Full text of Economic Indicators : August 1995
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104th Congress, 1st Session Economic Indicators AUGUST 1995 (Includes data available as of September 6, 1995) Prepared for the Joint Economic Committee by the Council of Economic Advisers I iBRA R ¥ UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1995 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) CONNIE MACK, Florida, Chairman JIM SAXTON, New Jersey, Vice Chairman SENATE HOUSE OF REPRESENTATIVES WILLIAM V. ROTH, JR. (Delaware) LARRY E. CRAIG (Idaho) ROBERT F. BENNETT (Utah) RICK SANTORUM (Pennsylvania) RODNEY D. GRAMS (Minnesota) JEFF BINGAMAN (New Mexico) PAUL S. SARBANES (Maryland) EDWARD M. KENNEDY (Massachusetts) CHARLES S. ROBB (Virginia) THOMAS W. EWING (Illinois) JACK QUINN (New York) DONALD A. MANZULLO (Illinois) MARSHALL (MARK) SANFORD (South Carolina) WILLIAM M. (MAC) THORNBERRY (Texas) FORTNEY H. (PETE) STARK (California) DAVID R. OBEY (Wisconsin) LEE H. HAMILTON (Indiana) KWEISI MFUME (Maryland) ROBERT N. MOTTICE, Executive Director COUNCIL OF ECONOMIC ADVISERS JOSEPH E. STIGLITZ, Chairman MARTIN N. BAILY, Member ALICIA H. MUNNELL, Member-Nominee [PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared by the Art Production Section, Design and Graphics Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $3.00 a single copy ($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328 ISBN 0-16-047587-2 11 TOTAL OUTPUT, INCOME AND SPENDING GROSS DOMESTIC PRODUCT In the second quarter of 1995, according to revised estimates, current-dollar gross domestic product (GDP) rose 2.8 percent (annual rate), real GDP (GDP in 1987 dollars) rose 1.1 percent, and the implicit price deflator rose 1.6 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 7,200 7,200 SEASONALLY ADJUSTED ANNUAL RATES /r— 6,800 / x- 6,400 6,400 /" 6,000 6,800 6,000 ^ GDP INCUR iENT DOLLARS 5,600 \ 5,200 ^ ^ f X ,x1 5,200 - -~ . )/ 4,800 5,600 -— _-^ ^ ._'" ^ 4,800 ~" "\ 4,400 4,400 GDP IN 987 DOLLARS ^-- ^ 4,000 4,000 /~ "^ X _/ 3,600 3,600 ^ / 3,200 2,800 1 1 1 1982 i i i 1983 3,200 I I I 1984 i I I 1985 t i i 1986 I I i 1987 I I i 1988 1 t ! 1989 1 I 1990 i i i 1991 I I I 1992 I I i 1993 i l 1994 i i 2,800 1995 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Exports and imports of Personal Gross goods and services eonprivate Gross domestic sumption domestic product expendi- investNet ment tures exports Exports Imports Period 1986 1987 1988 1989 1990 1991 1992 1993 1994 19841985: 19861987: 1988: 19891990: 199119921993: IV IV IV IV . IV IV . IV IV IV . I ... II . .. in IV . 1994: I II III IV 1995- I II' 1 4,268.6 2,850.6 4,539.9 3,052.2 4,900.4 3,296.1 5,250.8 3,523.1 5,546.1 3,761.2 5,724.8 3,902.4 6,020.2 4,136.9 6,343.3 4,378.2 6,738.4 4,628.4 3,869.1 2,526.4 4,140.5 2,739.8 4,336.6 ' 2,923.1 4,683.0 3,124.6 5,044.6 3,398.2 5,344.8 3,599.1 5,597.9 3,836.6 5,796.6 3,955.7 6,169.3 4,251.3 6,235.9 4,294.6 6,299.9 4,347.3 6,359.2 4,401.2 6,478.1 4,469.6 6,574.7 4,535.0 6,689.9 4,586.4 6,791.7 4,657.5 6,897.2 4,734.8 6,977.4 4,782.1 7,024.9 4,847.9 717.6 - 132.5 749.3 - 143.1 793.6 -108.0 832.3 79 7 -71.4 808.9 744.8 -19.9 788.3 -30.3 882.0 -65.3 98 2 1,032.9 722.8 -107.1 737.0 -135.5 697.1 - 133.2 800.2 - 143.2 814.8 - 106.0 825.2 -73.9 -71.6 756.4 756.8 13 7 822.0 -42.2 853.8 -49.6 869.7 -63.3 882.2 77 0 922.5 -71.2 966.6 -86.7 1,034.4 97 6 1,055.1 -109.6 1,075.6 -98.9 1,107.8 -111.1 1,092.2 -122.3 GDP less exports of goods and services phis imports of goods and services. 319.2 364.0 444.2 508.0 557.1 601.1 638.1 659.1 718.7 308.7 304.7 333.9 392.4 4G7.0 523.8 577.6 623.7 649.2 646.8 660.1 649.0 680.3 674.2 704.5 730.5 765.5 778.8 796.4 451.7 507.1 552.2 587.7 628.5 620.9 668.4 724.3 816.9 415.7 440.2 467.1 535.6 573.1 597.7 649.2 637.5 691.4 696.4 723.5 726.0 751.4 760.9 802.1 840.1 864.4 889.9 918.7 Government purchases Federal Total Total 833.0 881.5 918.7 975.2 1,047.4 1,097.4 1,125.3 1,148.4 1,175.3 727.0 799.2 849.7 901.4 937.6 994.5 1,076.5 1,097.9 1,138.1 1,137.1 1,146.3 1,152.9 1,157.2 1,159.8 1,166.7 1,188.8 1,185.8 1,198.7 1,207.0 367.8 384.9 387.0 401.6 426.5 445.8 449.0 443.6 437,3 324.7 356.9 373.1 392.5 392.0 405.1 436.5 438.3 454.8 446.9 445.2 442.7 439.8 437.8 435.1 444.3 431.9 434.4 432.9 National defense 276.7 292.1 295.6 299.9 314.0 322.8 314.2 302.7 292.3 242.9 268.6 278.6 295.8 296.8 302.5 322.5 311.6 316.0 307.0 305.8 299.0 299.1 291.7 291.7 300.5 285.3 283.7 284.8 Nondefense 91.1 92.9 91.4 101.7 112.5 123.1 134.8 140.9 145.0 81.9 88.3 94.5 96.7 95.2 102.6 114.0 126.6 138.7 139.9 139.4 143.6 140.7 146.1 143.5 143.8 146.6 150.6 148.1 State and local 465.3 496.6 531.7 573.6 620.9 651.6 676.3 704.7 738.0 402.2 442.4 476.6 509.0 545.7 589.3 640.0 659.7 683.3 690.2 701.2 710.2 717.4 722.0 731.5 744.5 753.8 764.3 774.1 Final Gross sales of domestic domestic product chases1 Addendum: Gross national product 4,260.0 4,513.7 4,884.2 5,217.5 5,539.3 5,726.6 6,017.2 6,327.9 6,686.2 3,818.1 4,107.9 4,355.4 4,623.7 5,027.3 5,314.6 5,621.8 5,782.3 6,160.0 6,215.8 6,281.4 6,345.4 6,469.2 6,550.6 6,622.5 6,729.1 6,842.4 6,922.9 6,990.2 4,277.7 4,544.5 4,908.2 5,266.8 5,567.8 5,740.8 6,025.8 6,347.8 6,726.9 3,890.2 4,156.2 4,340.5 4,690.5 5,054.3 5,365.0 5,630.0 5,810.7 6,167.0 6,243.9 6,303.3 6,367.8 6,476.2 6,574.0 6,682.5 6,779.6 6,871.3 6,959.5 7,005.8 Source: Department of Commerce, Bureau of Economic Analysis. 4,401.2 4,683.0 5,008.4 5,330.5 5,617.5 5,744.7 6,050.5 6,408.6 6,836.6 3,976.2 4,276.0 4,469.8 4,826.2 5,150.7 5,418.7 5,669.5 5,810.4 6,211.4 6,285.5 6,363.3 6,436.3 6,549.3 6,661.4 6,787.5 6,901.3 6,996.1 7,088.5 7,147.2 GROSS DOMESTIC PRODUCT IN 1987 DOLLARS [Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Exports and imports of goods and services Government purchases Gross domestic product Personal consumption expenditures 1986 1987 1988 1989 . 1990 1991 1992 ... 1993 1994 4,404.5 4,539.9 4,718.6 4,838.0 4,897.3 4,867.6 4,979.3 5,134.5 5,344.0 2,969.1 3,052.2 3,162.4 3,223.3 3,272.6 3,259.4 3,349.5 3,458.7 3,579.6 500.3 497.8 530.8 540.0 546.5 515.4 525.9 591.6 672.4 226.2 225.2 222.7 214.2 194.5 169.5 196.9 213.0 231.3 8.5 26.3 19.9 29.8 5.7 -1.1 2.5 15.3 47.8 -155.1 -143.1 - 104.0 -73.7 -54.7 -19.5 -32.3 -73.9 -110.0 329.6 364.0 421.6 471.8 510.5 542.6 578.8 602.5 657.0 484.7 507.1 525.7 545.4 565.1 562.1 611.2 676.3 766.9 855.4 881.5 886.8 904.4 932.6 944.0 936.9 929.8 922.8 373.0 384.9 377.3 376.1 384.1 386.7 373.5 356.6 337.6 280.6 292.1 287.0 281.4 283.6 281.4 261.4 243.7 226.7 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991: 1992: 3,759.6 4,012.1 4,194.2 4,333.5 4,427.1 4,625.5 4,779.7 4,856.7 4,867.2 4,880.8 5,060.7 2,539.3 2,678.2 2,784.8 2,895.3 3,012.5 3,074.7 3,202.9 3,242.0 3,265.9 3,265.3 3,403.4 417.2 449.6 509.6 525.5 495.5 510.6 538.8 536.7 540.2 506.9 540.9 131.2 190.6 198.8 207.4 230.5 223.3 225.3 208.0 176.3 177.5 207.7 -44.9 29.3 47.9 30.2 -20.1 59.9 20.9 24.9 -20.9 13.5 6.6 -19.0 -83.7 -131.4 -155.4 -156.0 -136.0 - 102.7 -67.4 -36.8 -16.9 -38.5 280.4 291.5 312.8 312.0 342.9 386.1 438.2 487.7 520.4 562.6 590.7 299.4 375.1 444.2 467.4 498.9 522.1 540.9 555.0 557.2 579.4 629.3 735.9 748.1 784.3 830.5 864.8 893.0 894.5 912.6 942.4 934.4 940.6 316.0 322.2 341.7 363.7 377.5 391.6 378.4 376.1 386.5 374.1 377.0 5,075.3 5,105.4 5,139.4 5,218.0 3,417.2 3,439.2 3,472.2 3,506.2 560.3 581.0 597.9 627.2 210.4 206.3 211.0 224.5 18.5 18.9 13.0 10.8 -57.6 -69.3 -86.3 -82.2 589.2 600.2 595.3 625.2 646.8 669.6 681.6 707.4 926.5 929.3 931.8 931.5 5,261.1 5,314.1 5,367.0 5,433.8 3,546.3 3,557.8 3,584.7 3,629.6 643.6 657.9 680.0 708.2 229.9 233.8 230.2 231.5 25.4 59.2 57.1 49.4 -104.0 -111.8 -117.0 -107.1 619.6 643.9 666.5 697.9 723.6 755.6 783.5 805.0 5,470.1 5,485.2 3,643.9 3,674.3 743.6 764.7 229.5 221.5 51.1 32.7 -118.5 -126.8 706.2 716.8 824.6 843.6 Period IV IV IV IV IV IV IV IV IV IV IV 1993: I II in .... IV 1994: I II in .... IV 1995: I II ' 1 Nonresidential fixed investr ment Residential fixed investment Change in business inventories State and local Final sales of domestic product Gross domestic purchases1 Addendum: Gross national product 92.4 92.9 90.2 94.8 100.4 105.3 112.2 113.0 110.9 482.4 496.6 509.6 528.3 548.5 557.2 563.3 573.1 585.2 4,395.9 4,513.7 4,698.6 4,808.3 4,891.6 4,868.7 4,976.9 5,119.3 5,296.2 4,559.6 4,683.0 4,822.6 4,911.7 4,951.9 4,887.2 5,011.6 5,208.4 5,454.0 4,413.5 4,544.5 4,726.3 4,852.7 4,916.5 4,882.3 4,985.7 5,140.3 5,337.3 229.4 242.9 254.3 272.1 282.2 295.0 285.7 281.5 285.7 265.8 262.4 86.6 79.3 87.4 91.6 95.3 96.6 92.7 94.7 100.8 108.2 114.6 419.9 425.9 442.6 466.7 487.3 501.4 516.1 536.5 555.8 560.4 563.6 3,804.5 3,982.8 4,146.2 4,303.3 4,447.2 4,565.6 4,758.7 4,831.8 4,888.0 4,867.3 5,054.1 3,778.6 4,095.8 4,325.5 4,488.9 4,583.1 4,761.5 4,882.4 4,924.1 4,904.0 4,897.6 5,099.2 3,791.7 4,046.6 4,216.4 4,349.5 4,430.8 4,633.0 4,789.0 4,875.1 4,895.4 4,893.9 5,061.0 361.6 358.3 355.6 351.1 248.2 246.8 240.9 238.7 113.3 111.5 114.7 112.4 564.9 571.0 576.2 580.4 5,056.8 5,086.5 5,126.5 5,207.2 5,132.9 5,174.7 5,225.8 5,300.2 5,083.9 5,110.1 5,148.4 5,218.7 919.9 917.1 932.0 922.2 341.7 334.7 343.5 330.4 228.5 226.1 233.0 219.1 113.2 108.7 110.5 111.3 578.3 582.4 588.5 591.8 5,235.7 5,254.9 5,310.0 5,384.4 5,365.1 5,425.8 5,484.0 5,540.9 5,262.7 5,310.5 5,359.9 5,416.0 920.5 918.7 327.2 323.1 214.9 213.3 112.3 109.8 593.3 595.6 5,419.0 5,452.5 5,588.6 5,612.0 5,458.3 5,472.6 Federal Net exports Exports Imports GOP less exports of goods and services plus imports of goods and services. Total Total National Nondefense defense Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [1987=100; quarterly data are seasonally adjusted] Gross domestic product Period Personal consumption expenditures Gross private domestic investment Exports and imports of goods and services Government purchases Federal Total Durable goods Nondurable goods Services Nonresidential fixed Residential fixed Exports Imports Total National defense Nondefense State and local 96.9 100.0 103.9 108.5 113.3 117.6 120.9 123.5 126.1 96.0 100.0 104.2 109.3 114.9 119.7 123.5 126.6 129.3 96.9 100.0 102.0 104.2 105.7 107.3 108.9 109.8 111.2 96.1 100.0 103.7 109.3 115.9 120.0 122.5 124.2 125.7 95.7 100.0 105.1 110.6 116.7 122.5 127.7 132.3 136.4 98.4 100.0 102.8 105.2 107.3 108.1 106.7 104.1 103.8 95.8 100.0 104.2 107.8 110.7 111.9 113.7 117.6 122.3 96.9 100.0 105.3 107.7 109.1 110.8 110.2 109.4 109.4 93.2 100.0 105.1 107.8 111.2 110.5 109.4 107.1 106.5 98.6 100.0 102.6 106.8 111.0 115.3 120.2 124.4 129.5 98.6 100.0 103.0 106.6 110.7 114.7 120.2 124.2 129.0 98.6 100.0 101.4 107.3 112.0 116.9 120.2 124.7 130.7 96.4 100.0 104.3 108.6 113.2 116.9 120.1 123.0 126.1 92.3 95.5 98.0 101.2 105.5 110.1 115.0 118.8 121.9 90.7 94.6 97.0 101.6 106.1 111.0 117.5 121.1 124.9 94.4 95.9 97.8 101.0 103.1 104.9 106.1 107.8 109.1 94.2 97.0 96.3 101.5 105.6 110.8 119.2 120.8 123.3 87.7 92.9 97.3 101.9 107.1 112.7 119.2 124.5 129.8 96.4 97.3 99.2 100.7 104.0 106.0 108.2 107.3 106.0 90.7 93.1 97.3 101.5 105.3 108.8 111.1 111.9 115.1 98.7 97.7 97.4 101.6 106.6 107.4 111.0 110.9 109.9 93.6 94.2 93.6 102.6 106.0 107.7 116.5 110.0 109.9 95.0 98.1 98.8 100.2 103.6 107.7 112.9 117.2 120.6 95.5 98.7 98.7 100.3 103.9 107.5 112.9 117.2 120.4 93.7 96.4 99.2 100.1 102.6 108.4 113.1 117.0 121.1 90.9 94.8 97.8 101.5 105.7 109.9 115.2 117.7 121.2 122.9 123.4 123.7 124.1 125.7 126.4 126.8 127.5 109.2 109.8 110.0 110.2 124.0 124.2 123.9 124.6 130.8 131.9 132.7 133.8 105.3 104.9 103.5 103.0 115.9 117.2 118.2 119.0 109.8 110.0 109.0 108.8 107.7 108.1 106.5 106.2 123.6 124.2 124.5 125.3 123.7 123.9 124.1 125.3 123.5 125.0 125.2 125.1 122.2 122.8 123.3 123.6 IV 125.0 125.9 126.5 126.9 127.9 128.9 129.9 130.5 110.5 111.1 111.7 111.3 124.6 125.1 126.3 126.6 134.4 135.9 137.0 138.1 103.4 103.9 104.3 103.5 120.5 121.3 123.1 124.4 108.8 109.4 109.6 109.7 105.2 106.1 107.2 107.4 128.1 130.0 129.3 130.7 127.7 129.0 129.0 130.2 129.1 132.0 130.1 131.7 124.9 125.6 126.5 127.4 1995- I II' 127.6 128.1 131.2 131.9 111.8 111.8 126.9 127.6 139.1 140.1 103.1 102.0 125.0 125.4 110.3 111.1 107.9 108.9 132.7 134.0 132.0 133.5 134.1 134.9 128.8 130.0 1986 1987 1988 1989 1990 1991 1992 1993 1994 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991: 1992- IV IV IV IV IV IV IV .. IV IV 1993- I II in IV 1994- I II ... in . Source: Department of Commerce, Bureau of Economic Analysis. CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES [Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates] Gross domestic product Period Current dollars 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1991- I 11 III . .. . rv 1992- I H III IV 1993- I II III IV 1994. I II III IV 1995. I II ' .. . .. . Fixed- weighted price index (1987 weights) Implicit price deflator Constant (1987) dollars 11.9 3.9 8.1 10.9 6.9 5.7 6.4 7.9 7.2 5.6 3.2 5.2 5.4 6.2 2.8 5.0 3.8 2.6 7.1 5.2 4.9 8.6 4.4 4.2 3.8 7.7 6.1 7.2 6.2 6.4 4.7 2.8 1981 Personal consumption expenditures 10.0 6.2 4.1 4.4 3.7 2.6 3.2 3.9 4.4 4.4 3.8 2.8 2.2 2.1 5.0 2.8 2.8 2.7 3.8 2.7 1.3 2.7 3.3 1.6 1.0 1.3 2.9 2.9 1.9 1.3 2.2 1.6 1.8 -2.2 3.9 6.2 3.2 2.9 3.1 3.9 2.5 1.2 -6 2.3 3.1 4.1 -2.1 2.2 1.0 .1 3.1 2.4 3.5 5.7 1.2 2.4 2.7 6.3 3.3 4.1 4.0 5.1 2.7 1.1 Current dollars Constant (1987) dollars Implicit price deflator 1.2 1.1 4.6 4.8 4.4 3.6 2.8 3.6 1.9 1.5 -.4 2.8 3.3 3.5 -2.8 2.1 1.3 -.5 5.8 1.7 3.9 5.6 1.6 2.6 3.9 4.0 4.7 1.3 3.1 5.1 1.6 3.4 9.0 5.7 4.9 3.9 3.9 3.1 4.2 4.2 4.9 5.1 4.2 3.2 2.5 2.1 3.4 2.4 3.1 3.4 3.3 3.7 1.6 3.9 2.6 2.2 1.3 2.2 1.3 3.2 3.1 1.9 2.2 2.2 10.2 6.9 9.6 9.0 8.4 6.9 7.1 8.0 6.9 6.8 3.8 6.0 5.8 5.7 .5 4.7 4.3 3.0 9.3 5.4 5.6 9.7 4.1 5.0 5.1 6.4 6.0 4.6 6.3 6.8 4.1 5.6 3.9 3.4 3.5 2.8 3.1 4.0 4.5 4.6 4.0 3.2 3.0 2.7 5.1 3.1 3.3 2.7 3.9 3.3 2.7 2.8 4.2 2.4 2.0 2.4 3.1 2.9 3.0 2.6 3.3 2.8 Fixed-weighted price index (1987 weights) 8.6 5.4 4.3 3.7 3.8 3.0 4.1 4.3 5.0 5.3 4.4 3.5 2.8 2.5 3.6 2.8 3.3 3.6 3.7 3.8 3.5 3.0 2.9 2.6 1.4 2.8 1.9 2.8 3.6 2.5 2.7 2.9 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Current-dollar cost and profit per unit of output (dollars) l Gross domestic product of nonfinancial corporate business (billions of dollars) Period 1986 1987 1988 1989 1990 1991 1992 1993 1994 1984198519861987198819891990199119921993- . IV IV IV IV IV IV IV IV IV I II Ill rv 1994- I II Ill rv 1995- I n* . . .. . . .. 1 Current dollars 1987 dollars 2,386.3 2,547.3 2,764.8 2,913.5 3,045.5 3,089.7 32229 3,409.7 3,656.9 2,228.2 2,338.8 2,422.8 2,627.6 2,843.2 2,951.5 3,052.5 3,125.9 3,307.8 3,324.4 3,386.3 3,428.7 3,499.3 3,568.6 3,626.7 3,679.4 3,752.8 3,793.8 3,825.6 2,439.3 2,547.3 2,684.8 2,718.9 2,747.4 2,716.7 ,802.8 ,942.9 ,121.9 ,328.4 ,396.9 ,463.3 ,604.0 ,719.0 ,722.7 ,725.0 ,740.9 ,870.2 ,868.4 ,920.5 ,963.3 3,019.5 3,062.6 3,098.9 3,131.2 3,195.0 3,229.3 3,257.3 Total cost and profit 2 0.978 1.000 1.030 1.072 1.109 1.137 1.150 1.159 1.171 .957 .976 .984 1.009 1.046 1.084 1.120 1.140 1.152 1.159 1.159 1.157 1.159 1.165 1.170 1.175 1.175 1.175 1.175 Consumption of fixed capital 0.111 .110 .111 .117 .120 .126 .126 .123 .122 .111 .110 .112 .110 .112 .120 .123 .125 .123 .124 .123 .124 .120 .125 .121 .122 .121 .122 .123 Output is measured by GDP of nonfinancial corporate business in 1987 dollars. 2 This is equal to the deflator for gross domestic product of nonfinancial corporate busine: with the decimal point shifted two places to the left. 3 Indirect business tax and nontax liability plus business transfer payments less subsidies. 4 With inventory valuation and capita! consumption adjustments. Indirect business taxes3 0.095 .095 .096 .101 .106 .115 .117 .117 .117 .091 .093 .095 .094 .097 .102 .109 .117 .118 .117 .117 .116 .117 .117 .117 .118 .117 .116 .116 Compensation of employees Net interest 0.648 .658 .676 .706 .736 .756 .767 .768 .766 .623 .643 .654 .664 .687 .718 .748 .760 .768 .776 .770 .766 .760 .763 .766 .768 .768 .771 .767 0.040 .042 .045 .054 .054 .049 .041 .039 .039 .041 .038 .042 .042 .047 .055 .054 .047 .038 .039 .039 .039 .038 .038 .039 .040 .041 .042 .042 Corporate profits with inventory valuation and capital consumption adjustments Total 0.084 .096 .102 .094 .093 .092 .099 .112 .126 .091 .092 .081 .099 .102 .088 .085 .092 .107 .102 .111 .113 .123 .122 .127 .127 .128 .125 .127 Profits tax liability 0.031 .037 .038 .037 .034 .031 .031 .040 .046 .027 .030 .035 .038 .040 .033 .034 .031 .033 .037 .040 .038 .043 .043 .046 .047 .049 .049 .046 Profits after tax4 0.053 .059 .064 .057 .059 .061 .067 .073 .080 .064 .063 .045 .060 .063 .055 .052 .061 .073 .065 .071 .075 .080 .078 .081 .080 .079 .076 .080 Output per hour of all employees (1987 dollars) Compensation per hour of all employees (dollars) 22.733 23.127 23.572 23.188 23.447 23.926 24.649 25.330 '25.881 22.055 22.346 22.891 23.356 23.521 23.145 23.552 24.214 25.084 24.942 25.221 25.421 25.664 25.792 25.744 25.849 26.069 '26.176 14.739 15.207 15.833 16.376 17.246 18.081 18.917 19.445 '19.829 13.732 14.359 14.975 15.517 16.069 16.616 17.625 18.402 19.253 19.349 19.418 19.467 19.497 19.683 19.714 19.855 20.010 '20.180 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics). NATIONAL INCOME jBiiiions of dollars; quarterly data at seasonally adjusted annual rates) Period 1989 1990 1991 1992 1993 1994 1984: 1985198619871988198919901991: 19921993- 4,249.5 4,491.0 4,608.2 4,829.5 5,131.4 5,458.4 3,134.4 3,341.9 3,486.0 3,828.8 4,127.6 4,305.2 4,539.2 4,663.9 4,964.9 5,031.1 5,094.0 5,138.5 5,262.0 5,308.7 5,430.7 5,494.9 5,599.4 5,688.4 5,721.1 IV IV IV ... IV IV IV IV IV IV I n m . .. IV 1994- I n m rv 1995- I H' 1 Compensation of employees' National income Proprietors' income with inventory valuation and capital consumption adjustments Farm 3,100.2 3,297.6 3,404.8 3,591.2 3,780.4 4,004.6 2,288.1 2,442.5 2,582.5 2,785.1 3,004.9 3,162.8 3,344.2 3,459.1 3,671.0 3,713.1 3,761.1 3,801.7 3,845.8 3,920.0 3,979.3 4,023.7 4,095.3 4,157.3 4,182.6 Nonfarm 40.2 41.9 36.7 44.4 37.3 39.5 21.9 17.8 23.6 42.4 30.9 38.4 43.8 36.6 46.0 49.6 39.4 15.8 44.4 47.2 39.3 29.8 41.7 44.4 37.2 307.0 321.4 339.5 374.4 404.3 434.2 217.7 250.9 260.9 282.6 302.5 311.4 325.1 349.8 392.4 394.8 399.4 404.5 418.5 423.8 431.9 437.1 444.0 449.2 452.2 Includes employer contributions for social insurant*. (Bee also p. 5.) Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total 362.8 380.6 390.3 405.1 485.8 542.7 261.3 284.9 264.6 343.3 378.3 354.5 362.8 394.7 432.5 442.5 473.1 493.5 533.9 508.2 546.4 556.0 560.3 569.7 585.2 -13.5 -142 -10.5 -5.5 24.1 27.7 24.3 14.0 4.7 6.8 2.8 -21.6 -11.1 -8.1 5.1 16.5 23.4 26.3 30.3 15.3 34.1 32.6 29.0 25.4 24.3 Profits before tax Inventory valuation adjustment 342.9 365.7 365.2 395.9 462.4 524.5 220.1 231.8 235.7 311.2 372.2 334.1 368.9 373.1 413.5 432.7 456.6 458.7 501.7 483.5 523.1 538.1 553.5 570.6 576.3 -17.5 -11.0 5.8 -6.4 -6.2 -19.5 3.5 -3.8 -10.7 -178 -31.7 — 13 5 -19.5 -.8 2.1 -11.2 -10.0 3.0 -6.5 -12.3 14 1 -19.6 -32.1 -39.0 264 325.4 354.7 370.9 389.4 456.2 505.0 223.6 228.0 225.0 293.4 340.5 320.6 349.3 372.3 415.6 421.5 446.6 461.7 495.1 471.2 509.0 518.5 521.4 531.6 549.9 Capital consumption adjustment 37.4 25.9 19.4 15.7 29.5 37.7 37.7 56.9 39.6 49.9 37.9 33.9 13.5 22.4 16.9 21.0 26.5 31.7 38.8 37.0 37.4 37.5 38.8 38.1 35.3 Net interest 452.7 463.7 447.4 420.0 399.5 409.7 321.1 331.9 349.7 368.6 408.1 459.8 474.4 431.8 418.0 414.6 397.6 396.7 389.1 394.2 399.7 415.7 429.2 442.4 439.6 Source: Department of Commerce, Bureau of Economic Analysis. PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS [Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates] Nondurable goods Durable goods Period 1989 1990 1991 1992 1993 1994 19821983: 198419851986: 19871988: 198919901991: 19921993- IV IV IV IV IV IV .IV IV IV IV IV I 11 in IV 1994- I II in IV 1995- I Ilr 1 Total personal consumption expenditures 3,223.3 3,272.6 3,259.4 3,349.5 3,458.7 3,579.6 2,539.3 2,678.2 2,784.8 2,895.3 3,012.5 3,074.7 3,202.9 3,242.0 3,265.9 3,265.3 3,403.4 3,417.2 3,439.2 3,472.2 3,506.2 3,546.3 3,557.8 3,584.7 3,629.6 3,643.9 3,674.3 Total durable goods 440.7 443.1 425.3 452.6 489.9 532.1 272.3 319.1 347.7 369.6 415.7 404.7 439.2 436.8 433.2 427.7 468.8 472.5 483.7 492.7 510.8 521.7 522.2 529.6 554.8 550.0 553.9 Includes other items, not shown separately. Motor vehicles and parts 196.4 192.7 170.0 181.8 196.1 208.2 123.7 151.6 164.3 173.9 193.6 183.6 197.7 188.3 182.1 171.6 188.2 189.7 195.1 195.0 204.7 213.7 205.3 202.0 211.9 203.2 201.9 Furniture and household equipment 165.8 171.6 179.2 193.3 214.1 238.7 96.4 109.3 118.7 128.6 141.4 145.9 160.3 167.9 172.3 181.2 202.0 205.2 209.9 216.6 224.6 225.9 232.5 241.7 254.5 256.6 261.7 Other 78.5 78.7 76.1 77.5 79.7 85.2 52.3 58.1 64.8 67.1 80.7 75.2 81.2 80.5 78.8 74.9 78.6 77.6 78.7 81.1 81.5 82.0 84.4 86.0 88.4 90.3 90.3 Total nondurable goods Pood 1,051.6 1,060.7 1,047.7 1,057.7 1,078.5 1,109.5 880.7 915.2 942.9 968.7 1,000.9 1,014.6 1,046.8 1,058.9 1,057.5 1,040.4 1,074.2 1,070.0 1,074.3 1,081.7 1,088.0 1,098.3 1,104.3 1,113.4 1,121.9 1,128.2 1,133.9 515.0 523.9 518.8 514.7 524.0 535.6 458.3 467.1 475.1 488.2 496.9 502.4 518.0 515.6 525.8 514.9 522.0 520.7 522.3 525.1 528.1 531.9 536.1 535.7 538.5 541.1 541.0 Clothing Gasoline and and oil shoes 187.8 186.2 184.7 193.2 197.8 208.8 135.7 147.7 154.7 161.7 171.9 174.5 182.8 190.9 184.5 182.8 198.7 194.0 196.1 198.6 202.4 203.8 204.9 210.2 216.4 216.6 219.5 87.3 86.4 83.1 85.6 86.5 87.2 73.4 76.9 79.0 79.5 84.6 85.4 87.5 88.6 84.6 82.4 86.0 86.1 85.7 87.5 86.6 86.1 86.7 88.0 88.2 90.3 91.0 Retail sales of new passenger cars (millions of unite) Services Fuel oil and coal Other 11.4 10.5 10.7 11.2 12.1 11.9 10.5 11.4 11.1 11.4 12.4 11.9 12.0 12.0 9.5 10.7 11.3 12.0 11.8 12.2 12.2 13.4 11.4 11.7 11. 1 11.5 12.3 250.2 253.8 250.5 253.0 258.2 265.9 202.8 212.2 222.9 228.0 235.2 240.4 246.4 251.8 253.1 249.7 256.3 257.2 258.3 258.4 258.8 263.1 265.1 267.8 267.6 268.7 270.1 Total services ' 1,731.0 1,768.8 1,786.3 1,839.1 1,890.3 1,938.1 1,386.2 1,443.9 1,494.2 1,557.1 1,595.8 1,655.5 1,716.9 1,746.3 1,775.2 1,797.3 1,860.4 1,874.8 1,881.2 1,897.8 1,907.4 1,926.3 1,931.4 1,941.8 1,952.9 1,965.7 1,986.4 Housing 469.2 474.6 479.0 485.2 492.6 501.3 411.0 419.7 431.3 438.1 444.8 457.0 465.6 471.3 475.9 481.4 487.8 489.8 491.5 493.7 495.4 497.7 500.0 502.6 505.0 507.4 509.5 Medical care 408.6 424.6 437.7 454.3 466.4 479.0 327.8 334.8 344.9 359.1 372.0 390.7 403.0 411.8 429.4 444.7 459.0 463.1 464.3 467.6 470.4 473.2 477.4 481.0 484.4 486.9 489.3 Source: Department of Commerce, Rureau of Economic Analysis. Domestics 7.1 6.9 6.1 6.3 6.7 7.3 6.0 7.4 7.7 7.0 7.7 6.6 7.5 6.2 6.6 6.1 6.4 6.4 6.9 6.7 7.1 7.4 7.2 7.1 7.4 7.0 6.9 Imports 2.8 2.6 2.3 2.1 2.0 2.0 2.5 2.6 2.6 3.1 3.4 3.3 3.0 2.6 2.4 2.2 2.0 2.0 2.1 2.0 1.9 2.0 2.0 2.0 1.8 1.8 1.8 SOURCES OF PERSONAL INCOME Personal income rose $39.3 billion (annual rate) in July, following a rise of $28.4 billion in June. Wages and salaries rose $30.3 billion in July following an increase of $24.7 billion in June. Farm subsidy payments fell in both June and July. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (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 1,400 1,400 OTHER INCOME 800 800 r \ TRANSFER PAYMENTS 1987 1989 1988 1992 1991 1990 Inn mill I Illlll 400 400 LLLL H I M 1993 1995 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Period 1986 1987 1988 1989 1990 1991 1992 1993 1994 1994: July .-. Oct Nov Dec 1995: Jan Feb Mar Aprr ... May' July 1 Total personal income 3,590.4 3,802.0 4,075.9 4,380.3 4,673.8 4,860.3 5,154.3 5,375.1 5,701.7 5,704.4 5,730.6 5,768.4 5,844.7 5,841.8 5,883.5 5,930.6 5,962.7 5,992.7 6,003.5 5,990.5 6,018.9 6,058.2 Wage and salaiy disbursements1 2,105.4 2,261.2 2,443.0 2,586.4 2,745.0 2,816.1 2,974.8 3,080.8 3,279.0 3,282.6 3,289.0 3,310.2 3,351.6 3,349.3 3,368.3 3,391.1 3,406.8 3,412.2 3,429.6 3,405.6 3,430.3 3,460.6 Proprietors' income3 Other labor income *2 200.7 210.4 230.5 251.9 274.3 299.0 328.7 355.3 381.0 381.9 383.7 385.5 387.1 388.7 390.3 398.1 399.6 401.1 402.5 403.9 405.3 406.5 Farm 22.3 31.3 30.9 40.2 41.9 36.7 44.4 37.3 39.5 30.0 29.6 30.0 49.0 35.1 41.1 36.1 42.3 54.8 40.7 37.6 33.3 31.8 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 private pension and private welfare funds. 3 With inventory valuation and capital consumption adjustments. Nonfarm 261.5 279.0 293.4 307.0 321.4 339.5 374.4 404.3 434.2 434.4 437.6 439.4 441.4 443.5 447.0 448.7 449.4 449.6 450.4 451.6 454.6 458.1 4 Rental income of persons4 8.7 3.2 4.3 -13.5 -14.2 -10.5 -5.5 24.1 27.7 32.4 32.6 32.7 31.4 29.5 26.1 26.8 25.5 23.8 23.5 24.3 25.1 24.6 Personal dividend income 104.7 100.4 108.4 126.5 144.4 150.5 161.0 181.3 194.3 195.1 197.0 198.8 200.8 202.8 204.4 204.8 205.4 206.4 207.5 208.1 208.8 210.2 Personal interest income 531.7 548.1 583.2 668.2 698.2 695.1 665.2 637.9 664.0 665.1 674.0 683.6 692.5 701.2 709.6 717.2 724.0 729.5 732.9 734.7 736.2 738.4 Transfer payments5 517.8 542.2 576.7 625.0 687.6 770.1 860.2 915.4 963.4 964.9 969.8 972.3 977.1 977.7 984.2 1,000.7 1,003.7 1,009.9 1,012.3 1,018.9 1,021.4 1,026.2 Less: Personal contributions for social insurance 162.1 173.6 194.5 211.4 224.9 236.2 248.7 261.3 281.4 282.0 282.6 284.1 286.2 286.1 287.4 292.8 294.0 294.5 295.8 294.3 296.0 298.2 Nonfarm personal income6 3,545.6 3,749.4 4,023.9 4,318.0 4,608.6 4,801.8 5,089.4 5,316.6 5,639.4 5,651.6 5,678.1 5,715.5 5,772.5 5,783.3 5,818.7 5,870.8 5,896.5 5,914.1 5,938.8 5,928.6 5,961.2 6,001.9 With capital consumption adjustment. Consists mainly of social insurance benefits, direct relief, and veterans payments. Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest. Source: Department of Commerce, Bureau of Economic Analysis. 5 6 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in 1987 dollars fell in the second quarter ot 1995. BILLIONS OF DOLLARS' (RATIO SCALE) 5,500 BIlilONS Of DOLLARS' (RATIO SCALE) 2,500 2,500 J_J 2,000 2,000 DOLLARS' (RATIO SCALE) 22,000 20,000 " 18,000 DOLLARS' (RATIO SCALE) 22,000 PER CAPITA DISPOSABLE PERSONAL INCOME 20,000 18,000 CURRENT DOLLARS \ 16,000 " >• -— — i .——•— 16,000 ^_ 14,000 r --- 12,000 c^—-• **• ~* "7.._!^ - -- 14,000 ^\ — 1- 987DOLU 12,000 ' 10,000 10,000 ^-"^" ^ 8,000 1982 1984 1983 i ti 1 1985 1986 1 1 I ! I 1 1987 1 ! 1988 ! ! 1 1989 i i i 1990 i i i 1991 i ii i i i i i I I i i 1992 1993 1994 1995 8,000 COUNCIL OF ECONOMIC ADVISERS Period Personal income Less: Personal tax and nontax payments Equals: Disposable personal income Less: Personal outlays1 Equals: Personal saving Disposable persona] income in 1987 dollars (billions) Per capita disposable personal income Per capita personal consumption expenditures Current dollars Current dollars Billions of dollars 1987 .. 1988 1989 1990 1991 1992 1993 1994 .. . 3,802.0 4,075.9 4,380.3 4,673.8 4,860.3 5,154.3 5,375.1 5,701.7 512.5 3,289.5 527.7 3,548.2 593.3 3,787.0 623.3 4,050.5 623.7 4,236.6 648.6 4,505.8 686.4 4,688.7 742.1 4,959.6 1987 dollars 1987 dollars Dollars 3,147.5 3,392.5 3,634.9 3,880.6 4,025.0 4,257.8 4,496.2 4,756.5 142.0 155.7 152.1 170.0 211.6 247.9 192.6 203.1 3,289.5 3,404.3 3,464.9 3,524.5 3,538.5 3,648.1 3,704.1 3,835.7 13,545 14,477 15,307 16,205 16,766 17,636 18,153 19,003 Percent change in real per capita disposable personal income Saving as percent of disposable persona) income Population, including Armed Forces overseas (thousands)2 Percent 13,545 13,890 14,005 14,101 14,003 14,279 14,341 14,696 12,568 13,448 14,241 15,048 15,444 16,192 16,951 17,734 12,568 12,903 13,029 13,093 12,899 13,110 13,391 13,716 -0.1 2.5 !8 .7 -.7 2.0 .4 2.5 4.3 4.4 4.0 4.2 5.0 5.5 4.1 4.1 242,860 245,093 247,397 249,951 252,688 255,484 258,290 260,991 13,145 13,278 13,522 13,685 13,996 14,015 14,018 13,998 14,533 14,222 14,351 14,338 14,451 14,535 14,625 14,697 14,927 15,048 14,972 10,649 11,445 12,101 12,819 13,814 14,491 15,283 15,588 16,566 16,693 16,856 17,017 17,233 17,443 17,598 17,821 18,072 18,216 18,426 11,739 12,095 12,472 12,615 13,020 13,053 13,010 12,868 13,262 13,283 13,335 13,425 13,519 13,640 13,651 13,717 13,853 13,880 13,966 1.0 1.8 -1.7 5.2 3.2 1.8 -1.7 .7 9.3 -8.3 3.7 -.4 3.2 2.3 2.5 2.0 6.4 3.3 -2.0 7.9 6.0 4.8 5.0 4.3 3.9 4.3 5.2 6.2 4.0 4.6 3.9 4.0 3.6 4.1 4.1 4.6 5.1 4.0 237,231 239,387 241,550 243,745 246,004 248,372 251,035 253,758 256,626 257,262 257,908 258,635 259,356 259,997 260,627 261,340 261,999 262,527 263,096 Seasonally adjusted annual rates 19841985: 1986: 198719881989: 199019911992: IV IV ... IV IV IV . IV IV IV IV 1993: I II Ill IV 1994- I II Ill IV 1995- I II' 3,242.5 3,456.7 3,647.8 3,918.5 4,195.2 4,469.4 4,759.1 4,934.2 5,335.0 5,255.5 5,364.5 5,395.9 5,484.6 5,555.8 5,659.9 5,734.5 5,856.6 5,962.0 6,004.3 413.4 448.8 478.5 528.6 542.0 605.1 625.2 631.2 676.2 657.3 685.9 695.4 707.0 723.0 746.4 744.1 754.7 777.6 807.0 2,829.1 3,007.9 3,169.3 3,389.9 3,653.2 3,864.3 4,133.9 4,303.0 4,658.8 4,598.2 4,678.6 4,700.5 4,777.6 4,832.8 4,913.5 4,990.3 5,101.9 5,184.4 5,197.3 2,606.5 2,828.7 3,018.2 3,220.1 3,496.7 3,715.5 3,957.7 4,078.4 4,371.4 4,413.7 4,464.6 4,518.2 4,588.2 4,657.3 4,712.4 4,787.0 4,869.3 4,920.7 4,991.2 222.6 179.2 151.1 169.8 156.4 148.8 176.2 224.6 287.4 184.6 214.0 182.3 189.4 175.5 201.1 203.3 232.6 263.7 206.1 1 Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 3,118.5 3,178.7 3,266.2 3,335.8 3,443.1 3,480.9 3,519.0 3,552.1 3,729.6 3,658.9 3,701.3 3,708.4 3,747.8 3,779.2 3,811.5 3,840.9 3,911.0 3,950.5 3,939.1 2 11,925 12,565 13,121 13,907 14,850 15,558 16,467 16,957 18,154 17,874 18,141 18,174 18,421 18,588 18,853 19,095 19,473 19,748 19,754 Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME in the first quarter of 1995, according to preliminary estimates, gross farm income fe!i $6.8 billion (annual rate) and net farm income fell $5.6 billion. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 240 200 160 \ •' ^^ \^~-^^— f "^ r\i \^li ^.^ > 120 f~~—S~I '— f* -~—^\ ^ 240 200 ^~] 160 120 GROSS FARM INCOME 80 60 r JV / 40 /\ ,\ \ \ \ 1 \ N /, 20 / \ 1 /' 1 \ 1 1 ' \ — \ / /"*--- t* •*•/ -, ~^ f \ / \/ ' 60 * "\ ^ } 40 \l \ ' NET FARM INCOME \ 20 1 \J 1 1\ 1 \ ' V 1 1 1 M 1 ' ' 10 10 \ 1 1 i 1 1982 i i 1983 1 1 1 1984 .. I 1 1985 ! ! ! i i i l 1987 1986 l l i 1988 i l l i 1989 i i 1990 i i i i 1991 i i 1992 " SEASONAliY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF AGRICULTURE i i i 1993 i i i 1994 1995 i i COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Net farm income Period Cash marketing receipts Total" Total 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1993- I II III . IV 1994: I II III IV 1995- IP .. :.. 168.0 161.2 156.1 168.5 175.8 192.8 198.2 192.3 200.2 201.4 212.0 203.0 202.2 198.0 202.5 215.0 201.0 207.7 224.5 217.7 142.8 144.1 135.4 141.8 151.2 161.1 170.0 168.8 171.2 175.1 179.7 172.2 175.1 185.7 167.3 177.1 166.8 183.0 191.8 187.1 Livestock and products 72.9 69.8 71.6 76.0 79.4 84.1 89.8 86.7 86.4 90.6 87.8 84.2 88.4 101.9 87.8 92.0 82.5 97.2 79.5 87.5 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, ami nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. 3 Income tn current dollars divided by the GDI* implicit price deflator. Crops 69.9 74.3 63.8 65.9 71.7 77.0 80.1 82.1 84.9 84.5 91.9 88.0 86.7 83.8 79.5 85.1 84.2 85.8 112.3 99.7 Production expenses Value of inventory changes 2 Current dollars 6.0 -2.3 -2.2 -2.3 -3.4 4.8 3.4 _ *3 4^3 -3.6 7.1 -6.5 -5.1 -6.0 3.0 8.4 7.7 6.2 6.2 .9 141.9 132.4 125.1 128.8 137.8 144.9 151.3 151.2 150.1 158.0 162.7 155.1 157.6 159.5 160.0 160.2 162.5 164.5 163.6 162.4 26.1 28.8 31.1 39.7 38.0 47.9 46.9 41.1 50.1 43.4 49.3 47.9 44.7 38.6 42.4 54.8 38.5 43.1 60.9 55.3 1987 dollars -! 28.7 30.5 32.0 39.7 36.6 44.1 41.4 35.0 41.4 35.1 39.1 39.0 36.2 31.2 34.2 43.8 30.6 34.1 48.0 43.3 NOTE.—Data include net Commodity Credit Corporation loans and operator households. Quarterly data plotted for 1989 through 1991 in chart do not reflect previous revisions to annual data in table. Sources: I>epartment of Agriculture and Department of Commerce. CORPORATE PROFITS In the second quarter of 1995, according to preliminary estimates, corporate profits before tax rose $5.7 billion (annual rate) and profits after tax rose $5.1 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 600 c - SEASONALLY ADJUSTED ANNUAL RATES A 550 500 v/ - J\ 450 450 - / P OTIS 400 BEFDBF TAX 400 350 s \S / 300 1 y^ /- 350 A - r ^ s ^/ ^ 300 ^ / - s i 250 200 ' •• \~~^ O /I s.J 150 ^_ / ~ *v s 100 x.^ ^ 0 1 I 1 1 1 1 1 1 1 1982 1983 1984 1 1 1985 1 ^ ^j i ii 1986 / 250 .-• .f TAX LIABILITY •\ s X .f - -*.S /' V N\. s' \ •v_ ^"~ ' ,—• •s /' ^ 50 s X s ~* ^' *_-•-, " OFITSAFTI s*< .--' 550 - / 500 600 ***. >-.- *-./ 200 - "' 150 -- •'\/ s* t"~ 100 ^' •** X X X \ ^* 50 UNO ISTRIBUTEC) PROFITS 0 i i i i i i i i i i i i I 1987 1988 1989 1990 1991 I I I I I 1992 SOURCE: DEPARTMENT Of COMMERCE \ 1 1 I I I 1 1 1 1993 1994 1995 CaUNOI. OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment ' Profits aftertax Domestic industries Period Nonfinancial 2 Total 1986 1987 1988 1989 1990 1991 1992 1993 1994 1984: 19851986: 1987: 19881989: 1990: 19911992: 1993: TV W TV TV TV TV TV TV TV I 1994: TV I ... n m n in TV 1995: 1 2 I Tie 227.6 273.4 320.3 325.4 354.7 370.9 389.4 456.2 505.0 223.6 228.0 225.0 293.4 340,5 320.6 349.3 372.3 415.6 421.5 446.6 461.7 495.1 471.2 509.0 518.5 521.4 531.6 549.9 Total 194.6 233.9 271.2 266.0 286.7 302.4 328.8 391.0 444.6 192.9 193.5 192.5 246.3 285.9 254.8 273.8 301.4 361.0 354.0 383.8 392.6 433.4 410.1 448.2 458.1 461.7 462.9 475.6 Financial 35.8 36.4 41.8 50.6 65.7 84.3 81.9 103.7 104.0 20.3 29.0 34.7 39.4 46.1 52.5 66.6 84.6 86.7 95.9 100.1 103.9 114.6 89.6 106.4 112.6 107.2 115.2 116.4 : Total ' 158.9 197.5 229.4 215.3 221.1 218.1 246.9 287.3 340.6 172.6 164.5 157.8 207.0 239.7 202.3 207.2 216.8 274.3 258.0 283.7 288.7 318.8 320.5 341.8 345.5 354.5 347.7 359.2 Sec p. 4 for profits with inventory valuation and capital consumption adjustments. Includes rest of the worid, not shown separately. Manufacturing Wholesale and retail trade 59.0 87.0 117.5 108.0 109.1 90.1 94.5 114.2 145.6 79.2 83.3 63.9 98.7 129.3 94.5 98.5 85.3 101.3 96.2 114.2 112.4 134.2 145.1 143.0 143.3 150.9 143.9 46.3 39.9 37.1 39.7 37.2 46.7 54.8 61.2 67.6 50.8 39.0 43.1 39.3 39.3 39.2 36.2 47.4 64.6 56.0 63.3 62.0 63.7 59.0 72.0 70.1 69.2 66.7 3 Profits before tax 217.8 287.9 347.5 342.9 365.7 365.2 395.9 462.4 524.5 220.1 231.8 235.7 311.2 372.2 334.1 368.9 373.1 413.5 432.7 456.6 458.7 501.7 483.5 523.1 538.1 553.5 570.6 576.3 Tax liability 106.5 127.1 137.0 141.3 138.7 131.1 139.7 173.2 202.5 83.8 97.6 116.6 135.2 146.2 134.2 137.0 133.1 148.6 159.8 171.8 169.9 191.5 184.1 201.7 208.6 215.6 220.0 220.5 Total 111.3 160.8 210.5 201.6 227.1 234.1 256.2 289.2 322.0 136.3 134.2 119.2 176.0 226.0 200.0 231.8 240.0 264.8 273.0 284.8 288.9 310.2 299.4 321.4 329.5 337.9 350.7 355.8 Dividends Undistributed profits 109.8 106.2 115.3 134.6 153.5 160.0 171.1 191.7 205.2 83.4 97.4 111.0 106.3 121.0 141.3 153.7 160.9 182.1 188.2 190.7 193.2 194.6 196.3 202.5 207.9 213.9 217.1 219.9 1.6 54.6 95.2 67.1 73.6 74.1 85.1 97.5 116.9 52.9 36.9 8.2 69.7 105.0 58.7 78.1 79.1 82.7 84.7 94.1 95.6 115.6 103.0 118.9 121.6 124.0 133.5 135.9 Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic Analysis. Inventory valuation adjustment 9.7 -14.5 -27.3 -17.5 -11.0 5.8 -6.4 -6.2 -19.5 3.5 -3.8 -10.7 -17.8 -31.7 -13.5 -19.5 -.8 2.1 -11.2 -10.0 3.0 -6.5 -12.3 -14.1 -19.6 -32.1 -39.0 '-26.4 GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS In the second quarter of 1995, according to revised estimates, nonresidentia! fixed investment in 19S7 dollars rose $21.1 billion (annual rate) and residential investment fell $8.0 billion. There was a $32.7 billion increase in inventories, following an increase of $51.1 billion in the first quarter. BILLIONS OF 1987 DOLLARS BILLIONS OF 1987 DOLLARS ,100 1,100 SEASONALLY ADJUSTED ANNUAL RATES 1,000 ,000 / 900 800 700 / 600 500 r^ __ <* r\ r^C ^^ ^ S~ A ^ / _„' s 600 s 500 NC5NRESIDES TIAL S 400 D INVESTA R ESIDENTl» L FIXE D INVESTN^F^rr 300 _ \ — .»-•••'' 200 __ ^f CHANC3E IN BUS MESS IN VENTORIE , \ \ 1 ! 1982 I „ "* "" \ \ / s" 200 '•s..^ s' s' 100 -100 700 \ 300 0 /• s ^ __ '~ 800 s ^ 4* s 400 [\_ GROSS PRIVATE DOMESTIC INVESTMENT "XJ "s, ^ \^^ ^^ 900 / '\ 100 i~ ~ ~ -- \ <* / / 1 ' 1 1 1983 1984 ! i i i 1 1 1 1 1986 1985 0 V i i i 1987 i i l 1988 i i i 1989 1 i 1 i l l 1991 1990 l \ l i 1992 1 1 1993 SOURCE: DEPARTMENT Of COMMERCE \ l l 1994 i i i -100 1995 COUNCIL OF ECONOMIC ADVISERS [Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Gross private domestic investment Period Change in business inventories Nonresidential Producers' durable equipment Residential Structures Total Total Total Nonfarm . ... 735.1 749.3 773.4 784.0 746.8 683.8 725.3 819.9 951.5 726.5 723.0 753.4 754.2 741.1 684.9 722.9 804.6 903.8 500.3 497.8 530.8 540.0 546.5 515.4 525.9 591.6 672.4 176.6 171.3 174.0 177.6 179.5 160.6 149.8 147.7 150.6 323.7 326.5 356.8 362.5 367.0 354.9 376.2 443.9 521.9 226 2 225.2 222.7 214.2 194.5 169.5 196.9 213.0 231.3 8.5 26.3 19.9 29.8 5.7 -11 2.5 15.3 47.8 10.6 32.7 26.9 29.9 3.2 .-1.3 -2.0 18.5 40.7 708.4 732.9 725.9 733.9 764.1 744.6 716.6 684.4 748.6 509.6 525.5 495.5 510.6 538.8 536.7 540.2 506.9 540.9 189.5 198.3 170.4 177.9 175.7 179.8 172.8 151.4 146.3 320.1 327.2 325.0 332.7 363.1 356.9 367,4 355.5 394.6 198.8 207.4 230.5 223.3 225.3 208.0 176.3 177.5 207.7 47.9 30.2 -20.1 59.9 209 24.9 -20.9 13.5 6.3 50.8 28.0 -18.6 62.1 30.5 31.2 -18.7 14.6 ... 756.4 763.1 705.9 793.8 785.0 769.5 695.7 697.9 755.2 IV 789.2 806.2 821.8 862.5 770.7 787.3 808.8 851.7 560.3 581.0 597.9 627.2 147.2 147.3 147.5 148.7 413.0 433.7 450.3 478.5 210.4 206.3 211.0 224.5 18.5 18.9 13.0 10.8 19.7 22.8 20.9 10.7 1994- I II III IV 898.9 950.9 967.3 989.1 873.4 891.7 910.2 939.7 643.6 657.9 680.0 708.2 144.1 151.0 151.6 155.6 499.4 506.9 528.4 552.6 229.9 233.8 230.2 231.5 25.4 59.2 57.1 49.4 22,1 51.7 47.4 41.7 1995- I II' 1,024.1 1,019.0 973.0 986.2 743.6 764.7 159.9 163.8 583.7 600.9 229.5 221.5 51.1 32.7 49.1 31.9 1986 1987 1988 1989 1990 1991 1992 1993 1994 . 19841985198619871988: 1989- IV IV IV IV IV IV 1990: IV 1991- IV 1992- IV 1993- I II . . . in Source: Department of Commerce, Bureau of Economic Analysis. EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department July-August 1994 survey, business spending for new plant and equipment was expected to rise 8.8 percent in 1994, following a rise of 7.3 percent in 1993. BILLJONS OF DOLLARS (RATIO SCALE) BILUONS OF DOLLARS (RATIO SCALE)' 200 1985 ^SURVEYED QUARTERLY VSEi FOOTNOTE AtaOft SOURCE: DEPARTMENT Of COMMERCE COUNCIL Of ECONOMIC ADWSHB [Billions of doliars; quarterly data at seasonally adjusted annual rates] Addenda Industries surveyed quarterly Nonmanufacturing Manufacturing Period 1984 1985 1986 1987 1988 1989 .. . 1990 1991 1992 1993 4 1994 1992: I II Ill IV 1993: I II Ill IV 1994: I II 4 in4 rv All industries 373.83 410.12 399.36 410.52 455.49 507.40 532.61 528.39 546.60 586.73 638.37 534.23 541.29 547.82 559.39 563.48 578.95 594.56 604.51 619.34 637.08 651.92 645.13 1 Total 139.61 152.88 137.95 141.06 163.45 183.80 192.61 182.81 174.02 179.47 192.56 173.14 172.52 173.05 176.74 173.99 177.55 182.48 182.15 185.04 193.99 197.36 193.83 Durable goods 64,57 70.87 65.68 68.03 77.04 82.56 82.58 77.64 73.32 81.45 92.78 73.26 73.74 72.63 73.64 78.19 80.33 82.74 83.64 86.03 91.71 98.97 94.44 Nondurable goods Total i Mining Transportation Public utilities 75.04 82.01 72.28 73.03 86.41 101.24 110.04 105.17 100.69 98.02 99.77 99.87 98.78 100.42 103.09 95.80 97.22 99.74 98.51 99.02 102.28 98.39 99.39 234.22 257.24 261.40 269.46 292.04 323.60 339.99 345.58 372.58 407.26 445.81 361.09 368.77 374.77 382.65 389.49 401.40 412.09 422.36 434.29 443.09 454.56 451.30 11.86 12.00 8.15 8.28 9.29 9.21 9.88 10.02 8.88 10.08 11.24 8.99 9.20 8.96 8.43 8.98 9.10 11.09 10.92 11.43 10.70 11.57 11.27 13.44 14.57 15.05 15.07 16.63 18.84 21.47 22.66 22.64 21.77 21.19 21.82 23.32 23.66 21.66 2238 21.50 21.32 21.84 22.47 19.59 20.73 21.98 57.53 59.58 56.61 56.26 60.37 66.28 67.21 66.57 72.21 75.98 76.44 69.09 72.56 72.48 73.79 73.78 74.45 75.94 78.87 73.20 76.51 78.50 77.57 Excludes forestry, fisheries, and agricultural services; professional services; social services and membership organizations; and real estate, which, effective with the April-May 1984 survey, are no longer surveyed quarterly. See last column ("nonmamifaeturing surveyed annually") for data for these industries. 2 "All industries" plus the part of nonmanufaeturing that is surveyed annually. 3 Consists of forestry, fisheries, and agricultural services; professional services; social services and membership organizations; and real estate. 10 Commercial and other 151.39 171.09 181.59 189.84 205.76 229.28 241.43 246.32 268.84 299.44 336.93 261.19 263.69 269.67 278.77 284.35 296.35 303.74 310.73 327.20 336.28 343.76 340.48 Total nonfann business2 418.38 454.93 447.11 461.51 508.22 563.93 591.96 587.93 607.71 650.41 Nonmanufacturing Manufacturing 139.61 152.88 137.95 141.06 ] 63.45 183.80 192.61 182.81 174.02 179,47 192.56 173.14 172.52 173.05 176.74 173.99 177.55 182.48 182.15 18504 193.99 197.36 193.83 Total 278.77 302.05 309.16 320.45 344.77 380.13 399.34 405.12 433.69 470.95 Surveyed quarterly 234.22 257.24 261.40 269.46 292.04 323.60 339.99 345.58 372.58 407.26 445.81 361.09 368.77 374.77 382 65 389.49 401 40 412.09 422.36 43429 44309 454.56 451.30 Surveyed annu-3 ally 44.55 44.81 47.75 50.99 52.73 56.53 59.35 59.54 61.11 63.68 4 Planned capital expenditures as reported by business in July-August 1994, corrected for biases. NOTE.—The quartern- Plant and Equipment Survey has been discontinued and replaced by a new semi-annual indicator survey: Business Investment and Plans. The first new survey results for 1993-95 were released February 23, 1995. The new survey data may be incorporated into Economic Indicators at a later date. See Plant and Equipment Expenditures and Plans release of September b, 1994 for details. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In August, employment fell by 180,000 and unemployment fell by 128,000. MILLIONS OF PERSONS ' MILLIONS OF PERSONS* 134 134 SEASONALLY ADJUSTED 130 130 CIVILIAN LABOR FORCE 126 126 122 122 118 118 114 114 CIVILIAN EMPLOYMENT 110 110 106 106 4 - 1994 1987 1995 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted; montlily data seasonally adjusted except as noted by NSA] Period Civilian labor force Nonagri cultural Total Agricultural Total Percent2 Unemployment Civilian employment Civilian noninstitutional population NSA Part time for economic reasons ' Total 15 weeks and over Not in labor force Labor force participation rate Employment/ population ratio Unemployment rate 1985 19863 1987 1988 1989 1990 1991 1992 1993 1994 4 178,206 180,587 182,753 184,613 186,393 188,049 189,765 191,576 193,550 196,814 115,461 117,834 119,865 121,669 123,869 124,787 125,303 126,982 128,040 131,056 107,150 109,597 112,440 114,968 117,342 117,914 116,877 117,598 119,306 123,060 3,179 3,163 3,208 3,169 3,199 3,186 3,233 3,207 3,074 3,409 103,971 106,434 109,232 111,800 114,142 114,728 113,644 114,391 116,232 119,651 5,334 5,345 5,122 4,965 4,657 4,860 5,767 6,116 6,106 4,414 8,312 8,237 7,425 6,701 6,528 6,874 8,426 9,384 8,734 7,996 2,305 2,232 1,983 1,610 1,375 1,504 2,323 3,354 3,052 2,860 62,744 62,752 62,888 62,944 62,523 63,262 64,462 64,593 65,509 65,758 64.8 65.3 65.6 65.9 66.5 66.4 66.0 66.3 66.2 66.6 60.1 60.7 61.5 62.3 63.0 62.7 61.6 61.4 61.6 62.5 7.2 7.0 6.2 5.5 5.3 5.5 6.7 7.4 6.8 6.1 1994- Aug ... Sept .... Oct Nov Dec 197,043 197,248 197,430 197,607 197,765 131,086 131,291 131,646 131,718 131,725 123,197 123,644 124,141 124,403 124,570 3,436 3,411 3,494 3,500 3,532 119,761 120,233 120,647 120,903 121,038 4,173 4,154 4,226 4,246 4,254 7,889 7,647 7,505 7,315 7,155 2,773 2,768 2,934 2,661 2,456 65,957 65,957 65,784 65,889 66,040 66.5 66.6 66.7 66.7 66.6 62.5 62.7 62.9 63*0 63.0 6.0 5.8 5.7 5.6 5.4 197,753 197,886 198,007 198,148 198,286 •=198,452 198,615 198,801 132,136 132,308 132,511 132,737 131,811 131,869 132,518 132,211 124,639 125,125 125,274 125,072 124,319 124,485 124,959 124,779 3,575 3,656 3,698 3,594 3,357 3,451 3,409 3,362 121,064 121,469 121,576 121,478 120,962 121,034 121,550 121,417 4,430 4,187 4,347 4,171 4,289 4,185 4,234 4,316 7,498 7,183 7,237 7,665 7,492 7,384 7,559 7,431 2,386 2,298 2,266 2,505 2,585 2,299 2,319 2,380 65,617 65,578 65,496 65,412 66,476 66,583 66,096 66,590 66.8 66.9 66.9 67.0 66.5 66.4 66.7 66.5 63.0 63.2 63.3 63.1 62.7 62.7 62.9 62.8 5.7 5.4 5.5 5.8 5.7 5.6 5.7 5.6 1995: Jan Feb Mar May July .... 1 Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc. 2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 93-377 95-2 -1 Not strictly comparable with earlier data. 4 Data beginning January 1994 are not directly comparable with data for earlier periods. See Employment mtd Earniitgs, February 1994. Source: Department of Ijabor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In August, the unemployment rote fell to 5.6 percent from 5.7 percent in July. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 10 1991 1995 *UNEMPIOYMENT 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) Period 1985 1986 1987 1988 1989 1990 1991 1992 1993 2 1994 1994- Aug Sept Oct Nov Dec 1995- Jan Peb Mar Anr May June July Auff 1 All civilian workers 7.2 7.0 6.2 5.5 5.3 5.5 6.7 7.4 6.8 6.1 6.0 5.8 5.7 5.6 5.4 5.7 5.4 5.5 5.8 5.7 5.6 5.7 5.6 Men 20 years and over Women 20 years and over 6.2 6.1 5.4 4.8 4.5 4.9 6.3 7.0 6.4 5.4 5.3 5.1 5.0 4.9 4.7 5.0 4.6 4.7 4.9 5.1 4.8 4.7 4.8 6.6 6.2 5.4 4.9 4.7 4.8 5.7 6.3 5.9 5.4 5.3 5.2 5.0 5.0 4.7 4.9 4.8 4.9 5.2 4.8 5.0 5.1 5.0 Both sexes 16-19 years 18.6 18.3 16.9 15.3 15.0 15.5 18.6 20.0 19.0 17.6 17.5 17.2 17.1 15.8 17.2 16.7 17.6 16.1 17.5 17.6 16.4 18.2 17.7 White 6.2 6.0 5.3 4.7 4.5 4.7 6.0 6.5 6.0 5.3 5.2 5.1 5.0 4.8 4.8 4.9 4.7 4.7 5.0 5.0 4.8 4.8 4.8 Kevised definition; for details, see Employment and Earnings, February 1994. 2 Data beginning January 1994 are not directly comparable with data for earlier periods. See Employment and Earnings, February 1994. 12 By selected groups By race By sen and age Black and other 13.7 13.1 11.6 10.4 10.0 10.1 11.1 12.7 11.7 10.5 10.6 10.2 10.4 9.8 9.2 9.5 9.4 9.2 9.8 9.1 9.8 10.1 10.2 Black 15.1 14.5 13.0 11.7 11.4 11.3 12.4 14.1 12.9 11.5 11.3 10.7 11.1 10.5 9.8 10.2 10.1 9.8 10.7 9.9 10.6 11.1 11.3 Experienced •wage and salary workers 6.8 6.6 5.8 5.2 5.0 5.3 6.5 7.1 6.5 5.9 5.8 5.7 5.5 5.4 5.3 5.4 5.1 5.2 5.6 5.6 5.4 5.5 5.4 Married men, spouse present Women who maintain families 4.3 4.4 3.9 3.3 3.0 3.4 4.4 5.0 4.4 3.7 3.5 3.4 3.3 3.2 3.2 3.4 3.0 3.2 3.4 3.4 3.4 3.4 3.3 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. 10.4 9.8 9.2 8.1 8.1 8.2 9.1 9.9 9.5 8.9 8.8 8.9 8.9 8.7 8.8 8.9 8.1 7.6 9.0 8.0 8.4 8.5 7.0 Full-time1 workers 7.1 6.9 6.0 5.3 5.1 5.4 6.7 7.4 6.8 6.1 6.0 5.8 5.8 5.6 5.3 5.5 5.3 5.4 5.6 5.6 5.5 5.5 5.6 Part-time workers J 7.5 7.4 6.9 6.4 6.2 6.3 6.9 7.4 7.1 6.0 6.2 5.8 5.6 5.4 5.9 6.2 6.0 5.8 6.3 6.1 6.3 6.6 5.9 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In August, the percentages of the unemployed who had been out of work for less than 5 weeks and for 1526 weeks rose, while the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of unemployment fell to 16.3 weeks and the median duration fell to 8.7 weeks. PERCENT DISTRIBUTION ' PERCENT DISTRIBUTION ' 70 70 DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 60 JOB LOSERS-^ LESS THAN 5 WEEKS \. . / y\, REENTRANTS 5-14 WEEKS JOB LEAVERS \ 15-26 WEEKS NEW ENTRANTS 0 LU 1 1 1 iiiUl 1 1 1 1 1 1 | 1 [ II 11 M l 11 M 1994 * SEASONALLY ADJUSTED I/BEGINNING JANUARY 1994 JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOSS. SOURCE: DEPARTMENT OF LABOR 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 1985 1988 1987 l'!88 1989 1990 1991 1992 1993 1994 3 1994: Ang Sept Get . . Nov Dec1995- Jan Fob Mar Mav . . July 8,312 8,237 7.425 6,701 6 528 6,874 8,426 9,384 8,734 7,996 7,889 7.647 7,505 7,315 7,155 7,498 7,183 7.237 7,665 7,492 7,384 7,559 7,431 42.1 41.9 43.7 46.0 48.6 46.1 40.1 34.9 36.2 34.1 33.2 34.6 31.9 35.0 36.0 39.4 36.8 35.5 34.8 34.7 37.1 34.5 36.0 30.2 31.0 29.6 30.0 30.3 32.0 32.3 29.4 28.9 30.1 32.1 29.6 29.6 29.1 29.9 28.5 30.7 32.6 32.1 30.8 31.8 34.8 32.3 12.3 12.7 12.7 12.0 11.2 11.8 14.5 15.2 14.6 15.5 15.0 15.7 17.6 16.0 15.1 13.9 15.4 12.9 14.7 17.1 14.8 13.6 15.3 15.4 14.4 14.0 12.1 9.9 10.1 13.0 20.6 20.4 20.3 19.7 20.1 20.9 19.9 19.0 18.2 17.1 18.9 18.4 17.4 16.3 17.2 16.3 1 Rearming January 1994, job lasers and persons who completed temporary jobs. -Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (TICX), ami Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit, programs. Does not include Federal supplemental compensation or Emergency Unemployment Compensation programs. a Data beginning January 1994 are not directly comparable wilh data for earlier periods. See Ettipioyitifni and Earnings, February 1994. 15.6 15.0 14.5 13.5 11.9 12.1 13.8 17.9 18.1 18.8 18.9 18.8 19.3 18.2 17.8 16.7 16.9 17.5 17.7 16.9 15.6 16.5 16.3 6.8 6.9 6.5 5.9 4.8 5.4 6.9 8.8 8.4 9.2 9.2 9.5 10.1 9.1 8.7 7.9 7.8 7.9 8.5 9.0 7.5 9.1 8.7 49.8 48.9 48.0 46.1 45.7 48.3 54.7 56.4 54.6 47.7 47.1 46.6 46.8 47.5 47.6 49.2 46.6 46.6 45.5 48.4 46.7 47.5 46.2 10.6 12.3 13.0 14.7 15.7 14.8 11.6 10.4 10.8 9.9 10.0 11.4 10.1 9.6 9.7 9.3 10.8 11.3 10.5 11.7 11.4 10.9 11.8 27.1 26.2 26.6 27.0 28.2 27.4 24.8 23.7 24.6 34.8 35.0 34.2 35.0 35.0 34.9 33.4 34.5 33.8 35.8 32.9 34.5 34.1 34.2 12.5 12.5 12.4 12.2 10.4 9.5 8.9 9.5 10.0 7.6 7.9 7.8 8.2 7.9 7.7 8.0 8.1 8.4 8.2 7.0 7.4 7.5 7.8 2,617 2,643 2,300 2,081 2,158 2 522 3^342 3,245 2,751 2,671 2,667 2.614 2^569 2,531 2,533 2,515 2,518 2.498 2,488 2.552 2,633 2,685 397 378 328 310 330 388 447 408 341 340 328 323 328 329 326 335 338 342 352 374 377 375 2,699 2,739 2,369 2,135 2,205 2,575 3,406 3,348 2,845 2,740 2,573 2,179 2,201 2,340 2,510 3,275 3,173 2,949 2,722 2,476 2,398 2,612 NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment, and initial claims). Sonn.-e: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricuttural employment as measured by the payroll survey rose by 249,000 in August. MILLIONS OF PERSONS* (ENLARGED SCALE) MILLIONS OF PERSONS* 120 110 100 90 SERVICE-PRODUCING INDUSTRIES 80 70 60 50 40 GOODS-PRODUCING INDUSTRIES 30 CONSTRUCTION \ 201)11111 1991 III11 11 Ml 1992 1 1 1 III I 1994 1993 1995 1992 1991 1993 1995 1994 COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salaiy workers;J seasonally adjusted] Service-producing industries Goods-producing industries Total nonagricultural employment Period 1985 1986 .. 1987 1988 .. 1989 1990 . 1991 1992 1993 1994 1994- Aug Sept Oct Nov Dec 1995: Jan Feb Mar Apr Mavrr June JulyP Aiier^ 97,387 99,344 101,958 .. . 105,210 107,895 109,419 108,256 108,604 110,730 114,034 114,510 114,762 114,935 115,427 115,624 115,810 116,123 116,302 116,310 116,248 116,547 , 116,553 116,802 ... Total 2 24,842 24,533 24,674 25,125 25,254 24,905 23,745 23,231 23,352 23,913 23,981 24,030 24,081 24,175 24,230 24,293 24,324 24,370 24,331 24,228 24,240 • 24,144 24,157 Construction 4,668 4,810 4,958 5,098 5,171 5,120 4,650 4,492 4,668 5,010 5,038 5,077 5,088 5,144 5,166 5,201 5,213 5,256 C 5,242 5,190 5,230 5,227 5,229 Manufacturing Total 19,248 18,947 18,999 19,314 19,391 19,076 18,406 18,104 18,075 18,303 18,346 18,355 18,398 18,439 18,472 18,502 18,523 18,525 18,506 18,456 18,428 18,340 18,352 NonDurable durable goods goods 11,458 11,195 11,154 11,363 11,394 11,109 10,569 10,277 10,221 10,431 10,465 10,481 10,513 10,550 10,574 10,596 10,622 10,633 10,632 10,611 10,597 10,564 10,582 7,790 7,752 7,845 7,951 7,997 7,968 7,837 7,827 7,854 7,872 7,881 7,874 7,885 7,889 7,898 7,906 7,901 7,892 7,874 7,845 7,831 7,776 7,770 1 Includes all full- and part-time wage and salary workers in nonagricultura! establishments who received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, ajnd personnel of the Armed Forces. Total in this table not comparable with estimates of nonagricultura] 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 72,544 74,811 77,284 80,086 82,642 84,514 84,511 85,373 87,378 90,121 90,529 90,732 90,854 91,252 91,394 91,517 91,799 91,932 91,979 92,020 92,307 92,409 92,645 Transporta- Wholetion and sale public trade utilities 5,233 5,247 5,362 5,514 5,625 5,793 5,762 5,721 5,829 6,006 6,045 6,048 6,061 6,092 6,121 6,129 6,156 6,175 6,184 6,177 6,192 6,194 6,211 5,727 5,761 5,848 6,030 6,187 6,173 6,081 5,997 5,981 6,140 6,163 6,181 6,195 6,210 6,229 6,251 6,275 6,287 6,300 6,298 6,320 6,332 6,334 Retail trade 17,315 17,880 18,422 19,023 19,475 19,601 19,284 19,356 19,773 20,437 20,497 20,565 20,580 20,703 20,759 20,760 20,794 20,760 20,762 20,747 20,798 20,855 20,840 Finance, insurance, Services and real estate 5,948 6,273 6,533 6,630 6,668 6,709 6,646 6,602 6,757 6,933 6,948 6,942 6,935 6,937 6,931 6,927 6,929 6,938 6,924 6,925 6,930 6,935 6,950 21,927 22,957 24,110 25,504 26,907 27,934 28,336 29,052 30,197 31,488 31,693 31,789 31,888 32,035 32,135 32,228 32,404 32,524 32,548 32,630 32,784 32,810 32,954 Government Total 16,394 16,693 17,010 17,386 17,779 18,304 18,402 18,645 18,841 19,118 19,183 19,207 19,195 19,275 19,219 19,222 19,241 19,248 19,261 19,243 19,283 19,283 19,356 Federal 2,875 2,899 2,943 2,971 2,988 3,085 2,966 2,969 2,915 2,870 2,861 2,863 2,858 2,854 2,853 2,838 2,831 2,828 2,826 2,831 2,838 2,837 2,834 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 dime they appear on a payroll, in contrast to the series shown on p. 11, where persons are counted only once—as employed, unemployed, or not in the labor force. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS. HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGBICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average weekly hours Average gross hourly earnings Manufacturing Total private nonagritultura! * Period Total Average gross weekly earnings Total private nonagricultural 1 Overtime Current, dollars Total private nonagricultural 1 1982 dollars2 Manufacturing Percent change from a year ear ier, total private nonagricultural 3 Current dollars Current dollars 1982 dollars2 Manufacturing Construction Retail trade Current dollars 1982 dollars -1.3 .3 -1.0 -.9 -1.0 -1.8 -1.6*) 34.9 34.8 34.8 34.7 34.6 34.5 34.3 34.4 34.5 34.7 40.5 40.7 41.0 41.1 41.0 40.8 40.7 41.0 41.4 42.0 3.3 3.4 3.7 3.9 3.8 3.6 3.6 3.8 4.1 4.7 $8.57 8.76 8.98 9.28 9.66 10.01 10.32 10.57 10.83 11.13 $7.77 7.81 7.73 7.69 7.64 7.52 7.45 7.41 7.39 7.41 $9.54 9.73 9.91 10.19 10.48 10.83 11.18 11.46 11.74 12.06 $299.09 304.85 312.50 322.02 334.24 345.35 353.98 363.61 373.64 386.21 $271.16 271.94 269.16 266.79 264.22 259.47 255.40 254.99 254.87 256.96 $386.37 396.01 406.31 418.81 429.68 441.86 455.03 469.86 486.04 506.52 $464.46 466.75 480.44 495.73 513.17 526.01 533.40 537.70 553.63 572.61 $174.64 176.08 178.70 183.62 188.72 194.40 198.48 205.06 209.95 216.46 2.1 1994- Aug Sept Oct Nov Dec 34.6 34.7 34.9 34.6 34.7 42.0 42.1 42.1 42.1 42.1 4.7 4.8 4.7 4.8 4.8 11.14 11.18 11.25 11.24 11.27 7.37 7.38 7.42 7.40 7.40 12.09 12.12 12.14 12.17 12.18 385.44 387.95 392.63 388.90 391.07 255.09 256.24 258.99 256.02 256.94 507.78 510.25 511.09 512.36 512.78 571.91 577.98 578.12 575.79 579.07 217.04 217.62 220.75 218.48 219.64 22 3J 4.3 3.1 3.1 -.6 .7 1.7 .4 .4 1995- Jan Feb Mar 34.8 34.6 34.6 34.6 34.2 34.4 34.6 34.4 42.2 42.1 42.0 41.5 41.4 41.5 41.3 41.5 4.9 4.8 4.7 4.5 4.4 4.2 4.3 4.4 11.29 11.32 11.34 11.40 11.37 11.43 11.49 11.47 7.39 7.39 7.38 7.40 7.36 7.39 7.43 12.21 12.24 12.25 12.28 12.28 12.32 12.40 12.41 392.89 391.67 392.36 394.44 388.85 393.19 397.55 394.57 257.30 255.83 255.44 255.96 251.85 254.33 256.98 515.26 515.30 514.50 509.62 508.39 511.28 512.12 515.02 579.28 575.86 578.12 566.61 563.62 582.86 590.41 583.98 220.11 218.88 219.17 222.03 219.56 220.90 222.82 222.62 2.7 3.3 2.6 2.5 1.1 2.4 3.0 2.4 '.3 -A -.7 -2.1 -.6 .2 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 . .. JulyP 1.9 2.5 3.0 3.8 3.3 2.5 2.7 2.8 3.4 -.0 .8 3 1 Also 2 Based on seasonally unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. includes other private industry groups shown on p. 14. Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI-W) (on a 1982=100 base). EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries 87.3 90.1 93.1 97.6 102.3 107.0 111.7 115.6 119.8 123.5 88.3 91.1 94.1 98.0 102.0 106.1 110.0 112.9 116.4 119.7 Benefits" Total compensation Wages and salaries 12 months earlier Benefits1 Total compensation Wages and salaries Benefits ' Not seasonally adjusted 1985198619871988198919901991199219931994- Dec Dec Dee Dee Dec Dee Dec Dec Dec Dec .... ... 84.6 87.5 90.5 96.7 102.6 109.4 116.2 122.2 128.3 133.0 3.9 3.2 3.3 4.8 4.8 4.6 4.4 3.5 3.6 3.1 Sept Dec 1994- Mar Sept Dec 1995- Mar . 116.9 117.9 118.9 119.9 120.8 121.8 122.8 123.6 124.3 125.2 113.9 114.6 115.6 116.4 117.3 118.3 119.1 119.8 120.6 121.5 1 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. 124.8 126.5 127.7 129.1 130.2 131.5 132.8 133.8 134.0 134.7 1.0 .9 .8 .8 .8 .8 .8 .7 .6 .7 3.5 3.4 3.4 6.9 6.1 6.6 6.2 5.2 5.0 3.7 Not seasonally adjusted Seasonally adjusted 1993- Mar 4.1 3.2 3.3 4.1 4.1 4.0 3.7 2.6 3.1 2.8 0.8 .6 .9 .7 .8 .9 .7 .6 .7 .7 1.5 1.4 .9 1.1 .9 1.0 1.0 .8 .1 .5 3.5 3.6 3.7 3.6 3.3 3.4 3.3 3.1 2.9 2.8 2.7 2.7 3.1 3.1 2.9 3.1 2.9 2.8 2.9 2.9 5.6 5.8 5.4 5.0 4.4 3.9 4.0 3.7 2.9 2.6 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistic! 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output1 Business sector Hours of all persons2 Nonfarm business sector Business sector Compensation per hour3 Nonfarm business sector 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 Nonfami business sector 1982=100; quarterly data seasonally adjusted 106.3 108.5 109.6 110.7 109.9 110.7 112.1 115.5 117.0 119.4 105.6 107.7 108.6 109.6 108.6 109.1 110.7 113.7 115.2 117.4 116.7 119.9 124.8 130.1 132.3 133.3 132.0 135.5 140.6 148.4 116.8 120.1 125.0 130.6 132.7 133.5 132.2 135.5 141.0 148.5 109.8 110.5 113.8 117.5 120.4 120.5 117.7 117.4 120.2 124.2 110.7 111.5 115.1 119.1 122.2 122.4 119.5 119.2 122.4 126.5 113.2 118.8 123.1 128.5 133.0 140.6 147.4 154.9 160.1 164.5 112.8 118.4 122.5 127.7 132.0 139.2 146.2 153.7 158.3 162.6 101.5 104.6 104.6 104.8 103.5 103.8 104.4 106.6 106.9 107.1 101.1 104.3 104.1 104.2 102.7 102.8 103.6 105.7 105.7 105.9 106.5 109.5 112.3 116.0 121.0 127.1 131.5 134.2 136.9 137.8 106.8 110.0 112.8 116.5 121.5 127.6 132.1 135.2 137.5 138.5 111.2 113.6 116.6 120.8 126.1 131.2 135.9 138.8 141.5 143.9 111.6 114.2 117.2 121.4 126.5 131.8 136.7 139.9 142.6 145.2 101.1 103.1 105.4 107.0 108.3 110.6 110.8 109.7 110.5 113.0 116.8 101.1 103.3 105.3 106.0 107.4 109.5 110.0 108.5 108.9 111.5 115.0 100.0 107.5 114.4 118.0 120.6 127.4 131.7 132.3 132.1 132.6 137.9 100.0 108.1 114.8 118.2 120.8 127.6 132.5 132.7 132.2 132.8 137.9 98.9 104.3 108.5 110.2 111.3 115.1 118.8 120.6 119.6 117.4 118.1 98.9 104.7 109.0 111.4 112.5 116.5 120.5 122.3 121.4 119.2 120.0 102.1 105.3 109.9 115.6 120.9 125.8 130.6 134.9 143.5 150.1 157.7 102.1 105.2 109.9 115.0 120.5 125.1 129.8 133.9 142.2 148.8 156.4 100.6 100.5 100.7 102.4 105.6 105.1 104.7 103.4 103.4 105.1 107.1 100.6 100.4 100.7 101.8 105.2 104.6 104.1 102.6 102.5 104.2 106.2 101.0 102.1 104.3 108.0 111.6 113.7 117.9 123.0 129.8 132.9 135.1 101.0 101.9 104.4 108.5 112.2 114.3 118.0 123.4 130.5 133.5 136.1 101.1 104.8 109.0 112.4 114.6 117.9 122.8 127.8 133.2 136.9 140.1 101.4 105.2 109.0 112.9 115.2 118.5 123.4 128.2 134.0 137.9 141.2 116.2 116.3 117.0 118.4 114.3 114.5 115.3 116.5 138.1 139.6 140.9 143.9 138.3 139.9 141.5 144.3 118.9 120.0 120.5 121.5 120.9 122.2 122.8 123.8 158.7 159.9 160.6 161.3 157.2 158.1 158.7 159.3 107.0 107.0 107.0 106.6 105.9 105.8 105.7 105.3 136.6 137.5 137.3 136.2 137.4 138.1 137.7 136.8 140.8 141.4 141.6 142.1 142.0 142.5 142.8 143.1 III 118.9 118.5 119.5 120.7 117.0 116.6 117.3 118.6 145.8 147.2 148.8 151.6 146.1 147.3 148.8 151.6 122.6 124.2 124.6 125.6 124.9 126.3 126.8 127.9 163.3 163.6 164.9 166.4 161.2 161.8 162.9 164.4 107.4 106.9 106.8 107.2 106.0 105.7 105.5 105.9 137.3 138.1 138.0 137.8 137.8 138.8 138.8 1,38.7 142.6 143.8 144.5 144.8 143.5 145.1 145.9 146.1 1995- Ir UP* 121.3 122.2 119.3 120.2 153.2 153.4 153.3 153.5 126.3 125.5 128.5 127.7 167.9 169.5 166.1 167.6 107.3 107.4 106.2 106.2 138.4 138.7 139.2 139.4 145.3 145.6 146.6 146.9 1985 1986 1987 1988 1989 1990 1991 1992 1993 r 1994 -.. 1982: IV 1983- IV 1984- IV .... 1985: IV 1986- IV 1987: 19881989: 1990: 1991: IV IV IV IV IV 1992: IV 1993- I II Ill IV 1994: I II rv Percent change; quarterly data at seasonally adjusted annual rates 1985 1986 1987 1988 1989 1990 1991 1992 1992- I II Ill rv 1993- I II .. Ill IV 1994: I II III IV ... 1995- Ir HP* 1 2^4 3.4 4.5 5.0 3.6 4.4 3.5 5.7 4.8 5.1 3.4 2.8 4.1 5.0 3.5 4.2 3.3 5.5 5.0 5.1 3.0 2.7 0.9 3.1 -.1 .2 -1.3 .3 .6 2.0 .4 .2 0.6 3.1 _. g .1 -1.4 .1 .8 2.0 .0 .1 3.0 2.8 2.5 3.4 4.3 5.0 3.5 2.1 2.0 .7 3.3 2.9 2.6 3.3 4.3 5.1 3.5 2.4 1.7 .8 3.3 2.2 2.6 3.6 4.4 4.1 3.5 2.2 1.9 1.7 3.7 2.4 2.6 3.6 4.2 4.2 3.7 2.3 1.9 1.8 2.4 2.5 4.4 6.2 -1.8 .7 1.6 2.2 -1.6 .2 1.9 2.2 5.6 4.4 5.7 4.6 5.5 5.0 5.3 4.6 2.8 1.3 2.5 1.1 2.7 1.9 2.2 1.1 .3 2.9 2.3 1.2 1.4 2.7 2.9 .6 3.3 2.2 -1.3 5.1 3.2 2.5 -1.2 5.1 .6 4.2 4.0 8.6 1.0 4.7 4.9 7.9 2.7 3.6 1.7 3.5 3.2 4.2 1.9 3.5 2.5 3.1 1.8 1.7 1.9 2.4 1.5 1.6 -.6 .1 .1 -1.5 -1.1 -.6 -.2 -1.6 4.6 2.5 -.4 -3.2 4.1 2.0 -1.3 -2.5 2.3 1.7 .6 1.2 2.2 1.6 .7 .8 1.7 -1.4 2.7 4.3 5.5 3.7 4.5 7.8 5.2 3.2 4.3 7.7 3.6 5.2 1.3 3.3 3.4 4.7 1.6 3.3 5.1 .9 3.1 3.6 4.9 1.4 2.7 3.8 2.9 -1.7 -.4 1.3 2.7 -1.2 -.8 1.5 3.2 2.3 -.1 -.7 3.1 2.8 0 -.4 1.5 3.5 2.0 .7 1.2 4.5 2.3 .5 2.5 3.0 4.3 .4 4.5 .6 2.2 -2.5 2.0 -2.4 3.8 3.8 4.1 3.6 .7 .4 1.0 .2 1.7 .8 1.6 .6 1.4 .9 1.3 .9 A 1.5 2.7 1.3 1.9 3.4 2.8 4.1 4.4 1.7 .6 -1.0 2.4 4.1 5.3 2.1 .6 3.0 3.3 2.5 .1 -2.3 5.3 1.5 3.3 3.3 4.0 2.3 2.4 3.9 3.4 2.2 4.9 5.6 -2.1 .6 2.2 5.0 -2.2 .4 2.9 4.2 1.8 -1.4 3.2 4.3 2.1 3.0 0.8 2.0 .8 1.0 '.1 1.3 3.0 1.3 2.1 fj 1993 1994r 2.5 .8 3.2 3.4 2.6 .2 -2.4 -.3 2.7 3.3 3.6 2.8 4.1 4.3 1.7 .7 -1.0 2.7 3.8 5.5 1.4 2.1 1.0 1.0 A 3 Output refers to gross domestic product originating in the sector in 1987 dollars. 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 phis employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI-U}. 5 Current dollar gross domestic product divided by constant dollar gross domestic product. 2 16 NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. •Second quarter 1995 data are based on GDP data released July 28, 1995. GDP data for second quarter 1995 shown elsewhere in this issue of Economic Indicators were released August 30, 1995. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose slightly in July; capacity utilization fell slightly. INDEX, 1987. 100' (RATIO SCALE) 160 FINAL PRODUaS 150 BUSINESS FQHIPMFNT 140 INDEX, 1987 = 100' (RATIO SCALE) 140 TOTAL INDUSTRIAL PRODUCTION 130 120 130 120 V <~- J 110 *•-'""" I4U ./I~^ 130 120 90 ^ — ~** -^ "/*•* 80 ^^^f^'" NONDURAB £ J I l l l i Mill ,M 1 1 1 11 1It 1 11 !4U UTILITIES AND MINING UTILITIES \ 120 / v /— 'y^-''l M 1 1 M 1 ! n1 1991 .. v \; -~. \' / 1992 1 1 M'J T | 1 1 I 1 I M 1 1 1! i 1 1 ! CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) . ^/l MINING 90 ! ! 1 111IM 11 1 ! I M 1 1 1 I! I PERCENT" 130 |m|| 'N X 1 1 1 1 1 M i l l , AND SPACE EQUIPMENT ""/ 100 'V. --" "">.. ^_ ' _ S~ 110 110 ,-.— --• GOODS \ .. . DURABLE \ : ,'— -~'' .._-. j 100 MANUFACTURING 100 ^ ^/-^ 110 100 ^,,-—-' ,/~ -1/ M 1 1 1 i ! 1 ! 11 1993 -—^— ^ "^ 11111111111 11 M 1| ii1!1 1994 ^\ /" /I 82 1995 \w\ 1 i i 1 1 1 [ ! 1 1 1 1 1 1 i 1 1 1 J ill! i ! ! 1 1 I1 I I 1 1 1 1 ! 1994 199] 1 1992 1993 1 11 l l11iiii11i 1995 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Industry production indexes, 1987=100 Total industrial production Period Index, 1987 = 100 Capacity utilization rate, percent ' Manufacturing Percent change from year earlier Mining Total Durable Utilities Nondurable Total industry Manufacturing 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 94.4 95.3 100.0 104.4 106.0 106.0 104.3 107.6 112.0 118.1 1.7 .9 4.9 4.4 1.5 .0 -1.7 3.2 4.1 5.4 91.6 94.3 100.0 104.7 106.4 106.1 103.9 108.0 112.9 119.7 91.8 93.9 100.0 106.6 108.6 107.4 104.2 109.3 116.1 125.5 91.5 94.9 100.0 102.3 103.7 104.4 103.6 106.5 109.3 113.3 109.0 101.0 100.0 101.3 100.0 102.0 100.2 98.9 98.2 99.8 99.5 96.3 100.0 105.0 108.7 109.9 112.3 111.9 116.2 118.1 80.3 79.2 81.5 83.7 83.7 82.1 79.2 80.2 81.7 84.0 79.5 79.1 81.6 83.6 83.2 81.3 78.0 79.2 80.9 83.4 1994- July 118.2 119.1 119.0 119.5 120.3 121.7 5.5 6.1 5.8 6.0 5.8 6.1 119.8 120.9 120.9 121.5 122.6 124.2 125.2 127.0 127.2 128.0 129.1 131.2 113.6 114.0 113.7 114.2 115.4 116.4 100.1 100.0 100.1 99.2 98.3 100.1 119.0 118.8 116.5 117.2 116.5 115.2 84.1 84.5 84.2 84.4 84.8 85.5 83.3 83.8 83.6 83.8 84.4 85.2 122.0 122.1 122.0 121.2 121.2 121.1 121.3 6.4 5.6 4.6 3.9 3.2 2.6 2.6 124.5 124.2 124.2 123.3 123.2 123.1 122.8 131.6 131.5 131.6 •130.4 130.1 130.5 130.2 116.5 116.1 115.8 115.4 115.5 114.8 114.6 100.0 100.6 100.2 100.7 100.6 100.9 101.9 116.5 119.2 118,9 118.0 120.3 119.2 123.5 85.5 85.3 84.9 84.1 83.9 83.6 83.4 85.2 84.7 84.4 83.5 83.1 82.8 82.3 Get Nov Dec 1995- Jan Feb Mar May' June r JulyP 1 . Output as percent of capacity. Source: B(m:xl of* Governors of tin; Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1987=100; monthly data seasonally adjusted] Materials Products Final products Intermediate products Equipment Consumer goods Period Total Total 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1994- July Sept Oct . . Dec 1995: Jan Feb Apr*" July** 1 Durable goods Nondurable goods Total1 Business Defense and space equipment Total Construction supplies Business supplies Total Energy 94.2 95.7 100.0 104.8 106.8 107.0 105.6 109.0 113.4 118.4 93.7 96.8 100.0 102.9 104.0 103.4 103.0 105.9 109.4 113.2 91.6 94.5 100.0 104.6 106.6 102.3 95.5 102.6 110.7 119.4 94.4 97.6 100.0 102.4 103.2 103.8 105.2 106.9 109.2 111.8 94.8 94.5 100.0 107.6 110.9 112.1 109.4 113.4 119.3 126.5 91.1 93.1 100.0 110.7 115.5 116.9 116.5 124.1 134.6 146.7 89.4 96.0 100.0 99.7 100.1 98.8 91.3 86.5 78.5 71.0 88.3 91.9 100.0 101.8 102.0 101.2 96.9 98.8 102.4 108.1 89.1 93.8 100.0 101 5 100.5 98.2 91.8 95.0 98.9 106.8 87.7 90.7 100.0 102.0 103.0 103.2 100.3 101.3 104.9 109.1 96.6 95.9 100.0 105.0 106.7 106.8 105.4 109.2 114.1 121.5 103.4 99.5 100.0 102.2 103.1 104.2 104.4 103.7 103.6 105.2 118.5 119.2 118.9 119.2 119.8 121.2 113.3 113.8 113.0 113.0 113.9 115.5 118.0 120.7 119.1 119.4 120.5 123.4 112.2 112.2 111.7 111.5 112.4 113.7 126.4 127.5 128.0 128.8 128.9 130.1 146.9 148.9 149.5 150.9 151.0 152.6 69.9 69.2 68.8 68.7 69.0 68.7 109.1 109.2 108.6 109.9 110.6 110.9 107.9 108.2 108.6 109.7 109.8 111.6 110.0 109.9 108.7 110.1 111.3 110.7 121.4 122.8 122.9 123.4 124.6 126.3 105.2 106.1 105.6 105.2 104.9 105.3 121.6 121.8 121.6 121.0 120.9 121.1 121.3 115.7 115.7 114.9 114.4 114.2 114.2 114.2 124.5 123.4 121.4 119.4 116.3 116.7 114.7 113.6 113.9 113.5 113.3 113.8 113.8 114.2 130.9 131.2 132.0 131.3 131.4 132.0 132.4 153.7 154.5 155.9 154.9 154.9 156.0 156.5 68.6 67.7 67.5 66.8 66.8 66.9 66.4 111.3 110.9 110.7 108.9 109.2 108.8 108.2 112.2 111.0 110.5 108.6 107.3 107.4 106.5 110.9 111.0 110.9 109,3 110.5 109.8 109.4 126.5 126.7 126.7 126.1 126.2 125.8 126.3 105.6 106.6 106.6 106.7 106.7 107.0 108.8 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 Iron and steel Fabricated metal products Industrial machinery and equipment Electrical machinery Transportation equipment Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods 1985 1986 . . . 1987 1988 1989 1990 .. 1991 1992 1993 1994 101.8 93.7 100.0 108.7 107.2 106.5 98.7 101.9 106.9 114.5 104.5 90.8 100.0 112.7 111.2 111.5 100.5 105.1 111.4 118.3 94.5 93.8 100.0 104.2 102.8 99.5 95.3 98.8 103.7 110.8 86.8 90.3 100.0 113.0 117.3 117.6 115.0 124.6 141,1 159.9 93.1 94,3 100.0 108.5 111.0 111.4 113.4 121.9 139.3 160.0 91.8 96.9 100.0 105.2 109.6 107.0 101.3 105.1 105.5 109.7 99.0 98.5 100.0 105.7 106.9 101.0 94.3 107.4 121.1 137.9 88.0 95.1 100.0 100.1 99.4 97.1 90.5 95.8 100.2 106.0 92.6 96.3 100.0 98.1 95.0 92 2 92^9 95.0 94.9 96.3 87.6 90.6 100.0 100.9 101.1 100.8 97.0 97.2 99.3 101.1 91.4 94.6 100.0 106.0 109.2 111.8 111.1 114.7 119.1 124.1 94.9 97.4 100.0 101.5 102.5 103.7 105.3 107.0 109.4 112.8 1994- July 112.7 113.5 116.0 115.9 119.1 123.0 116.1 113.0 118.2 118.8 121.9 129.3 111.7 112.4 111.6 112.2 113.3 115.3 160.6 162.6 164.6 166.5 167.5 168.5 161.5 164.1 165.0 166.9 168.8 172.5 105.7 109.5 108.8 109.0 110.5 111.9 129.6 138.1 137.4 138.4 141.4 144.6 106.8 105.5 107.6 106.7 106.7 110.4 97.0 96.8 96.8 96.9 96.8 97.0 102.1 101.5 100.9 101.4 102.0 101.6 124.7 124.7 123.7 123.8 126.2 128.0 113.4 113.7 114.6 113.4 113.9 114.7 120.9 119.8 120.5 117 8 117.6 115.3 113.6 125.9 124.3 126.1 1226 122.0 118.3 116.5 115.3 114.9 114.6 112 9 113.7 113.6 112.2 171.4 171.1 172.0 172.3 173.3 174.2 175.8 172.9 174.0 175.2 175.1 177.0 178.8 182.6 112.6 113.5 112.9 110.1 107.7 107.9 105.1 146.1 146.7 144.8 139.0 134.4 134.8 130.5 110.2 107.4 105.2 104.9 102.9 103.5 102.2 96.6 95.8 95.4 93.9 93.5 91.6 89.8 101.3 100.8 100.4 99.7 100.2 99.5 99.1 130.4 129.7 129.2 127.8 127.9 127.5 127.4 115.9 115.7 115.4 115.3 116.5 116.6 116.7 Sept Ort Dec 1995- Jan Feb Mar May7" July Source: Board of Governors of the Federal Reserve System. 18 NEW CONSTRUCTION [Monthly data seasonally adjusted] Private Period Total new construction expenditures Residential Total New housing units Total- Commercial and industrial 2 Other Federal and State and local Construction contracts3 Total value index (1987=100) Commercial and industrial floor space (millions of square feet) Billions of dollars 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 377.4 407.7 299.5 419.4 328.7 337.5 345.5 334.7 293.3 1994- July 509.6 509.9 Sept 518.3 521.3 432.3 443.7 442.2 403.4 435.0 464.5 506.9 323.1 315.7 339.2 376.6 114.7 133.2 139.9 138.9 139.2 128.0 110.6 129.6 144.1 167.9 158.5 187.1 194.7 198.1 196.6 182.9 157.8 187.9 210.5 238.9 89.8 84.4 84.0 88.0 94.3 96.4 77.0 65.8 66.4 73.8 51.3 51.6 50.1 51.5 54.6 55.4 58.4 62.1 62.3 63.9 77.8 84.6 90.6 94.7 98.2 107.5 110.1 119.3 125.3 130.3 91 96 100 101 105 95 89 97 105 114 Annual rates Oct Nov Dec 520.2 521.8 521.1 521.4 1995: Jan Feb 523.5 523.6 514.9 519.6 Julv^ 1 Includes residential 2 Includes hotels and 3 P.W. Dodge series. 529.8 1,097 1,016 1,019 973 961 783 577 556 589 715 Annual rates 387.1 386.1 240.5 240.1 242.2 240,5 242.4 243.6 170.0 169.3 170.6 168.3 169.3 169.7 72.2 73.4 76.4 76.9 81.4 80.9 65.7 66.2 65.9 65.6 63.2 61.7 131.2 130.2 133.9 138.3 133.1 135.7 '115 122 118 115 116 108 719 688 710 707 771 688 384.8 383.7 383.3 383.4 376.3 377.6 386.6 241.9 240.2 237.9 235.1 231.8 228.5 232.6 168.6 167.2 163.9 160.1 156.8 153.3 158.3 81.3 82.7 84.7 85.4 82.0 86.4 89.2 61.5 60.7 60.7 62.8 62.6 62.7 64.8 136.2 137.8 140.2 140.2 138.6 142.0 143.2 110 113 '115 '105 115 115 111 786 883 778 632 727 800 713 378.4 379.7 384.5 382.9 Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems Company, F.W. Dodge Division. improvements, not shown separately. motels. 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 1,741.8 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 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1 unit 1,072.4 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 2-4 units 5 or more units 93.4 84.0 65.3 58.8 55.2 37.5 35.6 30.7 29.4 35.0 576.1 542.0 408.7 348.0 317.6 260.4 137.9 139.0 132.6 223.5 Units authorized 1,733.3 1,769.4 1,534.8 1,455.6 1,338.4 1,110.8 948.8 1,094.9 1,199.1 ^1,371.6 Units completed Homes sold Homes for sale at end of period J Vacancy rate for rental housing units (percent) 2 1,703.3 1,756.4 1,668.8 1,529.8 1,422.8 1,308.0 1,090.8 1,157.5 1,192.7 1,346.9 688 750 671 676 650 534 509 610 666 670 346 357 366 368 365 321 284 265 293 338 6.5 7.3 7.7 7.7 27.4 7.2 7.4 7.4 2 7.3 7.4 7.4 Seasonally adjusted annual rates 1994: June July Sept Oc? Nov Dec 1995- Jan Feb Mar May' July 1 Seasonally 2 1,370 1,440 1,463 1.511 1,451 1,536 1,545 1,174 1,219 1,174 1,235 1,164 1,186 1,250 18 32 40 42 39 62 33 178 189 249 234 248 288 262 1,350 1,347 1,386 1,426 1,401 1,358 1,420 1,333 1,280 1,337 1,400 1,376 1,371 1,388 632 630 672 691 707 642 627 313 317 322 328 330 335 338 1,366 1,319 1,238 1,269 1,282 1,293 1,380 1,055 1.048 987 1,009 988 1,030 1,100 38 42 35 26 36 34 35 273 229 216 234 258 229 245 1,293 1,282 1,235 1,243 1,243 1,275 1,355 1,436 1,302 1,443 '1,334 1,330 1,251 643 575 '612 '607 671 712 715 342 347 '347 '348 347 348 348 adjusted. Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993 data have been revised to be comparable with new series beginning in 1994. Quarterly data entered in tast month of quarter, 3 The 1994 total based on 17.000 permit-issuing places is 1,333.7 thousand units. 7.2 7.4 7.4 7.7 NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units luthorized are for 17,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In June, manufacturing and trade sales rose 0.7 percent and inventories rose $4.0 billion. According to advance data, retail sales fell 0.1 percent in July after rising 0.8 percent in June. BILLIONS OF DOLLARS* (RATIO SCALE] 1,000 900 ,^_ ~~~\ —\ 800 BILLIONS OF DOLLARS* (RATIO SCALE) 4001 ^- 350 "" 1 300 MA •JUFACTURINC3 AND TR,ADE INVENTC5RIES ~~" -/ —' 700 250 600 RETAIL INVENTORIES ,—'--'' 500 NUFACTURIN AND TRADE SALIES 200 400 RETAIL SALES - 150 I 300 RATIO* 1.80 i II II I INVENTORY-SALES RATIO 1.70 RETAIL 1.60 200 1.50 T^X^v— x ,'V / TN-^-^^ 1.40 - ~_ *• "****. \s y-^ AND TRADE 1991 1992 1993 in i i l n in 1994 1.30 1 II I 1 1995 Mill 1 1 i 1 1 1 1 i 1 1 1 1 M M 1 1 1 I! 1 M i l l 1 992 1991 1 993 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE Manufacturing and trade > Who esale 1995 Sales - Inventories 3 Inventory-sales ratio4 Retail Sales Sales - 1994 COUNCIL OF ECONOMIC ADVISERS Period Inventories3 1 M M M M 111 M 11 Total 2 Durable goods stores Inventories Nondurable goods stores Total 3 Durable goods stores Nondurable goods stores Manufacturing and trade 1 Retail Millions of dollars, seasonally adjusted, except as noted 1984 1985 1986 1987 1988 1989 1990 1991 1992 .... 1993 1994 1994- Juiw Ju]v r Sept Oct Dec 1995: Jan Feb Mar May' June p 410.124 422,583 430,419 457,735 496,079 523,065 542,682 538,485 561,293 593,076 639,770 634,614 632,682 652,889 651,401 653,124 661,904 671.275 649,780 664,089 662,753 709,814 765,270 811,154 834,391 829,685 838,895 860,979 916,550 885,082 889,040 897,787 902,120 908,570 913,833 916,550 112,199 113,459 114,960 122,968 134,521 143,760 149,506 148,306 154,150 161,681 172,521 142,452 147,409 153,574 163,903 178,801 187,009 195,550 200,062 207,663 215,878 234,722 107,243 114,586 120,803 128,442 138,017 146,581 153,718 154,661 162,632 172,875 186,414 37,873 41,510 45,057 47,989 52.430 54,763 55,736 54,165 58,634 64,795 73,369 170,884 172,073 176,948 175,960 177,657 178,593 182,830 222,970 225,908 227,257 228,341 231,837 233,858 234,722 185,164 185,124 187,861 189,307 191,492 192,120 192,392 238,272 193,299 240,365 191,868 243,462 193,153 246,867 193,022 247,702 195,107 249,813 '196,737 252,122 196,517 72.421 72,172 74,113 74,973 76.865 77,098 77.047 673,918 675,480 674,797 672,912 678,444 682,921 675 445 928,672 936,091 942,743 952,235 956,516 960.467 182,829 185.056 183,207 184,597 186.244 187.472 186,104 76.775 76.138 76,978 76,549 77.533 '78,675 78,204 1 3 2 4 See page 21 for manufacturing. Annual data are averages of monthly not seasonally adjusted figures; monthly data are t sonally adjusted totals for month. 20 69,369 73,075 75,746 80,453 85.587 91,818 97,981 100,497 103,999 108,080 113,045 112,743 112,952 113,748 1 14,334 114,627 1 15,022 115,345 116,524 115,730 116,175 116,473 117.574 ' 1 18.062 118.313 167,812 181,881 186,510 207,836 219.047 237,234 239,773 243,275 251 ,994 267.676 290,018 279.006 276,487 283,518 287,248 288,670 289,987 290,018 294,296 296.000 297,200 299,690 300,525 300,643 79.074 88.315 89,983 105,481 112,453 121,347 121,105 119.039 122,948 13:3,70.9 149,07! 140,919 139,479 1 45.033 147,434 148,030 149,081 149.071 152,754 153.826 155.530 157.958 157,842 157,214 88,738 93,566 96,527 102,355 106,594 115,887 118,668 1 24,236 129,046 133,967 140,947 138,087 137,008 138,485 139,814 140,640 140,906 140,947 141,542 142,174 141,670 145,732 142,683 143,429 .Seasonally adjusted, end of period. Annual data are averages of season ally adjusted monthly ratios, Note.—Chart does not reflect wholesale trade data released Septemlxr 6, Source: Department of Commerce, Bure,•an of the Census. 1.53 1.56 1.55 1.50 1.49 1.52 1.52 1.54 1.49 1.44 1.39 1.39 1.41 1.38 1.38 1 .39 1.38 1.37 1.38 1.39 1.40 1.42 1.41 1.41 1.49 1.52 1.56 1.55 1.54 1.58 1.55 1.54 1.52 1.51 1.50 1.51 1.49 1.51 1.52 1.51 1.51 1.51 1.52 1.54 !.54 1.55 1.54 1.53 MANUFACTURERS' SHIPMENTS. INVENTORIES, AND ORDERS Manufacturers' shipments and new orders fell in July; inventories rose; and unfilled orders were virtually unchanged. BILLIONS OF DOLLARS' (RATIO SCALE) 320 BILLIONS OF DOLLARS' (RATIO SCALE) 480 440 400 360 SHIPMENTS , ii" • -i. TOTAL 280 *^_^- 240 •^ INVbNIORItb — - in. ii " 200 * 1 TOTAL 280 XIRABLEGOC IDS 160 ,-•-'" 240 ' \ / • rf' J 200 120 - —-= , •, 320 RABLEGOOC »-"-X""- * '•-••*' -•,'-- 1 - 160 / ,,--- NO ^DURABLE GCXDDS 80 1 1 1 II 1 1 II ! 1 INN 1 1 1 1 1 i M 1 1 1 1 1 1 1 1 1 1 1 1 il i i i 1 1 < i 1 1 1 1 1 1 1 1 1 \ NDURABLE GC 120 BILLIONS OF DOLLARS' (RATIO SCALE) 320 NFW npnFPS TOTAL 280 240 -v~/ "—•<• , J-Sr~~~~ ' 1 80 '—•s^—. 1 1 1 1 1 1 1! 1 1 1 miilmii ™" 200 DURABLE GCXlDS 160 \ 120 --~t-*=; .-,^-i • *•*• \* >••%.„.*.-•' ft " . — '"" "* / NONI3URABLEGOC)DS 80 1 1 1 1 ll 1 1 1 i 1 1991 I 1 ! 1 1 1 1 1 1 1 1 1 II 1 M 1 1 1 1 1 1992 1 1 M 1 i 1 11 1 1 1993 1994 1 1 j i i ij i 1 1 1995 1991 1995 * SEASONAUY ADJUSTED SOURCE: DEPARTMENT Of COMMERCE COUNCIL Of ECONOMIC ADVISERS Manufacturers' shipments ' Manufacturers' inventories2 Manufacturers' new orders Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Nondurable goods Manufacturers' unfilled orders2 Manufacturers' inventory— shipments ratio3 Millions of dollars, sef isonally actuated, except as noted 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1994- June July Sept Oct Nov Dec 1995: Jan Feb Mar May July 1 190,682 194,538 194,657 206,326 223,541 232,724 239,459 235,518 244,511 258,520 280,835 97,940 101,279 103,238 108,128 117,993 121,703 122,387 119,151 125,553 135,981 151,060 92,742 93,259 91,419 98,198 105,549 111,022 117,072 116,367 118,958 122,539 129,775 339,516 334,799 322,669 338,075 367,422 386,911 399,068 386,348 379,238 377,425 391,810 221,330 218,212 212,006 220,776 241,402 256,065 259,988 249,117 237,717 236,303 247,644 118,186 116,587 110,663 117,299 126,020 130,846 139,080 137,231 141,521 141,122 144,166 192,879 195,706 195,204 209,389 227,026 235,932 240,646 234,354 241,545 255,701 281,953 100,164 102,356 103,647 110,809 121,445 124,933 123,556 117,878 122,614 133,273 151,878 23,669 24,545 23,983 26,095 30,729 32,725 32,254 29,468 29,653 31,889 37,530 92,715 93,351 91,557 98,579 105,581 110,999 117,090 116,476 118,932 122,428 130,074 373,529 387,095 393,412 430,288 471,951 510,459 524,846 511,122 475,304 441,947 456,838 1.73 1.73 1.68 1.59 1.58 1.64 1.65 1.67 1.57 1.47 1.37 278,566 275,485 288,080 286,134 283,975 291,191 296,053 150,010 146,472 155,619 154,350 152,586 157,292 159,299 128,556 129,013 132,461 131,784 131,389 133,899 136,754 383,106 386,645 387,012 386,531 388,063 389,988 391,810 241,039 243,392 244,116 243,814 244,925 246,374 247,644 142,067 143,253 142,896 142,717 143,138 143,614 144,166 279,788 274,305 287,222 287,248 285,985 293,716 299,514 151,212 145,251 154,675 155,433 154,150 159,321 162,310 38,055 36,310 37,595 39,056 38,276 40,781 37,759 128,576 129,054 132,547 131,815 131,835 134,395 137,204 449,767 448,587 447,729 448,843 450,853 453,378 456,838 1.38 1.40 1.34 1.35 1.37 1.34 1.32 297,790 161,079 161,206 298,556 161,571 298,437 295,293 157,970 159,612 297,093 298,712 '160,828 155,584 292,824 136,711 137,350 136,866 137,323 137,481 137,884 137,240 396,104 399,726 402,081 405,678 408,289 410,011 412,451 250,251 252,124 253,237 255,334 256,787 257,442 259,440 145,853 147,602 148,844 150,344 151,502 152,569 153,011 164,507 301,724 300,804 163,338 163,042 299,625 155,553 293,069 159,502 297,046 296,754 '159,031 155,629 292,911 41,785 42,055 42,628 40,072 43,115 '42,964 39,905 137,217 137,466 136,583 137,516 137,544 137,723 137,282 460,772 463,020 464,208 461,984 461,937 459,979 460,066 1.33 1.34 1.35 1.37 1.37 1.37 1.41 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seafonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES In July, the producer price index for all finished goods was unchanged. Prices of finished consumer foods rose 1.2 percent and prices of other finished consumer goods fell 0.6 percent. Capital equipment prices rose 0.1 percent. INDEX, 1982 . 100 (RATIO SCALE) INDEX, 1982 = 100 (RATIO SCALE) 150 100 1994 1995 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [1982 = 100; monthly data seasonally adjusted] Finished goods Intermediate materials Finished goods excluding consumer foods Period Total finished goods Consumer foods Total Total 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1994: July Auer Sept Oct Nov Dec 1995- Jan Peb Mar r Apr May June July 1 104.7 103.2 105.4 108.0 113.6 119.2 121.7 123.2 124.7 125.5 125.5 126.2 125.8 125.3 126.1 126.5 127.1 127.3 127.5 127.9 127.9 127.8 127.8 104.6 107.3 109.5 112.6 118.7 124.4 124.1 123.3 125.7 126.8 126.1 126.4 126.2 126.1 127.3 129.0 128.3 128.7 128.6 128.2 127.4 127.0 128.5 104.6 101.9 104.0 106.5 111.8 117.4 120.9 123.1 124.4 125.1 125.2 126.0 125.6 125.0 125.6 125.7 126.6 126.9 127.1 127.7 127.9 127.9 127.5 Intermediate materials for food manufacturing and feeds. 22 103.3 98.5 100.7 103.1 108.9 115.3 118.7 120.8 121.7 121.6 121.7 122.7 122.0 121.4 122.2 122.2 123.2 123.4 123.6 124.4 124.7 124.6 123.9 Durable 106.5 108.9 111.5 113.8 117.6 120.4 123.9 125.7 128.0 130.9 131.3 131.8 131.9 131.0 131.4 131.6 132.0 132.2 132.0 132.3 132.4 132.6 132.5 Total Capital equipment Consumer goods Nondurable 101.7 93.3 94.9 97.3 103.8 111.5 115.0 117.3 117.6 116.2 116.2 117.4 116.3 115.8 116.9 116.7 118.0 118.3 118.6 119.6 120.0 119.7 118.8 107.5 109.7 111.7 114.3 118.8 122.9 126.7 129.1 131.4 134.1 134.4 134.7 135.0 134.3 134.5 134.9 135.5 135.7 135.9 136.1 136.4 136.7 136.9 finished consumer goods 103.8 101.4 103.6 106.2 112.1 118.2 120.5 121.7 123.0 123.3 123.2 123.9 123.4 122.9 123.9 124.3 124.8 125.1 125.3 125.7 125.7 125.5 125.4 Total Foods and feeds1 Other Crude materials Total Foodstuffs and Other stuffs 102.7 99.1 101.5 107.1 112.0 114.5 114.4 114.7 116.2 118.5 118.2 119.0 119.5 119.9 120.9 121.4 123.0 123.9 124.4 125.1 125.4 125.5 125.5 97.3 96.2 99.2 109.5 113.8 113.3 111.1 110.7 112.7 114.8 112.6 112.9 113.5 112.5 112.5 111.9 112.3 112.2 112.6 111.5 110.4 111.5 113.2 103.0 99.3 101.7 106.9 111.9 114.5 114.6 114.9 116.4 118.7 118.5 119.3 119.8 120.3 121.4 121.9 123.5 124.5 125.0 125.8 1-26.2 126.2 126.2 Source: Department of Labor, Bureau of Labor Statistics. 94.8 96.9 95.8 81.6 87.7 93.2 87.9 93.7 96.2 85.5 96.0 106.1 93.4 103.1 111.2 108.9 113.1 101.5 94.6 101.2 105.5 93.5 100.4 105.1 94.7 102.4 108.4 94.8 101.8 106.5 97.8 102.6 103.9 98.5 102.6 102.8 94.7 100.1 102.6 94.4 99.5 101.5 94.7 100.1 102.4 100.6 102.3 95.6 100.9 102.3 96.0 102.5 103.6 97.8 97.4 101.2 101.1 103.3 100.1 101.3 102.5 97.1 102.0 103.2 101.0 100.5 96.7 102.4 105.1 CONSUMER PRICES—ALL URBAN CONSUMERS In July, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (it was unchanged 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) 160 160 SEASONALLY ADJUSTED 150 150 140 140 130 130 120 120 110 110 100 100 90 90 1987 1988 1989 1991 1992 1993 1995 1994 COUNCIL OF ECONOMIC ADVISERS [1982-84=100, except as noted; monthly data seasonally adjusted, except as noted] Transportation Housing All items ' Shelter Period Rd. imp.3 1985 1986 1987 1988 1989 1990 1991 . ... 1992 1993 1994 1994: July Aug Sept Oet Nov Dee 1995: Jan Feb Mar Apr May June July Not seasonally adjusted (NSA) Seasonally adjusted 1000 107.6 109.6 113.6 1183 1240 1307 1362 1403 1445 1482 148.4 149.0 149.4 149.5 149.7 149.7 150.3 150.9 151.4 151.9 152.2 152.5 152.5 148.5 149.1 149.4 149.6 149.8 150.1 150.6 151.0 151.3 151.9 152.3 152.5 152.8 Pood Total' Total 15.8 105.6 109.0 113.5 1182 125 1 1324 1363 1379 1409 1443 144.7 145.4 145.7 145.8 146.0 147.1 146.7 147.1 147.1 148.2 148.3 148.4 148.7 41 2 107.7 110.9 114.2 1185 123 0 1285 133 6 137 5 141 2 1448 144.7 145.1 145.4 145.7 145.9 145.9 146.5 146.9 147.2 147.6 147.8 148.1 148.5 280 109.8 1158 121.3 127 1 132 8 140 0 1463 151 2 155 7 1605 160.2 160.9 161.3 161.8 162.2 162.3 162.8 163.3 163.8 164.4 165.0 165.3 165.8 Renters' costs (Dec. 1982= 100) 80 115.4 121 9 1281 133 6 138 9 1467 1556 1609 1650 1694 168.5 169.2 169.1 169.7 170.2 170.1 170.5 171.0 172.0 172.7 173.4 173.5 174.1 Homeowners' (Dec. 1982= 100) 199 113.1 1194 1248 131 1 1373 1446 1502 1553 1602 1655 165.3 166.1 166.8 167.3 167.7 167.8 168.4 168.9 169.2 169.8 170.4 170.8 171.3 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, ete.- ind motor fuel. Motor oil, coolant, et«. excluded beginning 1983. 3 Relative importance, December 1994. Maintenance and repairs (NSA) 0.2 106.5 107.9 111.8 1147 1180 1222 1263 1286 1306 1308 131.3 131.2 131.6 130.8 131.2 132.7 133.1 133.8 134.2 134.2 134.6 135.0 135.1 Fuel and other utilities parel and upkeep Total1 New cars 7.1 106.5 104.1 103.0 1044 107 8 111 6 1153 117 8 121 3 1228 122.8 123.0 122.6 122.6 122.9 122.7 123.3 123.3 123.1 123.4 122.9 123.4 123.5 57 105.0 1059 110.6 1154 118 6 124 1 128 7 131 9 133 7 133 4 134.2 133.0 133.1 132.8 132.4 132.1 133.0 132.2 132.2 132.1 131.7 131.3 131.6 17 1 1064 1023 1054 1087 114 1 1205 1238 1265 1304 1343 134.7 136.0 136.2 136.1 136.3 136.6 137.4 137.9 138.7 139.7 140.3 140.9 140.3 41 1061 1106 1146 116 9 1192 121 0 1253 1284 131 5 1360 136.5 136.9 137.5 137.6 137.4 137.6 137.7 138.1 138.1 138.9 139.0 139.2 139.0 Motor fuel Medical care Energy2 31 98.7 771 802 809 885 101 2 994 990 980 985 98.8 101.8 101.1 100.4 101.1 101.3 101.7 101.3 100.9 101.5 103.5 103.8 101.9 73 1135 1220 130 1 138 6 1493 162 8 1770 190 1 201 4 211 0 211.5 212.4 213.3 214.3 215.2 216.2 216.9 217.6 218.2 218.8 219.5 220.2 221.0 101 6 882 886 893 943 102 1 102 5 103 0 104 2 1046 104.4 105.9 105.3 105.0 105.5 105.4 105.7 105.6 105.1 105.5 106.0 106.5 105.6 70 items less food and energy 77 2 109 1 113 5 1182 123 4 1290 135 5 142 1 147 3 152 9 156 5 157.0 157.4 157.7 158.0 158.3 158.5 159.2 159.6 160.1 160.7 161.0 161.3 161.7 NOTE.—Data incorporate a rental equivalence measure for homeownership costs (beginning 1983). Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Total Capital equipment Excluding foods Foods finished goods Excluding foods Foods Capital equipment Capital equipment Total finished goods Excluding foods Foods Change from year earlier, total finished goods NSA Change, Dec. to Dec., NSA 1.8 -2.3 22 4.0 4.9 5.7 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 0.6 2.8 __2 5.7 5.2 2.6 -1.5 1.6 2.4 1.1 1 1.6 2 1.7 2.1 -6.6 4.1 3.1 5.3 8.7 -.7 1.6 -1.4 2.0 1.0 -1.4 2.1 2.5 5.2 4.9 2.1 1.2 1.2 .6 2.7 2.1 1.3 3.6 3.8 3.4 2.5 1.7 1.8 2.0 Change, month to month 1994- Julv 0.2 .6 Sept Oct 0 0.4 2 -'.2 -.1 1.0 1.3 -.5 .3 -.1 r -.3 -.6 -.3 1.2 -.4 .6 .3 .5 _2 2 ']3 0 Dec 1995- Jan Feb Mar r -I o' Julv 0.2 .8 -.6 -.5 .7 0 .8 .2 .2 '.6 .2 -.1 -.6 0.1 .2 .2 -.5 .1 .3 .4 .1 .1 ^.1 2 _2 .1 1.0 3.6 1.9 -6 -.3 2.2 5.9 3.9 3.2 2.5 1.9 '.9 -.3 -2.2 1.0 1.9 0 2.9 9.2 7.2 4.5 -1.2 3 -4.0 '-4.9 .9 1.7 5.0 2.0 -1.0 -1.6 .7 6.1 4.0 4.7 4.0 4.3 '3.3 -1.6 1.0 1.6 1.0 2 2.1 1.8 2.1 -.3 -.6 -.3 3.6 3.6 3.0 1.8 2.1 '2.4 2.4 1.8 2.3 1.5 .3 1.7 1.3 2.5 1.1 2.6 5.0 4.1 4.0 1.1 -2.0 -.9 -1.9 -1.1 i'.e 1.9 5.5 3.5 3.7 3.8 3.4 2 -3.1 .3 2.1 2.6 1.8 2.7 4.2 2.9 2.1 1.1 2.3 2.4 2.6 .9 .6 .9 1.6 1.5 1.3 2.7 2.8 2.7 2.1 .6 1.9 1.5 1.0 1.3 1.7 1.7 1.7 1.8 2.1 2.2 2.1 1.8 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 Period All items1 Shelter Food TotaP Total i Homeowners' costs Renters' eOStS Fuel and other utilities Apparel and Total1 upkeep New cars Motor fuel Medical care Ener- gy2 All items less food and energy Addendum: All items, percent change (annua rate) From previous quarter 3 From 3 months earlier From 6 months earlier From year earlier NSA Change, December to December, NSA 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 3.8 1.1 4.4 4.4 4.6 6.1 31 2.9 2.7 2.7 26 3.8 3.5 5.2 5.6 5.3 19 1.5 2.9 2.9 4.3 1.7 3.7 4.0 3.9 4.5 3.4 2.6 2.7 2.2 6.0 4.6 4.8 4.5 4.9 5.2 3.9 2.9 3.0 3.0 6.3 5.0 3.9 3.9 4.5 6.7 42 2.8 2.6 2.3 5.9 4.6 5.3 4.7 5.1 4.7 3.7 2.9 3.2 3.3 1.8 -5.6 1.6 2.9 3.2 4.0 2.9 2.3 2.5 .2 3.4 5.9 1.8 2.1 2.3 1.4 3.3 2.3 2.8 3.2 3.1 -30.7 18.7 -2.! 6.8 36.5 -16.0 1.8 -5.4 5.9 6.8 7.7 5.8 6.9 8.5 9.6 7.9 6.6 5.4 4.9 1.8 -19.7 8.2 .5 5.1 18.1 -7.4 2.0 -1.4 2.2 4.3 3.8 4.2 0.4 .3 .4 .1 -.1 .1 .1 .3 0 .6 .1 .1 -.1 2.8 3.0 -.7 -.7 .7 _2 .4 -.4 -.4 .6 2.0 .3 -1.8 0.4 .4 .4 .5 .4 .5 .3 .3 .3 .3 .3 .3 .4 1.4 1.4 -.6 0.2 .3 2 2 2 2.6 2.8 .9 -5.9 6.1 4.8 4.7 3.0 4.0 1.0 5.1 10.4 3.4 -1.5 3.0 1.4 2.4 .9 3.8 -1.6 3.6 1.9 3.6 4.1 4.8 5.4 4.2 3.0 3.0 2.6 4.7 4.4 5.2 4.4 3.3 3.2 2.6 Change, month to month 1994: July ... Aug .... Sept ... Oct .... Nov .... Dec .... 1995: Jan .... Feb .... Mar ... Apr .... May ... June .. July ... 0.3 .4 2 .1 .1 _2 .3 .3 2 .4 .3 .1 2 1 0.6 .5 2 .1 .1 .8 -.3 .3 0 .7 .1 .1 2 0.2 .3 ' .2 o JL 0 .4 .3 _2 .3 .1 _2 .3 0.3 .4 2 '.3 2 .1 .3 .3 .3 .4 .4 _2 .3 0 .4 -.1 A .3 -.1 _2 .3 .6 .4 .4 .1 .3 0.2 .5 .4 .3 2 .1 .4 .3 _2 .4 .4 _2 .3 0.2 2 -'.3 0 .2 -.2 .5 0 -.2 _2 -.4 .4 .1 -0.4 -.9 .1 _ 2 -'.3 — 2 .7 -.6 0 -.1 -.3 -.3 2 0.7 1.0 .1 -.1 .1 .2 .6 .4 .6 .7 .4 .4 -.4 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 q .5 -.1 .3 -.1 — .5 .4 .5 .5 -.8 !i .4 .3 .3 .4 .2 .2 .2 3.6 2.2 3.2 3.2 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. 3.0 4.1 3.6 3.0 1.9 1.9 2.7 3.2 3.2 3.5 3.5 3.2 2.4 2.9 3.2 3.2 3.0 3.0 2.7 2.8 2.6 2.6 3.1 3.4 3.2 2.9 2.8 2.9 3.0 2.6 2.7 2.7 2.8 2.9 2.9 3.1 3.2 3.0 2.8 PRICES RECEIVED AND PAID BY FARMERS In August, prices received by farmers were unchanged from their July level. Prices paid by farmers in July were unchanged from their April level. (Data are not seasonally adjusted.) INDEX, 1990-92-100 (RATIO SCALE) INDEX, 1990-92=100 (RATIO SCALE) 120 120 110 110 PRICES PAID 100 100 PRICES RECEIVED 90 90 80 i iM11 11 i11 1 i 11i 1111 11 M 1 1 1 i 1 1 1 II M 1 1 1 1 1 1M 1 1 1 11 1 1111 1 M 1 11M 1 M 1 1 1 1 1 1 1 11 RATICD-^ 140 140 - PATIO ^ 100 80 RAT - *~ - 60 nil ilin II 1987 rOr^—*—i 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 _ f. ' 120 - ^ r"^"""""""""" —^^ 1—"—"""""""""H ' ' 80 - 1 I I I 1 1 1 1 I I I 1 1 1 1 il 1 1 1 1 1 1 1 1 1 ill 1 1 1 1 1991 1990 1989 1988 100 ,, 1 11 1M 11111 1993 1992 Illlll 1994 Jy RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE 60 i i I ill 1995 COUNCIL OF ECONOMIC ADVISERS [1990-92=100; not seasonally adjusted] Prices paid by farmers Prices received by farmers Period 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1994- Aug Sept Oct Dec 1995: Jan Peb Apr . May June July Am? 1 All farm products Livestock and products Crops Production items, interest, taxes, and wage rates Production items Ratio2 91 87 89 99 104 104 100 98 101 100 98 87 86 104 109 103 101 101 102 105 86 88 91 93 100 105 99 97 100 95 86 85 87 91 96 99 100 101 103 106 87 85 87 92 97 99 100 101 103 106 91 86 87 90 95 99 100 101 103 106 106 103 102 108 108 105 99 97 98 94 97 97 95 95 98 101 102 99 100 106 94 91 89 90 90 (3) (3) 106 (33) () (3) (3) 104 (33) () (33) () 105 (3) (3) 92 92 90 90 92 98 98 100 100 100 100 '101 101 103 102 109 114 115 112 '113 112 93 94 93 90 88 90 91 92 108 (3) (3) 108 (3) (3) 108 (3) 107 (3) (3) 107 (3) (3) 107 (3) 106 (3) (3) 107 (3) (3) 107 (3) 91 91 93 93 93 93 94 94 Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. See also footnote 3. 3 Prices paid by farmers are available only for first month in quarter, and for each month the receiveoVpaid ratio is based on latest data available. All commodities, services, interest, taxes, and wage rates' NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK. LIQUID ASSETS. AND DEBT MEASURES In July, growth slowed in M2 and in M3. BILLIONS OF DOLLARS' (RATIO SCALE) 4,800 4,400 BILLIONS OF DOLLARS* (RATIO SCALE) 4,800 4,400 4,000 UJJJJ400 * AVERAGES OF t)Ail¥ FIGURES; SEASQNAilY ADJUSTED , SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECQNOMC ADVISERS [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] Period 1985. 1986198719881989' 199019911992199319941994- Dee Dee Dec Dec Dee Dee Dec Dec Dec r Dec June'" July' .. Sept' Oct' Nov Dee' 1995- Jan' Feb' Mar' May' July 1 Ml M2 M3 L Debt Sum of currency, demand deposits, travelers' cheeks, and other checkable deposits (OCDs) Ml plus overnight EPsand Eurodollars, MMMF balances (general purpose and broker/dealer), MMDAs, and savings and small time deposits M2 plus large time deposits, term KPs, term Eurodollars, and institution-only MMMF balances M3 plus other liquid assets Debt of domestic uonfiuancial sectors (monthly average) * 2,576.1 2,820.3 2,922.3 3,083.6 3,243.1 3,355.9 3,457.9 3,515.3 3,583.6 3,616.2 3,200.2 3,488.7 3,675.8 3,915.7 4,066.1 4,123.0 4,176.0 4,182.9 '4,242.3 4,303.4 3,827.5 4,129.1 4,334.8 4,670.1 4,896.5 4,973.5 4,990.9 5,061.1 '5,147.1 5,269.9 6,902.1 7,785.2 8,544.6 9,315.0 10,045.5 10,693.8 11,178.2 11,716.7 '12,344.2 12,957.6 3,605.2 3,616.7 3,614.9 3,614.0 3,609.9 3,611.3 3,616.2 4,256.2 4,274.2 4,273.8 4,279.9 4,286.2 4,291.5 4,303.4 5,193.1 5,218.2 5,227.6 5,225.7 5,238.3 5,249.0 5,269.9 12,652.5 12,678.3 12,741.5 12,798.8 12,845.7 12,915.1 12,957.6 3,627.9 3,623.5 3,631.0 3,643.8 3,660.0 3,695.7 3,714.6 4,326.1 4,335.7 4,358.7 4,381.1 4,410.2 4,456.7 4,489.8 5,295.8 5,336.6 5,380.6 5,411.2 5,445.5 r 5,489.0 13,012.5 13,092.7 13,152.6 13,202.6 13,267.0 e 13,337.9 619.9 724.4 749.8 786.9 794.2 825.9 897.3 1,024.4 1,128.6 1,148.0 1,147.0 1,152.2 1,150.8 1,151.0 1,148.2 1,147.6 1,148.0 1,149.0 1,147.3 1,147.9 1,149.7 1,143.0 1,143.8 1,145.0 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfmaneial sectors; data from flow of funds accounts. a Annual changes are from December to December and monthly changes are from 6 mont!is earlier at a simple annual rate. 26 Percent change from year or 6 months earlier2 Ml M2 12.3 16.9 3.5 4.9 .9 4.0 8.6 14.2 10.2 1.7 3.3 3.5 2.4 1.7 ,9 .7 .2 -6 -.6 -.5 .3 o -'.7 >7 Nom—See p. 27 for components. Source: Board of Governors of the Federal Reserve System, 8.3 9.5 3.6 5.5 5.2 3.5 3.0 1.7 1.9 .9 1.2 1.5 1.6 .9 .2 .2 .6 .6 .5 .9 1.9 2.7 4.4 4.8 MS 7.3 9.0 5.4 6.5 3.8 1.4 1.3 .2 1.4 1.4 .7 1.3 2.0 1.9 1.7 1.9 2.2 2.4 2.9 3.7 4.4 5.5 7.1 7.6 Debt 14.8 12.8 9.8 9.0 7.8 6.5 4.5 4.8 5.4 5.0 5.0 4.7 4.9 4.8 4.6 4.8 4.8 5.3 5.5 5.5 5.6 5.4 5.9 COMPONENTS OF MONEY STOCK AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA] Overnight Period Currency DeOther mand checkable depos- deposits its (OCDs) Money i larket mutual fund balances chase Genagreeeral ments pur(RPs), pose net, plus and overnight broker/ Eurodealer dollars1 Institution only Savings deposits, including money market deposit accounts (MMDAs) Large denomination time deposits 2 Small denomination time deposits '- NSA 1986: 1987; 1988. !S89: !99O )991: 1992: 1993: 1994: 1994: Dec Dee Dee Dee Dec Dec Dee Dec Dee June Sept Oct Nov Dec 1995: Jan Feb .. Mar Apr' May' June' July Term repurchase agree ments (RPs) Term Eurodollars (net) NSA NSA 1679 180.7 196.8 2122 222.6 2468 267.4 292.8 322.1 354.5 340.0 3428 345 1 347.2 350.0 3530 354.5 266.6 302.1 286.8 286.8 279.3 277.4 289.5 338.9 383.9 382.2 386.3 388 1 386.6 386.5 384.5 3825 382.2 179.8 235.6 259.5 280.9 285.4 2939 332.7 384.6 414.7 402.9 412.5 413 1 410.8 408.9 405.4 4038 402.9 763 84.9 87.3 85 1 81.5 777 79.9 83.1 96.5 '117.1 '106.8 '109 5 '111 0 '112.0 '114.0 '113 4 '117.1 178.0 210.6 224.5 245.9 322.4 358.2 374.2 356.9 360.1 389.0 370.7 376 1 377.0 377.4 379.5 383 3 389.0 . 64.1 84.5 91.1 90.5 107.2 1340 180.0 200.2 198.1 180.8 177.9 1787 177.4 176.3 180.8 180 5 180.8 8154 941.0 937.7 9267 891.0 920 5 1,041.2 1,183.6 1,215.7 1,144.2 1,206.8 1 2012 1 1926 1,183.7 1,171.0 1 1578 1,144.2 885.7 859.0 922.7 1 038.6 1,153.7 1 174.0 1,066.6 869.2 785.1 '820.3 772.9 7765 '782.8 '789.6 '799.6 '8104 '820.3 357.7 3588 362 5 365.7 368.1 367.4 367 1 383.6 384.1 3833 381.2 380.6 386.8 3895 399.3 3959 3933 393.6 385.0 380.6 3795 '123.8 '1183 '118 2 115.8 116.5 117.3 114 5 392.1 391 5 3909 396.0 405.3 425.9 441 5 186.3 1804 1890 192.9 194.8 205.6 212 4 1,129.8 1 111 9 1 0949 1,082.4 1,081.4 1,091.1 1 091 5 '835.7 '361.9 '109.4 '855.4 '371.2 '113 4 '8782 '3786 '1134 896.8 380.3 116.5 910.7 386.0 121.7 917.5 389.9 119.8 921 7 3993 1152 1 Includes continuing contract RPs. Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. 2 422.4 420.2 467.0 518.3 541.5 480.9 416.6 353.8 33° 7 '361.4 335.0 3384 '342.0 '348.2 '353.6 '3574 '361.4 62 5 81.1 107.3 123.2 100.4 909 73.3 82.0 97.6 '105.6 '102.1 '102 8 '101.0 '101.7 101.9 '103 1 '105.6 Savings bonds Shortterm Bankers' Treasacury ceptsecuriances ties Commercial paper 795 91.8 100.6 109.4 117.5 126.0 137.9 156.6 171.5 180.3 176.7 177 7 178.5 179.1 179.5 1799 180.3 2983 280.1 253.2 269.5 326.0 3334 318.5 336.2 334.2 '371.0 '358.3 '361 9 '366.1 '361.6 '359.5 '362 7 '371.0 42 1 37.1 44.5 402 40.6 359 23.8 20.8 14.9 '14.0 '14.9 '132 '13 8 '14.8 '13.1 '135 '14.0 2075 231.3 260.6 3354 346.4 3552 334.8 364.5 387 1 '401.3 '387.0 '391 1 '3954 '390.2 '3999 '401 4 '401.3 180.5 53.1 563 180.4 '583 1805 59.8 180.9 60.6 181.6 61.7 P 182.3 63 1 '372.9 '392.5 '4056 404.5 397.7 P411.2 '13.4 '13 3 '140 13.9 12.3 cll.3 '4028 '414 7 '421 7 430.8 443.8 P 427.5 769 85.1 91.6 106.3 83.8 71 6 59.4 45.9 46.5 52.4 50.3 510 51 2 52.1 52.7 545 52.4 NOTE.—Travelers cheeks 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 1985: 1986198719881989199019911992: 199319941994: Dec Dec Dec . Dec Dec Dec Dee Dee . . . Dec Dec July Sept Oct Nov Dec 1995- Jan Feb Mar Julv 1 31,452 38,940 38,856 40,399 40,498 41,771 45,536 54,354 60,502 59,342 60,105 59,839 59,794 59,496 59,401 59,342 59,124 58919 58,552 57,957 57,761 57,353 57,655 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Nonborrowed 30,133 38,113 38,078 38,683 40,232 41,445 45,343 54,230 60,420 59,133 59,647 59.370 59,307 59,116 59,152 59,133 58,988 58,860 58,483 57.847 57,611 '57,080 57,284 Nonborrowed plus extended credit 30,633 38,416 38,562 39,927 40,252 41,468 45,344 54,231 60,420 59,133 59,647 59.370 59,307 59,116 59,152 59,133 58,992 58,860 58,483 57,847 57,611 '57,080 57,284 Required 30.415 37,570 37,809 39,352 39,575 40,106 44,557 53,199 59,440 58,174 58,998 58,835 58,734 58,693 58.394 58^174 57,785 57,973 57,757 57,204 56,881 56.388 56.566 Monetary base 203,539 223,574 239,775 256,897 267,713 293,275 317,432 351,116 386,602 418,223 407,175 409,243 411,337 413,854 416,788 418,223 421,054 422,312 425,350 428,126 430,686 '429,722 429,585 Total 1,318 827 777 1,716 265 326 192 124 82 209 458 469 487 380 249 209 136 59 69 111 150 272 371 Seasonal 56 38 93 130 84 76 38 18 31 100 364 445 444 339 164 100 46 33 51 82 137 172 231 Extended credit 499 303 483 1.244 20 23 1 1 0 0 0 0 0 0 0 0 4 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 0.9 percent In July; commercial and industrial loans rose 0.6 percent. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 3,600 3,200 - 3,600 3,200 AIL COMMERCIAL BANKS 2,800 2,800 2,400 2,400 2,000 2,000 - LOANS AND LEASES - 1,600 1,600 1,200 1,200 800 800 U.S. GOVERNMENT SECURITIES 400 400 OTHER SECURITIES 200 200 160 160 120 t t it i t i it t t 1988 I I M M I I i I IM I M I I I I I I 1989 M I MI I I I M I I I I I I t I I I I i i t i i 1i i i i i 1992 1991 1990 ) ) M I M ) I If 1993 j ) M M M I M , 120 1994 *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1995 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted' Loans and leases in bank credit Securities in bank credit Period 19881989: 19901991: 1992: 19931994: Dec ... Dec Dec Dec Dec Dec Dec' 1994: July Aug Sept Oct' . Nov Decr 1995: Jan' Feb'r Mar Apr' . May' June r July Total bank credit Keal estate U.S. Total loans and leases2 Commercial and industrial 367.2 400.3 455.8 565.2 664.9 730.3 720.3 195.3 1,873.4 184.6 2,023.7 178.2 2,116.3 180.0 2,109.8 176,5 '2,108.2 185.3 2,190.6 226.8 2,368.9 607.6 638.8 640.3 619.0 '594.6 584.5 644.3 674.6 769.5 854.3 878.8 898.5 938.3 999.8 40.1 50.3 62.3 69.8 73.7 73.4 76.2 634.5 719.2 792.0 809.1 824.9 864.9 923.6 357.8 378.3 383.3 366.7 358.8 390.8 452.1 40.6 41.3 44.9 54.0 63.3 85.8 70.9 192.8 195.8 193.5 191.2 193.1 191.1 201.8 975.6 969.8 968.0 961.6 951.5 947.1 '751.5 '746.1 741.5 '731.9 724.3 720.3 224.1 2,280.5 223.6 2,299.2 '226.6 '2,314.2 229.7 2,330.7 227.2 2,346.2 226.8 2,368.9 618.8 '623.5 '627.9 633.9 639.5 644.3 965.6 973.2 981.1 986.0 991.5 999.8 74.0 74.4 74.9 75.1 75.7 76.2 891.6 898.9 906.2 910.9 915.8 923.6 423.1 429.3 434.5 441.6 445.7 452.1 77.2 75.0 69.7 70.4 69.7 70.9 195.8 '198.2 '201.0 198.8 199.8 201.8 945.6 937.4 942.2 984.6 981.3 980.7 968.5 721.8 717.2 705.2 704.0 706.7 705.9 698.3 2,403.2 2,424.8 2,444.9 2,468.3 2,497.6 2,512.6 2,534.5 657.2 668.9 672.0 678.4 686.4 688.9 692.9 1,015.1 1,022.7 1,028.3 1,035.6 1,039.9 1,047.1 1,056.9 76.7 77.0 77.3 78.0 78.7 79.3 79.7 938.4 945.7 951.1 957.6 961.1 967.8 977.2 457.4 459.6 465.2 471.3 473.0 478.2 481.5 68.6 67.8 69.7 72.9 84.2 85.0 83.1 204.8 205.8 209.6 210.2 214.0 213.4 220.2 Total securities Government securities 2,435.8 2,608.6 2,750.4 2,855.0 '2,949.6 3,106.1 3,316.0 562.4 584.9 634.1 745.3 841.4 915.6 947.1 3,256.2 3,269.0 3,282.2 3,292.3 3,297.7 3,316.0 3,348.7 3,362.2 3,387.0 3,452.9 3,478.9 3,493.3 3,503.0 Other securities 223.8 220.1 236.9 280.5 274.6 274.8 270.2 1 Data arc Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign hanks, New York State investment companies, and foreign-related institutions. Data are adjusted for breaks caused by reelassifications of assets and liabilities. 28 Total Revolving home equity Consumer Security Other 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 Period Total Total Total Total 493.8 538.8 564.7 634.2 567.9 535.5 471.7 560.5 552.8 689.6 447.7 545.1 599.0 619.3 658.1 696.9 717.4 686.1 857.4 1985 1986 1987 . 1988 1989 1990 ... 1991 1992 1993 1994 1993- I II Ill IV 1994: I n Ill IV 1995- I" 351.9 336.7 375.9 404.3 399.6 411.6 426.0 438.4 462.3 499.8 436.4 450.7 476.4 485.7 501.5 498.6 500.2 499.1 509.2 Capital expenditures3 Credit market funds Internal1 142.0 202.1 188.8 229.9 168.2 123.9 45.7 122.2 90.5 189.8 11.3 94.4 122.6 133.6 156.6 198.3 217.2 187.0 348.2 Securities and mortgages 84.7 148.1 89.3 95.0 68.0 48.3 8.7 67.9 62.5 79.0 31.8 76.9 77.1 64.2 109.7 121.7 64.5 20.1 187.5 Loans and short-term paper 71.5 83.0 49.4 99.8 105.6 68.3 -87.4 .9 -17.5 105.2 -52.1 11.0 -21.9 -6.8 98.2 90.4 107.4 124.9 197.1 13.2 65.1 39.9 -4.7 -37.6 -20.1 96.1 67.0 80.0 -26.2 83.9 65.9 99.0 71.0 11.5 31.3 -42.9 -104.8 -9.6 1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained abroad. 2 Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S. Other" 57.3 54.0 99.4 134.9 100.2 75.6 37.0 54.3 27.9 110.8 -20.6 17.5 45.6 69.4 46.9 76.6 152.8 166.9 160.6 Increase in financial assets 370.2 344.2 361.5 391.0 401.1 402.8 379.8 386.0 440.4 510.4 424.7 441.5 444.1 451.2 462.1 507.7 519.6 552.3 581.1 467.2 501.7 492.3 575.8 509.4 488.7 435.3 527.8 523.4 663.1 426.1 530.4 550.0 587.2 631.6 661.8 681.5 677.7 821.7 Discrepancy (sources less uses) 97.0 157.5 130.9 184.8 108.3 85.9 55.6 141.8 83.0 152.7 1.4 88.9 105.9 136.0 169.5 154.1 161.9 125.4 240.6 26.7 37.1 72.4 58.4 58.4 46.7 36.4 32.8 29.3 26.4 21.6 14.6 49.0 32.1 26.5 35.0 35.9 8.4 35.6 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALLMENT CREDIT [Millions of dollars; seasonally adjusted] Installment credit outstanding (end of period) Net change in installment credit outstanding1 Period Total 1985- Dec 1986- Dec 1987: 1988: 1989: 19901991: 1992: 1993: 1994: Dec Dec3 Dec Dec Dec Dec Dec Dec 1994: June •July Sept Get Dec 1995- Jan Feb Mar Apr rr May June Automobile Revolving Total 210,238 247,772 266,295 285,364 291,531 283,072 259,594 257,436 280,566 317,237 121,758 135,825 153,064 174,269 199,162 223,517 245,281 258,081 286,588 334,511 185,664 188,408 189,316 202,921 226,508 228,309 223,514 215,331 223,197 251,106 75,057 54,347 36,669 53,878 (4) 17,698 -6,509 2,458 59,504 112,502 36,674 37,534 18,523 19,069 (4) -8,459 -23,478 -2,158 23,130 36,671 21,478 14,067 17,239 21,205 (4) 24,355 21,764 12,800 28,507 47,923 16,906 2,744 908 13,605 (4) 1,801 -4,795 -8,183 7,866 27,909 842,293 849,930 863,484 873,606 882,210 895,627 902,853 298,906 300,590 304,330 308,654 311,197 315,213 317,237 308,310 312,717 319,687 322,035 324,655 332,402 334,511 235,078 236,623 239,467 242,916 246,358 248,012 251,106 10,120 7,637 13,554 10,122 8,604 13,417 7,226 4,008 1,684 3,740 4,324 2,543 4,016 2,024 3,790 4,407 6,970 2,348 2,620 7,747 2,109 2,324 1,545 2,844 3,449 3,442 1,654 3,094 914,260 918,968 933,717 945,239 958,313 967,935 319,408 321,175 323,502 325,232 329,124 332,103 340,450 345,630 352,741 359,641 367,103 373,143 254,402 252,164 257,474 260,366 262,085 262,690 11,407 4,708 14,749 11,522 13,074 9,623 2,171 1,767 2,327 1,730 3,892 2,979 5,939 5,180 7,112 6,899 7,463 6,040 3,296 -2,238 5,310 2,893 1,719 604 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. Automobile Other" Other" 517,659 572,006 608,675 662,553 717,200 734,898 728,389 730,847 790,351 902,853 Revolving 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. OQ INTEREST RATES AND BOND YIELDS Short-term interest rotes fell in August; longer rotes rose. PERCENT PER ANNUM PERCENT PER ANNUM 14 A CORPORATE Aaa BONDS / \ (MOODY'S) 1 \/ / r V V-'\ \ „/ /' ^"^ \^~ s- NT,,-.^ /\ TREASURY BILLS ^ ~\ v 6 ^d- \ / /r —' -/' I , RATE -••4.-... b^i_ FEDERAL RESERVE / .,/r S, 1 I'":. MM! 1 1 1 1 1 M i l l 1988 ! I 1 I 1 I II I 1 I r^ \ MEW YORK 1987 ^\s / v/- I DISCOUNT BANK OF ll M i 1 v ^ / 1 1 1 M IM M 1 1 1 1 1 l i 1 1 1 M 1990 1991 1989 M i l l II ,/H .'- 1 11 4 ! M 1992 I 1 1 1 1 1 1 1 M 1993 Mill M i 1 M 1 1 1 1994 LL : LJ.IF 2 1995 [Percent per annum] U.S. Treasury security yields Period 3-month bills (new issues) l 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1994: Aug Sept Oct Nov Dec 1995- Jan Feb May June July Aug Constant maturities 2 High-grade municipal bonds (Stand- ard & 3-year 10-year Corporate Aaa bonds (Moody's) Poor's) 3 Prime commercial paper, 6 months l Discount rate (N.Y. P.K. Bank) 4 Prime rate charged by banks 4 New-home mortgage yields (FHFB) 5 7.48 5.98 5.82 6.69 8.12 7.51 5.42 3.45 3.02 4.29 9.64 7.06 7.68 8.26 8.55 8.26 6.82 5.30 4.44 6.27 10.62 7.68 8.39 8.85 8.49 8.55 7.86 7.01 5.87 7.09 9.18 7.38 7.73 7.76 7.24 7.25 6.89 6.41 5.63 6.19 11.37 9.02 9.38 9.71 9.26 9.32 8.77 8.14 7.22 7.97 8.01 6.39 6.85 7.68 8.80 7.95 5.85 3.80 3.30 4.93 7.69 6.33 5.66 6.20 6.93 6.98 5.45 3.25 3.00 3.60 9.93 8.33 8.21 9.32 10.87 10.01 8.46 6.25 6.00 7.15 11.55 10.17 9.31 9.19 10.13 10.05 9.32 8.24 7.20 7.49 4.50 4.64 4.96 5.25 5.64 6.50 6.69 7.04 7.44 7.71 7.24 7.46 7.74 7.96 7.81 6.19 6.33 6.50 6.96 6.76 8.07 8.34 8.57 8.68 8.46 5.19 5.32 5.70 6.01 6.62 3.50-4.00 4.00-4.00 4.00-4.00 4.00-4.75 4.75-4.75 7.25-7.75 7.75-7.75 7.75-7.75 7.75-8.50 8.50-8.50 7.67 7.70 7.76 7.81 7.83 5.81 5.80 5.73 5.67 5.70 5.50 5.47 5.41 7.66 7.25 6.89 6.68 6.27 5.80 5.89 6.10 7.78 7.47 7.20 7.06 6.63 6.17 6.28 6.49 6.53 6.24 6.10 6.01 5.90 5.83 5.98 6.07 8.46 8.26 8.12 8.03 7.65 7.30 7.41 7.57 6.63 6.38 6.30 6.19 6.07 5.79 5.68 5.75 4.75-4.75 4.75-5.25 5.25-5.25 5.25-5.25 5.25-5.25 5.25-5.25 5.25-5.25 5.25-5.25 8.50-8.50 8.50-9.00 9.00-9.00 9.00-9.00 9.00-9.00 9.00-9.00 9.00-8.75 8.75-8.75 8.18 8.28 8.21 8.15 7.99 7.73 7.78 5.44 5.41 5.42 5.43 5.34 6.06 6.07 6.21 6.15 5.96 6.48 6.50 6.57 6.52 6.31 5.98 6.10 6.11 6.14 6.00 7.57 7.59 7.64 7.58 7.41 5.73 5.73 5.78 5.77 5.73 5.25-5.25 5.25-5.25 5.25-5.25 5.25-5.25 5.25-5.25 8.75-8.75 8.75-8.75 8.75-8.75 8.75-8.75 8.75-8.75 Week ended: 1995- Aug 5 12 19 26 Sept 2 1 Bank-discount basis. 2 Yields on the more actively traded issues adjusted t« 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. 30 5 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS Overall, stock prices rose in August. INDEX, DEC. 31, 1965=50 (RATIO SCALE) 320 300 280 260 240 220 _^»"——^ , ^y\ 180 160 \v^ /v-^ 140 X '"^" 1 240 220 •/ y^_~ / 200 INDEX, DEC. 31, 1965=50 (RATIO SCALE) 320 300 / 280 / 260 > ' 200 <r^s\v 1 s 1 \ 180 160 \ COMPOSITE STC>CK PRICE INDEX (NY SE) 140 120 120 100 100 1 1 II II Mill MMI 1987 1 II I MM 1 1 1988 M i ii M i l l M i l l 1990 1989 M Mi Mill 1991 1 1 1 M 1992 M i l l M i l l 1993 M i l l M i l l 1995 1994 PER :ENT 20 PERC ENT 20 15 15 EARNINGS-PRICE RATIO Ot •JCOM/v\OH STOCKS (S&P) 10 - 5 i 0 , _—• /I I i 1987 1 r—~^^~-~-^ 4-*1 i ! 1988 10 i 1 I i 1 1990 1989 . 1 i i i i 1992 1991 i i 1993 i SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION 5 i 1 1994 Industrial i 0 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 New York Stock Exchange indexes (Dec. 31, 1965 except as noted) 2 Composite i 1995 Common stock prices1 Period I Transportation Utility3 Finance Dow-Jones industrial average4 Standard & Poor's composite index (194143=10)5 Dividendprice ratio 108.09 136.00 161.70 149.91 180.02 183.46 206.33 229.01 249.58 254.12 123.79 155.85 195.31 180.95 216.23 225.78 258.14 284.62 299.99 315.25 104.11 119.87 140.39 134.12 175.28 158.62 173.99 201.09 242.49 247.29 113.49 142.72 148.59 143.53 174.87 181.20 185.32 198.91 228.90 209.06 114.21 147.20 146.48 127.26 151.88 133.26 150.82 179.26 216.42 209.73 1,328.23 1,792.76 2,275.99 2,060.82 2,508.91 2,678.94 2,929.33 3,284.29 3,522.06 3,793.77 186.84 236.34 286.83 265.79 322.84 334.59 376.18 415.74 451.41 460.33 4.25 3.49 3.08 3.64 3.45 3.61 3.24 2.99 2.78 2.82 1994- Aug Sept Oct .... Nov Dec 256.08 257.61 255.22 252.48 248.65 316.55 322.19 321.53 319.33 313.92 244.67 239.10 230.71 227.45 218.93 211.26 204.60 203.35 200.13 200.02 214.77 211.90 203.33 198.38 195.25 3,797.48 3,880.60 3,868.10 3,792.43 3,770.31 464.24 466.96 463.81 461.01 455.19 2.78 2.80 2.82 2.86 2.91 1995- Jan .. Feb Mar 253.56 261.86 266.81 274.37 281.81 289.52 298.18 300.05 319.93 328.98 337.96 347.69 357.01 366.75 379.13 379.79 230.25 237.29 244.45 254.36 254.69 256.80 279.15 285.63 201.16 207.73 204.16 208.93 211.58 216.27 219.18 221.99 201.05 211.76 213.29 219.38 228.55 236.26 240.50 245.27 3,872.46 3,953.72 4,062.78 4,230.66 4,391.57 4,510.76 4,684.76 4,639.27 465.25 481.92 493.15 507.91 523.81 539.35 557.37 559.11 2.87 2.81 2.76 2.68 2.60 2.55 2.50 2.49 300.32 299.64 299.65 299.86 301.66 381.46 380.12 379.85 379.11 379.41 285.99 284.21 285.83 286.27 286.87 221.40 221.36 221.15 222.06 224.34 , 242.37 242.93 243.71 246.10 252.54 4,696.77 4,664.02 4,637.60 4,600.41 4,613.02 559.64 558.54 559.31 558.47 561.14 2.49 2.49 2.49 2.50 2.48 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 .. July . Week ended: 1995- Aug 5 12 19 26 Sept 2 1 Average of daily closing prices. -'Includes all the stocks (more than 2,000 in 1992) listed on the NYSE. 3 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. All indexes shown here reflect the doubling. 4 Includes 30 stocks. 5 Includes 500 stocks. Earningsprice ratio 8.12 6.09 5.48 8.01 7.41 6.47 4.79 4.22 4.46 '5.83 5.91 '6.66 -6.51 6.36 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 10 months of fiscal 1995, there was a deficit of $137.2 billion, compared with a deficit of $183.1 billion a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1,600 1,600 RECEIPTS AND OUTLAYS 1,500 1,500 1,400 OUTLAYSJ/- 1,400 1,300 1,300 1,200 1,200 1,100 1,100 1,000 V 1,000 RECEIPTS- 900 900 800 800 700 700 600 600 SURPLUS OR DEFICIT ( 1 -^ -TOO ^_^-— _ofYl -400 ^^^ ^ /| V 200 ^ 1 1986 t 1987 1 1988 1 1 1989 1990 ^ INCUDES ON-BUDGET AND OFF-BUDGET FIEMS. SOURCES: DEMSTMENT OF THE TREASURY AND OFFJCE OF MANAGEMENT AND BUDGET . ^^ 1 1991 --" 1 1992 I 1993 FISCAL YEARS , Is I -400 1995 ^ 1994 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] On-budget Total Fiscal year or period Receipts Outlays Surplus or deficit Receipts Outlays (-) 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 (estimates) Cumulative total, first 10 months: ' Fiscal year 1994 Fiscal year 1995 Surplus or deficit Receipts Outlays Surplus or deficit (-) (-) Gross Federal debt (end of period) Total Held by the public 298.1 355.6 399.6 463.3 517.1 599.3 617.8 600.6 666.5 . 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 1,357.9 371.8 409.2 458.7 504.0 590.9 678.2 745.8 808.4 851.8 946.4 990.3 1,003.9 1,064.1 1,143.2 1,252.7 1,323.4 1,380.9 1,408.7 1,460.9 1,517.9 -73.7 -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 -221.4 -269.2 -290.4 -255.1 -203.2 -160.0 231.7 278.7 314.2 365.3 403.9 469.1 474.3 453.2 500.4 547.9 568.9 640.7 667.5 727.0 749.7 760.4 788.0 841.6 922.7 1,007.7 302.2 328.5 369.1 404.1 476.6 543.1 594.4 661.3 686.0 769.6 806.8 810.1 861.4 932.3 1,027.6 1,081.8 1,128.5 1,142.1 1,181.5 1,228.1 -70.5 -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 -278.0 -321.4 -340.5 -300.5 -258.8 -220.5 66.4 76.8 85.4 98.0 113.2 130.2 143.5 147.3 166.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 350.2 69.6 80.7 89.7 100.0 114.3 135.2 151.4 147.1 165.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 289.7 -3.2 -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 60.5 629.0 706.4 776.6 829.5 909.1 994.8 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 4,914.0 477.4 549.1 607.1 640.3 709.8 785.3 919.8 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 3,432.2 3,598.0 1,024.2 1,110.8 1,207.3 1,248.0 -183.1 -137.2 746.3 817.7 983.0 1,016.5 -236.7 - 198.8 278.0 293.1 224.3 231.6 53.6 61.5 4,588.0 4,906.7 3,392.0 3,594.1 1 Data from Monthly Treasury Statement. NOTE.—Data for fiscal 1995 are from Mid-Session Review of the 1996 Budget issued July 31, 1995. Other data (except as noted) are from Budget of the United States Omxrument, fiscal Year 1990, issued February 6, 1995. 32 Off-budget Sources: Department of the Treasury ami Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 10 months of fiscal 1995, receipts were $86.6 billion higher than a year earlier and outlays were $40.7 billion higher. BILLIONS OF DOLLARS /uu BILLIONS OF DOLLARS 700 RECEIPTS -^ INDIVIDUAL INCOME TAXES \ 500 500 400 \ INCOMEJAXES OTHER RECEIPTS TAXES AND CONTRIBUTIONS _______ \ 100 1 0 1 I 1 1 1 1 1 0 1,300 1,300 OUTLAYS y _,-'" ~— -*""""" NONDEFENSE \ 1 000 __ _--- V-*"' — — — """" BOO 800 """ 600 500 500 NATIONAL DEFENSE 400 400 \ 300 200 A 1 V 1986 1 1987 f 1988 300 1 ! 1989 1990 ^ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS, SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET 1 1991 1 1 1992 1993 ! N 200 1995 N 1994 FISCAL YEARS COUNCIL Of ECONOMIC ADVISERS [Billions of dollars! On-budget and off-budget outlays On-budget and off-budget receipts Fiscal year or period Total Social insurCorIndiance poravidual taxes tion income income and taxes taxes contributions 298.1 355.6 399.6 463.3 517.1 5993 617.8 600.6 6665 131.6 157.6 181.0 217.8 244.1 2859 297.7 288.9 2984 41.4 54.9 60.0 65.7 64.6 61.1 49.2 37.0 569 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 (estimates) 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 1,357.9 334.5 349.0 392.6 401.2 445.7 466.9 467.8 476.0 509.7 543.1 594.4 61.3 63.1 83.9 94.5 103.3 93.5 98.1 100.3 117.5 140.4 157.8 Cumulative total, first 10 months: 1 Fiscal year 1994 Fiscal year 1995 1,024.2 441.9 1,110.8 485.1 1976 1977 1978 1979 . 1980 1981 1982 1983 1984 1 National defense Other Total Department of Defense, military InternationHealth al affairs Medicare 89.6 97.2 104.5 116.3 134.0 157.5 185.3 209.9 227.4 87.9 95.1 102.3 113.6 130.9 153.9 180.7 204.4 220.9 6.4 6.4 7.5 7.5 12.7 13.1 12.3 11.8 15.9 946.4 265.2 73.0 990.3 73.1 283.9 303.3 74.3 1,003.9 334.3 78.9 1,064.1 359.4 82.3 1,143.2 380.0 90.9 1,252.7 396.0 92.3 1,323.4 413.7 100.5 1,380.9 428.3 98.0 1,408.7 461.5 112.8 1,460.9 483.3 122.4 1,517.9 252.7 273.4 282.0 290.4 303.6 299.3 273.3 298.4 291.1 281.6 271.5 245.2 265.5 274.0 281.9 294.9 289.8 262.4 286.9 278.6 268.6 260.3 16.2 33.5 65.8 14.2 35.9 70.2 11.6 40.0 75.1 10.5 44.5 78.9 9.6 48.4 85.0 13.8 57.7 98.1 15.9 71.2 104.5 16.1 89.5 119.0 17.2 99.4 130.6 17.1 107.1 144.7 14.6 115.1 157.7 90.5 1,207.3 99.3 1,248.0 230.1 222.3 219.5 211.6 13.9 13.1 110.0 381.8 121.6 404.8 34.3 36.6 37.7 40.8 50.6 69.5 69.3 65.6 71.8 15.7 17.3 18.5 20.5 23.2 26.9 27.4 28.6 30.4 Income security Social security Net interest 73.9 26.7 60.8 15.8 19.3 61.0 85.1 29.9 22.8 61.5 93.9 35.5 26.5 66.4 104.1 42.6 32.1 86.5 118.5 52.5 68.8 39.1 99.7 139.6 46.6 107.7 156.0 85.0 52.6 122.6 170.7 89.8 57.5 112.7 178.2 111.1 371.8 409.2 458.7 504.0 590.9 678.2 745,8 808.4 851.8 90.8 106.5 121.0 138.9 157.8 182.7 201.5 209.0 239.4 Data from Monthly Treasury NOTE.—Data for fiscal 1995 are from Mid-Session Review of the. 1996 Budget issued July 31, 1995. Other data (except as noted) are from Budget of the United States Government, FiscvJ. Year 1996, issued February 6, 1995. Total 128.2 119.8 123.3 129.3 136.0 147.0 170.3 196.9 207.3 214.0 221.2 188.6 198.8 207.4 219.3 232.5 248.6 269.0 287.6 304.6 319.6 335.7 129.5 136.0 138.7 151.8 169.3 184.2 194.5 199.4 198.8 203.0 231.7 Other 82.8 93.0 114.7 120.2 131.4 133.5 125.4 122.3 118.6 131.8 142.1 125.9 139,4 158.8 203.9 224.8 173.9 159.7 173.8 170.4 88.3 119.2 180.0 265.9 167.7 142.2 94.9 130.6 183.7 279.7 192.6 131.1 Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 1995, according to preliminary estimates, Federal receipts rose $34.5 billion (annual rate) and Federal expenditures rose $13.7 billion. BILLIONS OF DOLLARS BILLONS OF DOLLARS 1,800 1,800 1,600 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIl OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government expenditures Federal Government receipts -274.7 -254.4 -172.5 Indirect business tax and nontax accruals 1,161.2 1,241.0 1,349.4 484.6 511.8 552.1 112.4 134.6 161.2 81.1 82.9 93.3 483.1 511.7 542.8 1,435.9 1,495.5 1,521.9 445.2 446.3 435.1 607.4 651.5 674.4 168.2 180.7 197.9 188.9 183.5 187.0 26.1 33.4 27.6 0.0 .0 .0 1,178.3 1,265.7 1,379.0 739.8 803.6 856.8 943.5 1,000.6 ,068.3 ,115.8 ,140.5 ,219.9 ,212.7 ,263.7 ,272.7 ,313.6 ,337.4 ,380.7 1,388.8 1,408.8 1,441.0 1,475.5 489.5 520.3 565.6 323.5 351.8 371.7 414.8 420.0 470.1 483.9 477.3 511.6 497.2 519.8 527.5 536.8 550.2 571.1 566.9 574.2 594.8 623.4 115.6 143.0 167.1 67.0 77.0 91.4 109.7 118.5 111.3 115.1 109.6 122.6 132.1 141.8 140.2 157.8 151.8 166.3 172.4 178.1 181.9 182.6 81.3 84.6 91.2 58.2 56.8 54.8 59.5 61.4 622 67.1 82.9 83.8 81.9 83.5 82.3 90.7 90.4 90.4 91.9 91.9 89.1 90.9 491.9 517.8 555.1 291.1 318.0 338.8 359.4 400.7 424.7 449.7 470.7 501.9 501.6 518.6 522.7 528.3 545.1 553.0 557.6 564.6 575.1 578.5 1,460.9 1,507.0 1,538.1 926.6 990.8 1,034.3 1,096.3 1,135.5 1,209.8 1,306.9 1,386.3 1,492.0 1,496.2 1,500.6 1,497.6 1,533.7 1,513.7 1,525.9 1,542.8 1,569.9 1,589.6 1,603.3 449.0 443.6 437.3 324.7 356.9 373.1 392.5 392.0 405.1 436.5 438.3 454.8 446.9 445.2 442.7 439.8 437.8 435.1 444.3 431.9 434.4 432.9 625.3 658.0 682.5 360.1 383.8 404.2 419.7 444.5 488.8 526.6 566.2 643.1 644.8 652.8 660.2 674.1 671.5 676.2 683.0 699.2 708.1 716.0 172.2 186.1 197.6 97.7 104.5 103.8 102.9 113.0 121.9 137.6 162.6 176.6 176.7 182.9 187.8 197.0 190.0 194.4 200.3 205.5 211.0 215.7 186.8 183.6 191.5 122.3 129.2 131.1 143.1 151.2 168.9 174.4 191.6 183.1 182.5 184.8 183.6 183.5 179.3 188.8 194.4 203.5 209.0 218.4 27.6 35.7 29.2 22.2 16.4 22.1 37.8 34.9 25.0 32.0 27.7 34.5 45.2 35.1 23.3 39.3 35.1 31.3 20.9 29.8 27.2 20.3 .0 .0 .0 .6 .0 .0 — _2 .0 .0 2 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Source: Department of Commerce, Bureau of Economic Analysis. Less: Wage accruals less disbursements Surplus or deficit (-), national income and product accounts Corporate profits tax accruals Total 34 Subsidies less current surplus of Government enterprises Personal tax and nontax receipts Period Fiscal year: 1992 1993 1994 Calendar year: 1992 1993 1994 1984- IV 1985: IV 1986: IV 1987- IV . 1988: IV 1989- IV 1990- IV ... 1991; IV 1992- IV 1993: I II Ill IV 1994: I II III IV 1995- I II r Contributions for social insurance Grantsin-aid to Net State interest and paid local governments Total Purchases Transfer payments -282,7 -241.4 -159.1 - 186.8 -187.2 -177.5 - 152.7 - 134.9 -141.5 -191 0 -245.8 -272.1 - 283 5 -237.0 -224.9 -220 1 -1762 -145.1 - 154.0 -161 1 - 148.6 -127.8 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Consumer prices (1982-84=100; NSA) Industrial production (1987=100; seasonally adjusted) Period United States Canada Japan France Germany Italy United Kingdom United States' Canada Japan Germany France Italy United Kingdom 1986 1987 1988 1989 1990 1991 1992 1993 1994 95.3 100.0 104.4 106.0 106.0 104.3 107.6 112.0 118.1 95.4 100.0 105.3 105.2 101.7 97.5 98.4 103.2 109.7 96.7 100.0 109.4 115.7 120.6 122.9 115.8 111.0 112.3 98.0 100.0 104.6 108.9 111.0 111.0 109.7 105.6 111.0 99.6 100.0 103.9 108.8 114.5 118.7 116.3 107.4 110.8 96.2 100.0 105.9 109.2 109.4 108.4 108.2 105.5 110.7 96.2 100.0 104.8 107.0 106.7 102.8 102.7 104.7 110.0 109.6 113.6 118.3 124.0 130.7 136.2 140.3 144.5 148.2 113.4 118.4 123.2 129.3 135.5 143.1 145.2 147.9 148.2 104.8 104.9 105.7 108.0 111.4 115.0 116.9 118.5 119.3 117.2 120.9 124.2 128.6 133.0 137.2 140.6 143.5 145.9 104.7 104.9 106.3 109.2 112.1 116.0 120.6 125.6 129.4 128.5 134.4 141.1 150.4 159.5 169.8 178.8 186.3 193.6 114.9 119.7 125.6 135.4 148.2 156.9 162.7 165.3 169.3 1994- May 117.4 118.0 118.2 119.1 119.0 119.5 120.3 121.7 '108.6 '109.9 110.4 111.8 111.6 112.0 113.8 114.4 109.4 112.3 111.2 115.7 113.5 112.5 115.7 115.3 111.1 110.6 112.9 112.9 112.6 111.6 112.5 113.6 109.8 110.5 112.7 110.6 111.4 112.7 112.9 116.1 108.4 110.1 112.2 114.3 112.4 112.5 112.5 119.1 110.5 110.0 110.5 111.5 112.1 111.5 110.8 111.4 147.5 148.0 148.4 149.0 149.4 149.5 149.7 149.7 147.3 147.6 148.2 148.3 148.4 148.2 149.0 149.2 119.6 119.2 118.6 119.2 119.5 120.0 119.7 119.4 145.9 145.9 145.9 145.9 146.3 146.7 146.7 146.5 129.3 129.5 129.6 129.7 129.8 129.9 130.1 130.4 192.9 193.3 193.6 194.2 194.7 195.8 196.5 197.2 170.0 170.0 169.2 170.0 170.4 170.6 170.7 171.5 122.0 122.1 122.0 ' 121.2 '115.0 '114.5 '113.5 '113.8 114.0 116.3 118.1 117.0 '114.0 '112.7 '115.1 '112.8 '121.2 '121.1 114.3 '116.4 115.2 109.8 110.5 108.8 111.9 111.2 110.9 114.3 115.0 116.4 117.4 115.9 116.3 111.5 111.8 112.9 112.1 112.0 150.3 150.9 151.4 151.9 152.2 152.5 152.5 149.8 150.5 150.8 151.2 151.6 151.6 151.9 119.4 118.9 118.8 119.3 119.6 119.5 146.9 147.5 147.9 148.0 148.3 148.3 148.0 131.0 131.5 131.6 131.9 132.1 132.7 132.6 197.9 199.5 201.2 202.2 203.5 204.6 204.7 171.5 172.6 173.3 175.1 175.8 176.0 175.2 July Sept Oct Nov Dec 1995- Jan Feb Mar May 115.3 121.3 1 Data relate to all urban consumers. Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Economic Analysts). U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Services (BOP basis) Goods: Imports (customs value) Goods: Exports (f.a.s. value) Census basis (by end-use category) 1 Balance of trade (exports minus imports) Census basis (by end-use category BOP basis Period 1986 1987 1988 1989 1990 1991 1992 1993 1994 1994: June July Sept Oct Nov Dec 1995- Jan Feb Mar Apr May June** 1 2 BOP basis ConAuto- ConAuto- sumer InInCapmo- sumer mo- goods Foods dusdus- Captive ital ital tive (non- BOP Foods, trial feeds, trial goods vehi- goods (nonTotal, feeds, sup- goods vehisupand basis Total, food) food) cles, except Census cles, except Census and bev- plies auto- parts except plies basis2 auto- parts exbasis2 bevand erand cept and moautoand autoerages mate- moages mate- tive enenmorials rials tive mogines tive gines tive Imports 71 8 782 794 84.5 85.2 88.7 101.4 87.7 95.9 86.1 102.9 113.3 116.4 87.3 105.7 120.7 85.7 108.0 134.3 91.8 122.7 152.4 102.4 134.0 184.4 118.3 146.3 86.5 98.5 111.1 127.4 147.8 164.3 178.6 187.8 198.7 81.0 91.7 99.5 103.5 118.8 119.6 122.0 130.0 138.8 10.0 9.9 10.7 10.0 10.3 10.7 10.8 12.1 12.1 12.4 12.5 12.8 12.9 12.9 16.7 16.6 16.6 17.7 16.7 17.3 17.0 11.6 11.6 11.7 11.8 11.6 11.7 11.6 11.0 10.8 10.7 11.0 10.7 10.4 13.3 13.1 13.3 13.6 13.8 13.4 17.2 16.6 17.0 17.0 17.1 17.1 11.9 11.8 12.1 11.9 12.0 12.0 223.3 250.2 320.2 362.1 389.3 416.9 440.4 456.8 502.5 227.2 254.1 322.4 363.8 393.6 421.7 448.2 465.1 512.6 22.3 24.3 32.3 37.2 35.1 35.7 40.3 40.6 41.9 573 66.7 85.1 99.3 104.4 109.7 109.1 111.8 121.4 758 86.2 109.2 138.8 152.7 166.7 175.9 181.7 205.2 21 7 24.6 29.3 34.8 37.4 40.0 47.0 52.4 57.6 142 17.7 23.1 36.4 43.3 45.9 51.4 54.7 60.0 3684 409.8 447.2 477.4 498.3 491.0 536.5 589.4 668.6 3654 406.2 441.0 473.2 495.3 488.5 532.7 580.7 663.3 244 24.8 24.8 25.1 26.6 26.5 27.6 27.9 31.0 101.3 111.0 118.3 132.3 143.2 131.6 138.6 145.6 162.0 41.9 40.4 43.7 43.3 43.3 44.4 46.2 42.8 41.2 44.7 44.1 44.3 45.3 47.2 3.2 3.1 3.6 3.7 3.8 4.0 4.2 9.8 10.2 10.7 10.3 10.7 10.7 11.3 17.6 16.3 17.6 17.8 17.0 18.0 18.7 4.7 4.3 5.1 5.0 4.9 5.0 5.5 5.2 4.9 5.2 5.1 5.2 5.4 5.3 55.9 56.3 57.9 57.8 58.2 59.7 59.4 55.7 56.0 57.6 57.6 58.0 59.5 59.2 2.6 2.6 2.7 2.7 2.7 2.6 2.7 14.0 14.4 14.7 14.2 13.9 14.5 14.2 15.2 15.3 15.4 16.3 16.4 16.8 16.8 44.8 45.5 47.8 46.9 48.2 47.4 45.4 46.2 48.6 47.7 48.9 48.2 3.9 3.9 4.1 4.2 4.0 3.9 11.6 11.7 12.6 12.3 12.4 12.7 17.1 17.8 19.2 18.8 19.4 19.5 5.3 5.2 5.0 5.0 5.0 4.4 5.1 5.3 5.4 5.3 5.5 5.4 60.7 59.9 62.5 63.5 64.3 63.8 60.5 59.7 61.6 62.6 63.1 62.9 2.8 2.8 2.9 2.7 27 2.8 14.5 14.4 15.3 15.5 15.8 15.6 17.1 16.9 17.6 18.0 18.1 18.7 Includes undocumented exports to Canada through 1988. Total includes "other" exports or imports, not shown separately. Exports Goods, Census basis Goods Services Goods and services - 138.3 -145.1 -152.1 - 159.6 -118.5 -127.0 - 109.4 -115.2 -101.7 -109.0 -74.1 -66.7 -96.1 -84.5 -115.6 -132.6 - 150.6 -166.1 5.5 6.9 11.6 23.9 29.0 44.7 56.6 57.8 59.9 - 139.6 - 152.7 -115.3 -91.4 -80.0 -29.4 -39.5 -74.8 - 106.2 -13.0 -14.8 -12.9 -13.5 -13.6 -14.2 -12.0 -14.0 -15.8 -14.2 -14.6 -14.9 -15.3 -13.3 5.1 5.0 4.9 5.9 5.1 5.6 5.4 -8.9 -10.8 -9.4 -8.7 -9.8 -9.7 -7.9 -15.0 -13.5 -13.0 -15.0 -14.2 -14.7 -15.9 -14.4 -14.7 -16.5 -16.1 -16.4 5.3 4.8 4.9 5.1 5.1 5.1 -10.6 -9.6 -9.8 -11.4 -11.0 -11.3 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. INTERNATIONM. TRANSACTIONS In the first quarter of 1995, the merchandise trade deficit rose to $45.1 billion, from $43.5 billion in the fourth quarter of 1994. The current account deficit fell to $40.5 billion, from $43.3 billion in the fourth quarter. BILLIONS OF DOLLARS * BILUONS OF DOLLARS* 1985 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( — ) ) Services Merchandise ' Period 1981 1982 1983 1984 1985 198fi 1987 1988 1989 1990 1991 1992 1993 1994 1993: I II Ill IV 1994- I II Ill IV 1995: IP Exports Imports 237,044 -265,067 211,157 -247,642 201,799 -268,901 219,926 -332,418 215,915 -338,088 223,344 -368,425 250,208 -409,765 320,230 -447,189 362,120 -477,365 389,307 - 498,337 416,913 -490,981 440,352 -536,458 456,823 - 589,441 502,485 -668,584 111.862 -140,821 114,131 - 147,718 111,576 -148,181 119,254 -152,721 118,445 -154,935 122,730 - 164,224 127,384 -172.011 133,926 -177,414 138,059 -183,111 Net balance Net military transactions - :* 144 -844 -992 112 -563 -4,227 -2,547 -8438 -4,390 -9,798 -5,181 -8,484 -3,844 -7613 •' 591 -6,320 4,043 - 6,749 8,002 -7,599 -5,274 17,032 -2,142 20,484 448 19,885 2,148 19,330 5,302 -28,959 401 5,389 -33,587 90 5,062 -36,605 283 4,131 -33,467 -326 4,642 -36,490 -31 4,647 -41,494 376 4,792 1.124 -44,627 5,247 - 43,488 679 4,523 -45,052 621 -28,023 -36,485 -67,102 - 1 12,492 -122,173 -145,081 -159,557 - 126,959 -115,245 -109,030 -74,068 -96,106 -132,618 -166,099 Investment income Net travel Other and trans- services, net portation receipts 12,552 13,209 14,124 14,404 14,483 19,194 18,319 20,546 26,558 28,633 32,907 38,284 37,444 38,410 9,683 9,315 9,272 9,172 8,863 9,548 9.904 10,095 9.885 'Adjusted from Census data for differences in timing and coverage; excludes military. 3 Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 36 Balance on goods and services -16,172 -24,156 -57,767 - 109,073 -121,880 -139,551 - 152,696 -115,324 -91,392 -79,994 -29,404 -39,480 -74,841 -106,212 -13,573 -18,793 -21,988 -20,490 -23,016 -26,923 -28,807 -27,467 - 30,023 Receipts on U.S. assets abroad Payments on foreign assets in U.S. -53,626 86,529 86,200 - 56,412 - 53,700 85,200 - 74,036 104,756 -73,087 93,677 -79,095 91,976 -91,302 100,767 129,070 -115,806 152,517 -138,858 160,300 -139,574 137,003 -121,892 118.425 -108,346 119,248 -110,248 137,619 -146,891 -25,239 28.950 - 27,893 29,958 -26,741 29,931 -30,376 30,412 30,942 -30,826 -34,623 32,338 -38,564 36,031 -42,878 38,307 - 45,209 42,511 3 Net 32,903 29,788 31,500 30,720 20,590 12,881 9,465 13,264 13,659 20,725 15,111 10,079 9,000 -9,272 3,711 2,065 3,190 36 116 -2,285 -2,533 -4,571 -2,698 Balance on goods, services, and income Unilateral transfers, net 4 Balance on current account 16,732 5,632 -26,267 - 78,353 -101,290 -126,670 -143,231 -102,060 -77,733 -59,268 -14,293 -29,402 -65,841 -115,484 -9,862 -16,728 -18,798 -20,454 -22,900 - 29,208 -31,340 -32,038 -32,721 -11,702 -17,075 -17,718 -20,598 -22,954 -24,189 -23,107 - 25,023 -26,106 - 33,393 6,869 -32,148 -34,084 -35,761 -7,521 -7,609 -8,234 -10,722 -7,371 -8,778 -8,374 -11,239 -7,782 5,030 - 11,443 -43.985 -98.951 - 124,243 -150,859 -166,338 -127,083 -103,839 -92,661 -7,424 -61.549 -99,925 -151,245 - 17,383 -24,337 -27,032 -31,176 -30,271 - 37,986 -39,714 - 43,277 Quarterly data are not seasonally adjusted. 4 Includes transfers of goods and services under U.S. military grant programs. Sff- p. 37 for continwition of table. -40,503 U.S. INTERNATIONAL TRANSACTIONS—Continued In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $34.5 billion in the first quarter of 1995, following an increase of $16.7 billion in the fourth quarter of 1994. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $8.6 billion in the first quarter, following an increase of $34.7 billion in the fourth quarter. BILLIONS OF DOLLARS' BILLIONS Of DOUARS* -20 -40 -<SO * SEASONABLY ADJUSTED SOURCE: DEPARTMENT Of COMMERCE OOUN01 Of ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, net [increase/capit Period Total 1981 .. .. 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1993- I II III IV 1994- I II III IV 1995: IP U.S. official reserve assets35 -114,147 -5,175 - 122,335 -4,965 -61,573 -1,196 -36,313 -3,131 -39,889 -3,858 312 -106,753 9,149 -72,617 - 100,087 -3,912 -168,744 -25,293 ijjlyo -74,011 5,763 -57,881 3,901 -65,875 - 184,589 -1,379 -125,851 5,346 -983 -19,729 822 -40,933 -545 -46,270 -673 -77,657 -59 -36,783 3,537 -5,973 -165 -27,940 2,033 -55,156 -63,951 -5,318 Other U.S. Government assets -5,097 6 131 -5,006 -5,489 -2,821 -2,022 1,006 2,967 1,259 2,307 2,911 -1,661 -330 322 467 -281 -197 -318 401 491 -283 -931 23 Foreign assets in the U.S., net [increase/capital inflow ( + )] )] U.S. private assets - 103,875 111 239 -55,372 -27,694 -33,211 - 105,044 82 771 -99,141 - 144,710 -74,160 -66,555 -68,115 - 182,880 130 875 -19,213 -41,474 -45,529 -76,666 -37,125 -10,001 — 27 492 -56,258 -58,656 83,032 92,418 83,380 113,932 141,183 226,111 242,983 240,265 218,490 122,192 94,241 153,823 248,529 291,365 19,867 51,277 77,928 99,458 80,390 46,526 79,736 84,715 85,080 5 Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF. Foreign official assets3 Total 4,960 3,593 5,845 3,140 -1,119 35,648 45,387 39,758 8,503 33,910 17,389 40,466 72,146 39,409 10,955 17,495 19,386 24,311 10,977 9,162 19,691 -421 21,336 Other foreign assets 78,072 88,826 77,534 110,792 142,301 190,463 197,596 200,507 209,987 88,282 76,853 113,358 176,383 251,956 8,912 33,782 58,542 75,147 69,413 37,364 60,045 85,136 63,744 Statistical discrepancy Allocations of special Of which: Total (sum drawing of the items Seasonal adrights justment with sign (SDKs) discrepancy reversed) 1,093 24,992 41,359 22,179 21,331 22,950 31,501 -4,028 - 13,095 54,094 44,480 -28936 -26,399 35,985 -14,269 17,245 13,993 -4,626 9,375 -13,336 -2,567 - 12,082 13,718 19,374 5,367 154 -6,353 834 5,274 587 -6,641 782 6,357 U.S. official reserve assets, net5 (unadjusted, end of period) 30,074 33,958 33,747 34,934 43,186 48,511 45,798 47,802 74,609 83,316 77,721 71,323 73,442 74,335 74,378 73,968 75,835 73,442 76,809 75,732 76,532 74,335 86,761 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT. INCOME. AND SPENDING Gross Domestic Product Gross Domestic Product in 1987 Dollars Implicit Price Deflators for Gross Domestic Product Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures in 1987 Dollars Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment in 1987 Dollars Expenditures for New Plant and Equipment 1 2 2 3 3 4 4 5 6 7 8 9 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 Credir Interest Rates and Bond Yields Common Stock Prices and Yields 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receiprs, 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: P Preliminary. ' Revised. c Corrected. ... Not available (also, not applicable).' NSA not seasonally adjusted. 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