Employment Cost Index, Private Industry

Name: Employment Cost Index, Private Industry
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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I JUL 31 1995 FEDERAL RESERVt BANK OF CHICAGO icators Includes data available as of July Prepared for the JL Committee by the JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong CONNIE MACK Florida Chairman JIM SAXTON New Jersey Vice Chairman SENATE HOUSE OF REPRESENTATIVES WILLIAM V ROTH JR Delaware LARRY E CRAIG Idaho ROBERT F BENNETT Utah RICK SANTORUM Pennsylvania RODNEY D GRAMS Minnesota JEFF BINGAMAN New Mexico PAUL S SARBANES Maryland EDWARD M KENNEDY Massachusetts CHARLES S ROBB Virginia THOMAS W EWING Illinois JACK QUINN New York DONALD A MANZULLO Illinois MARSHALL MARK SANFORD South Carolina WILLIAM M MAC THORNBERRY Texas FORTNEY H PETE STARK California DAVID R OBEY Wisconsin LEE H HAMILTON Indiana KWEISI MFUME Maryland ROBERT N MOTTICE Executive Director COUNCIL OF ECONOMIC ADVISERS JOSEPH E STIGLITZ Chairman MARTIN N BAILY Member PUBLIC LAW 120 SlsT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ 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 Efonomic 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 saie 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 revised estimates current dollar gross domestic product GDP rose 4 7 percent annual rate real GDP GDP in 1987 dollars rose 2 7 percent and the implicit price deflator rose 2 2 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SfASONAUY ADJUSTED ANNUAL RATF X GDP INCUR RENT DOLLARS s i 4 400 x s f Xft GDP IN 987 DOLLARS S I i i i I i i 1991 i i i i i i 1992 SOURCE DEPARTMENT OF COMMERCE 1993 i i i 2 800 COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Period IV IV IV IV IV IV IV IV IV IV IV I II III IV I II in rv I Exports and imports of Personal Gross goods and services conGross private domestic sumption domestic Net product expendi investexports Exports Imports tures ment GDI less exports of goods and services plus imports of goods and services Government purchases Federal Total Total National Nondefense defense State and local AddenFinal Gross dum sales of domestic Gross domestic national product chases product Source Department of Commerce Bureau of Economic Analysis Billions of 1987 dollars quarterly daUl at seasonally adjusted annual rates Gross domestic product Period Personal eonsumption expenditures Gross private domestic investment IV IV IV IV IV IV IV IV IV IV IV I II Ill IV I II in IV 1995 I 1 Government purchases Final sales of domestic product Federal N onresidcntial fixed investment Ex W rts and imports of Roods and services Residential fixed investment Change in business inventories Net exjH rtK Exports Imports GDP less exports of goods and services plus imports of goods ant service Total Total National defense Xondcfcnse State and local Gross domestic purchases Addendum Gross national product Soum Department of Comrnm Jluwau of Economic Analysis IMPLICIT FOR quarterly data am seasonally adjusted Period IV IV IV IV IV IV IV IV 1990 Gross domestic product IV 1991 IV 1992 IV 1993 I II Ill TV 1994 I II m TV 1995 lr Source iDefmrtinent of Commerce Gross private domestic investment Personal consumption expenditures Total Durable goods Nondurable goods Services Federal Nonresidential fixed Residential fixed Government purchases Exports and imports of goods and services Exports Imports Total National defense Nondefense State and local CHANGES IN GDP PERSONAL CONSUMPTION EXPENDITURES AND RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES Gross domestic product Peruxl Current dollars I II in IV 1992 I II Ill IV 1993 I II Ill IV 1994 I II in 1995 Constant 1387 dollars IV I Persona consumption expenditures Fixed weifi hted Implicit price deflator Current dollar HIST wciKhts Constant 1987 dollars Fixed weifrlited priee index 1987 weights Implieit priee deflator L G Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Cur rent dollar c st anil profit per u n i t of Gross sti product o non billions if dollar Current dollars IV IV IV IV IV IV IV IV IV IV IV I II Ill IV 1994 I II III IV 1995 I 1987 dollars B profit Consumption of fixed capital taxes i Compensation of employees adjustments Net interest Total Profits tax liability n QK IS dollars r S Profits after tax n of all utpu 1 valuation uid capital c nsumption Output is measured by GDP of rionfinancial corporate business in H1S7 dollars Tliis is equal to the deflator for gross domestic product of nonfinanciai corporate bi with the decimal point shifted two places to the left i Indirect business tax and nontax liability plus business transfer payments less subsidic 4 With inventoiy valuation and capital consumption adjustments output dolla s i j o a dollars NATIONAL INCOME liillioris of dollars quarterly data at seasonally adjusted annual rates National income Period IV IV IV IV IV IV IV IV IV IV IV I II in rv 1994 I II in IV 1995 lr 1 Compensation of employees1 Proprietors income with inventory valuation and capital consumption adjustments Nonfarm Farm 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 19H7 dollars except as noted quarterly data at seasonally acljusted annual ratas Period IV IV W IV IV IV PV PV IV 1991 IV 1992 IV 1993 I II III rv 1994 I II in rv I II Total persona consumption expenditures Total durable goods Includes other items not shown separately Motor vehicles and parts Furniture and household equipment Other Total nondurable goods Food Clothing Gasoline ami and oil shoes Fuel oil and coal Retail sales of new passenger cars millions of units Services Nondurable goods Durable goods Other Total services Housing Medical eare Source Department of Commerce Bureau of Economic Analysis Domestics Imports SOURCES OF PERSONAL INCOME Personal income fell 13 0 billion annual rate in May following an increase of 8 3 billion in April Wages and salaries fell 18 6 billion in May farm subsidy payments fell in both April and May The change in April was affected by bonus payments to employees in the motor vehicle industry in March BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL PERSONAL INCOME WAGE AND SALARY DISBURSEMENTS OTHER INCOME 800 TRANSFER PAYMENTS COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period May July Sept Oct Nov Dec 1995 Jaii r Feb Mar Apr r May personal income Wagv arid salary disbursements Proprietor s income Other lalx r income 4 J Farm of persons The total of wage and salary disbursements and other lalx r income differs from compensation of employees see p 4 in that it excludes employer contributions for soda insurance and the excess of wage accruals over wage disbui sernents Consists primarily of employer contributions to private Mansion arid private welfare funds 3 With inventory valuation and capital consumption adjustments Nonfarm Itental income Less Perdividend income interest income Transfer payments r trilmtions for social insurance Source Department of Commerce Bureau of Economic Analysis personal income DISPOSITION OF PERSONAL INCOME According to revised estimates per capita disposable personal income in 1987 dollars rose in the first quarter of 1995 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE DOLLARS RATIO SCALE 22 000 PER CAPITA DISPOSABLE PERSONAL INCOME CURRENT DOLLARS DOLLARS RATIO SCALE p r A DOLU i i i i 1985 i i i i 1986 i i i i 1989 i i i i i i i i 1992 i i i 1994 i i 1993 i COUNCIL OF ECONOMIC ADVISERS Loss Personal Period inform tax ant nontax payments Equals Disposable personal i ncome Less Personal outlays Equals Persona saving Disposable personal income in 19S7 dollars liillioris Per capita disposable personal ineoine Per eapit i parson eonsu nption expert itnres Current dollars Current dollars Billions of dollars dollars 1987 dollars Having as percent of disposable personal income Population including Armed Forces overseas thousands 2 Percent Dollars Percent ebanf e in real er capita disposable jHM sortal Seasonally adjusted annual rates IV IV IV IV IV IV W IV W 1991 W 1992 IV 1993 I II Ill IV 1994 I II Ill IV 1995 lr Includes personal consumption expenditu payments to rest of the world net id personal transfer Annual data are averages of quarterly data which are averages for the period Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the fourth quarter of 1994 according to preliminary estimates gross farm income rose 16 8 billion annual rate and net farm income rose 17 8 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ff l S JJ J 120 3ROSS FAR M INCOME NV i i 1983 V s N X v V V V NET FARM INCOME 20 1 ft V i i i A i v X y x 10 i i i i i i l l l 1986 i 1 j 1 I l l 1988 i i i i i i i i 1991 i SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE i i i i 1993 i i i i 1994 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted aimual rates Income of farm operators from farming Gross farm income Xet farm income Period Cas l marketing receipts Total Total Livestock and products Crops Yahje of inventory changes Production expenses Current dollars 1987 dollars I II Ill IV 1994 I II III IV CORPORATE PROFITS In the first quarter of 1995 according to revised estimates corporate profits before tax rose 17 1 billion annual rate and profits after tax rose 12 8 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES xl J A 350 f OFITS AFT r n x x r s 3iA TAX LIABILITY V y A p ROFITS BEFORE TAX V UNC ISTRIBUTEC PROFITS i I 1987 i 1988 i i I 1989 i 1990 i i i i SOURCE DEPARTMENT OF COMMERCE i I 1994 i I i 1995 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Profits before tax with inventory valuation adjustment Profits after tax Domestic industries Nonfinancial Period Total 2 Total IV IV IV IV IV W IV TV IV IV IV I II III IV 1994 I II Ill rv 1995 I Financial Total Sec p 4 for profits with inventory valuation and apital consumption adjustments Includes rest of the world not shown separately Manufacturing Wholesale and retail trade Profits before tax Tax liability Total Dividends Undistributed profits Inventory valuation adjustment Q GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS In the first quarter of 1995 according to revised estimates nonresidential fixed investment in 1987 dollars rose 35 4 billion annual rate and residential investment fell 2 0 billion There was a 51 1 billion increase in inventories following an increase of 49 4 billion in the fourth quarter BILLIONS OF 1987 DOLLARS BILLIONS OF 1987 DOLLARS SEASONALLY ADJUSTED ANNUAL RATES f XJ r r S PA S r t GROSS PRIVATE DOMESTIC INVESTMENT s s y 1 000 NC NRESIDE TIAL D INVESW R ESIDENTIA L FIXF D INVESTS FNT s CHANC3E IN BUS N ESS IN VENTORIE 100 0 sr V j f i i i i 1985 i i i I I i 1987 i I I i i i 1990 I i 1991 I I SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of 1987 dollars quarterly data at seasonally adjusted annual rates Change in business inventories Fixed investment Gross private domestic investment Period IV IV IV IV IV IV IV TV TV IV IV I II IV Nonfarm I Sonm Department of Commerce Bureau of Economic Analysis Total Total Producers durable equipment Residential Structures Total in 1994 I II III IV Nonresidential EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department July August 1994 survey business spending for new plant and equipment was expected to rise 8 8 percent in 1994 following a rise of 7 3 percent in 1993 BILUONS Of DOLLARS RATIO SCALE BILUONS OF DOUARS RATIO SCAlf SEASONALLY ADJUSTED ANNUAL RATES i r T r ALL INDL STRIES r s NONMANUF CTURINGly J X MANUFACTURING S s a i l l i l i i 1989 i i i i SURVEYED QUARTERLY JJSEE FOOTNOTE A BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Industries surveyed quarterly Period All industries Total IV 1993 I II Ill IV I II Ill IV I II in 1 Nondurable goods Total Durable goods Nonmanufacturing Commercial and other Total nonfarm business Manufacturing Surveyed quarterly Mining Transportation Public utilities Surveyed annually Excludes forestry fisheries ami agricultural services professional services social serviw is and real estate which effective with the April May 1984 survey nbcrship or i normianufacturirig surveyed annually for arterly See last eo n these industries 3 j 11 industries plus it part of rioriinamifacturinfi that is surveyed annually nsist s of forestry slier ies arid agricultural services professional services social services ions and real estate 10 Addenda Nonmanufacturing Manufacturing 4 Planned capital expenditures as Total ss in July August 1994 corrected for bias Kmnomic indictdory at a later date See Plni d Kouijiment E jftcnditurtx aiul P W release of Septernlx r 8 1994 for details Source Department of Commerce Bureau of the Census MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR FORCE rfC CIVILIAN EMPLOYMENT COUNOl Of cCONCMfC ADViSESS Thousands of persons 16 years of age and over except as noted mont3i y data seasonally adjusted except as noted by NSA Period Civilian labor force NonagrieulUiral Total A ri cultural Total Percent2 Unemployment Civilian employment Civilian nomnstitutional population NBA Part time Total for economic reasons 15 weeks and over Not in labor force Labor force participation rate Employment population ratio Unemployment rate C IOS June Jnlv J J24 H J J J Sept Get ov DC 1995 Jan Feb Mar Apr May Persons at work Economic reasons include slack work material siiortages inability t 11 SELECTED UNEMPLOYMENT RATES In June the unemployment rote fell to 5 6 percent from 5 7 percent in May PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMPLOYMENT AS PERCENT of CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL Of ECONOMIC ADVISERS Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group By sex and age Period June Aus Sept Oct Nov Dec 1995 Jan Peb Mar Apr May June All civilian workers 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 periiods See Employment and Earnings February By selected groups By race 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 Ijaixir Statistics Pull time workers I Part time workers SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In June the percentages of the unemployed who had been out of work for less than 5 weeks and for 5 14 weeks rose while the percentages for 15 26 weeks and for 27 weeks and over fell The mean duration of unemployment fell to 15 6 weeks and the median duration fell to 7 5 weeks PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASON FOR UNEMPLOYMENT DURATION OF UNEMPLOYMENT JOB LOSERS 1 LESS THAN 5 WEEKS REENTRANTS 20 20 JOB LEAVERS WEEKS NEW ENTRANTS I i M I I I i I I i j I M I I i M II 0 Mill SEASONALLY ADJUSTED UBEGINNING JANUARY 1994 JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Reason for unemployment percent distribution Duration of unemployment Period Unemployment thousands Percent distribution Less than 5 weeks 5 14 weeks 15 26 weeks State programs Number of weeks 27 weeks and over Average mean Median Job losers1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured ployment all regular programs unadjusted 2 Weekly average thousands June July Sept Oct Dec 1995 Jan Feb Mar May Beginning January 1994 job losers and persons who completed temporary jobs Includes State 50 States District of Columbia Puerto Rico and Virgin Islands ex servicemen UCX and Federal UCFE Railroad RR programs included through 1993 Also includes Federal and State extended benefit programs Does not include Federal supplemental compensation or Emergency Unemployment Compensation programs 3 Data beginning January 1994 are not directly comparable with data for earlier periods See Emptoynwnt and Earnings February P NOTE Data relate to persons age 16 years of age and over except for insured unemployment and initial claims Source Department of Labor Bureau of Labor Statistics and Employment arid Training Administration 13 NONAGRICULTURAL Total nonagrieulfural employment as measured by the payroll syrvey MILLIONS OF PERSONS by 215 000 In June MILLIONS OF PERSONS ENLARGED SCALE r no ALL S ONAGRICULTURAL E TABLISHMES TS SER v ICE PRODUC ING INDUSTRIES 22 RETAIL TRADE GOC3DS PRODUC NG INDUSTRIES 30 MANUFACTURING 18 1 Minium Mill IMI CONSTRUCTION iim 20 V mi 1992 M i l l Hill N SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCfL OF ECONOMIC ADVISERS Thousands of wage and salary worker seasonally adjusted Period June July Aug Sept Get Nov Dec 1995 Jan Peb Mar Apr Mayr June Total iionagricultnral employment Service producing industries Goods producing industries Traris Manufacturing Total Construction Total Durable goods Nondurable goods Includes all full arid part time wage find salary workers in nori agricultural establish onts period which includes the 12th of the month Excludes who received pay for any part of the proprietors self employed persons doi estic servants and personnel of the Armed Forces Total in this table not comparable with esti tates of nonagricuitnral employment of the civilian lalx r force shown on p 11 which include roprietors self employed persons and domestic servants which count persons as employed wl n they are not at work because of industrial disputes bad weather etc even if they are no paid for the time off anil which are based on a sample Total tion and public utilities Finance sale trade Retail trade Government Services ance and real estate Total Federal of the working age population whereas the estimates in this table are based on reports from employing establishments In the series shown here persons who work at more than one job are counted each time they appear on a payroll in contrast to the series shown on p 11 where persons are counted only once as employed unemployed or not in the labor fort 1 2 Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS HOURLY EARNINGS AND WEEKLY EARNINGS PRIVATE NONAGRICOiTUHAL INDUSTRIES For production or mmsupervisory workers monthly data seasonally atljustw except its noted Average weekly hours Average gross hourly earnings MjimifactunriK Total private nona ricultural Period Total Average gross weekly earnings Total private noriagrietHtura Overtime Current dollars Total private nonagricnltural dollars2 Manufacturing Cm rent Current dollars 1982 dollars8 Manufacturing Construction Retail trade Permit change from a year ear ier total private nonagriculturai 1 Current dollars June Julv dollars Sept Oet Dec 1995 Jan Feb Mar Apr May Raised on seasonally unadjusted data Hoim e Department of LalK r Bureau of I EMPLOYMENT COST INDEX PRIVATE INDUSTRY Index lime Percent change front 3 months earlier Total compensation Wages and salaries Period Bom fits Total com M nsation Wages and salaries 12 months earlier Benefits Total componxation Wages and salaries Benefits Not seasonally adjusted Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Seasonally adjusted 1992 Sept Dec 1993 Mar Sept Dec 1994 Mar Sept Dec 1995 Mar Not seasonally adjusted U PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfavm business sector Output 1 Business sector Condensation per hour 3 Hours of all persons2 Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector Real con K nsation per lour 4 Business sector Unit labor costs Nonfarrn business sector Business sector Implicit rice deflator5 Nonfarm business sector Bus ness sector Nonfarm business sector quarterly data seasonally adjusted r IV IV IV IV IV IV IV IV IV 1991 IV IV 1993 Ir 11 IIP IV 1994 I IIr III rv 1995 lr Percent change quarterly data at seasonally adjusted annual rates r IIP IV P Ir II HP IV 1993 P IP IIP IV 1994 P IP 1 Output refers fa 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 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also iricludes an estimate of wages salaries and supplemental payments for the self employed 4 Hourly compensation divided by the consumer price i ndex for all urban consumers OPI U 5 Current dollar gross domestic product divided by constant dollar gross domestic product 16 NOTE Data relate to all persons engaged in the sector Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Series revised to incorporate annual benchmark of Current Employment Statistics survey as well as new seasonal adjustment factors for all employment and hours measures First quarter 1995 data are based on GDP data released May GDP data shown elsewhere in this issue of jKcowrmic Inditxdors were released June Source Department of Laix r Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization fell again in May INDEX RATIO SCALE 160 INDEX RATIO SCALE 140 CAPACITY UTILIZATION RATE TOTAL INDUSTRY COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Total industrial production Period Index May July Sept Get Nov Dee 1995 Jan r Peb Mar May 1 Outfmt as percent of capacity Industry production indexes Capacity utilization rate percent Manufacturing Percent change from year earlier Mining Total Durable Utilities Nondurable Total industry Manufacturing Source Roiml of Governors of the Federal l se rve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES montlily data seasonal adjusted Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total May July Sept Get Dec 1995 Jan Fob Mar May Durable goods Nondurable goods Total Business Defense and space equipment Total Construction supplies Business supplies Total Energy Indiums oil and pas well drilliritf arid manufactured liomns not shown separately monthly data seasonally adjusted Durable manufactures Primary metals Period Total May July Aii Oct Dec Jan Feb Mar Jlav Sour Bonnl if 18 ant of the Ki dmil Kei Iron and steel Fabricated metal products Industrial machinery and equipment Electrical machinery Nondurable manufactures Transportation equipment Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and prodnets Foods NEW CONSTRUCTION Monthly data seasonally adjusted Construction contracts 1 Private Period Total new construction expenditures Ifcsi ential Total New housing units Total Corrnnereiai ami industrial Other and State and local Total value index oinmercial anil industrial floor sjraec millions of square feet Billions of dollars May Annual rates Annual rates July Sept Oct Nov Dec 1995 Jan Feb Mar Mayp Note New construction series revised beginning 1991 Sources Department of Commerce Bureau of the Census and McGraw IJ Systems Company F W Dodge Division Includes residential improvements not shown separately Includes hotels and motels 1 K W Dodge series NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted New private homes New private housing units Units started by type of structure Period Total unit units or more units Units authorized Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted annual rates 1994 May July Sept Oct Dec 1995 Jan Feb Mar Mayp NOTE Beginning 1994 units authorized are for 19 000 j aces For other data shown units authorized are for 17 000 places Soumv Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES Manufacturing and Trade In April manufacturing and trade sales fell 0 4 percent and inventories rose 8 7 billion According to advance data retail sales rose 0 2 percent in May after falling 0 3 percent in April BILLIONS OF DOLLARS RATIO SCALE BIUIONS OF DOLLARS RATIO SCALE I RETAIL INVENTORIES MA lUFACrURINC3 AND TRADE INVENTC3RIES fr RETAIL SALES 150 M ANUFACTURI Af JD TRADE SA LES RATIO I SU INVENTORY SALES RATIO 1 70 RETAIL V N x y W miiimn MANUFACTURING TX AND TRADE 1 N j SEASONAUY ADJUSTED SOURCE DEPARTMENT Of COMMERCE Manufacturing and trade1 Sales a Inventories8 i COUNCIL OF ECONOMIC ADVISERS 2 Sales 2 Inventories a Inventory sales ratio4 Retail Wholesale Inventories Sales Period Total Durable goods stores Nondurable goods stores Total Durable Nondurable goods goods stores stores Manufacturing and trade Retail Millions of dollars seasonally adjusted except as noted Apr July Aug Sept Oct Dec 1995 Jan Feb Mar Aprf MavP See page 21 for manufacturing Annual data are averages of monthly not seasonally adjusted fibres 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 new orders rose in May Unfilled orders were unchanged BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE INVL NIUklbb V i TOTAL RABLE GOOD NDURABLE GC BILLIONS OF DOLLARS RATIO SCALE 320 NFW ORDFRS 240 y r V V v TOTAI II HIM f HIM 1 IM 1 1 1 1L RATIO INVENTORY SHIPMENTS RATIO 2 00 DURABLE GCX5DS f V v x v N NONCDURABLE GOC DS INI 1992 Mill MM 1993 MM 1 i 1 M M M l 1M M MM M 1 M MM 1 i M i M M i M I 1M 1 1 I MM M 1 INN SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Mi im aeturt rs shipments Manufacturers new orders s Manufacturers inventories Durable pxxls Period Total Durable Nondurable jr x ds Total Durable KOCKls Nondurable Roods Total Total Manutae Capital Roods industries riondet ense Nondurable fjoods unfilled Manufacturer toty shipments ratio Millions of dollars seasonally adjusted except as noted Mav July Aug Sept Oft Dec 1995 Jan Feb Mar Apr r May l Annual data arc Source Dc partmtir 21 PRICES PRODUCER PRICES In May the producer price index for all finished goods was unchanged Prices of finished consumer foods fell 0 6 percent while prices of other finished consumer goods rose 0 2 percent Capital equipment prices rose 0 2 percent INDEX RATIO SCALE INDEX RATIO SCALE SEASONALLY ADJUSTED FINISHED GOODS PRICES CAPITAL EQUIPMENT CONSUMER FOODS t l i t j J no TOTAL F Xjr y r f S s C S CONSUMER GOODS EXCLUDING FOODS S f I I M M 1 M M MM M M 1 MM M i l LI 1 L1 MM 1992 M LM MM 1 LJ 1 L M SOURCE DEPARTMENT OF LABOR M COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted Intermediate materials Finished goods Finished goods excluding consumer foods Period Total finished goods snmer foods Consumer goods Total Total May June July Aug Sept Oct Nov Dec 1995 Jan Feb Mar Apr May Intermediate materials for food manufacturing ami feeds 22 Total Capital equipment consumer goods Total Foods and feeds Con Durable Nondurable finished Other Source Department of Labor Bureau of Labor Statistics Crude materials Total Foodstuffs and feedstuffs Other In May the consumer price index for all urban consumers rose 0 3 percent seasonally adjusted it ros 0 2 percent not seasonally adjusted The index was 3 2 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE SEASONALLY ADJUSTED 150 CONSUMER PRICES ALL ITEMS i i i i l I COUNCIL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted Transportation Housing All items Shelter Period Not seasonally adjust Seasonally adjust Food Total i Total NSA Rel imp May June July Aug Sept Oet Nov Dec 1995 Jan Feb Mar Apr May Renters costs I Homeowners costs Dec Includes items not shown separately 2 Household fuels gas piped electricity fuel oil ete and motor fuel Motor oi coolant etc excluded beginning 1983 3 Relative important December 1994 Maintenance and repairs NSA Fuel and other utilities parel and upkeep Total i Newcars Motor fuel Medical care Energy All items less food and energy NOTE Data incorporate a rental equivalence measure for homeownership casts beginning 1983 Source Department of Labor Bureau of Labor Statistics CHANGES IN PRODUCER PRICES FOR FINISHED GOODS I 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 Period Total finished goods Capita equipment Excluding foods Poods Total finished goods Excluding foods Foods Capital equipment Capital equipment Total finished Excluding foods Foods goods Change from year earlier total finished goods NSA Change Dee to Dec NSA Change month to month May July O Sept Oct Nov Dec 1995 Jan Feb Mar A May Source Department of I ahor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES ALL URBAN CONSUMERS Percent change from preceding period monthly data seasonally at justed except as noted by NSA Transportation Housing Shelter Period All items Food Total Total1 Homeowners costs Renters costs Fuel and other utilities Appare and 1 upkeep Total New cars Motor fuel Medical care Energy2 All items less food and energy Addendum All items percent change annua rate From previous quarter 3 From 3 months earlier From 6 months earlier From year earlier NSA Change December to December NSA May June July Aug Sept Get Nov Dec Jan Feb Mar Apr May Change month to month O A 1 Includes items not shown separately 2 Household fuels gas piped electricity fuel oil ete and motor fuel Motor oil coolant etc excluded beginning i Quarterly changes are shown in the last month of the quarter Source I epartment of Lalx rT Bureau of Lalx r Statistics PRICES RECEIVED AND PAID BY FARMERS In June prices received by farmers were unchanged from their May 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 120 r p i i i i i 1 1 OR J i 1 1 1 f J J 1 1 1 i M 1 1 f i i i i f1 i iiii i 1 M 1 1OCM lJ RATIO OF INDEX OF PRICES RECEIVED SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS not seasonally adjusted Prices paid by farmers Prices received by farmers Period All farm products Livestock and products Crops All commodities services interest taxes and wage rates Production items interest taxes and wage rates Production items Ratio June July P 106 i i i i t P 104 P i P 105 P t 105 P P P i i i P 107 P i i i P Sept Oct Nov Dec 1995 Jan Feb Mar Apr Mav are published on a 1910 14 base as require NOTE The lexes have H base to facilitate comparison Source Department of ARricuitu r In May growth accelerated in M2 and in BILL1OI OF DOllARS RATIO SCALE J 2 ir i I M BILLIONS OF DOLLARS JRATSO SCAIE 4 BUU r oo r n mj g Ml t H i 1987 MM HIM 1988 i MM 1 LLLL M H H i 1M i M II 1 1 I I J M I I t 1 H 1 M M M 1 111 1 M AVERAGES OF DAILY RGURES SEASONA11Y APJUSIED SOURCE BOARD OF DVESNOSSOFTHEFEC ERAL RSSERW SYSTEM CGUNO OF ECONOMIC ADVISERS Averages of daily figures except as noted billions of dollars seasonally adjusted Percent change from year or 6 months Ml Pericxl Dee Dec Dec Dec Dec Dee Dec Dee Dee Dec 1994 Apr May July Sept Oct Dec 1995 Jan Feh Mar May M2 M3 L Debt Sum of currency demasid deposits travelers checks and other checkable deposits OCDs Ml phis overnight RPs and Eurodollars MMMP balances general purpose and broker dealer MMDAs and savings and small time deposits M2 phis large time deposits term KPs term Eurodollars and institute on on3v MMMP balances M3 plus other liquid assets Debt of domestic Monfmaneia sectors montlily average J P P Ml M2 M3 Debt 9 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 night mutual fund Savings repurbalances deposits chase DeOther including Genmand checkable agreemoney ments eral depos deposits market purInsti RPs its deposit OCDs net plus pose tution accounts overnight and only MMDAs broker Eurodollars dealer Large Term denom repurination chase time agreedepos ments 2 its RPs Term Eurodollars net NSA Small denomination time deposits 2 NSA NSA Dec Dee Dec Dec Dec Dec Dec Dec Dec Dec Apr July Sept Oct Dec 1995 Jan Feb Mar May Includes continuing contract RPs 2 Small denomination and large denornination deposits are those issued in amounts of loss than and more than respectively Savings bonds PlSQ 9 60 7 Shortterm ComTreas ers mercial acury cept paper securiances ties P P475 2 NOTE Travelers checks of nonbank issuers are a component of money stock but are not shown here Source Board of Governors of the Federal Kescrve System AGGREGATE RESERVES AND MONETARY BASE Averages of daily figures millions of dollars seasonally adjusted except as noted by NSA Borrowings of depository institutions from the Federal Reserve NSA Adjusted for changes in reserve requirements Reserves of depository institutions Nonborrowed plus extended credit Period Total Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec June July Aue Sept Oct Nov Dec 1995 Jan Feb Mar Apr May June estimates Data are prorated averages of biweekly maintenance pericxl avera es of daily figures Nonborrowed Required Monetary base Total Seasonal Extended credit Source Board of Governors of the Federal I serve System 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 1 2 percent in May commercial and industrial loans also rose 1 2 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS LOANS AND LEASES U S GOVERNMENT SECURITIES OTHER SECURITIES jj V COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted Securities in bank credit Total bank credit Period May 1995 Jan Feb Mai Ai r May U S Government securities Dec Dec Dec Dec Dec Dec Dec July Aug Sept Oct Nov Dec Total securities Loans and leases in bank credit Real estate Other securities CommerTotal loans and cial and leases industrial Total Revolving home equity Other Consumer Security Other SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Uses Sources External Credit market funds Period Total Internal Total Total r 1993 I IIr HI IV 1994 I ll r III IV 1995 IP Securities and mortgages 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 Loans and short term paper Other Increase in financial assets Capital expenditures3 Total 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 Installment credit outstanding end of period Period Total Automobile Revolving Net change in installment credit outstanding 1 Other 2 Total Automobile Revolving Other May June July Aug Sept Oct Nov Dec Jan Feb r Mar Apr Dec Dee Dec 3 Dec Dec Dec Dec Dec Dec Dec 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 Decerni er 1988 and subsequent months 4 Because of breaks in series net change not available Source Board of Governors of the Federal Reserve Systcn INTEREST RATES AND BOND YIELDS Interest rotes fell in June PERCENT PER ANNUM PERCENT PER ANNUM CORPORATE Aaa BONDS J MOODY S x v N V TREASURY BILLS T J x r N X x X L It DiSCOUNT RATE FEDERAL RESERVE r HEW YORK H It i i I I i I1 I j SANK OF i 11 V j i H i Illl J I 1 1 1 IJ COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TABLE BEtOW Percent per annum U S Treasury security yields Period 3 month bills new issues J Constant maturities 3 year June July Aue Sept Oct Nov Dee Jan Peb Mar Mav June Week ended 1995 June July year High grade municipal bonds Standard Poor s Bank discount basis Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department J Weekly data arc Wednesday figures 4 Average effective rate for year opening and dosing rate for month and week 2 30 Corporate Aaa bonds Mood si Prime commercial paper 6 months Discount rate N Y F R Bank 4 Prime rate charged by banks New home mortgage yields FHFB f Effective rate in the primary market on conventional mortgafies reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Sources I epartErHint of the Treasury Board of Governors of the Federal Jteserve System Federal Housing Finance Hoard Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices rose in June INDEX DEC RATIO SCALEI r y r N0 180 y INDEX DEC RATIO SCALE 30U s A A v r COMPOSITE STOCK PRIC E INDEX NYSE 140 V M M M M i Mill M M 1 M M 1 MM i i Mi MM M Mill M M 1 i 1 M M M M i l J 1 M f 11j L M PERCENT 20 PERCENT 20 15 EARNINGS PRICE RATIO ON COMMON STOCKS S P SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION 1995 COUNCIL OF ECONOMIC ADVISERS Common stock prices Period Common stock yields percent 6 New York Stock Exchange indexes Dec except as noted 2 Composite Industrial Transportation Utility3 Finance Dow Jones industrial average 4 Standard Poor s composite index Dividendprice ratio Earningsprice ratio June July Sept Get Dec 1995 Jan Peb Mar Week ended 1995 June 10 17 July Average 2 Includes 3 of daily closing prices all the stocks more than 2 000 in 1992 listed on the NYSE Dec Effective April the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index All indexes shown here reflect the doubling 4 Includes 30 stocks 5 Includes 500 stocks Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter NOTE All data relate to stocks listed on the New York Stock Exchange NYSE Sources New York Stock Exchange Dow Jones Company Inc and Standard Poor s Corporation FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 8 months of fiscal 1995 there was a deficit of 133 2 billion compared with a deficit of 164 7 billion a year earlier BILLIONS OF DC5LLARS 1 600 BILLIO IS OF DOLLARS 1 600 RECEIPTS AND OUTLAYS OUTLAYS RECEIPTS A N 600 N V A 1 V INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET N 400 N FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS Billions of dollarsl Total Fiscal year or period On budget Receipts estimates Cumulative total first 8 months Fiscal year 1994 Fiscal year 1995 Outlays Surplus or deficit Data from Monthly Tmixurtf SLntfrntmt NOTE Data except as noted art from Iludjfft bruary i Off budget Outlays Surplus or deficit Receipts Receipts Outlays Gross Federal debt end of period Surplus or deficit Total Held by the public Somres Department of the Treasury and Offiw of Management and Budget of thr United Stub a FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 8 months of fiscal 1995 receipts were 68 9 billion higher than a year earlier and outlays were 37 4 billion higher BILLIONS OF DC5LLARS BILLIOr IS OF DOLIARS RECEIPTS nn n INCOME TAXES OTHER RECEIPTS 300 TAXES AND CONTRIBUTIONS OUTLAYS NONDEFENSE NATIONAL DFFFNSE XI I 1986 I 1987 I I I INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET I 1991 I I 1992 I N FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS Billions of dollars On tnd et ar d off bin Bct i bud et recci its Fiscal year or period Total Individual income taxes po ration income taxes ariee taxes and Other Total Total btitions estimates Cumulative total first 8 months Fiscal year 1994 Fiscal year Data from Monthly Trwisury Statement NoTK Data except as rioted art1 from Butlf i of tht l nitr d Ktatcji Gmwrntrwrit Fisail Ymr l fi issued I Ybniary and off l IllRCt 01 llealtli Medicare lays Natioru ilefen se Social Department of Defense military International affairs B Income security l Social security 73 9 Net interest Other Sources Department of the Treasury anil Office of Management and liudp t 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1995 according to revised estimates Federal receipts rose 32 2 billion annual rate and Federal expenditures rose 19 7 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES SURPLUS OR DEFICIT CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government receipts Federal Government expenditures Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax aeeruals ontributions for soeial insurance Graritsin aid to State and local governments fi fi G G Period Total Fiscal vear Calendar vear IV 1983 IV 1984 IV 1985 IV 986 IV 987 IV 988 IV 989 IV 990 IV 991 IV 992 IV 993 I II Ill IV 1994 I II Ill IV 1995 I 34 Total Plirehases Transfer payments Net interest paid Subsidies less current surplus of Government enterprises Less Wap acenials less disbursements Surplus or deficit national income and pnxfuct accounts B AND Consumer prims NSA Industrial production seasonally adjusted Period United States Germany United Kingdom Sept Get Nov Dec Jan Feb Mar July Mavf United States Japan Feb Mar Apr 1995 United Kingdom Canada France Germany Italy Canada Japan France Italy Source Nations sources as reported by Department of Commerce Bureau of Econi Analysis arid International Trade Administration Office of Trade ami Economic Analysis Date relate to all wrbaii consumers Biilions of dollars monthly data seasonally adjusted i1 oasis n y enu use category i Census Period BOP basis 1994 Apr May1 Julie July Aug Sept Out Nov Bee Jan Pel Mar Apr 1 2 Auto ConInInmo sumer Capdus Cap tive goods Foods dusital ita Foods trial feeds trial goods non BOP oeds vehi food basis Total Total feeds supsup except and except cles Census bevCensus and plies autoplies auto parts exbasis2 bevbasis2 ercept and and ami autoerages mate moages mate motive enrials rials tive gines motive Exports Imports K 5 5894 S K IS S I S SO i Balance of trade i S minus impo S IsOl oasis Auto Conmo sumer tive gtMxls vehi noncles food parti except autoand moengines tive S Includes undocumented exports to Canada through 1988 Total includes other exports or imports not shown separately Services BOP basis Gooi S Imports customs value P uensus i y em use category basis Goods Exports f a s value Stt 2 86 1 S l i i d lt Goods Census basis Good Services Goods and services fi BOP data have been revised beginning 1983 Data shown in italics in this table are unrevised revised data tor these series will be available later Data on Census basis revised seasonally adjusted Iwginning 1993 and unadjusted beginning 1994 Source Department of Commerce Bureau of the Census and Bureau of Economic Analysis 35 U S INTERNATIONAL TRANSACTIONS In the first quarter of 1995 the merchandise trade deficit rose to 45 1 billion from 43 5 billion in the fourth quarter of 1994 The current account deficit fell to 40 5 billion from 43 3 billion in the fourth quarter Series revised BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Merchandise Period Exports Imports Investment income Services Net balance Net military transactions 2 J Net travel and transportation Other services net Balance on goods and services Receipts on U S assets abroad Payments on foreign assets in U S Net Balance on goods services and income Unilateral transfers net 4 Balance on current account receipts G I II Ill IV I II Ill IV 1995 IP 36 U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts U S claims on foreigners reported by U S banks increased 34 5 billion in the first quarter of 1995 following an increase of 16 7 billion in the fourth quarter U S liabilities to private foreigners reported by U S banks excluding Treasury securities increased 8 6 billion in the first quarter following an increase of 34 7 billion in the fourth quarter Series revised BILLIONS OF DOLLARS 100 BILLIONS OF DOLLARS 100 I I I I I I I 80 CHANGE IN FOREIGN ASSETS IN THE U S NET 1 I I I 60 t f V I CHANGE IN U S ASSETS ABROAD NET 60 f SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCK OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally a4justed except as noted U S assets abroad net increase capit Period Total I IP IIP IV 1994 I II IIP IV 1995 IP U S official reserve assets Other U S Government assets Foreign assets in the U S net increase capital inflow U S private assets Consists of gold special drawing rights SDRs foreign currencies and the U S reserve position in the IMF Note Data revised beginning 1983 Revised data prior to 1993 are not yet available except for current account balance annually Revised data in millions of dollars for current account balance arc for Foreign official assets3 Total Other foreign assets Statistical discrepancy Allocations of special Total sum Of which drawing of the items Seasonal adrights justment with sign SDKs discrepancy reversed U S official reserve assets net 5 unadjusted end of period and Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 Page TOTAL OUTPUT INCOME AND 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 Nonfmartcial 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 Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricul rural Employment Average Weekly Hours Hourly Earnings and Weekly Earnings Piivate 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 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 nosed all dollar figures are in current dollars Symbols used f 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 IXC 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

Employment Cost Index, Private Industry

DATE: June 1995

PART OF:

Economic Indicators : June 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-. "Employment Cost Index, Private Industry," 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-. "June 1995," Economic Indicators (June 1995) : 17-17. https://fraser.stlouisfed.org/title/1/item/763/toc/383732 , accessed on December 7, 2019.

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Economic Data