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104th Congress, 2d Session
Economic Indicators
APRIL 1996
(Includes data available as of May 7, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
LIBRARY
2 3 1996
FEDERAL RESERVE
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1996
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member
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11
[ERRATA]
ERRATA sheet for Economic Indicators, April 1996, Page 32
Subtitle should read as follows:
In the first 6 months of fiscal 1996, there was a deficit of $128.2 billion,
compared with a deficit of $146.7 billion a year earlier.
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1996, according to advance estimates, current-dollar gross domestic product (GDP) rose
5.0 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 2.8 percent, and the implicit price deflator
rose 2.1 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
7,600
5EASONAU.Y ADJUSTED ANNUAl RATES
7,600
,
f
7,200
7,200
"
6,800
jr
GDP
ff
AINED( 1992) DOLL
6,400
6,400
^<
r~~^-— ^
.— ''
^ *s
5,600
—•
__
\
6,000
^•
6,800
^ — — "~
^,-'
6,000
5,600
^
/^
5,200
5,200
''
S
4,800
4,800
s
/ GDP
./
IN ^
CURRENT DOLLARS
4,400
4,400
/
4,000
4,000
/•
/
3,600
3,600
3,200
3,200
^
\
\
\
1982
i >i
i i i
I i i
i I I
1983
1984
1985
1986
I I i
1987
i i i
i I i
i ii
1988
1989
1990
i i I
1991 ,
i i i
I > I
i I i
i i i
i I I
1992
1993
1994
1995
1996
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEBMITMENTOF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990:
19911992;
1993:
TV
IV
IV
I
II
III
IV
1994- I
II
in
rv
1995: I
IJ
in
IV
1996- IF
1
Exports and imports
Personal Gross
of goods and services
conprivate
Gross
domestic sumption domestic
product expendiNet
Exports Imports
tures
ment
exports
4,422.2
4,692.3
5,049.6
5,438.7
5,743.8
5,916.7
6,244.4
6,550.2
6,931.4
7,245.8
5,781.5
6,002.3
6,383.0
6,442.8
6,503.2
6,571.3
6,683.7
6,772.8
6,885.0
6,987.6
7,080.0
7,147.8
7,196.5
7,298.5
7,340.4
7,430.7
2,892.7
3,094.5
3,349.7
3,594.8
3,839.3
3,975.1
4,219.8
4,454.1
4,698.7
4,924.3
3,907.0
4,027.1
4,329.6
4,367.8
4,424.7
4,481.0
4,543.0
4,599.2
4,665.1
4,734.4
4,796.0
4,836.3
4,908.7
4,960.0
4,992.3
5,061.6
722.5
747.2
773.9
829.2
799.7
736.2
790.4
871.1
1,014.4
1,065.3
736.1
760.9
816.1
843.6
855.9
873.8
911.2
957.6
1,016.5
1,033.6
1,050.1
1,072.0
1,050.3
1,074.8
1,064.0
1,079.4
-131.5
-142 1
-106.1
-80.4
-71.3
-205
-29.5
-649
-96.4
-1023
-72.0
-14.8
-42.7
-47.4
-620
-77.1
-73.2
-803
-97.4
1084
-99.7
- 106.6
-1224
- 100.8
79 3
-95.0
GDP less exports of goods and services plus imports of goods and services.
320.7
365.7
447.2
509.3
557.3
601.8
639.4
660.0
722.0
804.5
577.3
624.4
649.1
649.4
662.5
648.5
679.4
681.5
708.6
734.2
763.6
778.6
796.9
812.5
829.9
832.7
Government consumption expenditures
and gross investment
Federal
Total
Total
452.2
938.5
507.9
992.8
553.2 1,032.0
589.7 1,095.1
628.6 1,176.1
622.3 1,225.9
669.0 1,263.8
724.9 1,289.9
818.4 1,314.7
906.7 1,358.5
649.2 1,210.4
639.3 1,229.2
691.8 1,280.0
696.8 1,278.8
724.6 1,284.6
725.6 1,293.6
752.6 1,302.7
761.7
1,296.4
806.0 1,300.8
842.6 1,328.0
863.3 1,333.5
885.1 1,346.0
919.3
1,359.9
913.3 1,364.5
909.2 1,363.5
927.8 1,384.7
435.2
455.7
457.3
477.2
503.6
522.6
528.0
522.1
516.3
516.7
516.7
515.5
535.0
525.0
519.6
520.8
522.9
511.3
509.4
523.6
520.9
519.9
522.6
516.7
507.8
519.2
National Nondefense defense
332.4
350.4
354.0
360.6
373.1
383.5
375.8
362.2
352.0
345.7
383.3
373.0
375.3
365.2
362.2
360.7
360.8
346.7
349.3
362.1
349.6
347.7
352.3
345.6
337.2
346.7
102.9
105.3
103.3
116.7
130.4
139.1
152.2
159.9
164.3
171.0
133.3
142.6
159.7
159.8
157.4
160.1
162.2
164.6
160.0
161.5
171.2
172.1
170.3
171.1
170.6
172.5
State
and
local
503.3
537.2
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
693.7
713.6
745.1
753.8
765.0
772.7
779.7
785.0
791.4
804.4
812.6
826.1
837.3
847.7
855.7
865.5
Gross
Final
sales of domestic
purdomestic
product chases1
Addendum:
Gross
national
product
4,412.6
4,668.1
5,038.7
5,407.0
5,735.8
5,919.0
6,237.4
6,529.7
6,871.8
7,208.8
5,812.9
5,980.9
6,376.6
6,422.9
6,481.6
6,549.3
6,664.9
6,732.6
6,810.5
6,922.9
7,021.3
7,089.7
7,162.5
7,260.3
7,322.6
7,420.9
4,435.1
4,701.3
5,062.6
5,452.8
5,764.9
5,932.4
6,255.5
6,560.0
6,922.4
7,237.5
5,813.6
6,016.6
6,390.5
6,458.4
6,512.3
6,584.8
6,684.5
6,773.6
6,876.3
6,977.6
7,062.2
7,140.5
7,187.0
7,283.0
7,339.6
Source; Department of Commerce, Bureau of Economic Analysis.
4,553.7
4,834.5
5,155.6
5,519.1
5,815.1
5,937.2
6,274.0
6,615.2
7,027.8
7,348.1
5,853.5
6,017.1
6,425.7
6,490.1
6,565.2
6,648.4
6,756.9
6,853.1
6,982.5
7,096.0
7,179.6
7,254.3
7,318.9
7,399.3
7,419.7
7,525.7
REAL GROSS DOMESTIC PRODUCT
(Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
domestic
product
Personal
consumption
expenditures
1987
1988
1989 .
1990
1991
1992
1993
1994
1995
5,489.9
5,648.4
5,862.9
6,060.4
6,138.7
6,079.0
6,244.4
6,383.8
6,604.2
6,739.0
1990: IV
1991: IV
1992: IV
6,081.0
6,104.4
6,327.3
3,708.7
3,822.3
3,972.7
4,064.6
4,132.2
4,105.8
4,219.8
4,339.7
4,471.1
4,578.5
4,116.4
4,109.1
4,282.3
1993: I
6,327.0
6,353.7
6,390.4
6,463.9
6,504.6
6,581.5
6,639.5
6,691.3
4,290.0
4,319.0
4,359.7
4,390.0
4,418.8
4,457.7
4,485.8
4,522.3
6,701.6
6,709.4
6,768.3
6,776.5
6,823.6
4,530.9
4,568.8
4,600.4
4,614.1
4,653.5
1986
II
Ill
IV
1994: I
II
m
rv
1995- I
II
Ill
rv
1996- IP
Gross private
domestic investment
Nonresidential
fixed
investment
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
704.4
710.6
719.7
725.3
746.3
Federal
Change
in business
inventories
Residential
fixed
investment
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
200.3
202.4
236.7
Net
exports
10.9
26.2
11.6
33.3
10.4
-3.0
7.3
19.1
58.9
33.7
-163.9
- 156.2
-114.4
-827
-61.9
-22.3
-29.5
-74.4
-1081
-114.2
-28.2
-42.5
21.4
-17.9
5.8
-40.0
-55.2
18.5
20.8
-67.0
19.5
-89.1
17.4
-86.2
40.1 -101.3
74.1 -112.2
64.0 -113.3
57.3 - 105.8
54.5 -119.0
30.6 -126.8
33.2 -114.3
16.5
-96.6
7.9 -111.0
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
266.4
269.3
Government consumption expenditures
and gross investment
Exports and imports of
goods and services
Exports
Total
Imports
Total
National
defense
and
local
Nondefense
Final
sales of
domestic
product
Gross
domestic
purchases1
Addendum:
Gross
national
product
362.2
402.0
465.8
520.2
564.4
599.9
639.4
660.6
715.1
774.8
526.1
558.2
580.2
603.0
626.3
622.2
669.0
735.0
823.3
888.9
518.4
534.4
524.6
531.5
541.9
539.4
528.0
508.7
489.7
472.7
393.4
409.2
405.5
401.6
401.5
397.5
375.8
354.9
336.9
320.0
125.2 616.9
125.3 631.8
119.1 656.6
130.1 682.6
140.5 708.6
142.0 718.7
152.2 735.8
153.8 751.8
152.6 770.5
152.4 788.6
5,480.9
5,626.0
5,855.1
6,028.7
6,126.7
6,082.6
6,237.4
6,362.9
6,546.3
6,704.7
5,666.1
5,815.7
5,983.9
6,146.1
6,202.1
6,101.1
6,274.0
6,457.3
6,709.7
6,849.7
5,503.4
5,657.2
5,876.2
6,074.0
6,159.4
6,094.4
6,255.5
6,393.7
6,596.6
6,732.1
573.9
623.5
649.1
616.4 1,259.9 543.5
641.4 1,250.7 526.9
689.1 1,272.5 534.0
403.1
381.7
376.8
140.5
145.3
157.1
716.5
723.8
738.5
6,108.1
6,083.8
6,320.7
6,124.3
6,122.3
6,367.3
6,113.4
6,118.7
6,334.8
649.8
662.3
648.9
681.4
680.4
704.3
724.8
751.0
705.1
729.4
738.1
767.6
361.2
356.4
351.2
350.8
154.5
152.7
154.2
153.7
741.6
748.8
755.7
761.3
6,307.7
6,331.6
6,368.2
6,444.1
781.7
816.5
838.1
856.8
1,257.2
1,257.9
1,261.1
1,265.7
1,252.3
1,249.7
1,271.0
1,266.6
334.8
335.5
346.1
331.3
154.8
147.7
150.5
157.5
762.7
766.8
774.7
777.7
6,464.0
6,509.0
6,576.8
6,635.2
6,382.0
6,420.2
6,478.3
6,548.7
6,603.9
6,691.0
6,749.7
6,794.0
6,342.7
6,362.9
6,404.0
6,465.1
6,506.2
6,573.9
6,631.1
6,675.4
755.8
764.3
779.1
799.8
805.2
874.9
891.2
893.4
896.4
916.2
1,263.0
1,265.8
1,263.6
1,250.4
1,256.1
325.3
326.1
319.3
309.3
314.9
155.6
153.6
153.1
147.2
149.0
782.2
786.3
791.5
794.4
792.5
6,647.5
6,677.4
6,733.3
6,760.5
6,815.5
6,816.9
6,832.0
6,879.4
6,870.5
6,931.2
6,695.7
6,701.2
6,754.6
6,776.7
1
GDP less exports of goods and services phis 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 ehained-dollar value of GDP or to any
intermediate aggregates.
1,135.0
1,165.9
1,180.9
1,213.9
1,250.4
1,258.0
1,263.8
1,260.5
1,259.9
1,260.7
515.7
509.2
505.4
504.5
489.8
483.3
496.6
489.1
481.3
479.9
472.7
456.8
464.3
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1992=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
domestic
product
Total
Gross private
domestic investment
Durable
goods
Nondurable goods
Services
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and
local
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.5
78.0
81.0
84.3
88.4
92.9
96.8
100.0
102.6
105.1
107.6
88.9
91.6
93.3
95.3
96.6
98.5
100.0
101.3
103.4
104.4
78.7
81.8
84.8
89.3
94.6
98.1
100.0
101.5
102.8
104.5
75.3
78.2
82.2
86.6
91.2
95.8
100.0
103.6
106.7
109.9
90.2
91.3
93.7
96.2
98.4
99.9
100.0
100.9
102.3
103.3
84.9
88.3
92.1
95.1
97.8
98.8
100.0
103.7
107.0
110.3
88.5
91.0
96.0
97.9
98.7
100.3
100.0
99.9
101.0
103.8
86.0
91.0
95.3
97.8
100.4
100.0
100.0
98.6
99.4
102.0
84.0
85.3
87.2
89.8
92.9
96.9
100.0
102.6
105.4
109.3
84.5
85.6
87.3
89.8
92.9
96.5
100.0
102.1
104.5
108.0
82.2
84.0
86.7
89.7
92.8
97.9
100.0
104.0
107.7
112.3
81.6
85.0
87.5
90.5
94.9
97.9
100.0
102.1
103.6
106.7
1990: IV
1991- IV
1992: IV
95.1
98.3
100.9
94.9
98.0
101.1
97.0
99.1
100.2
97.4
98.7
100.7
93.1
97.4
101.5
99.4
99.9
100.1
98.3
98.9
101.4
100.6
100.2
100.0
105.3
99.7
100.4
95.1
97.8
100.2
95.1
97.7
99.6
94.9
98.1
101.6
96.8
98.6
100.9
1993: I
101.8
102.4
102.8
103.4
101.8
102.4
102.8
103.5
100.5
101.1
101.5
101.9
101.3
101.5
101.3
101.9
102.4
103.3
103.9
104.7
100.5
100.8
101.0
101.1
102.3
103.6
104.3
104.7
99.9
100.C
99.9
99.7
98.8
99.3
98.3
98.0
101.8
102.0
103.0
103.6
101.1
101.6
102.7
102.8
103.4
103.1
103.9
105.5
101.6
102.2
102.3
102.4
1994- I
104.1
104.6
105.2
105.8
104.1
104.7
105.5
106.1
102.4
103.2
104.0
103.9
102.0
102.4
103.3
103.6
105.6
106.2
107.1
107.9
101.6
102.2
102.7
102.7
105.7
106.2
107.4
108.6
100.2
100.6
101.3
101.7
97.4
98.7
100.5
100.8
104.4
105.4
105.4
106.5
103.6
104.1
104.6
105.6
106.3
108.3
107.3
108.7
102.9
103.2
103.8
104.5
1995: I
II
Ill
rv
106.7
107.3
107.8
108.3
106.7
107.4
107.8
108.2
104..5
104.7
,04.4
1C3.8
103.9
104.5
104.6
105.0
108.8
109.7
110.3
110.9
102.7
103.4
103.7
103.4
109.2
109.9
110.7
111.3
103.0
104.3
104.3
103.8
101.2
103.2
102.2
101.4
108.0
108.9
109.3
111.2
106.9
108.0
108.2
109.0
110.6
110.9
111.8
115.9
105.6
106.5
107.1
107.7
1996: I?
108.9
108.8
1GU.7
106.0
111.4
103.0
111.7
103.4
101.3
111.8
110.1
115.8
109.2
II
in
rv
ii
m
rv
Source: Department of Commerce, Bureau of Economic Analysis.
QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT AND
PERCENT CHANGES
[Quarterly data arc seasonally adjusted)
Index numbers, 1992=100
Chain-type
quantity
index
Current
dollars
51.9
56.3
62.5
67.0
70.8
75.1
80.9
87.1
92.0
94.8
100.0
104.9
111.0
116.0
93.2
94.4
95.3
96.1
98.0
99.3
100.4
102.2
103.2
104.1
105.2
107.0
108.5
110.3
111.9
113.4
114.5
115.2
116.9
117.6
119.0
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1991: I ...
II ..
m
IV .
1992: I ...
II ..
in
IV .
1993: I ...
II ..
in
IV .
1994: I ...
n..
in
IV .
1995: I ...
II..
in
IV .
1996: IP .
Percent change from preceding period '
Implicit
price
deflator
Chain-type
price index
70.2
73.2
75.9
78.6
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.6
96.3
97.0
97.7
98.3
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.9
108.5
109.2
74.0
77.0
82.3
85.3
87.9
90.5
93.9
97.1
98.3
97.3
100.0
102.2
105.8
107.9
96.9
97.3
97.5
97.8
98.9
99.5
100.3
101.3
101.3
101.7
102.3
103.5
104.2
105.4
106.3
107.2
107.3
107.4
108.4
108.5
109.3
1
Percent changes shown here arc calculated using unrounded data. Quarterly percent
changes are at annual rates.
Chain-type
quantity
index
Current
dollars
70.1
73.1
75.9
78.4
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.5
96.3
97.0
97.7
98.3
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.8
108.3
108.9
4.1
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
4.9
5.8
4.5
2.8
4.9
4.0
3.6
8.2
5.3
4.6
7.3
3.8
3.8
4.3
7.0
5.4
6.8
6.1
5.4
3.9
2.8
5.8
2.3
5.0
Chain-type
price
index
Implicit
price
deflator
6.3
4.2
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.3
2.5
4.8
3.2
2.8
2.5
3.4
2.8
1.5
2.8
3.8
2.2
1.8
2.3
2.8
1.9
2.4
2.2
3.3
2.5
2.2
2.2
2.5
-2.1
4.0
6.8
3.7
3.0
2.9
3.8
3.4
1.3
-1.0
2.7
2.2
3.5
2.0
-2.2
1.7
1.0
1.0
4.7
2.5
3.0
4.3
.0
1.7
2.3
4.7
2.5
4.8
3.6
3.2
.6
.5
3.6
.5
2.8
6.3
4.2
3.9
3.3
2.7
3.1
3.7
4.2
4.3
4.0
2.7
2.6
2.3
2.4
5.1
3.1
2.9
2.5
3.3
2.7
1.5
2.9
3.8
2.1
1.9
2.2
2.8
1.9
2.4
2.2
3.2
2.3
2.2
1.8
2.1
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)
Period
Current
dollars
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993: I ...
II..
in
IV.
1994: I ...
II..
in
IV.
1995: I ...
n..
in
IV.
2,416.3
2,589.6
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3,688.4
3,875.6
3,345.3
3,407.8
3,458.7
3,538.0
3,594.4
3,664.9
3,707.2
3,786.9
3,796.4
3,832.4
3,916.1
3,957.7
Chained
(1992)
dollars
Current-dollar cost and profit per unit of real output (dollars)'
2,832.4
2,967.0
3,122.1
3,175.4
3,212.5
3,168.8
3,262.6
3,380.0
3,567.1
3,685.7
3,304.0
3,357.4
3,398.4
3,460.1
3,496.2
3,554.5
3,576.2
3,641.5
3,631.6
3,646.1
3,715.1
3,749.9
'Output is measured by GDP of nonfinancial corporate business in chained (1992) dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business
with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Consumption of
fixed
capital
Total
cost and
profit2
Indirect
business
tax, etc."
Compensation
Corporate profits with inventory
valuation and capital consumption
adjustments
of employees
Profits
Total
tax
liability
0.853
.873
.898
.929
.960
.988
1.000
1.017
1.034
1.052
1.012
1.015
1.018
1.023
1.028
1.031
1.037
1.040
1.045
1.051
1.054
1.055
4
0.100
.100
.101
.106
.110
.116
.115
.115
.116
.115
.116
.115
.116
.114
.122
.114
.114
.113
.114
.116
.115
.115
0.083
.083
.084
.088
.092
.100
.103
.105
.106
.109
.105
.105
.105
.107
.107
.106
.107
.106
.109
.110
.108
.109
0.566
.578
.591
.614
.640
.660
.673
.679
.682
.696
.681
.679
.679
.676
.679
.681
.683
.686
.694
.698
.695
.696
0.069
.076
.082
.075
.072
.070
.077
.088
.102
.104
.079
.085
.089
.098
.093
.103
.105
.108
.100
.100
.109
.108
0.027
.031
.033
.031
.030
.027
.028
.031
.036
.038
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
.037
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce, Bureau of Economic Analysis.
Profits
after
tax4
0.042
.044
.050
.044
.042
.043
.049
.057
.066
.066
.050
.055
.059
.065
.058
.067
.068
.070
.061
.062
.071
.070
Net
interest
0.035
.035
.039
.046
.046
.042
.032
.029
.027
.028
.031
.030
.029
.028
.027
.028
.028
.027
.028
.028
.027
.027
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
4,362.1
4,611.9
4,719.7
4,950.8
5,194.4
5,495.1
5,799.2
4,667.2
4,770.0
5,061.7
5,094.9
5,159.9
5,213.0
5,309.9
5,300.5
5,493.7
5,551.2
5,635.0
5,697.7
5,738.9
5,849.2
5,911.1
1989
1990
1991
1992
1993
1994
1995
1990- IV
1991- IV
1992: IV
1993:
Compensation
of
employees1
I
II
m
IV
1994- I
II
m
IV
1995- I
II
in
rv
1996- IP
1
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
Nonfarm
36.8
36.3
30.2
38.0
32.0
35.0
29.0
33.9
31.0
37.3
31.5
35.8
26.1
34.4
40.8
35.1
31.9
32.3
28.5
27.6
28.1
31.8
38.6
3,151.6
3,352.8
3,457.9
3,644.9
3,809.4
4,008.3
4,209.1
3,395.9
3,511.0
3,707.0
3,744.1
3,787.8
3,834.8
3,871.0
3,933.6
3,993.3
4,022.7
4,083.7
4,141.6
4,178.9
4,235.9
4,280.2
4,321.0
308.2
324.6
332.7
371.5
388.1
415.9
449.3
327.1
341.1
385.1
382.0
381.8
388.1
400.5
380.3
419.3
426.8
437.1
443.5
447.1
451.5
454.9
460.0
Kental
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
52.4
61.4
68.4
80.6
102.5
116.6
122.2
67.3
73.0
92.3
98.4
102.9
104.1
104.5
101.1
121.0
122.2
121.9
120.6
121.6
120.9
125.8
126.9
356.4
369.5
382.5
401.4
464.5
526.5
588.6
365.5
379.6
427.7
426.4
449.0
469.6
512.8
455.9
531.5
549.8
568.9
559.6
561.1
614.9
618.6
330.6
358.2
378.2
398.9
457.7
514.9
572.7
356.5
375.2
420.5
421.4
443.2
465.9
500.4
467.8
513.4
531.0
547.6
542.2
546.1
600.3
602.2
Profits
before tax
Inventory
valuation
adjustment
348.1
371.7
374.2
406.4
464.3
528.2
600.8
376.7
382.8
420.3
436.0
458.8
458.0
504.5
471.7
523.2
547.5
570.4
594.1
588.4
609.6
611.0
-17.5
-13.5
4.0
-7.5
-6.6
-133
-28.1
-20.3
-7.6
.2
-14.6
-156
7.9
-40
—3 9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-13.2
Capital
consumption
adjustment
25.8
11.3
4.3
2.5
6.7
11.6
15.9
9.0
4.5
7.2
5.0
5.8
3.8
12.3
11 8
18.1
18.8
21.3
17.4
15.0
14.6
16.5
19.8
Net
interest
456.6
467.3
448.0
414.3
398.1
392.8
401.0
477.5
434.3
412.4
412.6
402.6
390.4
386.7
388.7
393.5
397.8
391.1
403.9
402.6
397.8
399.7
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]
Nondurable goods
Durable goods
Period
1989
1990
1991
1992
1993
1994
1995
1990:
19911992:
1993:
IV
IV
IV ....
I
II
m
rv
1994- I
II .. . .
m
rv
1995- I
II
m
rv
1996:
I"
Total
persona)
consumption
expenditures
4,064.6
4,132.2
4,105.8
4,219.8
4,339.7
4,471.1
4,578.5
4,116.4
4,109.1
4,282.3
4,290.0
4,319.0
4,359.7
4,390.0
4,418.8
4,457.7
4,485.8
4,522.3
4,530.9
4,568.8
4,600.4
4,614.1
4.653.5
1
Total
durable
goods
496.2
493.3
462.0
488.5
524.1
562.0
580.8
476.3
461.5
505.0
506.0
519.6
528.9
541.9
549.6
555.4
563.0
579.9
566.9
576.6
589.7
590.1
600.2
Motor
vehicles
and
parts
230.3
224.3
193.2
206.9
218.6
228.2
221.0
210.0
194.6
213.9
210.8
219.0
219.1
225.4
230.3
226.7
226.4
229.4
216.2
220.7
225.9
220.9
222.7
Furniture
and
household
equipment
170.9
173.5
177.0
189.4
208.4
230.1
251.8
171.5
178.0
196.4
200.8
205.1
211.0
216.8
219.0
226.1
232.5
242.7
243.3
247.5
254.9
261.5
265.4
Other
96.4
96.6
91.8
92.3
97.2
104.2
109.8
95.5
88.9
94.6
94.5
95.5
98.9
99.9
100.4
103.0
104.7
108.8
108.9
109.9
110.5
109.9
114.3
Total
nondurable
goods
1,303.5
1,316.1
1,302.9
1,321.8
1,348.9
1,390.5
1,422.5
1,308.4
1,295.7
1,339.8
1,336.9
1,344.7
1,354.2
1,359.8
1,372.7
1,383.7
1,397.2
1,408.4
1,416.8
1,423.5
1,425.4
1,424.2
1.435.2
Pood
650.1
662.9
659.6
660.0
674.3
689.1
702.4
662.9
656.5
668.6
670.5
672.9
675.7
677.9
682.2
688.5
690.6
695.1
700.7
701.6
703.9
703.3
708.5
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
220.7
217.9
215.9
225.5
233.3
247.2
257.2
215.1
213.1
230.9
227.4
232.3
235.0
238.6
241.1
243.3
249.0
255.5
254.6
258.0
258.9
257.3
262.5
108.1
107.3
103.4
106.6
109.1
110.4
113.3
104.9
102.5
107.3
108.2
108.0
110.9
109.3
108.8
109.5
111.6
111.6
113.4
113.6
112.5
113.7
113.1
Services
Fuel
oil
and
coal
12.6
11.2
10.8
10.9
10.7
10.3
10.3
9.9
10.6
10.7
10.9
10.6
10.7
10.6
11.4
10.0
10.2
9.6
9.9
10.6
10.0
10.7
10.7
Other
311.5
316.7
313.2
318.8
321.6
333.6
339.5
315.6
312.8
322.3
319.9
320.9
322.0
323.4
329.2
332.4
336.0
336.7
338.3
340.0
340.3
339.4
340.6
Total
services1
2,262.3
2,321.3
2,341.0
2,409.4
2,466.8
2,519.4
2,576.1
2,331.2
2,352.0
2,437.6
2,447.0
2,454.9
2,476.7
2,488.6
2,497.0
2,519.0
2,526.3
2,535.1
2,548.1
2,569.6
2,586.3
2,600.4
2.618.9
Housing
614.6
627.2
635.2
646.8
655.0
668.2
681.7
630.6
638.6
650.6
652.2
653.5
655.9
658.5
662.1
666.1
670.7
674.1
677.4
680.0
683.2
686.3
689.6
Retail sales of new
passenger cars
(millions of units)
Medical
care
Domestics
575.8
602.8
621.6
646.6
658.8
668.8
684.1
610.6
630.8
652.2
656.6
657.5
659.7
661.4
663.2
667.6
670.4
674.2
677.8
681.3
686.1
691.3
694.6
7.1
6.9
6.1
6.3
6.7
7.3
7.1
6.6
6.1
6.4
6.3
6.9
6.7
7.1
7.3
7.2
7.2
7.3
7.0
6.9
7.5
7.3
7.3
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
2.7
2.4
2.0
1.9
1.8
1.7
1.5
2.2
2.0
1.9
1.8
1.9
1.8
1.7
1.8
1.8
1.8
1.6
1.6
1.6
1.5
1.4
1.3
SOURCES OF PERSONAL INCOME
Personal income rose $28.5 billion (annual rate} in March, following an increase of $47.4 billion in February. The
March increase reflects the effects of a strike in the motor vehicle industry, which reduced wages and salaries
in that industry by about $9 billion (annual rate). Other effects of the strike cannot easily be quantified.
BILUONS OF DOLLARS* (RATIO SCALE)
BILUONS OF DOUARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
•~\v
1,400
1,400
-OTHER INCOME
-v
800
800
TRANSFER PAYMENTS
400
1 I I M I M II I
i i i i i I1111 l
1988
1989
i l 1 1 l I l l l i l l I I I I I l l l l I 400
I Ii I1 I II I M
1990
1991
1992
1994
1993
1995
1996
OOUNQLOF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietors' income3
Wage and
personal
income
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Mar
. ..
July
Sept
Oct
Nov
Dec
1996- Jan r
Feb'
Mar**
1
..
3 647 5
3 8773
4 172 8
44893
4 791 6
49685
5264 2
54792
5 7502
6 101 7
60159
6 053 9
60462
60855
6 123 1
6 1259
6 157 9
6 187 9
62073
62464
6250 2
62976
63261
salary
disbursements1
2 116 5
9 279 7
2 453 6
25981
2 7575
28276
2 9864
30906
3241 1
34197
33694
33992
3374 7
34059
3 438 7
34333
3 4548
34765
34745
34937
34863
35229
35384
Other labor
income 1 2
2160
235.4
251 7
273.1
300 6
322.7
351 3
380.9
402 2
424.0
419.2
4206
422.0
423.4
424.6
425.8
4272
428.7
430.2
431.7
427 4
429.1
430.8
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 privet* pension and private welfare funds.
Farm
25.2
32.3
28.2
36.8
36.3
30.2
38.0
32.0
35.0
29.0
27.8
27.8
27.6
27.4
27.6
28.0
28.8
30.4
31.9
33.2
36.2
38.8
40.6
3
Nonfarm
242.6
260.6
294.7
308.2
324.6
332.7
371 5
388.1
4159
449.3
444.7
4455
446.2
449.7
448.4
451.9
4542
452.9
455.0
456.9
4565
460.2
463.4
Rental
income
of
persons*
423
45.5
55.7
52.4
61 4
68.4
806
102.5
1166
122.2
119.1
1204
122.1
122.3
122.0
120.6
1202
119.5
127.4
130.7
1291
126.7
125.0
Less: Perdividend
income
1051
101 1
1099
1309
1429
1536
1594
1868
1996
2148
2104
211 5
2121
2129
2143
2156
2174
2195
221 9
223.8
2253
2265
227.9
interest
income
543 3
560.0
5955
674.5
7044
699.2
6672
647.3
661 6
7146
707.6
711 4
714 1
716.4
7168
717.4
718 3
7209
725.4
729.3
7299
7308
731.7
Transfer
payments 5
5186
5433
5776
6260
687 8
7699
858 2
9107
9563
1 022 6
10084
1 010 6
1 0188
1 021 0
1 026 6
1 0289
1 034 1
1 0380
1 0394
1 0469
1 0582
1 063 8
1 0707
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
tributions
for social
insurance
162 1
173 7
194 2
2108
223 9
235 8
248 4
2596
278 1
294 5
2909
293 0
291 4
293 6
295 9
295 6
297 2
298 4
2984
2997
298 7
301 3
302 4
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (1992) dollars rose in the
first quarter of 1996.
BILLIONS OF DOLLARS' IDAHO SCALE)
BIlilONS OF DOLLARS' (RAJ1O SCALE)
6,000
5,500
5,000
4,500
2,000
I I 12,000
DOLLARS* (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
CHAINED (1992) DOLLARS
\_
18,000
\ _
16,000
•. "
.
^** •
•^
14,000
16,000
•—
v
14,000
\
CURREr-JTDOLLAf S
.x
12,000
rrH^
^Z-—
.
_ - - ,_ _ — "
-=*SrH
DOLLARS' (RATIO SCALE)
22,000
20,000
-. ——
^
18,000
12,000
^
10,000
•—
10,000
^
8,000
1982
l I I
1983
\
1
1984
1
1 1 1
t i i
\ i t
t
1985
1986
1987
1988
i i
i i I
1989
1
1
!
1990
i I I
i i i
1
1991
1992
1993
1
1
1
I 1
1994
1995
i i i
1996
8,000
COUNCIL Of KONOHK AIMSERS
Period
Personal
income
Less:
Personal
tix. and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays1
Equals:
Personal
saving
Disposable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1987
1988 ....
1989
1990 ...
1991
1992
1993
1994
1995
3,877.3
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,479.2
5,750.2
6,101.7
514.2
532.0
594.9
624.8
624.8
650.5
689.9
731.4
794.3
3,363.1
3,640.8
3,894.5
4,166.8
4,343.7
4,613.7
4,789.3
5,018.8
5,307.4
Chained
(1992)
dollars
Per capita personal
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
Dollars
3,194,7
3,451.7
3,706.7
3,958.1
4,097.4
4,341.0
4,572.9
4,826.5
5,066.7
168.4
189.1
187.8
208.7
246.4
272.6
216.4
192.4
240.8
4,154.1
4,318.1
4,403.7
4,484.6
4,486.4
4,613.7
4,666.2
4,775.6
4,934.7
13,849
14,857
15,742
16,670
17,191
18,062
18,552
19,253
20,174
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands)3
Percent
17,106
17,621
17,801
17,941
17,756
18,062
18,075
18,320
18,757
12,743
13,669
14,531
15,360
15,732
16,520
17,253
18,025
18,717
16,211
16,430
16,532
16,249
16,520
16,810
17,152
17,403
0.7
3.0
1.0
.8
-1.0
1.7
.1
1.4
2.4
5.0
5.2
4.8
5.0
5.7
5.9
4.5
3.8
4.5
242,842
245,061
247,387
249,956
252,680
255,432
258,159
260,681
263,090
17,802
17,759
18,277
17,899
18,068
18,081
18,251
17,966
18,361
18,407
18,544
18,672
18,634
18,794
18,926
19,040
15,564
15,871
16,877
16,985
17,164
17,335
17,528
17,707
17,920
18,139
18,330
18,447
18,682
18,831
18,908
19,132
16,398
16,194
16,692
16,682
16,754
16,865
16,937
17,013
17,123
17,187
17,283
17,282
17,388
17,465
17,475
17,590
-3.8
-.0
6.7
-8.0
3.8
.3
3.8
-6.1
9.1
1.0
3.0
2.8
-.8
3.5
2.8
2.4
5.0
6.0
6.1
4.3
4.8
4.3
4.7
2.8
4.2
4.1
4.2
4.8
4.0
4.4
4.9
4.8
251,031
253,743
256,543
257,155
257,787
258,501
259,192
259,738
260,327
261,004
261,653
262,181
262,748
263,399
264,032
264,557
15,740
Seasonally adjusted annual rates
1990: IV
1991: IV
1992: IV
1993: I
II
Ill
IV
1994: I
II
Ill
IV
1995: I
II
Ill ..
IV
1996- IP
4,868.6
5,048.9
5,415.3
5,348.7
5,458.4
5,500.5
5,609.1
5,562.4
5,743.0
5,801.7
5,893.9
5,995.5
6,061.9
6,135.6
6,213.9
6,291.3
627.1
632.5
674.8
662.4
686.9
696.4
713.8
705.5
740.8
731.3
748.1
770.0
801.5
798.4
807.2
812.4
4,241.5
4,416.4
4,740.5
4,686.3
4,771.6
4,804.1
4,895.3
4,856.9
5,002.2
5,070.4
5,145.8
5,225.5
5,260.4
5,337.2
5,406.7
5,478.9
4,027.9
4,149.8
4,450.0
4,486.6
4,542.6
4,599.3
4,663.2
4,723.0
4,791.9
4,863.0
4,927.9
4,972.2
5,049.0
5,104.6
5,140.9
5,214.7
213.5
266.6
290.5
199.6
228.9
204.9
232.1
133.9
210.3
207.4
217.8
253.3
211.4
232.6
265.8
264.2
4,468.8
4,506.3
4,688.7
4,602.8
4,657.6
4,674.0
4,730.4
4,666.4
4,779.8
4,804.2
4,852.0
4,895.5
4,896.1
4,950.3
4,997.1
5,037.1
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2
16,896
17,405
18,478
18,223
18,510
18,585
18,887
18,699
19,215
19,427
19,666
19,931
20,021
20,263
20,477
20,710
Annnal 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 1995, according to preliminary estimates, gross farm income rose $15.2 billion (annual rate)
and net farm income rose $13.2 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
.
.
200
HWONS OF DOLLARS' (RATIO SCAIE)
240
r~^"
v^
r
r—~"'—
' •
—-
160
\
\
GRO 5S FARM 1C.COME
120
120
80
f •^
r*"--^
*
40
V
20
l\x/
1
\
t
,'\
/'
1
V
f\
___/ '
I
\
I
A '
/ '
'/
^
'
—y
/
X /
\/
*"\
1
-^
/
>.
~\
\'
S^
60
/
\/
\
' NET FARM INCOME
40
20
K I
i ' M
i ' •
I'
i'
10
i
2
i i i
i i i
1982
1983
i i I
1984
i i i
i i i
1985
1986
i i i
1987
i i i
i i i
i i i
1 1 1
i i i
1988
1989
1990
1991
1992
' SEASONALLY AQJUS1ED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
i i
1993
i ii
i i i
1994
1995
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
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
III
IV
1994- I
II
Ill
IV
1995- I
II
HIP
. ..
156.1
168.3
177.3
191.9
198.5
191.8
200.5
203.0
213.5
203.9
203.4
198.9
205.6
218.8
206.1
211.8
217.1
210.4
203.8
219.0
135.4
141.8
151.2
160.8
169.4
167.8
171.3
177.1
179.7
174.3
177.2
187.7
169.4
178.8
169.7
185.8
184.4
183.6
179.6
202.1
1
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
71.6
76.0
79.6
83.9
89.2
85.8
85.6
90.0
88.1
83.7
87.9
101.3
87.3
92.0
82.8
97.6
79.9
86.7
78.4
99.8
Crops
63.8
65.8
71.6
76.9
80.3
82.0
85.7
87.1
91.6
90.6
89.3
86.3
82.1
86.8
86.9
88.2
104.5
96.8
101.2
102.4
Production
expenses
Value of
inventory
changes2
-2.2
-2.3
41
3.8
3.5
2
4.2
-4.5
8.7
-8.0
63
-7.4
3.7
10.6
10.0
7.8
6.3
6
.(3
-.5
125.1
130.2
139.8
146.9
153.7
153.4
152.6
160.9
166.7
158.5
160.8
162.6
161.7
164.3
166.5
168.5
167.6
163.1
165.5
167.5
Net farm
income
31.1
38.0
37.5
45.0
44.8
38.4
47.9
42.1
46.7
45.4
42.7
36.3
43.9
54.5
39.6
43.3
49.5
47.3
38.3
51.5
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1992 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture.
CORPORATE PROFITS
In the fourth quarter of 1995, according to current estimates, corporate profits before tax rose $1.4 billion (annual
rate) and profits after tax rose $7.2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
650
650
SEASONALLY ADJUSTED ANNUAL RATES
/—
600
600
/~~S
/
550
550
-
.{
500
500
7
450
PROFITS BEFORE TAX
s-
y
300
/
y^
400
350
>\
\s
y
200
/
--—^Jr\
150
\~^
s
~— — . /
100
~ ^ /
50
0
*---,
*"•**
^ /
_ . ~. -s '
iii
1982
_.
^••^
^s
/"
.*
/
i i i
1983
1
1
i i i
1985
1
1984
'•fcj-r'
1986
^\
f
,^\
s — ~"
/ /,^ t
k
350
s
300
'-
/
250
— -
S • ..-
TAXILABILITY
s"~'
\
\
'V_.,
^•n*1*1"
t
r~'~-
s''
x
/
/
.s'
s
^
s
^ s*
y ~~
450
400
PROF TS AFTER!AX
V—^~\
J
V
^\
250
-
'
^
/
V
\
150
^f
\/
y-\
\
200
/" ,/
/
y\
, /
-
/
100
\ /""
\/
-
N— ^*
50
UNDII>TRIBUTED 'ROFITS
1
1 1
1987
i i i
1988
I I I
1989
i t i
1990
1
1
t
1991
\ \ \
1992
SOURCE: DEPARTMENT OF COMMERCE
I
1
t
1
1993
1 1
1994
i i i
0
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventoiy valuation adjustment l
Profits after tax
Domestic industries
Period
Nonfinancial
Total2
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990: IV
1991: TV
1992: TV
234.0
272.9
325.0
330.6
358.2
378.2
398.9
457.7
514.9
572.7
356.5
375.2
420.5
199.3
231.3
274.3
272.6
292.5
309.5
334.0
388.1
453.7
494.1
282.5
303.6
361.2
1993:
421.4
443.2
465.9
500.4
347.0
375.7
393.1
436.8
467.8
513.4
531.0
547.6
407.0
452.4
469.9
485.5
542.2
546.1
600.3
602.2
467.5
468.2
527.1
513.7
I
II
III
TV
1994: I
II
Ill
TV
1995: I
II
III
TV
1996: IP
1
2
Financial
36.4
37.1
43.0
53.1
68.6
87.4
83.7
91.0
94.4
119.1
70.5
87.6
83.1
85.7
88.1
88.3
101.3
64.9
97.8
108.4
106.4
114.3
112.6
130.4
119.3
Totals
162.9
194.2
231.2
219.6
223.8
222.1
250.3
297.2
359.3
375.0
212.1
216.1
278.1
261.2
287.6
304.3
335.4
342.1
354.6
361.5
379.0
353.2
355.6
396.7
394.4
Manufacturing
Wholesale
60.2
85.0
115.1
109.3
112.3
92.7
96.3
109.7
142.7
145.7
108.4
83.8
105.1
90.4
108.4
106.0
134.0
145.3
134.2
142.8
148.4
22.9
16.7
19.3
20.4
17.2
20.6
23.0
25.5
34.5
29.6
16.9
17.0
28.3
17.9
28.6
27.0
28.7
28.8
39.5
34.3
35.4
134.7
137.8
153.2
157.3
29.7
26.4
31.2
31.2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
Inventoiy
valuation
adjustment
Retail
23.7
23.9
19.6
20.7
20.6
26.1
32.2
39.2
42.2
38.7
22.8
28.6
37.3
36.3
38.1
42.4
39.8
38.3
43.2
43.7
43.6
36.0
36.6
42.5
39.6
3
222.6
293.6
354.3
348.1
371.7
374.2
406.4
464.3
528.2
600.8
376.7
382.8
420.3
436.0
458.8
458.0
504.5
471.7
523.2
547.5
570.4
594.1
588.4
609.6
611.0
106.5
127.1
137.0
141.3
140.5
133.4
143.0
163.8
195.3
218.7
139.7
135.2
149.7
151.5
162.6
159.3
181.7
171.4
192.8
203.4
213.5
217.3
214.2
224.5
218.7
116.1
166.5
217.3
206.8
231.2
240.8
263.4
300.5
332.9
382.1
237.1
247.6
270.6
284.6
296.2
298.6
322.7
300.3
330.4
344.1
356.8
376.8
374.1
385.1
392.3
110.2
107.0
116.8
138.9
151.9
163.1
169.5
197.3
211.0
227.4
152.0
165.3
180.4
190.2
195.8
200.2
202.9
204.4
208.8
212.5
218.5
221.7
224.6
228.5
234.7
239.9
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
5.8
59.5
100.5
67.9
79.4
77.7
93.9
103.3
121.9
154.7
85.0
82.2
90.3
94.4
100.4
98.4
119.8
95.9
121.7
131.6
138.3
155.1
149.6
156.6
157.6
11.4
-20.7
-29.3
-17.5
-13.5
4.0
-7.5
-6.6
-13.3
-28.1
-20.3
-7.6
.2
-14.6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-13.2
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 1996, according to advance estimates, nonresidential fixed investment in chained (1992)
dollars rose $21.0 billion (annual rate) and residential investment rose $2.9 billion. There was an increase of $7.9
billion in inventories following an increase of $16.5 billion in the fourth quarter.
BIWONS OF CHAINED (1992) DOUARS
3IUJONS OF CHAINED (1992) DOUARS
1,100
1,100
SEASONALLY ADJUSTED ANNUAL RATES
f
1,000
900
S~^1
800
-s\
t-r^T\
^
/
600
^
s
X
^
^
^
'"'
A'
~'
^'
s
700
s
600
"^
500
•JONRESIC)ENTIAL
F XEDINVESTMENT
/
""^r'
800
•
VJ
500
r^~
GROSS PRIVATE DOMESTIC
INVES MENT
. /
700
1,000
900
y
I V
\ I
rx^~
^1
^ jf
400
400
R ESIDENTI/M.
FIXE D INVEST/rtENT
\ _j
\,
300
1
200
300
~"
^.*^
,— •*"
'^.
200
s
CHAN GEINBU! INESS
VENTORI
\
— . — '"^
100
t
s
0
'\
X
-100
i~ " "*N
' - ~ - - -N
I I I
\ \ 1
1982
1983
,'\
'»,/
\
V
s
100
/ "" ••
, ~N
.
.
V
i i i
1984
1 1 1
1
1985
1986
E 1
I I I .
1987
i t i
1V88
1
1
1
1989
1
1
1
1990
" V _ ^
~
L -'
i i i
i i i
1991
1992
i i i
1993
i t i
1994
^
0
1 1 t
1
1995
1996
1
1
-100
COUNOL OF ECONOMIC ADVISERS
SOUKE: IWARTMENT Of COMMERCE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
IV
1995- I
II
Ill
IV
813.8
820.5
826.0
861.9
817.3
737.7
790.4
857.3
979.6
1,011.3
748.1
762.4
812.4
834.8
843.2
857.6
893.4
933.5
984.6
994.1
1,006.3
1,024.2
998.3
1,016.2
1,006.7
1996- \r
1,022.5
1986
1987
1988
19g9
1990
1991
1992
1993
1994
1995
1990199119921993.
..
IV
IV
IV
I
II
in
IV
1994. j
ii
in
Total
Total
805.0
799.4
818.3
832.0
805.8
741.3
783.4
836.4
921.1
976.9
774.4
742.0
805.8
815.4
821.1
835.4
873.5
892.4
911.4
930.8
949.7
969.6
966.1
981.0
990.7
1,014.5
NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real 6DP, the chained (1992) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermedi-
Change in business
inventories
Nonresidential
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
573.9
539.5
569.1
577.5
586.4
593.1
617.6
638.6
639.5
660.4
679.7
704.4
710.6
719.7
725.3
746.3
Structures
203.3
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
196.0
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.7
183.1
185.7
Producers'
durable
equipment
Residential
345.9
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
535.2
377.9
368.1
403.5
410.5
421.7
428.2
449.8
466.5
471.2
492.4
506.4
527.1
531.9
538.2
543.5
562.2
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
200.3
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
266.4
269.3
Source: Department of Commerce, Bureau of Economic Analysis.
Total
Nonfarm
10.9
26.2
11.6
33.3
10.4
-3.0
7.3
19.1
58.9
33.7
-28.2
21.4
5.8
18.5
20.8
19.5
17.4
12.4
34.2
24.7
33.5
7.8
-1.2
1.9
26.4
46.8
37.4
-25.9
19.9
7.2
26.0
26.7
30.9
22.1
40.1
74.1
64.0
57.3
54.5
30.6
33.2
16.5
7.9
29.8
54.1
50.1
53.3
58.1
33.8
38.3
19.5
12.8
REAL FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Residential
Structures
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
19901991:
1992:
1993:
Total
nonresidential
....
IV
IV
IV
I
II
in ....
IV
1994: I
II
in.
IV
1995: I
II
m
IV
1996:
IP
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
704.4
710.6
719.7
725.3
746.3
1
Total
203.3
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
196.0
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.7
183.1
185.7
Producers' durable equipment
Structures
Information processing
and related equipment
Nonresidential
buildings,
including
farm
Utilities
144.5
142.4
145.3
150.2
152.0
126.9
113.2
112.8
117.7
127.9
143.8
116.4
109.8
111.4
110.6
112.7
116.3
112.4
117.8
117.4
123.3
125.4
126.8
129.2
130.3
132.4
36.5
30.7
30.0
30.9
28.1
32.0
34.5
31.1
31.7
35.1
28.9
33.3
33.9
32.4
31.0
30.7
30.5
30.7
31.2
32.1
32.7
33.7
34.8
35.8
36.0
35.9
Mining
exploration,
shafts,
and
wells
15.8
15.5
15.8
13.9
16.1
15.7
13.3
14.8
12.6
11.2
16.3
14.4
13.7
15.2
15.2
14.6
14.2
13.4
13.3
12.2
11.5
12.5
10.7
11.0
10.5
11.3
Total
Total
Computers
and
Penpheral
equipment2
Other
94.1
97.5
106.6
116.2
116.2
117.8
134.2
147.1
170.4
201.8
115.7
122.5
138.9
139.5
142.2
150.7
156.0
161.2
166.6
171.5
182.5
189.2
199.9
201.9
216.1
229.9
16.7
21.0
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.6
29.9
36.6
47.5
51.1
52.9
58.3
62.5
64.6
67.1
69.3
76.3
80.2
88.2
92.0
106.1
117.5
84.6
80.2
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.2
87.1
86.2
91.5
88.6
89.6
93.1
94.6
97.8
100.8
103.6
108.3
111.5
115.1
114.1
116.3
120.1
1
345.9
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
535.2
377.9
368.1
403.5
410.5
421.7
428.2
449.8
466.5
471.2
492.4
506.4
527.1
531.9
538.2
543.5
562.2
1
Includes other items, not shown separately.
2
Includes new computers and peripheral equipment only.
3
Includes producers' durable equipment, not shown separately.
Industrial
equipment
portation
and
related
equipment
93.5
91.1
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
91.4
86.4
92.6
93.7
94.4
96.3
100.7
102.8
104.3
107.0
109.4
114.2
118.4
116.7
115.5
118.4
85.6
82.1
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.0
82.8
81.6
91.5
93.0
99.5
95.0
102.7
109.0
105.3
115.9
116.5
121.7
114.8
120.4
115.1
114.4
Total
residential3
Total
Single
family
Multifamily
Other
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
200.3
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
266.4
269.3
251.3
251.6
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.8
194.4
196.6
230.5
231.7
228.5
235.7
249.2
257.0
264.8
263.5
263.2
258.9
249.7
255.3
259.4
262.3
119.3
128.3
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.7
97.6
105.1
121.6
124.9
122.5
126.3
134.4
140.3
143.5
140.8
137.4
133.0
123.0
125.8
129.1
131.5
35.9
28.3
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.6
18.6
14.2
11.5
10.3
10.0
10.7
10.6
11.2
12.8
14.5
15.6
16.8
17.4
17.8
18.5
18.3
95.8
94.8
96.8
91.8
84.4
75.7
89.9
98.8
108.1
110.9
78.1
77.3
97.4
96.5
96.0
98.7
104.1
105.4
108.4
108.2
110.4
109.3
109.8
112.2
112.3
112.9
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.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993 1
1994 2
1995 3 .
1996 4
1
Total
expenditures
489.7
549.9
594.5
603.4
Total
488.2
547.8
591.7
600.7
Mining
and
construction
Manufacturing
Total
31.2
134.1
66.4
36.1
36.0
33.6
153.3
172.3
184.8
78.9
91.4
100.2
Durable
goods
Nondurable
goods
Estimates collected from the 1993 Annual Capital Expenditures Survey.
8
Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are scheduled for release in summer 1996.
a
Reyised 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
67.7
74.4
80.9
84.6
Trans-
Corn-
tion
cations
30.6
33.3
37.0
35.2
37.1
41.5
46.0
46.3
Utilities
41.3
42.2
42.8
40.6
Wholesale
and
retail
trade
Pinance,
insurance,
and
real
estate
60.3
68.9
75.1
71.9
40.2
46.8
57.3
57.7
Services
111.8
123.5
123.7
129.4
Serving
multiple
industries
1.7
2.2
1.5
1.3
Not
distributed
by
industry
1.4
2.2
2.8
2.7
NOTE.—Data for 1994-1996 from Business Investment and Plans released March 28, 1996.
Data for 1993 fiom 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 April, employment fell by 56,000 and unemployment fell by 238,000.
MILLIONS OF PERSO NS*
MILLIONS OF PERSONS *
134
sEASONALLY ADJUSTED
^^
134
H^
-
IAN LABOR FO
130
130
_-/
^^"^
126
*-"^. *--•"•"
_^-
~s'"
^
122
122
,
-^- "
^f ^
"*" •""•*• -*»
118
126
X*"
118
\
^SS""
114
CIVILIAN
EMPLOYMENT
114
110 106
- 110
104
,
V
4 -
COUNCIl OF ECONOMIC AOVISEDS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment
Civilian
noninstitutional
population
NSA
Period
1986 3
1987
1988
1989
1990 3
1991
1992
1993
19944
1995
1995- Apr
.
July
Sept
Oct
Nov
Dec
1996- Jan
Feb
Mar
.
.
180,587
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
198,148
198,286
198,453
198,615
198,801
199,005
199,192
199,355
199,508
199,634
199,772
199,921
200,101
Civilian
labor
force
117,834
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
132,529
132,058
131,962
132,342
132,298
132,501
132,473
132,471
132,352
132,903
133,018
133,655
133,361
Nonagricultural
Total
109,597
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
124,973
124,598
124,566
124,832
124,859
125,036
125,244
125,062
124,981
125,226
125,663
126,151
126,095
Agricultural
3,163
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,528
3,360
3,435
3,409
3,376
3,335
3,434
3,323
3,325
3,529
3,519
3,487
3,368
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fulttime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutionat population; and
unemployment as percent of civilian labor force.
3
Not strictly comparable with earlier data.
Total
106,434
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
121,445
121,238
121,131
121,423
121,483
121,701
121,810
121,739
121,656
121,698
122,143
122,664
122,726
Percent2
Unemployment
Part time
for
economic1
reasons
5,345
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,211
4,273
4,263
4,256
4,291
4,355
4,274
4,283
4,306
3,842
4,274
4,223
4,287
Total
15
weeks
and
over
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,556
7,460
7,396
7,510
7,439
7,465
7,229
7,409
7,371
7,677
7,355
7,504
7,266
2,232
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
2,439
2,526
2,353
2,332
2,371
2,323
2,281
2,305
2,322
2,370
2,307
2,479
2,388
Not in
labor
force
62,752
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
65,619
66,228
66,491
66,273
66,503
66,504
66,719
66,884
67,156
66,730
66,754
66,266
66,741
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
65.3
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.9
66.6
66.5
66.6
66.5
66.6
66.5
66.4
66.3
66.6
66.6
66.9
66.6
60.7
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.7
5.6
5.6
5.7
5.6
5.6
5.5
5.6
5.6
5.8
5.5
5.6
5.4
63.1
62.8
62.8
62.9
62.8
62.8
62.9
62.7
62.6
62.7
62.9
63.1
63.0
4
Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
Source: Department of Labor, Bureau of Labor Statistics.
11
UNEMPLOYMENT RATES
In April, the unemployment rote fell to 5.4 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
15
10
1992
1992
1996
1996
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
1986
.
1987
1988
1989
1990
1991
1992
19932
1994
1995
1995: Apr
May
July
Amr ...
Sept
Oct
Nov
Dec
1996- Jan
Peb
Mar
Apr
1
2
All
civilian
workers
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.7
5.6
5.6
5.7
5.6
5.6
5.5
5.6
5.6
5.8
5.5
5.6
5.4
Men
20 years
and over
Women
20 years
and over
6.1
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.9
5.0
4.8
4.8
4.8
4.8
4.5
4.9
4.8
4.9
4.9
5.0
4.8
6.2
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
5.1
4.9
5.0
5.0
4.9
4.9
5.0
4.8
4.7
5.1
4.8
4.8
4.7
Both
sexes
16-19
years
White
18.3
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
17.2
17.3
16.9
17.8
17.6
17.7
17.1
17.8
18.0
18.2
16.6
17.5
16.7
Revised definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods.
12
By selected groups
By race
6.0
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.9
5.0
4.9
4.9
4.8
4.9
4.8
5.0
4.9
5.0
4.9
4.8
4.7
Black
and
other
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.7
9.2
9.7
9.9
10.0
10.1
9.4
9.0
9.3
9.5
9.1
9.8
9.4
Black
Experienced
wage
and
salary
workers
14.5
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.7
10.0
10.5
10.8
11.0
11.1
10.0
9.6
10.2
10.6
10.3
11.1
10.5
6.6
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.5
5.6
5.4
5.5
5.4
5.5
5.4
5.4
5.4
5.4
5.3
5.4
5.3
Married
men,
spouse
present
4.4
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.3
3.4
3.4
3.4
3.3
3.4
3.2
3.3
3.2
3.3
3.0
3.1
3.0
Women
who
maintain
families
9.8
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
8.7
8.2
8.3
8.2
7.2
8.0
7.9
7.7
6.8
8.2
7.5
7.7
6.8
NOTE.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.
Full-time
workersl
Part-time
workersa
6.9
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.6
5.5
5.5
5.5
5.5
5.5
5.4
5.5
5.5
5.7
5.4
5.5
5.4
7.4
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
6.1
6.1
6.2
6.4
6.0
5.9
5.9
5.9
5.9
6.0
6.2
6.0
5.8
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 1526 weeks fell; the percentages for 5-14 weeks and for 27 weeks and over rose. The mean duration of unemployment
rose to 17.4 weeks and the median duration rose to 8.8 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION '
70
70
REASON FOR UNEMPLOYMENT
JOB
30
LOSERS-^
REENTRANTS
A A.-,'
20
JOB LEAVERS
10
—
-
10
NEW ENTRANTS
imilm 1 1 ! i i mlmi I
1992
1996
1993
1994
* SEASONALLY ADJUSTED
1/BEGINNING JANUARY 199i, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOUfiCE: DEPARTMENT Of LABOR
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Reason for unemployment:
percent distribution
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1986
1987
1988
1989
1990
1991
1992
1993
1994s
1995
1995: Apr
T •*
July
Sept
Get
Nov
Dee
1996- Jan
Feb
Mar
1
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,556
7,460
7,396
7,510
7,439
7,465
7 229
7^409
7,371
7,677
7,355
7,504
7,266
41.9
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
35.4
35.3
36.5
35.3
36.4
37.5
37.2
37.1
36.4
36.8
37.8
35.4
33.8
31.0
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.8
31.0
31.7
33.8
31.8
31.2
31.8
32.0
32.5
31.9
30.9
31.1
32.7
12.7
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
14.4
16.4
15.6
13.9
15.1
14.2
13.7
14.2
14.5
14.8
15.3
15.7
15.5
14.4
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
18.4
17.3
16.3
17.0
16.7
17.1
17.2
16.7
16.6
16.5
16.0
17.8
18.0
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servieemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 3993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods.
2
15.0
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
17.6
16.8
16.0
16.5
16.3
16.3
16.2
16.3
16.2
16.0
16.6
17.3
17.4
6.9
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.4
8.9
7.7
8.7
8.4
8.1
8.1
8.0
8.1
8.3
8.0
8.3
8.8
48.9
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
46.3
47.4
47.0
47.0
46.5
45.9
47.5
46.9
46.9
47.6
48.1
47.4
50.0
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.7
11.5
11.3
11.2
11.6
11.7
10.5
11.5
11.9
11.5
10.0
10.4
9.7
26.2
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
35.1
33.7
34.3
34.3
34.0
34.2
34.4
33.7
33.2
32.5
33.7
34.4
32.8
12.5
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
7.9
7.4
7.4
7.6
7.8
8.1
7.7
7.9
8.1
8.5
8.2
7.9
7.6
,643
,300
,081
,158
,522
,342
,245
,751
,670
,574
,496
,558
,636
,683
,634
,632
,678
,652
,625
,655
,660
,641
378
328
310
330
388
447
408
341
340
357
352
373
376
373
346
357
365
375
363
374
371
393
P357
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,721
2,476
2,398
2,635
2,461
2,197
2,293
2,422
2,669
3,499
r
3,333
3,161
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 2,000 in April.
MILLIONS OF PERSONS* (ENLARGED SCALE]
MILLIONS OF PERSONS*
120
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
90
SERVICE-PRODUCING
INDUSTRIES
80
70
60 -
50
40 GOODS-PRODUCING
INDUSTRIES
30
20
1992
.V.
I ill I
1993
1994
1996
1995
1992
I
1993
1994
1995
1996
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers;l seasonally adjusted]
Goods-producing industries
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Apr
May
June
July ...
Aug
Sept
Oct
Nov .
Dec
1996: Jan r
Febr
Mar/>
Apr*7
Total
nonagricultural
employment
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
116,607
116,310
116,248
116,547
116,575
116,838
116,932
117,000
117,212
117,357
117,211
117,842
118,020
118,022
Service-producing industries
Manufacturing
Total2
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
24,227
24,331
24,228
24,240
24,156
24,165
24,157
24,159
24,134
24,173
24,116
24,264
24,210
24,139
Construction
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
5,246
5,242
5,190
5,230
5,226
5,233
5,262
5,287
5,295
5,297
5,314
5,426
5,431
5,378
Total
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,403
18,506
18,456
18,428
18,353
18,357
18,322
18,301
18,272
18,307
18.235
18,265
18,204
18,187
Trans-
NonDurable durable
goods
goods
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,595
10,632
10,611
10,597
10,569
10,587
10,572
10,565
10,553
10,607
10,581
10,602
10,558
10,573
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,808
7,874
7,845
7,831
7,784
7,770
7,750
7,736
7,719
7,700
7,654
7,663
7,646
7,614
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persoas, 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
14
Total
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
92,380
91,979
92,020
92,307
92,419
92,673
92,775
92,841
93,078
93,184
93,095
93,578
93,810
93,883
tion and
public
utilities
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,192
6,184
6,177
6,192
6,195
6,217
6,206
6,217
6,240
6,231
6,231
6,244
6,253
6,262
Wholesale
trade
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,324
6,300
6,298
6,320
6,333
6,340
6,346
6,359
6,373
6,395
6,401
6,422
6,439
6,444
Retail
trade
17,880
18,422
19,023
19,475
19,601
19^84
19,356
19,773
20,437
20,841
20,762
20,747
20,798
20,851
20,837
20,899
20,897
20,989
20,981
20,933
21,040
21,080
21,100
Finance,
insurance, Services
and real
estate
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,949
6,924
6,925
6,930
6,938
6,947
6,957
6,977
6,991
7,001
7,007
7,033
7,043
7,060
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,488
32,796
32,548
32,630
32,784
32,820
32,986
33,047
33,076
33,185
33,248
33,232
33,505
33,622
33,642
Government
Total
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,279
19,261
19,243
19,283
19,282
19,346
19,320
19,315
19,300
19,328
19,291
19,334
19,373
19,375
Federal
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2 822
2,826
2,831
2,838
2,834
2,825
2,812
2,801
2,800
2,799
2,780
2,779
2,776
2,775
of the working-age population, whereas the estimates in this table are based on reports from
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted only once—as employed, unemployed, or not in the labor force.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
1Y EARNINGS
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Period
Total
private
nonagri-1
enltural
Total
Average gross weekly earnings
Average gross hourly earnings
Total private
nonagricultural *
Total private
nonagricultnrall
Manufacturing
Overtime
Current
dollars
1982
dollars2
Manufacturing
Current dollars
Current
dollars
1982
dollars 2
Manufacturing
Construction
Detail
trade
Percent change from
a year earlier, total
private nonagricultural3
Current
dollars
1986
1987
1988 .
1989
1990
1991
1992
1993
1994
1995 .
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.5
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
$8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.13
11.46
$7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
7.41
$9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
12.35
$304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
386.21
395.37
$271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.96
255.74
$396.01
406.31
418.81
429.68
441,86
455.03
469.86
486.04
506.52
512.53
$466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
572.61
583.55
$176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.76
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.4
2.4
1995- Apr
May
34.6
34.2
34.4
34.6
34.4
34.5
34.6
34.4
34.3
33.8
34.5
34.5
34.3
41.5
41.4
41.5
41.3
41.5
41.7
41.5
41.5
41.2
39.9
41.6
41.4
41.5
4.5
4.4
4.2
4.3
4.3
4.5
4.4
4.4
4.3
4.2
4.5
4.3
4.4
11.40
11.37
11.43
11.50
11.48
11.54
11.59
11.58
11.61
11.65
11.66
11.68
11.75
7.40
7.36
7.39
7.43
7.41
7.44
7.44
7.43
7.44
7.43
7.42
7.40
12.28
12.28
12.32
12.40
12.41
12.43
12.45
12.47
12.49
12.61
12.56
12.52
12.69
394.44
388.85
393.19
397.90
394.91
398.13
401.01
398.35
398.22
393.77
402.27
402.96
403.03
256.13
251.85
254.16
257.21
254.78
256.53
257.55
255.68
255.11
251.13
256.06
255.36
509.62
508.39
511.28
512.12
515.02
518.33
516.68
517.51
514.59
503.14
522.50
518.33
526.64
566.61
563.62
582.86
590.02
583.98
588.95
593.49
588.60
577.95
583.70
605.28
586.69
595.10
222.03
219.56
220.90
223.11
222.14
223.49
224.26
224.06
224.43
222.44
227.65
228.81
227.02
2.5
1.1
2.4
3.0
2.5
2.5
2.0
2.3
2.2
.5
3.0
2.7
2.8
July
Sept
Oct
Nov
Dec
1996: Jan'
Feb'
Mar*
AprP
1982
dollars
0.3
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.8
-.5
— n
-i.\
-.6
.2
-.0
.0
-.6
-.1
-.3
-2.2
.3
-.1
8
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982=100 base).
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Period
Percent change from
3 months earlier
Total
compensation
Wages and
salaries
Benefits >
Total
compensation
Wages and
salaries
12 months earlier
Benefits1
Total
compensation
Wages and
salaries
Benefited
Not seasonally adjusted
19861987:
1988:
1989:
1990:
1991:
1992:
1993:
19941995:
Dec
Dee
Dec
Dee
Dec
Dee
Dee
Dec
Dee
Dec
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.9
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
136.6
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.8
Sept
Dec'
1994: Mar' .
June1"
Sept'
Dec'
1995: Mar'
Sept'
Dec'
1996: Mar
1
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.5
124.4
125.3
126.1
127.1
128.0
113.9
114.6
115.6
116.5
117.2
118.1
119.0
119.7
120.6
121.5
122.4
123.2
124.6
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.
124.8
126.5
127.7
128.9
130.3
131.5
132.9
133.6
133.8
134.6
135.4
136.8
136.5
1.0
.9
.8
.8
.8
.8
.8
.6
.7
.7
.6
.8
.7
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.7
Notseiisonally adjusted
Seasonally adjusted
1993: Mar
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
0.8
.6
.9
.8
.6
.8
.8
.6
.8
.7
.7
.7
1.1
'1.6
1.4
.9
.9
1.1
.9
1.1
.5
.1
.6
.6
1.0
-.2
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.8
3.0
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.3
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.7
2.0
Data exclude farm and household workers.
Seasonally adjusted data revised beginning 1991.
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
Output1
Business
sector
Nonfarm
business
sector
Hours of all
*ns2
Business
sector
Non£arm
business
sector
Compensation per
hour3
Business
sector
Nonfarm
business
sector
Real compensation
per hour4
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator5
Nonfarm
business
sector
Business
sector
Nonuurm
business
sector
81.4
84.7
87.8
89.6
94.1
98.1
100.0
102.1
103.8
106.3
99.3
99.6
101.0
100.1
101.3
102.4
102.4
102.3
103.7
103.8
103.4
104.1
105.3
105.9
106.6
107.6
81.6
83.8
86.8
90.5
94.0
97.7
100.0
102.5
104.8
107.1
99.3
99.7
100.1
100.9
101.7
102.3
102.7
103.3
103.9
104.4
105.1
105.6
106.3
106.9
107.4
107.7
81.4
83.5
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.2
99.2
99.8
100.1
100.9
101.8
102.4
102.7
103.3
103.9
104.5
105.3
105.7
106.5
107.0
107.5
107.7
2.5
4.0
3.7
2.1
5.0
4.3
1.9
2.1
1.6
2.5
.4
1.4
5.7
-3.7
5.1
4.5
-.1
2.2
2.7
3.5
4.2
4.0
3.9
2.4
2.5
2.2
2.2
2.8
1.9
1.5
3.0
3.4
2.5
1.4
2.4
2.4
1.8
2.6
2.0
2.8
2.1
2.1
.8
2.2
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.2
3.0
2.1
1.4
3.2
3.8
2.1
1.2
2.6
2.5
2.2
2.9
1.8
2.9
1.9
1.8
.7
Indexes, 1992=100; quarterly data seasonally adjusted
1986
1987
1988
1989
1990
1991
1992
1993 ..
1994
1995
1992- I
II
in
IV
1993- I
II
in
IV ..
1994- I
II
in
IV
1995- I
II ..
inr
IV .
94.2
94.1
94.6
95.4
96.2
96.7
100.0
100.2
101.0
101.9
99.3
99.9
99.7
101.1
100.2
99.8
100.1
100.8
100.3
100.7
101.4
101.5
101.1
101.9
102.3
102.1
94.9
94.7
95.3
95.8
96.3
96.9
100.0
100.2
100.7
101.8
99.3
100.0
99.6
101.1
100.1
99.7
100.2
100.6
100.0
100.4
101.1
101.3
101.0
101.8
102.2
102.0
88.6
91.1
94.6
97.8
98.7
96.9
100.0
102.6
106.9
109.6
98.8
99.6
99.8
101.7
101.4
102.0
102.8
104.3
104.8
106.5
107.6
108.7
108.8
108.9
110.1
110.3
88.7
91.4
95.1
98.1
98.8
97.1
100.0
102.9
106.9
109.8
98.8
99.6
99.8
101.8
101.6
102.2
103.2
104.6
104.8
106.6
107.7
108.8
109.0
109.1
110.4
110.6
94.0
96.8
100.0
102.5
102.6
100.3
100.0
102.4
105.9
107.6
99.5
99.7
100.1
100.6
101.3
102.2
102.6
103.5
104.5
105.8
106.2
107.1
107.6
106.9
107.7
108.0
93.5
96.5
99.8
102.4
102.7
100.2
100.0
102.7
106.2
107.9
99.6
99.6
100.1
100.7
101.5
102.5
103.0
103.9
104.8
106.1
106.5
107.4
107.9
107.2
108.0
108.4
76.9
79.9
83.5
85.8
90.8
95.1
100.0
102.6
104.8
108.5
98.6
99.5
100.7
101.2
101.6
102.5
103.0
103.3
104.2
104.5
104.9
105.7
106.6
108.0
109.2
110.0
77.3
80.2
83.6
85.8
90.6
95.1
100.0
102.3
104.5
108.2
98.5
99.6
100.7
101.2
101.4
102.1
102.6
102.9
103.7
104.3
104.6
105.4
106.4
107.8
108.9
109.7
98.4
98.6
99.0
97.1
97.4
97.9
100.0
99.6
99.2
99.9
99.7
99.8
100.3
99.9
99.6
99.7
99.8
99.2
99.6
99.3
98.8
98.9
99.1
99.6
100.1
100.3
98.9
99.0
99.2
97.1
97.3
97.9
100.0
99.3
98.9
99.6
99.7
99.9
100.2
99.9
99.4
99.3
99.4
98.9
99.2
99.1
98.4
98.7
98.9
99.4
99.9
100.0
81.6
84.9
88.2
89.9
94.3
98.3
100.0
102.4
103.8
106.5
99.3
99.6
101.0
100.1
101.4
102.6
102.9
102.5
103.8
103.9
103.5
104.1
105.4
106.0
106.8
107.7
Percent change; quarterly data at seasonally adjusted annual rates
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1992- I
II
in
IV
1993- I
II ....
in
rv . .
1994. i
ii
in
IV
1995. i
ii
in r
IV .
1
2.6
-.1
.5
.8
.8
.5
3.4
.2
.7
.9
8.1
2.5
n
5.6
-3.7
-1.3
1.3
2.7
-1.9
1.4
2.8
.7
-1.6
3.0
1.6
-.5
2.7
2
.6
.5
.5
.7
3.2
.2
.5
1.1
7.3
2.8
-1.2
6.1
-3.9
-1.7
2.1
1.6
-2.5
1.9
2.6
.9
-1.1
3.0
1.7
-1.0
3.2
2.9
3.8
3.4
.9
-1.8
3.2
2.6
4.2
2.5
6.2
3.2
.8
7.9
-1.1
2.2
3.0
6.3
1.8
6.7
4.1
4.0
.6
.3
4.4
.7
3.4
3.0
4.1
3.2
.7
-1.8
3.0
2.9
4.0
2.7
5.6
3.1
.7
8.4
-.9
2.4
4.1
5.3
.9
6.8
4.2
4.2
.8
.5
4.7
.6
0.6
3.0
3.3
2.5
.1
23
-.3
2.4
3.4
1.6
-1.7
.7
1.6
2.2
2.6
3.6
1.7
3.5
3.7
5.3
1.3
3.3
2.2
-2.5
2.8
1.3
0.7
3.2
3.5
2.6
.2
-2.4
-.2
2.7
3.4
1.6
-1.5
.3
2.0
2.2
3.1
4.2
2.0
3.6
3.5
4.8
1.6
3.3
1.9
-2.4
2.9
1.6
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 social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
16
5.2
3.9
4.5
2.8
5.8
4.8
5.2
2.6
2.2
3.5
7.8
3.7
4.8
2.1
1.6
3.4
2.2
1.1
3.4
1.5
1.5
2.9
3.4
5.6
4.3
3.1
5
5.2
3.7
4.3
2.7
5.5
4.9
5.2
2.3
2.2
3.6
7.7
4.2
4.4
2.1
1.0
2.7
2.0
1.1
3.3
2.1
1.2
3.3
3.7
5.4
4.3
2.8
3.3
.2
.4
-1.9
.4
.5
2.1
-.4
-.4
.6
5.0
.3
1.8
-1.4
-1.3
.4
.3
-2.0
1.4
-1.0
-2.2
.7
.5
2.1
2.3
.7
3.3
.1
.1
-2.1
.1
.7
2.1
-.7
-.4
.7
4.9
.9
1.4
-1.4
-1.9
-.2
.1
-2.0
1.2
-.4
-2.5
1.0
.8
2.0
2.2
.4
2.6
4.0
4.0
1.9
4.9
4.2
1.7
2.4
1.4
r
2.6
-.3
1.2
5.6
-3.3
5.4
4.8
.9
-1.6
5.4
.1
-1.3
2.3
5.0
2.5
2.7
3.7
.O
5.9
.2
-1.4
2.4
4.9
2.3
2.5
3.8
Current dollar gross domestic output divided by the output index.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in March.
INDE«, 1987-100* ffcATIO SCALES
150 TOTAL INDUSTRIAL PRODUCTION
•
INDE<, 1987 . 100' (RATIO SCALE)
170
160
150
140
130
.—-^
120
*^-*
3UIPME
\ ,^~*
s^
^f —"
-~S^
130
110
y-
iIUSINE 55
140
^
120
FINAL PRODUCTS
s-^~
100
\
*'--"'"
CONSUMED
GOODS
100
150
140
MANUFACTURING
DURABLE
130
*" '**•*,
'
"-•x
«•'*/
<f—
*"*"*.
80
_>"^_
120
110
90
j**
^r-
\- oEFENSI
70
AN DSPAC:E
EQUtPMtt «•
NONDURABLE
100
i f 1 1 1 1 i 1 1 11 iniilniii
1 1 1 1 II ! 1 1 1 1
.,
'\
60
150
50
130
88
86
- «"•"*•. - "•
100
90
111 I]
n in
PERCENT*
120
110
,
UTILITIES AND MINING
140
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84
82
•v»_^^^—1
1 1 1111 1 1 n 1 11 1 1 i 1 1111 1 1 111 i 1 1 1 1 1 n 1 1 1 111 1 n
ii 1 1 1 1 1 1 n
80
78
^T^x
^""^jA
^/•"
y
~--pmilhllli Illll
Mill
HIM
INN
HIM
COUNQl Of ECONOMIC ADVISERS
fMonthly data seasonally a4ju$ted]
Industty production indexes, 1987=100
Total
industrial
production
Period
Index,
1987=100
1986
1987
1988
1989
1990
1991
1992
1993 .
1994
1995
1995: Mar
May
June
July ...
Sept
Get
Nov ..
Decr
...
.
1996- Jan1"r
Feb
MarP
1
Output as percent of capacity.
.
.
Capacity utilization
rate, percent *
Manufacturing
Percent
change
from year
earlier
Total
Durable
Nondurable
Mining
Utilities
Total
industry
Manufacturing
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
0.9
4.9
4.4
1.5
.0
-1.8
3.4
3.5
5.9
3.2
94.3
100.0
104.7
106.4
106.1
103.8
108.2
112.3
119.7
123.9
93.9
100.0
106.6
108.6
107.4
104.1
109.3
115.6
125.8
132.5
94.9
100.0
102.3
103.7
104.4
103.4
106.7
108.6
113.0
114.3
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.0
100.3
99.9
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.3
117.9
'122.0
79.2
81.5
83.7
83.7
82.1
79.2
80.3
81.4
83.9
83.7
79.1
81.6
83.6
83.2
81.3
78.0
79.5
80.6
83.3
82.9
121.9
121.4
121.3
121.4
121.5
122.7
122.8
122 2
122^6
122.8
4.7
3.9
3.2
2.8
2.6
3.2
3.1
1.9
1.7
1.1
124.0
123.5
123.2
123.3
123.3
124.2
124.9
124.4
124.5
124.8
132.2
131.6
131.1
131.5
131.5
133.2
134.4
133.5
134.3
134.8
115.1
114.6
114.4
114.3
114.3
114.3
114.4
114.3
113.7
113.8
100.3
100.6
100.5
101.0
100.7
100.0
100.0
98.2
98.3
98.1
119.2
118.8
122.1
121.0
122.7
128.8
122.7
121.6
125.4
125.1
84.6
84.0
83.7
83.5
83.3
83.8
83.6
82.9
82.9
82.8
84.0
83.3
82.8
82.6
82.3
82.6
82.8
82.1
81.9
81.9
122.5
124.1
123.5
.6
2.0
1.3
124.5
126.4
125.4
134.9
137.6
135.7
113.0
114.0
114.0
97.0
98.5
100.4
125.7
124.3
125.1
82.3
83.2
82.5
81.3
82.3
81.4
Source; Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
(1987=100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995«-
95.7
100.0
104.8
106.8
107.0
105.4
108.7
112.7
118.3
121.4
1995- Mar
121.5
120.9
120.6
121.1
121.2
122.4
122.6
121.3
121.9
122.1
121.8
124.2
123.2
May
July
Sept
Oct
Dec'
1996- Jan'
Feb'
Mar**
1
.. ..
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
115.1
115.3
114.4
114.1
114.8
114.6
115.9
116.0
114.9
115.9
115.7
114.3
116.2
115.1
Durable
goods
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
124.2
126.0
124.9
121.6
122.3
121.4
124.0
125.8
123.4
124.9
126.3
120.1
124.5
117.5
Nondurable
goods
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108,6
111.2
112.9
112.7
111.8
112.4
113.1
113.0
113.9
113.7
112.9
113.8
113.2
113.0
114.2
114.6
Total'
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
131.4
131.4
131.3
130.8
131.2
131.6
132.9
133.1
131.5
131.4
132.3
133.8
137.1
136.2
Business
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
155.7
155.1
155.0
154.3
155.1
155.7
157.5
158.2
156.5
156.9
158.4
160.6
164.7
162.9
Defense
and
space
equipment
96.0
100.0
99.7
100.1
98.8
90.8
84.8
79.3
71.9
65.9
67.8
67.1
66.8
66.8
66.5
66.1
65.2
64.4
62.9
62.0
61.7
62.5
62.8
Total
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.0
109.2
108.2
108.2
108.2
108.5
109.4
109.5
109.2
109.3
110.1
109.0
109.8
110.1
Construction
supplies
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
108.2
109.2
108.0
106.6
107.2
107.3
107.0
108.4
108.3
108.7
110.5
108.0
110.3
110.7
Business
supplies
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
109.6
109.3
108.5
109.4
109.1
109.5
111.0
110.3
109.9
109.9
110.0
109.8
109.6
110.0
Total
Energy
95.9
100.0
105.0
106.7
106.8
105.5
109.7
113.8
122.0
127.4
127.2
127.0
127.2
126.8
126.8
128.1
128.1
128.1
128.4
128.4
128.4
129.5
128.9
99.5
100.0
102.2
103.1
104.2
104.4
103.T
103.5
105.3
106.6
106.4
106.6
107.2
107.2
107.5
108,5
105.8
105.5
105.7
106.0
105.9
106.1
107.1
Includes oil and gas well drilling and manufactured homes, not shown separately,
(1987=100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1986
1987
1988
3989
1990
1991
1992
1993
1994
1995'
.
..
,
1995: Mar
July
Sept
Oet
Dec'
1996- Janr
Feb'
Marf
.
... ..
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
119.2
121.3
120.2
119.5
117.5
118.3
115.4
121.0
115.7
120.8
120.0
121.4
118.8
120.1
Source: Board of Governors of the Federal Reserve System,
18
Iron
and
steel
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.9
119.3
122.4
125.8
123.5
123.0
119.2
119.3
117.7
127.0
115.1
126.1
122.7
128.1
120.1
123.5
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
93.8
100.0
104.2
102.8
99.5
94.5
99.0
103.1
110.5
113.9
114.3
112.3
113.7
113.7
112.4
114.3
115.1
114.0
114.5
115.0
115.4
117.0
115.9
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
177.8
172.4
174.3
174.6
174.4
176.0
179.5
181.3
183.8
186.5
190.1
192.1
196.3
197.6
94.3
100.0
108.5
111.0
111.4
113.9
123.5
134.1
154.3
174,9
169.4
169.6
171.1
173.0
175.7
178.7
180.8
182.4
183.6
182.8
182.1
188.5
188.0
Transportation
equipment
Total
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
113,3
118.0
115.7
113.2
113.4
111.6
114.1
114.1
109.3
108.6
109.7
108.3
111.9
102.0
Motor
vehicles
and
parts
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
141.9
147.6
143.0
138.8
139.7
136.7
142.1
143.3
139.7
140.7
141.2
135.4
141.0
120.0
Lumber
and
products
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
104.5
103.9
103.9
101.7
103.0
103.7
103.7
106.2
105.7
104.8
106.9
104.7
104.9
106.3
Appare!
products
96.3
100.0
98.1
95.0
92.2
92.7
95,0
97.1
100.1
95.7
99.3
97.4
97.5
95.5
94.8
94.5
94.5
93.3
92.4
91.5
89.2
91.1
90.2
Printing
and
publishing
Chemicals
and
products
90.6
100.0
100.9
101.1
100.8
97.0
98.1
98.8
100.1
99.4
99.3
99.2
99.0
98.6
99.0
100.5
99.8
98.9
99.3
98.8
98.0
99.3
98.6
94.6
100.0
106.0
109.2
111.8
110.5
114.4
115.4
121.3
125.0
125.0
123.5
124.0
124.4
124.0
124.4
125.3
126.7
126.0
126.5
126.8
126.7
126.3
Foods
97,4
100.0
101.5
102,5
103.7
105.3
106.9
109.5
113.2
115.3
115,0
115.1
115.9
116.1
115.3
115.5
115.5
115.4
114.8
114.8
115.0
116.4
117,1
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
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
407.7
419.4
432.3
443.7
442.2
403.4
435.0
464.5
506.9
526.6
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
323.1
328.7
337.5
345.5
334.7
293.3
315.7
339.2
376.6
383.9
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
73.8
85.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.4
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
238.9
236.1
51.6
50.1
51.5
54.6
55.4
58.4
62.1
62.3
63.9
62.0
84.6
90.6
94.7
98.2
107.5
110.1
119.3
125.3
130.3
142.7
96
100
101
105
95
89
97
105
114
117
Annual rates
Annual rates
1995- Mar
May
July
Sept
Oct .
Dec .
1996: Jan'
Feb'
1,016
1,019
973
961
783
577
556
589
744
842
523.5
522.1
514.5
518.9
528.7
528.4
535.1
534.5
531.7
535.1
383.3
382.2
376.1
377.5
384.3
385.7
387.0
388.9
386.7
390.3
237.9
234.1
231.3
228.4
231.0
234.0
237.6
237.7
239.4
242.0
163.9
159.8
156.4
153.2
158.0
161.3
164.3
165.6
165.9
167.0
84.7
85.0
81.9
85.9
88.0
87.2
85.6
88.8
88.2
90.7
60.7
63.1
62.9
63.2
65.3
64.5
63.8
62.4
59.1
57.6
140.2
139.9
138.4
141.4
144.4
142.7
148.1
145.6
145.0
144.9
117
108
119
122
119
123
120
119
120
113
778
632
727
800
713
826
828
731
851
784
540.6
532.1
548.4
392.7
390.6
401.1
241.6
241.3
248.5
166.7
168.4
174.8
91.6
89.0
91.1
59.6
59.8
61.5
147.8
141.5
147.3
114
108
697
615
1
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information
Systems Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
2
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
1986
1987
1988
1989
1990 .
1991
1992 ..
1993
1994
1995
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354,1
1 unit
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
2-4 units
5 or more
units
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
Units
authorized
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
1,333.0
Units
completed
Homes
sold
Homes for
sale at end
of period *
Vacancy rate
for rental
housing units
(percent) 2
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1.346.9
'1,312.6
750
671
676
650
534
509
610
666
670
667
357
366
368
365
321
284
265
293
337
'372
7.3
7.7
7.7
27.4
7.2
7.4
7.4
- 7.3
7.4
7.6
1,442
1,331
1,324
1,256
1,332
1,247
1,267
1,320
1,360
'1,225
1,403
1,322
1,390
614
608
667
724
782
707
684
673
679
'683
729
727
672
346
349
347
347
344
349
350
360
368
'372
7.4
Seasonally adjusted annu al rates
1995- Mar .
May
Sept ..
Oct
Dec .
1996- Jan' ...
Feb'
Mar''
1
1,241
1,278
1,300
1,301
1,450
1,401
1,401
1.351
1,458
1,425
1,453
1,505
1,447
992
1,017
1,005
1,036
1,125
1.135
1,130
1,109
1,129
1,150
1,146
1,175
1,159
35
25
36
35
39
28
39
31
32
29
20
31
22
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.
214
236
259
230
286
238
232
211
297
246
287
299
266
1,235
1,243
1,243
1,275
1,355
1,368
1,405
1,384
1,448
1,478
1,372
1,411
1,415
373
363
379
7.7
7.7
7.7
7.9
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, unit*
;iithorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In February, manufacturing and trade sales rose 1.1 percent and inventories rose $1.1 billion. According to advance
data, retail sales rose 0.1 percent in March following a rise of 1.9 percent in February. (Data for wholesale trade
revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILUONS OF DOLLARS' (RATIO SCALE}
1,200
400
1,100
350
1,000
300
900
800
MANUFACTURING AND
TRADE INVENTORIES
250
700
600
MANUFACTURING
AND TRADE SALES
500
RATIO «
1.80
400
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
300
'\^x
1.50
/
A
""Xli-l_^^
'\
~/s
s
1.40
1.30
200
1992:
1994
1993
1995
1996
MANUFACTURING
1
AND TRADE
''
^™\s~*^, s-*S^~\
1 E I 1 1 1 H 1 1 1 II M 1 i 1 li H 1II H 1 1 1 H 1 HI I 1 |ll 1
1992
1994
1993
» SEASONAliY ADJUSTED
SOURCE: DBWSTMENT Of COMMERCE
Manufacturing
and
trade1
Wholesale
1996
Sales 2
Inventories3
Inventory-sales
ratio4
Ketail
3
2
Inventories
Sales
Sales 2
...Jnm
COUNCIL OF ECONOMIC ADVISERS
Period
Inventories3
1995
Durable
goods
stores
Total
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
96,527
102,355
106,594
115,887
118,868
124,236
129,046
133,967
140,161
142,516
141,346
141,041
141,047
141,922
142,459
142,231
143,374
143,104
144,059
144,022
142,516
143,054
143,394
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.40
1.39
1.39
1.41
1.41
1.40
1.42
1.41
1.41
1.42
1.41
1.39
1.42
1.40
Ketail
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989
1990
1991
1992
1993
1994'
1995'
1995- Feb'
Mar'
Apr'
May'
.
July
Sept'
Get'
Dec'
1996: Jan'
PebJ>
Mar*"
1
..
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,125
639,744
682,375
675,047
675,345
672,997
678,682
683,082
676,094
687,690
689,798
688,234
693,214
699,912
693,424
701,059
662,753
709,814
765,270
811,154
834,391
829,685
838,895
861,219
917,305
976,022
935,012
941,779
951,338
955,683
959,452
963,361
968,085
972,587
978,397
979,578
976,022
981,945
983,040
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
187,387
185,456
183,928
185,279
186,859
188,290
187,155
187,953
188,874
189,643
191,574
194,901
192,878
194,353
153,574 120,803
163,903 128,442
178,801 138,017
187,009 146,581
195,550 153,718
200,062 154,661
207,663 162,632
215,878 172,924
234,893 185,936
254,616 195,068
239,785 191,035
242,665 192,980
246,253 192,425
247,018 194,730
248,925 196,080
251,897 195,465
252,209 196,716
253,111 196,644
254,738 196,193
254,727 197,914
254,616 199,104
256,258 199,129
255,756 '202,894
203,044
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonaily adjusted totals for month.
3
Seasonally adjusted, end of period.
* Annual data are averages of seasonally adjusted monthly ratios.
2
20
75,746
45,057
47,989
80,453
85,587
52,430
91,818
54,763
55,736
97,981
54,165 100,497
58,634 103,999
64,795 108,129
73,042 112,894
78,018 117,050
75,629 115,406
76,845 116,135
76,046 116,379
77,413 117,317
78,329 117,751
78,006 117,459
79,527 117,189
78,711 117,933
79,160 117,033
80,296 117,618
80,852 118,252
80,623 118,506
'83,078 '119,816
83,045 119,999
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,916
290,602
302,879
295,501
297,033
299,407
300,376
300,516
299,041
302,700
303,299
306,224
307,265
302,879
304,370
305,081
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,949
150,441
160,363
154,155
155,992
158,360
158,454
158,057
156,810
159,326
160,195
162,165
163,243
160,363
161,316
161,687
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.54
1.55
1.54
1.56
1.54
1.53
1.53
1.54
1.54
1.56
1.55
1.52
1.53
1.50
NOTE,—Wholesale trade data (and therefore total manufacturing and trade data) have been
revised
to reflect
annual ~benchmarking and other revisions. Sales were revised beginning 1993;
"
......
inventories, beginning 1994.
Source: Department of Commerce, Bureau of the Census,
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments, inventories, and orders rose.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
480 ~INVENTO (Ihb
440
400
360
320
_^->-
1
*\
TOTAL
320
280
_.
.-.-•*"""
240
\
200
1
RABLEGOOD
120
160
--.\— •
120
80
NlDURABLEGC
BILLIONS OF DOLLARS' (RATIO SCALE)
320
NEW ORDERS
80
1 1 F| 1 1 1 I 1 1 |
1 1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 Mill 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 | 1| |
280
240
RATIO'
2.00
200
DURABLE GOODS
_Y
160
...-•v'"
120
NONDURABLE GOODS
1.20
80 I i i i i i l i u
1992
1994
1993
1992
1996
1995
1993
1994
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1995 1996
COUNOl Of ECONOMIC ADVISERS
Manufacturers' shipments I
Manufacturers' inventoriesa
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
43,398
42,628
40,072
43,115
42,964
40,233
41,676
46,941
43,755
46,067
48,700
47,779
46,605
48,857
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
137,665
136,583
137,516
137,544
137,723
137,733
137,821
137,172
137,880
138,981
139,233
139,601
139,301
139,877
Manufacturers'
unfilled
orders2
Manufacturers'
inventory—
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989 .
1990
1991
1992
1993
1994
1995
1995: Mar
May
July
Sept
Get
Nov
Dec
1996: Jan
Feb' ..
MarP
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
280,835
299,920
298,437
295,293
297,093
298,712
293,474
303,021
304,280
302,398
303,726
305,907
301,417
303,812
304,105
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
151,060
162,053
161,571
157,970
159,612
160,828
155,919
164,196
165,939
164,062
164,924
165,946
162,126
164,254
163,578
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
137,867
136,866
137,323
137,481
137,884
137,555
138,825
138,341
138,336
138,802
139,961
139,291
139,558
140,527
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
418,527
402,081
405,678
408,289
410,011
412,423
413,146
416,177
417,435
417,586
418,527
421,317
422,203
422,359
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
263,916
253,237
255,334
256,787
257,442
259,532
260,091
261,706
263,305
263,517
263,916
266,530
267,264
267,597
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.
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
154,611
148,844
150,344
151,502
152,569
152,891
153,055
154,471
154,130
154,069
154,611
154,787
154,939
154,762
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
281,953
300,719
299,625
293,069
297,046
296,754
293,863
301,903
306,123
304,370
304,146
309,467
308,839
304,281
308,952
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
151,878
163,054
163,042
155,553
159,502
159,031
156,130
164,082
168,951
166,490
165,165
170,234
169,238
164,980
169,075
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
467,045
464,208
461,984
461,937
459,979
460,368
459,250
461,093
463,065
463,485
467,045
474,467
474,936
479,783
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
1.37
1.35
1.37
1.37
1.37
1.41
1.36
1.37
1.38
1.37
1.37
1.40
1.39
1.39
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods rose 0.5 percent. Prices of finished consumer foods
rose 0.6 percent and prices of other finished consumer goods rose 0.8 percent. Capital equipment prices fell
0.1 percent.
INDEX7l 982= 100 (RATIO SCALE)
INDEX, 1982-100 (RATIO SCALE)
no
110
100
100
1988
1995
1996
COUNCIl OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF tABOR
[1982=100; monthly data seasonally adjusted]
Finished goods
Intermediate materials
Crude materials
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995P
1995: Mar
Apr
May
•June
July
Aug
Sept
Get
Nov r
Dec
1996: Jan
Peb
Mar
1
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
127.3
127.6
127.9
127.7
127.7
127.8
128.2
128.4
128.8
129.5
129.9
129.7
130.4
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
128.2
128.5
127.8
127.4
128.5
128.6
130.1
130.0
131.4
131.5
131.2
130.8
131.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
126.9
127.3
127.8
127.6
127.4
127.4
127.6
127.9
128.0
128.9
129.4
129.3
130.0
Intermediate materials for food manufacturing and feeds.
22
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
123.9
123.5
123.8
124.5
124.2
123.8
123.8
123.9
124.1
124.1
125.4
126.1
126.0
127.0
Durable
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.6
132.1
132.3
132.3
132.2
132.4
132.5
132.6
133.2
134.0
134.1
133.6
133.8
134.0
Nondurable
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
118.4
118.8
119.7
119.4
118.7
118.6
118.7
118.8
118.4
120.2
121.5
121.2
122.5
Capital
equipment
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
135.9
136.2
136.4
136.5
136.7
136.9
137.1
137.5
138.1
138.0
137.9
138.1
138.0
Total
finished
consumer
goods
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
125.0
125.4
125.6
125.3
125.4
125.4
125.8
126.0
126.4
127.3
127.8
127.6
128.5
Foods
and
feeds1
Other
Total
Foodstuffs
and
feedstuffs
96.2
99.1
101.5 99.2
107.1 109.5
112.0 113.8
114.5 113.3
114.4 111.1
114.7 110.7
116.2 112.7
118.5 114.8
124.9 114.8
124.3 112.3
125.0 111.6
125.3 110.6
125.4 111.7
125.5 113.4
125.6 114.6
125.4 115.7
125.4 119.0
125.3 121.5
125.5 123.2
125.6 123.5
125.1 122.9'
125.3 123.1
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
124.9
125.7
126.1
126.1
126.1
126.1
125.9
125.7
125.5
125.6
125.7
125.3
125.4
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.6
101.2
103.0
102.2
103.1
102.4
101.0
102.9
103.0
104.6
104.8
107.0
106.3
108.0
93.2
81.6
87.9
96.2
106.1
85.5
111.2
93.4
113.1 101.5
105.5
94.6
105.1
93.5
94.7
108.4
106.5 94.8
96.6
105.8
100.8
97.5
100.7 100.4
98.6 100.6
101.8
99.9
96.5
105.6
93.9
106.0
94.6
109.7
93.2
112.3
93.6
115.5
94.4
114.9
114.4
98.3
97.5
113.8
113.9 100.2
Total
NOTE.—Beginning 1996, indexes are based on updated value weights.
Source: Department of Labor, Bureau of Labor Statistics.
Other
CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (it rose 0.5
percent not seasonally adjusted). The index was 2.8 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
INDEX, 1982-84 =100 (RATIO SCALE)
180
180
SEASONAUY ADJUSTED
170
170
160
160
150
150
CONSUMER PRICES—All ITEMS
140
140
130
130
120
120
110
110
100
100
1988
1990
1989
1991
1993
1992
1994
1996
1995
COUNCIL Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Housing
All items >
Shelter
Not
season- Seasonally
ally
adjust- adjusted
ed
(NSA)
Period
1000
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Mar . .
Apr
May
.
July ..
Aug
Sept
Oct
Dec ..
1996- Jan ...
Feb
Mar
1
...
. ..
109.6
1136
1183
1240
130.7
136.2
140.3
144.5
1482
152.4
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
153.6
153.5
154.4
154.9
155.7
151.3
151.8
152.2
152.6
152.7
153.0
153.2
153.7
153.8
154.1
154.7
155.0
155.6
Total
Renters'
costs
(Dec.
1982 =
100)
Home- Main- Fuel
teownand
nance other
ers'
and utilicosts
re(Dec.
ties
1982= pairs
100) (NSA)
28.3
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
163.8
164.3
' 164.8
165.3
165.8
166.0
166.5
167.1
167.5
167.9
168.6
168.9
169.3
8.0
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
172.0
172.6
173.1
173.4
174.0
174.0
174.7
175.2
175.3
175.5
176.7
177.1
177.7
7.0
0.2
20.1
119.4 107.9 104.1
124.8 111.8 103.0
131.1 114.7 104.4
137.3 118.0 107.8
144.6 122.2 111.6
150.2 126.3 115.3
155.3 128.6 117.8
160.2 130.6 121.3
165.5 130.8 122.8
171.0 135.0 123.7
169.2 134.2 123.1
169.7 134.2 123.4
170.3 134.6 123.0
170.8 135.0 123.5
171.3 135.1 123.6
171.7 135.4 124.2
172.2 135.4 123.4
172.8 136.3 124.1
173.4 136.2 124.2
173.9 136.6 124.4
174.3 136.3 125.0
174.6 137.0 125.7
175.0 137.5 126.0
Food
Total'
1S.8
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
147.2
148.0
148.3
148.5
148.7
149.0
149.5
150.0
150.0
150.2
150.3
150.5
151.4
41.3
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
147.1
147.5
147.8
148.1
148.5
148.9
149.1
149.6
149.9
150.3
150.8
151.1
151.5
Includes items not shown separately.
Household fuels—gas (piped), elwrtnc.ity, ftiel oil, ctx--—ami motor fuel. Motor oil,
etc. excluded beginning 1983.
;i
Relative important*, Decernlwr 1995.
2
Transportation
Apparel ,
and
up- Total1
keep
Medical
New Motor care
fuel
ears
Energy2
All
items
less
food
and
energy
5.5
17.0
105.9 102.3
110.6 105.4
115.4 108.7
118.6 114.1
124.1 120.5
128.7 123.8
131.9 126.5
133.7 130.4
133.4 134.3
132.0 139.1
132,3 138.5
132.1 139.3
131.9 140.2
131.4 140.8
131.8 140.0
132.0 139.5
131.7 139.4
132.1 139.5
132.1 138.9
132.2 139.0
133.1 140.0
131.9 140.7
132.7 141.7
4.0
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
138.2
138.8
138.9
139.2
139.1
139.2
139.6
139.6
139.8
139.8
140.0
140.4
140.6
7.4
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
218.2
218.9
219.6
220.3
221.0
221.8
222.6
223.1
223.8
224.6
225.4
225.8
226.4
6.7
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
105.0
105.4
106.1
106.5
105.4
105.0
103.6
103.9
103.0
104.1
106.1
106.5
108.0
7-7.5
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
160.1
160.6
160.9
161.3
161.7
162.0
162.4
162.9
163.1
163.3
163.8
164.2
164.7
2.9
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
100.6
101.0
103.5
103.7
101.3
99.3
97.9
97.4
95.4
97.5
101.2
101.0
104.6
NOTE.—Data incorporate a rental equivalence measure for homeowner-ship costs (beginning
1983).
Source: Department of Ijabor, Bureau of Ijalmr Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
finished
goods
Foods
Capital
equipment
Excluding
foods
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.2
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995P
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1 4
2.0
2.2
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
Change, month to month
0.1
.2
.2
Dee
0.2
.2
.6
-.2
-.3
0
,1
.2
0
'1.0
0.1
.2
.1
.1
.1
.1
.1
.3
.4
'-.1
1.6
1.9
2.2
1.3
.3
.3
.2
.3
'.5
0
.2
-.5
-.3
.9
.1
1.2
-.1
1.1
'.1
1996- Jan
Feb
Mar
.3
-.2
.5
— 2
-.3
.6
.6
-.1
.8
-.1
.1
-.1
1995- Mar
May
o
o'
.1
July
Sept
Oct
1.6
2.2
3.2
4.1
-2.5
1.3
-1.2
-2.5
0
2.5
8.8
4.8
9.0
4.4
3.3
2.3
4.0
2.3
0
-2.2
-1.0
1.0
1.0
4.9
2.7
2.1
1.8
1.8
1.5
1.5
1.8
2.4
3.6
2.7
2.2
3.5
2.7
1.4
1.1
.9
1.4
1.3
1.4
2.8
3.0
3.7
.9
-2.5
.6
.6
3.0
2.3
5.7
6.5
2.3
3.8
3.3
2.8
1.1
.8
.6
.5
-.6
1.9
1.3
2.8
2.8
2.2
1.8
1.6
1.8
1.9
2.5
2.2
1.8
2.1
2.2
2.1
1.7
1.3
1.8
2.3
2.1
2.2
4.8
'2,8
2.8
3.7
'-1.8
.3
6.6
'6.3
5.2
1.2
'0
0
3.5
3.0
3.5
4.2
3.5
2.3
3.8
3.6
5.1
1.8
1.8
1.3
2.3
2.0
2.4
o
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
All
items1
Period
Food
Total1
1
Total
Remv
ers'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
1
upkeep Total
New
cars
Medical
care
Motor
fuel
Energy2
All
items
less
food
and
energy
Addendum: All items,
percent change
(annual rate)
From
previous
quarter3
From
3
months
earlier
From From
6
year
months earlier
earlier NSA
Change, December to December, NSA
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
4.6 -5.6
1.6
5.3
2.9
4.7
3.2
5.1
4.0
4.7
2.9
3.7
2.3
2.9
2.5
3.2
.2
3.3
1.4
3.7
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
0.1
.5
.2
.1
.1
.2
.3
.3
0
.1
0.2
.3
.2
_2
.3
.3
.1
.3
.2
.3
0.4
.3
.3
.3
.3
.1
.3
.4
2
_2
0.4
.3
.3
.2
.3
0
.4
.3
.1
.1
0.3
.3
.4
.3
.3
.2
.3
.3
.3
.3
-0.1
.2
-.3
.4
.1
.5
-.6
.6
.1
_2
.1
.1
.6
.3
.2
.3
.4
.2
2
.7
.2
.3
.2
2
.2
.5
.6
.2
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
0.3
.3
.3
.3
.1
_2
.1
.3
.1
.2
.4
.2
.4
0.9 -5.9
6.1
4.8
4.7
3.0
1.0
4.0
5.1 10.4
3.4 -1.5
1.4
3.0
.9
2.4
-1.6
3.8
.1
1.5
5.9 -30.7
1.8
18.7
2.1
-2.1
2.3
6.8
1.4
36.5
3.3 -16.0
2.3
1.8
2.8
-5.4
3.2
5.9
1.6
-4.0
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
-1.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
-197
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
Change, month to month
1995- Mar
.. ..
May
July
Sept
Oct
Nov
Dec
1996- Jan
Feb
Mar
.. ..
. .
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
2
24
.3
0
.1
0.5
.6
.6
.4
-.6
-.4
-.1
.1
-.4
.1
0.1
.4
.1
.2
-.1
.1
.3
0
.1
0
-0.2
.4
2.5
.2
-2.3
-2.0
-1.4
-.5
-2.1
2.2
0.3
.3
.3
.3
.3
.4
.4
.2
.3
.4
-0.2
.4
.7
.4
-1.0
-.4
-1.3
.3
-.9
1.1
0.4
.3
.2
_2
.2
.2
.2
.3
.1
.1
.7
-.9
.6
.7
.5
.7
.1
.3
.1
3.8
.4
.2
.3
1.9
.4
1.4
.3
_2
.3
0.4
()
-.2
— 4
.3
.2
?
3
9
3.6
2.6
3.1
3.1
2.4
3.0
3.2
3.5
3.5
2.4
2.1
1.6
2.6
2.1
2.4
3.2
2.8
2.8
2.5
2.5
2.1
2.0
2.9
3.1
3.2
3.0
2.8
2.6
2.5
2.8
2.6
2.5
3.2
2.6
3.2
4.0
2.6
2.6
3.2
2.7
2.7
2.8
2.7
3.5
2.1
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
In April, prices received by farmers and prices paid by farmers rose 0.9 percent from their March levels. (Data
are not seasonally adjusted.)
INDEX, 1990-92=100 (RATIO SCALE]
INDEX, 1990-92=100 (RATIO SCALE)
120
120
80
RAT O-"
RATKD-!/
140
140
>
120
100
80
60
L1 1 1 1111 1 1 11
1988
DATI/-1
r^—*- ir ^
1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1
1990
1989
_
120
-
/
H"
|s.
'
'
100
"
"
__
80
-
1 1 11 1 111 111
1 11111 1 1 I I I 1 11111I 1111 I 111 11 I 11 I I
r
1991
1992
1993
1995
60
I 1 I I I 1 II 1 1 I I 1 1 1 1 1 1 1 1 1 1
1996
1995
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE-. DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1990-92=100; not seasonally a^usted]
Prices received by farmers
Period
1986
1987
1988
1989
1990
1991
1992 ..
1993
1994
1995'
1995: Apr
May
June ,.
July
Aug
Sept
Oct
Nov
Dec .
1996- Jan
Peb
Mar'
Apr
1
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and1wage
rates
Production
items, interest,
taxes, and wage
rates
Production
items
Katio2
87
89
99
104
104
100
98
101
100
102
87
86
104
109
103
101
101
102
105
112
88
91
93
100
105
99
97
100
95
92
85
87
91
96
99
100
101
103
106
110
85
87
92
97
99
100
101
102
106
109
86
87
90
95
99
100
101
103
106
109
103
102
108
108
105
99
98
98
94
93
99
'100
100
101
102
105
104
106
108
108
106
109
110
'112
117
113
114
114
115
114
117
118
122
122
128
134
90
88
90
91
92
'94
92
94
96
94
93
93
93
'109
'109
'109
'110
'109
'110
'110
'111
'112
112
113
114
115
'109
'108
'109
'109
'108
'109
109
'110
'111
111
112
114
114
'108
'107
'108
'109
'108
'109
'109
'110
'111
112
113
113
114
'91
'92
'92
'92
94
'95
'95
95
'96
96
94
96
96
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
Prices paid by farmers
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In March, growth accelerated in M2 and M3.
BILUONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
BILLIONS OF DOLLARS' (RATIO SCALE)
4,800
4,400
4,000
4,000
3,600
3,600
3,200
3,200
M2
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
600
400
1988
199)
1990
1992
1994
1993
1995
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
1996
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1986:
198719881989199019911992:
19931994:
19951995-
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dee'
Feb
Mar
May
July
Sept
Oct
Nov
Dee'
1996- Jan'
Feb'
Mar
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMP balances,
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
BPs, Eurodollars, and
institutiononly MMMP
balances
724.4
749.8
786.9
794.2
825.8
897.2
1,024.4
1,128.6
1,148.7
1,124.9
1,147.8
1,148.7
1,151.2
1,146.2
1,144.5
1,145.4
1,143.8
1,140.2
1,131.8
1,129.0
1,124.9
1,119.1
1,117.1
1,126.2
2,734.6
2,834.4
2,997.9
3,164.0
3,282.2
3,383.7
3,438.7
3,494.1
3,509.4
3,660.3
3,514.1
3,519.1
3,529.2
3,543.5
3,574.0
3,592.8
3,612.7
3,625.8
3,632.8
3,643.6
3,660.3
3,675.0
3,690.4
3,724.8
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
26
3,486.4
3,673.3
3,912.4
4,065.5
4,124.1
4,178.4
4,187.3
4,249.6
4,319.7
4,573.5
4,352.5
4,369.8
4,391.8
4,420.0
4,458.4
4,486.3
'4,513.8
4,534.2
4,549.1
4,559.9
4,573.5
4,602.3
4,639.9
4,680.3
L
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month-end
levels) i
4,122.4
4,328.5
4,664.2
4,894.2
4,975.8
5,004.4
5,075.8
5,164.5
5,303.7
5,684.2
5,361.4
5,396.2
5,429.0
5,456.2
'5,495.3
'5,544.6
5,580.6
5,626.8
'5,653.2
5,659.1
5,684.2
5,704.0
P 5,734.2
'7,913.9
8,671.0
9,446.4
10,173.5
10,854.0
11,338.6
11,881.7
12,516.4
13,153.2
13,871.3
13,280.9
13,344.1
13,421.6
13,522.1
13,580.9
13,616.3
13,669.2
13,709.4
13,758.7
13,829.7
13,871.3
13,900.1
"13,963.4
Percent change from year or 6
months earlier2
M2
. Ml
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.8
-2.1
-.4
-.3
.4
-.4
n
-.7
-.7
-1.5
-3.4
-3.0
-3.4
-4.6
-4.7
-2.5
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve %stem.
9.5
3.6
5.8
5.5
3.7
3.1
1.6
1.6
.4
4.3
.6
.9
1.4
2.1
3.7
4.5
5.6
6.1
5.9
5.6
4.8
4.6
4.3
5.5
M3
9.0
5.4
6.5
3.9
1.4
1.3
.2
1.5
1.6
5.9
3.6
4.0
4.6
5.4
6.4
6.6
7.4
7.5
7.2
6.3
5.2
5.2
5.6
6.4
Debt
12.6
9.6
8.9
7.7
6.7
4.5
4.8
5.3
5.1
5.5
5.5
5.5
5.9
6.3
6.5
6.3
5.8
5.5
5.0
4.5
4.3
4.2
4.3
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency
Period
1986:
1987:
1988:
1989:
19901991:
19921993:
19941995:
1995:
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Feb
Mar
180.7
196.8
212.3
222.6
246.9
267.4
292.9
322.4
354.9
373.2
359.0
362.3
365.0
367.6
367.0
367.3
368.5
369.5
370.8
371.6
373.2
373.6
373.2
375.2
..
July
Sept
Set
.:::::::::::::::""
Nov
Dec
1996: Jan
Feb'
Mar
Other
checkDeable
mand
depos- deposits
its
(OCDs)
302.1 235.6
286.8 259.5
286.8 280.9
279.3 285.3
277.4 293.9
289.5 332.5
384.2
339.1
384.3 414.0
382.4 402.9
389.8 353.0
383.5 396.8
382.9 394.8
382.1 395.1
387.4
382.1
386.5 382.0
388.5 380.8
389.3 377.2
389.4 372.4
364.1
388.1
388.2 '360.4
389.8 353.0
393.5 '343.1
397.4 337.5
407.1 335.0
Money market
mutual fund
balances
Betail>
210.3
224.5
246.0
322.5
358.1
373.7
356.0
358.7
388.1
465.1
390.8
390.2
393.3
401.6
418.8
431.7
443.6
450.3
455.0
460.1
465.1
468.6
474.7
487.6
Savings
deposits,
money
market
Instideposit
tution2 accounts
only (MMDAs)
84.5
91.1
90.3
106.9
133.5
179.5
199.8
197.9
183.7
'227.2
188.4
195.0
199.4
203.7
213.2
218.6
218.5
221.7
'223.7
'224.8
'227.2
'230.6
243.9
248.3
940.9
937.3
926.3
893.6
923.8
1,045.0
1,187.1
1,218.8
1,148.9
'1,134.6
1,118.0
1,102.5
1,091.2
1,089.5
1,097.0
1,096.2
1,101.6
1,108.4
1,116.1
1,120.6
1,134.6
1,151.8
1,164.7
1,183.4
1
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
3
Small
denomination
time
deposits3
Overnight
and
Large
term
denom- repurination chase
time deposits3 agreements
(BPs)
(net)
420.2
467.0
518.3
541.5
480.9
416.5
353.7
333.8
363.5
'417.5
371.8
377.6
381.0
384.5
'387.6
'393.9
396.7
400.5
409.8
415.5
'417.5
416.5
422.3
429.4
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.8
871.2
788.0
823.7
935.7
857.5
877.7
893.4
906.1
913.7
919.4
923.7
927.0
929.8
933.8
935.7
935.5
933.9
927.6
143.3
172.6
189.0
158.0
138.8
119.4
128.1
157.5
180.8
177.3
191.9
191.1
192.1
197.2
191.7
188.4
192.9
192.5
189.9
185.2
177.3
184.6
186.9
184.7
Overnight
and
term
Eurodollars
(net)
103.9
108.2
117.0
95.2
88.7
79.3
66.9
66.3
82.3
91.4
86.4
87.2
90.1
91.1
91.8
92.6
93.1
93.7
92.9
'90.8
91.4
'95.6
96.4 f
93.1
Savings
bonds
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.5
180.3
184.8
180.5
180.7
181.2
181.7
182.4
183.0
183.5
183.9
184.2
184.5
184.8
185.0
185.0
Shortterm BankTreas- ers' acury
ceptsecuri- ances
ties
275.8
249.5
266.8
324.0
334.2
329.1
345.9
'342.8
387.3
'476.9
400.2
411.1
412.0
405.5
414.7
434.2
437.5
457.2
'465.8
'464.9
'476.9
'467.7
"456.7
37.1
44.5
40.2
40.7
36.1
23.9
20.9
14.9
14.2
11.9
13.5
13.7
13.4
12.0
11.0
12.1
12.4
12.8
13.4
12.6
11.9
11.7
"10.2
Commercial
paper
231.3
260.6
335.4
346.5
355.3
335.2
365.0
385.6
402.4
437.1
414.9
420.9
430.6
437.0
428.9
429.0
433.3
438.6
440.7
437.3
437.1
437.2
r 442.3
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]
Borrowings of depository institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
19861987:
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1995:
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
Dec'
Dec ....
Mar
Apr
May
June
July
Aug
Sept ...
Oct
Dec
1996: Jan
Feb
Mar ....
1
•.
38,950
38,866
40,410
40,508
41,780
45,547
54,367
60,519
59,364
56,364
58,500
57,988
57,801
57,383
57,680
57,499
57,344
56,839
56,333
56,364
55,606
54,848
55,706
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
38,123
38,089
38,694
40,242
41,455
45,355
54,243
60,437
59,156
56,106
58,431
57,877
57,651
57,110
57,309
57,217
57,066
56,593
56,129
56,106
55,568
54,813
55,685
Nonborrowed
plus
extended
credit
38,426
38,572
39,938
40,262
41,478
45,356
54,244
60,437
59,156
56,106
° 58,431
57,877
57,651
57,110
57,309
57,217
57,066
56,593
56,129
56,106
55,568
54,813
55,685
Required
37,580
37,820
39,362
39,585
40,116
44,569
53,212
59,456
58,196
55,086
57,706
57,235
56,921
56,418
56,590
56,512
56,394
55,758
55,390
55,086
54,121
53,997
54,592
Monetary
base
223,571
239,784
256,920
267,723
293,332
317,502
351,244
386,877
418,723
435,008
425,165
427,551
430,112
429,308
429,822
430,807
431,685
432,737
433,206
435,008
'435,150
433,619
436,784
Total
827
777
1,716
265
326
192
124
82
209
257
69
111
150
272
371
282
278
245
204
257
38
35
21
Seasonal
38
93
130
84
76
38
18
31
100
40
51
82
137
172
231
258
252
199
73
40
7
7
10
Extended
credit
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.3 percent in March; commercial and industrial loans fell 0.3 percent.
BILLIONS OF DOLLARS* (RATIO SCALE]
4,000
3,600
BILLIONS OF DOLLARS*
(RATIO SCALE)
3,200
4,000
3,600
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1/00
1,600
1,200
1,200
ALL COMMERCIAL BANKS
800
- U.S. GOVERNMENT SECURITIES-
800
\
400
400
OTHER SECURITIES
V
200
160 I I I I i I I I I I n I I i I 1 1 1 1 1 1 I
1988
1989
M I 1 I I I I 1 II
200
160
I M IIIIi M
1990
1991
1993
1992
1994
1996
1995
*5EASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted'
Loans and leases in bank credit
Securities in bank credit
Period
Total
bank
credit
Total
securities
U.S.
CommerTotal
GovernOther
and
cial and
2
ment
securities loans
leases
industrial
securities
Real estate
Total
Kevohrfng
home
equity
357.8
378.3
383.4
366.6
358.9
390.5
451.2
496.0
40.7
41.4
45.0
54.4
64.1
87.5
76.2
83.7
192.5
195.5
193.2
190.9
193.0
190.6
199.6
237.7
76.1
76.6
77.2
77.8
78.0
78.2
78.4
78.5
78.8
79.1
464.3
470.3
472.9
478.6
481.0
485.6
489.4
490.0
493.1
496.0
76.0
77.8
88.3
88.0
87.1
84.3
86.6
86.9
86.9
83.7
207.7
208.8
213.0
215.7
222.2
223.5
225.6
229.8
231.3
237.7
79.7
79.9
79.9
1,006.1
1,008.7
1,013.5
500.6
500.8
504.2
84.9
85.6
85.0
245.5
243.4
245.4
562.0
584.5
633.7
745.0
843.4
918.8
952.2
988.7
366.8
400.0
455.6
565.2
666.8
733.9
732.0
710.8
195.2
184.5
178.2
179.8
176.7
184.9
220.2
277.9
1,874.1
2,024.7
2,117.8
2,111.4
2,113.6
2,195.0
2,373.9
2,614.6
608.0
639.3
640.8
619.5
596.2
585.9
645.2
718.4
675.1
770.2
855.3
880.0
901.3
940.5
1,001.7
1,078.9
40.1
50.3
62.3
69.6
73.5
73.0
75.3
79.1
Sepf
Ocf r
Nov
Decr
3,392.5
3,466.0
3,489.6
3,512.3
3,527.8
3,543.1
3,566.1
3,579.2
3,591.1
3,603.3
941.6
991.8
983.8
985.0
977.5
979.9
984.2
986.1
987.0
988.7
712.0
708.7
710.6
709.8
703.8
708.4
708.3
713.2
714.5
710.8
229.6
283.1
273.2
275.3
273.7
271.5
275.8
272.9
272.4
277.9
2,450.9
2,474.2
2,505.7
2,527.2
2,550.3
2,563.2
2,582.0
2,593.1
2,604.2
2,614.6
673.9
680.8
687.8
692.1
697.8
701.8
708.4
710.6
715.1
718.4
1,029.0
1,036.5
1,043.8
1,052.9
1,062.2
1,068.0
1,072.0
1,075.9
1,077.8
1,078.9
1996- Janrr
Peb
Mar
3,630.5
3,640.3
3,631.7
988.8
993.4
977.5
702.9
715.6
705.0
285.9
277.8
272.5
2,641.6
2,646.9
2,654.2
724.9
728.4
726.3
1,085.8
1,088.5
1,093.3
Deo
Dec
Dec
Dec
Dec
Dec
Dec
Dec'
1995- Marrr
Apr
Mayr
JTuner
Julyr
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment
companies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifieations of assets and liabilities.
28
Other
635.0
719.9
793.0
810.3
827.7
867.5
926.4
999.8
952.9
959.9
966.6
975.2
984.3
989.8
993.7
997.4
999.0
999.8
2,436.1
2,609.1
2,751.6
2,856.4
2,957.0
3,113.8
3,326.2
3,603.3
1988198919901991:
19921993:
19941995-
Consumer Security
Other
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS. NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Credit market funds
Period
Total
Internal *
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995?
1993:
. . ..
I
II
Ill
. ..
IV
1994- I
II
Ill
IV
1995:
I
II
in
rv>
533.6
648.5
852.2
744.5
592.8
489.3
599.9
619.4
785.7
885.2
783.1
538.8
550.7
605.0
659.7
792.3
697.2
993.6
813.3
951.5
920.2
855.9
343.6
374.6
408.5
397.1
409.3
422.2
438.6
480.1
521.6
538.1
453.4
465.3
495.0
506.6
513.1
521.8
521.2
530.4
517.5
526.5
561.5
547.0
190.0
273,9
443.7
347.4
183.5
67.1
161.3
139.3
264.1
347.1
329.7
73.5
55.7
98.4
146.6
270.5
176.0
463.2
295.8
425.0
358.7
308.9
Securities
and mortgages
Loans and
short-term
paper
58.9
29.1
-.2
-35.9
26 6
75.9
67.1
85.7
-28.0
4.8
90.2
69.6
115.3
68.0
10.2
34.8
-42.8
1143
-10.9
41.5
-354
23.8
92.4
44.1
95.7
94.9
73.6
110 7
-6.0
12 4
112.4
130.3
-69.2
23.1
-15.6
11.8
118.1
84.9
111.6
135.4
207.1
163.2
80.7
70.5
151.3
73.2
95.5
59.0
47.0
-34 8
61.1
73.3
84.4
135.1
21.1
92.7
99.7
79.8
128.2
119.7
68.8
21.1
196.2
204.7
45.3
94.3
1
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 fiind liabilities, and direct foreign investment
in the U.S.
Other2
38.7
200.8
348.1
288.4
136.5
101.9
100.1
66.0
179.7
212.0
308.7
-19.2
-44.0
18.6
18.5
150.8
107.2
442.1
99.6
220.3
313.4
214.7
Total
Capital
Increase in
financial
assets
tares3
519.4
592.0
756.2
632.9
509.8
500.7
554.4
612.0
768.7
838.2
764.0
542.3
532.4
609.2
660.7
729.2
702.1
982.9
735.6
928.0
885.4
804.0
347.3
357.4
373.3
399.4
394.5
370.9
386.9
430.6
485.0
551.5
417.6
427.9
433.8
443.0
443.9
476.9
490.6
528.6
555.0
538.6
579.2
533.4
Discrepancy
(sources
less
uses)
14.3
56.6
96.0
111.6
83.1
-11.4
45.6
7.4
17.0
47.0
19.1
-3.5
18.4
-4.2
-.9
63.2
-4.9
10.7
77.8
23.5
34.9
51.9
172.1
234.6
382.9
233.5
115.3
129.8
167.5
181.4
283.7
286.7
346.4
114.4
98.6
166.2
216.8
252.3
211.5
454.3
180.6
389.4
306.2
270.6
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Billions of dollars; seasonally adjusted]
Net change in installment credit outstanding1
Installment credit outstanding (end of period)
Period
Total
198619871988198919901991-
Dec
Dec 3
Dec
Dec
Dec
Dec
1992: Dec
1993- Dec
1994- Dec
1995: Dec
1995- Mar
Apr
May
July
Sept
Get
Nov
Dec
1996: Jan r
Peb
Mar?
572.0
608.7
662.6
717.2
734.9
728.4
730.8
790.4
902.9
1,024.8
933.0
946.3
959.1
970.6
979.4
989.7
993.8
1,005.2
1,015.0
1,024.8
1,035.6
1,047.8
1,054.2
Automobile
Revolving
247.8
266.3
285.4
291.5
283.1
259.6
257.4
280.6
317.2
353.3
323.3
326.2
328.0
330.7
337.1
339.8
341.2
344.7
349.1
353.3
356.2
360.0
360.0
1
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
135.8
153.1
174.3
199.2
223.5
245.3
258.1
286.6
334.5
395.2
351.5
358.7
366.1
372.3
375.3
379.7
382.1
387.2
390.1
395.2
400.8
406.1
410.9
Other
2
188.4
189.3
202.9
226.5
228.3
223.5
215.3
223.2
251.1
276.2
258.2
261.4
265.0
267.5
267.0
270.3
270.6
273.3
275.8
276.2
278.6
281.7
283.2
Total
54.3
36.7
53.9
(4)
17.7
-6.5
2.4
59.6
112.5
121.9
14.1
13.3
12.8
11.5
8.8
10.3
4.1
11.4
9.8
9.8
10.8
12.2
6.4
Automobile
37.6
18.5
19.1
(4)
84
-23.5
-2.2
23.2
36.6
36.1
2.3
2.9
1.8
2.7
6.4
2.7
1.4
3.5
4.4
4.2
2.9
3.8
.0
Revolving
14.0
17.3
21.2
(4)
24.3
21.8
12.8
28.5
47.9
60.7
6.4
7.2
7.4
6.2
3.0
4.4
2.4
5.1
2.9
5.1
5.6
5.3
4.8
Other2
2.7
.9
13.6
(*)
1.8
48
-8.2
7.9
27.9
25.1
5.4
3.2
3.6
2.5
-.5
3.3
.3
2.7
2.5
.4
2.4
3.1
1.5
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND
Interest rotes rose in April.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
V/" ^i-'\v.
___
X
'
~^X~\
TREASURY
BILLS
/
V
CORPORATE Aaa BONDS
(MOODY'S)
—x
/
v--. ,
,y iX
X
^ >*
/ r~
\
/
\s\
/
/
/
^j"~
J
\]
*"""•--.
^1
~T^:
•<"r
/H
.-
DISC OUNT
RATE
IT-
J
RE! ERVE
BAt•(KOF
fYORK
NE\A
1 1 1 1 il 1 1 1 1 1
1989
1986
, ,, , , |
i ii n 1 1 1 1 M
1
1990
i l l HI 1 1 I I I l..t|
1995
1994
1993
1992
1991
SOURCE: SEE TABLE BEL OW
1996
COUNCIL OF ECONOMIC ADVISEES
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) 1
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Apr
....
July
Sept
Oct
Nov
Dec
1996: Jan
Feb
Mar
Apr
Week ended:
1996: Apr 6
13
20
27
May 4
1
Constant maturities2
3-year
10-year
High-grade
municipal
bonds
(Standard
& Poor's) *
30
Prime
commercial
paper, 1
6 months
Discount rate
(N.Y. F.B.
Bank)"
Prime rate
charged 4by
banks
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.67
5.70
5.50
5.47
5.41
5.26
5.30
5.35
5.16
5.02
4.87
4.96
4.99
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
6.68
6.27
5.80
5.89
6.10
5.89
5.77
5.57
5.39
5.20
5.14
5.79
6.11
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
7.06
6.63
6.17
6.28
6.49
6.20
6.04
5.93
5.71
5.65
5.81
6.27
6.51
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
6.01
5.90
5.83
5.98
6.07
5.88
5.77
5.61
5.42
5.42
5.45
5.82
5.93
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
8.03
7.65
7.30
7.41
7.57
7.32
7.12
7.02
6.82
6.81
6.99
7.35
7.50
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
6.19
6.07
5.79
5.68
5.75
5.66
5.71
5.59
5.43
5.23
4.99
5.26
5.38
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.25
8.25-8.25
8.25-8.25
5.07
5.03
4.87
4.97
5.00
5.97
6.23
6.11
6.10
6.24
6.35
6.60
6.52
6.53
6.74
5.84
6.00
5.94
5.93
6.00
7.41
7.60
7.50
7.48
7.65
5.32
5.42
5.40
5.38
5.41
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
Bank-discount basis.
YieWs on the more actively tc&ded issues Blasted 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.
2
Corporate
Aaa bonds
(Moody's)
New-home
mortgage
yields
(PHFB)s
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
8.15
7.99
7.73
7.78
7.75
7.69
7.58
7.46
7.40
7.32
7.20
7.49
8
Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, MoooVs Investors Service, and Standard & Poor's Corpora-
COMMON STOCK PRICES AND YIELDS
The brooder measures of stock prices rose slightly in April; the narrower fell.
INDEX, DEC. 31,1 965=50 (RATIO SCALE)
380
360
340
320
300
280
260
^^~—^
y^^-VS*~**r
\
s COM
'>OSITE STOCK PFICE INDEX
INYSE)
240
220
/
200
/-^
180
160
^r^^
140
11111
120
1 I! M
s
^\ f
V
\
'
INDEX, DEC. 31,1 965=50 (RATIO SCALE)
380
360
,—
340
/
si
320
S'
300
/
280
/
260
/
-~|
240
220
200
180
160
140
M i l l
1988
i i i ii
M 1 M 1 M 1 M
M i l l M 1 M INN
1991
1992
1 M M
1990
1989
II
1 M
Mill
1 1 1 M 1 1 M
1993
M
i i | i| i i i ii
1994
M i l l
120
EMM
1996
1995
PER ;ENT
20
PERC!"NT
20
15
15
EARNINGS-F RICE RATIO ON COMMON STOCKS
(S&P)
10
•»«.
"
-~~~~^
5
i
0
i
1988
i
P^""^^ •>—
i
i
1989
i i
1990
/
/
i
I
1991
1
1992
10
5
^^=-
i
i
1993
i
i i
1994
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
i
i
1995
COUNCIL OF ECONOMIC ADVISERS
Common stock yields
(percent)6
New York Stock Exchange indexes (Dec. 31, 1965=50,
except as noted)2
Composite
Industrial
0
1
1996
Common stock pricesl
Period
i
Transportation
Utility
3
Finance
Dow-Jones
industrial
average4
Standard &
Poor's composite index
(194143=10)5
Dividendprice ratio
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 ..
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
1995: Apr
May
274.37
281.81
289.52
298.18
300.05
310.41
311.78
317.58
327.90
347.69
357.01
366.75
379.13
379.79
390.42
389.63
398.66
412.11
254.36
254.69
256.80
279.15
285.63
295.54
291.16
300.06
303.53
208.93
211.58
216.27
219.18
221.99
229.64
236.43
238.98
247.59
219.38
228.55
236.26
240.50
245.27
260.72
265.12
266.12
273.36
4,230.66
4,391.57
4,510.76
4,684.76
4,639.27
4,746.76
4,760.46
4,935.81
5,136.10
507.91
523.81
539.35
557.37
559.11
578.77
582.92
595.53
614.57
2.68
2.60
2.55
2.50
2.49
2.42
2.41
2.37
2.30
329.22
346.46
346.73
347.50
412.71
435.92
439.56
441.99
300.30
315.29
324.76
326.42
254.07
257.80
245.77
244.87
273.73
290.97
290.45
287.92
5,179.37
5,518.73
5,612.24
5,579.86
614.42
649.54
647.07
647.17
2.31
2.22
2.22
2.24
351.57
342.70
345.57
349.50
349.12
445.40
436.49
439.96
444.71
444.84
324.51
318.04
327.30
332.58
332.81
248.03
239.77
243.40
247.44
246.60
296.65
283.97
284.87
287.66
286.07
5,670.51
5,532.08
5,570.02
5,568.43
5,538.80
655.18
637.56
643.56
651.19
649.58
2.20
2.28
2.25
2.22
2.21
July
Sept
Oct
Nov
Dec
.
1996: Jan
Feb
Week ended:
1996- Apr 6
13
20
27
1
Average
2
Includes
3
of daily closing prices.
all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. AH indexes shown here reflect
the4 doubling.
Includes 30 stocks.
5
Includes 500 stocks.
Earningsprice ratio
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
6.09
6.32
6.01
5.53
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange {NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 6 months of fiscal 1996, there was a deficit of $128.2 billion, compared with a deficit of $96.1 billion
a year earlier.
BILLIONS OF DOUARS
1,600
RECEIPTS AND OUTLAYS-^
1,500
BILLIONS OF DOUARS
1,600
1,500
1,400
1,400
OUTLAYS^-
1,300
1,300
1,200
1,200
1,100
1,100
1,000
1,000
RECEIPTS-1
900
900
800
800
700
700
600
<ii IRPI t K fM? HFFirrr ( \ ^
-100
-100
~~"*~*^^
-200
^~~~~~~-—----__—~—~—'
i
i
-300
-400
_____
/i
i
' 1987
i
1988
1
1989
1990
1991
1
1992
-300
1
1993
-200
1
1994
1
1995
K
-400
1996 ^
FISCAL YEARS
OXINQl Of ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
..
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996 (estimates)
Cumulative total, first 6
months: J
Fiscal year 1995
Fiscal year 1996
Receipts
Outlays
Surplus
or
deficit
(-)
Receipts
Outlays
Surplus
or
deficit
(-)
Receipts
Outlays
Surplus
or
deficit
(-)
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,355.2
1,426.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,519.1
1,572.4
-53.7
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
- 185.4
-212.3
-221.2
-149.8
- 155.2
-152.5
-221.2
-269.4
-290.4
-255.1
-203.1
-163.9
- 145.6
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
1,004.1
1,059.3
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.5
1,081.9
1,128.5
1,142.1
1,181.5
1,230.5
1,270.3
-49.8
-54.9
-38.7
-72.7
-74.0
- 120.1
-208.0
-185.7
-221.7
-238.0
-169.3
- 194.0
-205.2
-277.8
-321.6
- 340.5
-300.5
-258.8
-226.3
-211.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.4
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
302.1
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
65.3
614.4
645.2
761.0
773.4
-146.7
- 128.2
448.7
474.4
621.5
627.8
-172.8
-153.4
165.6
170.8
139.5
145.6
26.1
25.2
1
Data from Monthly Treasury Statement.
NOTE,—Data (except as noted) are from Budget of the United States Government, Fiscal Year
199?, issued March 19, 1996.
32
Off-budget
On-budget
Total
Gross Federal debt
(end of period)
Total
Held by
the public
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,207.3
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.1
3,603.4
3,768.7
4,810.5
5,074.8
3,557.9
3,717.1
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1996, receipts were $30.8 billion higher than a year earlier and outlays were $12.4
billion higher.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
/OO
RECEIPTS ^
.••
•"•"
600
500
500
^rr^
400
rnppnpATinw
300
:
400
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
INCOME TAXES
300
200
_
100
100
1
n
1
1
1
1
,
1
OTHER RECEIPTS
|
0
1,400
1,300
1,400
OUTLAYS^
1,300
— — — —•*""""""
1,200
1,200
— — ——"""""
\
1,100
1,100
1,000
1,000
^,--"~
900
900
.•"•""
800
800
— -•"""""" """ "™
700
700
600
600
500
500
400
400
300
200
300
200
1
" 1987
'
1988
'
1
1
1
1
1990
1989
1991
1
1
19921993
1994
1
1995
^ INCUDES dN-MJDGET AND Of F-BUDGET ITEMS.
SOURCES: DEBUrTMENT Of THE TREASURY AND Of HCE Of MANAGEMENT AND BUDGET
N
.^96
N
COUNOt Uf KXJNOMC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year or period
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
..
1994
1995
1996 (estimates) ..
Cumulative total, first 6 months: l
Fiscal year 1995
Fiscal year 1996
1
..
National defense
Total
Social
insurCorIndi- poraance
vidual tion
taxes
income income
and
taxes taxes contributions
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,355.2
1,426.8
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
630.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
167.1
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
507.5
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
112.8
123.5
121.3
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,519.1
1,572.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.6
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.4
254.3
16.2 33.5 65.8 128.2
14.2 35.9 70.2 119.8
11.6 40.0 75.1 123.3
10.5 44.5 78.9 129.3
9.6 48.4 85.0 136.0
13.8 57.7 98.1 147.0
15.9 71.2 104.5 170.3
16.1 89.5 119.0 196.9
17.2 99.4 130.6 207.3
17.1 107.1 144.7 214.0
16.4 115.4 159.9 220.4
14.8 121.2 177.6 228.3
56.7 224.9
64.2 231.0
58.1
56.4
761.0
773.4
136.7
129.4
130.1
122.9
10.4
8.2
614.4 274.7
645.2 293.6
Other
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1997, issued March 19, 1996.
Total
Total
Department of
Defense,
military
Internation- Health
al
affairs
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
56.4
56.9
Social
Medi- Income
secusecucare
rity
rity
Net
interest
Other
19.3 61.0 85.1 29.9
22.8 61.5 93.9 35.5
26.5 66.4 104.1 42.6
52.5
32.1 86.5 118.5
39.1 99.7 139.6 68.8
46.6 107.7 156.0 85.0
52.6 122.6 170.7 89.8
57.5 112.7 178.2 111.1
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
131.8
142.1
125.9
139.4
158.8
203.7
225.0
173.9
159.7
173.7
166.9
172.9
77.0 112.4 163.7 113.5
83.8 119.4 171.1 120.3
91.0
84.2
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
350.9
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1995, Federal receipts rose $8.1 billion (annual rate) and Federal current expenditures
rose $1.6 billion. In the first quarter of 1996, according to advance estimates, Federal current expenditures rose
$25.8 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,800
1,800
SEASONALLY ADJUSrtD ANNUAL RATES
.
1,400
1,600
-
^--
--•"
1,400
/
f """
\
1,200
*
1,200
^
-
^S
1,000
"""
,„-'
800
1,400
-
/-
'
-^-~-
^ _ ^*
^-
/"
/•
CURRENT EXPENDITURES
• "-
•"
— —
^s
s~^
1,000
-
RECEIPTS
800
"•^
"
mm:
^—'
-
n
600
600
-
-
400
400
200
200
-
CURRENTSURPLUSO* DEFICIT
0
~\
-200
-400
t
1
1
1982
——••*
^_
iii
1983
•\^-~ •^
i
1
1
1984
t i i
1 1 1
1985
1986
(-)
~^-
s~ >
0
s/ -N
f+*~
•^
i i i
1987
i i i
1988
1
1
1989
1
1 1 1
1990
1991
-
„
-200
./—'
i E i
I
1992
1993
1
1
i i i
i ii
t i i
1994
1995
1996
-400
0UfNDARYEftRS
SOURCE: OEPABTMENT OF COMMERCE
COUNOi Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates j
Federal Government current expenditures
Federal Government receipts
Period
Total
Calendar year:
1989
1990
1991
1992
1993
1994
1995
199019911992:
1993:
IV
IV
IV
I
II
III
IV
1994- I
II
in
rv
1995: I
II
III
IV
1996- IP
1,079.3
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,478.4
1,135.2
1,160.9
1,230.5
1,225.2
1,271.3
1,280.3
1,324.4
1,321.9
1,382.8
1,387.1
1,416.3
1,449.3
1,483.2
1,486.6
1,494.7
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
463.4
485.7
476.9
490.8
523.6
561.4
614.9
484.9
479.0
510.0
501.0
521.0
529.1
543.4
539.3
571.3
560.4
574.5
594.6
624.4
617.3
623.3
627.5
117.1
118.0
109.8
118.6
137.5
164.4
184.3
117.4
111.1
123.7
127.5
136.5
133.7
152.2
144.3
162.2
171.3
180.0
183.1
180.7
189.1
184.3
61.7
65.1
79.7
81.9
88.2
92.6
91.2
67.4
82.8
86.5
84.3
87.5
87.2
93.7
92.8
91.3
93.3
93.2
91.7
93.5
88.4
91.3
84.3
437.1
461.1
482.6
507.1
526.0
558.6
588.0
465.6
488.1
510.3
512.4
526.2
530.3
535.1
545.5
558.1
562.1
568.6
579.9
584.6
591.8
595.9
601.9
Source; Department of Commerce, Bureau of Economic Analysis.
Total
1,192.7
1,284.5
1,345.0
1,479.4
1,530.0
1,566.9
1,641.0
1,313.0
1,399.8
1,509.5
1,508.9
1,520.5
1,533.8
1,556.8
1,534.7
1,552.7
1,573.5
1,606.8
1,622.6
1,643.8
1,648.1
1,649.7
1,675.5
Consumption
expenditures
Transfer
payments
405.2
426.6
445.9
451.0
451.4
450.6
454.0
437.7
440.5
457.7
450.8
447.9
453.0
453.8
446.7
445.1
455.5
455.3
454.8
456.1
453.5
451.4
456.4
471.7
513.3
522.2
625.1
658.7
682.6
720.4
526.1
565.8
643.3
645.6
654.3
660.4
674.6
671.2
676.6
681.5
701.2
708.6
715.2
727.0
731.0
755.1
Grantsin-aid
to
Net
State interest
and
paid
local
governments
Subsidies less
current
surplus
of
Government
enterprises
166.7
179.9
192.7
195.8
192.3
201.4
229.3
177.8
200.0
191.8
190.4
193.2
192.7
192.9
188.2
198.2
204.4
214.9
221.2
229.2
232.7
234.1
230.8
30.8
32.4
30.8
35.1
41.8
36.4
31.3
34.4
30.9
40.3
44.7
43.6
40.5
38.6
36.5
35.3
35.2
38.5
32.3
32.0
31.1
29.9
29.2
118.2
132.4
153.4
172.2
185.7
195.9
206.1
137.1
162.7
176.3
177.3
181.5
187.2
197.0
192.2
197.5
196.9
196.9
205.8
211.3
203.8
203.3
204.0
Current
surplus
or
Less:
deficit
Wage
(-),
accruals less national
income
disand
burse- product
ments accounts
0.0
.1
-.1
.0
.0
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-113.4
- 154.7
- 196.0
-280.9
-254.7
-189.9
- 162.6
-177.7
-238.8
-279.0
-283.7
-249.2
-253.5
-232 .4
-212.9
-169.9
-186.3
- 190.4
-173.3
-160.5
-161.6
-154.9
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally adjusted)
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994 ...
1995P
1995: Jan
Feb
Mar
May
July
Sept
Get
Nov
Dec
1996- Jan ..
Peb
Mar
1
United
States
Canada
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
121.8
121.7
121.9
121.4
121.3
121.4
121.5
122.7
122.8
122.2
122.6
'122.8
-•122.5
••124.1
123.5
95.4
96.7
100.0
100.0
109.4
105.3
115.7
105.2
101.7 120.6
122.9
97.4
115.8
98.5
102.9
111.0
109.6 112.3
'113.8 115.8
'114.4 114.0
'114.6 116.3
'113.7 118.1
'113.8 117.0
114.1 116.4
115.4
113.1
112.8
113.7
114.0 116.5
'114.1 113.4
'113.5 115.0
'113.5 116.6
'113.2 117.7
'114.4 117.7
114.0 '121.0
1157
Japan
Prance
98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
111.0
113.9
112.4
114.8
113.0
115.1
114.9
115.4
115.4
113.1
111.1
111.7
110.9
Germany
Italy
99.6
100.0
103.9
108.8
114.5
118.7
116.3
107.4
110.7
110.5
109.8
'111.3
'110.7
'111.2
112.2
'110.9
'112.7
'109.6
110.2
'108.0
'108.9
109.6
'110.4
108.8
Consumer prices (1982-84=100; NSA)
United
Kingdom
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
111.0
116.8
'115.3
115.0
116.4
'117.0
'116.4
'116.7
'117.5
'124.4
118.7
'117.7
'117.8
122.0
116.2
Data relate to all urban consumers.
United
States1
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.7
110.0
112.7
111.4
112.0
113.0
112.4
112.6
112.2
112.9
113.0
113.7
112.6
113.0
113.4
112.9
113.3
Canada
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
150.3
150.9
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
153.6
153.5
154.4
154.9
155.7
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
149.8
150.5
150.8
151.2
151.6
151.6
151.9
151.8
151.8
151.8
152.0
151.8
152.2
152.4
153.0
Japan
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
119.2
119.4
118.9
118.8
119.3
119.6
119.5
118.7
118.9
119.7
119.4
118.9
119.0
118.9
118.7
118.9
Germany
France
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
146.9
147.5
147.9
148.0
148.3
148.3
148.0
148.7
149.2
149.3
149.5
149.6
149.9
150.4
151.3
104.7
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
129.6
130.3
130.3
130.5
130.7
131.1
131.5
131.2
131.1
131.0
131.0
131.4
131.5
132.2
132.2
Italy
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
204.0
197.9
199.5
201.2
202.2
203.5
204.6
204.7
205.4
206.0
207.1
208.3
208.7
209.0
209.6
210.2
United
Kingdom
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
171.5
172.6
173.3
175.1
175.8
176.0
175.2
176.1
176.9
176.0
176.0
177.1
176.5
177.3
178.0
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Period
BOP
basis
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
gines
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
60.6
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.5
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.5
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
101.3
111.0
118.3
132.3
143.2
131.6
1995: Feb
Mar
Apr
May
June
July
Aug
....
....
....
....
....
....
Sept ....
Oct
Nov ....
Dec
1996: Jan' ....
Peb
basis
Total,
Census
basis3
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
50.5
45.6
47.9
47.1
48.2
47.3
46.3
49.0
49.7
48.9
49.5
50.4
46.3
48.7
47.8
49.0
48.2
47.0
49.8
50.4
49.7
50.3
51.2
3.9
4.1
4.1
4.0
3.9
4.1
4.5
4.8
4.3
4.4
4.5
11.7
12.6
12.3
12.4
12.6
11.8
12.1
12.4
12.6
11.8
12.2
17.9
19.2
18.8
19.4
19.5
19.0
20.0
19.7
20.3
20.8
21.2
5.3
5.1
5.0
5.1
4.5
4.4
5.2
5.6
4.7
4.9
5.3
5.3
5.3
5.3
5.5
5.4
5.2
5.5
5.5
5.5
5.4
5.5
59.8
62.4
63.4
64.2
63.8
62.5
62.5
63.4
62.6
61.6
62.7
59.6
61.5
62.5
63.0
62.8
62.3
62.2
63.2
62.2
61.3
62.5
49.0
49.7
49.7
50.5
4.7
4.4
11.9
12.0
20.0
20.7
5.4
5.3
5.5
5.7
64.1
63.5
63.8
63.1
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
Auto- ConInCapmo- sumer
tive goods
Foods
ital
trial goods vehi- (nonfeeds, supfood)
cles,
and
except
plies
bevauto- parts except
and
autoand
erages mate- moenmotive
rials
tive
Exports
Imports
Goods,
Census
basis
Goods
Services
Goods
and
services
gines
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
583.9
1
2
BOP
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
574.9
57.3
75.8
86.2
66.7
85.1 109.2
99.3 138.8
104.4 152.7
109.7 166.7
109.1 175.9
111.8 181.7
121.4 205.2
146.1 233.0
(exports minus imports)
.
rtUr basis
Census basis (by end-use category)
Consumer
goods
(nonfood)
except
automotive
AutoCapmoital
tive
Foods,
trial goods vehiTotal, feeds, supCensus and
except
cles,
plies
bevbasis2
auto- parts
and
and
erages mate- motive enrials
In-
Balance of trade
Services
(BOP basis)
Goods: Imports (customs value)
Census basis (by end-use category) l
71.8
145.6
162.0
180.8
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
221.6
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
124.5
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
160.0
86.5
98.5
111.1
127.4
147.8
164.3
178.6
187.8
198.7
208.8
81.0
91.7
99.5
103.5
118.8
119.6
122.0
130.0
138.8
145.8
- 138.3
— 152.1
-118.5
— 109.4
-101.7
— 66.7
-84.5
-115.6
- 150.6
— 159.7
- 145.1
— 159.6
- 127.0
— 115.2
- 109.0
— 74.1
-96.1
— 132.6
-166.1
— 174.6
5.5
6.9
11.6
23.9
29.0
44.7
56.6
57.8
59.9
63.1
-139.6
— 152.7
-115.3
— 91.4
-80.0
-29.4
-39.5
— 74.8
-106.2
— 111.5
2.7
2.9
2.7
2.7
2.7
2.7
2.8
2.8
2.8
2.7
2.7
14.4
15.3
15.5
15.8
15.6
15.3
14.9
15.3
14.7
14.8
14.8
16.8
17.5
18.0
18.1
18.7
18.9
18.9
19.3
19.7
19.3
19.4
10.8
10.6
11.0
10.7
10.3
10.0
10.4
10.4
9.5
9.5
10.3
13.1
13.3
13.6
13.7
13.4
13.4
13.4
13.4
13.3
12.9
13.1
16.4
17.4
17.2
17.2
17.3
17.4
17.5
17.9
17.7
17.9
17.7
11.7
12.1
12.1
12.1
12.2
12.2
12.3
12.2
12.2
12.6
12.4
-13.3
-12.8
-14.7
-14.0
-14.7
-15.2
-12.5
-12.8
-12.5
-11.0
-11.3
-14.2
-14.5
-16.3
-15.9
-16.4
-16.2
-13.5
-13.7
-13.7
-12.1
-12.3
4.7
5.3
5.1
5.1
5.1
5.2
5.2
5.6
5.5
5.3
5.3
-9.5
-9.2
-11.2
-10.8
-11.4
-11.0
-8.3
-8.1
-8.2
-6.8
-7.0
2.8
2.8
15.6
14.7
19.2
19.1
10.8
10.8
13.5
13.7
17.8
18.4
12.6
12.8
-14.1
-12.6
-15.1
-13.8
5.2
5.6
-9.9
-8.2
138.6
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1995, the merchandise trade deficit fell to $38.0 billion, from $43.3 billion in the third
quarter. The current account deficit fell to $31.1 billion, from $40.3 billion in the third quarter.
BIIDONS OF DOLLARS'
MUONSOFDOIURS'
BALANCE ON GOODS
AND SERVICES
• SEASONAUY AWUSIED
SOURCE: DEPARTMENT Of COMMERCE
COUNCH. Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits { — ) J
Merchandise1
Period
Exports
1986
1987
1988
1989
1990
1991
1992
1993
1994
Imports
223,344
250 208
320 230
362,120
389 307
416913
440352
456 823
502485
574,879
\995f
1993: I
II
ID
IV
1994: I
II
in
W
1995: I
II
in
TVf
-368425
-409765
- 447 189
-477,365
- 498 337
-490981
— 536 458
— 589 441
- 668 584
- 749,348
111,862 -140,821
114,131 - 147,718
111,576 - 148,181
119,254 - 152,721
118,445
122,730
127,384
133,926
138,325
142,667
145,050
148,837
1
- 154,935
- 164,224
-172,011
- 177,414
- 182,784
- 191,321
- 188,376
- 186,867
Investment income
Services
Net
- 145,081
-159557
- 126,959
-115,245
109 030
- 74 068
-96106
- 132 618
- 166 099
- 174,469
-28,959
-33,587
-36,605
-33,467
-36,490
-41,494
- 44,627
-43,488
-44,459
- 48,654
-43,326
-38,030
Net
military
transactions23
Net
travel
Other
and
trans- services,
net
portation
receipts
-5,181 - 8,484
-3844 — 7613
-6320 -2591
-6,749
4,043
8 002
— 7 599
-5274 17032
— 2 142 20484
448 19885
2 148 19330
2,810 18,658
5,302
401
90
5,389
283
5,062
-326
4,131
4,642
-31
4,647
376
1,124
4,792
679
5,247
542
5,017
587
4,347
889
4,480
792
4,812
19,194
18319
20546
26,558
28 633
32907
38284
37444
38410
41,584
- 139 551
— 152 696
— 115 324
-91,392
79 994
-29404
— 39 480
— 74841
— 106 212
-111 418
9,683
9,315
9,272
9,172
-13,573
-18,793
-21,988
-20,490
8,863
9,548
9,904
10,095
9,996
10,379
10,650
10,557
-23,016
-26,923
-28,807
-27,467
-28,904
-33,341
-27,307
-21,869
Adjusted from Census date for differences in timing and coverage; excludes military,
3
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
Balance
on
goods
and
services
3
Receipts
on U.S,
Payments
on foreign
abroad
U.S.
91 976
100767
129 070
152517
160 300
137003
118 425
119 248
137 619
181 301
28,950
29,958
29,931
30,412
30,942
32,338
36,031
38,307
43,185
45,401
44,450
48,264
Net
- 79 095 12881
— 91 302
9465
13 264
— 115 806
-138858
13659
139 574
20 725
15 111
— 121 892
— 108 346
10 079
— 110 248
9000
— 146 891
— 9 272
- 192 703 - 11 402
3,711
-25,239
-27,893
2,065
-26,741
3,190
-30,376
36
-30,826
116
-34,623
-2,285
-38,564
-2,533
-42,878
-4,571
-45,215 -2,030
- 48,085 -2,684
- 49,613 -5,163
-49,791 -1,527
Balance
on goods,
services,
and
income
— 126 670
— 143 231
— 102 060
— 77 733
59 268
— 14993
— 29 402
— 65 841
— 115484
— 122 820
Unilateral
transfers,
net4
on
current
— 24 189
23 107
— 25 023
— 26 106
— 150859
— 166 338
— 127 083
— 103 839
— 7424
6869
61 549
32 148
34 084 — 99 925
— 35 761 — 151 245
— 30 095 — 152915
- 7,521 - 17,383
-9,862
- 7,609 - 24,337
-16,728
- 18,798 -8,234 -27,032
-20,454 - 10,722 -31,176
-7,371
-30,271
-22,900
-37,986
-8,778
-29,208
-39,714
-8,374
-31,340
-32,038 - 11,239 - 43,277
- 38,454
- 30,934 -7,520
-36,025 -7,117
- 43,142
- 40,250
-7,780
-32,470
-7,677
-31,073
-23,396
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation oftabk.
4
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $4.4 billion in the fourth quarter
of 1995, in contrast to a decrease of $14.6 billion in the third quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $29.8 billion in the fourth quarter, in contrast to a decrease
of $21.6 billion in the third quarter.
BILUONSOF DOLLARS'
BILLIONS OF DOLLARS'
/x
/
\ /
\ I\
1989
1990
1991
1992
1993
* SEASONAUY ADJUSTED
SOURCE: DEWRTMENT OF COMMERCE
1994
1995
COUNO. OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capita
Period
Total
1986
1987
1988
1989 .
1990
1991
1992 .
1993
1994
1995P
1993- I
II
Ill
IV
1994:
I
1995:
I
II
Ill
IV
II
Ill
rw
5
U.S.
official
reserve
assets35
-106,753
312
-72,617
9,149
- 100,087 -3,912
-168,744 -25,293
-74,011 -2,158
-57,881
5,763
-65,875
3,901
-184,589
-1,379
-125,851
5,346
-280,096
-9,742
-19,729
-983
-40,933
822
-46,270
-545
-77,657
-673
-36,783
-59
-5,973
3,537
-27,940
-165
-55,156
2,033
-75,455
-5,318
-100,355
-2,722
-27,517
-1,893
-76,769
191
Other U.S.
Government
assets
-2,022
1,006
2,967
1,259
2,307
2,911
-1,661
-330
-322
-326
467
-281
-197
-318
401
491
-283
-931
-152
-180
246
-240
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
)]
U.S.
private
assets
- 105,044
-82,771
-99,141
- 144,710
-74,160
-66,555
-68,115
- 182,880
130 875
-270,028
-19,213
-41,474
-45,529
- 76 666
-37,125
-10,001
-27,492
-56,258
-69,985
-97,453
-25,870
- 76,720
Total
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
291,365
426,325
19,867
51,277
77,928
99,458
80,390
46,526
79,736
84,715
94,841
124,332
116,544
90,609
Consiste of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets3
Other
foreign
assets
35,648
45,387
39,758
8,503
33,910
17,389
40,466
72,146
39,409
110,483
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
22,308
37,836
39,346
10,993
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176,383
251,956
315,842
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
72,533
86,496
77,198
79,616
Statistical discrepancy
Allocations
of special Total (sum
Of which:
drawing
Seasonal
of the items
rights
adjustment
with sign
(SDKs)
discrepancy
reversed)
31,501
-4,028
-13,095
54,094
44,480
-28,936
-26,399
35,985
-14,269
6,685
17,245
13,993
-4,626
9,375
-13,336
-2,567
- 12,082
13,718
19,068
19,165
-48,777
17,233
5,367
154
-6,353
834
5,274
587
-6,641
782
6,162
317
-7,076
600
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
86,761
90,063
87,152
85,832
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME. AND SPENDING
**
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Quantity and Price Indexes for GDP 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 Fixed Investment by Type
Business Investment and Plans
1
2
2
3
3
4
4
5
6
7
8
9
10
10
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
11
12
13
14
15
15
16
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
17
18
19
19
20
21
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
,
22
23
24
24
25
MONEY, CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
v
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
,
35
35
36
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:
f Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
00
38
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