.4
259.3
257.1
279.8
317.2
350.8
336.9
339.2
341.0
344.1
347.2
350.8
352.5
355.1
357.8
360.5
361.6
367.2
369.1
1
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus noninstallment credit.
Other 2
136.0
255.7
153.3
174.5
198.6
223.3
245.8
257.8
287.0
339.3
413.9
382.2
390.1
399.5
404.6
407.4
413.9
419.0
425.7
431.2
438.4
444.7
446.8
454.0
252.4
269.9
292.3
290.7
276.1
269.9
277.3
309.9
338.6
328.4
330.6
334.2
334.0
339.7
338.6
341.9
343.9
346.7
344.5
343.0
342.1
340.6
Total
Automobile
Revolving
Others
54.2
32.8
58.2
36.3
18.9
19.4
13.9
17.3
21.2
14.5
- 15.3
-8.6
-23.1
-2.2
22.7
37.4
33.6
24.7
22.5
12.0
29.2
52.3
74.6
-1.6
-14.6
-6.2
4.3
2.3
1.8
3.1
3.1
3.6
1.7
2.6
2.7
2.7
1.1
5.6
1.9
3.4
7.9
9.4
5.1
2.8
6.5
5.1
6.7
5.5
7.2
6.3
2.1
7.2
2.8
2.2
3.6
-.2
5.7
(4)
3.8
59.2
122.4
136.8
10.5
12.4
14.8
8.0
11.7
8.9
10.1
11.3
11.0
7.6
6.0
6.7
7.7
(4)
(4)
4.0
-3.3
17.5
(4)
7.4
32.6
28.7
-1.1
3.3
2.0
2.8
-2.2
-1.5
n
-1.5
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Eeserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rotes rose in September.
PER(
:ENT PER ANNUM
PE RCENT PER ANN UM
14
14
12
12
10
\ .
10
\
x"^>
\
yX""N"X
(:ORPORATE Aaa BONDS
(MOODY'J>)
\
-""""•~-v
8
-~
V
.-•-—-,
' *
\
H
6
\]
%
*"
x
8
\
/
"v
"«%
/
x
.
\ -S
6
L.-?>
TREASURY
BILLS
\
**""*»
/
•'
>t
***
J
4
/H
-T\ .DISC:OUNT
RATE
FEE5ERAL
RE!JERVE
2
2
BArMKOF
NE\A f YORK
0
1 11 1 11111 11
M M ! 11 1 1 M
1989
1988
sOURCE: SEE TABLE BEtC
1 1 1 1 1 11 1 1 11
(..>.!...,.
ll | I I 1 I 1 I l I l 1 1 I 1 1 l l l I |
1990
1993
1992
1991
1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 I IIIl 1 IIl l (
1995
1994
w
0
1996
COUNCIL C F ECONOMIC ADVISER
[Percent per annum]
U.S. T reasuiy security yields
Period
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
Week ended:
1996: Aug 31
Sept 7
14
21
28
1
3-month
bills (new
issues) l
Constant nnatalities2
3-year
10-year
High-grade
municipal
bonds
(Standard3
& Poor's)
30
Prime
commercial
6 months1
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged 4by
banks
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.26
5.30
5.35
5.16
5.02
4.87
4.96
4.99
5.02
5.11
5.17
5.09
5.15
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
6.20
6.04
5.93
5.71
5.65
5.81
6.27
6.51
6.74
6.91
6.87
6.64
6.83
7.38
9.02
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.89
5.77
5.57
5.39
5.20
5.14
5.79
6.11
6.27
6.49
6.45
6.21
6.41
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.88
5.77
5.61
5.42
5.42
5.45
5.82
5.93
5.98
6.03
5.91
5.72
5.86
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
7.32
7.12
7.02
6.82
6.81
6.99
7.35
7.50
7.62
7.71
7.65
'7.46
7.66
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.66
5.71
5.59
5.43
5.23
4.99
5.26
5.38
5.42
5.57
5.67
5.51
5.66
5.66
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
5.25-5.25
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
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.75-8.75
8.75-8.75
8.75-8.75
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
5.07
5.19
5.17
5.07
5.18
6.41
6.55
6.45
6.40
6.29
6.84
6.95
6.88
6.82
6.73
5.81
5.95
5.91
5.81
5.77
7.64
7.75
7.71
7.63
7.58
5.54
5.70
5.68
5.65
5.62
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
7.06
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
3
Weekly data are Wednesday figures.
4
Average effective rat* for year, opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
6.33
8.33
8.21
New-home
mortgage
(FHFB)5
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.69
7.58
7.46
7.40
7.32
7.20
7.49
7.76
7.80
8.05
8.01
8.08
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 September.
INDEX, DEC. 31,1965=50 (RATIO SCALE)
INDEX, DEC. 31,1965=50 (RATIO SCALE)
380
360
340
m
-—/^ s/^
>qJ
320
•3OA
OAA
/
o?n
^^
^-^
-/^
200
/~^\
180
i xn
1 A(\
/
\^\
^\-—
r**-s~^~^ ^s—\
'
OOA
OQA
/
r—%_
^
2^)
-^1
240
^O
TOO
COMI>OSITE STOCK PfUCE INDEX
(NYSE)
1QA
V
^/
}6Q
/-V^/
~\Af\
1
170
MM.I
1
1991
1990
1989
1988
|
Mill
1 1 1 1 1
1993
1992
Iliii
1994
i i i it M
1995
111
1 1 1 1 1 120
1996
PERCE NT
20
1 1 1 11
PER CENT
20
1 jr
15
EARININGS-PRICE RATIOONCOMMC)N STOCKS
10
5
0
i
i i
1988
i
i i
1989
i
10
(S&P)
/
"""""-x^
^x^——_~-~~^
^=1
—,F**^-~
i i
1990
"^-j
i
,.
1
i
i i
1991
i
i i
1992
"^"
-~
i i
1993
1
i i
1994
•Si
—^
i
i i
1995
Connmon stock pri<^es1
New York Stock Ex change indexes (Dec. 31, 1965 -50,
except as noted) 2
Composite
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Aug
Sept
Get
Nov
Dec
1996: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Week ended:
1996: Aug 31
Sept 7
14
21
28
1
Industrial
Transportation
0
1
1996
3
Utility
Finance
Dow-Jones
industrial4
average
Standard &
Poor's composite index
(194143=10)5
Common six:>ek 6yields
(peree nt)
Dividendprice ratio
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
300.05
310.41
311.78
317.58
327.90
329.22
346.46
346.73
347.50
354.84
358.32
345.52
354.59
360.96
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
379.79
390.42
389.63
398.66
412.11
412.71
435.92
439.56
441.99
452.63
458.30
438.58
r
449.41
459.69
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
285.63
295.54
291.16
300.06
303.53
300.30
315.29
324.76
326.42
334.66
331.57
316.66
321.61
323.12
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
221.99
229.64
236.43
238.98
247.59
254.07
257.80
245.77
244.87
249.73
247.20
245.31
244.74
242.25
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
245.27
260.72
265.12
266.12
273.36
273.73
290.97
290.45
287.92
290.43
294.42
287.89
302.95
308.16
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
4,639.27
4,746.76
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
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
559.11
578.77
582.92
595.53
614.57
614.42
649.54
647.07
647.17
661.23
668.50
644.07
662.68
674.88
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.49
2.42
2.41
2.37
2.30
2.31
2.22
2.22
2 24
2.21
2.21
2.28
2.22
2.20
354.84
351.61
358.84
364.60
365.66
'450.14
447.23
456.63
464.75
466.01
322.84
316.74
320.93
326.33
326.24
243.06
238.03
241.27
244.49
243.96
303.32
299.86
306.98
310.28
312.47
5,676.28
5,643.03
5,765.28
5,882.32
5,877.58
660.90
653.86
669.31
683.68
685.99
2 21
2.26
2.22
2.17
2.16
Average of daily closing prices.
Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.
2
3
1
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Period
5
1
Earningsprice ratio
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
6.09
6.02
5.51
5.27
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 11 months of fiscal 1996, there was a deficit of $144.0 billion, compared with a deficit of $171.1 billion
a year earlier.
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS
1,500
BILLIONS OF DOLLARS
1,600
1,500
1,400
1,400
J/
OUTLAYS -
1,300
1,300
1,200
1,200
1,100
1,100
-v
1,000
1,000
RECEIPTS-
900
900
800
800
700
700
600
600
— SURPLUS OR DEFICIT ( - ) ^
-100
-100
-200
^^
^
-200
-300
-300
-400
A
V
I
1987
1
1988
1
1989
1
1990
1991
i
I
1992
1
I
1993
1994
1
1995
1996
I S
-400
N
FISCAL YEARS
COUNQl OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFRCE OF MANAGEMENT AND BUDGET
[Billions of dollars]
On-budget
Total
Fiscal year or period
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996 (estimates)
Cumulative total, first 11
months:l
Fiscal year 1995
Fiscal year 1996
Surplus
Surplus
Surplus
Receipts
Outlays
deficit
Receipts
Outlays
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
1,355.2
1,453.4
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
1,519.1
1,570.1
-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
-116.8
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
1,004.1
1,085.7
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
1,230.5
1,268.3
-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
-182.7
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
367.7
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
301.8
1,208.2
1,295.1
1,379.3
1,439.1
-171.1
- 144.0
887.8
959.5
1,121.5
1,170.6
-233.6
-211.1
320.4
335.6
257.8
268.5
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1996 are from Mid-Session Review of the 1997 Budget issued July
16, 1996. Other data (except as noted) are from Budget of the United States Oovernment, Fiscal
Year J997, issued March 19, 1996.
32
Off-budget
Receipts
Outlays
Gross Feeleral debt
(end of period)
Total
Held by
the public
-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
65.9
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,180.1
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
3,603.4
3,747.1
62.5
67.2
4,917.4
5,165.2
3,610.0
3,738.9
deficit
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first If months of fiscal 1996, receipts were $86.9 billion higher than a year earlier and outlays were $59.8
billion higher.
BILUONS OF DOLLARS
BIUIONSOFDOUARS
700
700
RECEIPTS ^
600
'
^
CORPORATION
INCOME TAXES
\
\
1
200
100
0
1
I,4UU
i "jnn
OUTIAYS-17
1,200 i
1
i
1
.
.
\
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
Af\f\
300
600
^ t ,^, .",«•"• **'
• INDIVIDUAL INCOME TAXES
\
,
400
300
200
—-:
1
. I'Tr;*---- y
, OTHER RECEIPTS
1
100
0
,
1,400
•
NONDEFENSE
\
\ _
-»«>» *"*""*
1 i(y\
1 000
-.---;
1,300
— — —•* — "~
"
1,200
"""
'
1,100
1 rjfifi
-*"•**"*
OAA
Qftfi
->— —•*"*"**
QfiTi
800
7ftn
.» — •" *"*—' *"*—*
7fiA
Ann
600
500
CAT)
400
•
300
200 xi
V 1987
NATIONAL DEFENSE
400
V
1
1
1988
1
1989
300
1
I
1990
1991
I
1992
I
1
1993
I
1994
1995
•/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
K 200
1996 ^
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
C)n-budget and off- >udget 01itlays
On- >udget arid off-buc Iget recei pts
Fiscal year or period
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996 (estimates)
Cumulative total, first 1 1 months: 1
Fiscal year 1995
Fiscal year 1996
Total
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
1,355.2
1,453.4
Social
CorinsurIndiance
vidual poration
income income taxes
and
taxes
taxes contributions
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
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
508.3
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
112.8
123.5
121.1
Total
Department of
Defense,
military
Internation- Health
al
affairs
Medicare
185.3
209.9
227.4
7.5
12.7
13.1
12.3
11.8
15.9
20.5
23.2
26.9
27.4
28.6
30.4
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
1,519.1
1,570.1
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
266.0
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.6
254.8
16.2 33.5
14.2 35.9
40.0
11.6
10.5 44.5
9.6 48.4
57.7
13.8
15.9 71.2
16.1 89.5
17.2 99.4
17.1 107.1
16.4 115.4
14.0 119.4
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
177.6
124.1 444.6 110.3 1,379.3
136.7 466.0 104.6 1,439.1
245.9
246.9
234.5
235.7
15.0 105.6
12.7 108.9
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
653.3
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5.
140.4
157.0
170.7
97.2
104.5
116.3
134.0
157.5
Income Social
secusecurity
rity
19.3 61.0
22.8 61.5
26.5 66.4
32.1 86.5
39.1 99.7
46.6 107.7
52.6 122.6
57.5 112.7
17.3
18.5
106.5
121.0
138.9
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1996 are from Mid-Session Review of the 1997 Budget issued July
16, 1996. Other data (except as noted) are from Budget of the United States Government, Fiscal
Year 1997, issued March 19, 1996.
Total
6.4
7.5
217.8
244.1
285.9
297.7
288.9
298.4
1,208.2 529.2
1.295.1 587.7
Other
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
157.6
181.0
» Nationsil defense
Net
interest
Other
85.1 29.9
93.9 35.5
104.1 42.6
52.5
118.5
68.8
139.6
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
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.5
131.8
142.1
125.9
139.4
158.8
203.7
225.0
173.9
159.7
173.7
166.9
172.4
145.4 200.2 307.7 2.13.2
161.7 211.6 320.5 221.9
146.3
154.9
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
220.4
228.5
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
350.7
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOB, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1996, according to revised estimates, Federal receipts rose $52.5 billion (annual rate);
Federal current expenditures rose $24.0 billion.
BILUC>NSOFDOUARS
BlUJOhIS OF DO JARS
1,800
1,800
•4NUAL RATES
SEASONAHY ADJUSTED At
1,600
r" **" ™"
^ ««»
x—^^^
"^
s ***
__»*.
1,400
CURREhIT EXPEND
' )ITURES
-
X
1,200
Y~~f
^^
— ***
^-w
1,000
^
MK>
—
***
-* — 1* **
AXyX
800
~'
••" n
600
/"
—-^"
/•
--^S
^~~~
^
S"
^x- y
~s
-—
1,200
——-"
1,000
^
_
\
RECEIPTS
800
^—^
^
'
600
400
200
200
-
-
CURRENTS JRPLUSOR DEFICIT ( - )
0
0
—v
\-
A —**^ -—Xx
S""*-*
>^'"-i—.U^ ^x- -/
^
,»X*^-"
1 1 !
1
1982
1983
1
1
i i i
1 1 1
i i i
i i |
j_i i
i i i
i i i
i i i
1984
1985
1986
1987
1988
1989
1990
1991
~
^*-
—
-200
- ^-^
^-^ "*•
-400
1,400
-
400
-200
1,600
J I1
1992
1993
1994
i i i
i i i
1995
1996
-400
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Grovernmen t receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Fedenil Governinent curnjnt expenc iitures
Indirect Contribusiness butions
for
tax and '
social
nontax
insuraccruals
ance
Total
Consumption
expenditures
Transfer
payments
Grantsin-aid
to
Net
State interest
and
paid
local
governments
Subsidies less
current
surplus
of
Government
enterprises
Less:
Wage
accruals less
disbursements
Current
surplus
or
deficit
(-),
national
income
and
product
accounts
Calendar year:
1989
1990
1991
1992
,
1993
1994
1995
1,079.3
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,478.4
463.4
485.7
476.9
490.8
523.6
561.4
614.9
117.1
118.0
109.8
118.6
137.5
164.4
184.3
61.7
65.1
79.7
81.9
88.2
92.6
91.2
437.1
461.1
482.6
507.1
526.0
558.6
588.0
1,192.7
1,284.5
1,345.0
1,479.4
1,530.9
1,567.3
1,640.1
405.2
426.6
445.9
451.0
451.9
450.7
453.8
471.7
513.3
522.2
625.1
659.1
682.9
719.9
118.2
132.4
153.4
172.2
185.7
195.9
206.1
166.7
179.9
192.7
195.8
192.3
201.4
229.1
30.8
32.4
30.8
35.1
41.8
36.4
31.3
0.0
.1
-.1
.0
.0
.0
.0
-113.4
- 154.7
- 196.0
-280.9
-255.6
- 190.2
-161.7
1990: IV
1991: IV
1992: IV
1,135.2
1,160.9
1,230.5
484.9
479.0
510.0
117.4
111.1
123.7
67.4
82.8
86.5
465.6
488.1
510.3
1,313.0
1,399.8
1,509.5
437.7
440.5
457.7
526.1
565.8
643.3
137.1
162.7
176.3
177.8
200.0
191.8
34.4
30.9
40.3
.2
.0
.0
-177.7
-238.8
-279.0
1993: I
II
Ill
IV
1,225.2
1,271.3
1,280.3
1,324.4
501.0
521.0
529.1
543.4
127.5
136.5
133.7
152.2
84.3
87.5
87.2
93.7
512.4
526.2
530.3
535.1
1,509.7
1,521.5
1,534.7
1,557.7
451.3
448.5
453.5
454.3
645.9
654.7
660.8
675.0
177.3
181.5
187.2
197.0
190.5
193.2
192.7
192.8
44.7
43.6
40.5
38.6
.0
.0
.0
.0
-284.5
-250.2
-254.4
-233.3
1994: I
II
Ill
IV
1,321.9
1,382.8
1,387.1
1,416.3
539.3
571.3
560.4
574.5
144.3
162.2
171.3
180.0
92.8
91.3
93.3
93.2
545.5
558.1
562.1
568.6
1,534.6
1,552.5
1,575.7
1,606.4
446.7
445.1
455.7
455.3
670.9
676.4
683.5
700.9
192.2
197.5
196.9
196.9
188.3
198.3
204.3
214.8
36.5
35.3
35.2
38.5
.0
.0
.0
.0
-212.7
- 169.6
- 188.5
- 190.1
1995: I
II
Ill
IV
1,449.3
1,483.2
1,486.6
1,494.7
594.6
624.4
617.3
623.3
183.1
180.7
189.1
184.3
91.7
93.5
88.4
91.3
579.9
584.6
591.8
595.9
1,621.9
1,644.3
1,645.0
1,649.3
454.6
455.6
453.6
451.4
708.3
716.2
724.2
730.9
205.8
211.3
203.8
203.3
220.9
229.3
232.3
233.9
32.3
32.0
31.1
29.9
.0
.0
.0
.0
-172.6
-161.1
- 158.5
-154.5
1996: I
1,523.1
1,575.6
639.6
681.4
196.4
199.0
84.4
83.2
602.6
612.0
1,678.3
1,702.3
453.6
463.5
756.2
757.9
207.6
219.3
230.5
230.8
30.4
30.8
.0
.0
-155.2
-126.7
IP
Source: Department of Commerce, Bureau of Economic Analysis.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Conisumer prices (1982-J*4=100; NSJL)
Industrial ] reduction (1987=10 ); seasonally adjusted)
Period
United
States
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
121.4
121.5
122.7
122.8
122.2
122.6
122.8
122.5
124.2
123.6
124.5
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995*
1995: June
July
Aug
Sept
Get
Nov
Dec
1996: Jan
Feb
Mar
Apr
May
'125.4
June
July
AugP
1
Canada
95.4
100.0
105.3
105.2
101.7
97.4
98.5
102.9
110.1
113.8
113.0
113.8
113.9
113.9
113.5
113.7
113.5
114.2
'114.1
113.7
114.2
' 126.2
'114.7
'114.6
'126.3
116.2
126.9
Japan
Prance
98.8
100.0
104.6
108.5
110.1
108.7
107.5
103.4
107.3
109.0
110.0
110.1
110.1
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
115.8
115.4
112.8
116.5
113.4
115.0
116.6
117.7
117.7
121.0
113.6
117.2
119.9
'108.8
'109.1
'109.7
'108.8
'109.7
'115.6
109.4
'108.2
107.2
107.5
'108.6
120.1
117.9
Germany
Italy
99.6
100.0
96.2
100.0
103.9
108.8
114.5
117.8
115.8
107.1
110.4
110.0
112.2
113.7
110.7
112.1
109.5
110.6
110.8
111.1
105.9
109.2
109.4
108.4
108.2
105.5
111.0
116.8
115.2
117.9
118.6
117.6
116.7
116.0
126.1
113.1
114.5
118.8
113.6
113.6
'109.1
111.1
'110.4
111.4
'112.2
112.2
Data relate to all urban consumers.
United
Kingdom
United
States1
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.9
110.1
113.0
112.6
113.1
113.6
114.1
113.0
113.6
114.0
'113.2
'113.6
114.4
'113.3
'114.5
'113.6
114.1
Canada
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
152.5
152.5
152.9
153.2
153.7
153.6
153.5
154.4
154.9
155.7
156.3
156.6
156.7
157.0
157.3
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
151.6
151.9
151.8
151.8
151.8
152.0
151.8
152.2
152.4
153.0
153.4
153.9
153.7
153.7
153.9
Germany
France
Japan
117,2
120.9
104.7
104.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
148.3
148.0
148.7
149.2
149.3
149.5
149.6
149.9
150.4
151.3
151.6
151.9
151.7
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
131.1
131.5
131.2
131.1
131.0
131.0
131.4
131.5
132.2
132.2
132.3
132.6
132.8
119.3 '151.5
119.1 151.1
'133.2
104.8
'104.8
'105.6
'108.1
111.4
115.0
116.9
'118.4
119.3
'119.1
'119.4
'118.8
118.9
'119.6
'119.3
118.9
'118.9
'118.8
'118.5
'118.8
'119.5
'119.7
'119.4
133.1
Italy
United
Kingdom
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
204.0
204.6
204.7
205.4
206.0
207.1
208.3
208.7
209.0
209.6
210.2
211.4
212.2
212.7
212.2
212.4
1149
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
176.0
175.2
176.1
176.9
176.0
176.0
177.1
176.5
177.3
178.0
179.3
179.6
179.8
179.1
179.9
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally actuated]
Goods: Exp«rts (f.a .s. value )
Goods: Impor s (custc ms valu e)
Census basis (by erid-use ciitegory) i
Balance of trade
(e xports min us imponts)
Senrices
(BOP basis)
Ct nsus basas (by e rid-use eategory)
5OP basi
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: July
Aug
Sept
Oct
Nov
Dec
1996: Jan
Feb
Mar
Apr
May
June' ...
July
1
2
AutoCap- moFoods,
ital
tive
BOP Total, feeds,
goods vehibasis Census
and
except
cles,
auto- parts
basis2 bevand
erages mate- motive
enrials
gines
Industrial
supplies
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
46.6
48.7
49.7
49.5
49.8
50.1
47.3
49.5
50.3
50.3
50.6
50.9
'48.7
50.9
50.5
50.7
51.4
51.0
48.6
49.3
51.7
51.4
51.6
52.5
51.9
50.1
BOP
basis
Total,
Census2
basis
Auto- ConInCap- mo- sumer
tive goods
ital
Foods, dustrial goods vehi(nonfeeds, supexcept
cles,
food)
and
plies auto- parts except
bevand
and automoerages mateenmotive
rials
gines tive
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
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
4.1
4.5
4.7
4.4
4.4
4.5
11.9
12.1
12.4
12.5
11.9
12.1
19.1
20.0
19.8
20.3
20.7
21.2
4.8
5.1
5.6
5.2
5.1
5.2
5.2
5.5
5.4
5.5
5.5
5.5
62.5
62.2
62.9
62.6
62.1
62.7
62.3
61.9
62.7
62.2
61.8
62.5
2.7
2.7
2.8
2.8
2.7
2.7
15.2
14.8
15.3
14.7
14.9
14.8
4.7
4.5
4.9
4.7
4.7
4.5
4.7
11.9
12.2
12.5
12.7
12.5
12.3
11.5
19.9
21.3
20.8
21.1
21.1
20.7
20.0
5.2
5.4
4.9
4.9
5.4
5.5
5.2
5.5
5.8
5.7
5.8
5.9
5.9
5.6
64.2
63.7
64.9
66.3
68.2
65.6
66.1
63.9
63.3
63.7
64.7
66.9
64.7
65.7
2.8
2.8
3.0
3.0
3.0
2.9
2.9
15.6
14.7
15.3
16.6
17.0
16.3
17.0
Exports
Imports
Goods,
Census
basis
Goods
Services
Goods
and
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
124.8
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
160.0
85.9
98.3
110.9
127.0
147.5
163.8
177.3
186.1
195.8
210.6
81.0
91.7
99.5
103.5
118.8
119.6
119.5
125.5
134.1
142.2
- 138.3
- 152.1
-118.5
- 109.4
-101.7
-66.7
-84.5
-115.6
-150.6
- 158.7
-145.1
-159.6
-127.0
-115.2
- 109.0
-74.1
-96.1
- 132.6
-166.1
-173.4
4.9
6.6
11.4
23.5
28.7
44.2
57.8
60.6
61.7
68.4
- 140.1
- 152.9
-115.5
-91.8
-80.3
-29.9
-38.3
-72.0
-104.4
- 105.1
18.8
18.8
19.0
19.5
19.2
19.3
10.0
10.2
10.2
9.6
9.9
10.3
13.4
13.4
13.4
13.4
13.1
13.2
17.8
18.1
18.4
18.0
18.2
18.0
11.9
12.1
12.0
11.8
12.0
11.8
-15.0
-12.4
-12.4
-11.9
-11.2
-11.6
-15.9
-13.4
-13.2
-13.1
-12.3
-12.6
5.8
6.0
6.3
6.2
6.2
6.2
-10.1
-7.4
-6.9
-6J
-6.1
-6.4
19.5
19.4
19.5
18.8
19.0
18.6
18.6
10.6
10.6
10.0
10.5
11.5
10.8
11.1
13.5
13.7
13.7
13.5
14.2
13.9
13.9
'17.9
18.3
18.8
'18.5
'18.8
18.8
18.6,
12.0
'12.3
12.3
12.3
'12.5
12.3
12.7
-14.5
-11.6
-12.3
-13.1
-14.4
-12.9
-15.6
-15.5
-12.8
-14.4
-15.6
-16.8
-14.6
-17.5
'5.9
'6.0
6.6
'6.2
'6.3
6.4
5.8
'-9.6
'-6.8
-7.9
'-9.4
-10.5
-8.2
-11.7
71.8
101.3
84.5
111.0
118.3 101.4
132.3 113.3
143.2 116.4
131.6 120.7
138.6 134.3
145.6 152.4
162.0 184.4
180.7 221.4
22.3 57.3
24.3 66.7
32.3
85.1
37.2
99.3
35.1 104.4
35.7 109.7
40.3 109.1
40.6 111.8
41.9 121.4
50.5 146.3
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
Consumer
goods
(nonfood)
exeeot
ccpi,
automotive
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 *
BILLIONS OF DOLLARS*
1996
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally a^usted, except as noted. Credits (+), debits ( —)]
Goods1
Period
Exports
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994: I
II
Ill
IV
1995:
I
II
Ill
IV
1996: lr
HP
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
Inivestment inoome
Services
*
Imports
Net
balance
-368,425
-409,765
-447,189
-477,365
-498,337
-490,981
-536,458
-589,441
-668,584
-749,364
-155,301
-163,993
-171,652
-177,638
- 183,474
-190,910
-187,532
-187,448
-192,758
-200,146
- 145,081
- 159,557
- 126,959
-115,245
-109,030
-74,068
-96,106
- 132,609
- 166,121
- 173,424
-36,839
-41,084
- 44,415
-43,783
-44,923
-47,927
-42.548
-38,026
-42,730
-46,830
Net
travel Other
Net
military and
trans- servtransices,
ac- 23 portanet
tion
tions
receipts
-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
-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).
2
36
3
Balance
on
goods
and
services
Receipts Payments
on U.S. on foreign
assets assets in
abroad
U.S.
- 140,136
-152,918
-115,518
-91,758
-80,336
-29,872
-38,264
- 72,039
- 104,379
- 105,064
-22,702
-25,882
-28,447
-27,346
-29,515
-31,824
-24,335
-19,391
-24,227
-27,875
91,976
100,767
129,070
152,517
160,300
137,003
119,046
119,900
141,704
182,659
31,841
33,287
37,212
39,368
44,100
46,779
45,269
46,513
47,497
48,195
Net
-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
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
-45,000
-47,641
-49,630
-48,403
-47,235
-49,799
-900
-862
- 4,361
-1,890
262
- 1,604
Balance
on goods, Unilateral
services, transfers,
net4
and
income
Balance
on
current
account
-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
-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
-24,833
-23,939
-26,266
-27,696
-35,219
4,510
-35,514
-37,640
-39,866
-35,075
-8,169
-9,507
-9,975
-12,215
-8,639
- 8,290
-8,992
-9,154
-10,904
-9,300
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
4
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $5.1 billion in the second
quarter of 1996, in contrast to a decrease of $1.7 billion in the first quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $3.9 billion in the second quarter, following a
decrease of $35.6 billion in the first quarter.
BILUONSOF DOLLARS*
1986
I
BILLIONS OF DOLLARS*
1987
1988
1989
|
1990
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally ac^usted, except as noted]
U.S. assets abroad, net
[i tierease/eapitjil outflow ( — )]
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1994:
I
II
Ill
IV
1995:
I
II
Ill
IV
1996:
P
HP
5
U.S.
official
reserve
assets35
312
-106,753
9,149
-72,617
- 100,087 -3,912
-168,744 -25,293
-74,011
-2,158
-57,881
5,763
3,901
- 68,622
-1,379
-194,609
-150,695
5,346
-9,742
-307,856
-36,897
-59
3,537
-28,627
-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
Foreign assets in the U.S., net
[inerea*»e/capitaJ infl ow(+)]
U.S.
private
assets
-2,022 - 105,044
1,006
-82,771
2,967
-99,141
1,259 - 144,710
2,307
-74,160
2,911
-66,555
-1,657
-70,866
-342
- 192,889
-341
- 155,700
-280
-297,834
399
-37,237
491
-32,655
-288
-25,116
-943
-60,693
-154
-56,275
-179
- 105,398
252
-37,954
-199
-98,206
-152
-68,615
-429
-48,213
Total
35,648
45,387
39,758
8,503
33,910
17,389
40,477
72,153
40,253
109,757
11,036
83,235
9,166
45,889
19,785
83,619
266
72,632
90,995 ' 21,822
37,380
115,421
39,186
118,816
11,369
99,229
52,021
99,471
13,197
80,315
226,111
242,983
240,265
218,490
122,192
94,241
154,285
250,996
285,376
424,462
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve
position in the IMP.
Foreign
official
assets3
Other
foreign
aasets
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
drawing
rights
(SDKs)
Total (sum
of the items
with sign
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
Of which:
Seasonal
adjustment
discrepancy
5,105
274
-6,490
1,107
6,519
-266
-7,407
1,153
6,279
-743
TT Q
ftfFifiifil
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
Page
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 Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
»
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY. CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
nf+
38
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