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 DECEMBER 1995 Includes data available as of December Prepared for the Joint Economic Committee by the Council of Economic Advisers LIBRARY FEB FEDERAL RESERVE BANK OF CHICAGO 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 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 ALICIA H MUNNELL 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 0 I6 047020 X 11 TOTAL OUTPUT INCOME AND SPENDING GROSS DOMESTIC PRODUCT In the third quarter of 1995 according to advance estimates current dollar gross domestic product GDP rose 4 8 percent annual rate real GDP GDP in 1987 dollars rose 4 2 percent and the implicit price deflator rose 0 6 percent BIUJONS OF DOIARS RATIO SCALE BIlilONS OF DOUARS RATIO SCALE EASONAU Y ADJUSTED ANNUAL RATES s s GOP INCUR ttNTDOU ARS f j K 4 400 GDP X 4 000 X C s x IN 987 DOLLARS i t 1983 i i i 1 1 1 i i i i i i t i i i i i SOURCE OEPOON n Of COMMBCE OOUNOL Of ECONOMIC AOVC0G Billions of current dollars quarterly data at seasonally adjusted annual rates Exports and imports Personal Gross of goods and services conprivate Gross domestic sumption domestic Net product expendi investexports Exports Imports ment tures Period IV IV IV IV IV IV IV I n in IV 1994 I II m IV 1995 I n UJp GDP less exports of goods and services plus imports of goods and serviewj Note GDP and related data are as released in October 1995 Benchmark revisions Government purchases Federal Total Total National Nondefense defense State and local AddenGross Final dum sales of domestic Gross purdomestic national product chases product have been delayed Source Department of Commerce Bureau of Economic Analysis GROSS DOMESTIC PRODUCT IN 1987 DOLLARS Billions of 1987 dollars quarterly data at seasonally adjusted annual rates Personal Period conGross domestic sumption product expenditures Exports and impo rtsof goods and serv Gross private domestic investment Nonresidential fixed investment Residential fixed investment Government purchases Final sales of domestic product Federal Change in business inventories Net exports Total Nondefense State and local Gross domestic purchases1 Addendum Gross national product Exports Imports Total National defense I II III IV I II III I II IV IV IV IV IV IV IV IV IV IV IV rv in GDP less exports of goods and services plus imports of goods and services Note See Note p 1 Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT quarterly data are seasonally adjusted Period Gross domestic product Personal consumption expenditures Gross private domestic investment Exports and imports of goods and services Government purchases Federal Total Durable goods Nondurable goods Services Nonresidential fixed Residential fixed Exports Imports Total National defense Nondefense State and local li IV IV IV IV IV IV IV IV I II in rv 1994 I II in IV 1995 I II in Note See Note p 1 Source Department of Commerce Bureau of Economic Analysis CHANGES IN FIXED WEIGHTED AND ALTERNATIVE QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT Percent change from preceding year or quarter quarterly data at seasonally adjusted annual rates Quantity indexes Current dollars Period Fixed 1987 weights s I II in IV 1992 I II in TV 1993 I II in IV 1994 I II IV 1995 I II in ITiP Chain type annual weights Price indexes Bcnchmarkycars weights Fixed 1987 weights 25 1 Percent change in GDP in 1987 dollars Note See Note p Chain type annual weights Benchmarkyears weights priee deflator g Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS jQuarterly data at seasonally adjusted annual rates Current dollar cost and profit er unit of output dollars Oross domestic product of nonfinancial corporate business billions of dollars Period Current dollars IV TV IV IV IV IV IV I II in IV 1994 I II in IV 1995 I II dollars Total cost and profit Consumption of fixed capital Output is measured by GDP of nonfinancial corporate business in 1987 dollars This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left 3 Indirect business tax and nontax liability plus business transfer payments less subsidies 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 With inventory valuation and capital consumption adjustments Note See Note p 1 Sources Department of Commerce Bureau of Economic Analysis and Department of I abor Bureau of Labor Statistics NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates National income Period Compensation of Proprietors income with inventory valuation and capital consumption adjustments 1 ees IV IV IV IV IV IV IV IV I IJ HI IV 1994 I II HI IV 1995 I II Ill Nonfarm Farm Includes employer contributions for social insurance See also p 5 Note See Note p 1 Rental income of persons with capita 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 I II Ill IV 1994 I II Ill rv 1995 I II Hip 1 Total personal eonsumption expenditures Includes other items not shown Note See Note p 1 Total durable goods Motor vehicles and parts Furniture and household equipment Other Total nondurable goods Food Clothing Gasoline and and oil shoes Retail sales of new passenger cars millions of units Services Nondurable goods Fuel oil and eoal Other L Total services Housing Medical care Domestics Source Department of Commerce Bureau of Economic Analysis Imports SOURCES OF PERSONAL INCOME Personal income rose 26 7 billion annual rate in September following a rise of 6 9 billion in August Wages and salaries rose 16 5 billion in September following a decline of 4 9 billion in August BIUJONS OF DOLLARS RATIO SCAIE 7 000 BILUONS OF DOUARS RATIO SCALE TOTAL PERSONAL INCOME WAGE AND SALARY DISBURSEMENTS MOO OTHER INCOME TRANSFER PAYMENTS l I II I 11 l l I I n l n 11 i n 11 M iM SEASONAltY ADJUSTED ANNUAL RATCS SOURCE DEPAKTM IT Of COMM8KE COUNCtt Of ECONOMIC ADVEBB Billions of dollars monthly data at seasonally adjusted annual rates Total persona income Period Sept Oct Nov Dec 1995 Jan Feb Mar Apr July Sepf Wage ami salary disbursements Proprietors income3 Other labor income Farm The total of wage ami salary Hslwirsnments and other labor income differs from comiwnsation 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 wnptoyer contributions to private pension and private welfare fiinds With inventory valuation and capital consumption ai ustmcnte 4 With capital consumption adjustment Nonfarm Rental income of persons Personal dividend income Personal interest income Transfer payments Ijess Persona contributions for social insurance Nonfarm personal income fi 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 Note See Note p 1 Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME According to advance estimates per capita disposable personal income in 1987 dollars rose in the third quarter of 1995 BIUJONS OF DOLLARS RATIO SCALE BILUONS OF DOLLARS RATIO SCALE DOLLARS RATIO SCALE 22 000 PER CAPITA DISPOSABLE PERSONAIJNCOME CURRENT DOLLARS rM r n r DOLLARS RATIO SCALE DOLL it i i i I I I i i i i i i 1987 i i i i i I i i i t i i i I i I i I I i COUNOL Of ECONOMIC ADVBKS Period Personal income Less Personal tax am nontax payments Equals Disposable personal ineomc Less Personal outlays Equals Personal saving Disposable personal income in 1987 dollars billions Per capita disposable personal income Per capita personal consumption expenditures Current dollars Current dollars 1987 dollars Billions of dollars dollars Dollars Percent change in real per capita disposable personal income Saving as percent of disposable persona income Population including Armed Forces overseas thousands 2 Percent sb Seasonally adjusted annual rates IV IV IV IV IV IV IV I II Ill IV 1994 I II in IV 1995 I TJ in Includes personal consumption expenditures interest paid by persons and personal transfer payments to rest of the world net 2 Annual data are averages of quarterly data which are averages for the period Note See Note p 1 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the second quarter of 1995 according to preliminary estimates gross farm income fell 9 9 billion annual rate and net farm income fell 12 1 billion BILLIONS OF DOLLARS RATIO SCALE 240 X f j BILLIONS OF DOLLARS RATIO SCALE k S s V r p GROSS FARM INCOME r I ij i 1 V l V i i l N ETFARMIh4COME i N i i i I 2 E i i i i i i i i i i 1987 i i i 1986 i i i 1988 i i i 1989 i i i 1990 I I I SEASONAUY ADJUSTED ANNUAL MIES SOURCE OHVWIMENTOf AGHCUUUffi i i i 1993 i i i 1994 i t i 1995 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 II Ill IV 1994 I II Ill IV 1995 I HP Livestock and products i 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 1992 in chart do not reflect previous revisions to annual data in table Sources Department of Agriculture and Department of Commerce CORPORATE PROFITS In the second quarter of 1995 according to current estimates corporate profits before tax rose 3 5 billion annual rate and profits after tax rose 2 9 billion BILLONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES f p TOFITS BEFnpETA 400 A x r O P i ii 1982 v k 1 I i i i i i s rA 7 V x S v V X f f N UNC ISTRIBUTEC1 PROFITS V TAX LIABILITY s s 1 s l f s s J S v s OFITS AFT s s V i i i 1 1 1 iii i i i i i 1 1 1 I I i COUNCIL Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE 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 IV IV I II in rv I II in IV 1995 I II Financial Total Manufacturing Wholesale and retail trade Profits before tax Tax liability Hip 1 Sec p 4 for profits with inventory valuation and capital Consumption a yustrm nts 2 Includes rest of the world not shown separately Total Dividends Undistributed profits Includes industries not shown separately Note See Not p 1 Sourt Department of Commerce Bureau of Kconomic Analysis Inventory valuation adjustment GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS In the third quarter of 1995 according to advance estimates nonresidential fixed investment in 1987 dollars rose 15 3 billion annual rate and residential investment rose 5 8 billion There was a 35 3 billion increase in inventories following an increase of 34 3 billion in the second quarter BILLIONS OF 1987 DOLLARS BILLIONS OF 1987 DOLLARS 1 100 SEASONABLY ADJUSTS ANNUAL RATES r Vr y r x i GROSS PRIVATE DOMESTIC INVESTMENT s s 700 s 600 s s NC NRESIDEh TIAL D INVESTS R ESIDENTLA L FIXF D INVESTW FNT A i t j x t 1 1 i i i CHANC3E IN BUSI NESS IN ENTORIE s s 100 y 1 000 S s s f s N s s i i i X i i i l i l i l i SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of 1987 dollars quarterly data at seasonally adjusted annual rates Fixed investment Gross private domestic investment Period IV IV IV IV IV IV IV 1993 I II m IV 1994 I II in IV 1995 I II TH Note See p 10 for further detail on Fixed investment by type See Not p 1 Change in business ones Nonresidential Total Total Structures Producers durable equipment Residential ourw Department of Commerce Bureau of Economic Analysis Total Nonfarm I FIXED INVESTMENT BY TYPE IN 1987 DOLLARS Billions of 1987 dollars quarterly data at seasonally adjusted ammal ratesi Noiiresidential Residential Producers durable equipment Structures Period IV IV IV IV IV IV IV IV I II in IV 1994 I II m IV 1995 I II m Total nonresidential Total Nonresidential buildings including farm Structures Information processing and related equipment Utilities Mining exploration shafts and wells Total Computers and peripheral equipment Total Includes other items not shown separately 2 Includes new computers and peripheral equipment only 3 Includes producers durable equipment not shown separately Other Industrial equipment Transportation and related equipment Total residential Total Single family Multifamily Other Notts See Note p 1 Source Department of Commerce Bureau of Economic Analysis BUSINESS INVESTMENT AND PLANS Billions of dollars By industry Period a 1 Total expenditures Mining and Manufacturing struction Durable goods Total Total Nondurable goods Estimates collected from the 1993 Annual Capital Expenditures Survey 2 Preliminary estimates collected from the February 1995 Investment Plans Survey Final data are scheduled to be published in January 1996 in the 1994 Annual Capital Expenditures Survey 3 Revised estimates of planned capital expenditures from the September 1995 Investment 10 Transportation Communications Utilities Wholesale and retail trade Finance insurance and real estate Services Serving multiple industries Not distributed by industry Plans Survey Note Data from Business Investment and Plans 1993 to 1995 released September For fiirther information see Annuitl Capital Exfwnditttrfx 1993 and Technical Note on New Annual Capital Expenditures Survey Septernl er 1995 Source Department of Commerce Bureau of the Census EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In November employment fell by 389 000 and unemployment rose by MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR FORCE r x H s p V CIVILIAN EMPLOYMENT j X YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA Civilian employment Civilian noninstitutional population NSA Period Civilian labor force Nov Dec 1995 Jail Feb Mar May Sept Oet Total Jnly Total Part time for economic reasons Nonagrieultural Agricultural 1 Pci sons at work Economic reasons include slack work material shortages inability to find fulltime work etc Civilian labor fort or employment as percent of civilian noninstitutiona population and unemployment as percent of civilian labor force Percent2 Unemployment Total T weeks and over Not in labor force Labor force participation rate Employment population ratio Unemployment rate Not strictly comparable with earlier data I a a beginning January 1994 are not directly comparable with data for earlier periods See Employment tiwl Homings February 1994 Source Department of Labor Bureau of Ijabor Statistics 4 11 oi 7i i cm SELECTED UNEMPLOYMENT RATES In November the unemployment rote rose slightly to 5 6 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED 25 TEENAGERS L v yx 20 V s iV MEN 20 YEARS AN DOVER s X WOMEN 20 YEARS ANDOV ER 1 II III 1 1 II j 1994 UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE N GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR 1995 COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group By sex and age Period Nov Dec 1995 Jan Peb Mar May June July Aug Sept Oct Nov All civilian workers Men 20 years and over Women 20 years and over Both sexes 1 19 years White Revised definition for details see Employment ami Earning February 1994 2 Data beginning January 1 94 an riot directly comparable with data for earlier periods 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 Labor Statistics Fnll time workers Part time workers SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In November the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks and over rose while the percentages for 5 14 weeks and for 15 26 weeks fell The mean duration of unemployment rose to 16 5 weeks and the median duration fell to 7 9 weeks PERCENT DISTRIBUTION PERCENT DISTRIBUTION SEASONAUY ADJUSTED I BEGINNING 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 Duration of unemployment Unemployment thousands Period Percent distribution Less than 5 weeks 5 14 weeks Reason for unemployment percent distribution State programs Number of weeks 15 26 weeks 27 weeks and over Average mean Median Job losers1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 2 Weekly average thousands Nov Dec 1995 Jan Feb May July Sept Oct 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 UCPE 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 Employment and Earnings February 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 and Training Administration 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 166 000 in November MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS ALL NONAGRICULTURAL ESTABLISHMENTS SERVICE PRODUCING INDUSTRIES GOODS PRODUCING INDUSTRIES 30 I ITII III COUNOl OF ECONOMIC ADVISERS Thousands of wage and salary workers seasonally adjusted Goods producing industries Period Nov Dec 1995 Jan Peb May June July Aug Sepf Ocf Nov Total nonagricultural employment Total Construction Service producing industries Manufacturing Total NonDurable durable goods goods Includes all full and part time wage and salary workers in nonagrieultural establishments who received pay for any part of the pay period whieh includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total in this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 11 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 whieh are based on a sample 14 Total Transportation and public utilities Wholesale trade Retail trade Finance insurance Services and real estate Government 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 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 weekly hours Total private nonagricultural Manufacturing Total private nonagrieultural J Period Total Average gross weekly earnings Average gross hourly earnings Overtime Current dollars Total private nonagrieulfciral 1982 dollars2 Manufacturing Percent change from a year earlier total private nonagricultural 3 Current dollars Current dollars 1982 dollars2 Manufacturing Construction Retail trade Current dollars 1982 dollars Dec 1995 Jan Feb Mar May July Sept Oct Nov Nov e i 3 1 Also includes other private industry groups shown on p 14 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers CPI W on a base Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics EMPLOYMENT COST INDEX PRIVATE INDUSTRY Index June Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits1 Total compensation Wages and salaries 12 months earlier Benefits Total compensation Wages and salaries Benefits Not seasonally adjusted Dee Dec Dee Dec Dec Dec Dec Dec Dec Dee Seasonally adjusted 1993 Mar Sept Dec 1994 Mar Sept Dec 1995 Mar Sept Employer costs for employee benefits NOTE The employment cost index is a measure of the change in the cost of labor free from the influence of employment shifts among occupations and industries Not seasonally adjusted Data exclude farm and household workers Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND Output pe r hour of allpe Period Business sector Nonfarm business sector Output Business sector DATA BUSINESS SECTOR Compensation per hour 3 Hours of all persons2 Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector Unit labor costs Real compensation per hour Business sector Nonfarm business sector Business sector Implicit price deflator5 Nonfarm business sector Business sector Nonfarm business sector quarterly data seasonally adjusted IV IV IV IV IV 1990 IV 1991 IV 1992 IV 1993 I II III rv 1994 I II Ill IV 1995 I H rn Percent change quarterly data at seasonally adjusted annual rates I II Ill IV 1993 I II Ill IV 1994 I II HI TV 1995 I II HIP L 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 plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the self employed 4 Hourly compensation divided by the consumer price index for all urban consumers CPI U 16 L 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 Ijabor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY Industrial production rose and capacity utilization fell in November INDEX RATIO SCALE 160 FINAL PRODUaS 150 BUSINESS EOIJIPMFNT 140 INDEX RATIO SCALE 140 TOTAL INDUSTRIAL PRODUCTION f r s T I Mt 1 Mill t II 1 i MM 1 1 M Mill 1 1 1M MM s f s x GOODS DEFENSE AND SPACE EQUIPMENT inn i i i i i UTILITIES AND MINING 130 UTILITIES 110 A X HM 1 MM H MM 1 1 n lTHi M CAPACITY UTILIZATION RATE TOTAL INDUSTRY X VN I r J M i M M MINING 100 V 1 1 M 1 PERCENT I f If 1 i 1 I M It I 1995 XV i IVl l M I M M M 1 M M M 1 M 11 M M 1 M I M1 M COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Industry production indexes Total industrial production Period Index Capacity utilization rate percent 1 Manufacturing Percent change from year earlier Mining Total Durable Utilities Nondurable Total industry Manufacturing Nov Dec Jan Feb Mar May June July Sepf Octr NovP 1 Output as percent of capacity Note Data for November 1995 and prior monthly revisions not plotted in chart 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 Consumer goods Equipment Period Total Total Nov Dec 1995 Jan Feb Mar July Ocf NOVP Durable goods Nondurable goods Total i Business Defense and space equipment Total Construction supplies Business supplies Total Energy Includes oil and gas well drilling and manufactured homes not shown separately monthly data seasonally adjusted Durable manufactures Primary metals Period Total Nov Dec 1995 Jan Feb July SepU Ocf Nov Source Board of Governors of the Federal Reserve System 18 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 products Foods NEW CONSTRUCTION Monthly data seasonally adj isted Construction contracts3 Private Period Total new constnietion expenditures Residential Total New housing units Total Commercial and Indus trial Other Federal and State and local Total value index Commercial and iiulvistrial floor space millions of square feet Billions of dollars S Annual rates Annual rates 1994 Oct Nov Dec Jan Peb Mar July Sept Ocf 1 Includes 2 Includes 3 residential improvements not shown separately hotels and motels F 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 i l 371 6 Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted annual rates 1994 Oet Nov Dec 1995 Jan Feb July Sept Ocf Seasonally adjusted 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 J The 1994 total based on 17 000 permit issuing places is 1 333 7 thousand units 2 NOTE l ginning 1994 units authorized are for 19 000 places For other data shown units authorized are for 17 000 places Source Department of Cotmumte Rutv au of the Census 1Q BUSINESS SALES AND INVENTORIES Manufacturing and Trade In October manufacturing and trade sales fell 0 4 percent and inventories rose 6 1 billion According to advance data retail sales rose 0 8 percent in November following a decline of 0 4 percent in October BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE r MA 4UFACTURIN 3 AND TRADE INVENTC RIES V RFJAIL INVENTORIES 200 NUFACTURIN AND TRADE SAL S 400 RETAIL SALES RATIO 1 80 INVENTORY SALES RATIO 1 70 RETAIL x V V Woi U Ii 1994 II 1 I i i s S S M i M SEASONALLY ADJUSTED SOURCE DEPARTMENT Of COMMERCE Manufacturing and trade Period Sales 2 Inventories X ANDTRA DE i i n ii H I t 1 1 u COUNCIL OF ECONOMIC ADVISERS Retail Wholesale Sales2 Sales2 Inventories3 Total Durable goods stores Inventory sales ratio 4 Inventories3 Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade Retail Millions of dollars seasonally adjusted except as noted Ocf Nov Dec 1995 Jan Feb Mar May July Sept Ocf NovP 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 In October manufacturers shipments and new orders fell inventories and unfilled orders rose BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SHIPMENTS DURABLE GOODS INVENTORIES v TOTAL DURABLE GOODS NONDURABLE GOODS NONDURABLE GOODS BILLIONS OF DOLLARS RATIO SCALE 320 NEWORDERS TI ITAI r s J N 80 t l il r DURABLE DODS r J v i N N NONIXIRABLE GOC IDS 80 1 1 j 1 1 1 1 II i I i SEASONAllY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNat Of ECONOMIC ADVISERS Manufacturers shipments Manufacturers inventories2 Manufacturers new orders Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries nondcfcnse Nondurable goods Manufacturers unfilled orders2 Manufacturers inwntory shipments ratio3 Millions of dollars seasonally adjusted except as noted Get Nov Dec Jan Feb Mar July Sept Ocf Annual data are averages of monthly not seasonally adjusted figures monthly data arc seasonaily adjusted totals for month Shipments are the same as sales 2 Seasonally adjusted end of period i Annual data are averages of seasonally adjusted monthly ratios Note New and revised data for October 1995 and revised data for September 1995 not plotted in chart Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES In November the producer price index for alt finished goods rose 0 5 percent Prices of finished consumer foods rose 1 2 percent and prices of other finished consumer goods rose 0 2 percent Capital equipment prices rose 0 4 percent INDEX RATIO SCALE INDEX RATIO SCALE no COUNCIL Of ECONOMIC ADVISES SOURCE DEPARTMENT Of 1ASOR monthly data seasonally adjusted Finished goods Intermediate materials Finished goods excluding consumer foods Period Total finished goods Consumer foods Consumer goods Total Total Nov Dec 1995 Tan Feb Mar Apr May June July Aug Sept Oct Nov J Intermediate materials for food manufacturing and feeds 22 Durable Nondurable Capital equipment Total finished consumer goods Total Foods and feeds i Other Source Department of Labor Bureau of Labor Statistics Crude materials Total Foodstuffs and feedstuffs Other CONSUMER PRICES ALL URBAN CONSUMERS In November the consumer price index for all urban consumers was unchanged seasonally adjusted it fell 0 1 percent not seasonally adjusted The index was 2 6 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE SEASONAUY ADJUSTED i iii iiiiil 111i I 11 II COUNCIL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted Transportation Housing All items 1 Shelter Period Nov Dec 1995 Jan Feb Mar Apr May July Aug Sept Get Nov 1 Not seasonally adjusted NSA Seasonally adjusted Total Food Renters costs Dec 19g Total Includes items not shown separately Household fiiels gas piped electricity fuel oil etc ai I motor fuel Motor oil coolant etc excluded beginning 1983 3 Relative importance December Home Main Fuel teownand nance other ers and costs utilire Dec ties 1982 pairs 100 NSA Apparel and up Total i keep New cars MediMotor cal care fuel Energy2 All items less food and energy NOTE Data incorporate a rental equivalence measure for homeownership costs beginning 1983 Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent dmnge from preceding period monthly data seasonally adjustwl except as noted by NSA Change from preceding period Change from 3 months earlier annual rate Consumer goods Consumer goods Period Total finished goods Capital equipment Excluding foods Foods Change from year earlier Change from b months earlier annual rate Consumer goods Total finished goods Capital equipment Excluding foods Foods Capital Total finished goods total IH uip Excluding foods Foods finished goods nierit NSA Change Dec to Dec NSA Change month to month 1994 Nov Dee 1995 Jan Feb July Aug Sept Oet 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 NSAj Housing All items J Period All Fuel Food Total l RentTotal ers costs Addendum All items percent change gnnua rate Transportation Shelter Hof noowners costs and other utilities Ap Medi parel and upkeep Total New cars Motor fuel cal care KnerKX 2 items less food and energy From previous quar ter From From 3 6 months months earlier earlier From year earlier NSA Change December to December NSA Q Change month to month 1994 Nov Dec 1995 Jan Feb Mar May July Aug Sept Oct Nov Includes items not shown separately Household fuels gas piped electricity fuel oil ete and motor fuel Motor oil coolant etc excluded beginning Q IA 4 g 2 2 s i Quarterly 4iang s an shown in the last month of the quarter Source Department of Lalx r Bureau of Ijabor Statistics PRICES RECEIVED AND PAID BY FARMERS In November prices received by farmers rose 1 0 percent from their October level Prices paid by farmers in October rose 0 9 percent from their July level Data are not seasonally adjusted INDEX RATIO SCALE INDEX RATIO SCALE RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAIP OURCE DEPARTMENT OF AGRICULTURE COUNCIi 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 rates1 Production items interest taxes and wage rates Ratio2 Production items Nov Dec Jan Peb May June July Sept Oet Nov 1 Includes items not shown separately 2 Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates See also footnote 3 3 Prices paid by fanners are available only for first month in quarter and for each month the received paid ratio is based on latest data available NOTE The official indexes are published on a 1910 14 base as required by law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES M2 rose In November and growth in M3 slowed BILUOh45 OF DOLLARS RATK SCALE BIUJONS OF DOLLARS RATIO SCALE M r Ml M 1 1 1I 11 1 I M 1 M 1 M i l l 1988 i i 1 1 i i 11 i 1 1 i i i ti M 1 Ii 1 1 t 1 1 M 1 1 I t i i i i i i i i i i t i I i i i I i i i t ADJUSTED SOURCE BOARD OF ODVERNORSOFTHEFttlERALRESBVE SYSTEM AVERAGES OF DAILY 1995 FIGURES SEASONAttr COUNCIL OF ECONOMIC ADVISERS Averages of daily figures except as noted billions of dollars seasonally a4Justed Ml Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dee Oct Nov Dec 1995 Jan Feb Mar May July Sept Oct 7 Nov 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 pins large time deposits term RPs term Eurodollars and institution only MMMF balances M3 plus other liquid assets Debt of domestic nonfinancial sectors monthly average Consists of outstanding credit market debt of the U S Govern merit State and local governmerits and private nonfinancial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 mouths earlier at a simple annual rate 26 f Percent change from year or 6 months earlier2 M2 Ml Q NOTE See 27 for components Data for November 1895 and prior monthly revisions not plotted in chart Solmec of Govl rnors of thc KMi ra j s M Debt COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted by NSA Currency Period Other Decheckmand able depos deposits its OCDs Overnight repurchase agreements RPs net plus overnight Eurodollars1 Money market mutual fund balances Savings deposits including money market deposit accounts MMDAs Small denomination time deposits2 Large denomination time deposits2 Institution only NSA Dec 1995 Jan Feb July Oct Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Oct Includes continuing contract RPs Small denomination and large denomination deposits are those issued in amounts of le than and more than respectively Term repurchase agreements RPs Term Eurodollars net NSA General purpose and broker dealer NSA Savings bonds Short Bankterm ers Treasacury ceptsecuriances ties Commercial paper P r fia o 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 atljusted except as noted by NSA1 Borrowings of depository institutions from the Federal Reserve NSA Adjusted for changes in reserve requirements Reserves of depository institutions Period Total Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Nov Dec 1995 Jan Feb Mar July Sept Oct Novf Data are prorated averages of biweekly maintenance period averages of daily figures Nonborrowed Nonborrowed plus extended credit 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 3 percent in November commercial and industrial loans rose 0 7 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted l Securities in bank credit Period Total hank credit Total securities Loans and leases in bank credit U S CommerTotal Other Governcial and securities loans and industrial ment 2 leases securities Real estate Total Revolving home equity Consumer Security Other Other Dec Dec Dec Dec Dec Dec Dec Nov Dec r Jan Peb Mar Apr May July Aug Sept Oct Nov 1 Data are Wednesday values 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 2 Excludes Federal funds sold to reverse repurchase agreements RPs with and loans to commercial banks in the United States NOTE Data for November 1995 and prior monthly revisions not plotted in chart 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 Period Total I H m IV 1994 I II m IV 1995 I UP Internal Credit market funds Total Total Securities and mortgages 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 rtonsists of tax liabilities trade debt pension fund liabilities and direct foreign investment in the U S Total Other Increase in financial assets Capital expenditures Discrepancy sources less uses Plant and equipment residential structures inventory investment and mineral righto from U S Government Source Board of Governors of the Federal llcserve System CONSUMER INSTALLMENT CREDIT Billions of dollars seasonally adjusted Period Dee Dec Dec Dee3 Dee Dec Dec Dec 1993 Dec 1994 Dec 1994 Oct Nov Dec 1995 Janr Feb Mar Aw May Juner July Aug Sept1 Ocf 1 Total Automobile Revolving Other 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 Net change in installment credit outstandingl Installment credit outstanding end of period 3 Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months 4 Because of breaks in series net change riot available Source Board of Governors of the Federal Koserve System INTEREST RATES AND BOND YIELDS Interest rotes fell in the first 3 weeks of December PERCENT PER ANNUM 1987 PERCENT PER ANNUM COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TAME BEtOW Percent per annum U S Treasury security yields Period Nov Dec 1995 Jan Peb Mar Anr July Aug Sept Oct Nov Week ended 1995 Dec month bills new issues l Constant maturities 3 year 10 year High grade municipal bonds Standard Poor s 3 on Prime commercial paper 6 months1 Discount rate N Y P R Bank 4 Prime rate charged by banks New home mortgage yields FHFB s Bank discount basis Yields on the more actively traded issues adjusted to constant maturities by the Treasuiy Department 3 Weekly data are Wednesday figures 4 Average effective rate for year opening and closing rate for month and week 2 Corporate Aaa bonds Moody s Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rat 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 the first 3 weeks of December INDEX DEC RATIO SCALE OSITE STOCK PR NYSE 200 v v INDEX DEC RATIO SC ME 320 S N r y S Mill Mill 1987 Mill Mill Mill I1 I M 1 1 l M M 1 Mill M I M M 1 1 1 M M 1 1 1 Mill Mill PERC NT 20 PER CENT EARNINGS PRICE RATO ON COMAi OM STOCKS S P i i i i i i i i i i i i i 1993 i i i i 0 Common stock yields percent 6 New York Stock Exchange indexes Dec except as noted 2 Industrial i 1995 Common stock prices Composite 5 OOUNCJI Of rfTONOMIC ADVISERS jOURCES NEW YORK TOCK EXCHANGE ANI STANDARD SPOOR S CORPORATION Period Transportation Utility Finance Dow Jones industrial average4 Standard Poor s composite index Dividendprice ratio Earningsprice ratio Nov Dee Jan Peb Mar July Sept Out Nov Week ended 1995 Dee Average of daily closing prices 2 Includes 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 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 31 FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 2 months of fiscal 1996 there was a deficit of 61 2 billion compared with a deficit of 68 6 billion a year earlier BILLIONS OF DOLLARS 1 600 RECEIPTS AND OUTLAYS BILLIONS OF DOLLARS MOO OUTLAYSJ V 1 000 RECEIPTS 900 JJ SURPIUSOR DEFICIT I INOJUDCS ON BUDGET AND OfF BUOGSF IrtMS SOURCES MPAHTMtNT OF THE TREASURY AND OfHCE Of MANAGEMBfl AND BUDGET FISCAL YEARS COUNCIL Of ECONOMIC ADVISERS Billions of dollars Total Fiscal year or period Receipts Outlays On budget Surplus or deficit Receipts Outlays Cumulative total first 2 months l Fiscal year 1995 Fiscal year 1996 1 Outlays Surplus or deficit Gross Federal debt end of period Total Held by the public Data from Monthly Treasury Statement NOTE Data except as noted are from Budget of the United States Government Fiscal Year 1996 issued February Receipts Off budget Surplus or deficit Sources Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 2 months of fiscal 1996 receipts were 8 9 billion higher than a year earlier and outlays were 1 5 billion higher BILLIONS OF DOLLARS AX RECEIPTS BILLIONS OF DOLLARS 700 INDIVIDUAL INCOME TAXES son INCOMETAXES OTHER RECEIPTS TAXES AND CONTRIBUTIONS o n o OUTLAYS NONDEFENSE NATIONAL DEFENSE A V J INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET K FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS Billions of dollars On budget and off budget receipts Fiscal year or period Cumulative total first 2 months Fiscal year Fiscal year 1996 Total Social CorinsurIndiance vidual pora taxes tion income income and taxes taxes contributions On budget and off budget outlays Nationa defense Other Total Department of Defense military Internation Health al affairs Data from Monthi y Twxumry Statement NOTK Data exw pt as noted are from Budget of the United States Govtimment Fiatnl Year m issued Fdmiary Total Medicare Income security Social security Net inter Other est Sourwis Department of the Treasuiy and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 1995 Federal receipts rose 34 5 billion annual rate and Federal expenditures rose 15 5 billion In the third quarter according to advance estimates expenditures rose 9 9 billion receipts data are incomplete BILLIONS OF DOLLARS BILLIONS OF COLLARS SEASONALLY ADJUSTED ANNUAL RATES s y s s n s s f s S S s EXPENDITURES y XX SIJRPLUS OR DEFICIT i i S i i i y s A i i i i t I i i i i ii 1 t CALEND AR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government receipts Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Period Total Fiscal year Calendar year IV 1986 IV 1987 IV 1988 IV 1989 IV 1990 IV 1991 IV 1992 IV 1993 I II in rv 1994 I II in IV 1995 I II inp NOTE H Not p 1 34 Federal Government expenditures Grantsin aid to Net State interest and paid local governments Subsidies less current surplus of Government enterprises Surplus or deficit Less Wage accru national als less income disand burse product ments accounts Purchases Transfer payments Total Soura Department of Commerce Bureau of Economic Analysis t INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial production seasonally adjusted Period United States Canada Japan France Germany Consumer prices NSA United Kingdom Italy United States Canada Japan Prance Germany United Kingdom Italy Aug Sept Get Nov Dec Jan Feb Mar July Sept Oct Nov 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 P 1 l ensus ha fbv end use ategory oasis ay H P l ensus h ay en 1 cat gory 1 oasis Ihu use Balance of trade xpo mus impo Services BOP basis Goods Imports customs value Goods Exports f a s value basis RflP h Period BOP basis AutomoCaptive ital Poods goods vehiTotal feeds except cles Census and 2 bevbasis and auto parts erages mate moand entive rials gines Industrial sup Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sepf 1 2 Exports Imports Goods Census Includes undocumented exports to Canada through 1988 Total includes other exports or imports not shown separately ConAuto ConInsumer mo sumer Capj 0 goods tive ital Poods QU8 non BOP Total feeds trial goods vehi goods sup except cles nonfood basis Census and food 2 bevauto parts except basis and cept and autoerages mate moautoenmotive rials mogines tive tive Goods Services Goods and services NOTE BOP refers to balance of payn 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 third quarter of 1995 the merchandise trade deficit fell to 43 4 billion from 48 8 billion in the second quarter The current account deficit fell to 39 5 billion from 43 3 billion in the second quarter BIWONS OF DOLLARS BiUJONS OF DOLLARS SEASONAUY ADJUSTED SOURCE DEPARTMENT Of COMMERCE COUNCR Of ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Merchandise Investment income Services Net Period Net balance Exports Imports I II in IV 1994 I II in IV 1995 I II TTTP Balance on goods and services Net military transactions travel Other and trans services net portation receipts Heceipts on U S assets abroad Payments on foreign assets in D S 4 Adjusted from Census data for differences in timing and coverage excludes military Transfers under U S military agency sales contracts exports minus direct defense expenditures imports 36 Balance on goods services and income Unilateral transfers net4 Balance on current account J Net Quarterly data are not seasonally adjusted Includes transfers of goods and servutes under U S military grant programs p 37 far ymtinutition of table U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts U S claims on foreigners reported by U S banks decreased 14 9 billion in the third quarter of 1995 in contrast to an increase of 40 0 billion in the second quarter U S liabilities to private foreigners reported by U S banks excluding Treasury securities decreased 20 0 billion in the third quarter in contrast to an increase of 12 2 billion in the second quarter BILUONSOf DOUARS BIWONS OF DOLLARS SEASONAtlY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNOl Of ECONOMIC ADVBEHS Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad net increase capit Period Total I II Ill IV 1994 I II m IV 1995 I II Illp V S official reserve assets35 Other U S Government assets Foreign assets in the U S net increase capital inflow U S private assets Other foreign assets Consists of gold si edal drawing rights SDHs foreign currencies and the U S reserve position in the IMF Foreign official assets3 Total Statistical discrepancy Allocations of special Total sum drawing of the items Of which Seasonal rights adjustment with sign SDKs discrepancy reversed U S official reserve assets net5 unadjusted end of period Sources Department of inn eree Bureau of Economic Analysis and Department of the Treasury 37 Contents Pa e TOTAL OUTPUT INCOME AND SPENDING Gross Domestic Product Gross Domestic Product in 1987 Dollars Implicit Price Deflators for Gross Domestic Product Changes in Fixed Weighted and Alternative Quantity and Price Indexes for Total GDP Nonfmancial 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 Fixed Investment by Type in 1987 Dollars Business Investment and Plans 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 e Corrected Not available also not applicable NSA not seasonally adjusted nr 38 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 U S GOVERNMENT PRINTING OFFICE

Bank Credit at All Commercial Banks

DATE: December 1995

PART OF:

Economic Indicators : December 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-. "December 1995," Economic Indicators (December 1995) : 30-30. https://fraser.stlouisfed.org/title/1/item/769/toc/106293 , accessed on December 7, 2019.

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Economic Data