Consumer Installment Credit

Name: Consumer Installment Credit
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The following is plain-text output generated by Optical Character Recognition. 104th Congress 1st Session Economic Indicators JANUARY 1995 Includes data available as of February Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong CONNIE MACK Florida Chairman JIM SAXTON New Jersey Vice Chairman SENATE WILLIAM V ROTH JR Delaware LARRY E CRAIG Idaho ROBERT F BENNETT Utah RICK SANTORUM Pennsylvania RODNEY D GRAMS Minnesota JEFF BINGAMAN New Mexico PAUL S SARBANES Maryland EDWARD M KENNEDY Massachusetts CHARLES S ROBB Virginia HOUSE OF REPRESENTATIVES THOMAS W EWING Illinois JACK QUINN New York DONALD A MANZULLO Illinois MARSHALL MARK SANFORD South Carolina WILLIAM M MAC THORNBERRY Texas FORTNEY H PETE STARK California DAVID R OBEY Wisconsin LEE H HAMILTON Indiana KWEISI MFUME Maryland ROBERT N MOTTICE Executive Director COUNCIL OF ECONOMIC ADVISERS LAURA D TYSON Chair JOSEPH E STIGLITZ Member MARTIN N BAILY Member Nominee PUBLIC LAW 120 SlsT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res S5 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts prepared by the Art Production Section Design and Graphics Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 3 00 a single copy 3 75 foreign or by subscription at 33 00 per year 41 25 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 For sale by the U S Government Printing Office Superintendent of Documents Mail Stop SSOP Washington DC I S B N TOTAL In the fourth quarter of 1994 according to advance estimates cyrrent dollar gross domestic product GDP rose 6 0 percent annual rate real GDP GDP in 1987 dollars rose 4 5 percent artd the implicit price defiofor rose 1 6 percent BILLIONS OF DOLLARS RATIO SCALE 7 200 j COUNCfl OF ECONOMiC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Period IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 IV 1989 IV 1990 IV 1991 IV 1992 W 1993 I n m IV 1994 I n in rv 1 Gross domestic product Personal consumption expenditures Gross private domestic investment Federal Net exports Exports GDP less exports of goods and sen ices plus imports of goods and sen ices Government purchases Exports and imports of goods and services Imports Total Total National defense Nondefense State and local Final sales of domestic product Gross domestic purchases Source Department of Commerce Bureau of Economic Analysis Addendum Gross national product GROSS DOMESTIC PRODUCT IN 1987 DOLLARS Billions of 1987 dollars quarterly data at seasonally adjusted annual rates Gross privatedomestic investment Period Gross domestic product Personal consumption expenditures Exports and imports of goods and services Government purchases Federal Noiiresidcntial fixed investment Residential fixed investment Change in business inventories Final sales of domestic product State and local Gross domestic purchases Addendum Gross national product Net exports Exports Imports Total Total National defense Nondefense IV IV IV IV IV IV IV IV IV IV IV S I II III IV I II III IV p GDP less exports of goods and services plus imports of goods and services Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT quarterly data are seasonally adjusted Period Gross domestic product Personal consumption expenditures Gross private domestic investment Durable goods Nonresidential fixed Government purchases Exports and imports of goods and services Federal Total Nondurable goods Services Residential fixed Exports Imports Total National defense Nondefense State and local IV IV IV IV IV IV IV IV IV IV IV I II III IV I II III IV Source Department of Commerce Bureau of Economic Analvs CHANGES IN GDP PERSONAL CONSUMPTION EXPENDITURES AND RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES Percent change from preceding vear or quarter quarterly data at seasonally adjusted annual rates Personal consumption expenditures Gross domestic product Period Current dollars III rv 1991 I II Ill IV 1992 I II in IV I II III IV I n m rv Constant 1987 dollars Fixed weighted price index 1987 weights Implicit price deflator Constant 1987 dollars Current dollars Fixed weighted price index 1987 weights Implicit price deflator Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Current dollar cost and profit per unit of output dollars Gross domestic product of nonfinancial corporate business billions of dollars Period Current dollars IV IV IV IV IV IV IV IV IV IV IV I n in IV 1994 I II in dollars Total cost and profit z Consumption of fixed capital Output is measured by GDP of nonfinancial corporate business in 1987 dollars This is equal to the deflator for gross domestic product o nonfinancisl corporate busii the decimal point shifted two places to the left 2 Indirect business taxes 3 f Compensation of employees Net interest Corporate profits with inventory valuation and capital consumption adjustments Total Profits tax liability X Profits after tax Output per hour of all employees 1987 dollars Compensation per hour of all employees dollars Indirect business tax and nontax liability plus business transfer payments less subsidies With inventory valuation and capital consumption adjustments Sources Department of Commerce Bureau of Economic Analysis and Department of Labor Bureau of Labor Statistics NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates National income Period Compensation of employees1 Proprietors income with inventory valuation and capital consumption adjustments Farm IV 1983 IV 1984 IV 1985 IV 1986 IV 1987 IV IV 1989 IV 1990 IV 1991 IV 1992 IV 1993 I II HI IV I II in IV Rental income of persons with capital consumption adjustment Nonfarm Includes employer contributions for social insurance See also p Corporate profits with inventor valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Profits before tax Total Inventoryvaluation adjustment Capital consumption adjustment Net interest Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS Billions of 1987 dollars except as noted quarterly data at seasonally adjusted annual rates Nondurable goods Durable goods Period Total persona consumption expenditures Total durable goods IV IV IV IV IV IV IV IV IV IV IV I II in 1994 IV I n in IV Motor vehicles and parts Includes other items not shown separately Furniture and household equipment Other Total nondurable goods Food Clothing and shoes Gasoline and oil Retail sales of new passenger cars millions of units Services Fuel oil and coal 12 0 li Other Total sen ices Housing Source Department of Commerce Bureau of Economic Analysis Medical care Domestics Imports SOURCES OF PERSONAL INCOME Personal income rose 46 9 billion annual rate in December following a decline of 3 1 billion in November The changes were affected by several special factors Subsidy payments to farm proprietors bonus payments to employees in the motor vehicle industry and retroactive social security benefit payments Excluding these special factors personal income increased 38 2 billion in December and 21 2 billion in November BILUONS OF DOLIARS RATIO SCALE BILUONS OF DOLLARS RATIO SCALE WAGE AND SALARY DISBURSEMENTS V 1 400 OTHER INCOME TRANSFER PAYMENTS mill 1986 II II I II I II IIIII111III niiii LLLLLL I I I III 1994 COUNCIL Of ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Dec 1994 Jan Feb Mar May July Sept Get Nov r Dec Total persona income Wage and salarv disbursements l 2 105 A Proprietors income 3 Other labor income Farm The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in ha 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 3 With inventory valuation and capital consumption adjustments Nonfarm Rental income of persons S Personal dividend income Personal interest income Transfer payments Less Persona contributions for social insurance Nonfarm personal income With capita consumption adjustment Consists mainly of social insurance benefits direct relief and veterans payments Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest Source Department of Commerce Bureau of Economic Analysis 5 6 DISPOSITION OF PERSONAL INCOME According to advance estimates per capita disposable personal income in 1987 dollars rose again in the fourth quarter of 1994 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATO SCALE J j l l I I I I I I I I I I i I i i i I I i DOLLARS RATIO SCALE 20 000 PER CAPITA DISPOSABLE PERSONAHNCOME CURRENT DOLLARS DOLLARS RATIO SCALE r ll P DOLLA PS i x i i i 1984 i i B I 1989 I 1988 i i i 1990 i i i i i COUNCIL OF ECONOMIC ADVISERS Period Persona income Less Personal tax and nontax payments Disposable personal Less Persona outlays l Equals Personal saving Per capita disposable personal income Disposable personal income in 1987 Current dollars dollars billions Current dollars 1987 dollars Percent change is real per capita disposable personal income Saving as percent of disposable personal income Population including Armed Forces overseas thousands 2 Percent Dollars Billions of dollars dollars Per capita personal consumption expenditures Seasonally adjusted annual rates n 5 364 5 IK IV I 5 555 8 n 5 659 9 ra IV IV IV IV IV IV IV IV IV IV IV IV I Includes personal consumption expenditures interest paid by persons and personal transfer jiayments to rest of the world net Annual data are averages of quarterly data vhieh are averages for the period Source Department of Commerce fBureati of Economic Analysis and Bureau of the Census FARM INCOME In the third quarter of 1994 according to preliminary estimates gross farm income rose 15 9 billion fannyai rate and net farm income rose 13 9 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE GROSS FARM INCOME v NET FARM INCOME I ft I i n I I II SEASONAUY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRiCUlTUKE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from farming Net farm income Gross farm income Period Cash marketing receipts Total Total r I n in IV 1993 I n m TV 1994 I n p m r Livestock and products r Cash marketing receipts and inventor changes plus Government payments other farm cash income and nonmoney income furnished by forms2 Physical changes in ead of year inventory of crop and livestock eoraiBodities valued at average prices during the year 3 Income in current dollars divided by the GDP implicit price deflator Crops Value of inventory changes g 4J Production expenses r Current dollars r dollars r NOTE Data include net Commodity Credit Corporation loans and operator households Quarterly data plotted for 1989 through 1991 in chart do not reflect previous revisions to annual data in table Sources Department of Agriculture and Department of Commerce CORPORATE PROFITS In the third quarter of 1994 corporate profits before tax rose 15 0 billion annual rate In the second quarter profits had risen 39 6 billion largely reflecting a rebound from the first quarter effects of the California earthquake BILLIONS OF DOLLARS BILLIONS OF DOLLARS 550 SEASONAUY ADJUSTED ANNUAL RATES J FS BEFORE V r y r J A X X I f i i L S s PAX UABIUT N V s f s X S i V s f N s V s s x s car FITS AFTER JAY O s Vi s s UNDISTRI 3UTED PRO ITS 0 i i i 1987 1 i i i 1988 I i i 1989 J l l f COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Profits after tax Profits before tax with inventory valuation adjustment Domestic industries Period Nonfinancia Total 2 Total p IV IV IV IV IV IV IV IV IV IV IV I II m jr I II in Financial 1 Wholesale and retail trade Total Dividends Undistributed profits Inventor valuation adjustment E See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately Manufacturing Tax liability IV 2 Total 3 Profits before tax Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS In the fourth quarter of 1994 according to advance estimates nonresidential fixed investment in 1987 dollars rose 28 2 billion annual rate and residential investment fell 1 5 billion There was a 68 0 billion increase in inventories following an increase of 57 1 billion in the third quarter DL1ARS BILLIONS OF 1 987 W BIIUONS OF 1 987 DOLLARS SEA5OKA1LY ADJUSTED ANNUM RATES s y j O s s s s I S G OSS PRIVAre DOMEST C INVES MENT 600 s S NONRESIDENT1AL FIXED INVESTMENT S s 400 RE SIDENTIAL FIXED INVESTME W CHANGE IN BUSINESS INVENTORIES v f s f X X r L 1 L 1982 i i i J L J i i i i i i I I I i l i i COUNCIL OF ECONOMIC ADVISERS SCARCE DEPARTMENT OF COMMERCE Billions of 1987 dollars quarterly data at seasonally adjusted annual rates Change in business inventories Fixed investment Gross private domestic investment Period Nonresidential Total Total Structures Producers durable equipment Residential Total Nonfarm I U I IV IV IV IV IV IV IV IV IV IV IV n HI rv n TTT rv Source Department of Commerce Bureau of Economic Analysis EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department July August 1994 survey business spending for new plant and equipment is expected to rise 8 8 percent in 1994 following a rise of 7 3 percent in 1993 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONAU Y ADJUSTED ANNUAL RATES ALL INDL ISTRIES NONMANUF VCTURING MANUFACT JRING s x N 2 i 1985 i I i i i I I 1992 SURVEYED QUARTERLY 2JSEE FOOTNOTE JBEOW SOURCE DEPARTMENT OF COMMERCE i COUNCIL OF ECONOMC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Addenda Industries surveyed quarterly Manufacturing Period 1992 I II III IV 1993 I II m IV 1994 I II 4 in4 IV Total All industries Nonmanufacturing in Nonmanufacturing Nondurable goods Total Mining Transportation Public utilities Durable goods 1 Excludes forestry fisheries and agricultural services professional sen ices social sen ices and membership organizations and real estate which effective with the April May 1984 survey are no longer sun eyed quarterly See last column nonmanufacturing sun eyed annually for data for these industries 2 All industries plus the part of nonmanufacturing that is sun eyed annually 3 Consists of forestry fisheries and agricultural services professional sen iees social sen ices and membership organizations and real estate Total nonfarm business2 Commercial and other Manufacturing Total Surveyed quarterly Surveyed annually Planned capita expenditures as reported by business in July August 3994 corrected for biases NOTE The quarterly Plant and Equipment Sun ey will be discontinued and replaced by a new semi annual indicator sun ey of investment plans The first new survey results are scheduled for release in February 1995 See Plant and Equipment Expenditures and Plans release of September 8 1994 for details Source Department of Commerce Bureau of the Census EMPLOYMENT UNEMPLOYMENT AND WAGES In January employment rose by 69 000 and unemployment rose by Data for 1994 revised MILLIONS OF PERSONS MILLIONS OF PERSO NS SEASONALLY ADJUSTED X i N r 130 CIVILIAN LABOR FORCI r I J CIVILIAN 1 EMPLOYMENT COUNCIL OF ECONOMIC ADVISERS Thousands of persons 16 years of age and over except as noted monthly data seasonaliy adjusted except as noted by NSA Period s Jan r Feb Mar r Apr r May July Aug r Sept r Get r Nov Dec 1995 Jan Nonagricuiturai Civilian tabor force Total Agricultural Part time for economic reasons Total 15 weeks and over Not in labor force Labor force participation rate Employment population ratio 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 noninstiiutianai population and unemp ovmetit as percent of civilian labor force Not strictly comparable with earlier dala Total Percent 2 Unemployment Civilian employment Civilian noninstittitional population NSA Unemployment rat Data beginning January 1994 are based on the revised Gun eat Populaikm Survey and are not directly comparable with data for earlier periods For details see Employment and Earnings February 1994 Note Kevised seasonally adjusted data for 1994 were released on January Source Department of Labor Bureau of Labor Statistics 11 UNEMPLOYMENT RATES in January the unemployment rate rose to 5 7 percent from 5 4 percent in December Data for 1994 revised PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMPLOYMENT AS PERCENT Of CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCiL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group By selected groups By race By sex and age Experienced wage and salary workers Jan TZ Peb r Mar r Apr r May r June r July r Aug r Sept T Oct r Nov r Dec 1995 Jan All civilian workers Men 20 years and over Women 20 years and over Period Both sexes 16 19 years 1 Revised deBnition for details see Employment and Earnings February 1994 2 Data beginning January 1994 are based on the revised Current Population Survey and are not directly comparable with data for earlier periods For details see Kmployment and Earnings Feb 12 White Black and other Black Married men spouse present Women who maintain families Full time workers l ruary 1094 Note Revised seasonally adjusted data for 1994 were released on January Source Department of Labor Bureau oPLabor Statistics Part time workers 1 or INSURANCE PROGRAMS In January the percentage of the unemployed who had been out of work for less than 5 weeks rose the percentages for 5 14 weeks 15 26 weeks and 27 weeks and over all fell The mean duration of unemployment fell to 16 7 weeks and the median duration fell to 7 9 weeks Data for 1994 revised PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASON FOR UNEMPLOYMENT JOB LOSERS REENTRANTS 30 JOB LEAVERS NEW ENTRANTS SEASONALLY ADJUSTED I BEGiNNjNG JANUASf 1994 JOB LOSERS AND WESSONS WHO COMPLETED TEMPQBA8Y JOES SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC A VISEfiS Monthly data seasonally adjusted except as noted Duration of unemployment Unemployment thousands Period Percent distribution l ess than 5 weeks 5 14 weeks B ason for unemployment percent distribution State programs Number of weeks 15 26 weeks 27 weeks and over Average mean Median Job losers Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 2 Weekly average thousands Jan Feb r Mar May r July Auff r Sept Oct Nov r Dec 1995 Jan Beginning January 1994 job losers and persons who completed temporary jobs 2 Includes State 50 States District of Columbia Puerto Rico and Virgin Islands ex servieemen UCX and Federal UCFE Railroad RR programs included through 1993 Also includes Federal and State extended benefit programs Does not include Federal supplements compensation or Emergency Unemployment Compensation programs 3 Data beginning Jsriaary 1094 are based on the revised Current Population Survey and are not r r r directly comparable with data for earlier periods For details see Employment and Earning Felfruary 1994 Note Revised seasonally adjusted unemployment data for 1994 were released on January 6 19S5 Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 134 000 in January following increases of 210 000 in December and 534 000 in November MILLIONS OF PERSONS MILLIONS OF PERSONS ENLARGED SCALE SERVICE PRODUCING INDUSTRIES GOODS PRODUCING INDUSTRIES COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers l seasonally adjusted Goods producing industries Period P94 Jan Feb Mar Apr May June July Aug Sept Oct r Nov Dec Jan Total nonagricultural employment Service producing industries Manufacturing Total onC nn struction Total Durable goods Nondurable goods Total Includes all full and part time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self emploved persons domestic sen ants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagricuttural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic sen ants which count persons as employed when thev are not at work because of industrial disputes bad 14 Transportation and public utilities Wholesale trade Ratall ivetaii trade Finance insurance and real estate Government Services Total is Federal weather etc even if thev are not paid for the time off and whieh are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments 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 nonsupervisorv workers monthly Asia seasonally adjusted except as noted Average weekh hours Total private nenagricultural Period Total private nonagriculturai Overtime Total Average gross weekly earnings Average gross hourly earnings Manufacturing Current dollars Total private nonagriculturai 1982 dollars Manufacturing Percent change from a year earlier total private nonagriculturai 3 Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade Current dollars July Sept Oct Nov r Dec 1 1995 Jan f O May Jan Feb Mar dollars Also inchtdes other private industry groups shown on p 14 Current dollar earnings divided bv the consumer price index for urban wage earners and clerical workers CPI W OR a base 3 Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics EMPLOYMENT COST INDEX PRIVATE INDUSTRY Percent change from Index June J months earlier Period Total compensation Wages and salaries Benefits months earlier Total compensation Wages and salaries Benefits l Total compensation Wages and salaries Benefits Not seasonally adjusted Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 1992 Mar r Mar Sept r Dee Mar T Sept Dec J Employer costs for employee benefits NOTE The employment cost index is a measure of the change in the cost of labor free from the inflaence of employment shifts among occupations and industries Data exclude farm and household workers Not seasonally adjusted Seasonally adjusted Sept Dec Seasonally adjusted data revised beginning 1990 Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output per hour of all persons Period Output Hours of all persons 2 Compensation per hour 3 Real compensation per hour 4 Business sector Nonfarm business sector Business sector Nonfarm business sector Business sector J Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector S Business sector Nonfarm business sector Business sector Nonfarm business sector quarterly data seasonally adjusted IV IV IV IV IV IV IV IV IV IV 1992 I n m IV 1993 I n m IV 1994 I nr m IV Percent change quarterly data at seasonally adjusted annual rates P 1992 I n m IV 1993 I n m IV 1994 I nr m IV o Output refers to gross domestic product originating in the sector in 1987 dollars Hours of ail persons engaged in the sector iticlwdrng hours of proprietors and unpaid faintly workers Estimates based primarily on establishment data 3 Wages and salaries o employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the selfemployed 4 Hourly compensation divided by the consumer price index for all urban consumers CP1 TJ 5 Current dollar gross domestic product divided by constant dollar gross domestic product z ifi 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 Source Department of Labor Bureau of Labor Statistics PRODUCTION CAPACITY UTILIZATION Industrie production and capacity utilization rose in December INDEX RATIO SCALE 140 INDEX RATIO SCALE 160 rOTAL INDUSTRIAL PRODUCTION UTILITIES AND MINING PER ENT 86 CAPACITY UTILIZATION RATE TOTAL INDUSTRY 82 V v I IH 1 I E i i rf l N III O n i n f i Hi i n n 1 H m CGUNCiLOF ECONOMIC ADViSERS Monthly data seasonally adjusted Total industrial production Period Index Capacity utilization rate percent l Industry production indexes Manufacturing Percent change from year earlier Mining Durable Total Utilities Nondurable Total industry Manufacturing p Dec Jan Feb Mar May July Sept r Oct r Nov r Dec p 1 Output as percent of capacity Source Board of Governors of the Federal Reserve Svstem 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Materials Products Final products Intermediate products Consumer goods Equipment Durable goods Nondurable goods Total Business Period Total Total Defense and space equipment Total Construction supplies Business supplies Total Energy Dec Jan Feb Mar May July Sept r Oct Nov Dec includes oil and gas well drilling and manufactured homes nof shown separately monthly data seasonally adjusted Durable manufactures Transportation equipment Primary metals Period Total Dec 1994 jan Feb Mar May July Sept Oct Dec Source Board of Governors of the Federal Reserve Svstero 18 Electrical machinery Total Motor vehicles and parts Lumber and products Printing and publishing Chemicals and products Foods el products Iron and steel Industrial machinery and equipment Fabricated metal products Nondurable manufactures NEW CONSTRUCTION Monthly dattt seasonally adjusted Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total Commercial and industrial 2 Other Federal State and local Total value index Commercial and industrial floor space millions of square feet Billions of dollars Annual rales Annual rates Dec r Jan Feb Mar r 07 111 r May July Aug r Sept Oct r Nov Dec nt Commerce Bureau of the Census and McGraw Hill Information Systems Sources Department of vision Company F W Dodge Div Includes residential improvements not shown separately Includes hotels and moteis F W Dodge series NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted New private homes New private housing units Units started by type of structure Period Total unit units or more units Units authorized Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted annu al rates 1993 Dec 1994 Jan Feb Mar May July Sept Oct Noy r Dec r 673 r r 322 r Seasonally adjusted 2 Revised series beginning 1989 and 1994 not comparable with earlier data except 1993 data have been revised to be comparable with new series beginning in 1994 Quarterly data entered in last month of quarter NOTE Units authorized are for 17 000 permit issuing places Source Department of Commerce Bureau of the Census INVENTORIES Manufacturing and Tirade In November manufacturing and trade sales rose 1 3 percent and inventories rose 5 4 billion According to advance data retail sales fell 0 1 percent in December following an increase of 0 2 percent in November BILLIONS OF DOLLARS RATIO SCALE 300 BILLIONS OF DOLLARS RATIO SCALE r MAr 1UFACTURINC5 AND TR M3E INVENTC5RIES y s T 150 M NUFACTURir JG Ar JD TRADE SA ES II M SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Manufacturing and trade 1 COUNCIL OF ECONOMIC ADVISEBS Wholesale Sales Period Sales 2 Inventories 3 Sales 2 Inventories 3 Inventory sales ratio Retail Total 2 Durable goods stores Inventories Nondurable goods stores Total 3 Durable goods stores Nondurable goods stores Manufacturing and trade Retail Millions of dollars seasonally adjusted except as noted r r Nov r Dec Jan Feb Mar r May July Sept Oct r Nov p Dec r z 4 See page 21 for manufacturing Annual data are averages of monthly not seasonally adjusted figures monthly data are seasonally adjusted totals for month 20 Seasonally adjusted end of period Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND In December manufacturers shipments inventories and new and unfilled orders rose BIU IC NS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE L SHIPMENTS INVENTORIES X V DURABLE GOODS NO NDURABLE GC3ODS BILLIONS OF DOLLARS RATIO SCALE 80 l m il mi i l 1 ll ll M i l l M i l l ii 1 1 1 1 ii ii i M 1 M 1 M 1 1 1 RATIO SEASQNAUY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments Manufacturers inventoriesa Manufacturers new orders l Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries non defense Nondurable goods Manufacturers unfilled orders 2 Manufacturers inventory shipments ratio 3 Millions of dollars seasonally adjusted except as noted Dec Jan Feb Mar r r July Sept Oct Nov r Dec 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 Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census PRICES PRODUCER PRICES In December the producer price index for all finished goods rose 0 2 percent Prices of finished consumer foods rose 1 6 percent and prices of other finished consumer goods fell 0 3 percent Capital equipment prices rose 0 4 percent INDEX RATIO SCALE INDEX RATIO SCALE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT Of IABOR monthly data seasonally adjusted Intermediate materials Finished goods Finished goods excluding consumer foods Total finished goods Period Consumer foods Consumer goods Dec 1994 Jan Feb Mar Aur May T J July r Aue Sept Oct NOT Dec diaJe material for food m n faci ring and feeds 22 Total Total 1985 Nondurable Capital equipment Durable Total finished consumer goods Crude materials Total Foods and feeds Other Total Foodstuffs and feedstuffs Other Source DepsrtmesJ of Lsbor Buresa of Labor Statistics CONSUMER PRICES ALL URBAN CONSUMERS In December the consumer price index for all urban consumers rose 0 2 percent seasonally adjusted it was unchanged not seasonally adjusted The index was 2 7 percent above its year earlier level INDEX RATIO SCALE INDEX fRATIO SCALE SEASONAliY ADJUSTED CONSUMER PRICES ALL ITEM s Vi M i l I 1 1 II I 1 1 M i l l H i l l II 1 1 1 M i l l 1989 i i11 1 M M M i IIIi M 1 1 I MM tow EE NOTE ON TABLE BE OURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted AH items 1 Transportation Housing Shelter Period Ret imp Dec Feb Mar Apr May June July Aue Scot Oct Nov Dec Not seasonally adjusted NSA Seasonally adjusted Food Total1 Total Fuel Renters costs Dec Homeowners costs Dec Maintenance and repairs NSA other utilities and Apparel and upkeep Total New cars Motor fuel Medical care Energy 2 All items less food and energy S Includes items not shown separately 2 Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc excluded becinnine 1983 eluded beginning 3 Relative importance December 1993 NOTE Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with figures for earlier periods Data beginning 1987 and 1988 calculated on a revised basis Source Department of Labor Bureau of Labor Statistics 23 IN from prtwilmg period monthly data seasonally adjusted except as noted by NSAJ Change from preeiiiing pert sd Period Change from 3 moot is earlier annual rate Change from f moist is earlier annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Foods Total finished goods Ctipitai equipment Kxeluding foods Foods Total finished goods Capital equipment Kxeluditlg foods Foods Change from year earlier total finished goods NSA Change Dec to Dec NSA p j J J Change month to month Dec 1994 Jan Feb Mar May 1 Julv 5 5 j Oct Nov Dee r r r l g g r Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES ALL URBAN CONSUMERS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Transportation Housing Shelter All items Period Food Total Total Renters costs Homeowners costs Fuel and other utilities Appare and upkeep New ears Total Motor fuel Medical care Energy2 All items less loot and energy Addendum AH items percent change annual rate From previous quarter 3 From 3 months earlier From e months earlier From year earlier NSA Change December to December NSA Change month to month 1993 Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec j g Includes items fioi sho vn separately Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc excluded beginning Quarterly changes are shown in the last month of the quarter Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS In January prices received by farmers fell 1 0 percent from their December level Prices paid by farmers in January rose 0 9 percent from their October level Data are not seasonally adjusted Series revised and rebased INDEX RATIO SCALE INDEX RATIO SCALE A j j A PRICES PAID i T y V j Y X PRICES RECEIVED A r 1 W X I r t RATIO RATIO s RATIO y i iiiiJiiiii i iiii1iiiii iiiii1iiiif iii iii iiiii 1995 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE not seasonally adjusted Prices paid by fanners Prices received by farmers Period Jan r Feb r Mar r Apr r May r July r Aug r Sept r Oct r Nov r Dec 1995 Jan 1 All farm products Livestock and products Crops Production items interest taxes and wage rates Production items Ratio Includes items not shown separately 2 Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates See also footnote 3 3 Prices paid bv farmers are available only for first month in quarter and for each month the received paid ratio is based on latest data available All commodities services interest taxes and wage rates 3 NOTE The official indexes are published on a 1910 14 base as required by law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 MONEY CBEDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES Growth in M2 and M3 accelerated in December Series revised BIIUONS OF DO11ARS RATIO SCALE IU1ONS OF OOUARS RATIO SCALE M M M 1I Ml i i i r i 1 I M i t i i i i i 1 t j i M i l l t t M t t 11 M COUNCIL Of KONOMSC ADVISERS Averages of daily figures except as noted billions of dollars seasonally adjusted Percent change from year or 6 months earlier 2 Ml M2 MS L Debt Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml plus overnight RPs and Eurodollars MMMF balances general purpose and broker dealer MMDAs and savings and small time deposits M2 plus large time deposits term RPs term Eurodollars and institution only MMMF balances MS plus other liquid assets Debt of domestic nonfmaneial sector monthly average Dec Dec Dec Dee Dec Dec Dec Dec Dec r Dec S Nov r Dec Jan Feb r Mar r l S O Period Mav r June July T Sept Oct Nov r Dec 1 Consists of outstanding credit market debt of Ihe U S Government State and local governments and private nonfinaneial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate 26 Ml M2 NOTE See p 27 for components Series revised to reflect annual benchmark and seasonal adjustment r Source Board of Governors ojf the Federal Reserve Svstem M3 Debt COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted by NSA Period Currency Demand deposits Other checkable deposits OCDs Overnight repurchase agreements RPs net plus overnight Eurodollars l Money market mutual fund balances 2 Savings deposits including money market deposit accounts MMDAs Institution only Small denomination time deposits 3 Large denomination time deposits 3 NSA 1985H Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Nov r Dec 1994 Jan Feb r Mar May June r July r Aug Sept r Oct Nov Dec Includes continuing contract RPs Data prior to 1983 are not seasonally adjusted Small denomination and large denomination deposits are those issued in amounts of less than and more than respectively Term repurchase agreements RPs Term Eurodollars net NSA General purpose and broker dealer NSA Shortterm Treasury securities Bankers acceptances Commercial paper Savings bonds NOTE Travelers checks of nonbank issuers are a component of money stock but are not shown here Series revised See Note p 26 Revised data prior to 1993 for components shown here are not yet available Source Board of Governors of the Federal Reserve Svstem AGGREGATE RESERVES AND MONETARY BASE Averages of daily figures l millions of dollars seasonally adjusted except as noted by NSA Borrowings of depository institutions from the Federal Reserve NSA Adjusted for changes in reserve requirements Reserves of depository institutions Period Total Dee Dec Dec Dec Dec Dec Dec Dec Dec Dec Jan Feb Mar May July Sept Oct Nov Dec 1995 Jan Data are prorated averages of biweekly maintenance period averages of daily figures NOTE Monetary base data have been revised Revised data prior to 1994 are not yet available Nonborrowed Nonborrowed plus extended credit Required Monetary base Total r Source Board of Governors of the Federal Reserve System Seasonal Extended credit BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 1 0 percent in December commercial and industrial loans rose 0 8 percent Series revised BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS LOANS AND LEASES U S GOVERNMENT SECURITIES OTHER SECURITIES V I I I I I I I I I II I i ll l i i l i i Il i i l i COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted Loans and leases in bank credit Securities in bank credit Period Total bank credit Real estate Total securities TJ S Government securities Other securities Total loans and leases 2 Commercial and industrial Total Revolving home equity Consumer Security Other Other New series 1988 Decr 1989 Dec r 1990 Dec r 1991 Dec r 1992 Dec T 1993 Dec 1994 Dec Jan Feb Mar r Apr r May T June r July Aug Sept T Oct Nov r Dec Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial hanks branches and agencies of foreign banks New York State investment companies and foreign related institutions Data are adjusted for breaks caused by reelassifications of assets and liabilities 2 Excludes Federal funds sold to reverse repurchase agreements RPs with and loans to com 28 mercial banks in the United States NOTE Data for new series not yet available prior to 1988 Series revised to reflect benchmark and seasonal adjustment revisions Source Board of Governors of the Federal Reserve System SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Uses Sources External Period Credit market funds Total r 1984 Internal Total Total Securities and mortgages Loans and short term paper r r r r r 37 6 r 20 1 r r r r r 68 0 r r 2 4 r 36 7 r r r r 97 9 r 77 7 r 99 6 r I n m IV 1993 I n m IV 1994 I n m 1 Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits dividends and subsidiaries earnings retained abroad 2 Consists of tax liabilities trade debt pension fund liabilities and direct foreign investment in the U S Other 2 Total Capital expenditures 3 Increase in financial assets Discrepancy sources less uses r r 54 3 r r r r r r r 3 Plant and equipment residential structures inventory investment and mineral rights from U S Government Source Board of Governors of the Federal Reserve System CONSUMER INSTALLMENT CREDIT Millions of dollars seasonally adjusted Period Installment credit outstanding end of period Total Automobile Revolving Other 2 Net change in installment credit outstanding Total Automobile Revolving Other 2 Dec Dec Dec Dec 3 Dec Dec Dec Dec Dec Dec p Jan Feb Mar May July Sept Oct Nov Dec p 1 For year end data change from preceding vear end for monthly data change from preceding month 2 Outstanding loans for mobile homes education boats trailers vacations etc 3 Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months Because of breaks in series net change not available Source Board of Governors of the Federal Reserve System Short term interest rates rose slightly In January long term rates fell a little PERCENT PER ANNUM 14 PERCENT PER ANNUM CORPORATE Aaa BONDS MOODY S X TREASURY BILLS 1 V X i DISCOUNT RATE FEDERAL RESERVE BANK OF NEW YORK f d I H i i M 1 1 Mill 1987 1I 1 i II l I L 1 1 i ii i 1990 i i i 1l 1 l i i s I M ij 1995 COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TABLE BELOW Percent per annum U S Treasury security yields Period 3 month bills new issues Constant maturities2 3 year 10 year High grade municipal bonds Standard Poor s Corporate Aaa bonds Moody s Prime commercial paper 6 months l Discount rate N Y F R Bank 4 Prime rate charged by TJanfs 4 New home mortgage yields FHFB Jan Feb Mar Aor May T July Sept Oct Nov Dec r 1995 Jan Week ended 1994 Dec Jan Feb 4 1 Bank discount basis 2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 3 Weekly data are Wednesday figures 4 Average effective rate for year opening and closing rate for month and week 30 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 Treason 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 January INDEX DEC RATIO SC ALE INDEX DEC RATIO SCALE y S f r V A COMPO SITE STOCK PRIC NYSE 140 V t i i i t I I i 1987 PER CENT 20 n i i 1988 I M 1 I M i l l 1989 M i l l MM II M 1 1 M M I 1 1 I 1992 M M i l l PERC ENT EARNINGS PRICE RATIOO M COMMON STOCKS S P s I i i i 1987 i i i i i i i i 1991 i i i 1992 i i i 1993 SOURCES NEW YORK STOCK EXCHANGE AN D STANDARD POOR CORPORATION COUNCIL OF ECONOMIC ADVISERS Common stock yields percent except as New York Stock Exchange indexes Dec noted 2 Composite Industrial Common stock prices Period i Transportation Utility 3 Finance Dow Jones industrial average 4 Standard Poor s composite index Dividendprice ratio Jan Week ended 1994 Dec Jan Feb Earningsprice ratio Jan Feb Mar May July Sent Oct Nov Dec 1 Average of daily closing prices Includes all the stocks more than 2 000 in 1992 listed on the NYSE 3 Dee Effective April 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 Includes 30 stocks 5 Includes 500 stocks 3 Standard Poor s series Dividend price ratios based ra Wednesday closing prices Earningsprice 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 FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first three months of fiscal 1995 there was a deficit of 74 0 billion compared with a deficit of 91 5 billion a year earlier BILUOr IS OF DOLLARS 1 600 RECEIPTS AND OUTLAYS BILLIONS OF DCXLARS OUTLAYS i r RECEIPTS A l V I V INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET N COUNCIL OF ECONOMIC ADVISERS Billions of dollars Receipts r 1993 r estimates Cumulative total first 3 months Fiscal year 1994 Fiscal year Outlays r Surplus or deficit r T Receipts Osta from Monthly Treasury Statement NOTE Data except us noted are from Budget oj Ike United States Government fiscal Year 32 Outlays Gross Federal debt end of period Off budget On budget Total Fiscal year or period Surplus or deficit Receipts Outlays Surplus or deficit Total Held by the public r 640 3 r 709 8 r r 1 131 6 r T 829 5 r r l 137 3 r l 371 7 r r r r r r 1 736 7 r r r 2 050 8 T 2 868 0 T 2 189 9 r 3 206 6 r2 410 7 r r 4 002 1 r issued February Sources Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first three months of fiscal 1995 receipts were 20 3 billion higher than a year earlier and outlays were 2 8 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS oo OO RECEIPTS INCOME TAXES 200 OTHER RECEIPTS TAXES AND CONTRIBUTIONS I 0 I 1 1 I 1 n OUTLAYS NONDEFENSE NATIONAL DFFFNSE x V N N 1994 FISCAL YEARS J INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars On budget and off budget out ays On budget and off budget receipts Corporation income taxes r r Total estimates Cumulative total first 3 months 1 Fiscal year 1994 Fiscal year National defense Individual income taxes Fiscal year or period Social insurance taxes Other Health r r Total Data from Monthly Treasury Statement NOTE Data except as noted are from Budget of the United Slates Government Fiscal Year International affairs Total and contributions Department of Defense military Net Income securi Social securi inter ty ty est r Medicare Other r issued February Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the third quarter of 1994 Federal receipts rose 8 1 billion annual rate and Federal expenditures rose 16 9 billion In the fourth quarter according to advance estimates expenditures rose 27 5 billion receipts data are incomplete BILLIONS OF DOLLARS BILLIONS OF DOLLARS CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government expenditures Federal Government receipts Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Period Total Fiscal year r 1994 Calendar year IV IV 1984 IV 1985 IV 1986 IV 1987 IV 1988 IV 1989 IV 1990 IV 1991 IV 1992 IV 1993 I II 1994 m rv I n m IV Source Department of Commerce Bureau of Economic Analysis 34 Contributions for social insurance Net interest paid Subsidies less current surplus of Government enterprises Surplus or deficit national income and product accounts Purchases Transfer payments Grantsin aid to State and local governments Total Less Wage accruals less disbursements INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Consumer prices NSA Industrial production seasonally adjusted Period United States Canada Japan France Germany United Kingdom Italy United States Canada Japan p Oct Nov Dec l 1 7 r r l r r Jan Feb Mar May July Sept Oct Noy Dec 1 r r r r 111 6 r r l r r r l 2 4 l 2 4 l Data relate to all urban consumers France United Kingdom Italy Germany Source National sources as reported by Department of Commerce Bureau of Eci and International Trade Administration Office of Trade and Economic Analysis U S INTERNATIONAL TRADE IN GOODS AND SERVICES Billions of dollars monthly data seasonally adjusted Goods Exports f a s value Services BOP basis Goods Imports customs value Census basis by end use category l Balance ol trade exports minus imports Census basis by end use category BOP basis Period BOP basis Auto Conmotive sumer Foods vehi goods ital feeds supgoods cles nonand plies except parts food and and except autoages materimotive enautoals gines motive Indus trial Total Census basis Cap Noy Dec Jan Feb Mar Apr May June July 40 1 Aug Sept Oct Noy Includes undocumented exports to Canada through 1988 Total includes other exports or imports not shown separately BOP basis Total Census basis 2 Foods feeds and ages Auto Conmotive sumer ital vehi goods sup noncles goods plies except parts food except autoand materiautomotive enals gines motive Indus trial Cap Goods Census basis Goods Senices Goods and senices Imports Exports as NOTE BOP refers to balance of payments or 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 U S INTERNATIONAL TRANSACTIONS In the third quarter of 1994 the merchandise trade deficit rose to 44 6 billion from 41 6 billion in the second quarter The current account deficit rose to 41 7 billion from 37 9 billion in the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON GOODS AND SERVICES 1 SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Merchandise i Period Exports Imports HI IV I II in IV 1994 I II Ill Investment inconle Services Net balance Net military transactions 2 3 Net travel and transportation receipts Other services net Adjusted from Census data for differences in timing and coverage excludes military 2 Transfers under U S military agency sales contracts exports minus direct defense expenditures imports 36 Balance on goods and services Receipts on U S assets abroad Payments on foreign assets in U S Net Balance on goods services and income Unilateral transfers net Quarterly data are not seasonally adjusted Includes transfers of goods and sen ices under U S military grant programs See p 37 for continuation of table 4 Balance on current account U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts U S claims on foreigners reported by U S banks increased 3 5 billion in the third quarter of 1994 in contrast to a decrease of 15 2 billion in the second quarter U S liabilities to private foreigners reported by U S banks excluding Treasury securities increased 16 8 billion in the third quarter following an increase of 25 5 billion in the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Foreign assets in the U S net increase capital inflow U S assets abroad net increase capitjil outflow Period Total HI IV 29 395 I 12 659 n 35 966 ra IV I 48 236 np 7 031 m U S official reserve5 assets Other U S Government assets Total Foreign official assets 3 Other foreign assets U S private assets Consists of gold special drawing rights SDKs foreign currencies and the U S reserve position in the IMF Statistical discrepancy Allocations of special drawing rights SDKs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official reserve assets net5 unadjusted end of period Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury Contents TOTAL OUTPUT INCOME AND SPENDING p Gross Domestic Product Gross Domestic Product in 1987 Dollars Implicit Price Deflators for Gross Domestic Product Changes in GDP Personal Consumption Expenditures and Related Implicit Price Deflators and Price Indexes Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures in 1987 Dollars Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment in 1987 Dollars Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment r Average Weekly Hours Hourly Earnings and Weekly Earnings Private Nonagricultural Industries Employment Cost Index Private Industry Productivity and Related Data Business Sector 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 PRICES Producer Prices Consumer Prices All Urban Consumers Changes in Producer Prices for Finished Goods Changes in Consumer Prices r All Urban Consumers Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Liquid Assets and Debt Measures Components of Money Stock and Liquid Assets Aggregate Reserves and Monetary Base Bank Credit at All Commercial Banks Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Consumer Installment Credit Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Oudays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S International Trade in Goods and Services U S International Transactions 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 Revised Corrected Not available also not applicable NSA not seasonally adjusted For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 3 00 single copy 3 75 foreign Subscription price 33 00 per year 41 25 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Consumer Installment Credit

DATE: January 1995

PART OF:

Economic Indicators : January 1995

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Consumer Installment Credit," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "January 1995," Economic Indicators (January 1995) : 31-31. https://fraser.stlouisfed.org/title/1/item/758/toc/247993 , accessed on December 7, 2019.

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Economic Data