Full text of Economic Indicators : April 1995
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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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