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104th Congress, 1st Session

Economic Indicators
APRIL 1995
(Includes data available as of May 2, 1995)

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1995

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
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
JOSEPH E. STIGLITZ, Member
MARTIN N. BAILY, Member-Nominee
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
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 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402




For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-047110-9

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1995, according to advance estimates, current-dollar gross domestic product (GDP) rose
5.1 percent (annual rate), real GDP (GDP in 1987 dollars) rose 2.8 percent, and the implicit price deflator rose
2.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE)

MLIONS OF DOLLARS (KAHO SCALE)

7,200

7,200

SEASONAUY ADJUSTS) ANNUAL RATES

/

6,800
jS

6,400

/

6,400

/

6,000

6,000

/^

5,600

^

GDP
INCUR KNTDOUARS
\

5,200

^

,

X"

— — ~-

^

,xK

4,400

__

5,600
^ --

s~

4,800

-

5,200

- -~
.'"'

4,800
4,400

GDP
IN 987 DOUARS

''/

X

4,000

x

/

^

X

X"

/

^

1 1 1

1 1 1

i i J_

1

1982

1983

1984

1985

3,600

3,200

2,800

6,800

4,000

3,600

3,200

' >

i i i

] i i

i i i

i i i

i i i

i i i

1 1 J_

i i i

i i i

[ i i

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

2,800

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT Of COMMERCE

(Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

1986
1987
1988
1989
1990
1991
1992
1993
1994
198219831984198519861987198819891990199119921993-

TV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV

1994- I
II
Ill
IV

1995: If
1

Exports and imports of
Personal
Gross
goods and services
private
Gross
sumpdomestic tion ex- domestic
Net
product pendiinvestexports Exports Imports
ment
tures
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
6,738.4
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,796.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,689.9
6,791.7
6,897.2
6,982.9

2,850.6
717.6
3,052.2
749.3
3,296.1
793.6
3,523.1
832.3
3,761.2
808.9
3,902.4
744.8
4,136.9
788.3
4,378.2
882.0
4,628.4 1,032.9
2,128.7
464.2
2,346.8
614.8
2,526.4
722.8
2,739.8
737.0
2,923.1
697.1
3,124.6
800.2
3,398.2
814.8
3,599.1
825.2
756.4
3,836.6
3,955.7
756.8
4,251.3
822.0
4,294.6
853.8
869.7
4,347.3
4,401.2
882.2
4,469.6
922.5
4,535.0
966.6
4,586.4 1.034.4
4,657.5 1,055.1
4,734.8 1,075.6
4,780.8 1,119.3

-132.5
-143.1
-108.0
-79.7
-71.4
-19.9
-30.3
-65.3
-98.2
-29.5
71.8
-107.1
-135.5
-133.2
-143.2
-106.0
-73.9
-71.6
-13.7
-42.2
-49.6
-63.3
-77.0
-71 2
-86.7
-97.6
-109.6
-98.9
-112.9

GDP less exports of goods and services plus imports of goods and services.




319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
718.7
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
649.2
646.8
660.1
649.0
680.3
674.2
704.5
730.5
765.5
770.9

Government purchases
Federal
Total
Total

451.7
833.0
507.1
881.5
552.2
918.7
587.7
975.2
628.5 1,047.4
620.9 1,097.4
668.4 1,125.3
724.3 1,148.4
816.9 1,175.3
295.1
631.6
358.0
657.6
415.7
727.0
440.2
7992
467.1
849.7
535.6
901.4
573.1
9376
597.7
994.5
649.2 1,076.5
637.5 1,097.9
691.4 1,138.1
696.4 1,137.1
723.5 1,146.3
726.0 1,152.9
751.4 1,157.2
760.9 1,159.8
802.1 1,166.7
840.1 1,188.8
864.4 1,185.8
883.8 1,195.6

367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
437.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
433.1

National Nondefense defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
292.3
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
311.6
3J6.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
285.3
284.0

91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
145.0
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
126.6
138.7
139.9
139.4
143.6
140.7
146.1
143.5
143.8
146.6
149.0

State
and
local
465.3
496.6
531.7
573.6
620.9
651.6
676.3
704.7
738.0
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
659.7
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.5
753.8
762.6

Gross
Final
sales of domestic
purdomestic
product chases '

Addendum:
Gross
national
product.

4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
6,836.6
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
6,787.5
6,901.3
6,996.1
7,095.7

4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
6,726.9
3,222 6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,810.7
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,779.6
6,871.3

4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
6,686.2
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,729.1
6,842.4
6,914.8

Source: Department of Commerce, Bureau of Economic Analysis.

GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
i Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]

Gross
domestic
product

Period

1986
1987
1988
1989
1990
1991
1992
1993
1994
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:

W
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV

....
....
....
....
....
....
....
....
....
....
....

I

n
in ....

IV
1994: I
II

in ....

IV
1995: IP
1

4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
5,344.0
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
5,060.7
5,075.3
5,105.4
5,139.4
5,218.0
5,261.1
5,314.1
5,367.0
5,433.8
5.471.7

Personal
consumption
expenditures

Gross private
domes ic invt-s tncnt
Nonresidential
fixed investment

2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3,642.0

Exports and imports of
goods and services

Government purchases
Fnederal

Residcn- Change
fix«1
investment

Net
exports

ness
inventories

500.3

226.2

8.5

-155.1

497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
560.3
581.0
597.9
627.2
643.6
657.9
680.0
708.2
740.1

225.2
26.3
222.7
19.9
214.2
29.8
194.5
5.7
169.5
-1.1
196.9
2.5
213.0
15.3
231.3
47.8
131.2 -44.9
190.6
29.3
198.8
47.9
207.4
30.2
230.5 -20.1
223.3
59.9
225.3
20.9
208.0
24.9
176.3 -20.9
177.5
13.5
207.7
6.6
210.4
18.5
206.3
18.9
211.0
13.0
224.5
10.8
229.9
25.4
233.8
59.2
230.2
57.1
231.5
49.4
227.6
63.0

-143.1
-104.0
-73.7
-54.7
-19.5
-32.3
-73.9
-110.0
-19.0
-83.7
-131.4
-155.4
-156.0
-136.0
-102.7
-67.4
-36.8
-16.9
-38.5
-57.6
-69.3
-86.3
-82.2
- 104.0
-111.8
-117.0
-107.1
-119.7

Exports Imports

329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
657.0
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
590.7
589.2
600.2
595.3
625.2
619.6
643.9
666.5
697.9
696.9

484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
766.9
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
629.3
646.8
669.6
681.6
707.4
723.6
755.6
783.5
805.0
816.6

GDP less exports of goods and services plus imports of goods and services.

Total

Total

National
defense

855.4

373.0

280.6

881.5
886.8
904.4
932.6
944.0
936.9
929.8
922.8
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
940.6
926.5
929.3
931.8
931.5
919.9
917.1
932.0
922.2
918.6

384.9
377.3
376.1
3841
386.7
373.5
356.6
337.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
377.0
361.6
358.3
355.6
351.1
341.7
334.7
343.5
330.4
326.5

292.1
287.0
281.4
283.6
281.4
261.4
243.7
226.7
229.4
242.9
254.3
272.1
2822
295.0
285.7
281.5
285.7
265.8
262.4
248.2
246.8
240.9
238.7
228.5
226.1
233.0
219.1
215.1

Nondenmse

92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
110.9
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
114.6
113.3
111.5
114.7
112.4
113.2
108.7
110.5
111.3
111.4

State
and
local

482.4

496.6
509.6
528.3
548.5
557.2
563.3
573.1
585.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
563.6
564.9
571.0
576.2
580.4
578.3
582.4
588.5
591.8
592.1

Final
sales of
domestic
product

Gross
domestic
purchases '

Addendum:
Gross
national
product

4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4.868J
4,976.9
5,119.3
5,296.2
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
5,054.1
5,056.8
5,086.5
5,126.5
5,207.2
5,235.7
5,254.9
5,310.0
5,384.4
5.408.7

4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4^887.2
5,011.6
5,208.4
5,454.0
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
5,099.2

4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4.882]3
4J985.7
5,140.3
5,337.3
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
5,061.0
5,083.9
5,110.1
5,148.4
5,218.7
5,262.7
5,310.5
5,359.9
5,416.0

5,132.9
5,174.7
5,225.8
5,300.2
5,365.1
5,425.8
5,484.0
5,540.9
5.591.4

Source: Department of Commerce, Bureau of Economic Analysis.

IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987=100; quarterly data are seasonally adjusted]

Period

Gross
domestic
product

Total

IV

in

125.0
125.9
126.5
126.9

96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
129.3
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
121.1
124.9
125.7
126.4
126.8
127.5
127.9
128.9
129.9
130.5

1995: IP

127.6

131.3

1986
1987
1988
1989
1990
1991
1992
1993
1994
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:

IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV

1993- I
II

m

IV
1994- I
II

96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
126.1
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.8
121.9
122.9
123.4
123.7
124.1

Durable
goods

Nondurable goods

Services

96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
111.2
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.8
109.1
109.2
109.8
110.0
110.2
110.5
111.1
111.7
111.3
111.9

96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
125.7
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.8
123.3
124.0
124.2
123.9
124.6
124.6
125.1
126.3
126.6
127.0

95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
136.4
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
124.5
129.8
130.8
131.9
132.7
133.8
134.4
135.9
137.0
138.1

Source: Department of Commerce, Bureau of Economic Analysis.




Gross private
domestic investment

Personal consumption
expenditures

139.1

Exports and imports of
goods and services

Government purchases
Federal

Nonresidential
fixed

Residential fixed

98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
103.8
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.3
106.0
105.3
104.9
103.5
103.0
103.4
103.9
104.3
103.5
103.6

95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
122.3
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.9
115.1
115.9
117.2
118.2
119.0
120.5
121.3
123.1
124.4
125.0

Exports

96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
109.4
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
110.9
109,9
109.8
110.0
109.0
108.8
108.8
109.4
109.6
109.7
110.6

Imports

93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
106.5
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
110.0
109.9
107.7
108.1
106.5
106.2
105.2
106.1
107.2
107.4
108.2

Total

98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
129.5
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
117.2
120.6
123.6
124.2
124.5
125.3
128.1
130.0
129.3
130.7
132.6

State
and
local

National
defense

Nondefense

98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
129.0
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
117.2
120.4
123.7
123.9
124.1
125.3
127.7
129.0
129.0
130.2
132.0

98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
130.7
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.0
121.1
123.5
125.0
125.2
125.1
129.1
132.0
130.1
131.7

122.2
122.8
123.3
123.6
124.9
125.6
126.5
127.4

133.8

128.8

96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
126.1
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117.7
121.2

CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
| Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates!
Gross domestic product
Period

Current
dollars

11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.2
5.4
6.2
2.8
5.0
3.8
2.6
7.1
5.2
4.9
8.6
4.4
4.2
3.8
7.7
6.1
7.2
6.2
6.4
5.1

1981
1982

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1991- I
II

..

Constant
(1987) dollars

.

.

m

IV
1992- I
II

m

IV
1993- I
II

m

IV
1994- I
II

m

IV
1995: IP

Implicit price
deflator

Personal consumption expenditures
Fixed-weighted
price index
(1987 weights)

10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.8
2.8
2.2
2.1
5.0
2.8
2.8
2.7
3.8
2.7
1.3
2.7
3.3
1.6
1.0
1.3
2.9
2.9
1.9
1.3
2.2

1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.6
2.3
3.1
4.1
-2.1
2.2
1.0
.1
3.1
2.4
3.5
5.7
1.2
2.4
2.7
6.3
3.3
4.1
4.0
5.1
2.8

Current
dollars

Constant
(1987) dollars

10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.8
6.0
5.8
5.7
.5
4.7
4.3
3.0
9.3
5.4
5.6
9.7
4.1
5.0
5.1
6.4
6.0
4.6
6.3
6.8
3.9

3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
3.2
3.0
2.7
5.1
3.1
3.3
2.7
3.9
3.3
2.7
2.8
4.2
2.4
2.0
2.4
3.1
2.9
3.0
2.6
3.1

Kixed-weighted
price index
(1987 weights)

Implicit price
deflator

1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
-.4
2.8
3.3
3.5
-2.8
2.1
1.3
-5
5.8
1.7
3.9
5.6
1.6
2.6
3.9
4.0
4.7
1.3
3.1
5.1
1.4

9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.2
3.2
2.5
2.1
3.4
2.4
3.1
3.4
3.3
3.7
1.6
3.9
2.6
2.2
1.3
2.2
1.3
3.2
3.1
1.9
2.5

8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.4
3.5
2.8
2.5
3.6
2.8
3.3
3.6
3.7
3.8
3.5
3.0
2.9
2.6
1.4
2.8
1.9
2.8
3.6
2.5
2.6

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally acljustcd annual rates]
Current-dollar cost and profit per unit of output (dollars) '

Gross domestic product
of nonfmaneial
corporate business
(billions of dollars)
Period

1986

1987
1988
1989
1990
1991
1992
1993
1994
1982:
19831984:
19851986:
198719881989:
199019911992:
1993:

. .

IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I

II

m
IV
1994:

I

II

m
IV
1

Current
dollars

1987
dollars

2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
3,656.9
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,125.9
3,307.8
3,324.4
3,386.3
3,428.7
3,499.3
3,568.6
3,626.7
3,679.4
3,752.8

2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
3,121.9
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,740.9
2,870.2
2,868.4
2,920.5
2,963.3
3,019.5
3,062.6
3,098.9
3,131.2
3,195.0

Total
cost and
profit2

0.978
1.000
1.030
1.072
1.109
1.137
1.150
1.159
1.171
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.152
1.159
1.159
1.157
1.159
1.165
1.170
1.175
1.175

Consumption of
fixed capital

0.111
.110
.111
.117
.120
.126
.126
.123
.122
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.123
.124
.123
.124
.120
.125
.121
.122
.121

Output Is measured by GDP of nonfinanciai corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinanciai corporate business
with the decimal point shifted two places to the left.
2




Indirect
business
taxes3

0.095
.095
.096
.101
.106
.115
.117
.117
.117
.086
.088
.091
.093
.095
.094
.097
.102
.109
.117
.118
.117
.117
.116
.117
.117
.117
.118
.117
3

Compensation
of employees

Net
interest

0.648
.658
.676
.706
.736
.756
.767
.768
.766
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.768
.776
.770
.766
.760
.763
.766
.768
.768

0.040
.042
.045
.054
.054
.049
.041
.039
.039
.040
.036
.041
.038
.042
.042
.047
.055
.054
.047
.038
.039
.039
.039
.038
.038
.039
.040
.041

Corporate profits with inventory
valuation and capital consumption
adjustments
Total

0.084
.096
.102
.094
.093
.092
.099
.112
.126
.051
.079
.091
.092
.081
.099
.102
.088
.085
.092
.107
.102
.111
.113
.123
.122
.127
.127
.128

Profits
tax
liability

0.031
.037
.038
.037
.034
.031
.031
.040
.046
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.033
.037
.040
.038
.043
.043
.046
.047
.049

Profits
after tax4

0.053
.059
.064
.057
.059
.061
.067
.073
.080
.030
.050
.064
.063
.045
.060
.063
.055
.052
.061
.073
.065
.071
.075
.080
.078
.081
.080
.079

Output
per hour
of all employees
(1987
dollars)

Compensation
per hour
of all employees
(dollars)

22.733
23.127
23.572
23.189
23.446
23.926
24.648
25.379

14.739
15.207
15.833
16.377
17.246
18.081
18.916
19.483

21.070
21.893
22.055
22.346
22.891
23.356
23.521
23.146
23.549
24.211
25.085
24.962
25.239
25.516
25.810
26.018
25.923
26.054

12.791
13.186
13.732
14.359
14.975
15.517
16.069
16.616
17.623
18.400
19.254
19.365
19.432
19.539
19.608
19.855
19.852
20.012

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).
4

NATIONAL INCOME
[ Billions of dollars; quarterly data at seasonally adjusted annual rates]

Compensation
of employees'

National
income

Period

Proprietors' income
with inventoiy valuation and capital consumption adjustments

Farm

1989
1990
1991
1992
1993
1994
19821983:
19841985:
1986198719881989:
1990199119921993-

4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
5,458.4
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
5,494.9
5,599.4

.
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II

.

m

IV
1994- I
II

in

IV
1995: IP
1

3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
4,004.6
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.7
4,095.3
4,157.0

Nonfarm

40.2
41.9
36.7
44.4
37.3
39.5
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
36.6
46.0
49.6
39.4
15.8
44.4
47.2
39.3
29.8
41.7
45.1

307.0
321.4
339.5
374.4
404.3
434.2
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
349.8
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
444.0
448.7

Includes employer contributions for social insurance. (See also p. 5.)

Rental income of
persons
with capital consumption
adjustment

Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total

-13.5
-14.2
-10.5
-5.5
24.1
27.7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
-11.1
81
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.6
29.0
25.6

362.8
380.6
390.3
405.1
485.8
542.7
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
394.7
432.5
442.5
473.1
493.5
533.9
508.2
546.4
556.0
560.3

Profits
before tax

325.4
354.7
370.9
389.4
456.2
505.0
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4

Inventory
valuation
adjustment

342.9
365.7
365.2
395.9
462.4
524.5
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5

Capital
consumption adjustment

-17.5
-11.0
5.8
-64
-6.2
-19.5
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
8
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
-19.6
-32.1
-36.5

37.4
25.9
19.4
15.7
29.5
37.7
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
38.8
38.1

Net
interest

452.7
463.7
447.4
420.0
399.5
409.7
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.0
414.6
397.6
396.7
389.1
394.2
399.7
415.7
429.2

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]
Durable goods

Period

1989

1990
1991
1992
1993
1994
19821983:
19841985:
198619871988:
19891990:
1991:
19921993-

IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II

in
IV
1994- I
II

in
rv

1995: IP
1

Total personal conTotal
sumption
expendi- durable
goods
tures

3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.3
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3.642.0

440.7
443.1
425.3
452.6
489.9
532.1
272.3
319.1
347.7
369.6
415.7
404.7
433.2
436.8
433.2
427.7
468.8
472.5
483.7
492.7
510.8
521.7
522.2
529.6
554.8
548.2

Includes other items, not shown separately.




Motor
vehicles
and
parts

196.4
192.7
170.0
181.8
196.1
208.2
123.7
151.6
164.3
173.9
193.6
183.6
137.7
188.3
182.1
171.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.0
211.9
201.9

Furniture
and
household
equipment

165.8
171.6
179.2
193.3
214.1
238.7
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.7
254.5
256.3

Other

78.5
78.7
76.1
77.5
79.7
85.2
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
88.4
90.0

Total
nondurable
goods

1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
1,109.5
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.4
1,121.9
1.126.0

Pood

515.0
523.9
518.8
514.7
524.0
535.6
458.3
467.1
475.1
488.2
496.3
502.4
518.0
515.6
525.8
514.9
522.0
520.7
522.3
525.1
528.1
531.9
536.1
535.7
538.5
540.1

Clothing
and
shoes

187.8
186.2
184.7
193.2
197.8
208.8
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
198.7
194.0
196.1
198.6
202.4
203.8
204.9
210.2
216.4
215.9

Gasoline oilFuel
arid
and oil
eoal

87.3
86.4
83.1
85.6
86.5
87.2
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.0
86.1
85.7
87.5
86.6
86.1
86.7
88.0
88.2
89.7

Ketail sales of new
passenger ears
(millions of units)

Services

Nondurable goods

11.4
10.5
10.7
11.2
12.1
11.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.7
11.1
11.6

Other

250.2
253.8
250.5
253.0
258.2
265.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.8
267.6
268.7

Total
services1

1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
1,938.1
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,797.3
1,860.4
1,874.8
,881.2
,897.8
,907.4
,926.3
,931.4
1,941.8
1,952.9
1.967.9

Housing

469.2
474.6
479.0
485.2
492.6
501.3
411.0
419.7
431.3
438.1
444.8
457.0
465.8
471.3
475.9
481.4
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.6
505.0
507.4

Medical
care

408.6
424.6
437.7
454.3
466.4
479.0
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.0
484.4
487.9

Souree: Department of Commerce, Bureau of Economic Analysis.

Domestics

7.1
6.9
6.1
6.3
6.7
7.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
7.4
7.0

Imports

2.8
2.6
2.3
2.1
2.0
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
1.8
1.8

SOURCES OF PERSONAL INCOME
Personal income rose $34.2 billion (annual rate) in March, following an increase of $29.2 billion in February. The
changes were affected by two special factors: Changes in subsidy payments to farm proprietors and changes
in bonus payments to employees in the motor vehicle industry. Excluding these special factors, personal income
increased $22.4 billion in March and $13.6 billion in February.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

7,000

7,000

6,000

6,000

5,000

5,000

4,000

4,000

3,000

3,000

WAGE AND SALARY DISBURSEMENTS
2,000

2,000

1,400

1,400

OTHER INCOME

800

800

TRANSFER PAYMENTS

I M IIIIIII I

400
1987

1988

1989

1990

1992

1991

1993

1994

400
1995

COUNCIL OF ECONOMIC ADV1SHIS

[Billions of dollars; monthly data at seasonally adjusted annual rates]

Period

1986

1987
1988
1989
1990
1991
1992
1993
1994
1994- Mar

July

Sept
Oct
Nov
Dec
1995- Jan r
Feb'
MarP

Total
personal
income

3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
5,607.5
5,639.4
5,665.4
5,674.9
5,704.4
5,730.6
5,768.4
5,844.7
5,841.8
5,883.5
5,932.2
5,961.4
5,995.6

Wage anil
salary
disbursements 1

2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,816.1
2,974.8
3,080.8
3,279.0
3,220.1
3,241.4
3,263.4
3,267.0
3,282.6
3,289.0
3,310.2
3,351.6
3,349.3
3,368.3
3,392.9
3,404.5
3,412.1

Proprietors' income3
Other labor
income '2

200.7
210.4
230.5
251.9
274.3
299.0
328.7
355.3
381.0
375.0
376.7
378.4
380.1
381.9
383.7
385.5
387.1
388.7
390.3
398.1
399.6
401.1

Farm

261.5
279.0
293.4
307.0
321.4
339.5
374.4
404.3
434.2
429.0
430.2
432.1
433.5
434.4
437.6
439.4
441.4
443.5
447.0
448.4
448.6
449.2

8.7
3.2
4.3
-13.5
-14.2
-10.5
-5.5
24.1
27.7
38.4
35.0
34.6
32.6
32.4
32.6
32.7
31.4
29.5
26.1
26.9
25.7
24.2

22.3
31.3
30.9
40.2
41.9
36.7
44.4
37.3
39.5
48.8
46.9
38.8
32.3
30.0
29.6
30.0
49.0
35.1
41.1
36.0
42.8
56.4

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.
3
With inventory valuation and capital consumption adjustments.




Nonfarm ,

Rental income of
persons4

4

Personal
dividend
income

104.7
100.4
108.4
126.5
144.4
150.5
161.0
181.3
194.3
187.1
189.9
191.8
193.4
195.1
197.0
198.8
200.8
202.8
204.4
204.8
205.4
206.4

Personal
interest
income

531.7
548.1
583.2
668.2
698.2
695.1
665.2
637.9
664.0
634.4
642.0
649.3
656.9
665.1
674.0
683.6
692.5
701.2
709.6
717.3
724.6
731.6

Transfer
payments 5

517.8
542.2
576.7
625.0
687.6
770.1
860.2
915.4
963.4
951.5
955.9
957.1
960.0
964.9
969.8
972.3
977.1
977.7
984.2
1,000.7
1,004.1
1,009.1

Less: Personal contributions
for social
insurance

162.1
173.6
194.5
211.4
224.9
236.2
248.7
261.3
281.4
276.9
278.5
280.2
280.9
282.0
282.6
284.1
286.2
286.1
287.4
292.9
293.8
294.4

Nonfarm
personal
income6

3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,801.8
5,089.4
5,316.6
5,639.4
5,536.4
5,570.1
5,604.0
5,619.9
5,651.6
5,678.1
5,715.5
5,772.5
5,783.3
5,818.7
5,872.5
5,894.8
5,915.3

With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5

6

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars rose in the first quarter
of 1995.
BltUONSOf DOUARS- (RATIO SCAl£|

BIUJONS OF DOUARS' (RATIO SCALE)

2,000
DOLLARS* (RATIO SCALE)
22,000
20,000

DOUARS* (RATIO SCAlf)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
18,000
1<S,000

--

_^ «,——=

CURRENT DOUARS
\

_

-

14,000

18,000

—-

16,000

-

14,000

'^JU;•*-—'"^-I^

F \

^

12,000

P"

987 DOLL

"

\ 2,000

^

10,000

10,000

8,000

\

\

\

1982

\

\ \

1983

i i i

}

1984

1985

1 1

\ \ t

i i i

i i i

i ii

1 1 1

i i i

i i i

i f i

1984

1987

1988

1989

1990

1991

1992

1993

•IUAIRAJK
•SEA5ONAUY ADJUSTED AN
SOURCE: DBWRTM&ffOFCCIMMERa

Period

Personal
income

Less:
Personal

tax and
nontax
payments

Equals:
Disposable
personal
income

COUN OlOF ECONO

Less:
Personal
outlays1

Equals:
Personal
saving

Disposable
personal
income in

1987
dollars
(billions)

Per capita
disposable personal
income
Current
dollars

Billions of dollars
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7

1987
1988 .
1989
1990
1991

1992
1993
1994

512.5 3,289.5
527.7 3,548.2
593.3 3,787.0
623.3 4,050.5
623.7 4,236.6
648.6 4,505.8
686.4 4,688.7
742.1 4,959.6

i i i
1994

1987
dollars

Per capita personal
consumption expenditures
Current
dollars

1987
dollars

Dollars

3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
4,756.5

142.0
155.7
152.1
170.0
211.6
247.9
192.6
203.1

3,289.5
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3,704.1
3,835.7

13,545
14,477
15,307
16,205
16,766
17,636
18,153
19,003

1 1 1

8,000

1995
MIC ADVISERS

Percent
chanfje in
real per
capita
disposable
personal
income

Saving as
percent of
disposahie
personal
income

Poputanot,
im'iiKhne
AriiiPd
Forces
oversea*
(thousands) '

Percent

13,545
13,890
14,005
14,101
14,003
14,279
14,341
14,696

12,568
13,448
14,241
15,048
15,444
16,192
16,951
17,734

12,568
12,903
13,029
13,093
12,899
13,110
13,391
13,716

-0.1
2.5

12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
14,533
14,222
14,351
14,338
14,451
14,535
14,625
14,697
14,927
15,057

9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
16,566
16,693
16,856
17,017
17,233
17,443
17,598
17,821
18,072
18,211

10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,717
13,853
13,873

.8
.7
-.7
2.0
.4
2.5

4.3
4.4
4.0
4.2
5.0
5.5
4.1
4.1

242,86(5
245,093
247,397
249,95!
252,688
255,484
258,290
260,991

-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
9.3
-8.3
3.7
-.4
3.2
2.3
2.5
2.0
6.4
3.5

7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
5.2
6.2
4.0
4.6
3.9
4.0
3.6
4.1
4.1
4.6
5.2

233,060
235,146
237.235
239,387
241.550
243,745
246,004
248,372
251,035
253.758
256,626
257,262
257,908
258,635
259,356
259,997
260,627
261,340
261,999
262,526

Seasonally adjusted annual rates
1982198319841985:
19861987:
19881989:
19901991-

IV
IV
IV
IV
IV
IV
IV
IV
IV
IV

1992- IV .
1993- I
II
Ill
IV
1994- I
II
III ..
IV
1995- IP .

2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,934.2
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,734.5
5,856.6
5,963.1

372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
631.2
676.2
657.3
685.9
695.4
707.0
723.0
746.4
744.1
754.7
774.3

2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4.303.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,990.3
5,101.9
5,188.8

2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,787.0
4,869.3
4,918.8

183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
224.6
287.4
184.6
214.0
182.3
189.4
175.5
201.1
203.3
232.6
270.0

1
Includes personal consumption expenditures, interest paid by persons, and persona) transfer
payments to rest of the world {net).




2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,840.9
3,911.0
3,952.9

10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,957
18,154
17,874
18,141
18,174
18,421
18,588
18,853
19,095
19,473
19,765

-Annual data are averages of quarterly dala, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
In the third quarter of 1994, according to current estimates, gross farm income rose $7.0 billion (annual rate)
and net farm income rose $5.1 billion.
BILLIC NS OF DOLLARS* (RATIO SCALE)

240
200
160

X^*-.

^•v

\,

''

>

120

-M
^.

/" *^~*^s^

.*

-*~~"^

BILLIONS OF DOLLARS* (RATIO SCALE)
240
r
200
160
120

3ROSS FARiM INCOME

80

80

An

60

20

10

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Net farm income

Period

Cash marketing receipts
Total1
Total

1984

1985
1986
1987
1988
1989
1990
1991
1992
1993

1992- I
H

Ill
IV

1993- I

II
III

IV
1994- I
II
III

168.0
161.2
156.1
168.5
175.8
192.8
198.2
192.3
200.2
201.4
200.3
198.8
202.0
199.8
203.0
202.2
198.0
202.5
212.5
200.5
207.5

142.8
144.1
135.4
141.8
151.2
161.1
170.0
168.8
171.2
175.1
165.2
167.7
181.2
170.7
172.2
175.1
185.7
167.3
178.8
170.3
186.7

Livestock and
products

72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.7
86.4
90.6
82.4
87.2
89.6
86.2
84.2
88.4
101.9
87.8
90.1
82.5
96.6

1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.
3
Income in current dollars divided by the GDP implicit price deflator.




Crops

69.9
74.3
63.8
65.9
71.7
77.0
80.1
82.1
84.9
84.5
82.8
80.4
91.7
84.5
88.0
86.7
83.8
79.5
88.7
87.7
90.1

Value of
inventory
changes2

6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.4
-.3
4.3
-3.6
5.4
5.0
4.0
2.9
-6.5
-5.1
-6.0
3.0
6.6
6.1
4.9

Production
expenses
Current
dollars

141.9
132.4
125.1
128.8
137.8
144.9
151.3
151.2
150.1
158.0
147.4
149.7
151.5
152.0
155.1
157.6
159.5
160.0
159.0
161.5
163.4

26.1
28.8
31.1
39.7
38.0
47.9
46.9
41.1
50.1
43.4
52.9
49.2
50.5

47.8
47.9
44.7
38.6
42.4
53.5
39.0
44.1

1987 dollars3

28.7
30.5
32.0
39.7
36.6
44.1
41.4
35.0
41.4
35.1
44.1
40.7
41.7
39.2
39.0
36.2
31.2
34.2

42.8
31.0
34.8

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 fourth quarter of 1994, corporate profits before tax rose $15.4 billion (annual rate).
BIlilONS OF DOLLARS

BILLIONS OF DOLLARS

600

600

SEASONAUY ADJUSTED ANNUAL RATES

550

550

/'
500

S/

J

450

\

400

*

>Hi\

350

s~^

\^

S

f

-

/

400

'V

-

350

/

300

200
150

/—.

- r\
—"iy
~ ^. _
"— —.
- "•
111
s

100

/

/

50

0

/

s-'

"*" "^

s

^-'•-,

1982

s

>...*•*

~"

1

1983

'**"._..

-,.~"*

\
\ _

...'•""-•.

x^

150

-'\'v*'
/

,'~~

\

\
.
.
. -"

_
t

>

<••"""
.

S

100

-''

\'

50

/ UND STRIBUTED 'ROFITS
V
i i r
1984

.... i i i
1985

-

„/
1 1 1
1986

200

./

/"

•s'

'\"

250

^..'

\
x

300

/

TA) LIABILITY

s **

s'

\/

s

-

N»

*• **

^*'**-'

\

s'\

s

_/>

K/

s

^/

^s

SOURCE: DEPAR

x

^ \\

r~^~~"

-• ^ — f

\

s

PROFITS AFTE 1TAX

/

450

,/

PROFITS BEFORE TAX

250

500

,

0
i i i

1 1 1

1 1 1

1987

1988

1989

i i i

i i i

1990

1991

1

1

1

1992

MB^TOFCOMMERCE

cot.

i i i

i

1993

1994

i i

NCILOFECONI3M1C ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment l

Profits after tax

Domestic industries
Period

Nonfinancial
Total 2
Total

1986
1987
1988
1989
1990
1991
1992
1993
1994
1982:
1983:
19841985:
19861987:
1988:
19891990:
1991:
19921993-

.

IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II

III
IV

1994- I
11

III

rv

227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
505.0
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421 5
446.6
461.7
495.1
471.2
509.0
518.5
521.4

194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
444.6
130.8
182.6
192,9
193.5
192.5
246.3
285.9
254.8
273.8
301.4
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.1
461.7

Financial

35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
104.0
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.6
86.7
95.9
100.1
103.9
114.6
89.6
106.4
112.6
107.2

Total 3
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
340.6
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
274.3
258.0
283.7
288.7
318.8
320.5
341 .8
345.5
354.5

Manufacturing

Wholesale and
retail
trade

59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
145.6
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
85.3
101.3
96.2
114.2
112.4
134.2
145.1
143.0
143.3
150.9

46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
67.6
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
47.4
64.6
56.0
63.3
62.0
63.7
59.0
72.0
70.1
69.2

1995: IP
1
2

See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes it'st of the world, not shown separately.




3

Profits
before
tax

217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
524.5
168.6
223.8
220.1
23 i. 8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5

Tax
liability

106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
202.5
58.7
822
83.8
97.6
116.6
135.2
146.2
134.2
137.0
133.1
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.6
215.6

Total

111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
322.0
109.9
141.6
136.3
134.2
119.2
176.0
2260
200.0
231.8
240.0
264.8
273.0
284.8
288.9
310.2
299.4
321.4
329.5
337.9

Dividends

109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
205.2
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
160.9
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
213.9
217.1

Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.

Undistributed
profits

1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
116.9
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
82.7
84.7
94.1
95.6
115.6
103.0
118.9
121.6
124.0

Inventory
valuation
adjustment

9.7
14 5
-27.3
-17.5
-11.0
5.8
-6.4
-6.2
-19.5
-8.6
- 7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
-.8
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
-19.6
-32.1
-36.5

GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the first quarter of 1995, according to advance estimates, nonresidential fixed investment in 1987 dollars rose
$31.9 billion (annual rate) and residential investment fell $3.9 billion. There was a $63.0 billion increase in inventories,
following an increase of $49.4 billion in the fourth quarter.
BILLIONS OF 1987 DOUARS
1,100

BILLIONS OF 1987 DOLLARS
1,100

SEASONALLY ADJUSTED ANNUAL RATES

s

1,000
900
800

^/
700
600

-\,/

500

•>-> ^ *

400

/

-*• s

S^

/^

>^

pv.r^|\

*-S—

^

1,000
900
800

\

GROSS PRIVATE DOMESTIC
INVESTMENT

f

** s

s

•
s

700

s
s

«» — —• •*

k

600

s

^.^^

>+ ^

s

^ s

y

y

500

— —1

\ 1
NCJNRESIDEr.mAL
ED INVEST*

400

RfSIDENTWi
FIXF D INVESTSIFNT

300

300

...... ...\.J-

200

s

^

100

CHAN<3E IN BUSI MESS
1ST/ENTORIE

^

/

"" "" N

-100

\

\

^

•*%

100

s

\

" -• /

\ /

i i i

i i i

1982

1983

200

'•»..

s'~

/
0 +r

..—._..

1

1

1

1984

i t t
1985

1

1

1986

1

""
0

\

1 1 1
1987

1 1 1
1988

i i i
1989

i i i
1990

i i i

1 1 1

1 1 1

1 1 1

i ii

1991

1992

1993

1994

1995

SOURCE: oePAKTMENT Of COMMBKE

-100

OOUNOl Of ECONOMIC ADMSBS

[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

Gross
private
domestic
investment

Change in business
inventories

Nonresidential
Total
Total

Producers'
durable
equipment

Residential

Structures

Total

Nonfarm

1986
1987
1988
1989
1990
1991
1992
1993
1994

735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
951.5

726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
903.8

500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4

176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6

323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9

226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3

8.5
26.3
19.9
29.8
5.7
1i
2.5
15.3
47.8

10.6
32.7
26.9
29.9
3.2
-1.3
-2.0
18.5
40.7

198219831984198519861987198819891990199119921993-

503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
697.9
755.2

548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
684.4
748.6

417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9

173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3

244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
355.5
394.6

131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7

-44.9
29.3
47.9
30.2
— 20 1
59.9
20.9
24.9
-20.9
13.5
6.6

-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
18 7
14.6
6.3

789.2
806.2
821.8
862.5

770.7
787.3
808.8
851.7

560.3
581.0
597.9
627.2

147.2
147.3
147.5
148.7

413.0
433.7
450.3
478.5

210.4
206.3
211.0
224.5

18.5
18.9
13.0
10.8

19.7
22.8
20.9
10.7

898.9
950.9
967.3
989.1

873.4
891.7
910.2
939.7

643.6
657.9
680.0
708.2

144.1
151.0
151.6
155.6

499.4
506.9
528.4
552.6

229.9
233.8
230.2
231.5

25.4
59.2
57.1
49.4

22.1
51.7
47.4
41.7

1,030.8

967.8

740.1

160.8

579.3

227.6

63.0

58.3

IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1994- I
II
Ill
IV

1995-

IP

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.
BIHIONS OF DOLLARS (RATIO SCALE)
700

BIUJONS Of DOLLARS (RATIO SCALET

700
SEASONARY ADJUSTED ANNUAL RATES

600

600
500
400

300
NONMANUFACTURING-1'

200

'-' \

MANUFACTURING

U I/
J
1989

1985

L_

1991

^SURVEYED QUARTERLY
KSEE FOOTNOTE 4BEIOW
SOURCE: DEPARTMENT OF COMMERCE

COUNOl Of ECONOMC ADVB8B

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Manufacturing
Period

All industries

1984
1985
1986
1987
1988 ....
1989
1990
1991
1992
1993
19944
1992- I
II
Ill
IV
1993: I
II
Ill
IV
1994: I
II
Ill"
IV*

373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
586.73
638.37
534.23
541.29
547.82
559.39
563.48
578.95
594.56
604.51
619.34
637.08
651.92
645.13

Total

139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
173.14
172.52
173.05
176.74
173.99
177.55
182.48
182.15
185.04
193.99
197.36
193.83

Nondurable
goods

Total 1

64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.45
92.78
73.26
73.74
72.63
73.64
78.19
80.33
82.74
83.64

75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.02
99.77
99.87
98.78
100.42
103.09
95.80
97.22
99.74
98.51

234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
361.09
368.77
374.77
382.65
389.49
401.40
412.09
422.36

86.03
91.71
98.97
94.44

99.02
102.28
98.39
99.39

434.29
443.09
454.56
451.30

Durable
goods

Addenda

Nonmanufacturing

1
Excludes forestry, fisheries, and agricultural services; professional
and membership organizations; and real estate, which, effective with the
are no longer surveyed quarterly. See last column ("nonmanufaeturing
data for these industries.
2
"All industries" plus the part of nonmanufaeturing that is surveyed
3
Consists of forestry, fisheries, and agricultural services; professional
and membership organizations; and real estate.

Mining

Transportation

Public
utilities

11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.08
11.24
8.99
9.20
8.96
8.43

13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.77
21.19
21.82
23.32
23.66
21.66

8.98
9.10
11.09
10.92
11.43
10.70
11.57
11.27

22.38
21.50
21.32
21.84

57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.98
76.44
69.09
72.56
72.48
73.79
73.78
74.45
75.94
78.87

22.47
19.59
20.73
21.98

73.20
76.51
78.50
77.57

services; social services
April-May 1984 survey,
surveyed annually") for
annually.
services; social services

Commercial
and
other
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
299.44
336.93
261.19
263.69
269.67
278.77
284.35
296.35
303.74
310.73
327.20
336.28
343.76
340.48

Total
nonfarm
business 418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
650.41

Nonmanufacturing
Manufacturing

139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
173.14
172.52
173.05
176.74
173.99
177.55
182.48
182.15
185.04
193.99
197.36
193.83




278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.95

Surveyed
quarterly
2.34.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
361.09
368.77
374.77
38° 65
389.49
401 40
412.09
422.36

Surveyed
annually 3
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68

434.29
44309
454.56
451.30

••Planned capital expenditures as reported by business in July-August 1994, corrected for
biases.
NOTE.—The quarterly Plant and Equipment Survey has been discontinued and replaced by
a new semi-annual indicator survey: Business Investment ami Plans. The first new survey results
for 1993-95 were released Febniary 23, 1995. The new survey data may be incorporated into
Economic Indicators at a later date. See Plant and Equipment E^)enditures ami Plans release
of September 8, 1994 for details.
Source: Department of Commerce, Bureau of the Census.

10

Total

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In March, employment rose by 149,000 and unemployment rose by 54,000.
MILLIONS OF PERSONS *

MILLIONS OF PERSO NS*

134
130
126

134

r-

SEASONALLY ADJUSTED

130

CIVILIAN LABOR FORC!

~-T~^

x.-

^

p-^""""^

126

-

122
118

122

r—"

*->-'"'
f

\
CIVILIAN
EMPLOYMENT

-f*~"~

114

x*"""

114

-

110
106

110
106

,

v

- 4

1987
COUNCIL OF ECONOMIC ADVISERS

[Thousands of persons 16 years of age and over, except as noted; montlily data seasonally adjusted except as noted by NSA]
Civilian employment

Period

1985 3
1986
1987
1988
1989
1990
1991
1992
1993
19944
1994- Mar
May
July
Sept
Oct

Dee
1995- Jan
Peb
Mar

Civilian
noiiinstitutional
population
NSA

Nonagricultural

Civilian
labor
force

Total

178,206
180,587
182,753
184,613
186,393
188,049
189,765
191,576
193,550
196,814

115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
131,056

107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
123,060

196,213
196,363
196,510
196,693
196,859
197,043
197,248
197,430
197,607
197,765

130,706
130,787
130,699
130,538
130,774
131,086
131,291
131,646
131,718
131,725

122,160
122,402
122,703
122,635
122,781
123,197
123,644
124,141
124,403
124,570

197,753
197,886
198,007

132,136
132,308
132,511

124,639
125,125
125,274

Agricultural

3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
3,409
3,396
3,438
3,413
3,294
3,333
3,436
3,411
3,494
3,500
3,532
3,575
3,656
3,698

1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
^Civilian labor force {or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.




Total

Percent 2

Unemployment

Part time
for
economic
reasons *

103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
119,651

5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
4,414

118,764
118,964
119,290
119,341
119,448
119,761
120,233
120,647
120,903
121,038

4,706
4.583
4,583
4,510
4,273
4,173
4,154
4,226
4,246
4,254

121,064
121,469
121,576

4,430
4,187
4,347

Total

8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
8,546
8,385
7,996
7,903
7,993
7,889
7,647
7,505
7,315
7,155
7,498
7,183
7,237

15
weeks
and
over

Not in
labor
force

2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
2,860

62,744
62,752
62,888
62,944
62,523
63,262
64,462
64,593
65,509
65,758

3,056
2,972
2,853
2,740
2,823
2,773
2,768
2,934
2,661
2,456

65,507
65,576
65,811
66,155
66,085
65,957
65,957
65,784
65,889
66,040

2,386
2,298
2,266

65,617
65,578
65,496

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
66.6
66.6
66.6
66.5
66.4
66.4
66.5
66.6
66.7
66.7
66.6
66.8
66.9
66.9

60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
62.5
62.3
62.3
62.4
62.3
62.4
62.5
62.7
62.9
63.0
63.0
63.0
63.2
63.3

7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
6.5
6.4
6.1
6.1
6.1
6.0
5.8
5.7
5.6
5.4
5.7
5.4
5.5

3

Not strictly comparable with earlier data.
4
Data beginning; January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Ijabor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In March, the unemployment rate rose to 5.5 percent from 5.4 percent in February.
PERCENT* (SEASONALLY ADJUSTED)

PERCENT * (SEASONALLY ADJUSTED)

25

20

15

10

1991
•"UNEMPLOYMENT AS PERCENT OF CIVIIIAN 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)

Period

1985
1986
1987
1988

..

1989
1990
1991
1992

1993
19942
1994: Mar
Apr
May
June
July
Auar
Sept
Oct
Nov . .
Dec

1995: Jan
Feb
Mar
1
2

..

All civilian
workers

Men
20 years
and over

Women
20 years
and over

7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
6.5
6.4
6.1
6.1
6.1
6.0
5.8
5.7
5.6
5.4
5.7
5.4
5.5

6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
5.4

6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.4
5.9
5.6
5.4
5.4
5.3
5.3
5.2
5.0
5.0
4.7
4.9
4.8
4.9

5.8
5.7
5.4
5.3
5.5
5.3
5.1
5.0
4.9
4.7
5.0
4.6
4.7

Both
sexes
16-19
years

White

18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.6

18.0
19.2
18.1
17.1
17.7
17.5
17.2
17.1
15.8
17.2
16.7
17.6
16.1

Revised definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.

12



By selected groups

By race

By sex and age

6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.3
5.6
5.6
5.3
5.3
5.3
5.2
5.1
5.0
4.8
4.8
4.9
4.7
4.7

Black
and
other

13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
11.3
10.8
10.6
10.4
10.3
10.6
10.2
10.4
9.8
9.2
9.5
9.4
9.2

Black

15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
11.5

12.4
11.9
11.7
11.3
11.2
11.3
10.7
11.1
10.5
9.8
10.2
10.1
9.8

Experienced
wage
and
salary
workers

6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
5.9
6.4
6.2
5.9
5.9
6.0
5.8
5.7
5.5
5.4
5.3
5.4
5.1
5.2

Married
men,
spouse
present

Women
who
maintain
families

4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
3.7
4.1
3.9
3.7
3.6
3.6
3.5
3.4
3.3
3.2
3.2

3.4
3.0
3.2

Note.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Ijabor Statis

10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
8.9
9.4
9.1
8.9
8.8
7.9
8.8
8.9
8.9
8.7
8.8
8.9
8.1
7.6

Full-time
workers '

Part-time
workers1

7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.1
6.6
6.4
6.1
6.1
6.1
6.0
5.8
5.8
5.6
5.3
5.5
5.3
5.4

7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.0
6.3
6.2
6.2
5.9
6.0
6.2
5.8
5.6
5.4
5.9
6.2
6.0
5.8

MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 1526 weeks fell; the percentages for 5-14 weeks and for 27 weeks and over rose. The mean duration of unemployment
rose to 17.5 weeks and the median duration rose to 7.9 weeks.
PERCENT DISTRIBUTION

PERCENT DISTRIBUTION '

70

70

20

10

-

BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonaDy adjusted, except as noted]
Duration of unemployment
Period

Unemployment
(thousands)

Number of
weeks

Percent distribution
Less
than
5
weeks

5-14
weeks

42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
34.1
32.8
33.7
33.3
34.7
34.8
33.2
34.6
31.9
35.0
36.0
39.4
36.8
35.5

30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
30.1
30.7
30.2
30.9
30.9
29.7
32.1
29.6
29.6
29.1
29.9
28.5
30.7
32.6

15-26
weeks

27
weeks
and
over

Average
(mean)

Median

12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.5
15.1
15.0
14.6
15.0
15.5
15.0
15.7
17.6
16.0
15.1
13.9
15.4
12.9

15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.3
21.4
21.1
21.3
19.5
20.0
19.7
20.1
20.9
19.9
19.0
18.2
17.1
18.9

15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.8
19.2
19.1
19.4
18.4
19.0
18.9
18.8
19.3
18.2
17.8
16.7
16.9
17.5

6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
9.2
9.1
9.2
9.2
9.1
9.2
9.2
9.5
10.1
9.1
8.7
7.9
7.8
7.9

Reason for unemployment:
percent distribution
Job
losers1

Job
leavers

Reentrants

New
entrants

27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
34.8
35.1
37.1
36.2
35.7
34.6
35.0
34.2
35.0
35.0
34.9
33.4
34.5
33.8

12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
7.6
7.4
8.0
7.7
6.4
7.4
7.9
7.8
8.2
7.9
7.7
8.0
8.1
8.4

Insured
unem-

State
programs
Insured
unemployment

Initial
claims

all
regular
programs
(unadjusted) 2

Weekly average, thousands

1985
1986
1987
1988
1989
1990
1991
1992
1993
1994:i
1994- Mar
May

July
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar

8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
8,546
8,385
7,996
7,903
7,993
7,889
7,647
7,505
7,315
7,155
7,498
7,183
7,237

1
.Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servimen (IICX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation
or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods. See
2




49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
47.7
47.8
45.5
46.0
47.8
48.3
47.1
46.6
46.8
47.5
47.6
49.2
46.6
46.6

10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.9
9.7
9.5
10.1
10.1
9.6
10.0
11.4
10.1
9.6
9.7
9.3
10.8
11.3

2,617
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,671
2,739
2,713
2,743
2,745
2,717
2,667
2,614
2,569
2,531
2,533
2,515
2,518
2,498

397
378
328
310
330
388
447
408
341
340
340
349
365
350
348
328
323
328
329
326
335
338
342

2,699
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,740
3,396
2,873
2,626
2,635
2,578
2,573
2,179
'2,201
'2,340
'2,510
'3,277
3,176
2,944

Employment awl Earnings, February 1994.
Note.—Data relate to persons age 16 years of age and over (except for insured unemployment an(J j n j tia j e]a|msj
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 203,000 In March, following increases
of 345,000 in February and 169,000 in January.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS* (ENLARGED SCALE)

120

34

32

110

30
100 -

28
26

90

24
80 -

SERVICE-PRODUCING
INDUSTRIES

22
RETAIL TRADE

70

-V

20
18

60 -

16
50

40

20

MANUFACTURING

18

-

I I l l i i l n i i i h i 1 1 1 1 1 1 i i i I n 1 1 1 1 1 i n 1 1 1 1 i i 11 n 1 1 1 1 1 M M
GOODS-PRODUCING
INDUSTRIES

30

\

20 1 i II li n 1 1 1 u i n i n 1 1 1
1991

1992

CONSTRUCTION

1994

1993

-

11
1 i I p 1 1 II I MIII
I il 1 1 n I III 1 lllll M
*
1991
1992
1993

1995

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

1 1 1111M 111

1 1 1 1 1 1 | M 1 1.

1994

1995

^

COUNCIL OF ECC NOMIC ADVISERS

[Thousands of wage ami salary workers;l seasonally adjusted|

Goods-producing industries

Period

1985
1986
1987

1988
1989
1990
1991
1992
1993
1994
1994- Mar .
Apr
May

July
Aug
Sept
Oct .
Nov

Dec
1995: Janrr
Peb
Mar?

Total
nonagricultural
employment

97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,525
113,429
112,298
112,699
112,951
113,334
113,624
113,914
114,186
114,348
114,882
115,113
115,282
115,627
115.830

Service-producing industries

Manufacturing
Total

2

24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,256
23,584
23,395
23,506
23,519
23,576
23,590
23,640
23,673
23,715
23,827
23,873
23,958
23,938
23.992

Construction

4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,642
4,916
4,806
4,893
4,907
4,927
4,944
4,942
4,972
4,974
5,044
5,050
5,092
5,057
5,115

Total

19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,003
18,063
17,980
18,007
18,009
18,044
18,045
18,095
18,096
18,142
18,183
18,226
18,271
18,289
18,285

NonDurable durable
goods
goods

11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,172
10,267
10,190
10,216
10,217
10,253
10,249
10,290
10,306
10,335
10,371
10,403
10,435
10,461
10,466

7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,831
7,797
7,790
7,791
7,792
7,791
7,796
7,805
7,790
7,807
7,812
7,823
7,836
7,828
7,819

1
Includes all full- and part-time wage and salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
derived from this table not comparable with estimates of nonagrieulturai employment of the civilian labor force, shown on p. II, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial
disputes, bad weather, etc., even if they are not paid for the time off; and which are based
on a sample of the working-age population, whereas the estimates in this table are based on

14



Total

72,544
74,81177,284
80,086
82,642
84,514
84,511
85,373
87,269
89,844
88,903
89,193
89,432
89,758
90,034
90,274
90,513
90,633
91,055
91,240
91,324
91,689
91,838

Transporta- Wholetion and
sale
public
trade
utilities

5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,787
5,843
5,816
5,759
5,843
5,849
5,857
5,866
5,865
5,867
5,888
5,911
5,913
5,930
5.941

5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,958
6,060
6,013
6,028
6,037
6,049
6,053
6,079
6,095
6,106
6,117
6,136
6,160
6,185
6.192

Retail
trade

17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,717
20,310
20,026
20,137
20,153
20,279
20,386
20,405
20,470
20,523
20,655
20,751
20,779
20,850
20,841

Finance,
insurance, Services
and real
estate

5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,712
6,788
6,781
6,791
6,787
6,798
6,797
6,801
6,794
6,786
6,791
6,785
6,779
6,778
6,795

21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,278
31,804
31,326
31,497
31,598
31,765
31,918
32,036
32,138
32,231
32,414
32,506
32,564
32,781
32.914

Government
Total

16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,817
19,040
18,941
18,981
19,014
19,018
19,023
19,087
19,151
19,120
19,190
19,151
19,129
19,165
19,155

Federal

2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,884
2,882
2,870
2,859
2,859
2,858
2,863
2,858
2,854
2,869
2,834
2,828
2,818

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 arc 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

Average weekly hours

Period

1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: Mar
May

July
Sept

Oct
Nov

Dec
1995- Jan'
Feb'
Mar?

Total
private
nonagricultural '

Total

Average gross weekly earnings

Total private
nonagricultural '

Manufacturing

Overtime

Current
dollars

1982
dollars2

Total private
nonagricultural '

Manufacturing

Percent change from
a year earlier, total
private nonagricultural3

Current dollars

Current
dollars

1982
dollars2

Manufacturing

Construction

Retail
trade

Current
dollars

1982
dollars

34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.6

40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0

3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7

$8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12

$7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40

$9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06

$299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
384.75

$271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
255.99

$386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52

$464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.81
569.97

$174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46

2.1

1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.0

-1.3
.3
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.4

34.6
34.7
34.8
34.6
34.6
34.4
34.6
34.9
34.6
34.6

42.1
42.2
42.1
42.0
42.0
42.0
42.0
42.1
42.1
42.2

4.7
4.8
4.7
4.7
4.6
4.6
4.7
4.7
4.8
4.8

11.02
11.05
11.09
11.08
11.11
11.13
11.17
11.25
11.23
11.25

7.40
7.40
7.42
7.39
7.38
7.37
7.38
7.42
7.39
7.39

12.00
12.00
12.00
12.03
12.05
12.08
12.12
12.14
12.17
12.19

381.29
383.44
385.93
383.37
384.41
382.87
386.48
392.63
388.56
389.25

255.90
256.83
258.15
255.58
255.25
253.39
255.27
258.99
255.80
255.75

505.20
506.40
505.20
505.26
506.10
507.36
509.04
511.09
512.36
514.42

561.44
559.02
570.86
567.73
573.78
569.66
577.98
575.53
573.53
577.51

214.73
216.05
216.63
216.63
216.92
216.75
216.58
220.75
218.48
219.64

3.5
3.5
2.8
3.1
3.0
1.8
3.3
3.8
2.7
2.7

1.2
1.3
.7
.6
.3
-1.0
.3
1.2
.0
.0

34.8
34.5
34.5

42.2
42.1
41.9

4.9
4.9
4.7

11.31
11.30
11.33

7.41
7.38
7.38

12.22
12.25
12.28

393.59
389.85
390.89

257.75
254.64
254.49

515.68
515.73
514.53

576.92
571.44
575.40

220.11
218.41
218.41

2.9
3.1
2.2

.0
.2
-.8

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)

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5

88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7

licncnte '

Total
compensation

Wages and
salaries

12 months earlier
Benefits '

Total
compensation

Wages and
salaries

Benefits'

Not seasonally adjusted
1985198619871988198919901991199219931994-

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0

3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1

Seasonally adjusted
1992- Sept

Dec
1993- Mar
Sept
Dec
1994- Mar
Sept

Dec
1995: Mar
1

.

. .

3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7

Not seasonally adjusted

114.6
115.7

112.1
113.0

121.2
122.9

.7
1.0

.4
.8

1.4
1.4

3.4
3.5

2.7
2.6

5.2
5.2

116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.6
124.3

113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
120.6

124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0

1.0
.9
.8
.8
.8
.8
.8
.7
.6

.8
.6
.9
.7
.8
.9
.7
.6
.7

1.5
1.4
.9
1.1
.9
1.0
1.0
.8
.1

3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9

2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9

5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9

Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, fre
from the influence of employment shifts among occupations and industries.




4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8

Data exclude farm and household workers.
Source: Department of Labor, Bureau of Ijabor Statistics.

15

PRODUCTIVITY AND RELATED DATA. BUSINESS SECTOR
Output per hour
of all persons
Period

Business
sector

Nonfarm
business
sector

Hours of all persons2

Output1

Business
sector

Nonfarm
business
sector

Business
sector

Compensation per Real compensation
hour3
per hour4

Non-

Business
sector

farm
business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Implicit price
deflator5

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

1982=100; quarterly data seasonally adjusted

1985
1986
1987
1988

1989
1990
1991

1992
1993
1994
1982:
1983:
1984:
19851986:
198719881989199019911992-

IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II

Ill
IV
1993:

I

II

III
IV
1994: I
II

III .
IV

;

106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.2
119.9

105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.4
117.9

116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
148.1

101.1
103.1
105.4
107.0
108.3
110.6
110.8
109.7
110.5
113.0

101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
111.5

100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
132.6

100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
132.8

98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
117.4

98.9
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
119.2

102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
150.1

102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
142.2
148.8

100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
105.1

100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
104.2

101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
132.9

101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
133.5

101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
136.9

101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
137.9

114.5
114.8
115.9
116.8

112.6
113.1
113.9
115.0

150.9
152.6
154.7
156.4

105.9
106.1
106.9
107.1

104.9
105.3
106.0
106.2

133.0
133.9
134.7
135.1

134.0
134.9
135.9
136.1

138.0
138.8
138.3
140.1

139.0
139.9
139.5
141.2

118.9
119.9
120.1
121.0

118.6
118.8
119.3
120.0
120.9
122.1
122.4
123.3

152.2
153.7
156.0
157.7

114.4
114.5
115.6
117.0

133.6
134.4
135.9
137.9
138.3
139.9
141.5
144.3

116.8
117.1
117.4
118.1

116.2
116.4
117.3
119.0

133.7
134.4
136.1
137.9
138.1
139.6
140.9
143.9

158.8
160.0
161.2
162.1

157.2
158.2
159.3
160.2

107.0
107.0
107.4
107.2

106.0
105.8
106.1
105.9

136.6
137.5
137.4
136.3

137.5
138.1
137.7
136.9

140.8
141.4
141.6
142.1

142.0
142.5
142.8
143.1

119.8
119.2
120.3
120.8

117.9
117.2
118.2
118.7

145.8
147.2
148.8
150.8

146.1
147.3
148.8
150.8

121.7
123.5
123.7
124.8

124.0
125.6
126.0
127.1

164.6
164.7
166.2
167.4

162.6
162.9
164.1
165.5

108.2
107.6
107.6
107.8

106.9
106.4
106.3
106.6

137.4
138.2
138.1
138.6

137.9
138.9
138.9
139.5

142.6
143.8
144.5
144.8

143.5
145.1
145.9
146.1

116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
148.3

109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.0
123.5

110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.2
125.7

113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.5
165.6

112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.7
163.6

101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
107.2
107.8

101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.0
106.6

106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
138.1

106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
138.8

111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
143.9

111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
145.2

Percent change; quarterly data at seasonally adjusted annual rates

1.4
2.1
1.0
1.0
-.7
.7
1.3
3.0
1.5
2.3

0.8
2.0
.8
1.0
-.9
.4
1.5
2.7
1.5
2.2

3.6
2.8
4.1
4.3
1.7
.7
-1.0
2.7
3.8
5.3

3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
5.2

2.1
.6
3.0
3.3
2.5
.1
-2.3
-.3
2.2
2.9

2.5
.8
3.2
3.4
2.6
.2
-2.4
-.3
2.5
2.9

4.5
5.0
3.6
4.4
3.5
5.7
4.8
5.1
3.6
3.2

4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.3
3.1

0.9
3.1
-.1
.2
-1.3
.3
.6
2.0
.6
.6

0.6
3.1
-.2
.1
-1.4
.1
.8
2.0
.2
.5

3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.0
.8

3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
.9

3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
1.7

3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
1.8

4.2
1.9
2.8
3.8

3.4
2.2
4.9
5.6

2.4
2.5
4.4
6.2

-1.9
1.1
1.2
2.3

-1.8
.6
1.6
2.3

5.8
4.0
6.1
4.4

5.7
4.6
5.8
4.5

3.0
.9
3.0
1.0

2.9
1.4
2.6
1.0

.3
2.8
2.4
1.2

1.4
2.6

Ill

5.5
1.1
3.7
3.2

!e

3.3
2.2
-1.3
5.1

3.2
2.5
-1.2
5.1

1993- I
II
Ill

-1.9
.6
3.3
5.7

-2.0
.4
4.0
4.9

.6
4.2
4.0
8.6

1.0
4.7
4.9
7.9

2.5
3.6
.7
2.8

3.0
4.3
.9
2.9

2.6
3.1
3.0
2.4

2.1
2.4
2.8
2.4

-.4
.1
1.3
-.8

-.9
-.6
1.1
-.9

4.6
2.5
-.3
-3.1

4.1
2.0
-1.2
-2.4

2.3
1.7
.6
1.2

2.2
1.6
.7
.8

1994:

2.9
-2.0
3.7
1.7

2.9
-2.1
3.2
1.7

5.5
3.7
4.5
5.4

5.2
3.2
4.3
5.3

2.5
5.9
.8
3.6

2.3
5.5
1.1
3.5

6.3
2

6.1
.7
3.1
3.4

4.1
-2.3
0
.8

3.9
-1.8
-.4
1.2

3.3
2.3
-.2
1.3

3.1
2.9
-.1
1.7

1.5
3.5
2.0
.6

1.2
4.5
2.3
.5

1985
1986
1987
1988
1989

1990
1991
1992
1993 . .
1994
1992- I
II

rv

rv
I

II
III
IV
1

Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees phis employers' contributions for social insurance and private benefit plans. AJso includes an estimate of wages, salaries, and supplemental payments for
the self-employed.

16



s'e

3.1

4

9 Q

Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product,
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in March.
INDEX, 1987 - 100* (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
130

INDEX, 1987 = 100- (RATIO SCALE)
160
FINAL PRODUCTS
150
BUSINESS

j?\

120
•

130

^

120
100

^^"^

1 1 I t 1 1 M II 1

EQUIPMENT

140

— ^1^

1

110

_^•-—
^/~
jr^*^

1 j 1 1 1 1 ! 1 111

I 1 1! ! 1 1 1 M 1

,

1 H1 11 1 i 111

-

^-

f

^^
„ *,-. — •" — ***

-.

110
,-****"'

100

,'~^'~''

-*..'

GOODS

\
"\

90
"* ' "*••*.

>'- .,

80

x_

AND SPACE
EQUIPMENT

~'^ .

X

^•^

*\

70
1 1 J l 1 I 1 1 II 1

140

UTILITIES
\

120
110 x

_

/'

»

>

fx

A

l^\

|.' V - 'I "

1

-''1

,-

84

MININC

82

100 ^V

80
1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 n11

90 1 1 1 1 1 n i l ] 1 1 1 1 1 1 1 1 1 1 1
1992

1991

1993

1995

1994

\'-;~

1 1 It 1 1 1 1 1 1 1

1 1 1 ! I1 1 1 1 11

PER :ENT88
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
86

UTILITIES AND MINING
130

1IIM|

78 i\vfi 1 1 1 H i p 1 1 1 1
1991
| 1992

1 1111

-AN
•~-v—'^
1 1 1 1 1

1 1 M

1

1 1 1 11111111 1 11 111111 11
1995

1994

1993

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Industry production indexes, 1987=100

Total
industrial
production
Period
Index,
1987=100

Capacity utilization
rate, percent!

Manufacturing

Percent
change
from year
earlier

Mining
Total

Durable

Utilities

Nondurable

Total
industry

Manufacturing

94.4
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1

1.7
.9
4.9
4.4
1.5
.0
-1.7
3.2
4.1
5.4

91.6
94.3
100.0
104.7
106.4
106.1
103.9
108.0
112.9
119.7

91.8
93.9
100.0
106.6
108.6
107.4
104.2
109.3
116.1
125.5

91.5
94.9
100.0
102.3
103.7
104.4
103.6
106.5
109.3
113.3

109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.2
99.8

99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.2
118.1

80.3
79.2
81.5
83.7
83.7
82.1
79.2
80.2
81.7
84.0

79.5
79.1
81.6
83.6
83.2
81.3
78.0
79.2
80.9
83.4

Decr

116.6
116.7
117.4
118.0
118.2
119.1
119.0
119.5
120.3
121.7

4.7
4.8
5.7
5.8
5.5
6.1
5.8
6.0
5.8
6.1

118.0
118.4
119.0
119.3
119.8
120.9
120.9
121.5
122.6
124.2

122.9
123.7
124.0
124.6
125.2
127.0
127.2
128.0
129.1
131.2

112.5
112.4
113.4
113.4
113.6
114.0
113.7
114.2
115.4
116.4

100.5
100.7
100.7
100.6
100.1
100.0
100.1
99.2
98.3
100.1

117.9
114.7
115.8
121.1
119.0
118.8
116.5
117.2
116.5
115.2

83.7
83.6
83.8
84.1
84.1
84.5
84.2
84.4
84.8
85.5

82.9
83.0
83.2
83.2
83.3
83.8
83.6
83.8
84.4
85.2

1995: Jan'r
Feb
Mar''

122.2
122.3
121.9

6.5
5.8
4.5

124.7
124.5
124.4

131.8
131.7
131.6

116.8
116.6
116.4

99.8
100.3
99.8

116.0
118.9
115.9

85.6
85.4
84.9

85.3
84.9
84.5

1985

1986
1987
1988 . . .
1989
1990
1991
1992
1993
1994'
1994- Mar
Apr
May

June
July
Sept

Oct

1

Output as percent of capacity.




.

.

.

Source: Board of Governors of the Federal Reserve System.

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Products

Materials

Final products
Intermediate products

Equipment
Period

Consumer goods
Total
Total

1985 .
1986
1987
1988
1989
1990
. ..
1991
1992
. .
1993
1994'

....

1994- Mar

July
Sept
Oct

Dec'
1995- Jan r
Feb'
MarP
1

94.2
95.7
100.0
104.8
106.8
107.0
105.6
109.0
113.4
118.4
117.4
117.3
117.8
118.4
118.5
119.2
118.9
119.2
119.8
121.2
121.9
122.0
121.4

93.7
96.8
100.0
102.9
104.0
103.4
103.0
105.9
109.4
113.2
112.9
112.3
112.8
113.5
113.3
113.8
113.0
113.0
113.9
115.5
116.1
116.1
115.2

Durable
goods

91.6
94.5
100.0
104.6
106.6
102.3
95.5
102.6
110.7
119.4
119.0
117.8
116.4
118.0
118.0
120.7
119.1
119.4
120.5
123.4
124.2
123.7
121.3

Nondurable
goods

94.4
97.6
100.0
102.4
103.2
103.8
105.2
106.9
109.2
111.8
111.5
111.0
112.0
112.5
112.2
112.2
111.7
111.5
112.4
113.7
114.2
114.4
113.8

Total i

94.8
94.5
100.0
107.6
110.9
112.1
109.4
113.4
119.3
126.5
124.3
124.9
125.4
125.8
126.4
127.5
128.0
128.8
128.9
130.1
130.8
131.0
131.1

Business

91.1
93.1
100.0
110.7
115.5
116.9
116.5
124.1
134.6
146.7
142.6
143.5
144.5
145.5
146.9
148.9
149.5
150.9
151.0
152.6
153.7
154.1
154.6

Defense
and
space
equipment

89.4
96.0
100.0
99.7
100.1
98.8
91.3
86.5
78.5
71.0
73.7
73.6
72.4
71.3
69.9
69.2
68.8
68.7
69.0
68.7
68.6
67.9
67.8

Total

Total

Construction
supplies

Business
supplies

88.3
91.9
100.0
101.8
102.0
101.2
96.9
98.8
102.4
108.1
106.3
106.9
107.7
108.5
109.1
109.2
108.6
109.9
110.6
110.9
111.2
111.1
110.9

89.1
93.8
100.0
101.5
100.5
98.2
91.8
95.0
98.9
106.8
103.2
104.7
106.1
106.4
107.9
108.2
108.6
109.7
109.8
111.6
112.1
111.4
111.5

87.7
90.7
100.0
102.0
103.0
103.2
100.3
101.3
104.9
109.1
108.4
108.5
108.8
110.1
110.0
109.9
108.7
110.1
111.3
110.7
110.8
111.1
110.7

Energy

103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.6
105.2
105.0
104.8
104.6
106.7
105.2
106.1
105.6
105.2
104.9
105.3
105.4
106.5
105.3

96.6
95.9
100.0
105.0
106.7
106.8
105.4
109.2
114.1
121.5
119.5
119.7
120.5
121.2
121.4
122.8
122.9
123.4
124.6
126.3
126.6
126.9
126.7

Includes oil and gas well drilling and manufactured homes, not shown separately.

[1987 = 100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total

1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 '
1994- Mar

Dec'

101.8
93.7
100.0
108.7
107.2
106.5
98.7
101.9
106.9
114.5
112.1
114.8
114.8
113.7
112.7
113.5
116.0
115.9
119.1
123.0

1995- Jan r
Febr
Marf

121.4
119.7
119.5

..

May

July
Sept
Oct
Nov

Source: Board of Governors of the Federal Reserve System.




Iron
and
steel

104.5
90.8
100.0
112.7
111.2
111.5
100.5
105.1
111.4
118.3
116.7
121.5
120.9
118.2
116.1
113.0
118.2
118.8
121.9
129.3
125.9
124.2
124.7

Fabricated
metal
products

Industrial machinery
and
equipment

94.5
93.8
100.0
104.2
102.8
99.5
95.3
98.8
103.7
110.8
108.5
109.6
110.0
110.2
111.7
112.4
111.6
112.2
113.3
115.3
116.3
115.9
115.4

86.8
90.3
100.0
113.0
117.3
117.6
115.0
124.6
141.1
159.9
154.0
156.1
157.7
158.9
160.6
162.6
164.6
166.5
167.5
168.5
171.3
171.4
172.1

Electrical
machinery

93.1
94.3
100.0
108.5
111.0
111.4
113.4
121.9
139.3
160.0
152.6
154.3
156.5
159.5
161.5
164.1
165.0
166.9
168.8
172.5
173.2
173.8
174.2

Nondurable manufactures
Transportation
equipment
Total

Motor
vehicles
and
parts

99.0
98.5
100.0
105.7
106.9
101.0
94.3
107.4
121.1
137.9

91.8
96.9
100.0
105.2
109.6
107.0
101.3
105.1
105.5
109.7
110.7
109.5
107.6
107.5
105.7
109.5
108.8
109.0
110.5
111.9

138.8
136.2
131.6
132.2
129.6
138.1
137.4
138.4
141.4
144.6

112.5
113.3
112.2

146.1
147.5
145.4

Lumber
and
products
88.0
95.1
100.0
100.1
99.4
97.1
90.5
95.8
100.2
106.0
104.0
103.9
106.0
106.2
106.8
105.5
107.6
106.7
106.7
110.4
110.1
109.1
108.9

ADparel
products

92.6
96.3
100.0
98.1
95.0
92.2
92.9
95.0
94.9
96.3
95.7
96.2
97.1
97.0
97.0
96.8
96.8
96.9
96.8
97.0
96.6
95.7
94.5

Printing
and
publishing

Chemicals
and
products

87.6
90.6
100.0
100.9
101.1
100.8
97.0
97.2
99.3
101.1
101.3
101.7
101.6
102.4
102.1
101.5
100.9
101.4
102.0
101.6
101.3
101.2
100.9

91.4
94.6
100.0
106.0
109.2
111.8
111.1
114.7
119.1
124.1
123.1
122.4
124.0
124 .4
124.7
124.7
123.7
123.8
126.2
128.0
129.9
129.1
129.3

Foods

94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.0
109.4
112.8
112.9
111.9
112.8
112.8
113.4
113.7
114.6
113.4
113.9
114.7
115.6
115.7
115.6

NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts3

Private
Total new
construction
expenditures

Period

Residential
Total

New housing
units

Total1

Commercial
and industrial 2

Other

Federal,
State, and
local

Total value
index
(1987=100)

Commercial
and industrial
floor space
(millions of
square feet)

Billions of dollars

1985
1986
1987
1988
1989
1990
1991
1992
1993
1994

. .. .
. .

377.4
407.7
419.4
432.3
443.7
442.2
403.6
435.4
466.4
506.3

299.5
323.1
328.7
337.5
345.5
334.7
293.5
316.1
341.1
377.1

158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
237.8

89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
74.0

114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.5

51.3
51.6
50.1
51.5
54.6
55.4
58.7
62.5
64.2
65.4

77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.2
125.3
129.2

91
96
100
101
105
95
89
97
105
'114

Annual rates

1994- Mar

July

.

Sept ,
Oct

Dec

1995- Jan'
Feb'
Mar?

1,097
1,016
1,019
973
961
783
577
556
589
715
Annual rates

496.0
497.0
504.4
506.1
505.4
505.5
514.2
519.3
522.1
528.6

371.7
374.1
378.2
379.3
376.5
376.2
382.3
383.0
390.7
393.2

236.8
238.0
241.2
240.7
237.8
236.9
238.5
239.1
241.3
243.8

167.0
168.4
170.1
168.9
168.8
167.9
168.9
168.2
169.4
171.1

70.3
73.3
73.7
73.5
73.4
74.0
76.4
76.6
81.4
81.1

64.6
62.8
63.4
65.1
65.3
65.4
67.4
67.3
68.0
68.3

124.4
122.9
126.1
126.8
129.0
129.3
131.9
136.3
131.4
135.4

115
109
114
114
113
122
117
114
'115
'108

714
625
658
631
719
688
710
707
771
688

527.3
527.2
525.1

394.0
393.6
392.5

244.6
244.8
240.1

169.9
170.5
164.9

82.8
85.5
87.5

66.6
63.3
65.0

133.3
133.5
132.6

107
111
108

786
883
778

1
1ncludes
2
Includes
3

residential improvements, not shown separately.
hotels and motels.
P.W. Dodge series.

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information
Systems Company, F.W. Dodge Division.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted)
New private homes

New private housing units
Units started, by type of structure

Period
Total

1985
1986
1987
1988
1989
1990
1991
1992
1993
1994

1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0

...

1 unit
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4

2-4 units

5 or more
units

93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0

576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5

Units
authorized
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
« 1,374.6

Units
completed

Homes
sold

Homes for
sale at end
of period J

1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
'1,346.9

688
750
671
676
650
534
509
610
666
670

346
357
366
368
365
321
284
265
293
'338

Vacancy rate
for rental
housing units
(percent) 2

6.5
7.3
7.7
7.7
27.4
7.2
7.4
7.4
2
7.3
7.4

Seasonally adjusted annual rates

1994-

Feb
Mar

.. .

May
July
Sept
Oct

Dec ....

1995- Jan'
Feb'
Marf
1

.

.. .

1,318
1,499
1,463
1,489
1,370
1,440
1,463
1,511
1,451
1,536
1,545

1,112
1,259
1,209
1,197
1,174
1,219
1,174
1,235
1,164
1,186
1,250

32
30
31
36
18
32
40
42
39
62
33

174
210
223
256
178
189
249
234
248
288
262

1,279
1,331
1,377
1,383
1,336
1,347
1,382
1,416
1,391
1,355
1,421

1,337
1,266
1,363
1,438
1,333
1,280
1,337
1,400
1,376
1,371
1,388

691
722
672
689
632
630
672
691
707
642
'627

298
299
298
302
313
317
322
328
330
335
'338

7.4

1,366
1,315
1.211

1,055
1,041
979

38
44
29

273
230
203

1,302
1,287
1.239

1,428
1,292

640
560
577

342
347
349

7.4

Seasonally adjusted.
2
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.




3

7.5
7.4
7.2

The 1994 total based on 17,000 permit-issuing places is 1,332.3 thousand units.
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 February, manufacturing and trade sales rose 0.1 percent and inventories rose $8.4 billion. According to advance
data, retail sales rose 0.2 percent in March, after falling 1.0 percent in February.
BILLIONS OF DOLLARS' (RATIO SCALE)

BILLIONS OF DOLLARS' (RATIO SCALE)
1,000

300

^

900
800

'—'

r-~*

1

r"^

250
RETAIL INVENTORIES

\
MAI •4UFACTURINCSAND
TR,ADE INVENTC)RIES
'
_'~'

700

200

X"""

600

—..

•

„ — —••—'

500

\

RETAIL SALES

150

MJMMUFACTURtf 1C
At « TRADE SALES

400

100
300

RATIO'
1.80

INVENTORY-SALES RATIO

1.70
RETAIL

1.60
^~-XN_

200

,\^

/

1.50 ^^J\
1.40
lull!

1991

1 11 M 1M M t 1 1 1it 11 11 11
1993
1992

1 t 1H1 1 1 1 1 t

11 1 1 1 1 1 1 1 1 1

1994

1995

1.30

|
1991

/

V-

-MANUFACT JRING ^^
ANDTRA DE
1 11 11 11 1 1 11 M 1 1 11 1 1 1 11
1992
1993

* SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

Manufacturing and
trade1
Inventories3

MMll,MM

1995

COUNCIL Of ECONOMIC ADVISERS

Wholesale

Retail

Sales 2

Inventories3

Total

Inventory-sales
ratio4

Inventories3

Sales2

Period
Sales 2

1
1994

Durable Nondurable
goods
goods
stores
stores

Total

Durable
goods
stores

Nondurable
goods
stores

Manufacturing
and
trade1

88,738
93,566
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,947
133,209
133,597
133,791
136,340
138,157
137,008
138,485
139,814
140,640
140,906
140,947
141,542
142,711

1.53
'1.56
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.40
1.38
1.39
1.40
1.39
1.41
1.38
1.38
1.39
1.38
1.37
1.38
1.39

Retail

Millions of dollars, seasonally adjusted, except as noted

1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994-

Feb'

July
Sept
Oct
Nov
Dec
1995: Jan'
FebP
Mar/7

....

'410,124 '649,780 '112,199 '142,452 107,243
'422,583 '664,089 '113,459 '147,409 114,586
'430,419 '662,753 '114,960 '153,574 120,803
128,442
457,735 709,814 122,968 163,903
496,079 765,270 134,521 178,801 138,017
523,065 811,154 143,760
187,009 146,581
542,682 834,391 149,506 195,550
153,718
538,485 829,685 148,306 200,062 154,661
561,293 838,895 154,150 207,663 162,632
593,076 860,979 161,681 215,878 172,875
639,770 916,550 172,521 234,722 186,414
619,760 867,093 166,382 218,326
181,563
'628,398 866,296 169,345 217,418 '184,556
625,927 870,775 168,335 219,560
183,349
628,705 880,514 169,432 222,963 183,041
634,569 884,892 170,880 222,832 185,123
631,785 889,411 171,175 226,279 185,125
652,889 897,787 176,948 227,257 187,861
651,401 902,120 175,960 228,341 189,307
653,124 908,570 177,657 231,837
191,492
661,904 913,833 178,593 233,858 192,120
671,275 916,550
182,830 234,722 192,392
673,918 928,672 182,829 238,272 193,299
674,883 937,094 184,657 241,206 '191,317
191,658

37,873
41,510
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,369
70,362
'72,393
71,883
71,493
72,453
72,058
74,113
74,973
76,865
77,098
77,047
76,775
'75,838
76,178

1

3

2

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



69,369
73,075
75,746
80,453
85,587
91,818
97,981
100,497
103,999
108,080
113,045
111,201
'112,163
111,466
111,548
112,670
113,067
113,748
114,334
114,627
115,022
115,345
116,524
'115,479
115,480

167,812
181,881
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,676
290,018
268,699
269,106
270,570
275,169
278,954
276,487
283,518
287,248
288,670
289,987
290,018
294,296
296,523

79,074
88,315
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,709
149,071
135,490
135,509
136,779
138,829
140,797
139,479
145,033
147,434
148,030
149,081
149,071
152,754
153,812

Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.

1.49
1.52
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.48
1.46
1.48
1.50
1.51
1.49
1.51
1.52
1.51
1.51
1.51
1.52
1.55

MANUFACTURERS' SHIPMENTS. INVENTORIES. AND ORDERS
Manufacturers' shipments, inventories, and unfilled orders rose in February; new orders fell. In March, according
to advance data, durable goods shipments and new orders rose.
BIlilONS OF DOLLARS' (RATIO SCALE)

320

BILLIONS OF DOLLARS* (RATIO SCALE)

180
INVtNIORItS
140
100
—~—=:
60

h- SHIPMENTS TOTAL

280
240

P^ —
V

20

200

TOTAL

80
DURABLE GOODS

,—

40

160

"\

>00

""

RABLEGOOC

120
60
NONDURABLE GOODS

80

\

20

NDURABLEGC

BILLIONS OF DOLLARS' (RATIO SCALE)

320

(jRA/ncrm*:

80
TOTAI

280

-.
240 ^^-^.

r^^

- - -/1

1 1 M 1 1 1 1 1 [I

Mill

INN

1 1 1 11

II

1 11

1 111 111 1 1 1 1

RATIO*
2.20

200

2.00

DURABLE GCX3DS

160

\.

. *••'
•*•* V

1.80 -

-

.*!•"

/

*_

[ 1 1 1 11 1 1 E11

1

120
NONIXJRABLEGOC OS

80
1991

1992

1993

1994

1995

1991

1992

1993

1994

• SEASONAUY AQJU5TED
SOURCE: DEPARTMENT Cf COMMERCE

1995

COUNCIL Of ECONOMIC ADVISERS

Manufacturers' shipments1

Manufacturers' inventories2

Manufacturers' new orders *
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Nondurable
Capital
goods ingoods
dustries,
non-defense

Manufacturers'
unfilled
orders2

Manufacturers'
inventory—
shipments
ratio3

Millions of dollars, seasonally adjusted, except as noted

1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994

.

..

1994- Feb

July
Sept
Oct
Dec

1995- Jan
Febr
Mar/>

•

.

190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
280,835

97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
151,060

92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775

339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810

221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644

118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166

192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
281,953

100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
151,878

23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530

92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074

373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838

1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37

271,815
274,497
274,243
276,232
278,566
275.485
288,080
286,134
283,975
291,191
296,053

146,260
147,388
146,932
148,510
150,010
146,472
155,619
154,350
152,586
157,292
159,299

125,555
127,109
127,311
127,722
128,556
129,013
132,461
131,784
131,389
133,899
136,754

380,068
379,772
380,645
382,382
383,106
386,645
387,012
386,531
388,063
389,988
391,810

238,832
238,195
239,164
240,539
241,039
243,392
244,116
243,814
244,925
246,374
247,644

141,236
141,577
141,481
141,843
142,067
143,253
142,896
142,717
143,138
143,614
144,166

271,786
274,691
275,182
277,441
279,788
274,305
287,222
287,248
285,985
293,716
299,514

145,882
146,906
147,345
149,412
151,212
145,251
154,675
155,433
154,150
159,321
162,310

36,382
36,127
35,815
35,498
38,055
36,310
37,595
39,056
38,276
40,781
37,759

125,904
127,785
127,837
128,029
128,576
129,054
132,547
131,815
131,835
134,395
137,204

446,204
446,398
447,337
448.546
449,767
448,587
447,729
448,843
450,853
453,378
456,838

1.40
1.38
1.39
1.38
1.38
1.40
1.34
1.35
1.37
1.34
1.32

297,790
298,909

161,079
161,230
162,107

136,711
137,679

396,104
399,365

250,251
251,870

145,853
147,495

301,724
301,198

164,507
163,291
164,267

41,785
42,025
43,307

137,217
137,907

460,772
463,061

1.33
1.34

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.




3

Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
in March, the producer price index for all finished goods was unchanged. Prices of finished consumer foods fell
0.2 percent while prices of other finished consumer goods rose 0.1 percent. Capital equipment prices fell 0.1
percent.
:ALE)

INDEK, 1 982 = 1 00 (RATIO SCALE)
150

INDEX, 1 982 = 1 00 (RATIO S(

150

FINISHED GOODS PRICES

SEASONALLY A^JST*

140

140

-CAPITAL EQUIPMENT

130
CONSUMER FOODS

c^t

120

110

,*'

-'/'"'"

'

N

•""
*""

.

Yv.:>^

j~i •^*~

\

r""'

-

130

-x^^> **—

^
\
"~~ ^•^.'••^ ^^
f

/**

TOTAL /

_

/

'^-f"

120

-

CONSUMER »DODS
EXCLUDING FCX3DS

no

/ v~

^ ^y._ ^^
S'~"

100

100

1 1 1 1 1 11 M 11

1987

1 1 i i i li i i 1 1

1 1 1 1 1 M 1 1 11

1989^

1988

i i i i 1 1 1 1 i ii i i 1 1 i 1 i i i i i i i i i i 1 i i i 1 1 i i i i i 1 i i i ii 1 1 1 1 1 1 1 1 1 1 1 1 1 i i i 1 i i i ii
1991
1995
1994
1993
1992
1990

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1982=100; monthly data seasonally actuated]
Finished goods

Intermediate materials

Finished goods excluding consumer foods
Period

Total
finished Consumer
foods
goods

Total
Total

1985
1986
1987

1988
1989
1990
1991
1992
1993
1994^
1994- Mar
Avr

May
June
July

Aue

Sept
Oct r
Nov
Dee
1995: Jan
Feb
Mar
1

104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
125.2
125.2
125.1
125.2
125.5
126.2
125.8
125.3
126.1
126.5
126.9
127.3
127.3

104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
127.4
126.8
126.1
125.6
126.1
126.4
126.2
126.1
127.3
129.0
128.2
128.6
128.4

104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
124.5
124.7
124.8
125.0
125.2
126.0
125.6
125.0
125.6
125.7
126.4
126.8
126.9

Intermediate materials for food manufacturing and feeds.

22



Capital
equipNondurable ment

Total
finished
consumer
goods

107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
133.3
133.7
134.1
134.3
134.4
134.7
135.0
134.3
134.5
135.0
135.4
135.8
135.7

103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
123.1
123.0
122.8
122.8
123.2
123.9
123.4
122.9
123.9
124.3
124.7
125.1
125.1

Consumer goods

103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
121.1
121.2
121.2
121.4
121.7
122.7
122.0
121.4
122.2
122.1
123.0
123.4
123.5

Durable

106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
130.1
130.3
131.0
131.1
131.3
131.8
131.9
131.0
131.4
131.7
132.0
132.0
132.0

101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
115.9
115.9
115.6
115.8
116.2
117.4
116.3
115.8
116.9
116.6
117.7
118.3
118.4

Crude materials

Total

Foods
and
feeds1

Other

Total

Foodstuffs
and
feedstuffs

Other

102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
117.2
117.2
117.4
117.8
118.2
119.0
119.5
119.9
120.9
121.5
122.7
123.8
124.2

97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
117.7
117.2
116.3
115.3
112.6
112.9
113.5
112.5
112.5
111.8
112.6
112.4
112.7

103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
117.2
117.2
117.4
118.0
118.5
119.3
119.8
120.3
121.4
122.0
123.2
124.4
124.8

95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.7
102.9
103.5
101.9
103.0
102.6
102.6
100.1
99.5
100.1
100.0
101.0
102.5
101.2

94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
111.8
111.2
106.9
106.4
103.9
102.8
102.6
101.5
102.4
102.4
102.3
103.5
101.0

96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
93.3
94.6
94.7
96.8
97.8
98.5
94.7
94.4
94.7
94.5
96.2
97.9
97.3

8oum>: Department of Labor, Bureau of Ijjibor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (it rose 0.3
percent not seasonally adjusted). The index was 2.9 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 = 100 (RATIO SCALE)

1160

1601
SEASONALLY ADJUSTED

150

150

140

140

130

130

120

120

110

110

100

100

90

90
1988

1987

1989

1992

1991

1990

1993

1994

SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

1995

COUNO. Of ECONOMIC ADVISERS

[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items

1

Housing

Transportation

Shelter
Period

1985
1986
1987
1988
1989
1990
1991
1992 ....
1993
1994
1994:
Mar
May

July .
Sept
Oct
Dec
1995:
Feb
Mar

Not
seasonally
adjusted
(NSA)

Seasonally
adjusted

100.0
107.6
109.6
113.6
118.3
1240
130.7
136.2
140.3
144.5
148.2

Pood
Total'
Total

Renters'
costs
(Dec.
1982=
100)

Homeowners'
costs
(Dec.
1982=
100)

Maintenance
and repairs
(NSA)

Apparel
and
upkeep

Total1

New
cars

Motor
fuel

Medical
care

Energy2

All
items
less
food
and
energy

15.8
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3

41.2
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8

28.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5

8.0
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4

19.9
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5

0.2
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8

7.1
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8

5.7
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4

17.1
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3

4.1
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0

3.1
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5

7.3
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0

7.0
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6

77.2
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5

147.2
147.4
147.5
148.0
148.4
149.0
149.4
149.5
149.7
149.7

147.1
147.4
147.6
148.1
148.5
149.1
149.4
149.6
149.8
150.1

142.9
143.2
143.5
143.9
144.7
145.4
145.7
145.8
146.0
147.1

143.9
144.0
144.3
144.4
144.7
145.1
145.4
145.7
145.9
145.9

159.0
159.3
159.7
159.8
160.2
160.9
161.3
161.8
162.2
162.3

167.6
167.6
168.1
168.5
168.5
169.2
169.1
169.7
170.2
170.1

164.1
164.4
164.8
164.9
165.3
166.1
166.8
167.3
167.7
167.8

129.3
130.2
131.0
131.5
131.3
131.2
131.6
130.8
131.2
132.7

123.2
122.9
122.6
122.6
122.8
123.0
122.6
122.6
122.9
122.7

133.7
133.6
133.9
134.7
134.2
133.0
133.1
132.8
132.4
132.1

132.8
133.2
132.8
133.7
134.7
136.0
136.2
136.1
136.3
136.6

134.5
135.0
135.4
135.9
136.5
136.9
137.5
137.6
137.4
137.6

96.6
96.7
95.4
96.1
98.8
101.8
101.1
100.4
101.1
101.3

208.1
209.2
209.9
210.7
211.5
212.4
213.3
214.3
215.2
216.2

103.8
103.6
102.7
103.0
104.4
105.9
105.3
105.0
105.5
105.4

155.5
155.8
156.2
156.7
157.0
157.4
157.7
158.0
158.3
158.5

150.3
150.9
151.4

150.6
151.0
151.3

146.7
147.1
147.1

146.5
146.9
147.2

162.8
163.3
163.8

170.5
171.0
172.0

168.4
168.9
169.2

133.1
133.8
134.2

123.3
123.3
123.1

133.0
132.2
132.2

137.4
137.9
138.7

137.7
138.1
138.1

101.7
101.3
100.9

216.9
217.6
218.2

105.7
105.6
105.1

159.2
159.6
160.1

1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
3
Relative importance, December 1994.




Fuel
and
other
utilities

NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership
costs.
Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods
Total
finished
goods

Period

Capital
equipment

Excluding
foods

Foods

Total
finished
goods

Excluding
foods

Foods

Capital
equipment

Total
finished
goods

Foods

Change
from year
earlier,
total finished
goods

Capital
equipment

Excluding
foods

NSA
Change, Dec. to Dec., NSA

1985
1986
1987
1988
1989
1990
1991
1992
1993

1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7

1994*

0.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.0

2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0

2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
1.9

1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6

Change, month to month

0
0
-.1
.1
.2
.6
-.3
— 4
'.6
'.3
.3
.3
0

1994- Mar
May
July
Sept

Oct
Nov
Dec
1995- Jan
Feb
Mar

0.3
-.5
-.6
-.4
.4
. .2
-.2
-.1
'1.0
'1.3
-.6
.3
_ Q

-0.2
.1
0
.2
.2
.8
-.6
-.5
.7
-.1
.7
.3
.1

0.2
.3
.3
.1
.1
.2
.2
-.5
.1
.4
.3
.3
-.1

-0.9
-1.9
-2.8
-5.5
-2.2
1.0
1.9
0
'2.9
9.2
6.8
'4.1
-1.8

2.9
1.0
-.3
0
1.0
3.6
1.9
-.6
'-.3
2.2
5.2
'3.9
2.6

4.4
2.0
-.3
1.0
1.7
5.0
2.0
-1.0
-1.6
.3
5.4
4.0
4.7

2.7
2.4
3.0
3.0
2.1
1.8
2.1
-.3
-.6
0
3.3
3.9
2.1

1.8
1.8
1.1
1.5
1.0
1.6
1.0
.2
'1.6
2.1
2.2
1.8
2.4

2.9
2.1
-1.6
-3.3
-2.0
-.9
-1.9
-1.1
'1.9
5.5
3.4
3.5
3.5

1.3
1.2
1.7
2.7
1.8
2.3
1.5
.3
1.7
1.2
2.1
1.1
2.5

2.3
3.1
2.9
2.9
2.3
2.4
2.6
.9
.6
1.0
1.5
1.6
1.0

.2
-.4
-.4
.1
.6
1.9
1.5
1.0
1.3
1.7
1.6
1.7
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 NSA]
Transportation

Housing
Shelter

All

Period

items1

Food
Total'
Total

1

Homeowners'
costs

Renters'
costs

Fuel
and
other
utilities

Appare!
and
1
upkeep Total

New
cars

Motor
fuel

Addendum: All items, percent change (annual rate)
Medical
care

Energy2

All items
less food
and
energy

From
previous
quarter3

From 3
months
earlier

From 6
months
earlier

From
year
earlier
NSA

Change, December to December, NSA

1985
1986
1987
1988
1989
1990
1991
1992
1993
1994

...

.

3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7

2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9

4.3

1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2

6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0

63
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3

59
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3

1.8

2.8

2.6

-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2

.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6

-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8

3.1
3.4
5.9 -3Q7
1.8 18.7
2.1 -2.1
6.8
2.3
1.4 36.5
3.3 -160
2.3
1.8
2.8 -5.4
5.9
3.2

7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9

0.4 -0.2
.4
.1
.3 -1.3
.4
.7
.4
2.8
.3
3.0
__ >•?
.4
.1
-.'7
-.1
.7
.1
.2
.1
.4
.3
-.4
0
-.4

0.3
.5
.3
.4
.4
.4
.4
.5
.4
.5
.3
.3
.3

6.8

1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2

4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6

0
o
-'.9
.3
1.4
1.4
-.6
-.3
.5
-.1

0.3
.2
.3
.3
.2
.3
.2
.2
_2
.1

.3
-.1
-.5

.4
.3
.3

3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6

Change, month to month

1994: Mar
Apr
May
June ....
July

Aug
Sept

Oct
Nov
Dec
1995: Jan
Feb
Mar

0.2
.2
.1
.3
.3
.4
.2
.1
.1
.2
.3
.3
.2

1

0.1
2
3
.3
.6
.5
.2
.1
.1
.8
-.3
.3
0

0.2
.1
.2
.1
.2
.3
.2
.2
.1
0
.4
.3
_2

0.3
_2
'.3
.1
.3
.4
.2
.3
.2
.1
.3
.3
.3

0.4
0
.3
.2
0
.4
-1

.4
.3
-.1
.2
.3
.6

0.3
.2
.2
.1
2
'.5
A
.3
.2
.1
.4
.3
2

0.1
-.2
-.2
0
2
'.2
-.3
0
.2
-.2
.5
0
_ 9

0.1
-.1
.2
.6
-.4
-.9
.1
_ 2
-'.3
-.2
.7
-.6
0

Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.

24



0.4
.3
-.3
.7
.7
1.0
.1
-.1
.1
.2
.6
.4
.6
3

2.2

2.5

3.6

2.2

3.2

Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.

2.2
2.8
2.2
2.7
3.0
4.1
3.6
3.0
1.9
1.9
2.7
3.2
3.2

2.9
2.3
2.2
2.5
2.9
3.2
3.2
3.0
3.0
2.7
2.8
2.6
2.6

2.5
2.4
2.3
2.5
2.8
2.9
3.0
2.6
2.7
2.7
2.8
2.9
2.9

PRICES RECEIVED AND PAID BY FARMERS
In April, prices received by farmers rose 3.0 percent from their March level. Prices paid by farmers in April were
unchanged from their January level. (Data are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)

INDEX, 1990-92-100 (RATIO SCALE)

120

120

80

80

RATIO-!'
140

RATIO-I/
140

120
100 ,,-^V — /~

80
60

/

RATIO

-

-^r—•—^

r^

p-*

—"

i i 1 1 i 1 1 1 i ii
1OB7

j1 1111

1 11 1 11M 1 1 1

1OQQ

, ,,1 1 1

1
1 1 i i ii

ioon

lOflO

100

r^

-

1 ,1 1 11 1 1 ,,1 1
1OOO

1OO1

1OO1

J/ RATIO Of INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE

1
^OQA

120

80

.
1 1 1 1 11

60

TOO*

COUNCIL OF ECONOMIC ADVISERS

[1990-92=100; not seasonally adjusted]
Prices received by farmers
Period

1985
1986

1987
1988
1989
1990
1991
1992
1993
1994
1994: Apr
June
July . . .
Aug
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar'
Apr
1
3

All farm
products

Livestock and
products

Crops

All commodities,
services, interest,
taxes, and wage
rates l

Production
items, interest,
taxes, and wage
rates

Production
items

Katio2

91
87
89
99
104
104
100
98
101
100

98
87
86
104
109
103
101
101
102
105

86
88
91
93
100
105
99
97
100
95

86
85
87
91
96
99
100
101
103
106

87
85
87
92
97
99
100
101
103
106

91
86
87
90
95
99
100
101
103
106

106
103
102
108
108
105
99
98
98
94

102
101
100
97
97
97
95
95
99

106
107
108
101
101
102
99
100
106

100
97
94
93
94
91
90
90
90

107
(:1:i)
()
105
(:i3 )
( )
104
(;i)
(3)

108
(:(3)
()
105
(:i)
(3)
105
(:J)
(3)

95
94
93
92
92
92
90
90
93

98
98
100
103

103
102
109
120

93
94
93
91

107
(3)
(3)
106
(3)
(")
106
(3)
(3)
••108
(:s)
(:i)
108

'107
(:i)
(3)
107

'106
(:i)
(3)
106

'91
'91
93
95

Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, arid wap^ rates. See also footnote 'i.
:t
Prices paid by fanners are available only for first month in quarter, and for each month
the received/paid ratio is based on latest data available.




Prices paid by farmers

NOTK.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted tx> 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
M2 and M3 rose in March.
BILLION S OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000

«• . — •""""'

3,600 "~ """

,

_._

4,000
-

\

M3
————•••"

3,200

BIUIONS OF DOLLARS' (RATIO SCALE]
4,800
4,400
— . — • — •— •—•
3,600

._---. • — —.—•"•••"
_

3,200

\
M2

2,600

2,800

2,400

2,400

2,000

2,000

1,<500

1,600

1,200

1,200

800

- _ -=*

___.

"

'

^~^ —

•—V

\

800

Ml
600

600

400

1 1 1 M

1 11111

1 1 1 t !

1987

1988

1990

i i i M 1 i i i it
1994

I

1 II 1 i l l II II

1989

1991

1992

1993

ADJUSTED
•AVERAGES OF DAILY FIGURES; SEASONAUY
SOURCE: BOARD OF GOVERNORSOfTHEFHKRAL RESERVE SYSTEM

400

1995

COUNCIL Of ECONOMIC ADVBERS

[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]

Period

1985198619871988:
1989199019911992199319941994-

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec'
Feb
Mar
May

July
Sept'
Oct'
NoV
Dec'
1995- Jan'
Feb'
Mar

Ml

M2

M3

L

Debt

Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)

Ml plus overnight
RPsand
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and savings and small time
deposits

M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances

M3 plus
other liquid
assets

Debt of domestic nonfinancial sectors (monthly
average) *

619.9
724.4
749.8
786.9
794.2
825.9
897.3
1,024.4
,128.6
,147.8
,137.0
,141.1
,142.8
,143.5
,147.0
1,152.2
1,150.8
1,151.0
1,148.1
1,147.5
1,147.8
1,148.8
1,147.1
1.147.8

2,576.1
2,820.3
2,922.3
3,083.6
3,243.1
3,355.9
3,457.9
3,515.3
3,583.6
3,614.5
3,586.1
3,597.4
3,605.3
3,608.4
3,605.1
'3,616.1
3,614.1
3,613.2
3,608.9
3,610.0
3,614.5
3,626.6
3,623.2
3.631.8

3,200.2
3,488.7
3,675.8
3,915.7
4,066.1
4,123.0
4,176.0
4,182.9
4,242.5
4,304.0
4,232.1
4,240.8
4,250.9
4,251.5
4,256.6
4,273.7
4,272.7
4,278.4
4,284.8
4,291.1
4,304.0
4,327.2
4,335.7
4.358.1

3,827.5
4,129.1
4,334.8
4,670.1
4,896.5
4,973.5
4,990.9
5,061.1
5,150.3
5,287.4
5,163.0
'5,165.8
5,181.4
5,188.7
'5,185.4
5,208.5
5,207.9
5,211.5
5,231.0
5,241.5
5,287.4
5,320.0
f 5,374.2

6,902.1
7,785.2
8,544.6
9,315.0
10,045.1
10,690.2
11,171.1
11,706.1
12,335.3
12,965.0
12,444.1
12,498.1
12,546.3
12,591.6
12,641.4
12,681.1
12,738.5
12,800.0
12,856.5
12,919.2
12,965.0
13,024.0
r 13,102.2

1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfmancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.

26



Percent change from year
or 6
months earlier2

Ml

12.3
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.7
7.7
6.6
5.3
3.8
3.3
3.5
2.4
1.7
.9
.7
.1
-.6
-.6
-.6

NOTE.—See p. 27 for components.
Source: Hoard of Governors of the Federal Reserve System.

M2

8.3
9.5
3.6
5.5
5.2
3.5
3.0
1.7
1.9
.9
2.1
2.2
2.3
1.8
1.2
1.5
1.6
.9
.2
.1
.5
.6
.5
1.0

M3

7.3
9.0
5.4
6.5
3.8
1.4
1.3
.2
1.4
1.4
1.3
1.3
1.3
.8
.7
1.3
1.9
1.8
1.6
1.9
2.2
2.5
2.9
3.7

Debt

14.8
12.8
9.8
9.0
7.8
6.4
4.5
4.8
5.4
5.1
5.3
5.3
5.5
5.3
5.0
4.7
4.7
4.8
4.9
5.2
5.1
5.4
5.7

COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]

Period

Currency

OverMoney market
mutual fund
night
Savings
repurbalances2
deposits,
chase
Other
Deincluding
Genmand checkable agreemoney
ments
eral
depos- deposits
market
purInsti(RPs),
its
(OCDs) net,
deposit
plus pose
tution accounts
overnight
and
only (MMDAs)
Euro- broker/
dollars' dealer

Large Term
Small denom- repurdenom- ination chase
ination
time
agreetime dedepos-' ments
3
posits3
its
(RPs)

NSA

NSA

19851986:
19871988:
19891990:
19911992199319941994:

Dee
Dec
Dee
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Feb
Mar
May

July
Sept
Oct
Dec
1995- Jan
Feb'
Mar

167.9
180.7
196.8
212.2
222.6
246.8
267.4
292.8
322.1
354.5
328.9
332.0
334.5
337.3
340.0
342.8.
345.1'
347.2
350.0
353.0
354.5
357.7
358.8
362.5

266.6
302.1
286.8
286.8
279.3
277.4
289.5
338.9
383.9
382.0
388.6
388.6
388.1
385.6
386.3
388.0
386.6
386.5
384.4
382.3
382.0
383.5
384.1
383.4

179.8
235.6
259.5
280.9
285.4
293.9
332.7
384.6
414.7
402.9
411.6
412.5
412.0
412.4
412.5
413.1
410.8
408.9
405.4
403.8
402.9
'399.3
395.8
393.1

76.3
84.9
87.3
85.1
81.5
77.7
79.9
83.1
96.5
116.3
94.9
100.0
98.9
102.5
106.8
109.4
110.8
111.8
113.6
112.8
116.3
123.1
118.3
118.8

64.1
84.5
91.1
90.5
107.2
134.0
180.0
200.2
198.1
180.8
182.1
183.8
183.1
177.5
177.9
178.7
177.4
176.3
180.8
180.5
180.8
186.3
180.4
189.0

178.0
210.6
224.5
245.9
322.4
358.2
374.2
356.9
360.1
389.0
359.5
361.9
370.5
373.5
370.7
376.1
377.0
377.4
379.5
383.3
389.0
392.2
391.8
391.4

1

Includes continuing contract RPs.
prior to J983 ere not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
Data
3

815.4
941.0
937.7
926.7
891.0
920.5
1,041.2
1,183.6
1,215.7
'1,144.2
1,221.9
1,222.0
1,220.0
1,214.8
1,206.8
1,201.2
1,192.6
1,183.7
1,171.0
'1,157.8
'1,144.2
'1,129.8
1,112.1
1,095.2

62.5
885.7 422.4
81.1
859.0 420.2
467.0
107.3
922.7
123.2
1,038.6 518.3
100.4
1,153.7 541.5
90.9
1,174.0 480.9
416.6
73.3
1,066.6
82.0
869.2 353.8
97.6
785.1 332.7
'819.7 '362.7 105.3
92.3
775.0 331.8
95.5
772.0 330.3
99.0
770.1 329.8
98.0
770.8 332.4
772.9 335.0 102.5
776.0 338.2 103.1
101.3
782.2 341.5
789.0 347.3 '101.9
799.0 353.0 101.9
809.8 357.7 102.9
'819.7 '362.7 105.3
'835.1 '363.0 '109.0
112.6
854.9 371.0
877.8 377.7 112.3

Term
Eurodollars
(net)

Savings
bonds

Short- Bankterm
ComTreas- ers'
ac- mercial
ury
ceptpaper
securi- ances
ties

NSA

76.9
79.5 298.3
85.1
91.8 280.1
91.6 100.6 253.2
106.3 109.4 269.5
83.8 117.5
326.0
126.0 333.4
71.6
59.4 137.9 318.5
45.9 156.6 336.2
46.5 171.5
334.2
53.7 180.3 '366.6
47.9 173.2 '341.6
46.2
173.9 344.9
46.5 174.8 354.7
47.7 175.7 357.3
50.3 176.7 '348.7
51.0 177.7 353.4
51.2
178.5 357.7
52.1 179.1 350.4
53.0 179.5 '350.7
55.3 179.9 '355.5
53.7 180.3 '366.6
'54.8 180.5 '373.9
57.6 ' 180.4 f 402.6
58.7

42.1
37.1
44.5
40.2
40.6
35.9
23.8
20.8
14.9
10.1
14.9
15.5
14.0
11.6
10.8
10.9
11.4
11.9
11.7
10.9
10.1
9.7
P9.8 f

207.5
231.3
260.6
335.4
346.4
355.2
334.8
364.5
387.1
426.5
401.2
390.8
387.1
392.6
392.7
392.8
387.7
391.7
404.2
404.0
426.5
428.6
445.7

NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Reserve System.

AGGREGATE RESERVES AND MONETARY BASE
(Averages of daily figures'; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Period
Total

19851986:
19871988:
19891990199119921993:
19941994-

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
May

July
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
1

'.

.. .

31,452
38,940
38,856
40,399
40,498
41,771
45,536
54,354
60,502
59,342
60,587
60,480
60,105
59,989
60,105
59,839
59,794
59,496
59,401
59,342
59,124
58,919
58.552

Data are prorated averages of biweekly (maintenance period) averages of daily figures.




Nonborrowed
plus
extended
credit

Nonborrowed
30,133
38,113
38,078
38,683
40,232
41,445
45,343
54,230
60,420
59,133
60,532
60,356
59,905
59,656
59,647
59,370
59,307
59,116
59,152
59,133
58,988
58,860
58.483

30,633
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
60,532
60,356
59,905
59,656
59,647
59,370
59,307
59,116
59,152
59,133
58,992
58,860
58.483

Required

30,415
37,570
37,809
39,352
39,575
40,106
44,557
53,199
59,440
58,174
59,620
59,329
59,190
58,885
58,998
58,835
58,734
58,693
58,394
58,174
57,785
57,973
57,757

Monetary
base

203,539
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
396,668
399,229
401,680
404,213
407,175
409,243
411,337
413,854
416,788
418,223
'421,054
'422,312
425,339

Total

1,318
827
777
1,716
265
326
192
124
82
209
55
124
200
333
458
469
487
380
249
209
136
59
69

Seasonal

56
38
93
130
84
76
38
18
31
100
24
57
134
226
364
445
444
339
164
100
46
33
51

Extended
credit
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
4
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 0.8 percent in March; commercial and industrial loans rose 0.5
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200 -

BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200

ALL COMMERCIAL BANKS

2,800

2,800
2,400

2,400

2,000

2,000

1,600

1,600

1,200

1,200

800

800

U.S. GOVERNMENT SECURITIES

400

400

OTHER SECURITIES

-V

200

200
160

160
120 1 i > i i i I i i i t
1988

i i ii iIiii if
1989

I IIIIIIIII I

I I I I I I M I II

1991

1990

I I I M 1 I I I MM

1992

1993

I I I I 1 1 1 1 I

I M

1994

*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

I| I I II M

120

1995
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted'
Securities in bank credit

Period

New series:
1988: Dec
1989- Dec
1990- Dec
1991: Dee
1992- Dec
1993: Dec
1994- Decr
1994- Mar'
Apr r
Juner
Julyr
Aug r
Sepf
Octr
NoV
Decr
1995- Jan r
Febr

Total
bank
credit

Real estate

U.S.
Total
securities

Loans and leases in bank credit

Government
securities

Other
securities

Total
loans and
leases2

Commercial and
industrial




Revolving
home
equity

Consumer

Security

Other

Other

2,434.8
2,607.6
2,748.7
2,854.4
2,949.0
3,105.7
3,319.4

562.3
584.6
634.0
745.0
841.1
914.9
948.3

367.1
400.2
455.9
565.3
664.8
730.3
720.1

195.3
184.4
178.1
179.7
176.4
••184.6
228.2

1,872.4
2,022.9
2,114.7
2,109.4
2,107.9
2,190.8
2,371.1

607.6
638.8
639.9
619.1
594.6
r
584.5
646.2

674.5
769.5
854.2
878.6
898.5
' 938.5
999.0

40.1
50.3
62.3
69.8
73.7
73.4
76.2

634.5
719.1
791.9
808.8
824.8
865.1
922.8

357.8
378.3
383.3
366.7
358.8
' 390.9
449.0

40.3
40.9
44.4
54.0
63.2
85.8
73.9

192.2
195.5
192.9
191.1
192.7
191.1
203.1

3,176.2
3,203.5
3,209.7
3,221.6
3,256.5
3,269.2
3,281.2
3,290.4
3,300.2
3,319.4

953.1
968.0
965.7
969.2
975.2
969.6
967.4
959.2
952.3
948.3

746.2
756.8
751.7
752.2
751.6
746.1
741.1
731.7
724.2
720.1

206.9
211.1
214.0
217.0
223.6
223.5
226.4
227.6
228.0
228.2

2,223.1
2,235.5
2,243.9
2,252.4
2,281.3
2,299.6
2,313.8
2,331.1
2,348.0
2,371.1

597.2
603.1
608.0
611.5
619.0
623.8
628.1
634.6
640.8
646.2

944.2
948.6
951.2
957.2
965.7
973.2
980.8
985.7
991.1
999.0

73.3
73.3
73.5
73.8
74.1
74.4
74.9
75.1
75.7
76.2

870.9
875.3
877.7
883.4
891.6
898.8
905.9
910.6
915.4
922.8

402.4
408.1
412.3
416.3
423.2
429,3
434.5
440.8
443.7
449.0

84.3
79.0
78.1
76.2
77.2
75.0
69.7
71.2
71.8
73.9

195.0
196.7
194.3
191.3
196.2
198.2
200.6
198.8
200.5
203.1

3,351.8
3,364.0
3,386.7

946.7
938.4
940.6

721.2
716.7
704.5

225.4
221.7
236.1

2,405.1
2,425.7
2,446.1

659.3
671.3
674.8

1,014.1
1,021.7
1,027.0

76.7
76.9
76.8

937.4
944.8
950.2

453.7
454.9
460.1

72.0
70.8
73.1

206.0
207.0
211.1

1
Data are Wednesday vahies 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 reclassifieations of assets and liabilities.

28

Total

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

Credit market funds

Period
Total

Internal '
Total
Total

1985
1986
1987
1988

.. .

1989
1990
1991
1992
1993
1994^
1992- I
II
Ill
IV
1993:

..

....

I

II

HI
IV

1994- I
II
Ill

w

.

493.8
538.8
564.7
634.2
567.9
535.5
471.7
560.5
557.4
661.4
541.3
570.7
531.2
598.9
443.4
548.8
600.6
636.8
663.7
679.7
686.5
616.0

142.0
202.1
188.8
229.9
168.2
123.9
45.7
122.2
95.1
159.5
107.0
137.8
90.5
153.3
7.0
98.1
124.1
151.1
160.8
179.2
184.5
113.6

351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
501.9
434.3
432.9
440.7
445.6
436.4
450.7
476.4
485.7
502.9
500.5
502.0
502.4

84.7
148.1
89.3
95.0
68.0
48.3
8.7
67.9
67.1
80.3
81.6
78.4
39.4
72.2
27.5
80.6
78.6
81.7
115.1
111.2
66.2
28.7

Loans and
short-term
paper

13.2
65.1
39.9
-4.7
-37.6
-20.1
96.1
67.0
81.2
-21.4
94.3
95.3
31.0
47.2
83.9
68.0
101.9
71.1
17.2
34.6
-39.2
-98.0

71.5
83.0
49.4
99.8
105.6
68.3
-87.4
.9
-14.1
101.7
-12.7
-16.9
8.3
25.0
-56.4
12.7
-23.3
10.6
97.9
76.6
105.4
126.7

1

Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings
retained abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.

Total

Other2

Securities
and mortgages

57.3
54.0
99.4
134.9
100.2
75.6
37.0
54.3
28.0
79.2
25.5
59.4
51.1
81.1
-20.6
17.5
45.6
69.4
45.7
68.0
118.3
84.9

467.2
501.7
492.3
575.8
509.4
488.7
435.3
527.8
523.4
648.3
512.8
528.7
522.6
547.0
426.1
530.4
550.0
587.2
646.3
655.4
682.3
608.9

Capital expenditures 3

Increase in
financial
assets

370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
521.5
362.1
389.2
394.1
398.7
424.7
441.5
444.1
451.2
475.5
522.4
537.9
550.1

97.0
157.5
130.9
184.8
108.3
85.9
55.6
141.8
83.0
126.8
150.7
139.5
128.5
148.3
1.4
88.9
105.9
136.0
170.8
133.0
144.4
58.8

Discrepancy
(sources less
uses)

26.7
37.1

72.4
58.4
58.4
46.7
36.4
32.8
34.0
13.2
28.4
42.0
8.6
51.9
17.3
18.4
50.5
49.5
17.4
24.3
4.2
7.1

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

Total

19851986:
19871988:
198919901991199219931994-

Dec
Dec
Dec
Dec3
Dec
Dec
Dec
Dec
Dec
Dee

. .

1994: Feb
Mar
May
June

Sept
Oct
Dec

1995- Jan r
PebP

Automobile

Revolving

Other

2

Total

Automobile

Revolving

Other2

517,659
572,006
608,675
662,553
717,200
734,898
728,389
731,098
794,300
911,311

210,238
247,772
266,295
285,364
291,531
283,072
259,594
257,678
282,036
324,519

121,758
135,825
153,064
174,269
199,162
223,517
245,281
257,304
287,875
337,694

185,664
188,408
189,316
202,921
226,508
228,309
223,514
216,117
224,389
249,098

75,057
54,347
36,669
53,878
(4)
17,698
-6,509
2,709
63,202
117,011

36,674
37,534
18,523
19,069
(4)
-8,459
-23,478
-1,916
24,358
42,483

21,478
14,067
17,239
21,205
(4)
24,355
21,764
12,023
30,571
49,819

16,906
2,744
908
13,605
(4)
1,801
-4,795
-7,397
8,272
24,709

802,720
813,750
823,342
836,936
847,715
854,469
869,628
879,961
891,603
904,757
911,311

284,447
288,663
293,018
298,278
303,526
305,193
309,721
315,162
318,036
323,447
324,519

292,604
296,710
301,260
305,528
309,472
313,591
321,365
322,823
327,707
334,843
337,694

225,668
228,376
229,064
233,130
234,717
235,685
238,542
241,976
245,860
246,467
249,098

3,876
11,030
9,592
13,594
10,779
6,753
15,159
10,333
11,642
13,154
6,554

1,313
4,216
4,355
5,260
5,248
1,666
4,528
5,441
2,875
5,411
1,072

2,439
4,106
4,550
4,268
3,944
4,119
7,773
1,459
4,883
7,136
2,851

123
2,708
688
4,066
1,587
968
2,857
3,434
3,884
607
2,631

920,337
928.496

324,855
327.704

343,184
349.471

252,298
251.321

9,026
8.159

336
2.849

5,490
6.287

3,199
-977

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.
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.




Net change in installment credit outstanding 1

Installment credit outstanding (end of period)

4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Interest rotes fell in April.
PERCENT PER ANNUM

PERCENT PER ANNUM

14

14

CORPORATE Aaa BONDS
(MOODY'S)

A
1

J

*

\ /'" V

/"
i

/

/

,-x Vx

""^

N

x^

^_

^v

/\
TREASURY
BILLS

6

"'\
v

1
(lif"" -—

f/\
/I U"•• J
1

^•-v

/

-••...

/

/r— —^
/ 1

^

"v

DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
MEW YORK

r»-,

rv

.
X

/

X

~\

\

N~'~
/

4

-<I"

4

K f
9

r

1l 1 ! 1 1 1 1 1 1 1 1

M

1 111 111 1 111

1 1 1 1 1 1 1 M
1988

1987

1990

1989

1 1 M

1 1 1 M

1 1

:

**''"i •'**"

1 I 1 ! 1 1 1 1 II1

1991

3992

/H
1 II

1993

1 1 ll M i l

1994

SOURCE; SEE TABIE BEIOW

2
1995

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
U.S. Treasury security yields
Period

2

3-moiith bills
(new issues) '

Constant maturities
3-year

10-year

8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93

6.97
7.18
7.10
7.30
7.24
7.46
7.74
7.96
7.81

7.88
7.99
7.97
8.11
8.07
8.34
8.57
8.68
8.46

7.66
7.25
6.89
6.68

7.78
7.47
7.20
7.06

6.53
6.24
6.10
6.01

6.80
6.72
6.58
6.64

7.12
7.08
7.03
7.03

6.06
6.02
5.95
6.00

10.62

5.99
6.34
6.27
6.48
6.50
6.69
7.04
7.44
7.71

1995- Jan
Peb
Mar

5.81
5.80
5.73
5.67

Week ended:
1995- Apr 8
15
22
29

5.76
5.70
5.56
5.66

1994- Apr
July
Sept
Get
Dec

1

7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09

Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and dosing rate for month and week.
2

30



Prime commercial
paper,
6 months l

11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97

9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27

1987
1988
1989
1990
1991
1992
1993
1994

Corporate
Aaa bonds
(Moody's)

9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
6.28
6.26
6.14
6.19
6.19
6.33
6.50
6.96
6.76

7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
3.74
4.19
4.18
4.39
4.50
4.64
4.96
5.25
5.64

1985
1986

High-grade
municipal
bonds (Standard &
Poor's) »

Discount rate
(N.Y. P.R.
Bank)'

Prime rate
charged 4by
banks

New-home
mortgage
yields
<FHFB)5

9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
6.25-6.75
6.75-7.25
7.25-7.25
7,25-7.25
7.25-7.75
7.75-7.75
7.75-7.75
7.75-8.50
8.50-8.50

11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49

4.40
4.92
4.86
5.13
5.19
5.32
5.70
6.01
6.62

7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
3.00-3.00
3.00-3.50
3.50-3.50
3.50-3.50
3.50-4.00
4.00-4.00
4.00-4.00
4.00-4.75
4.75-4.75

8.46
8.26
8.12
8.03

6.63
6.38
6.30
6.19

4.75-4.75
4.75-5.25
5.25-5.25
5.25-5.25

8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00

8.18
8.28
8.21

8.05
8.04
8.02
8.00

6.26
6.23
6.14
6.14

5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25

9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00

7.31
7.43
7.62
7.71
7.67
7.70
7.76
7.81
7.83

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 April.
INDEX, DEC. 31, 1965=50 (RATIO SC>LE|

INOEX, DEC. 31, 1965=50 (RATIO SCALE)

300
280
260
240

^——^"

'

X

/
' ---

300
280
260
240
220

_/

y~»-^—•—-S

220

S ,. s

200
/v

180

140

200

A
\sr \

f*~/ \
^S
^ \s^
V>

160

*

y—^"f^/\
jS

180
160

COMPO 5ITE STOCK PRIC E INDEX
(NYSE)

140

120

120

100

100

i i i i i i i i i i i i i i 1 1 i i i ii

i i i i i ii iii

80

1987

1 1 1 1 1 1 1 1 M 1

1990

1989

1988

1 1 11 1

1991

Mill

1992

i i i i i 1 i i i i i 1 1 1 1 i i 1 1 1 1 ii
1993
1994

in 80
1995
PERCIENT

PER CENT
20

20
15

15
EARNINGS-PRICE RATIO ON COM/vtON STOCKS

10

10

(S&P)

!

*-.

~~~~^

5

i

0

i i
1987

i

i i
1988

i

1

1

1989

i

~~1
=^-=^

i

i i
1990

1991

—

•
i
1992

i

i i
1993

SOURCES: NEW YORK STOCK EXCHANGE ANO SIANDABD & POOR'S CORPORATION

i

-~
i i
1994

J9B5
1986
1987
1988
1989
1990
1993 ...
1992
1993
1994
1994- Apr
Mav
July
Sept
Oct
Nov
Dec

1995- Jan
Feb
Mar

Week ended:
1995- Apr 8 .
15
22

29
1

Industrial

Common stock yields
(percent) *"

Transportation

Finance

113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
210.08
205.77
206.54
205.46
211.26
204.60
203.35
200.13
200.02

253.56
261.86
266.81
274.37

104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
250.43
244.75
246.64
244.21
244.67
239.10
230.71
227.45
218.93
230.25
237.29
244.45
254.36

201.16
207.73
204.16
208.93

208.12
211.30
215.89
210.91
214.77
211.90
203.33
198.38
195.25
201.05
211.76
213.29
219.38

273.15
274.08
273.43
276.78

346.15
346.96
346.29
351.22

253.11
254.44
253.95
255.96

208.68
209.76
207.84
209.62

217.89
219.29
219.42
220.90

Average of daily closing prices.
3
Includes at! the stocks (more than 2,000 in 1992) lifftal on the NYSE.
3
Dec. 31, 1965=100, Effective April 27, 1993 the NYSE ikmbled thv, value of the utility
index to facilitate trading of options and futures on the index. Ail indexes shown here reflect
the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.




Utility*

123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
304.48
307.58
308.66
307.34
316.55
322.19
321.53
319.33
313.92
319.93
328.98
337.96
347.69

108.09
136.00
161.70
] 49.91
180.02
183.46
206.33
228.01
249 58
254.12
247.97
249.56
251.21
249.29
256.08
257.61
255.22
252.48
248.65

0

1995

Dow-Jones
industrial4
average

Standard &
Poor's composite index
(194143=10)5

1,328.23
1.792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
3,661.48
3,707.99
3,737.58
3,718.30
3,797.48
3,880.60
3,868.10
3,792.43
3,770.31
3,872.46
3,953.72
4,062.78
4,230.66

186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
447.23
450.90
454.83
451.40
464.24
466.96
463.81
461.01
455.19
465.25
481.92
493.15
507.91

4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.90
2.89
2.84
2.87
2.78
2.80
2.82
2.86
2.91
2.87
2.81
2.76
2.68

4,193.72
4,197.81
4,216.55
4,307.99

505.04
507.24
506.04
513.18

2.68
2.67
2.69
2.66

except as

New York Stock Exchange indexes (Dec
noted) 2
Composite

i

COUNCIL Of ECONOMIC ADVISERS

Common stock prices '
period

5
i

114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73

Dividendprice ratio

Eaniingsprice ratio

8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.84
5.67
5.91
6.67

s
Standartl & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios iwscd on prices at end of quarter.

NOTR.—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 6 months of fiscal 1995, there was a deficit of $144.0 billion, compared with a deficit of $150.1 billion
a year earlier.
BILLIOt>JS OF DOLLARS
1,600
RECEIPTS AND OUTLAYSy
1,500

BILLIONS OF DCXLARS

1,600
_ -

1,500

1,400

OUTLAYS-'

--""""

_ —

1,400
1,300

1,300

^^

^"~~

1,200
--''"'

1,100

---'•""*"'

1,000

_— -—:

_^

900

1,200

-"-^""^

'

1,100

"

1,000

RECEIPTS-^

900

^^---~

800

800
""""

700

700
1

600 /I

!

i

1

]

1

1

1

1

k

h
600
NJ

0

0

-100

-100
^-^^^

-200

'^^^--^

"

-200

^~~^-^________^- ^^

-300
-400

-300

/!
" 1986

1

1
1987

1
1988

1
1989

1
1990

^ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

1

1991

1

1992

1

1993

1

N -400

1995 ^

1994

FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars!

Total
Fiscal year or period
Receipts

1976
1977

1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1983
1989
1990
1991
1992
1993
1994
1995 (estimates)
Cumulative total, first 6
months: '
Fiscal year 1994
Fiscal war 1995

Outlays

On-budget
Surplus
or deficit
(-)

Receipts




Surplus
or deficit

<-)

Receipts

Outlays

Surplus
or deficit
(-)

Total

Held by
the public

298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,346.4

371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,538.9

-73.7
-53.7
- 59.2
-40.7
- 73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.4
-269.2
-290.4
-255.1
-203.2
- 192.5

231.7
278.7
314.2
365.3
403.9
489.1
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
995.2

302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.6
1,081.8
1,128.5
1,142.1
1,181.5
1,246.9

- 70.5
-49.8
-54.9
-38.7
-72.7
-74.0
-120.1
-208.0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.4
- 340.5
-300.5
-258.8
251 8

66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.3

69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
292.0

-3.2
-3.9
-4.3
-2.0
]]
-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
59.3

629.0
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,961.5

477.4
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.2
3,640.1

576.4
614.4

726.6
758.4

-150.1
-144.0

420.5
448.7

591.3
618.9

-170.9
-170.1

156.0
165.6

135.2
139.5

20.7
26.1

4,528.6
4,810.5

3,387.6
3,557.9

1
Data from Monthly Treasury Statcrnfni.
NOTK.—Data {except as rioted) are from Budget of the United States Government, Fiscal Year
1996, issued February 6, 1995.

32

Outlays

Gross Federal debt
(end of period)

Off-budget

Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1995, receipts were $38.0 billion higher than a year earlier and outlays were $31.8
billion higher.
BllllOr-<IS OF DOLLARS
700
RECEIPTS ^
600

BILLIONS OF DC3LLARS
700

600

INDIVIDUAL INCOME TAXES

500

500

._

400

400

\
300

300

200

INCOME TAXES
\

OTHER RECEIPTS

TAXES AND CONTRIBUTIONS

200

100

100

1

0

1

1

1

1

1

1

1

1

0

1,300
OUTLAYS^

1,200

1,300

_._--'"

1,200

~-— "

1,100

1,100

NONDEFENSE
\

1,000

---'

1,000

>-'""

900

900

_-.»-^^

800

800

700

700

600

600

500

500
NATIONAL DEFENSE

400
300
200

400

\
S(
V

\

1986

\

1987

\

1988

300

\

\

1989

1990

\

1991

\

\

1992

\

1993

^

200

1995N

1994

J

INCLUDES ON-BUDGET AND OFF-BUDGET rTEMS.
lOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGOtfNT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
On-budget and off-budget receipts

Fiscal year or period
Total

CorIndiporavidual
tion
inincome
come
taxes
taxes

Social
insurance
taxes
and
contributions

90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239,4

1976
1977
1978
1979
1980
1981
1982
1983
1984

298.1
355.6
399.6
463 3
517.1
599.3
617.8
600.6
666 5

131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4

41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9

1985
1986
1987

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
1,346.4

334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
588.5

61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
150.9

1989
1990
1991
1992
1993
1994
1995 (estimates)
Cumulative total, first 6 months:1
Fiscal year 1994
Fiscal year 1995

576.4 262.0
614.4 274.7

On-budget and off-budget outlays
National defense

Other

Total

Department of
Defense,
military

International af- Health
fairs

34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8

371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851,8

89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4

87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9

6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9

265.2 73.0
283.9 73.1
303.3 74.3
334.3 78.9
359.4 82.3
380.0 90.9
396.0 92.3
413.7 100.5
428.3 98.0
461.5 112.8
484.4 122.7

946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,538.9

252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
271.6

245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
260.2

16.2 33.5
14.2 35.9
11.6 40.0
10.5 44.5
9.6 48.4
13.8 57.7
15.9 71.2
16.1 89.5
17.2 99.4
17.1 107.1
18.7 115.1

51.3
58.1

726.6
758.4

139.7
134.1

133.1
127.5

10.0
10.4

53.7 209.4
56.7 224.9

1
Data from Monthly Treasury Statemf-nt.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1996, issued February 6, 1995.




Total

15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4

52.9
56.4

Medicare

Income
security

15.8 60.8
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

Social
security

Net interest

Other

73.9 26.7
85.1 29.9
93.9 35.5
104.1 42.6
52.5
118.5
139.6 68.8
85.0
156.0
170.7 89.8
178.2 111.1

82.8
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6

188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
336.1

129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
234.2

131.8
142.1
125.9
139.4
158.8
203.9
224.8
173.9
159.7
173.8
182.8

70.6 1 13.1 156.0
77.0 112.4 163.7

99.1
113.5

85.2
91.0

65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
157.3

128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
223.0

Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1994, Federal receipts rose $20.0 billion (annual rate) and Federal expenditures rose $27.1
billion. In the first quarter of 1995, according to advance estimates, Federal expenditures rose $22.0 billion; receipts
data are incomplete.
BIlilONSOFDOUARS

BILUONS OF DOLLARS

1,800

1,800

SEASONALLY ADJUSTED ANNUAL RATES

1,600

1,600
--'

--'-

-

* *~

1,400

\

1,200

800

600

.—'

1,200

'
1,000

-

/^

800

--

^

^ ^ *"

— ———^—

—-

~

*^~

-

^

s'

.-i

S~

*.'

.
,

s ""* """

1,000

s

s <""

_s

1,400

^s

EXPENDITURES

^—'"^

600

-

-

-

-

400

400

200

200

SURPLUS C)R DEFICfT (-1

-

y— ^—--^

-

0

0

-200

*v

-\

-400

1

1

~**^jlf~

1

1982

1983

1984

1985

i i i

i t i

i ii

1986

1987

1988

^___

k

1

1989

-200

^^ *• - ^«
t

t

1990

I

^

i i

1992

1991

1993

t i i
1994

i i t
1995

-400

CALENDAR YEARS
COUNCIL Of ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts

IV
1994- I

n
in
rv

1995: IP




Net
interest
paid

Subsidies
less current
surplus
of Government
enterprises

Surplus
or defiLess: cit (-),
Wage national
accruincome
als less
and
disproduct
burse- accounts
ments

Indirect
business
tax and
nontax
accruals

1,161.2
1,241.0
1,349.4

484.6
511.8
552.1

112.4
134.6
161.2

81.1
82.9
93.3

483.1 1,435.9
511.7 1,495.5
542.8 1,521.9

445.2
446.3
435.1

607.4
651.5
674.4

168.2
180.7
197.9

188.9
183.5
187.0

26.1
33.4
27.6

0.0
.0
.0

-274.7
- 254.4
-172.5

1,178.3
1,265.7
1,379.0
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,140.5
1,219.9
1,212.7
1,263.7
1,272.7
1,313.6
1,337.4
1,380.7
1,388.8
1,408.8

489.5
520.3
565.6
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
477.3
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.9
574.2
591.5

115.6
143.0
167.1
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.6
122.6
132.1
141.8
140.2
157.8
151.8
166.3
172.4
178.1

81.3
84.6
91.2
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91.9
91.9
89.1

491.9
517.8
555.1
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
501.9
501.6
518.6
522.7
528.3
545.1
553.0
557.6
564.6
575.0

449.0
443.6
437.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
433.1

625.3
658.0
682.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
566.2
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.0
699.2
706.3

172.2 186.8
186.1 183.6
197.6 191.5
84.3
86.8
86.9
99.2
97.7 122.3
104.5 129.2
103.8 131.1
102.9 143.1
113.0 151.2
121.9 168.9
137.6 174.4
162.6 191.6
176.6 183.1
176.7 182.5
182.9 184.8
187.8 183.6
197.0 183.5
190.0 179.3
194.4 188.8
200.3 194.4
205.5 203.5
215.5 210.0

27.6
35.7
29.2
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
29.8
27.0

.0
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0

-282.7
-241.4
- 159.1
- 183.4
- 184.6
- 186.8
- 187.2
-177.5
-152.7
-134.9
-141.5
-191.0
-245.8
272 1
-283.5
- 237.0
-224.9
-220.1
-176.2
-145.1
- 154.0
-161.1

Source: Department of Commerce, Bureau of Economic Analysis.

34

Grantsin-aid
to
TranState
sfer
and
paylocal
ments
governments

Corporate
profits
tax accruals

Total

in

Contributions for
social
insurance

Personal
tax and
nontax
receipts

Period

Fiscal year:
1992
1993
1994
Calendar year:
1992
1993
1994
1982- IV
1983- IV
1984- IV
1985: IV
1986- IV
1987- IV
1988: IV
1989- IV
1990- IV
1991: IV
1992- IV
1993- I
II

Federal Government expenditures

Total

1,460.9
1,507.0
1,538.1
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
1,492.0
1,496.2
1,500.6
1,497.6
1,533.7
1,513.7
1,525.9
1,542.8
1,569.9
1,591.9

Purchases

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production {1987=100; seasonally adjusted)
Period

United
States

Canada

Japan

1986
1987
1988
1989
1990
1991
1992
1993
1994

95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1

95.4
100.0
105.3
105.2
101.7
97.5
98.4
103.2
109.7

1994- Jan
Feb
Mar

114.7
115.6
116.6
116.7
117.4
118.0
118.2
119.1
119.0
119.5
120.3
121.7

'105.8
104.8
106.3
107.6
108.6
'109.7
110.4
111.8
'111.6
112.1
'113.9
114.8

Sept
Oct
Nov
Dec

'122.2
'122.3
121.9

1995: Jan
Feb
Mar/"
1

Prance

96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3

Italy

Germany

Consumer prices (1982-84=100; NSA)
United
Kingdom

United
States1

Canada

Japan

France

Italy

Germany

United
Kingdom

98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
111.0

99.6
100.0
103.9
108.8
114.5
117.9
115.6
107.2
110.6

96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
110.7

96.2
100.0
104.8
107.0
106.7
102.5
102.0
104.5
110.1

109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2

113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2

104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3

117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9

104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
129.4

128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6

114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3

107.3
108.8
108.3 107.4
107.9
113.0
110.2
110.5
109.4
110.7
112.3 110.2
111.2
112.5
115.7
112.7
113.5 '112.5
112.5 '111.7
115.7
112.4
113.4
115.3

105.6
107.5
108.1
109.9
109.8
111.6
113.3
110.3
111.5
112.5
112.7
115.3

'104.1
' 106.3
'106.5
'111.3
'108.4
'110.1
'112.2
'114.3
112.4
'112.5
'112.5
'119.1

107.4
107.9
107.5
109.5
109.9
'110.1
110.8
'111.0
'112.2
'112.8
'111.2
'111.7

146.2
146.7
147.2
147.4
147.5
148.0
148.4
149.0
149.4
149.5
149.7
149.7

148.8
147.7
147.6
147.6
147.3
147.6
148.2
148.3
148.4
148.2
149.0
149.2

118.7
118.7
119.3
119.5
119.6
119.2
118.6
119.2
119.5
120.0
119.7
119.4

144.5
144.9
145.2
145.6
145.9
145.9
145.9
145.9
146.3
146.7
146.7
146.5

128.0
128.5
128.7
129.0
129.3
129.5
129.6
129.7
129.8
129.9
130.1
130.4

190.6
191.3
191.7
192.2
192.9
193.3
193.6
194.2
194.7
195.8
196.5
197.2

166.0
167.0
167.4
169.4
170.0
170.0
169.2
170.0
170.4
170.6
170.7
171.5

113.9
114.4

'111.6
112.0

150.3
150.9
151.4

149.8
150.5
150.8

119.4
118.9

146.9
147.5
147..9

131.0
131.5
131.7

197.9
199.5
201.2

171.5
172.6
173.3

115.8 '114.0
116.0

113.6

Data relate to all urban consumers.

Source: National sources as reported by Department, of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]

Period

BOP
basis

IndusFoods, trial
Total, feeds, supand
plies
Census
and
basis2 beverages materials

Capital
goods
except
automotive

Consumer
goods
(non- BOP
food) basis
exand cept
autogines motive

Automotive
vehicles,
parts

223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.9
502.6

227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.5

24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9

57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.3

86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.3

24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.2

Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

37.4
42.0
40.3
40.2
42.0
40.1
44.1
43.5
43.3
44.8
46.5

38.0
42.8
41.0
41.0
42.8
40.9
45.0
44.4
44.3
45.6
47.5

3.2
3.4
3.1
3.3
3.1
3.1
3.7
3.7
3.9
4.1
4.2

8.7
10.6
9.6
9.9
9.8
10.2
10.7
10.3
10.6
10.7
11.2

15.3
17.3
16.7
16.6
17.7
16.3
17.7
17.8
16.9
18.1
18.9

1995: Jan'
Feb

44.3
45.5

45.0
46.2

3.8
4.0

11.5
11.8

16.9
17.8

1986

1987
1988
1989
1990
1991
1992
1993
1994
1994:

1
2

22.3

758 21.7

Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.




Services
(BOP basis)

Goods: Imports (customs value)
p
- toy
,, end-use
,
Census ,Dasis
category),

Goods: Exports (f.a.s. value)
„
, . ,,
,
.j
census oasis (Dy end-use category;

14.2 368.4
17.7 409.8
23.1 447.2
36.4 477.4
43.3 498.3

Foods
Total, feeds,
and
Census2 bevbasis
erages

Industrial
supplies
and
materials

24.4
24.8
24.8
25.1
26.6
26.5
27.5
27.9
31.0

101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0

Balance of trade
(exports minus impo

)

BOP basis

Capital
goods
except
automotive

Automotive
vehicles,
parts
and
engines

Consumer
goods
(nonfood)
except
automotive

Exports

71.8

78.2

79.4

86.1

79.8

84.5 85.2 88.7
101.4 87.7 95.9
113.3 86.1 102.9
116.4 87.3 105.7
120.7 85.7 108.0
134.3 91.8 122.7
152.4 102.4 134.0
184.6 118.7 146.3

97.8
110.0
126.8
147.2
163.2
176.6
184.8
195.3

90.2
97.9
101.9
117.0
117.6
120.9
128.0
135.3

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

6.3
7.6
12.1
24.9
30.2
45.6
55.7
56.9
60.0

- 138.8
-152.0

-66.7
-84.5
-115.6
-151.3

-145.1
-159.6
-127.0
-115.2
- 109.0
-74.1
-96.1
- 132.6
-166.6

- 138.3
-152.1
-118.5
-109.4
-101.7

45.9
51.4
54.7
60.0

491.0
536.5
589.4
669.2

365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.8

4.4
4.7
4.7
4.5
4.7
4.2
5.2
5.0
5.0
4.9
5.6

4.5
4.9
4.7
4.8
5.1
4.9
5.3
5.2
5.4
5.5
5.3

50.9
53.5
53.7
54.5
56.0
56.1
58.2
58.0
58.4
60.0
59.4

50.2
52.4
53.1
54.0
55.8
55.8
57.8
57.8
58.1
59.7
59.1

2.4
2.5
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.6
2.7

11.9
12.6
12.8
13.1
14.0
14.4
14.7
14.3
13.9
14.5
14.1

14.0
14.5
14.7
14.9
15.1
15.2
15.3
16.5
16.6
17.0
16.8

8.8
9.5
9.5
9.5
10.2
9.9
11.1
9.9
10.2
10.7
10.7

11.5
11.3
11.8
12.1
12.1
12.0
12.5
12.6
12.8
12.9
12.9

15.5
16.3
15.6
16.0
16.3
16.4
16.2
17.0
16.6
17.1
17.1

11.5
11.8
10.8
10.9
11.1
11.2
11.2
11.4
11.5
11.6
11.5

-12.1
-9.6
-12.1
-12.9
-13.1
-14.9
-12.8
-13.4
-13.8
-14.1
-11.6

-13.6
-11.5
-13.4
-14.3
-14.1
-16.0
-14.1
-14.5
-15.1
-15.2
-12.9

4.0
4.6
4.8
5.1
5.2
5.2
5.0
5.6
5.1
5.5
5.6

-9.6
-6.9
-8.6
-9.2
-8.8
-10.7
-9.1
-8.9
-10.0
-9.6
-7.3

5.4
5.2

5.0
5.2

61.2
59.7

60.9
59.5

2.9
2.8

14.5
14.3

17.2
16.8

11.1
10.7

13.4
13.1

16.7
16.9

11.8
11.7

-15.9
-13.3

-16.9
-14.2

4.9
5.2

-12.0
-9.0

— 114.8
-90.3
-78.8
-28.5
-40.4
-75.7
-106.6

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 fourth quarter of 1994, the merchandise trade deficit fell to $43.0 billion, from $44.6 billion in the third
quarter. The current account deficit rose to $44.8 billion, from $40.8 billion in the third quarter.
BIUJONSOFDOUARS*

BILLIONS OF DOLLARS'

1984
« SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNOL Of ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( — ) ]
Merchandisel

Period
Exports

1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994<"
1993: I
II

in
IV

1994: I
II

in
TV

237 044
211 157
201,799
219,926
215,915
223 344
250 208
320,230
362 116
389,303
416,913
440,361
456 866
502,729
111,664
113,787
111,736
119,679
117,848
122,510
127,632
134,739

1

Imports

- 265 067
-247642
-268901
-332418
-338,088
- 368 425
-409765
-447 189
— 477 365
-498336
- 490 981
-536458
- 589 441
-669093
- 140,855
-147,514
- 148,224
- 152,848
- 154,900
-164,231
-172,247
-177,715

Investment income

Services

Net

-28023
-36485
-67,102
- 112 492
- 122,173
— 145 081
- 159 557
- 126 959
— 115 249
- 109 033
- 74,068
-96,097
- 132 575
- 166 364
-29,191
-33,727
- 36,488
-33,169
-37,052
-41,721
-44,615
-42,976

Net
military
transactions23

Net
Balance on
travel
Other goods and Receipts
and
on U.S.
trans- services, services
net
portaabroad
tion receipts

-844
112
-563
-2 547
- 4,390
-5181
-3844
-6,315
-6726
- 7,567
- 5,485
-3,034
-763
268
-105
-128
-87
-444
-337
177
230
199

144
-992
-4227
-8438
-9798
-7382
-6481
-1 511
5071
8978
17957
20,885
20840
21 050
5,307
5,565
5,230
4,740
4,195
5,440
5,646
5,769

12 552
13209
14,095
14277
14,266
18855
17900
19,961
26558
28811
33,124
37,862
36773
38678
9,567
9,221
9,087
8,897
8,875
9,467
10,001
10,333

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



-16172
-24156
-57,796
- 109 200
- 122 095
-138789
-151 981
- 114 824
-90345
-78810
-28,472
-40,384
- 75 725
- 106 370
- 14,422
-19,070
-22,258
- 19,976
-24,320
-26,637
-28,738
-26,675
3

Payments
on foreign

Net

U.S.

86529
- 53 626
-56412
86,200
84,778
-53,700
104,075
- 74 036
92,760
-73,087
90858
- 79 095
99,239
-91 302
127,414 -115,806
152517 - 138 858
160,300 -139574
136,914 -122,081
114,449 - 109,909
113 856 -109910
134,855 -150036
-25,872
27,727
28,801
-28,133
-26,498
28,513
-29,406
28,816
29,879 -30,699
- 34,687
31,868
35,626 -39,663
37,483 -44,987

32903
29,788
31,078
30,038
19,673
11 763
7,937
11,607
13659
20,725
14,833
4,540
3,946
-15,181
1,855
668
2,015
-590
-820
-2,819
-4,037
-7,504

Balance
on goods, Unilateral Balance on
services, transfers,
current
account
net 4
and
income

16 732 — 11 702
5632 — 17 075
-26719 -17741
-79 161 — 20 612
- 102 422 -22950
— 127 026 — 24176
- 144 045 — 23 052
-103217 -24977
— 76 686 — 26 134
- 58 085 — 33 663
- 13 639
6687
-35844 -32042
- 71 779 — 32 117
- 121 551 -34121
- 12,567 - 7,283
-18,402
-7,200
-7,613
-20,243
-20,566 - 10,021
-25,140
-7,098
-29,456 -8,371
-32,775 -8,073
-34,179 - 10,579

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.

5030
— 11 443
— 44 460
— 99 773
— 125372
— 151 201
— 167097
— 128 194
— 102 820
- 91 748
-6952
- 67 886
— 103 896
— 155 673
- 19,850
-25,602
-27,856
- 30,587
- 32,238
-37,827
-40,848
- 44,758

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $17.3 billion in the fourth
quarter of 1994, in contrast to a decrease of $1.3 billion in the third quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $27.1 billion in the fourth quarter, following an
increase of $18.4 billion in the third quarter.
BILLIONS OF DOLLARS-

BILLIONS OF DOLLARS*

-20

-40

-60

* SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow (T)]

U.S. assets abroad, net
[ i ncrease/capiU
)]
Period
Total

1981

1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994''
1993- 1
II
Ill
IV
1994- I
II
III
IV

U.S.
official
reserve assets35

Other U.S.
Government
assets

U.S.
private
assets

Total

Other
foreign
assets

-114,147
-5,175
- 122,335
-4,965
-1,196
-58,735
-3,131
-34,917
-39,225
-3,858
312
- 104,818
9,149
-71,443
-99,360
-3,912
- 168,744 -25,293
-2,158
- 70,363
5,763
-51,512
3,901
-61,510
-147,898
-1,379
5,346
- 125,687

-5,097
-6,131
-5,006
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,900
- 1,652
-306
-278

- 103,875
-111,239
-52,533
-26,298
- 32,547
-103,109
-81,597
-98,414
-144,710
-70,512
-60,175
-63,759
-146,213
- 130,755

83,032
92,418
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
98,134
146,504
230,698
314,614

4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,199
40,858
71,681
38,912

78,072
88,826
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
80,935
105,646
159,017
275,702

-983
822
-545
-673
-59
3,537
-165
2,033

488
281
-192
-321
490
462
-270
-961

-12,164
-36,507
-34,915
- 62,628
-48,887
-11,250
-25,414
-45,208

16,772
51,829
71,934
90,162
95,130
49,309
80,254
89,921

10,968
17,492
19,259
23,962
11,530
8,925
19,460
- 1.003

5,804
34,337
52,675
66,200
83,600
40,384
60,794
90,924

-12,659
-35,966
-35,651
-63,622
-48,456
- 7,251
-25,849
-44,136

•K-'onsists of gold, special drawing rights (SDKs), foreifm currencies, and the U.S. reserve
position in the IMP.




Foreign
official
assets '*

Statistical discrepancy
U.S. official
Allocations
reserve 5
of special Total (sum
Of
which:
assets,
net
drawing of the items Seasonal ad- (unadjusted,
rights
with sign
justment
end of
(SDKs)
discrepancy
period)
reversed)
1,093

30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335

24,992
41.359
19,815
20,758
23,415
29,908
- 4,443
-12 712
53 075
39,919
-39 670
-17,108
21,096
-33255
15,737
9,739
-8,427
4,047
- 14,436
-4.231
-13,557
-1.027

6,105

435
-6,643
103
5,899
728
-6,686
62

74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335

Sources: Department of Commerce (Bureau of Economic Analysis) and Department <
Treasuiy.

37

Contents
TOTAL OUTPUT. INCOME. AND SPENDING

Page

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

1
2
2
3
3
4
4
5
6
7
8
9
10

EMPLOYMENT. UNEMPLOYMENT. AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders

17
18
19
19
20
21

PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers

,

22
23
24
24
25

MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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U.S. GOVERNMENT PRINTING OFFICE : 1995 O