National Income

Name: National Income
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 105th Congress 1st Session Economic Indicators MAY mrmmm fa Includes data available as of June Prepared for the Joint Economic Committee by the Council of Economic Advisers BANK OF CHICAGO UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong JIM SAXTON New Jersey Chairman CONNIE MACK Florida Vice Chairman HOUSE OF REPRESENTATIVES DONALD A MANZULLO Illinois MARK SANFORD South Carolina MAC THORNBERRY Texas JOHN T DOOLITTLE California JIM McCRERY Louisiana FORTNEY PETE STARK California LEE H HAMILTON Indiana MAURICE D HINCHEY New York CAROLYN B MALONEY New York SENATE WILLIAM V ROTH JR Delaware ROBERT F BENNETT Utah ROD GRAMS Minnesota SAM BROWNBACK Kansas JEFF SESSIONS Alabama JEFF BINGAMAN New Mexico PAUL S SARBANES Maryland EDWARD M KENNEDY Massachusetts CHARLES S ROBB Virginia CHRISTOPHER FRENZE Executive Director COUNCIL OF ECONOMIC ADVISERS JANET L YELLEN Chair ALICIA H MUNNELL Member JEFFREY A FRANKEL Member PUBLIC LAW 120 SlST 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 Vnited States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June 23 1949Chans prepared by the Art Production Section Design and Graphics Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 3 00 a single copy 3 75 foreign or by subscription at 33 00 per year 41 25 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 For sale by the U S Government Printing Office Superintendent of Documents Mail Stop SSOP Washington DC ISBN TOTAL AND GROSS DOMESTIC PRODUCT In the first quarter of 1997 according to revised estimates current dollar gross domestic product GDP rose 8 1 percent annual rate real GDP GDP in chained 1992 dollars rose 5 8 percent and the implicit pric deflator rose 2 2 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 8 000 SEASCNAilY ADJUSTED ANNUAIRATK GDP IN CHAINED 1992 DOLLARS r r X x GDP IN CURRENT DOLLARS X X X x s 4 800 X i I 1 I I i I 1988 1 I 1 1989 I i i i i i 1 I l 1994 SOURCE DEPARTMENT OF COMMERCE I i 1 i i 1997 COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Period I H m IV 1994 I TJ III IV 1995 I II 1996 in rv I n Ill IV 1997 I 1 Exports and imports Personal Gross of goods and services private eonGross domestic sumption domestic product expendi investNet exports Exports Imports ment tures GDP less exports of goods and services plus imports of goods and services Government consumption expenditures and gross investment Federal Total Total National Nondefense defense State and local Final Gross sales of domestic purdomestic product chases Addendum Gross national product J Source Department of Commerce Bureau of Economic Analysis REAL GROSS DOMESTIC PRODUCT Billions of chained 1992 dollars quarterly data at seasonally adjusted annual rates Period I n HI IV I n m IV 1995 I n in IV 1996 I n m IV 1997 I Gross domestic product Personal consumption expenditures Gross private domestic investment Nonresidential fixed investment Residential fixed investment Change in business inventories Exports and imports of goods and services Federal Net exports Government consumption expenditures and gross investment Exports Imports Total Total GIM Iftss exports of goods and services plus imports i f goods and services Note Because of the formula used for calculating real GDP the chained 1992 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates National defense Nondefense State and local Final sales of domestic product Gross domestic purchases Addendum Gross national product Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT Index numbers quarterly data are seasonally adjusted Personal consumption expenditures Period I n m IV 1994 I H in IV 1995 I n in IV 1996 I n in IV 1997 I Gross domestic product Total Durable goods Nondurable goods Source Department of Commerce Bureau of Economic Analysis Gross private domestic investment Services Government consumption expenditures and gross investment Federal Nonresidential fixed Residential fixed Exports and imports of goods and services Exports Imports Total National defense Nondefense State and local GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES INDEXES AND PERCENT CHANGES I Quarterly data are seasonally adjusted Index numbers Real GDP chain type quantity index ODP current dollars I II HI IV 1994 I H S in iv 1995 I n ra rv 1996 I n m iv 1997 I ODP chain type price index Percent changes based on indexes to 3 decimal places Quarterly percent changes are at annual rates Percent change from preceding period GDP implicit price deflator Real GDP chain type quantity index ODP current dollars GDP chain type price index GDP implicit price deflator I Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Gross domestic product of nonfinancial corporate business billions of dollars Poriod Current dollars I II m iv 1994 I II III IV 1995 I H ni iv 1996 I n m iv 1997 If Chained 1992 dollars Output is measured by JDP of nonfinancial corporate business in chained 1992 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 a Current dollar cost and profit per unit of real output dollars Total cost and profit Consumption of fixed capital Indirect business tax etc Compensation of employees Corporate profits with inventory valuation and capital consumption adjustments Profits tax liability Profits after tax Vet interest s Indirect business tux and nontax liability plus business transfer payments less subsidies With inventory X aluation and capita consumption ai justments Sources Department of Commerce Bureau of Economic Analysis 4 NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates National income Period m IV 1994 I n m IV 1995 I II m rv 1996 I ii m IV 1997 I Compensation of employees Proprietors income with inventory valuation and capital consumption adjustments Nonfarm Farm 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 Includes employer contributions for social insurance See also p 5 REAL PERSONAL CONSUMPTION EXPENDITURES Billions of chained 1992 dollars except as noted quarterly data at seasonally adjusted annual rates Durable goods Period m IV 1994 I n in rv 1995 I n m IV 1996 I n in rv 1997 I 1 Total personal consumption expenditures Total durable goods Motor vehicles and parts Furniture and household equipment Nondurable goods Other Total nondurable goods Food Includes other items not shown separately NOTE Because of the formula used for calculating real GDP the chained 1992 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates Clothing Gasoline and and oil shoes Services Fuel oil and eoal Other Total services Housing Source Department of Commerce Bureau of Economic Analysis Medical eare Retail sales of new passenger cars and light trucks millions of units SOURCES OF PERSONAL INCOME Personal income rose 6 7 billion annual rate in April following an increase of 39 0 billion in March Wages and salaries fell 2 9 billion In April compared to an increase of 27 7 billion in March In April declines in private sector average weekly hours and hourly earnings more than offset an increase in employment BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL PERSONAL INCOME WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS 400 I I l l l III 1989 linn mill COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Apr May July Sept Oct Nov Dec Jan r Feb Maf Apr Total personal income Wage and salary disbursements J Proprietors income3 Other labor income The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements 2 Consists primarily of employer contributions to private pension and private welfare funds Farm 3 Nonfarm Rental income of persons Personal dividend income Personal interest income Transfer payments With inventory valuation and capital consumption adjustments With capital consumption adjustment Consists mainly of social insurance benefits direct relief and veterans payments Source Department of Commerce Bureau of Economic Analysis 4 5 Less Personal contributions for social insurance DISPOSITION OF PERSONAL INCOME According to revised estimates per capita disposable personal income in chained 1992 dollars rose at an annual rate of 3 5 percent in the first quarter of 1997 BILLIONS OF DOLLARS RATIO SCALE BIWONS OF DOLLARS RATIO SCALE I I DOLLARS RATIO SCALE 22 000 PER CAPITA DISPOSABLE PERSONAL INCOME 20 000 CHAINED 1 992 DOLLARS I p c Jj Z C URRENT XDLLARS 12 000 S I t I i i i 1988 i i i i l I j 1 i I SEASONAU y ADJUSTED ANNUAL RAHES SOURCE DE ARTMENIOf COMMERCE Period Personal income Less Personal tax and nontax payments i COUNCIL OFECONOM1C ADVISERS Equals Disposable personal income Less Personal outlays Equals Personal saving1 Disposable personal income in billions of chained 1992 dollars Per capita disposable personal income Current dollars Chained 1992 dollars Per capita personal consumption expenditures Current dollars Chained 1992 dollars Dollars Billions of dollars DOLLARS RATIO SCALE Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population including Armed Forces overseas thousands 2 Percent Seasonally adjusted annual rates 1993 I II Ill IV I II Ill IV 1995 I II Ill rv 1996 I II III IV 1997 I Includes persona 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 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME in the third quarter of 1996 according to preliminary estimates gross farm income feli 11 0 billion annual rate and net farm income fell 11 2 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE V s r i r r f s S f l f 1 f I v x i i t j l v x 40 N v V NETFAFtM INCO AE 20 I A U 1 V 10 l i i i i i i i i i 1990 i i i 1991 i i i 1992 i I t 1993 i i i i COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from fanning Gross farm income Period Cash marketing receipts Total Total I II Ill IV I II Ill IV 1996 I II HI Cash marketing receipts and inventory changes plus Government payments other farm cash income arsd nonrnoney income furnished by farms 2 Pliysieai changes in end of year inventory of crop and livestock commodities valued at average prices during the y ar Livestock and products Crops Production expenses Value of inventory changes f Net farm income NOTE Data include net Commodity Credit Corporation loans and operator households Quarterly data plotted for 1989 through 1993 in chart do riot reflect previous revisions to annua data in tableSources Department of Agriculture CORPORATE PROFITS In the first quarter of 1997 according to preliminary estimates corporate profits before tax rose 35 2 billion annual rate and profits after tax rose 18 3 billion Financial profits had been reduced 18 0 billion in the fourth quarter of 1996 to reflect a special assessment on thrift institutions to recapitalize the Savings Association Insurance Fund BILLIONS OF DOLLARS BILLIONS OF DOLLARS oo OO SEASONAU Y ADJUSTED ANNUAL RATES r s PROFITS BEFORE TAX f V PROF TS AFTER TAX J v J 150 s x S l l l 1982 l l l l S UNOISTRIBUTE i i i i i i v A AXIIABIL TY x s I J 1r A f t 100 V 50 PROFITS l l i i i i l l l i i i l i i SOURCE DEPARTMENT OF COMMERCE 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 Period Nonfinancial Total2 Total I n III IV 1994 I II ni IV 1995 I II Ill IV 1996 I II in IV 1997 I 2 t Financial Total Manufacturing See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately Includes industries not shown separately Profits before tax Wholesale Tax liability Total Dividends Undistributed profits Inventory valuation adjustment Retail Source Department of Commerce Bureau of Economic Analysis REAL GROSS PRIVATE DOMESTIC INVESTMENT In the first quarter of 1997 according to revised estimates nonresidentiai fixed investment in chained 1992 dollars rose 21 8 billion annual rate and residential investment rose 4 0 billion There was an increase of 51 4 billion in inventories following an increase of 17 1 billion in the fourth quarter BILLIONS OF CHAINED 1992 DOLLARS BILLIONS OF CHAINED 992 DOLLARS SEASONALLY ADJUSTED ANNUAL RATES S r v S 800 S X s y GROSS PRIVATE JOMESTK 1 SVESTME NT s N J r T 1 L s r s s s Nl 3NRESIDE NTIAL FIX ED INVES TMENT RESIDENTIAL FIXED INVESTMENT i f s S CHANCX N BUSINESS ENTORIE 100 N s I f I X U N s 0 v i i i I I I i i t SOURCE DEPARTMENT OF COMMERCE I I COUNCIL OF ECONOMIC ADVISERS Billions of chained 1992 dollars quarterly data at seasonally adjusted annual rates Fixed investment Gross private domestic investment Period I II Ill IV 1994 I II III TV 1995 I II in IV 1996 I II in IV I Total Total NOTE S e p 10 for further detail on fixed investment by tyjw Bemus of the formula used for calculating ruai GJ P the chained 1992 dollar estimates for the detailed comjiHsients do not add to the ehained doliar value of GDP or to any intermedi Change in business inventories Nonresidentiai Producers durable equipment Residential Structures ate aggregates Source Department of O0mm rfie Bureau of Economic Analysis Total Nonfarm REAL PRIVATE FIXED INVESTMENT BY TYPE Billions of chained 1992 dollars quarterly data at seasonally adjusted annual rates Nonresidential Period Total nonresidential I n m rv I n m IV 1994 I n m IV 1995 I n m IV 1996 I 1997 Total Residential Producers durable equipment Structures Structures Information processing and related equipment Nonresidential buildings including farm Utilities Mining exploration shafts and wells S Total Computers and peripheral equipment 2 Other Industrial equipment Total Includes other items not shown separately 2 Includes new computers and peripheral equipment only 3 Includes producers durable equipment not shown separately portation and related equipment Total residential a Total Single family Multifamily Other NOTK Because of the formula used for calculating real GDP the chained 1992 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates Source Department of Commerce Bureau of Economic Analysis BUSINESS INVESTMENT AND PLANS Billions of dollars By industry Period Total expenditures Total Mining and construction Manufacturing Total Durable goods Nondurable goods Estimates collected from the 1993 Annual Capital Expenditures Survey 2 Revised estimates collected from the 1994 Annual Capita Expenditures Survey Finai data are scheduled for release in summer 1996 3 Revised estimates collected from the March 1996 Investment Plans Survey P nal data will be available upon release of the 1995 Annual Capital Expenditures Survey 4 Estimates of planned capital expenditures from the March 1996 Investment Plans Survey 10 Transportation Communications Utilities Wholesale and retail trade Finance insurance and real estate Services Serving multiple industries Not distributed by industry NOTE Data for from Business Investment and Plans released March Data for 1993 from Annual Capital Expenditures 1993 The Business Investment and Plans release has been discontinued effective with release of the March 1996 survey estimates Estimates of business iavestment and plans will be available annually with release of the Annual Capital Expenditures Survey Source Department of Commerce Bureau of the Census EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE in April employment rose by 209 000 and unemployment fell by MILLIONS OF PERSONS 4 MILUONS OF PERSONS 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 Period Civilian noninstitutional population NSA Civilian labor force Nonagricultural Total Agricultural Total Percent a Unemployment Part time for economic reasons Total 15 weeks and over Not in labor force Labor force participation rate Employment population ratio ployment rate Apr July Aug Sept Oct Nov Dec 1997 Jan Peb Mar Persons at work Economic reasons include slack work material shortages inability to find fulltime work etc 2 Civilian labor force or employment an percent of civilian noninstitutional population and unemployment as percent of civilian labor force Not strietiy comparable with earlier data 4 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire NOTE Data beginning January 1997 reflect revised population controls S e Employment d nd Earnings February 1997 for details Source Department of Labor Bureau of Labor Statistics ii SELECTED UNEMPLOYMENT RATES In April the unemployment rate fell to 4 9 percent from 5 2 percent in March PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED 25 TEENAGERS MEN 20 YEARS AND OVER UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR 1997 COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group By sex and age All civilian workers Period Apr May July Aug Sept Oct Nov Dec 1997 Jan Peb Mar Apr Men 20 years and over Women 20 years and over By race Both sexes 16 19 years Revised definition for details see Employment and Earnings February 1994 Data beginning January are directly comparable with data for earlier perioc Data 1994 not r NOTE Data relate to persons age 16 years and over 12 White Black and other By selected groups Black Experienced wage and salary workers Married men spouse present Women who maintain families Fall time workers Part time workers Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In April the percentages of the unemployed who had been out of work for less than 5 weeks and for 5 14 weeks fell the percentages for 15 26 weeks and for 27 weeks and over rose The mean duration of unemployment fell to 15 2 weeks and the median duration rose to 8 3 weeks PERCENT DISTRIBUTION PERCENT DISTRIBUTION SEASONALLY ADJUSTED I BEGINNING JANUARY 99A 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 losers l Job leavers Iteentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 2 Weekly average thousands Apr July Sept Oct Nov Dec 1997 Jan Feb Beginning January 1994 job losers and persons who completed temporary jobs 2 Includes State 50 States District of Columbia Puerto Kieo and Virgin Islands ex servicemen UCX and Federal UCFE Railroad Rlt programs included through 1993 Also includes Federal and State extended benefit programs Does not include Federal supplemental compensation or Emergency Unemployment Compensation programs J Data beginning January 1994 are riot directly comparable with data for earlier periods 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 142 000 in April MILLIONS OF PERSONS MILLIONS OF PERSONS ENLARGED SCALE ALL NONAGRICULTURAL ESTABLISHMENTS SERVICES SERVICE PRODUCING INDUSTRIES RETAIL TRADE MANUFACTURING 18 GOCJDS PRODUC NG INDUSTRIES l m CONSTRUCTION 4 iimlimi m i i i n m i i m l i m i i m i l m n COUNCIL Of ECONOMIC ADVISERS Thousands of wage and salaiy workers seasonally adjusted Service producing industries Goods producing industries Period Apr June July Sept Oct Dec 1997 Jan Feb MarP Aor Total nonagricultural employment Manufacturing ConTotal struction Total Durable goods Nondurable goods Includes all ftill and part time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total 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 which are based on a sample of the working age population whereas the estimates in this table are based on reports from 14 Total Transportation and public utilities Wholesale trade Retail trade Finance insurance Services and real estate Government Total Federal employing establishments In the series shown here persons who work at more than one job are counted each time they appear on a payroll hi 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 NOTE Data for March 1996 Angust 1996 were revised in October 1996 to reflect revised seasonal adjustment factors Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS HOURLY EARNINGS AND WEEKLY EARNINGS PRIVATE NONAGRICUITURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as rioted Average weekly hours Total wivate iionagrieultural Manufacturing Total private nonagricultura Period Apr June July Sept Oct Dec 1997 Jan Peb MarP Total Overtime Average gross weekly earnings Average gross hourly earnings Current dollars dollars2 Total private rionagrieultural Manufacturing Percent change from a year ear ier total private nonagricultural Current dollars Current dollars 1982 dollars2 Manufacturing Construction Retail trade Current dollars 1982 dollars n Based on seasonally unadjusted data NOTE See Note p 14 Source Department of Labor Bureau of Labor Statistics 1 Also ineJu k s other private industry groups shown on p 14 Current dollar earnings divided by the consumer price index for urbai wage earners and clerical workers CPI W on a base 2 EMPLOYMENT COST INDEX PRIVATE INDUSTRY Index June Pel cent change from 3 months earlier Total compensation Period Wages and salaries Benefits Total compensation Wages and salaries 12 months earlier Benefits Total compensation Wages and salaries Benefits Not seasonally adjusted Dee Dec Dec Dec Dec Dec Dec Dec Dec Dec Seasonally adjusted 1994 M a r Sept Dec 1995 Mar Sept Dec 1996 Mar Sept Dec 1997 Mar 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 RELATED DATA BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarni business sector Output Business sector Compensation per hoiir t Hours of all persons Xonf arm business sector Business seetor Nonfann business seetor Business sector Nonfarrn business sector Real compensation per lour 4 Business sector t rii labor costs Nonfann business sector Business sector Implicit price deflator 5 onfarin business sector Business sector Xonfann business sector Indexes quarterly data seasonally adjusted m IV IP I II III IV 1994 I II Ill IV 1995 I II in IV 1996 I II Percent change quarterly data at seasonally adjusted annual rates f Ci rv IP I II III rv 1994 I II III rv 1995 I II III rv 1996 I H III Q L O Output refers to real gross domestic product originating in the sector 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 soeial insurance arid private benefit plans Also includes an estimate of wages salaries and supplemental payments for the self employed 4 Hourly compensation divided bv the consumer price index for all urban consumers CPIU 5 Current dollar gross domestic output divided by the output index 16 l J 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 Data based on JDP data released April Data for 1997 I shown elsewhere in this issue were released May Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production was unchanged in April Capacity utilization fell to 83 4 percent INDEX RATIO SCALE 140 TOTAL INDUSTRIAL PRODUCTION 130 INDEX RATIO SCALE BUSiNFSS EQUIPMENT FINAL PRODUCTS s ss V y rcrr MANUFACTURING GOODS DEFENSE AND SPACE EQUIPMENT S 70 LL i UTILITIES AND MINING I 1 II 1 1 1 i Mll PERCENT 130 CAPACITY UTILIZATION RATE TOTAL INDUSTRY 120 UTILITIES x y100 m 1 1 n i II 1 II 1 I M i l l m COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Percent change Period Index Apr May June July Aufir Sept Oct Nov Dee 1997 Jan Febr Mar1 1 Percent changes based on unrounded indexes Output as percent of capacity l Manufacturing Prom year earlier Durable Total Nondurable Mining Utilities Total industry Manufacturing From preceding month Capacity utilization rate percent2 Industry production indexes Total industrial production J Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally actuated Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total Durable goods Nondurable goods Total 1 Business Defense and space equipment Business supplies Total Total Construction supplies Energy Apr May July Sept Oct Nov Dec 1997 Jan Pebr Mar AorP 1 Includes oil and gas well drilling and manufactured homes not shown separately monthly data seasonally adjusted Durable manufactures Primary metals Period Total Apr May July Sept Oct Nov Dec 1997 Jan Febr Mar AprP Industrial machinery and equipment Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods Source Board of Governors of the Federal Reserve System 18 Iron and steel Fabricated metal products Nondurable manufactures Transportation equipment NEW CONSTRUCTION Monthly data seasonally adjusted Construction contracts3 Private Period Total new construction expenditures Residential Total New housing units Total1 Commercial and industrial 2 Other Federal and State and local Total value index Commercial and industrial floor space millions of square feet Billions of dollars Annual rates 1996 Apr May July Sept Oct Nov Dec 1997 Jan Feb Mar Apr Annual rates Includes 2 Sources Department of Commerce Bureau of the Census and The McGraw Hill Companie Inc F W Dodge Division residential improvements not shown separately Includes hotels and motels P W Dodge series 3 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 2 4 units 5 or more units Units authorized Units completed Homes sold Homes for sale at end of period J for rental housing units percent Seasonally adjusted annual rates 1996 Mar May July Sept Oct Nov Dec 1997 Jan Feb Mar Apr 1 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 3 The 1994 total based on 17 000 permit issuing places is 1 333 7 thousand units 2 NOTE Beginning 1994 units authorized are for 19 000 places For other data shown units authorized are for 17 000 places Seasonally adjusted data revised beginning 1995 unadjusted revised for 1996 Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES Manufacturing and Trade In March manufacturing and trade sales fell 0 2 percent and inventories rose 3 3 billion According to advance data retail sales fell 0 3 percent in April following no change in March BILLIONS OF DOLLARS RATIO SCALE 200 BILLIONS OF DOLLARS RATIO SCALE r 300 MA MUFACTURING AND TRADE INVENT DRIES 800 RETAIL INVENTORIES x MA 4UFACTURIN AN 3 TRADE SALE S RETAIL SALES RATIO I BO 400 INVENTORY SALES RATIO 1 70 RETAIL V x X fc MANUFACTURING m Inn 1994 AND TRADE 1 M 1 1 1 II 1 1 INN 1 1 1 t i 1 M COUNCIL OF ECONOMIC ADVISERS Manufacturing and trade1 Sales2 1 M I SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Period Inventories i Inventories3 Sales2 Sales Inventories3 Inventory sales ratio4 Retail Wholesale Durable goods stores Total Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade1 Retail Millions of dollars seasonally adjusted except as noted May July Sept Get Nov Dec 1997 Jan Feb Mar Apr Mar See page 21 for manufacturing Annual data are averages of monthly not seasonally adjusted figures monthly data are seamaliy adjusted totals for month 20 Seasonally adjusted end of period Annual data are averages of seasonally adjusted monthly ratic Source Department of Commerce Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In April manufacturers shipments inventories and new orders rose unfilled orders fell BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 320 SHIPMENTS TOTAL INVENTORIES TOTAL 280 DURABLE GOODS DURABLE GOODS NONDURABLE GOODS NONDURABLE GOODS BILLIONS OF DOLLARS RATIO SCALE TOTAL 240 RATIO INVENTORY SHIPMENTS RATIO DURABLE GOODS NONDURABLE GOODS p V M 1 I t Mil COUNCIL Of ECONOMIC ADVISERS Manufacturers shipments1 Manufacturers inventories2 Manufacturers new orders Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries nondcfense Nondurable goods Manufacturers unfilled orders2 Manufacturers inventory shipments ratio3 Millions of dollars se isonally adjusted except as noted Mar May July Aug Sept Oct Nov Dec 1997 Jan Feb Mar Apr Annual data are averages of monthly not seasonally adjusted figures monthly data are seasonally adjusted totals for month Shipments are the same as sales 2 Seasonally adjusted end of period J Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES The producer price index for all finished goods fell 0 6 percent in April Prices of finished consumer foods fell 0 4 percent while prices of other finished consumer goods fell 0 7 percent Capital equipment prices fell 0 4 percent INDEX RATIO SCALE INDEX RATIO SCALE SOURCE DEPARTMENT OF LABOR 1997 COUNCIL Of ECONOMIC ADVISERS monthly data seasonally adjusted Finished goods Intermediate materials Crude materials Finished goods excluding consumer foods Period Total finished goods Consumer foods Total Total r 1996 Apr May June July Aug Sept Oct Nov Decr 1997 Jan Feb Mar Apr Intermediate materials for food manufacturing and feeds NOTE Beginning 1096 indexes are based on updated value weights 22 Pood T ntnl Olal Consumer goods Durable N We finished Capital equipment consumer goods Total Foods and feeds stuffs and feedstuffs Other Total Source Department of Labor Bureau of Latx r Statistit s Other CONSUMER PRICES ALL URBAN CONSUMERS In April the consumer price index for all urban consumers rose 0 1 percent seasonally adjusted and not seasonally adjusted The index was 2 5 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE SEASONAUY ADJUSTED COUNCIL Of ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted All items Transportation Housing Shelter Period Rel imp Apr May June July Aug Sept Oct Nov Dec 1997 Jan Feb Mar Apr 1 Not season Seasonally ally adjust adjusted ed NSA Food Total Total Rent Home Main Fuel and teowners nance other ers costs and utilicosts Dec ties re Dec pairs NSA Includes items not shown separately Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant ete excluded beginning 1983 3 Relative importance December Apparel and up Total1 keep USA 144 8 New cars Medical Motor care fuel Energy2 All items less food and energy NOTE Data ineorporate 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 change from preceding period monthly data seasonally adjusted except as noted by NSA Change from 3 months earlier annual rate Change from 6 months earlier annual rate Consumer goods Change from preceding period Consumer goods Consumer goods Period Total finished goods Total finished goods Capital equipment Excluding foods Foods Excluding foods Poods Capital equipment Total finished goods Capital equipment Excluding foods Foods Change from year earlier total finished goods NSA Change Dec to Dec NSA L A Change month to month 1996 Apr May July Sept Oct Nov Dec 1997 Jan Feb Mar rj g I Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES ALL URBAN CONSUMERS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Transportation Housing Shelter Period All items1 Food Total 1 Total 1 Renters costs Homeowners costs Fuel and other utilities Appare and Total1 upkeep New cars Motor fuel Medical care Energy2 All items less food and energy Addendum All items percent change annual rate From previous quarter 3 From From From 6 year 3 months months earlier earlier earlier NSA Change December to December NSA Change month to month 1996 Apr May July Sept Get Nov Dec 1997 Jan Feb Mar Includes items not shown separately Household fiiels gas piped electricity fiiei oil etc and motor fuel Motor oil coolant etc excluded beginning O g l Quarterly changes are shown in the last month of the quarter Source Department of Ijabor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS In May prices received by farmers rose 0 9 percent and prices paid by farmers were unchanged Data are not seasonally adjusted INDEX RATIO SCALE INDEX RATIO SCALE RAT 0 RATI D r H s I I I I I 1 II II 1 1 1 1 II II U RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID SOURCE DEPARTMENT OF AGRICULTURE 80 60 COUNCIL OF ECONOMIC ADVISERS not seasonally adjusted Prices paid by fanners Prices received by farmers Period All farm products Livestock and products Crops All commodities services interest taxes and wage rates l Production items interest taxes and wage rates Production items Ratio May June July Auer Sept Oct Nov Dec Jan Peb Mar Apr May Includes items not shown separately Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates 2 XOTE 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 Growth in M2 and in M3 accelerated slightiy in Aprif BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE r M M Ml M M I M 1 11 11 M M M M I I M 1991 M 1992 M M II M M M i l l 1995 M M AVERAGES OF DAILY FGURES SEASONALLY ADJUSTED jOURCE BOARD OF Q DVERNOfiS OF THE FEDERA1 RESERVE SYSTEM 1 1 1 II M M COUNCIL Of ECONOMIC ADVISERS Averages of daily figures except as noted billions of dollars seasonally adjusted Ml Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Mar May July Sept Ocf Dec 1997 Jan r Feb Mar M2 M3 Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml plus retail MMMF balances savings deposits including MMDAs and small time deposits M2 plus large time deposits KPs Eurodollars and institutiononly MMMF balances f Consists of outstanding credit market debt of the I US Government State am local governments and private nonfinancial sectors data from flow of funds amnints 2 Annual changes are from Deceniixsr to Decemljer and monthly ehanges are from fj months earlier at a simple annual rate 26 L Debt M3 plus other liquid assets Debt of domestic nonfinancial sectors monthly average of adjacent month end levels Percent change from year or 6 months earlier2 Ml NOTE See p 21 for w mjK nent s Soim Board of Governors of the Federal Reserve System M2 M3 Debt COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted Currency Period Other Decheckmand able depos deposits its OCDs Money market mutual fund balances Retail i Institution only2 Savings deposits including money market deposit accounts MMDAs Small denomination time deposits3 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec July Sept Oct Dec 1997 Jan Feb Mar 1 Balances in money funds with minimum initial investments of less than Balances in money funds with minimum initial investments of 50 000 or more Small denomination and large denomination deposits are those issueti in amounts of less than and more than respectively 2 i Shortterm Treasury securities Savings bonds Bankers acceptances Commercial paper f 186 3 P Overnight and term Eurodollars net Mar Large denom ination time deposits J Overnight and term repurchase agreements RPs net P P NOTE Travelers checks of nonbank issuers are a component of money stock bi shown here See Note p 26 Source Board of Governors of the Federal Reserve System AGGREGATE RESERVES AND MONETARY BASE Averages of daily figures millions of dollars seasonally adjusted except as noted by NSA Borrowings of depository institutions from the Federal Reserve NSA Adjusted for changes in reserve requirements Reserves of depository institutions Period Total Nonborrowed Nonborrowed plus extended credit Required Monetary base Total Seasonal Extended credit Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Apr Sept Oct Nov Dec Jan Feb Mar Apr July Data are prorated averages of biweekly maintenance period averages of daily figures Source Board of Governors of the Federal Reserve System 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0 6 percent in April commercial and industrial loans rose 0 8 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS U S GOVERNMENT SECURITIES V OTHER SECURITIES I I 1 M I I I I I I M II i I I I I I I l l l IIi l l 1 ll I I l l I I l I I I I I COUNCR OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted Securities in bank credit Period Dec Dee Dee Dec Dee Dee Dec Dee Dee 1996 Apr May July Aug Sept Oct Nov Dee 1997 Jan r Feb Mar Apr Total bank credit Total securities Loans and leases in bank credit U S Total loans CommerOther Governcial and and securities ment industrial leases 2 securities Total Bevolving home equity Consumer Security Other Other i D lia arc Wednesday values or prorated averages of Wednesday values for domestically charters wxnniereial banks branches ami agencies of foreign banks New York State investment companies through September 1998 and Edge Act and agreement corporations Data are adjiiwtej for breaks casist d by reehissiftcations of assets and lifibilities Real estate 2 Excludes Federal funds sold to reverse repurchase agreements RPs with and loans to commercial banks in the United States Source Board of Governors of the Federal Reserve System SOURCES AND USES OF FUNDS NONFARM NONHNANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Uses Sources External Period Total Credit market funds Internal Total I II Ill IV I II Ill WP Total Securities and mortgages Profits before tax book less profit tax accruals and dividends plus consumption of fixed capital foreign earnings retained abroad and inventory valuation adjustment 2 Consists of tax liabilities trade debt pension fund liabilities and direct foreign investment in the U S Loans and short term paper Total Other Increase in financial assets Capital expenditures i Discrepancy sources less uses t Plant and equipment residential structures inventory investment and access rights from U S Government Source Board of Governors of the Federal Reserve System CONSUMER CREDIT Billions of dollars seasonally adjusted Total Dec Dec3 Dec Dec Dec Dec Dec Dec Dee Dec Mar May June July Aug Sept Oct Nov Dec 1997 Jan Peb MarP Automobile Revolving For year end data change from preceding year eml for monthly data change from preceding month 2 Outstanding loans far mobile homes education boats trailers vacations etc plus noniristanment credit Net change in consumer credit outstanding l Consumer credit outstanding end of period Period Other Total Automobile Revolving Other Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months 4 Becaii se of breaks in series net change not available Source lioard of Governors of the Federal Reserve System 29 INTEREST RATES AND BOND YIELDS Interest rotes fell in May PERCENT PER ANNUM PERCENT PER ANNUM r U CORPORATE Aaa BONDS MOODY S x r x x N J q j r I V s M TREASURY BILLS J L r1 T DISC OUNT R ME RESERVE BANK OF NEW YORK I I I I I I I I I t I I I I I l I I I II i IM f 1997 EMM COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TABLE BELOW Percent per annum U S Treasury security yields Period May June July Aug Sept Get Nov Dec 1997 Jan Peb Mar Apr May 3 month bills new issues Constant maturities 2 3 year 10 year High grade municipal bonds Standard Poor s Corporate Aaa bonds Moody s Prime commercial paper 6 months Discount rate N Y P R Bank 4 Prime rate charged by banks New home mortgage yields FHPB Week ended 1997 May Bank discount basis Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department Weekly data are Wednesday figures 4 Average effective rate for year opening and closing rat 1 for month and week 2 30 5 Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Sources Department of the Treasury Board of Governors of the Federal Reserve System FederaJ Housing Finance Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices rose in May INDEX DEC RATIO SCALE V f jT J INDEX DEC RATIO SCALE 440 r s S y 140 I S A h M i l l r V N a3MPOSITE STOC K PRICE 240 OOft NDEX NYSE MM INI M r s i IIiI 1994 1 t I 1 1 I 1 i 1 1 HIM M 1 1 1 it 1 M 1 j 1 1 M M i l l M i l i M i i PER ENT 20 PERCE NT EARNINGS PRICE RATIO ON COMMC N STOCKS S P I i i I 1994 i i i 1995 SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION May June July Aug Sept Oct Nov Dec 1997 Jan Feb Mar Industrial 0 Common stock yields percent 6 New York Stock Exchange indexes Dee except as noted a Composite I i 1997 COUNCIL OF ECONOMIC ADVISERS Common stock prices l Period i Transportation Utility 3 Finance Dow Jones industrial average4 Standard Poor s composite index Dividendprice ratio May Week ended 1997 May Average 2 Includes J of dailv 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 A indexes shown here reflect the4 doubling Includes 30 stocks 5 Includes 500 stocks Earningsprice ratio Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter XOTE 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 7 months of fiscal 1997 there was a deficit of 16 9 billion compared with a deficit of 55 3 billion a year earlier BILLIOf JS OF DOLLARS 1 00 RECEIPTS AND OUTLAYS BILUONS OF CXDLLARS r A N 700 N V SURPLUS OR DEFICIT A 1 V INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET N COUNCIL OF ECONOMIC ADVISERS Billions of dollars Fiscal year or period Receipts estimates Cumulative total first 7 months Fiscal year Fiscal year Outlays Surplus or deficit Surplus or deficit Receipts Outlays Surplus or deficit Data from Monthly Treasury Statement OTE Data except as rioted are from Bwtyet of the United States Government fiscal Yet 1998 issued February Federal debt end of period Off budget On budget Total Receipts Outlays Gross Federal Held by the public Sources Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 7 months of fiscal 1997 receipts were 74 6 billion higher than a year earlier and outlays were 36 2 billion higher BILLIONS OF DOLLARS oo BILLIONS OF DOLLARS 700 RECEIPTS SOCIAL INSURANCE lAXbb AND CON IRIBUI IONS CORPORATION INCOME TAXES i 0 i i i i OTHER RECEIPTS I 4UU 1 400 OUTLAYS f x V f INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET l FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS Billions of dollars On budgt t and off budfjet outlays On budget and off budget receipts Individ Fiscal year or period Total estimates Cumulative total first 7 months Fiscal year 1996 Fiscal year 1997 1 ual income taxes Corporation income taxes Social insurance taxes National defense Other Total and contributions Total Department of Defense military Internation al affairs Health Medicare Social Income security security Net inter Other est Data from Monthly Treasury Statement Sources Department of the Treasury and Office of Management and Budget NOTE Data except as noted are from Budget of the United States Government Fiscal Year 1998 issued February 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1997 according to preliminary estimates Federal receipts rose 34 6 billion annual rate and Federal current expenditures rose 10 6 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES CURRENT EXPENDITURf S ff 1 000 s J s S RECEIPT 5 800 r CURRESIT SURPLl SORDE IOT V I I t I y f i 1 1i I i j I l i i J i x i i i i i CALEND R YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Feder il Government current expenditures Federal Government receipts Period Calendar vear I II in IV 1994 I II III IV 1995 I II Ill TV 1996 I II III IV 1997 I Total J Personal tax and nontax receipts tax accruals Indirect business tax and nontax accruals Contributions for social insurance Corporate profits Sowce Department of Commerce Bureau of Economic Analysis 34 Total I fi2i Consumption expenditures Transfer Payments Grantsin aid to Net State interest and paid local governments Current Subsidies less current surplus of Government enterprises Less Wage accruals less disbursements surplus or deficit national income and product accounts INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Consumer prices NBA Industrial production seasonally adjusted Period United States Canada Mar Apr May July Sept Oct Nov Dec 1997 Jan Feb Mar Apr 1 Japan France United Kingdom Germany Italy SI Data relate to all urban consumers United States Canada Japan Germany Italy France United Kingdom 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 acftusted Services BOP basis Goods Imports customs value Goods Exports f a s value Census basis by end use category J Balance of trade expo s minus impo s Census basis by end use category BOP basis Period BOP basis InFoods dustrial Total feeds supand Census plies bevbasis3 erages and materials AutomoCapital tive goods vehiexcept cles auto parts moand entive gines Consumer goods nonfood ex BOP basis Total Census basis2 automotive InCapdusital Foods trial feeds sup goods and plies except autobevand erages mate motive rials Auto Conmo sumer tive goods vehi noncles food parts except and automoengines tive Exports Imports Goods Census basis Goods Services Goods and services Mar Apr May June July Aug Sept Get Nov Dec S Jan Fob Mar Includes undocumented exports to Canada through 1988 Total includes other exports or imports not shown separately 2 N OTK HOP refers to balance of payments on international transactions basis BOP data shown here are consistent with figures shown on pp 36 and 37 Source Department of Commerce Bureau of the Census and Bureau of Economic Analysis 35 U S INTERNATIONAL TRANSACTIONS In the fourth quarter of 1996 the goods deficit fell to 45 3 billion from 51 9 billion in the third quarter The current account deficit fell to 41 4 billion from 47 9 billion in the third quarter BILLIONS OF DOLLARS 45 BILLIONS OF DOLLARS SEASONAUY ADJUSTED SOURCE DEPARTMENT Of COMMERCE COUNCIL Of ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Investment income Services Goods Net Period Exports I II in IV 1995 I II Ill IV 1996 I II Ill IV Imports Net balance Net military transactions travel and transportation receipts Other services net Receipts on U S assets abroad Payments on foreign assets in U S Net Balance on goods Unilateral services transfers and net 4 income Balance on current account Adjusted from Census data for differences in timing and coverage exdudes military 2 Transfers under U S military agency sales contracts exports minus direet defense expenditures imports 36 Balance on goods and services S s Quarterly data are not seasonally adjusted 4 Includes transfers of floods and serviees under U S military fjrant programs See p 37 for Continuation of table U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts U S claims on foreigners reported by U S banks increased 56 7 billion in the fourth quarter of 1996 following an increase of 33 2 billion in the third quarter U S liabilities to private foreigners reported by U S banks excluding Treasury securities increased 33 2 billion in the fourth quarter following a decrease of 1 2 billion in the third quarter BILUONS OF DOLLARS BILUONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Foreign assets in the U S net increase capital inflow U S assets abroad net increase eapit Period Total I II Ill rv 1995 I II Ill rv 1996 I II Ill WP U S official reserve assets 3 r Other U S Government assets U S private assets Total Consists of gold special drawing rights SDKs foreign currencies and the U S reserve position in the IMF Foreign official assets i Other foreign assets Statistical discrepancy Allocations of special Total sum Of which drawing of the items Seasonal rights adjustment with sign SDEs discrepancy reversed U S official reserve assets net5 unadjusted end of period Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 Contents Pa e TOTAL OUTPUT INCOME AND SPENDING Gross Domestic Product Real Gross Domestic Product Implicit Price Deflators for Gross Domestic Product Gross Domestic Product and Related Price Measures Indexes and Percent Changes Nonfinancial Corporate Business Output Costs and Profits National Income Real Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Real Gross Private Domestic Investment Real Private Fixed Investment by Type 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 Credit Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S International Trade in Goods and Services U S International Transactions General Notes Detail in these tables may not add to totals because of rounding Unless otherwise noted all dollar figures are in current dollars Symbols used P Preliminary r Revised c Corrected Not available also not applicable NSA not seasonally adjusted nn 38 For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 3 00 singie copy 3 75 foreign Subscription price 33 00 per year 41 25 for foreign mailing U S GOVERNMENT PRINTING OFFICE

National Income

DATE: May 1997

PART OF:

Economic Indicators : May 1997

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-. "National Income," 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-. "May 1997," Economic Indicators (May 1997) : 6-6. https://fraser.stlouisfed.org/title/1/item/786/toc/222551 , accessed on December 7, 2019.

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Economic Data