Gross Domestic Product

Name: Gross Domestic Product
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. 105 tb Congress 1st Session Economic Indicators SEPTEMBER 1997 Includes data available as of September Prepared for the Joint Economic Committee by the Council of Economic Advisers OCT 2 11997 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 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 DOOIITTLE 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 JEFFREY A FRANKEL Member PUBLIC LAW ST CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June 23 1949Charts prepared by the Art Production Section Design and Graphics Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 3 00 a single copy 3 75 foreign or by subscription at 33 00 per year 41 25 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 For sale by the U S Government Printing Office Superintendent of Documents Mail Stop SSOP Washington DC ISBN TOTAL OUTPUT INCOME AND SPENDING GROSS DOMESTIC PRODUCT In the second quarter of 1997 according to revised estimates current dollar gross domestic product GDP rose 5 2 percent annual rate real GDP GDP in chained 1992 dollars rose 3 3 percent and the implicit price deflator rose 1 8 percent BILUONS OF DOUARS RATIO SCALE BIWONS Of DOUARS RATKD SCALE SEASONALLY ADJUSTED ANNUAL RATES s f GDP IN CHAINED 1992 DOLLARS 6 400 Js r x x r x GDP V NCLJ RRENTDI3UARS X 4 800 X 4 800 X X I f i i I t 1 1993 SOURCE DEPARTMENT Of COMMERCE t I I COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Period I JJ m IV 1994 I n m IV 1995 I n m IV 1996 I n m IV 1997 I r n 1 Exports and imports of goods and services Personal Gross conGross private domestic sumption domestic Net product expendi investtures ment exports Exports Imports 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 AddenFinal Gross dum sales of domestic Gross pur 1 national domestic product chases produet 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 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 Government consumption expenditures and gross investment Federal Net exports Exports Imports Total Total and local National Nondefense defense Final sales of domestic product Gross domestic purchases1 Addendum Gross national product I n in IV 1994 I n m IV 1995 I n m IV 1996 I n m IV 1997 I H 1 GDP less exports of goods and services plus imports of 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 doliar value of GDP or to any intermediate aggregates Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT Index numbers quarterly data are seasonally adjusted Gross private domestic investment Personal consumption expenditures Period Gross domestic product Total Durable goods Nondurable goods Services Exports and imports of goods and services Government consumption expenditures and gross investment Federal Nonresidentiat fixed Residential fixed Exports Imports Total National defense Nondefense State and local I n in IV 1994 I n ra IV 1995 I n m IV 1996 I n m IV 1997 I n S Source Department of Commerce Bureau of Economic Analysis GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES INDEXES AND PERCENT CHANGES Quarterly data are seasonally adjusted Index numbers Real GDP chain type quantity index GDP current dollars I IV 1994 I n m IV 1995 I n m iv I n ra iv 1997 I n ra GDP chain type price index 1 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 GDP current dollars GDP chain type price index GDP implicit price deflator Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS j Quarterly data at seasonally adjusted annual rates Current dollar cost and profit per unit of real output dollars l Gross domestic product of nonfinancial corporate business billions of dollars Period Current dollars I n m IV 1994 I H ra IV 1995 I n ra rv n m IV I Chained 1992 dollars Output is measured by GDP of nonfinancial corporate business in chained 1992 dollars This is equal to the deflator for gross domestic product of nonfmanciaJ corporate business with the decimal point shifted two places to the left 2 Total cost and profit Consumption of fixed capital Indirect business tax etc Compensation of employees Corporate profits with inventory valuation and capital consumption adjustments Total Profits tax liability Profits after tax Net interest Indirect business tax and nontax liability plus business transfer payments less subsidies With inventory valuation and capital consumption adjustments Source Department of Commerce Bureau of Economic Analysis 4 NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates Period National income HI IV 1994 I n m IV 1995 I n m IV 1996 I n m IV 1997 I H Proprietors income with inventory valuation and capita consumption adjustments Compensation of employees1 Farm Nonfarm Includes employer contributions for social insurance See also p 5 Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment 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 REAL PERSONAL CONSUMPTION EXPENDITURES Billions of chained 1992 dollars except as noted quarterly data at seasonally adjusted annual rates Nondurable goods Durable goods Period HI IV 1994 I n m IV 1995 I n in IV 1996 I n m IV 1997 I H 1 Total personal consumption expenditures Total durable goods Motor vehicles and parts Furniture and household equipment Other Total nondurable goods 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 Food Clothing Gasoline and and oil shoes Services Fuel oil and coal Other Total services Housing Medical care Source Department of Commerce Bureau of Economic Analysis Retail sales of new passenger cars and light trucks millions of units SOURCES OF PERSONAL INCOME Personal income rose 39 5 billion annual rate in August following an increase of 16 4 billion in July Wages and salaries increased 31 7 billion in August compared to an increase of 3 6 billion in July BILUONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL PERSONAL INCOME WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS 400 J IIII I l l l I I I I t I ll SEASONAUYADIUSTED ANNUAL RATES SOURCE DEPAXfttfNT Of COMMERCE COUNOL Of ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Aug Sept Get Nov Dec 1997 Jan Peb Mar Aprr May July Axuff Total personal income Wage and salary disbursements Proprietors income3 Other labor income z 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 payments5 Less Personal contributions for social insurance 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 DISPOSITION OF PERSONAL INCOME According to revised estimates per capita disposable personal income in chained 1992 dollars rose at an annual rate of 2 3 percent in the second quarter of 1997 BILLONS OF DOLLARS RATIO SCAlf BILLIONS OF DOLLARS RATIO SCALE I I DOUARS RATIO SCALE 22 000 PER CAPITA DISPOSABLE PERSONAL INCOME 20 000 CHAINED 1 992 DOLLARS r r Z DOLLARS RATIO SCALE T CURRENT DOLLARS 12 000 x i i i 1983 i i 1984 i i i I I I I t I I i I 1990 I I i i i I I I E COUNCIL OF ECONOMIC ADVISERS Period Personal income Less Personal tax and nontax payments Equals Disposable personal income Less Personal outlays 1 Equals Personal saving Disposable personal income in billions of chained 1992 dollars Per capita disposable personal income Current dollars Billions of dollars Chained 1992 dollars Per capita personal consumption expenditures Current dollars Chained 1992 dollars Dollars 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 m IV 1994 I II m rv 1995 I II in IV 1996 I n m IV 1997 I II Includes persona consumption expenditures interest paid by persons and persona 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 fourth quarter of 1996 according to preliminary estimates gross farm income fell 5 8 billion annual rate and net farm income fell 6 5 billion BILLIONS OF DOLLARS RATIO SCALE BILUONS OF DOLLARS RATIO SCALE r N x f V XX C5ROSS FAIIMINCC ft 1 K l 1 W I W i j Xv K x V Is s s J A N 40 NETFAF M INCO It i l i 10 l i i i i i i T i i i 1985 i i i 1986 i ii 1987 i i i 1989 j i i 1988 i i l i 1 1992 i i i 1993 SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE i i i l 1996 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from farming Gross farm income Period Cash marketing receipts Total1 Total P 1995 I II III IV 1996 I II Ill rv 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 Livestock and products Crops Value of inventory changes Production expenses Net farm income NOTE Data include net Commodity Credit Corporation loans and operator households Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to annual data in table Sources Department of Agriculture CORPORATE PROFITS In the second quarter of 1997 according to revised estimates corporate profits before tax rose 114 billion annual rate and profits after tax rose 8 1 billion BILLIONS OF DOLLARS BILUONS OF DOLLARS SEASONAUY ADJUSTED ANNUAL RATES i 500 J r J i V I I Vr n r x N i i i i v I I I I f V i ii T OtUABILHV PROF FS AFTER TAX S V p r i J f PROFITS BEFORE TAX S WBUTED ii i i i i i i i i i 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 Total2 Total I n m IV 1994 I n m IV 1995 I n m IV 1996 I n m IV 1997 I TJ 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 Nonfinancial Wholesale Tax liability Total Dividends Undistributed profits Retail Source Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment REAL GROSS PRIVATE DOMESTIC INVESTMENT In the second quarter of 1997 according to revised estimates nonresidential fixed investment in chained 1992 dollars rose 28 1 billion annual rate and residential investment rose 4 9 billion There was an increase of 77 6 billion in inventories following an increase of 63 7 billion in the first quarter BILLIONS OF CHAINED 1992 DOLLARS BILLIONS OF CHAINED 1992 DOLLARS SEASONALLY ADJUSTED ANNUAL RATES r r VwOr V I 800 I GROSS PRIVATE DOMESTIC INVES1MENT J X CHANC5E IN BUS INESS ENTORIE S x v v A N n X m D INVESTMENT x RESIDENTIAL FIXED INVESTMENT x 800 X X N NRESID NTIAL X x s x N i i i i i i 1983 I I I i i i I l l i i i i i i i I I I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of chained 1992 dollars quarterly data at seasonally adjusted annual rates Fixed investment Period I n m rv 1994 I n m rv 1995 I 1996 I n in IV n m rv 1997 I TJ Gross private domestic investment Total Total NOTE See p 3 0 for further detail on fixed investment by type Because of the formula used for calculating real GDP the chained 1992 dollar estimates for the detailed components do not add to the cliained dollar value of GDP or to any intermedi Change in business x ries Nonresidential Structures Producers durable equipment Residential ate aggregates Source Department of Commerce 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 Structures Period I 1994 n ra iv I n ra IV 1995 I n m IV 1996 I n ra IV I n Total nonresidential Total Residential Producers durable equipment Structures Information processing and related equipment Nonresidential buildings including farm Mining Utilities Total ration shafts and weus Total Computers and peripheral equipment WIlllQ Includes other items not shown separately Includes new computers and peripheral equipment only Includes producers durable equipment not shown separately Other Industrial equipment Transportation and related equipment Total dential Total Single family Multifamily Other NOTE Because of the formula used for calculating real GDP the chained 1992 dollar estimates for the detailed components do not add to the ehained 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 Capital Expenditures Survey Final data are scheduled for release in summer 1996 3 Revised estimates collected from the March 1996 Investment Plans Survey Final 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 Pians 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 investment 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 August employment rose by 96 000 and unemployment rose by 94 000 MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR FORCE CIVILIAN EMPLOYMENT COUNCIL OF ECONOMIC ADVISSftS Thousands of persons 18 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA Civilian noninstitntioiial population NSA Period s S Aug Sept Get Dec 1997 Jan3 Feb Mar Apr May July Civilian labor foree Nonagrieuitura Total Agricultural Part time for economic reasons1 Total Pwrsons at work Bwnomic reasons include slack work materiaf shortages inability to find fiilltime work et 2 Civilian iabor foree or empfoymeot as percent of civilian noninstiftitionaJ population and unemployment as percent of rivijian labor force i Not strictly comparable with earlier data Total Percent2 Unemployment Civilian employment 15 weeks and over Not in labor force Ijabor foree participation rate Bmploymeni population ratio Unemployment rate B 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 and Earnings February 1997 for details Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In August the unemployment rote rose to 4 9 percent from 4 8 percent in July PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED 25 TEENAGERS MEN 20 YEARS AND OVER V WOMEN 20 YEARS AND OVER UNEMplO MENfAS PERCENT OF CiVltlAN lASOSt FORCE N GfcGUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISSfiS Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group By sex and age Period Aug Sept Oct Nov Dec 1997 Jan Peb Mar May June July Auff 1 Revised z AB civilian workers Men 20 years and over Women 20 years and over Both sexes 16 19 years White definition for details see Employment and Earnings February 1994 Data beginning January 1994 are not directly comparable with data for earlier periods NOTE Data reSate to persons age 16 years and over 12 By selected groups By race Black and other Black Experienced wage and salary workers Married men spouse present Women who maintain families Sosiree Department of Labor Bureau of Labor Statistics Full time workers1 Part time workers SELECTED MEASUBES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In August the percentages of the unemployed who had been out of work for less than 5 weeks and for 514 weeks rose the percentages for 15 26 weeks and for 27 weeks and over fell The mean duration of unemployment fell to 15 9 weeks and the median duration fell to 7 8 weeks PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASON FOR UNEMPLOYMENT VA NEW ENTRANTS SEASONALLY ADJUSTED I BEGINNING JANUARY 1 994 JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS SOURCE DEPARTMENT OF LABOR 199 5 COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Reason for unemployment ercent distribution Duration of unemployment Period Unemployment thousands Percent distribution jliess than 5 weeks 5 14 weeks 15 26 weeks State programs Insured unem Number of weeks 27 weeks and over Average mean Median losers1 Job leavers Reentrants New entrants Insured unemployment aU Initial claims regular programs unadjusted 2 Weekly average thousands i Aug Sept Oct Dee Jan Peb Mar July Beginning January 1994 job losers and persons who completed temporary jobs Includes State 50 States District of Columbia Puerto Rico and Virgin Islands ex servicemen UCX and Federal UCFE Railroad RR programs included through 1993 Also includes Federal and State extended benefit programs Does not include Federal supplemental compensation or Emergency Unemployment Compensation programs t Data beginning January 1994 are not directly comparable with data for earlier periods 2 NOTE Data relate to persons age 16 years 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 49 000 In August MILLIONS OF PERSONS MILLIONS OF PERSONS ENLARGED SCALE V 32 SERVICES RETAIL TRADE rto GO 3DS PROOUC NO 30 IIHIIIIIH MANUFACTURING INDUSTRIES CONSTRUCTION 20 Minim n 1993 II ml M i l l M l l l l l l l l l fill I l l l l III S m 1997 n i i i I i i i i it OO COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers seasonally adjusted Service producing industries Goods producing industries Period Total aonsgricultural employment Manufacturing 2 Total Aug Sept Oet Nov Dee 1997 Jan Peb Mar Apr May r June July Augp Construction Total NonDurable durable goods goods Includes at fiilt 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 IB this table not comparable with estimates of nonagrieultural 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 14 Total Transportation and public utilities Wholesale trade Retail trade Finance insurance Services and real estate Government Total Federal of the working agw 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 j 11 wliere persons are counted only once as employed unemployed or not in the labor fbree 2 Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS HOURLY EARNINGS AND WEEKLY EARNINGS PRIVATE NONAGRIGULTURAL INDUSTRIES For production or nonstjpervisory workers monthly data seasonally adjusted except as noted Average weekly hours Aug Sept Get Nov Dec 1997 Jan Peb Mar May July Aagp Total private nonagricultural Total Total private nonagriculturai l Total private nonagriculturai Manufacturing Period Average gross weekly earnings Average gross hourly earnings Overtime Current dollars 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 fi Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics Also includes other private industry groups shown on p 14 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers CPI W on a base 2 EMPLOYMENT COST INDEX PRIVATE INDUSTRY Percent change from Index June months earlier Period Total compensation Wages and salaries Benefits Total compensation Wages and salaries 12 months earlier Benefits Total compensation Wages and salaries Benefits Not seasonally adjusted Dec Dec Dec Dec Dec Dec Dec Dec Dee Dec Seasonally adjusted 1994 Mar Sept Dec 1995 Mar Sept Dec 1996 Mar Sept Dec 1997 Mar Etaployer costs for employee benefits NOTE The employment cost index is 8 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 worVers Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output Business sector Nonfarm business sector Hours of all sons2 Business sector Nonfarm business sector Compensation per hour Business sector Nonfarm business sector Real compensation per hour4 Business sector Nonfarm business sector Unit labor costs Business sector Nonfarm business sector Implicit price deflator5 Business sector Nonfarm businesssector Indexes quarterly data seasonally adjusted I n m IV 1994 I n m IV 1995 I II m IV 1996 I n in IV 1997 I n Percent change quarterly data at seasonally adjusted annual rates I II m IV 1994 I n m IV I n in IV I n m rv I Hr 1 Output n i refers to real gross domestic product originating in the sector 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 5 Current dollar gross domestic output divided by the output index 16 O lie 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 Dat based on GDP data released August Data for 1997 II shown elsewhere in this issue were released September 28t 1997 Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in August INDEX RATIO SCALE 150 FINAL PRODUCTS 140 INDEX RATIO SCALE s y BUSINESS EQUIPMENT V f GOODS v N N DEFENSE AND SPACE EQUIPMENT I M 1 1 M i v i I I I 1 1Ii i 1 1 CAPACITY UTILIZATION RATE TOTAL INDUSTRY COUNOL OF ECONOMY ADVISERS Monthly data seasonally adjusted Industry production indexes Total industrial production Percent change Period Index Aug Sept Oct Nov Dec 1997 Jan Feb May June Julyr Auer 7 1 Percent changes based on unrounded indexes Output as percent of capacity From year earlier Total Durable Nondurable Mining Utilities Total industry Manufacturing From preceding month Capacity utilization rate percent2 Manufacturing 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 Durable goods Nondurable goods 1 Total Business Defense and space equipment Construction supplies Business supplies Total Total Energy Aug Sept Oct Nov Dee Jan Feb Mar May July Aue 1 Includes oil and gas well drilling and manufactured homes not shown separately monthly data seasonally adjusted Nondurable manufactures Durable manufactures Primary metals Period 1997 Jan Feb Mar July Electrical machinery Transportation equipment Motor vehicles and parts Lumand products Apparel products Printing and publishing Chemicals and products Foods products Source Board of Governors of the Federal Reserve System Industrial machinery and equipment Iron and steel Total Aug Sept Oct Nov Dec Fabricated Total NEW CONSTRUCTION Monthly data seasonally adjusted Construction contracts3 Private Residential Total new construction expenditures Period Total New housing units Total Commercial and industrial 2 Other and State and local Total value index Commercial and industrial floor space millions of square feet Billions of dollars Annual rates 1996 July Auer Sept Get Dec 1997 Jan Peb Mar May Julyp Annual rates Includes residential improvements not shown separately 2 Includes hotels and motels 3 F W Dodge series Sources Department of Commerce Bureau of the Census and The McGraw Hill Companie Inc F W Dodge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted New private homes New private housing units Units started by type of structure Period Total unit units 5 or more units Units authorized Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted annual rates 1996 July Aug Sept Get Nov Dee Jan Feb Mar Apr May July Seasonally adjusted 2 Revised series beginning 1989 and 1994 not comparable with earlier data except 1993 data have been revised to be comparable with new series beginning in 1994 Quarterly data entered in last month of quarter 3 The 1994 total based on 17 000 permit issuing places is 1 333 7 thousand units NOTE Beginning 1994 units authorized are for 19 000 places For other data shown units authorized are for 17 000 places Source Department of Commerce Bureau of the Census SALES AND INVENTORIES Manufacturing and Trade In July manufacturing and trade sales rose 1 0 percent and inventories rose 1 3 billion According to advance data retail sales rose 0 4 percent in August after rising 0 9 percent in July BILLIOh IS OF DOLLARS RATIO SCALE BILLIC NS OF DOLLARS RATIO SCALE r JFACTURING AND TRADE INVENT DRIES p RETAIL INVENTORIES MUFACTUR1Nfc AN TRADE SALf S RETAIL SALES Hill in n i 1 1 1 n mil mi i h mi i HI il 1 1 HI RATIC INVENTORY SALES RATIO 1 70 RETAIL V s 1 40 v l fAANUFACTURING I i ni i A NW SEASONAIiY AD USTED OURCE DEPARTMIENT OF COMMERCE Manufacturing and trade1 Period Sales2 Inventories3 MM 1997 COUNCIL OP EC ONOMIC ADVISERS Retail Wholesale Sales2 Sales2 Inventories f Durable goods stores Total Inventory sales ratio4 Inventories3 Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade1 Betail Millions of dollars seasonally adjusted except as noted July Aug Sept Get Nov Dec 1997 Jan Feb Mar May Julvp Aug See page 21 for manufacturing Annual data are averages of monthly not seasonally adjusted figures monthly data are seasonally adjusted totals for month 2 20 i Seasonally adjusted end of period Annual data are averages of seasonally a usted monthly ratios Source Department of Commerce Bureau of the Census 4 MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In July manufacturers shipments inventories and new orders rose unfilled orders fell According to advance data for August manufacturers durable shipments fell and new orders rose BIIUC3NS OF DOLLARS RATIO SCALE BIIUC NS OF DOLLARS RATIO SCALE p f 280 I M l TOTAL x X DURABLEGOODS NONEHJRABLEGOC DS 80 TOTAL Dl RABLEGOOC s r NOh DURABLE GO DOS i 1 1 I 1 t t I I 1 1 1 1 I i 1 IE 1 1 1 It 1 1 1 1 I I 1 BILLIONS OF DOLLARS RATIO SCALE 320 NEWORDERS s S TOTAL RATIO 2 00 URABLEGOO 160 V v x 120 NON XJRABLEGCX DOS INVENTORY SHIPMENTS RATIO COUNCIL Of ECONOMIC ADVISKS Manufacturers shipments1 Manufacturers new orders J Manufacturers inventories2 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital Nondurable goods goods industries mmdefense Manufacturers unfilled orders2 Manufacturers inventoryshipments ratio Millions of dollars seasonally adjusted except as noted July Sept Oct NOT Dec 1997 Jan Peb Mar May JulyJ AugP 1 Annual data are averages of monthly not seasonally adjusted figures monthly data are seasonally adjusted totals for month Shipments are the same as sales 2 Seasonally adjusted end of period 3 Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES The producer price index for all finished goods rose 0 3 percent in August Prices of finished consumer foods rose 0 3 percent while prices of other finished consumer goods rose 0 5 percent Capital equipment prices were unchanged INDEX RATIO SCALE INDEX RATIO SCALE SOURCE DEPARTMENT Of LABOR 1997 COUNCIL Of ECONOMIC ADVISERS monthly data seasonally adjusted Intermediate materials Finished goods Finished goods excluding consumer foods Period Total finished goods Aug Sept Get Nov Dee 1997 Jan Peb Mar Apr r May Jane July Aug J S Consumer foods Consumer goods Total Total Intermediate materials for food manufacturing and feeds NOTE Beginning11998 indexes are based on updated value weigiits 22 Durable N d We Total Capital equipment consumer Total Foods and feeds finished Crude materials Other Total Source Department of Labor ENsreau of Labor Statistics Foodstuffs and feedstuffs Other CONSUMER PRICES ALL URBAN CONSUMERS In August the consumer price index for all urban consumers rose 0 2 percent seasonally adjusted and not seasonally adjusted The index was 2 2 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE COUNCIL Of ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted Housing All items Transportation Shelter Period Bel imp Aug Sept Oct Nov Dec 1997 Jan Foh Mar May July 1 Not season Seasonally ally adjust adjusted ed NSA Food Total Renters costs Total Dec Includes items not shown separately Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc excluded beginning 1983 I Relative importance December Home Main Fuel ownand tenance other ers utiliand costs ties re Dec 1982 pairs 100 NSA Apparel and up Total1 keep Energy2 All items less food and energy New cars rsg o Medical Motor care fuel NOTE Data incorporate a rental equivalence measure for homeownership costs beginning 1983 Source Department of Labor Bureau of Labor Statistics IN PRODUCER PRICES FOR FINISHED GOODS IPercent change from preceding period monthly data seasonally adjusted except as noted by NSA Change from preceding period Change from 3 months earlier annual rate Change from 6 months earlier annual rate Consumer goods Consumer goods Consumer goods Period Total finished Capital equipment Excluding foods Poods goods Total finished goods Capital equipment Excluding foods Poods Total finished goods equipment Excluding foods Foods Change from year earlier total finished goods NSA Change Dee to Dee NSA Change month to month 1996 Aug Sept Oct Nov Dec May Q 1997 Jan Feb Mar A 8 A t 1 July Ane I 0 n 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 Shelter Period All items1 Pood Total Total Renters costs Addendum All items percent ehange annual rate Transportation Housing Homeowners costs and other utilities Apparel and 1 upkeep Total New ears Motor fuel Medical eare Energy2 All items less food and energy From previous quarter 3 From Prom Prom 3 6 year months months earlier earlier earlier NSA Change December to December NSA Change month to month 1996 Ang Sept Oct Nov Dec Jan Feb Mar May June July Aug Q Includes items not shown separately Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil f etc excluded beginning g J i is i b Quarterly changes are shown in the last month of the quarter Smiree Department of Lalx r Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS In September prices received and paid by farmers were both unchanged Data are not seasonally adjusted INDEX RATIO SCALE INDEX RATIO SCAL RATIO I I 11I I 1111111 I r w i I U LUJJJ LLL II J RATIO Of INDEX OF PRICES RECEIVED TO INDEX Of PRICES PAID SOURCE DEPARTMENT OF AGRICULTURE M 11 60 INN 1997 COUNCIL Of ECONOMIC ADVISERS not seasonally adjusted Prices paid by farmers Prices received by farmers Period All farm products Livestock and products Crops All commodities services interest taxes and 1wage rates Production items interest taxes and wage rates Production items Ratio Sept Oct Nov Dec Jan Feb Mar Apr May June July Auerr Sept 1 Includes items not shown separately 2 Percentage ratio of index of prices received by farmers to index of prices taxes and wage rates 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 Growth in M2 and M3 accelerated in August BILUONS OF DOLLARS RATIO SCALE 5 200 r BILLIO MS OF DOLLARS RATIO SCALE M M Ai n WO F ECONOMIC ADVISERS Averages of daily figures except as noted billions of dollars seasonally adjusted Ml Period Dec Dec Dec Dec Dec Dec Dee Dee Dee Dec July Sept Oct Nov Dee 1997 Jan Feb Mar A rr May July M3 M2 M2 plus large time deposits EPs Eurodollars and institutiononly MMMF balances Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml phis retail MMMP balances savings deposits including MMDAs and small time deposits Consists of outstanding credit market debt of the U S Government State and local governments and private nonfiinaneial sectors data from flow of funds accounts 2 Aniiual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate 26 L Debt MS pins other liquid assets Debt of domestic Bonfinaneiai sectors monthly average of adjacent month end levels P P Percent change from year or 6 months earlier2 Ml NOTE See p 27 for components Source Board of Governors of the Federal Reserve System M M S Debt COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally actuated Currency Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec July Sent Oct Nov Dec 1997 Jan Feb Mar May July Other Decheckmand able depos deposits its OCDs Money market mutual fund balances Retail Savings deposits including money market Instideposit tution accounts only2 MMDAs Balances in money funds with minimum initial investments of less than Balances in money fluids with minimum initial investments of 50 000 or more Small denomination and large denomination deposits are those issued in amounts of less than and more than respectively 2 3 Small denomination time deposits3 Large denomination time deposits3 Overnight and term repurchase agreements RPs net Overnight and term Eurodollars net Savings bonds Shortterm Treasury securities Bankers acceptances Commercial paper P NOTE Travelers checks of nonbank issuers are a component of money stock but are not shown here Source Board of Governors of the Federal Reserve System AGGREGATE RESERVES AND MONETARY BASE Averages of daily figures millions of dollars seasonally adjusted except as noted by NSA Adjusted for changes in reserve requirements Borrowings of depository institutions from the Federal Reserve NSA Reserves of depository institutions Period Total Dec Dec Dec Dec Dec Dec Dec Dee Dec Dec Aug Sept Oct Nov Dee 1997 Jan Feb Mar Apr May July 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 6 percent in August commercial and industrial loans rose 1 1 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE U S GOVERNMENT SECURITIES V OTHER SECURITIES i i i I I I i i i I i i i i il i i i i i I I I I II i M I I IIIIIII1 I I I I I i i i i I 160 I 1 I I I M1 1 I SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1997 COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted 1 Loans and leases in bank credit Securities in bank credit Period Total bank credit Total securities U S Total loans CommerOther Governcial and and securities ment industrial leases2 securities Real estate Total Revolving home equity Consumer Security Other Other Dec Dec Dec Dec Dec Dec Dec Dec Dec Aug Sept Oct Nov Dec 1997 Jan Feb Mar Apr May June July Aug 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 through September 1996 and Edge Act and agreement corporations Data are adjusted for breaks caused by reclassifications of assets and liabilities 28 Excludes Federal funds sold to reverse repurchase agreements RPs with and loans to commercial banks in the United States Source Board of Governors of the Federal Reserve System SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Uses Sources External Period Total Internal1 Total Total 1987r I988rr 1989 r r r 1994r r lrr li IE Wr 1996 lr r U m IV 1997 I r UP 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 Discrepancy sources less uses Increase in financial assets Capital Credit market funds tures Plant and equipment residential structures inventory investment and access rights from U S Government NOTE Data beginning 1987 reflect annual revisions See Federal Reserve statistical release Z I Flow of Funds Accounts of the United States issued September for details Source Board of Governors of the Federal Reserve System CONSUMER CREDIT Billions of dollars seasonally adjusted Period Total Dec 3 Dee Dec Dec Dec Dec Dec Dec Dec Dec July Auff Sept Oet Nov Dec 1997 Jan Febr Marr Aprr MaV Juner July Automobile Revolving 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 plus noninstallment credit Net change in consumer credit outstanding l Consumer credit outstanding end of period Other Total Automobile Revolving Other Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months Because of breaks in series net change not available Source Board of Governors of the Federal Reserve System 29 INTEREST RATES AND BOND YIELDS Interest rotes fell in September PERCENT PER ANNUM PERCENT PER ANNUM U U N x CORPORATE Aoo BONDS MOODY S V vv x p x x X J q f X w TREASURY BILLS X r 8 X r J 1 r H DISC OUNT R kTE 2 RESERVE BANK OF NEW YORK 1 Ionium MM IMM M I MM 1 MM M M M MllllllM J COUNCIL OF ECONOMIC ADVISERS 1OUKCE SEE TAME BELOW Percent per annum High U S Treasury security yields Constant maturities2 Period 3 month bills new issues Sept Oct Dec 1997 Jan Peb Mar Apr June July Aug Sepf Week ended 1997 Aug 30 Sept year 10 year municipal 30 year Standard Poor s 3 30 Prime commercial paper 6 months Discount rate N Y F B Bank t Prime rate charged 4 by banks Federal funds rate Newhome mortgage yields FHFB Bank discount basis Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 3 Weekly data are Wednesday figures 4 Average effective rate for year opening and closing rate for month and week 5 Daily effective rate average of the rates on a given day weighted by the volume of transactions at these rates 2 Corporate Aaa bonds Moody s Effective rate in the primary market on conventional mortgages reflecting fees and charges as welt as contract rate and assumed on the average repayment at end of 10 years Series no longer published by Federal Reserve FR See FR release H 15 S fec erf wfererf tfafes May 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 COMMON STOCK PRICES AND YIELDS Overall stock prices rose in September INDEX DEC RATIO SCALE INDEX DEC RATIO SCA1E r f v SU S r s sort f COMPOSITE STOCK PRICEINDEX NYSE f Til i s s J 1990 I 11iiiIii 1991 Mill i i i ii I I I 1 1 1 I I I II 1 1 i iI i 1992 1 II PER ENT PERC ENT EARNINGS PRICE RATIO ON COMMC N STOCKS n T i i i i i T 1 i i i i i i i i I I i i SOURCES NEW TORK STOOt EXCHANGE AND SKNO48D t POOR S CORFORAT1ON i 1 I Sept Oct Nov Dee 1997 Jan Feb Mar May July Sepf Week ended 1997 Ang 30 Sept Industrial Transportation Utility Finance Dow Jones industrial average4 Standard Poor s composite index Dividendprice ratio Earningsprice ratio 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 tare reflect the doubling 4 Includes 30 stocks 0 Common stock6yields percent New York Stock Exchange indexes Dec except as noted Composite I I 1997 COUNCIL Of ECONOMIC ADVISERS Common stock prices Period i 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 FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 11 months of fiscal 1997 there was a deficit of 71 3 billion compared with a deficit of 142 7 billion a year earlier BILUOC iS OF DOUARS 1 700 RECEIPTS AND OUTLAYS BILUONS OF D OUARS S n A V 1 I i N 700 N XI V S INCUJDESON BUOGErWCOFF BUOGEI ITEMS a m WM ofTw mAswtmaF critavexN a s iiJKf COUNCIL of ECONOMIC ADVISERS Billions of dollars Total Fiscal year or period Receipts estimates Cumulative total first 11 months Fiscal year Fiscal year Outlays Receipts Outlays Surplus or deficit Data from Monthly Treasury Statement NOTE Data for fiscal 1997 are from Mid Session Review of the 1998 Budget issued September Other data except as noted are from Budget of the United States Government Fiscal Year 1998 issued February Off budget On budget Surplus or deficit Receipts Outlays Federal debt end of period Surplus or deficit 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 11 months of fiscal 1997 receipts were 109 1 billion higher than a year earlier and outlays were 37 7 billion higher BILLIONS OF CKDLLARS BILUONS OF DOLLARS 800 RECEIPTS CORPORATION IN uME TAXES I I I 400 SOCIAL INSURANCE AND CONTRIBUTIONS 300 TAXES OTHER RECEIPTS OUTLAYS V INCLUDES ON BUDGET AND OFF BUDGET tTEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET N FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS Billions of dollars On budget and off budget outlays On budget and off budget receipts Fiscal year or period Total Individual income taxes Corporation income taxes Social insurance taxes and contributions National defense Other Total Total estimates Cumulative total first 11 months Fiscal year 1996 Fiscal year Data from Monthly Treasury Statement NOTE Data for fiscal 1997 are from Mid Session Review of the 1998 Budget issued September Other data except as noted are from Budget of the United States Government Fiscal Year 1998 issued February InterDepart national ment of Defense affairs military Health Medicare Income Social security security Net interest Other Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 1997 according to revised estimates Federal receipts rose 34 0 billion annual rate and Federal current expenditures rose 15 2 billion BIU1ONS OF DOUARS BllilONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES s CURRENT EXPENDJUJRES I v s s 1 400 s RECEIPTS III s CURR ENT SURF LUS OR C EFICIT i V S i i i 1 i i i i I i i i i i i i i i 1993 i 1 1994 i i i CAlfNDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government current expenditures Federal Government receipts Period Total Calendar year UJ IV 1994 I n ni rv 1995 I n m rv 1996 I n m rv 1997 I H Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Source Department of Commerce Bureau of Economic Analysis 34 Contributions for social insurance Total Consumption expenditures Transfer payments Grantsin aid to Net State interest and paid local governments Subsidies less current surplus of Government enterprises Less Wage accruals less disbursements I Current surplus or deficit national income and product accounts INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Consumer prices NSA Industrial production seasonally adjusted Period United States June July Sept Oct Nov Dec 1997 Jan Peb Mar Apr May July Augf 1 Canada Japan France Germany Data relate to all urban consumers United Kingdom Italy United States Canada Japan Germany France Italy 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 actjnsted Balance of trade exports minus impo Services BOP basis Goods Imports customs value nsus basis y en u tegory Goods Exports f a s value census oasis uy en use category HOP ha S Period July Avg Sept Oct Nov Dec 1997 Jan Feb Mar Apr May June July BOP basis AutoInCap motive ital Foods trial Total feeds sup goods vehiCensus and except cles plies basis2 bevauto parts and and erages mate moentive rials gines Consumer goods nonfood InBOP basis cept Total Census basis2 Foods feeds and trial sup bevand erages mate Capital goods except auto mo rials motive tive 111 0 Auto Conmo sumer tive goods vehi noncles food parts except autoand mo engines tive Exports Imports Goods Census Goods Services Goods and services S Includes undocumented exports to Canada through 1988 Total includes other exports or imports not shown separately NOTE BOP refers to balance of payments on international transactions basis BOP data shown liere 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 second quarter of 1997 the goods deficit fell to 46 9 billion from 49 8 billion in the first quarter The current account deficit fell to 39 0 billion from 40 0 billion in the first quarter BIDJONSOF DOOARS BILUONSOFDOUARS SEASONALLY ADJUSTED SOURCE DEPARTMENT Of COMMERCE COUNOt OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Credits debits Services Goods Period Net travel Net and military transtransac 23 portation tions receipts Exports I II m IV 1996 I n m IV 1997 I HP Imports Net balance Investment income Other services net 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 2 36 Balance on goods and services Receipts on U S assets abroad Payments on foreign assets in U S Net Balance on goods Unilateral services transfers net4 and income Quarterly data are not seasonally adjusted Includes transfers of goods and services under U S military grant programsSee p 37 for continuation of table 4 on current account U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts U S claims on foreigners reported by U S banks increased 29 6 billion in the second quarter of 1997 following an increase of 62 0 billion in the first quarter U S liabilities to private foreigners reported by U S banks excluding Treasury securities increased 27 1 billion in the second quarter following an increase of 17 4 billion in the first quarter BIU1ONSOFOOUARS BtLUONSOFDOUARS 200 V i 160 CHANGE IN FOREIGN ASSETS X V 1 A i A x L A A J M Jv i V VJ 40 J L A 1988 i t i s y f A CHANGE IN U S ASSETS ABROAD NF i i i sV A A A j i i i y SEASONALLY ADJUSTED SOURCE DEPARTMENT OF CCWMERCE V J v N w r i l l A V I k f V V V COUNCaOFECCJNOM1C ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad net increase capik Period Total I II m IV 1996 I II ni 1997 IV P II U S official reserve assets Other U S Government assets Foreign assets in the U S net increase capital inflow U S private assets Consists of gold special drawing rights SDKs foreign currencies and the U S reserve position in the IMF Foreign official assets3 Total Other foreign assets Statistical discrepancy Allocations of special Total sum Of which drawing of the items Seasonal rights with sign adjustment SDKs reversed discrepancy 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 ail dollar figures are in current dollars Symbols used P Preliminary Revised Corrected Not available also not applicable NSA not seasonally adjusted on 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 mailings U S GOVERNMENT PHNTWG OfHCi

Gross Domestic Product

DATE: September 1997

PART OF:

Economic Indicators : September 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-. "Gross Domestic Product," 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-. "September 1997," Economic Indicators (September 1997) : 3-3. https://fraser.stlouisfed.org/title/1/item/790/toc/308652 , accessed on December 9, 2019.

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Economic Data