Bank Credit at All Commercial Banks

Name: Bank Credit at All Commercial Banks
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The following is plain-text output generated by Optical Character Recognition. 104th Congress 1st Session Economic Indicators APRIL 1995 Includes data available as of May Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong CONNIE MACK Florida Chairman JIM SAXTON New Jersey Vice Chairman SENATE WILLIAM V ROTH JR Delaware LARRY E CRAIG Idaho ROBERT F BENNETT Utah RICK SANTORUM Pennsylvania RODNEY D GRAMS Minnesota JEFF BINGAMAN New Mexico PAUL S SARBANES Maryland EDWARD M KENNEDY Massachusetts CHARLES S ROBB Virginia HOUSE OF REPRESENTATIVES THOMAS W EWING Illinois JACK QUINN New York DONALD A MANZULLO Illinois MARSHALL MARK SANFORD South Carolina WILLIAM M MAC THORNBERRY Texas FORTNEY H PETE STARK California DAVID R OBEY Wisconsin LEE H HAMILTON Indiana KWEISI MFUME Maryland ROBERT N MOTTICE Executive Director COUNCIL OF ECONOMIC ADVISERS 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 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 ISBN 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 SEASONAUY ADJUSTS ANNUAL RATES jS GDP INCUR KNTDOUARS X xK s GDP IN 987 DOUARS X 4 000 x X X i i J 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 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT Of COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Period 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 Gross sump private domestic tion ex domestic Net product pendiinvestexports Exports Imports ment tures GDP less exports of goods and services plus imports of goods and services Government purchases Federal Total Total National Nondefense defense J State and local Gross Final sales of domestic purdomestic product chases Addendum Gross national product 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 W IV IV IV IV IV IV IV IV IV IV I n in IV 1994 I II in IV 1995 IP Personal consumption expenditures Gross private domes ic invt s tncnt Nonresidential fixed investment Exports and imports of goods and services Government purchases fix 1 investment Net exports ness inventories Exports Imports GDP less exports of goods and services plus imports of goods and services Final sales of domestic product n F ederal Residcn Change Total Total National defense Nondenmse State and local Gross domestic purchases Addendum Gross national product J J Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT quarterly data are seasonally adjusted Period Gross domestic product Total IV in IP IV IV IV IV IV IV IV IV IV IV IV 1993 I II m IV 1994 I II Durable goods Nondurable goods Services 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 Exports Imports Total State and local National defense Nondefense 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 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 Current dollars Constant 1987 dollars Kixed weighted price index 1987 weights Implicit price deflator Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally acljustcd annual rates Current dollar cost and profit per unit of output dollars Gross domestic product of nonfmaneial corporate business billions of dollars Period Current dollars IV IV IV IV IV IV IV IV IV IV IV I II m IV 1994 I II m IV 1 1987 dollars Total cost and profit Consumption of fixed capital 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 taxes Compensation of employees Net interest Corporate profits with inventory valuation and capital consumption adjustments Total Profits tax liability Profits after tax Output per hour of all employees 1987 dollars Compensation per hour of all employees dollars Indirect business tax and nontax liability plus business transfer payments less subsidies With inventory valuation and capital consumption adjustments Sources Department of Commerce Bureau of Economic Analysis and Department of Labor Bureau of Labor Statistics 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 IV IV IV IV IV IV IV IV IV IV IV I II m IV 1994 I II in IV 1995 IP Nonfarm 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 Profits before tax Inventory valuation adjustment Capital consumption adjustment Net interest Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS Billions of 1987 dollars except as noted quarterly data at seasonally adjusted annual rates Durable goods Period 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 Includes other items not shown separately Motor vehicles and parts Furniture and household equipment Other Total nondurable goods Pood Clothing and shoes Fuel Gasoline oil arid and oil eoal Ketail sales of new passenger ears millions of units Services Nondurable goods Other Total services Housing Medical care Souree Department of Commerce Bureau of Economic Analysis Domestics Imports 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 WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS I M IIIIIII I COUNCIL OF ECONOMIC ADV1SHIS Billions of dollars monthly data at seasonally adjusted annual rates Period Mar July Sept Oct Nov Dec 1995 Jan r Feb MarP Total personal income Wage anil salary disbursements Proprietors income3 Other labor income Farm 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 Personal interest income Transfer payments Less Personal contributions for social insurance Nonfarm personal income 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 DOUARS RATIO SCAlf 22 000 PER CAPITA DISPOSABLE PERSONAL INCOME S CURRENT DOUARS I JU F P 987 DOLL i i i t i i i i i i i ii 1 1 1 i i i i i i i f i 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 i i i dollars Per capita personal consumption expenditures Current dollars 1987 dollars Dollars 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 Seasonally adjusted annual rates IV IV IV IV IV IV IV IV IV IV 1992 IV 1993 I II Ill IV 1994 I II III IV 1995 IP Includes personal consumption expenditures interest paid by persons and persona transfer payments to rest of the world net 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 X v M s BILLIONS OF DOLLARS RATIO SCALE 240 r ROSS FARiM INCOME An 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 I H Ill IV 1993 I II III IV 1994 I II III Livestock and products 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 Value of inventory changes Production expenses Current dollars dollars 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 SEASONAUY ADJUSTED ANNUAL RATES S J Hi 350 s S f V r iy s s s s x v t S UND STRIBUTED ROFITS V i i r i i i s x TA LIABILITY s s s N s s K s s SOURCE DEPAR x r f s PROFITS AFTE 1TAX PROFITS BEFORE TAX i i i i i i i i i i i i 1992 MB TOFCOMMERCE cot i 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 IV IV IV IV IV IV IV IV IV IV IV I II III IV 1994 I 11 III rv Financial Total Manufacturing Wholesale and retail trade 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 i Tax liability Total Dividends Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis Undistributed profits Inventory valuation adjustment 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 s S pv r S GROSS PRIVATE DOMESTIC INVESTMENT f s s s 700 s s k 600 s s s y y NCJNRESIDEr mAL ED INVEST 400 RfSIDENTWi FIXF D INVESTSIFNT J s CHAN 3E IN BUSI MESS 1ST ENTORIE N s i i i i i i s 0 r i t t i i i 1989 i i i 1990 i i i i ii 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 i 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 NONMANUFACTURING MANUFACTURING U I J L 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 I II Ill IV 1993 I II Ill IV 1994 I II Ill IV Total Nondurable goods Total 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 services social services April May 1984 survey surveyed annually for annually services social services Commercial and other Total nonfarm business Nonmanufacturing Manufacturing Surveyed quarterly Surveyed annually 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 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 r SEASONALLY ADJUSTED 130 CIVILIAN LABOR FORC T x p r f CIVILIAN EMPLOYMENT f x v 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 Civilian noiiinstitutional population NSA Nonagricultural Mar May July Sept Oct Dee 1995 Jan Peb Mar Civilian labor force Total Period Agricultural 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 Total weeks and over Not in labor force Labor force participation rate Employment population ratio Unemployment rate 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 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 All civilian workers Mar Apr May June July Auar Sept Oct Nov Dec 1995 Jan Feb Mar Men 20 years and over Women 20 years and over Both sexes 16 19 years White 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 By selected groups By race By sex and age Black and other Black Experienced wage and salary workers Married men spouse present Women who maintain families Note Data relate to persons age 16 years and over Source Department of Labor Bureau of Ijabor Statis Full time workers Part time workers 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 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 weeks 27 weeks and over Average mean Median Reason for unemployment percent distribution Job losers1 Job leavers Reentrants New entrants Insured unem State programs Insured unemployment Initial claims all regular programs unadjusted 2 Weekly average thousands i 1994 Mar May July Sept Oct Nov Dec 1995 Jan Feb Mar 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 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 SERVICE PRODUCING INDUSTRIES 22 RETAIL TRADE 70 V MANUFACTURING 18 I I l l i i l n i i i h i i i i I n i n 1 1 1 1 i i 11 n M M GOODS PRODUCING INDUSTRIES i II li n 1 1 1 u i n i n CONSTRUCTION i I p 1 1 II I MIII I il 1 1 n I III 1 lllll M SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR M M COUNCIL OF ECC NOMIC ADVISERS Thousands of wage ami salary workers l seasonally adjusted Goods producing industries Period Mar Apr May July Aug Sept Oct Nov Dec 1995 Janrr Peb Mar Total nonagricultural employment Service producing industries Manufacturing Total Construction Total NonDurable durable goods goods 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 Transporta Wholetion and sale public trade utilities Retail trade Finance insurance Services and real estate Government Total Federal 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 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 Mar May July Sept Oct Nov Dec 1995 Jan Feb Mar 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 base EMPLOYMENT COST INDEX PRIVATE INDUSTRY Index June Percent change from 3 months earlier Total compensation Wages and salaries Period licncnte Total compensation Wages and salaries 12 months earlier Benefits Total compensation Wages and salaries Benefits Not seasonally adjusted Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Seasonally adjusted Dec 1993 Mar Sept Dec 1994 Mar Sept 1995 Mar 1 Not seasonally adjusted 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 Sept Dec 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 quarterly data seasonally adjusted IV IV IV IV IV IV IV IV IV IV I II Ill IV 1993 I II III IV 1994 I II III IV Percent change quarterly data at seasonally adjusted annual rates Ill e I II Ill 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 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 RATIO SCALE 140 TOTAL INDUSTRIAL PRODUCTION 130 INDEX RATIO SCALE 160 FINAL PRODUCTS 150 BUSINESS j I t 1 1 M II 1 EQUIPMENT jr 1 j I M 1 1 H1 11 1 i f GOODS x AND SPACE EQUIPMENT X J l 1 I 1 1 II 1 140 UTILITIES x fx A l V I MININC V n n i l It I PER ENT88 CAPACITY UTILIZATION RATE TOTAL INDUSTRY 86 UTILITIES AND MINING 130 1IIM 78 i vfi 1 1 1 H i p AN v M COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Industry production indexes Total industrial production Period Index Capacity utilization rate percent Manufacturing Percent change from year earlier Mining Total Durable Utilities Nondurable Total industry Manufacturing Decr Jan Febr Mar 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 monthly data seasonally adjusted Products Materials Final products Intermediate products Equipment Period Consumer goods Total Total Mar July Sept Oct Dec 1995 Jan r Feb MarP Durable goods Nondurable goods Total i Business Defense and space equipment Total Total Construction supplies Energy Business supplies Includes oil and gas well drilling and manufactured homes not shown separately monthly data seasonally adjusted Durable manufactures Primary metals Period Total Mar Dec Jan r Febr Marf May July Sept Oct Nov Source Board of Governors of the Federal Reserve System Iron and steel Fabricated metal products Industrial machinery and equipment Electrical machinery Nondurable manufactures Transportation equipment Total Motor vehicles and parts Lumber and products ADparel products Printing and publishing Chemicals and products Foods 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 Commercial and industrial floor space millions of square feet Billions of dollars Annual rates Annual rates Sept Oct Dec 1995 Jan Feb Mar Mar July ncludes 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 unit units 5 or more units Units authorized Units completed Homes sold Homes for sale at end of period J Vacancy rate for rental housing units percent Seasonally adjusted annual rates 1994 Feb Mar May July Sept Oct Dec Jan Feb Marf 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 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 r 1 r 250 RETAIL INVENTORIES MAI 4UFACTURINCSAND TR ADE INVENTC RIES X RETAIL SALES 150 MJMMUFACTURtf 1C At TRADE SA LES RATIO 1 80 INVENTORY SALES RATIO 1 70 RETAIL XN J 1 40 lull M 1M M t 1 1 1it t 1H t V MANUFACT JRING ANDTRA DE M 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 Durable Nondurable goods goods stores stores Total Durable goods stores Nondurable goods stores Manufacturing and trade Retail Millions of dollars seasonally adjusted except as noted Feb July Sept Oct Nov Dec 1995 Jan FebP Mar See page 21 for manufacturing Annual data are averages of monthly not seasonally adjusted figures monthly data are seasonally adjusted totals for month 20 Seasonally adjusted end of period Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND 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 h SHIPMENTS TOTAL P V TOTAL 80 DURABLE GOODS RABLEGOOC 120 60 NONDURABLE GOODS NDURABLEGC BILLIONS OF DOLLARS RATIO SCALE 320 jRA ncrm 80 TOTAI r M I Mill INN II RATIO DURABLE GCX3DS V E NONIXJRABLEGOC OS 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 Feb July Sept Oct Dec 1995 Jan Febr Mar 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 RATIO SCALE 150 INDEX RATIO S 150 FINISHED GOODS PRICES SEASONALLY A JST CAPITAL EQUIPMENT 130 CONSUMER FOODS c t N Yv j i r x f TOTAL f CONSUMER DODS EXCLUDING FC X3DS no v y S M i i i li i i M 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 i i i 1 i i i ii SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS monthly data seasonally actuated Finished goods Intermediate materials Finished goods excluding consumer foods Period Total finished Consumer foods goods Total Total Mar Avr May June July Aue Sept Oct r Nov Dee 1995 Jan Feb Mar Intermediate materials for food manufacturing and feeds 22 Capital equipNondurable ment Total finished consumer goods Consumer goods Durable Crude materials Total Foods and feeds1 Other Total Foodstuffs and feedstuffs Other oum 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 RATIO SCALE INDEX RATIO SCALE SEASONALLY ADJUSTED SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR 1995 COUNO Of ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted All items 1 Housing Transportation Shelter Period Mar May July Sept Oct Dec 1995 Feb Mar Not seasonally adjusted NSA Seasonally adjusted Pood Total Total Renters costs Dec Homeowners costs Dec Maintenance and repairs NSA Apparel and upkeep Total1 New cars Motor fuel Medical care Energy2 All items less food and energy 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 Change month to month Mar May July Sept Oct Nov Dec 1995 Jan Feb Mar Q 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 Q o Change month to month 1994 Mar Apr May June July Aug Sept Oct Nov Dec 1995 Jan Feb Mar A Includes items not shown separately 2 Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc excluded beginning Quarterly changes are shown in the last month of the quarter Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS In 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 RATIO SCALE INDEX RATIO SCALE RATIO 140 RATIO I V RATIO r r p i i 1 1 i 1 1 1 i ii 1OB7 j M 1 1 1 1OQQ i i ii ioon lOflO 100 r OOO 1OO1 1OO1 J RATIO Of INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID SOURCE DEPARTMENT OF AGRICULTURE 1 OQA TOO COUNCIL OF ECONOMIC ADVISERS not seasonally adjusted Prices received by farmers Period All farm products Prices paid by farmers Livestock and products Crops All commodities services interest taxes and wage rates l Production items interest taxes and wage rates Production items Katio Apr June July Aug Sept Oct Nov Dec 1995 Jan Feb Mar Apr i i i i J s i i i 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 NOTK The official indexes are published on a 1910 14 base as required by law The indexes have been converted tx a 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 M BIUIONS OF DOLLARS RATIO SCALE M V Ml M t i i i M 1 i i i it 1994 I 1 II 1 i l l II II ADJUSTED AVERAGES OF DAILY FIGURES SEASONAUY SOURCE BOARD OF GOVERNORSOfTHEFHKRAL RESERVE SYSTEM COUNCIL Of ECONOMIC ADVBERS Averages of daily figures except as noted billions of dollars seasonally adjusted Ml Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Feb Mar May July Sept Oct NoV Dec 1995 Jan Feb Mar 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 f r 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 NOTE See p 27 for components Source Hoard of Governors of the Federal Reserve System M M Debt 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 plus pose deposit tution accounts overnight and only MMDAs Euro broker dollars dealer Large Term Small denom repurdenom ination chase ination time agreetime de depos ments 3 posits3 its RPs NSA NSA Dee Dec Dee Dec Dec Dee Dec Dec Dec Dec Feb Mar May July Sept Oct Dec 1995 Jan Feb Mar 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 and more than respectively 2 Data Term Eurodollars net Savings bonds Short Bankterm ComTreas ers mercial acury cept paper securi ances ties NSA f P9 8 f 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Mar May July Sept Oct Nov Dec 1995 Jan Feb Mar Data are prorated averages of biweekly maintenance period averages of daily figures Nonborrowed plus extended credit Nonborrowed Required Monetary base Total Seasonal Extended credit 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 BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS U S GOVERNMENT SECURITIES OTHER SECURITIES V 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 I I I M 1 I I I MM 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 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 r 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 I II Ill IV I II HI IV 1994 I II Ill w Loans and short term paper 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 Capital expenditures Increase in financial assets Discrepancy sources less uses 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 Dec Dec Dec Dec3 Dec Dec Dec Dec Dec Dee Feb Mar May June Sept Oct Dec 1995 Jan r PebP Automobile Revolving Other 2 Total Automobile Revolving Other 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 CORPORATE Aaa BONDS MOODY S A 1 J V i x Vx N x v TREASURY BILLS v 1 lif f I U J 1 v r v DISCOUNT RATE FEDERAL RESERVE BANK OF MEW YORK r rv X X N I 4 K f 9 r 1l M M M 1 1 1 M i I II H 1 II ll M i l 1994 SOURCE SEE TABIE BEIOW 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 High grade municipal bonds Standard Poor s Jan Peb Mar Week ended 1995 Apr Apr July Sept Get Dec 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 Corporate Aaa bonds Moody s Discount rate N Y P R Bank Prime rate charged 4by banks New home mortgage yields FHFB 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 RATIO SC LE INOEX DEC RATIO SCALE X y S 220 S s 200 v A sr f S s V y jS f COMPO 5ITE STOCK PRIC E INDEX NYSE 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 M Mill 1992 i i i i i 1 i i i i i 1 1 1 1 i i 1 1 1 1 ii in 80 1995 PERCIENT PER CENT EARNINGS PRICE RATIO ON COM vtON STOCKS S P i 0 i i 1987 i i i 1988 i i i i i i 1992 i i i 1993 SOURCES NEW YORK STOCK EXCHANGE ANO SIANDABD POOR S CORPORATION i i i 1994 Industrial Common stock yields percent Transportation Utility Finance July Sept Oct Nov Dec 1995 Jan Feb Mar Week ended 1995 Apr J9B Apr Mav Average of daily closing prices 3 Includes at the stocks more than 2 000 in 1992 lifftal on the NYSE 3 Dec Effective April 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 Dow Jones industrial average4 Standard Poor s composite index except as New York Stock Exchange indexes Dec noted 2 Composite i COUNCIL Of ECONOMIC ADVISERS Common stock prices period 5 i Dividendprice ratio Eaniingsprice ratio 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 OUTLAYS RECEIPTS I i k h 600 NJ INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET N FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS Billions of dollars Total Fiscal year or period Receipts 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 Data from Monthly Treasury Statcrnfni NOTK Data except as rioted are from Budget of the United States Government Fiscal Year 1996 issued February 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 INDIVIDUAL INCOME TAXES INCOME TAXES OTHER RECEIPTS TAXES AND CONTRIBUTIONS OUTLAYS NONDEFENSE NATIONAL DEFENSE S V N 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 estimates Cumulative total first 6 months 1 Fiscal year 1994 Fiscal year On budget and off budget outlays National defense Other Total Department of Defense military International af Health fairs Data from Monthly Treasury Statemf nt NOTE Data except as noted are from Budget of the United States Government Fiscal Year 1996 issued February Total Medicare Income security Social security Net interest Other 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 SEASONALLY ADJUSTED ANNUAL RATES s i S s s s s s EXPENDITURES SURPLUS C R DEFICfT 1 y v jlf i i i i t i i ii k t t 1990 I i i t i i 1994 i i t 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 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 Calendar year 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 Purchases INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial production seasonally adjusted Period United States Canada Japan Jan Feb Mar Sept Oct Nov Dec Jan Feb Mar 1 Prance Italy Germany Consumer prices NSA United Kingdom United States1 Canada Japan France Italy Germany United Kingdom 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 supplies Census and and basis2 beverages materials Capital goods except automotive Consumer goods non BOP food basis exand cept autogines motive Automotive vehicles parts Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Includes undocumented exports to Canada through 1988 Total includes other exports or imports not shown separately Services BOP basis Goods Imports customs value p Census toy end use category Dasis Goods Exports f a s value j census oasis Dy end use category Foods Total feeds and Census bevbasis2 erages Industrial supplies and materials Balance of trade exports minus impo BOP basis Capital goods except automotive Automotive vehicles parts and engines Consumer goods nonfood except automotive Exports Imports Goods Census basis Goods Services Goods and services 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 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 I II in IV 1994 I II in TV Imports Investment income Services Net Net military transactions23 Net Balance on travel Other goods and Receipts and on U S trans services services net portaabroad tion receipts 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 Payments on foreign Net U S Balance on goods Unilateral Balance on services transfers current account net 4 and income 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 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 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 II Ill IV 1994 I II III IV U S official reserve assets35 Other U S Government assets U S private assets Other foreign assets K onsists of gold special drawing rights SDKs foreifm currencies and the U S reserve position in the IMP Foreign official assets Total Statistical discrepancy U S official Allocations reserve of special Total sum Of which assets net 5 drawing of the items Seasonal ad unadjusted rights with sign justment end of SDKs discrepancy period reversed 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 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 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Manufacturing and Trade Manufacturers Shipments Inventories and Orders PRICES Producer Prices Consumer Prices All Urban Consumers Changes in Producer Prices for Finished Goods Changes in Consumer Prices All Urban Consumers Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Liquid Assets and Debt Measures Components of Money Stock and Liquid Assets Aggregate Reserves and Monetary Base Bank Credit at All Commercial Banks Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Consumer Installment Credit Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S International Trade in Goods and Services U S International Transactions General Notes Detail in these tables may not add to totals because of rounding Unless otherwise noted all dollar figures are in current dollars Symbols used P Preliminary r Revised c Corrected Not available also not applicable NSA not seasonally adjusted For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 3 00 single copy 3 75 foreign Subscription price 33 00 per year 41 25 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE 1995 O

Bank Credit at All Commercial Banks

DATE: April 1995

PART OF:

Economic Indicators : April 1995

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Bank Credit at All Commercial Banks," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "April 1995," Economic Indicators (April 1995) : 30-30. https://fraser.stlouisfed.org/title/1/item/761/toc/105608 , accessed on December 14, 2019.

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Economic Data