Full text of Economic Indicators : August 1999
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106th Congress, 1st Session Economic Indicators AUGUST 1999 (Includes data available as of September 7, 1999) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1999 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 WILLIAM V. ROTH, Jr. (Delaware) ROBERT F. BENNETT (Utah) ROD GRAMS (Minnesota) SAM BROWNBACK (Kansas) JEFF SESSIONS (Alabama) CHARLES S. ROBB (Virginia) PAUL S. SARBANES (Maryland) EDWARD M. KENNEDY (Massachusetts) JEFF BINGAMAN (New Mexico) HOUSE OF REPRESENTATIVES MARK SANFORD (South Carolina) JOHN DOOLITTLE (California) TOM CAMPBELL (California) JOSEPH R. PITTS (Pennsylvania) PAUL RYAN (Wisconsin) PETE STARK (California) CAROLYN B. MALONEY (New York) DAVID MINGE (Minnesota) MELVIN L. WATT (North Carolina) SHELLEY S. HYMES, Executive Director COUNCIL OF ECONOMIC ADVISERS MARTIN N. BAILY, Chair ROBERT Z. LAWRENCE, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 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 0–16–059404–9 ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the second quarter of 1999, according to revised estimates, current-dollar gross domestic product (GDP) rose 3.4 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 1.8 percent, and the implicit price deflator rose 1.5 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1990 ...................... 1991 ...................... 1992 ...................... 1993 ...................... 1994 ...................... 1995 ...................... 1996 ...................... 1997 ...................... 1998 ...................... 1995: III .............. IV ............... 1996: I ................. II ................ III .............. IV ............... 1997: I ................. II ................ III .............. IV ............... 1998: I ................. II ............... III ............. IV .............. 1999: I ................ II r .............. 1 GDP Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment 5,743.8 5,916.7 6,244.4 6,558.1 6,947.0 7,269.6 7,661.6 8,110.9 8,511.0 7,304.8 7,391.9 7,495.3 7,629.2 7,703.4 7,818.4 7,955.0 8,063.4 8,170.8 8,254.5 8,384.2 8,440.6 8,537.9 8,681.2 8,808.7 8,881.9 3,839.3 3,975.1 4,219.8 4,459.2 4,717.0 4,953.9 5,215.7 5,493.7 5,807.9 4,986.4 5,035.3 5,108.2 5,199.0 5,242.5 5,313.2 5,402.4 5,438.8 5,540.3 5,593.2 5,676.5 5,773.7 5,846.7 5,934.8 6,050.6 6,155.9 799.7 736.2 790.4 876.2 1,007.9 1,043.2 1,131.9 1,256.0 1,367.1 1,030.6 1,053.6 1,075.3 1,118.3 1,167.9 1,166.0 1,206.4 1,259.9 1,265.7 1,292.0 1,366.6 1,345.0 1,364.4 1,392.4 1,417.4 1,423.2 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports ¥71.3 ¥20.5 ¥29.5 ¥60.7 ¥90.9 ¥83.9 ¥91.2 ¥93.4 ¥151.2 ¥74.5 ¥58.4 ¥75.7 ¥94.0 ¥115.5 ¥79.6 ¥93.3 ¥86.8 ¥94.7 ¥98.8 ¥123.7 ¥159.3 ¥165.5 ¥156.2 ¥196.9 ¥240.0 less exports of goods and services plus imports of goods and services. Imports Total Total 557.3 601.8 639.4 658.6 721.2 819.4 873.8 965.4 959.0 835.1 851.5 856.6 863.0 861.4 914.2 930.2 961.1 981.7 988.6 973.3 949.6 936.2 976.8 962.7 972.6 628.6 622.3 669.0 719.3 812.1 903.3 965.0 1,058.8 1,110.2 909.6 909.9 932.3 957.0 976.9 993.8 1,023.5 1,047.9 1,076.4 1,087.4 1,097.1 1,108.9 1,101.7 1,133.0 1,159.6 1,212.7 1,176.1 1,225.9 1,263.8 1,283.4 1,313.0 1,356.4 1,405.2 1,454.6 1,487.1 1,362.3 1,361.4 1,387.5 1,406.0 1,408.6 1,418.8 1,439.4 1,451.5 1,459.5 1,468.1 1,464.9 1,481.2 1,492.3 1,510.2 1,537.5 1,542.8 503.6 522.6 528.0 518.3 510.2 509.1 518.4 520.2 520.6 511.2 501.2 517.1 523.1 519.0 514.6 517.0 522.9 521.0 520.1 511.6 520.7 519.4 530.7 536.6 533.0 National defense 373.1 383.5 375.8 360.7 349.2 344.4 351.0 346.0 340.4 345.5 337.9 350.3 355.6 351.3 346.7 341.1 349.1 347.1 346.5 331.6 339.8 343.7 346.4 345.5 343.4 Nondefense 130.4 139.1 152.2 157.7 161.0 164.7 167.4 174.3 180.2 165.7 163.3 166.8 167.4 167.7 167.9 175.9 173.8 173.9 173.6 180.0 180.9 175.7 184.3 191.1 189.6 State and local 672.6 703.4 735.8 765.0 802.8 847.3 886.8 934.4 966.5 851.1 860.2 870.4 882.9 889.6 904.2 922.4 928.6 938.5 947.9 953.3 960.4 972.9 979.5 1,000.9 1,009.8 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 5,735.8 5,919.0 6,237.4 6,537.6 6,885.7 7,238.9 7,629.5 8,043.5 8,451.6 7,287.7 7,370.4 7,479.1 7,600.6 7,653.6 7,784.6 7,895.2 7,979.9 8,116.2 8,182.6 8,288.7 8,401.3 8,480.9 8,635.5 8,769.1 8,869.6 5,815.1 5,937.2 6,274.0 6,618.8 7,037.9 7,353.5 7,752.8 8,204.3 8,662.2 7,379.3 7,450.3 7,571.0 7,723.2 7,818.9 7,898.0 8,048.2 8,150.2 8,265.5 8,353.3 8,508.0 8,599.9 8,703.4 8,837.4 9,005.6 9,121.9 5,764.9 5,932.4 6,255.5 6,576.8 6,955.2 7,287.1 7,674.0 8,102.9 8,490.5 7,313.2 7,412.6 7,515.0 7,643.3 7,708.6 7,829.0 7,952.4 8,062.3 8,162.0 8,234.9 8,369.4 8,421.8 8,510.9 8,660.0 8,788.4 8,854.7 Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Period 1990 ........... 1991 ........... 1992 ........... 1993 ........... 1994 ........... 1995 .......... 1996 .......... 1997 .......... 1998 .......... 1995: III ... IV .... 1996: I ..... II .... III .. IV ... 1997: I ..... II .... III .. IV ... 1998: I ..... II .... III .. IV .... 1999: I ..... II r ... Gross domestic product 6,136.3 6,079.4 6,244.4 6,389.6 6,610.7 6,761.7 6,994.8 7,269.8 7,551.9 6,779.5 6,825.8 6,882.0 6,983.9 7,020.0 7,093.1 7,166.7 7,236.5 7,311.2 7,364.6 7,464.7 7,498.6 7,566.5 7,677.7 7,759.6 7,794.3 Personal consumption expenditures 4,132.2 4,105.8 4,219.8 4,343.6 4,486.0 4,605.6 4,752.4 4,913.5 5,153.3 4,623.4 4,650.0 4,692.1 4,746.6 4,768.3 4,802.6 4,853.4 4,872.7 4,947.0 4,981.0 5,055.1 5,130.2 5,181.8 5,246.0 5,331.9 5,391.8 Gross private domestic investment Nonresidential fixed investment 585.2 547.7 557.9 600.2 648.4 710.6 776.6 859.4 960.7 711.7 722.3 744.8 764.4 790.1 807.0 820.9 848.2 882.2 886.2 931.9 960.4 958.7 991.9 1,012.2 1,039.4 Residential fixed investment Change in business inventories 220.6 193.4 225.6 242.6 267.0 256.8 275.9 282.8 312.0 255.6 262.1 268.0 280.2 279.0 276.3 278.4 282.5 282.3 287.9 298.5 309.1 316.5 324.1 335.9 342.2 10.4 ¥3.0 7.0 22.1 60.6 27.7 30.0 63.2 57.4 14.7 20.1 14.4 26.1 47.5 32.1 56.3 79.0 51.0 66.5 91.4 38.2 55.7 44.2 38.7 12.1 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total Total ¥61.9 564.4 626.3 1,250.4 ¥22.3 599.9 622.2 1,258.0 ¥29.5 639.4 669.0 1,263.8 ¥70.2 658.2 728.4 1,252.1 ¥104.6 712.4 817.0 1,252.3 ¥96.5 792.6 889.0 1,254.5 ¥111.2 860.0 971.2 1,268.2 ¥136.1 970.0 1,106.1 1,285.0 ¥238.2 984.7 1,222.9 1,296.9 ¥86.8 806.3 893.1 1,257.6 ¥74.8 826.1 900.9 1,244.5 ¥95.5 833.6 929.1 1,254.5 ¥113.5 845.5 958.9 1,276.2 ¥140.1 849.9 990.0 1,271.1 ¥95.9 911.1 1,007.0 1,271.2 ¥121.5 929.4 1,050.9 1,277.7 ¥131.6 963.6 1,095.2 1,284.4 ¥142.4 988.1 1,130.5 1,288.9 ¥149.0 998.8 1,147.8 1,289.2 ¥198.5 991.9 1,190.4 1,283.0 ¥245.2 972.1 1,217.3 1,294.8 ¥259.0 965.3 1,224.3 1,299.6 ¥250.0 1,009.6 1,259.6 1,310.3 ¥303.6 996.5 1,300.1 1,323.9 ¥337.4 1,007.1 1,344.5 1,318.4 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. National defense 541.9 539.4 528.0 505.7 486.6 470.6 465.6 458.0 453.3 473.1 454.6 463.5 472.6 467.0 459.5 456.3 460.4 458.9 456.5 446.1 454.1 452.5 460.6 458.4 454.4 401.5 397.5 375.8 354.4 336.9 323.5 319.1 308.9 300.4 323.9 313.3 318.7 325.0 319.8 313.0 305.0 311.7 310.2 308.7 293.3 300.3 303.5 304.6 299.4 296.8 Nondefense 140.5 142.0 152.2 151.2 149.5 146.9 146.2 148.6 152.1 148.8 141.1 144.5 147.3 146.8 146.1 150.7 148.2 148.2 147.3 151.9 152.9 148.4 155.2 158.0 156.6 State and local 708.6 718.7 735.8 746.4 765.7 783.9 802.7 827.1 843.8 784.5 790.0 791.0 803.6 804.2 811.8 821.5 824.2 830.1 832.9 837.1 840.9 847.3 850.0 865.8 864.3 Final sales of domestic product 6,126.7 6,082.6 6,237.4 6,368.9 6,551.2 6,731.7 6,961.6 7,203.7 7,491.3 6,761.7 6,803.3 6,863.6 6,954.7 6,970.3 7,057.9 7,108.1 7,155.5 7,256.3 7,294.8 7,372.5 7,456.4 7,507.6 7,628.9 7,715.4 7,773.2 Gross domestic purchases 1 6,199.8 6,101.6 6,274.0 6,459.0 6,712.7 6,855.0 7,101.1 7,396.5 7,765.9 6,863.5 6,898.4 6,974.0 7,092.8 7,152.6 7,185.2 7,281.3 7,359.4 7,443.1 7,502.1 7,644.9 7,718.6 7,798.8 7,901.3 8,027.8 8,089.2 Addendum: Gross national product 6,157.0 6,094.9 6,255.5 6,408.0 6,619.1 6,779.5 7,008.4 7,266.2 7,537.8 6,788.9 6,846.8 6,902.1 6,999.0 7,027.1 7,105.3 7,167.8 7,239.3 7,307.0 7,350.7 7,455.2 7,485.9 7,546.7 7,663.3 7,746.3 7,775.2 Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 1992=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period 1990 .................. 1991 .................. 1992 .................. 1993 .................. 1994 .................. 1995 ................. 1996 ................. 1997 ................. 1998 .................. 1995: III ......... IV .......... 1996: I ............ II ........... III ......... IV .......... 1997: I ............ II ........... III ......... IV .......... 1998: I ............ II ........... III ......... IV ........... 1999: I ............ II r .......... Gross domestic product 93.60 97.32 100.00 102.64 105.09 107.51 109.53 111.57 112.70 107.75 108.29 108.91 109.24 109.74 110.23 111.00 111.43 111.76 112.08 112.32 112.56 112.84 113.07 113.52 113.95 Total 92.91 96.82 100.00 102.66 105.15 107.56 109.75 111.81 112.70 107.85 108.29 108.87 109.53 109.94 110.63 111.31 111.62 111.99 112.29 112.29 112.54 112.83 113.13 113.48 114.17 Durable goods Nondurable goods Services 96.59 98.54 100.00 101.22 103.27 103.72 102.75 100.66 98.32 103.63 103.39 103.49 102.83 102.56 102.13 101.92 100.94 100.23 99.63 99.28 98.73 97.99 97.36 96.54 96.02 94.62 98.06 100.00 101.46 102.77 103.95 106.08 107.69 107.66 104.11 104.34 105.12 106.03 106.11 107.04 107.56 107.52 107.72 107.96 107.36 107.42 107.81 108.06 108.44 109.83 91.22 95.78 100.00 103.62 106.85 110.37 113.32 116.61 118.80 110.82 111.52 112.10 112.94 113.70 114.52 115.50 116.29 117.03 117.58 117.99 118.54 119.04 119.60 120.25 120.88 Source: Department of Commerce, Bureau of Economic Analysis. 2 Gross private domestic investment Exports and imports of goods and services Government consumption expenditures and gross investment Federal Nonresidential fixed Residential fixed 98.41 99.92 100.00 100.65 101.89 102.40 101.46 100.15 97.66 102.50 102.38 101.91 101.36 101.38 101.21 100.77 100.28 100.02 99.61 98.86 98.08 97.18 96.57 96.08 95.73 97.80 98.85 100.00 103.71 107.11 110.90 113.02 115.96 118.44 111.09 111.64 111.94 112.39 113.60 114.14 114.79 115.34 116.49 117.19 117.20 117.69 118.76 119.99 120.65 121.51 Exports Imports Total 98.74 100.31 100.00 100.07 101.23 103.39 101.60 99.53 97.39 103.57 103.07 102.76 102.07 101.36 100.35 100.09 99.74 99.35 98.97 98.13 97.68 96.98 96.75 96.61 96.58 100.37 100.02 100.00 98.75 99.39 101.61 99.36 95.72 90.78 101.84 100.99 100.35 99.79 98.68 98.69 97.39 95.68 95.21 94.73 92.16 91.09 89.98 89.95 89.19 90.19 92.93 96.88 100.00 102.50 104.85 108.17 111.34 113.58 114.84 108.06 110.24 111.57 110.67 111.15 112.00 113.29 113.57 113.52 113.93 114.67 114.68 114.79 115.22 117.07 117.30 National defense Nondefense State and local 92.93 96.47 100.00 101.76 103.64 106.47 109.98 112.00 113.29 106.68 107.85 109.91 109.41 109.85 110.77 111.85 112.02 111.90 112.25 113.05 113.14 113.24 113.72 115.41 115.69 92.84 97.94 100.00 104.29 107.70 112.13 114.57 117.27 118.50 111.32 115.72 115.44 113.67 114.24 114.94 116.70 117.22 117.32 117.85 118.46 118.31 118.43 118.77 120.96 121.09 94.91 97.86 100.00 102.49 104.85 108.09 110.48 112.96 114.54 108.49 108.89 110.04 109.87 110.61 111.38 112.28 112.67 113.06 113.82 113.88 114.22 114.82 115.24 115.60 116.84 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 1992=100 Period 1989 .............................................................. 1990 .............................................................. 1991 .............................................................. 1992 .............................................................. 1993 .............................................................. 1994 .............................................................. 1995 ............................................................. 1996 ............................................................. 1997 ............................................................. 1998 .............................................................. 1993: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 1994: I ......................................................... II ....................................................... III ...................................................... IV ...................................................... 1995: I ........................................................ II ....................................................... III ..................................................... IV ...................................................... 1996: I ........................................................ II ....................................................... III ..................................................... IV ...................................................... 1997: I ........................................................ II ....................................................... III ..................................................... IV ...................................................... 1998: I ........................................................ II ....................................................... III ...................................................... IV ...................................................... 1999: I ........................................................ II r ..................................................... 1 Percent Real GDP (chain-type quantity index) GDP (current dollars) 87.10 91.98 94.75 100.00 105.02 111.25 116.42 122.69 129.89 136.30 103.20 104.24 105.29 107.36 108.81 110.68 111.88 113.63 114.83 115.48 116.98 118.38 120.03 122.18 123.36 125.21 127.39 129.13 130.85 132.19 134.27 135.17 136.73 139.02 141.06 142.24 GDP implicit price deflator GDP chain-type price index 97.08 98.27 97.36 100.00 102.32 105.87 108.28 112.02 116.42 120.94 101.34 101.85 102.39 103.72 104.49 105.70 106.17 107.11 107.58 107.68 108.57 109.31 110.21 111.84 112.42 113.59 114.77 115.89 117.08 117.94 119.54 120.09 121.17 122.95 124.26 124.82 89.72 93.64 97.32 100.00 102.64 105.09 107.51 109.54 111.57 112.71 101.85 102.38 102.83 103.52 104.16 104.74 105.39 106.07 106.74 107.26 107.76 108.30 108.90 109.28 109.77 110.21 110.97 111.45 111.77 112.09 112.33 112.57 112.85 113.08 113.53 113.96 changes based on unrounded data. Quarterly percent changes are at annual rates. Real GDP (chain-type quantity index) GDP (current dollars) 89.72 93.60 97.32 100.00 102.64 105.09 107.51 109.53 111.57 112.70 101.84 102.35 102.83 103.51 104.13 104.71 105.39 106.09 106.75 107.24 107.75 108.29 108.91 109.24 109.74 110.23 111.00 111.43 111.76 112.08 112.32 112.56 112.84 113.07 113.52 113.95 7.7 5.6 3.0 5.5 5.0 5.9 4.6 5.4 5.9 4.9 3.9 4.1 4.1 8.1 5.5 7.1 4.4 6.4 4.3 2.3 5.3 4.9 5.7 7.3 3.9 6.1 7.2 5.6 5.4 4.2 6.4 2.7 4.7 6.9 6.0 3.4 GDP chain-type price index 3.4 1.2 ¥.9 2.7 2.3 3.5 2.3 3.4 3.9 3.9 .1 2.0 2.1 5.3 3.0 4.7 1.8 3.6 1.7 .4 3.3 2.8 3.3 6.1 2.1 4.2 4.2 4.0 4.2 3.0 5.5 1.8 3.7 6.0 4.3 1.8 GDP implicit price deflator 4.2 4.4 3.9 2.8 2.6 2.4 2.3 1.9 1.9 1.0 3.9 2.1 1.8 2.7 2.5 2.2 2.5 2.6 2.5 2.0 1.9 2.0 2.2 1.4 1.8 1.6 2.8 1.7 1.2 1.1 .9 .9 1.0 .8 1.6 1.5 4.2 4.3 4.0 2.8 2.6 2.4 2.3 1.9 1.9 1.0 3.9 2.0 1.9 2.7 2.4 2.2 2.6 2.7 2.5 1.8 1.9 2.0 2.3 1.2 1.8 1.8 2.8 1.6 1.2 1.2 .8 .9 1.0 .8 1.6 1.5 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 real output (dollars) 1 Gross domestic product of nonfinancial corporate business (billions of dollars) Period 1991 ............................................................................... 1992 ............................................................................... 1993 ............................................................................... 1994 ............................................................................... 1995 .............................................................................. 1996 .............................................................................. 1997 .............................................................................. 1998 .............................................................................. 1996: I ......................................................................... II ........................................................................ III ...................................................................... IV ....................................................................... 1997: I ......................................................................... II ........................................................................ III ...................................................................... IV ....................................................................... 1998: I ......................................................................... II ........................................................................ III ...................................................................... IV ....................................................................... 1999: I ......................................................................... II p ...................................................................... Current dollars Chained (1992) dollars 3,132.1 3,262.6 3,430.4 3,709.7 3,920.4 4,134.4 4,414.5 4,657.4 4,033.0 4,106.4 4,168.9 4,229.3 4,307.1 4,375.7 4,461.9 4,513.2 4,574.2 4,618.8 4,688.9 4,747.8 4,827.7 4,883.7 3,168.8 3,262.6 3,374.4 3,586.3 3,745.5 3,914.8 4,154.4 4,388.8 3,826.9 3,891.0 3,944.2 3,997.1 4,054.5 4,117.0 4,198.5 4,247.5 4,309.2 4,352.0 4,417.2 4,477.0 4,550.6 4,591.6 Consumption of fixed capital Total cost and profit 2 1 Output is measured by GDP of nonfinancial corporate business in chained (1992) dollars. 2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. 0.988 1.000 1.017 1.034 1.047 1.056 1.063 1.061 1.054 1.055 1.057 1.058 1.062 1.063 1.063 1.063 1.061 1.061 1.062 1.060 1.061 1.064 0.101 .101 .101 .101 .100 .100 .100 .099 .101 .100 .100 .100 .100 .100 .100 .100 .099 .100 .099 .099 .098 .099 Indirect business tax, etc.3 0.100 .103 .106 .108 .106 .105 .105 .105 .106 .105 .105 .105 .105 .106 .105 .105 .105 .104 .104 .107 .104 .104 Compensation of employees 0.660 .673 .679 .677 .682 .685 .691 .699 .681 .684 .686 .687 .690 .691 .688 .695 .697 .699 .699 .700 .700 .704 Corporate profits with inventory valuation and capital consumption adjustments Total 0.085 .091 .103 .122 .130 .140 .143 .136 .139 .140 .141 .141 .142 .143 .147 .141 .139 .136 .138 .133 .137 .135 Profits tax liability 0.027 .028 .031 .036 .037 .039 .041 .037 .038 .039 .039 .039 .041 .040 .042 .040 .037 .037 .037 .035 .036 .038 Profits after tax 4 0.058 .063 .072 .086 .094 .101 .102 .100 .101 .101 .102 .102 .101 .102 .104 .101 .102 .099 .100 .098 .101 .097 Net interest 0.042 .032 .028 .027 .028 .026 .023 .022 .027 .026 .026 .025 .025 .024 .023 .022 .022 .022 .022 .022 .022 .022 3 Indirect business tax and nontax liability plus business transfer payments less subsidies. inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 4 With 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Period 1991 1992 1993 1994 1995 1996 1997 1998 1995: 1996: 1997: 1998: 1999: ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... III .............................. IV .............................. I ................................. II ............................... III .............................. IV .............................. I ................................. II ............................... III .............................. IV .............................. I ................................. II ............................... III .............................. IV ............................... I ................................. II r .............................. 1 Includes 4,761.6 4,990.4 5,266.8 5,590.7 5,923.7 6,256.0 6,646.5 6,994.7 5,965.3 6,039.8 6,119.6 6,226.8 6,303.6 6,373.9 6,509.0 6,604.5 6,704.8 6,767.9 6,875.0 6,945.5 7,032.3 7,126.0 7,265.2 7,346.6 Compensation of employees1 Proprietors’ income with inventory valuation and capital consumption adjustments Farm 3,457.9 3,644.9 3,814.9 4,012.0 4,208.9 4,409.0 4,687.2 4,981.0 4,230.0 4,271.6 4,303.5 4,382.4 4,444.4 4,505.9 4,586.3 4,649.2 4,715.5 4,798.0 4,882.8 4,945.2 5,011.6 5,084.3 5,166.5 5,237.0 29.3 37.1 32.4 36.9 22.4 38.9 35.5 28.7 19.1 27.4 34.8 41.0 43.2 36.7 36.4 37.8 36.3 31.4 27.4 27.7 25.2 34.7 22.5 23.7 Nonfarm 347.2 386.7 418.4 434.7 465.6 488.8 515.8 548.5 470.7 474.1 481.3 487.0 490.3 496.4 504.1 512.1 520.2 526.6 536.8 544.0 550.9 562.2 575.8 586.7 employer contributions for social insurance. (See also p. 5.) Rental income of persons with capital consumption adjustment 67.9 79.4 105.7 124.4 133.7 150.2 158.2 162.6 131.9 138.7 145.0 148.4 152.1 155.3 157.5 158.0 158.6 158.8 158.3 161.0 163.6 167.5 167.7 170.4 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total 411.3 428.0 492.8 570.5 672.4 750.4 817.9 824.6 698.6 707.8 735.9 748.3 755.4 762.0 794.3 815.5 840.9 820.8 829.2 820.6 827.0 821.7 868.8 859.6 378.2 398.9 456.9 519.1 613.0 679.0 741.2 732.3 637.4 646.5 667.0 677.1 683.0 688.7 720.5 740.1 763.7 740.7 744.3 731.3 732.1 721.5 764.2 751.1 Profits before tax Inventory valuation adjustment 374.2 406.4 465.4 535.1 635.6 680.2 734.4 717.8 650.8 651.8 669.9 683.4 681.9 685.7 712.4 729.8 758.9 736.4 719.1 723.5 720.5 708.1 752.6 768.2 4.0 ¥7.5 ¥8.5 ¥16.1 ¥22.6 ¥1.2 6.9 14.5 ¥13.4 ¥5.3 ¥2.9 ¥6.2 1.2 3.0 8.1 10.3 4.8 4.3 25.3 7.8 11.7 13.4 11.6 ¥17.1 Capital consumption adjustment Net interest 33.1 29.1 36.0 51.4 59.4 71.4 76.6 92.3 61.2 61.3 68.9 71.2 72.3 73.3 73.8 75.5 77.2 80.1 84.9 89.4 94.8 100.2 104.6 108.6 448.0 414.3 402.5 412.3 420.6 418.6 432.0 449.3 415.2 420.2 419.2 419.7 418.1 417.5 430.4 431.8 433.3 432.4 440.5 447.1 454.0 455.6 463.9 469.2 Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1991 ........................... 1992 ........................... 1993 ............................ 1994 ............................ 1995 ........................... 1996 ........................... 1997 ........................... 1998 ............................ 1995: III ................... IV .................... 1996: I ...................... II ..................... III ................... IV .................... 1997: I ...................... II ..................... III ................... IV .................... 1998: I ...................... II ..................... III ................... IV .................... 1999: I ...................... II r .................... Total personal consumption expenditures 4,105.8 4,219.8 4,343.6 4,486.0 4,605.6 4,752.4 4,913.5 5,153.3 4,623.4 4,650.0 4,692.1 4,746.6 4,768.3 4,802.6 4,853.4 4,872.7 4,947.0 4,981.0 5,055.1 5,130.2 5,181.8 5,246.0 5,331.9 5,391.8 Total durable goods 462.0 488.5 523.8 561.2 589.1 626.1 668.6 737.1 595.3 602.4 611.0 629.5 626.5 637.5 656.3 653.8 679.6 684.8 710.3 729.4 733.7 775.0 798.9 817.2 Motor vehicles and parts 193.2 206.9 218.9 230.0 230.6 235.0 239.3 259.6 232.6 232.8 235.9 237.9 232.8 233.3 239.1 230.8 244.4 242.7 247.8 258.9 252.6 279.3 278.9 284.4 Furniture and household equipment 177.0 189.4 207.8 229.4 251.2 277.5 307.7 347.3 254.1 261.4 265.0 277.7 280.0 287.2 296.2 303.7 312.7 318.1 335.8 339.3 352.0 362.1 381.6 391.8 Nondurable goods Other 91.8 92.3 97.2 102.3 109.0 117.1 127.7 138.5 110.3 110.5 112.3 117.0 117.6 121.5 125.8 125.9 128.5 130.8 135.1 138.6 139.1 141.0 148.7 151.9 Total nondurable goods 1,302.9 1,321.8 1,351.0 1,389.9 1,417.6 1,450.9 1,486.3 1,544.1 1,418.5 1,425.6 1,433.5 1,450.4 1,454.7 1,465.1 1,477.9 1,477.1 1,495.7 1,494.3 1,521.2 1,540.9 1,549.1 1,565.1 1,600.9 1,612.6 1 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Food 659.6 660.0 675.3 687.9 689.5 692.6 699.3 718.0 688.9 690.0 691.1 693.4 691.4 694.3 699.4 697.3 700.6 699.9 706.8 716.3 718.9 730.1 734.3 737.1 Clothing Gasoline and and oil shoes 215.9 225.5 234.2 247.1 260.1 276.1 288.4 310.3 262.1 263.5 268.0 276.4 279.8 280.3 286.0 283.3 291.9 292.3 307.4 311.4 309.8 312.5 333.1 336.3 103.4 106.6 108.7 109.8 114.3 116.0 117.9 119.9 114.3 115.3 114.7 116.2 116.0 117.0 116.7 118.3 118.4 118.1 118.5 118.4 121.1 121.5 121.4 121.7 Services Fuel oil and coal 10.8 10.9 10.7 10.7 11.2 11.2 10.3 9.6 11.3 11.7 11.9 11.1 11.3 10.6 9.8 10.4 10.7 10.1 9.2 9.7 9.9 9.5 10.7 11.2 Other 313.2 318.8 322.1 334.3 343.1 356.7 373.0 390.3 342.7 346.0 348.9 355.0 358.2 364.8 368.3 369.9 377.0 376.8 383.5 389.2 393.4 395.2 407.3 412.3 Total services 1 2,341.0 2,409.4 2,468.9 2,535.5 2,599.6 2,676.7 2,761.5 2,879.5 2,610.3 2,622.9 2,648.5 2,668.4 2,688.1 2,701.7 2,722.1 2,743.6 2,775.4 2,804.8 2,829.3 2,866.8 2,904.8 2,917.2 2,946.8 2,978.2 Housing Medical care 635.2 646.8 654.7 674.3 688.6 700.9 717.4 735.0 689.7 692.7 695.7 698.6 702.6 706.7 711.2 715.1 719.5 723.9 728.7 732.7 737.1 741.5 746.8 751.0 621.6 646.6 655.3 662.1 675.0 686.6 701.7 723.2 677.2 680.9 679.5 685.6 687.7 693.5 694.8 698.6 704.2 709.4 714.9 721.6 725.3 730.8 734.5 739.9 Source: Department of Commerce, Bureau of Economic Analysis. Retail sales of new passenger cars and light trucks (millions of units) 12.3 12.8 13.9 15.0 14.7 15.0 15.0 15.5 14.8 15.0 15.1 15.1 15.0 14.9 15.3 14.5 15.3 14.8 15.3 16.0 14.7 16.2 16.2 16.7 SOURCES OF PERSONAL INCOME Personal income rose $17.3 billion (annual rate) in July, following an increase of $54.8 billion in June. Wages and salaries increased $31.8 billion in July, following an increase of $22.8 billion in June. [Billions of dollars; monthly data at seasonally adjusted annual rates] Period 1990 1991 1992 1993 1994 1995 1996 1997 1998 Total personal income Wage and salary disbursements 1 Proprietors’ income 3 Other labor income 1 2 Farm Nonfarm Rental income of persons 4 Personal dividend income Personal interest income Transfer payments 5 Less: Personal contributions for social insurance ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. 4,796.2 4,965.6 5,255.7 5,481.0 5,757.9 6,072.1 6,425.2 6,784.0 7,126.1 2,757.5 2,827.6 2,986.4 3,089.6 3,240.7 3,428.5 3,631.1 3,889.8 4,149.9 300.6 322.7 351.3 385.1 405.0 401.6 387.0 392.9 406.9 35.4 29.3 37.1 32.4 36.9 22.4 38.9 35.5 28.7 338.6 347.2 386.7 418.4 434.7 465.6 488.8 515.8 548.5 61.0 67.9 79.4 105.7 124.4 133.7 150.2 158.2 162.6 134.9 137.7 137.9 147.1 171.0 192.8 248.2 260.3 263.1 704.4 699.2 667.2 651.0 668.1 704.9 719.4 747.3 764.8 687.8 769.9 858.2 912.0 954.7 1,015.9 1,068.0 1,110.4 1,149.0 223.9 235.8 248.4 260.3 277.5 293.6 306.3 326.2 347.4 1998: July ...................................................... Aug ...................................................... Sept ...................................................... Oct ....................................................... Nov ...................................................... Dec ....................................................... 7,133.7 7,164.1 7,184.6 7,217.2 7,279.8 7,276.8 4,153.6 4,183.4 4,194.3 4,220.9 4,243.9 4,263.5 407.5 408.3 409.2 410.1 411.0 411.9 26.8 25.2 23.5 25.7 53.0 25.4 550.5 549.5 552.9 557.3 561.7 567.5 163.0 163.5 164.4 164.8 171.6 166.3 262.4 262.8 263.7 264.7 265.7 266.7 767.3 769.4 770.7 770.5 769.8 769.4 1,150.4 1,151.8 1,156.6 1,155.8 1,157.3 1,161.7 347.7 349.9 350.8 352.5 354.2 355.6 1999: Jan ....................................................... Feb ....................................................... Mar ...................................................... Apr r ...................................................... May r ..................................................... June r .................................................... July p .................................................... 7,320.2 7,352.9 7,374.9 7,407.4 7,432.3 7,487.1 7,504.4 4,295.8 4,322.6 4,332.5 4,356.7 4,377.4 4,400.2 4,432.0 412.9 414.6 416.6 418.1 419.6 421.1 422.6 24.7 23.7 19.1 19.9 16.8 34.4 15.7 572.1 575.1 580.2 583.4 585.8 590.7 594.1 166.3 167.8 168.9 169.5 169.3 172.3 168.2 267.7 268.8 270.0 271.3 272.7 274.1 275.5 769.7 770.9 772.4 774.8 777.8 780.6 783.2 1,172.7 1,173.1 1,179.7 1,179.9 1,180.7 1,183.3 1,184.8 361.8 363.7 364.6 366.3 367.9 369.6 371.7 1 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. capital consumption adjustment. mainly of social insurance benefits, direct relief, and veterans payments. Source: Department of Commerce, Bureau of Economic Analysis. 4 With 5 Consists 5 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annual rate of 1.4 percent in the second quarter of 1999. Period Personal income Less: Personal tax and nontax payments Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (1992) dollars Per capita disposable personal income Current dollars Billions of dollars 1991 1992 1993 1994 1995 1996 1997 1998 .............. .............. .............. .............. .............. .............. .............. .............. 4,965.6 5,255.7 5,481.0 5,757.9 6,072.1 6,425.2 6,784.0 7,126.1 624.8 650.5 690.0 739.1 795.0 890.5 989.0 1,098.3 4,340.9 4,605.1 4,791.1 5,018.9 5,277.0 5,534.7 5,795.1 6,027.9 Chained (1992) dollars Per capita personal consumption expenditures Current dollars Chained (1992) dollars Dollars 4,097.4 4,341.0 4,580.7 4,842.1 5,097.2 5,376.2 5,674.1 6,000.2 243.5 264.1 210.3 176.8 179.8 158.5 121.0 27.7 4,483.5 4,605.1 4,666.7 4,772.9 4,906.0 5,043.0 5,183.1 5,348.5 17,179 18,029 18,558 19,251 20,050 20,840 21,633 22,304 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 17,744 18,029 18,077 18,308 18,640 18,989 19,349 19,790 15,732 16,520 17,273 18,093 18,822 19,639 20,508 21,490 16,249 16,520 16,825 17,207 17,499 17,894 18,342 19,068 ¥1.2 1.6 .3 1.3 1.8 1.9 1.9 2.3 5.6 5.7 4.4 3.5 3.4 2.9 2.1 .5 252,680 255,432 258,161 260,705 263,194 265,579 267,880 270,258 18,628 18,761 18,860 18,919 19,079 19,096 19,217 19,315 19,385 19,478 19,632 19,719 19,829 19,980 20,101 20,172 18,922 19,061 19,299 19,600 19,717 19,938 20,235 20,329 20,660 20,807 21,078 21,394 21,612 21,873 22,243 22,577 17,544 17,602 17,727 17,894 17,934 18,021 18,178 18,213 18,447 18,529 18,770 19,010 19,155 19,334 19,601 19,775 1.7 2.9 2.1 1.3 3.4 .4 2.6 2.1 1.5 1.9 3.2 1.8 2.3 3.1 2.4 1.4 3.1 3.3 3.2 2.6 3.1 2.6 2.4 2.6 1.7 1.7 1.2 .4 .2 0 ¥.7 ¥1.3 263,527 264,169 264,680 265,258 265,887 266,491 266,987 267,545 268,171 268,815 269,309 269,867 270,523 271,331 272,029 272,660 Seasonally adjusted annual rates 1995: III ...... IV ....... 1996: I ......... II ........ III ...... IV ....... 1997: I ......... II ........ III ...... IV ....... 1998: I ......... II ........ III ...... IV ....... 1999: I ......... II r ...... 6,093.5 6,185.0 6,284.3 6,390.0 6,476.7 6,549.8 6,666.7 6,743.6 6,820.9 6,904.9 7,003.9 7,081.9 7,160.8 7,257.9 7,349.3 7,442.3 799.0 818.3 849.7 893.3 899.4 919.7 955.6 975.8 999.0 1,025.5 1,066.8 1,092.9 1,108.4 1,124.9 1,144.1 1,162.6 5,294.5 5,366.8 5,434.6 5,496.7 5,577.3 5,630.1 5,711.2 5,767.9 5,821.8 5,879.4 5,937.1 5,988.9 6,052.4 6,133.1 6,205.2 6,279.6 5,132.1 162.4 5,188.8 178.0 5,261.1 173.5 5,356.2 140.5 5,405.2 172.2 5,482.5 147.6 5,575.8 135.4 5,616.0 151.9 5,723.3 98.5 5,781.2 98.2 5,864.0 73.0 5,963.3 25.6 6,039.8 12.6 6,133.6 ¥.6 6,250.7 ¥45.5 6,358.8 ¥79.1 4,909.1 4,956.1 4,992.0 5,018.4 5,072.8 5,089.0 5,130.8 5,167.5 5,198.4 5,235.8 5,287.1 5,321.5 5,364.1 5,421.2 5,468.2 5,500.2 1 Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 2 Annual data are averages of quarterly data, which are averages for the period. 6 20,091 20,316 20,533 20,722 20,976 21,127 21,391 21,558 21,709 21,871 22,046 22,192 22,373 22,604 22,811 23,031 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the second quarter of 1999, according to preliminary estimates, gross farm income fell $20.6 billion (annual rate) and net farm income fell $17.2 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1990 ......................................................... 1991 ......................................................... 1992 ......................................................... 1993 r ....................................................... 1994 r ....................................................... 1995 r ....................................................... 1996 r ....................................................... 1997 r ....................................................... 1998 r ....................................................... 1997: I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 1998: I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 1999: I r .................................................. II p ................................................ 198.0 191.9 200.5 204.8 216.1 210.7 235.7 238.7 233.1 249.3 231.1 243.0 231.4 234.8 229.5 233.3 234.7 241.1 220.5 169.5 167.9 r171.3 177.9 181.3 188.1 199.1 207.6 196.8 217.6 207.2 207.4 198.3 203.1 204.7 193.6 185.6 197.7 194.2 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. Livestock and products 89.2 85.8 85.6 90.4 88.2 87.1 93.0 96.5 94.5 93.3 94.6 101.5 96.7 92.1 92.0 98.5 95.6 94.9 91.2 Crops 80.3 82.1 85.7 87.4 93.1 101.0 106.2 111.1 102.2 124.3 112.6 105.9 101.6 111.0 112.7 95.1 90.1 102.8 103.1 Value of inventory changes 2 3.3 ¥.2 4.2 ¥4.2 8.3 ¥5.0 8.0 .5 ¥1.0 .7 .6 .5 .4 ¥1.3 ¥1.2 ¥.9 ¥.7 ¥.2 ¥.2 Production expenses 153.3 153.3 r152.6 160.2 166.8 173.5 180.8 190.0 189.0 195.2 193.9 189.6 181.5 197.0 195.5 185.6 177.8 199.0 195.6 Net farm income 44.7 r38.7 r47.9 44.5 49.2 37.2 54.9 48.6 44.1 54.2 37.2 53.4 49.9 37.7 34.0 47.7 56.9 42.1 24.9 NOTE.—Data include net Commodity Credit Corporation loans and operator households. Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to annual data in table. Data for 1999 are forecasts. Source: Department of Agriculture. 7 CORPORATE PROFITS In the second quarter of 1999, according to preliminary estimates, corporate profits before tax rose $15.6 billion (annual rate) and profits after tax rose $8.8 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment1 Profits after tax Domestic industries Period Profits before tax Nonfinancial Total2 Total Financial Total3 Manufacturing Wholesale Tax liability Total Dividends Undistributed profits Inventory valuation adjustment Retail ............. ............. ............. ............. ............. ............. ............. ............. ............ 358.2 378.2 398.9 456.9 519.1 613.0 679.0 741.2 732.3 292.5 309.5 334.0 383.0 445.7 523.4 582.6 642.2 636.6 68.6 87.4 83.7 82.9 69.4 104.6 110.7 130.0 134.2 223.8 222.1 250.3 300.1 376.3 418.8 471.8 512.3 502.4 112.3 92.7 96.3 116.7 151.6 183.9 195.6 214.4 192.8 17.2 20.6 23.0 24.3 29.4 26.2 37.9 49.8 51.3 20.6 26.1 32.2 38.9 46.0 43.3 51.8 61.2 67.2 371.7 374.2 406.4 465.4 535.1 635.6 680.2 734.4 717.8 140.5 133.4 143.0 165.2 186.6 211.0 226.1 246.1 240.1 231.2 240.8 263.4 300.2 348.5 424.6 454.1 488.3 477.7 143.9 147.2 147.9 157.6 182.4 205.3 261.9 275.1 279.2 87.3 93.6 115.5 142.6 166.1 219.3 192.3 213.2 198.5 ¥13.5 4.0 ¥7.5 ¥8.5 ¥16.1 ¥22.6 ¥1.2 6.9 14.5 1995: III ..... IV ..... 637.4 646.5 553.9 550.0 116.0 104.4 438.0 445.6 193.0 195.4 29.7 31.1 43.5 45.3 650.8 651.8 219.1 214.3 431.6 437.5 204.4 220.7 227.2 216.8 ¥13.4 ¥5.3 1996: I ........ II ...... III ..... IV ..... 667.0 677.1 683.0 688.7 574.4 583.7 589.4 582.8 116.5 116.6 111.7 98.0 457.9 467.0 477.7 484.8 191.6 195.0 197.3 198.6 35.6 31.9 37.7 46.3 49.7 52.5 53.8 51.2 669.9 683.4 681.9 685.7 223.9 228.6 227.7 224.2 446.0 454.8 454.2 461.5 247.6 257.1 269.1 273.6 198.4 197.6 185.1 187.9 ¥2.9 ¥6.2 1.2 3.0 1997: I ........ II ...... III ..... IV ..... 720.5 740.1 763.7 740.7 624.0 634.7 661.4 648.7 127.7 128.7 128.6 134.7 496.3 506.0 532.8 514.0 200.8 215.5 228.9 212.3 48.3 50.5 52.7 47.6 60.8 59.1 62.7 62.2 712.4 729.8 758.9 736.4 238.8 241.9 254.2 249.3 473.6 487.8 504.7 487.1 274.1 274.7 275.1 276.4 199.5 213.2 229.5 210.6 8.1 10.3 4.8 4.3 1998: I ........ II ...... III .... IV .... 744.3 731.3 732.1 721.5 645.8 633.9 642.2 624.7 136.3 134.4 133.2 133.0 509.4 499.5 509.0 491.7 197.1 194.6 195.0 184.5 51.5 53.5 53.9 46.3 67.4 67.4 67.1 66.8 719.1 723.5 720.5 708.1 239.9 241.6 243.2 235.6 479.2 481.8 477.3 472.5 277.3 278.1 279.0 282.3 201.8 203.7 198.3 190.2 25.3 7.8 11.7 13.4 1999: I ........ II p .... 764.2 751.1 662.8 651.9 146.2 143.0 516.6 508.9 195.5 ................ 50.0 .............. 73.0 .............. 752.6 768.2 250.7 257.5 501.9 510.7 285.6 289.7 216.4 221.0 11.6 ¥17.1 1990 1991 1992 1993 1994 1995 1996 1997 1998 1See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. industries not shown separately. 2Includes 3Includes 8 Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the second quarter of 1999, according to revised estimates, nonresidential fixed investment in chained (1992) dollars rose $27.2 billion (annual rate) and residential investment rose $6.3 billion. There was an increase of $12.1 billion in inventories following an increase of $38.7 billion in the first quarter. [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 1990 1991 1992 1993 1994 1995 1996 1997 1998 Gross private domestic investment Change in business inventories Nonresidential Total Total Producers’ durable equipment Residential Structures Total Nonfarm .................................................................................. .................................................................................. .................................................................................. .................................................................................. .................................................................................. .................................................................................. .................................................................................. .................................................................................. ................................................................................. 815.0 738.1 790.4 863.6 975.7 996.1 1,084.1 1,206.4 1,330.1 805.8 741.3 783.4 842.8 915.5 966.0 1,050.6 1,138.0 1,267.8 585.2 547.7 557.9 600.2 648.4 710.6 776.6 859.4 960.7 203.3 181.6 169.2 170.8 172.5 180.7 189.7 203.2 203.0 381.9 366.2 388.7 429.6 476.8 531.7 589.8 660.9 770.2 220.6 193.4 225.6 242.6 267.0 256.8 275.9 282.8 312.0 10.4 ¥3.0 7.0 22.1 60.6 27.7 30.0 63.2 57.4 7.8 ¥1.2 2.0 29.5 49.0 37.7 23.2 58.8 50.1 1995: III .......................................................................... IV .......................................................................... 983.4 1,005.4 965.8 983.1 711.7 722.3 181.5 179.8 531.8 544.8 255.6 262.1 14.7 20.1 30.6 20.8 1996: I ............................................................................. II ........................................................................... III .......................................................................... IV .......................................................................... 1,029.3 1,072.8 1,118.1 1,116.1 1,011.4 1,043.5 1,067.1 1,080.4 744.8 764.4 790.1 807.0 182.6 185.9 189.9 200.6 565.0 581.6 604.0 608.8 268.0 280.2 279.0 276.3 14.4 26.1 47.5 32.1 10.4 15.2 38.6 28.7 1997: I ............................................................................. II ........................................................................... III .......................................................................... IV .......................................................................... 1,156.6 1,211.3 1,215.8 1,241.9 1,096.0 1,127.0 1,159.3 1,169.5 820.9 848.2 882.2 886.2 202.5 199.3 205.2 205.7 621.0 653.8 682.6 686.4 278.4 282.5 282.3 287.9 56.3 79.0 51.0 66.5 56.2 72.1 44.0 62.7 1998: I ............................................................................. II ........................................................................... III .......................................................................... IV .......................................................................... 1,321.8 1,306.5 1,331.6 1,360.6 1,224.9 1,264.1 1,270.9 1,311.0 931.9 960.4 958.7 991.9 203.1 201.9 202.0 205.0 738.8 771.3 769.3 801.5 298.5 309.1 316.5 324.1 91.4 38.2 55.7 44.2 85.9 29.9 47.0 37.5 1999: I ............................................................................. II r ......................................................................... 1,388.5 1,395.7 1,344.0 1,376.9 1,012.2 1,039.4 207.8 207.2 819.8 850.6 335.9 342.2 38.7 12.1 35.1 9.4 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermedi- ate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Structures Total nonresidential Period 1990 .................... 1991 .................... 1992 .................... 1993 .................... 1994 .................... 1995 .................... 1996 .................... 1997 .................... 1998 .................... 1995: III ............ IV ............ 1996: I ............... II ............. III ............ IV ............ 1997: I ............... II ............. III ............ IV ............ 1998: I ............... II ............. III ............ IV ............ 1999: I ............... II r ........... 585.2 547.7 557.9 600.2 648.4 710.6 776.6 859.4 960.7 711.7 722.3 744.8 764.4 790.1 807.0 820.9 848.2 882.2 886.2 931.9 960.4 958.7 991.9 1,012.2 1,039.4 Total 1 203.3 181.6 169.2 170.8 172.5 180.7 189.7 203.2 203.0 181.5 179.8 182.6 185.9 189.9 200.6 202.5 199.3 205.2 205.7 203.1 201.9 202.0 205.0 207.8 207.2 Nonresidential buildings, including farm Utilities 152.0 126.9 113.2 115.3 119.9 128.8 141.0 150.5 150.9 129.3 130.4 133.9 138.3 141.6 150.2 152.8 147.8 152.0 149.5 150.1 149.8 150.1 153.8 157.8 154.9 28.1 32.0 34.5 31.8 29.9 30.6 27.8 28.7 29.5 30.9 29.6 28.3 27.5 27.1 28.4 28.1 28.6 29.1 29.2 29.2 29.5 29.7 29.7 30.2 30.8 Structures Producers’ durable equipment Information processing and related equipment Mining exploration, shafts, and wells Total 1 16.1 15.7 13.3 16.0 15.8 14.4 15.3 17.9 16.7 14.2 13.9 14.4 14.4 15.6 16.7 16.6 17.6 18.6 18.9 17.9 17.0 16.4 15.3 13.7 14.4 381.9 366.2 388.7 429.6 476.8 531.7 589.8 660.9 770.2 531.8 544.8 565.0 581.6 604.0 608.8 621.0 653.8 682.6 686.4 738.8 771.3 769.3 801.5 819.8 850.6 Total Computers and peripheral equipment 2 116.2 117.8 134.2 147.9 165.1 201.5 245.4 298.0 388.1 205.2 217.7 229.5 238.0 253.1 260.9 271.8 288.1 311.5 320.7 353.4 376.8 399.6 422.5 448.2 486.3 29.4 32.4 43.9 56.1 67.2 100.8 151.3 214.8 351.8 105.3 122.1 133.6 142.6 158.5 170.7 182.5 203.9 229.9 242.9 292.2 331.5 370.5 413.0 452.9 500.2 1 Includes other items, not shown separately. new computers and peripheral equipment only. producers’ durable equipment, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar 2 Includes 3 Includes Transportation and related equipment Total residential 3 Other Industrial equipment 88.2 85.9 90.2 92.3 99.4 108.1 115.4 126.6 141.2 108.2 108.7 111.9 113.7 117.9 118.2 121.1 123.7 130.0 131.5 136.7 139.7 142.8 145.6 151.0 161.9 95.0 88.3 89.3 96.5 105.5 115.4 120.5 125.9 132.7 116.6 115.6 119.1 122.0 120.4 120.6 120.8 126.4 127.7 128.6 131.5 132.5 133.1 133.5 131.2 132.9 81.2 81.7 86.2 98.3 113.2 119.4 127.6 140.3 162.0 115.3 118.0 121.9 125.0 132.7 130.8 131.1 140.5 145.9 143.8 159.6 167.9 151.7 168.7 166.2 171.6 220.6 193.4 225.6 242.6 267.0 256.8 275.9 282.8 312.0 255.6 262.1 268.0 280.2 279.0 276.3 278.4 282.5 282.3 287.9 298.5 309.1 316.5 324.1 335.9 342.2 Total Single family Multifamily Other 214.5 187.6 219.5 236.2 260.3 249.8 268.6 275.1 303.9 248.5 255.0 261.0 272.9 271.7 268.9 270.9 274.9 274.5 280.1 290.5 300.9 308.3 315.7 327.3 333.3 110.4 96.4 116.5 127.1 140.1 126.8 136.6 137.2 153.0 124.2 128.9 133.0 138.5 138.6 136.3 136.3 137.2 136.1 139.0 145.2 151.3 155.6 159.7 167.0 167.7 19.7 15.4 13.1 10.6 13.6 16.9 18.7 20.2 21.3 17.4 17.8 18.7 20.1 17.7 18.3 19.8 20.3 19.5 21.0 22.1 20.7 20.8 21.7 23.6 23.6 84.4 75.7 89.9 98.6 106.5 106.6 113.8 118.5 130.2 107.6 108.8 109.8 114.8 115.9 114.8 115.3 118.0 119.7 120.9 123.8 129.6 132.6 135.0 137.3 142.8 estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. BUSINESS INVESTMENT [Billions of dollars] Capital expenditures By industry Total including nonemployer businesses Total 1 1993 ..... 1994 ..... 1995 ..... ............. ............. ............. 1996 ..... 1997 ..... 807.1 870.2 Period Manufacturing Total by industry 2 Mining Construction Total Durable goods 489.7 549.3 601.1 488.2 547.9 601.0 19.6 24.6 27.6 11.6 9.1 10.4 134.1 154.4 181.0 66.4 79.7 97.0 707.1 770.8 707.1 770.8 30.2 37.4 13.8 15.5 191.8 192.3 109.9 108.3 Nondurable goods Transportation Communications Utilities Nonemployer businesses Wholesale trade Retail trade Finance Insurance and real estate 19.0 23.5 24.5 41.4 46.5 51.9 26.0 29.8 30.4 14.2 17.4 19.8 111.8 123.8 134.2 ............. ............. ............. 26.0 28.8 55.8 55.9 87.1 91.3 23.4 29.3 145.9 165.1 100.0 99.4 Services For businesses with 5 employees or more 67.7 74.7 84.0 30.6 33.3 33.9 37.1 41.9 46.3 41.3 41.5 38.4 For businesses with 1 employee or more 81.9 83.9 1 For 1993, 1994, and 1995 includes an item for not distributed by industry, not shown separately. 2 Includes an item for expenditures serving multiple industries, not shown separately. 10 36.7 45.0 57.1 68.4 36.7 38.7 NOTE.—All data from Annual Capital Expenditures. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In August, employment rose by 104,000, and unemployment fell by 94,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period Civilian noninstitutional population NSA Civilian labor force Nonagricultural Total Agricultural Total Percent 2 Unemployment Part time for economic reasons 1 Total 15 weeks and over Not in labor force Labor force participation rate Employment/ population ratio Unemployment rate 1989 .................................. 1990 3 ................................ 1991 .................................. 1992 .................................. 1993 .................................. 1994 4 ................................ 1995 .................................. 1996 .................................. 1997 3 ................................ 1998 3 ................................ 1998: Aug ........................ Sept ....................... Oct ........................ Nov ........................ Dec ......................... 186,393 189,164 190,925 192,805 194,838 196,814 198,584 200,591 203,133 205,220 205,479 205,699 205,919 206,104 206,270 123,869 125,840 126,346 128,105 129,200 131,056 132,304 133,943 136,297 137,673 137,481 138,081 138,116 138,193 138,547 117,342 118,793 117,718 118,492 120,259 123,060 124,900 126,708 129,558 131,463 131,264 131,818 131,858 132,113 132,526 3,199 3,223 3,269 3,247 3,115 3,409 3,440 3,443 3,399 3,378 3,492 3,470 3,558 3,348 3,222 114,142 115,570 114,449 115,245 117,144 119,651 121,460 123,264 126,159 128,025 127,772 128,348 128,300 128,765 129,304 4,657 4,950 5,874 6,240 6,230 4,414 4,279 4,123 3,879 3,501 3,339 3,191 3,253 3,191 3,257 6,528 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 6,217 6,263 6,258 6,080 6,021 1,375 1,525 2,357 3,408 3,094 2,860 2,363 2,316 2,062 1,637 1,644 1,636 1,598 1,611 1,578 62,523 63,324 64,578 64,700 65,638 65,758 66,280 66,647 66,837 67,547 67,998 67,618 67,803 67,911 67,723 66.5 66.5 66.2 66.4 66.3 66.6 66.6 66.8 67.1 67.1 66.9 67.1 67.1 67.1 67.2 63.0 62.8 61.7 61.5 61.7 62.5 62.9 63.2 63.8 64.1 63.9 64.1 64.0 64.1 64.2 5.3 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.5 4.5 4.5 4.4 4.3 1999: Jan 3 ...................... Feb ......................... Mar ........................ Apr ........................ May ....................... June ...................... July ....................... Aug ........................ 206,719 206,873 207,036 207,236 207,427 207,632 207,828 208,038 139,347 139,271 138,816 139,091 139,019 139,408 139,254 139,264 133,396 133,144 133,033 133,069 133,224 133,432 133,307 133,411 3,299 3,328 3,281 3,384 3,295 3,354 3,292 3,219 130,097 129,817 129,752 129,685 129,929 130,078 130,015 130,192 3,413 3,298 3,374 3,224 3,247 3,232 3,130 3,105 5,950 6,127 5,783 6,022 5,795 5,975 5,947 5,853 1,469 1,550 1,434 1,446 1,523 1,668 1,505 1,449 67,372 67,602 68,220 68,145 68,408 68,225 68,574 68,774 67.4 67.3 67.0 67.1 67.0 67.1 67.0 66.9 64.5 64.4 64.3 64.2 64.2 64.3 64.1 64.1 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 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. 3 Not strictly comparable with earlier data. 4 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire. NOTE.—Data beginning January 1998 reflect new composite estimate procedures. Data beginning January 1998 and January 1999 reflect revised population controls. For details, see February issues, Employment and Earnings. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In August, the unemployment rate fell to 4.2 percent from 4.3 percent in July. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By sex and age Period 1989 ......................... 1990 ......................... 1991 ......................... 1992 ......................... 1993 ......................... 1994 2 ....................... 1995 ......................... 1996 ......................... 1997 ......................... 1998 ......................... 1998: Aug ............... Sept .............. Oct ................ Nov ............... Dec ............... 1999: Jan ............... Feb ............... Mar ............... Apr ............... May ............... June .............. July ............... Aug ............... 1 Revised 2 Data 12 All civilian workers 5.3 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.5 4.5 4.5 4.4 4.3 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 Men 20 years and over Women 20 years and over 4.5 5.0 6.4 7.1 6.4 5.4 4.8 4.6 4.2 3.7 3.7 3.7 3.6 3.5 3.6 3.4 3.7 3.2 3.4 3.6 3.6 3.5 3.6 4.7 4.9 5.7 6.3 5.9 5.4 4.9 4.8 4.4 4.1 4.0 4.0 4.0 4.0 3.9 3.7 3.8 3.9 4.1 3.6 3.9 4.0 3.7 By race Both sexes 16–19 years White 15.0 15.5 18.7 20.1 19.0 17.6 17.3 16.7 16.0 14.6 14.9 15.2 15.7 15.0 14.0 15.5 14.1 14.3 14.1 12.6 13.5 12.7 13.5 definition; for details, see Employment and Earnings, February 1994. beginning January 1994 are not directly comparable with data for earlier periods. 4.5 4.8 6.1 6.6 6.1 5.3 4.9 4.7 4.2 3.9 3.9 3.9 3.9 3.8 3.8 3.8 3.8 3.6 3.8 3.7 3.8 3.7 3.7 Black and other 10.0 10.1 11.1 12.7 11.7 10.5 9.6 9.3 8.8 7.8 7.6 7.9 7.6 7.5 7.0 6.9 7.4 7.2 6.9 6.7 6.6 7.3 6.8 By selected groups Black 11.4 11.4 12.5 14.2 13.0 11.5 10.4 10.5 10.0 8.9 8.9 9.0 8.6 8.6 7.9 7.8 8.3 8.1 7.7 7.5 7.3 8.8 7.8 Experienced wage and salary workers 5.0 5.3 6.6 7.2 6.6 5.9 5.4 5.2 4.7 4.3 4.4 4.4 4.3 4.2 4.1 4.1 4.1 4.0 4.2 4.1 4.2 4.2 4.0 Married men, spouse present 3.0 3.4 4.4 5.1 4.4 3.7 3.3 3.0 2.7 2.4 2.3 2.3 2.3 2.2 2.3 2.3 2.4 2.1 2.3 2.4 2.2 2.3 2.3 Women who maintain families Full-time workers 1 Part-time workers 1 8.1 8.3 9.3 10.0 9.7 8.9 8.0 8.2 8.1 7.2 6.8 7.6 6.9 6.9 6.3 6.1 6.5 6.7 7.2 6.0 6.6 6.4 6.4 5.1 5.4 6.8 7.5 6.9 6.1 5.5 5.3 4.8 4.3 4.4 4.3 4.3 4.2 4.2 4.1 4.3 4.0 4.2 4.0 4.0 4.1 4.1 6.2 6.4 7.0 7.5 7.2 6.0 6.0 5.8 5.5 5.3 5.3 5.3 5.5 5.4 5.2 5.2 4.9 4.9 4.9 5.1 5.4 4.9 4.5 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. 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, for 15–26 weeks, and for 27 weeks and over fell; the percentage for 5–14 weeks rose. The mean duration of unemployment fell to 13.2 weeks and the median duration rose to 6.5 weeks. [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 losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1989 ........................................ 1990 ........................................ 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 3 ...................................... 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 ........................................ 1998: Aug .............................. Sept ............................. Oct ............................... Nov .............................. Dec ............................... 1999: Jan ............................... Feb .............................. Mar .............................. Apr ............................... May .............................. June ............................. July .............................. Aug .............................. 6,528 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 6,217 6,263 6,258 6,080 6,021 5,950 6,127 5,783 6,022 5,795 5,975 5,947 5,853 48.6 46.3 40.3 35.1 36.5 34.1 36.5 36.4 37.7 42.2 42.4 42.3 44.1 41.5 43.3 39.9 42.7 42.7 45.7 42.5 42.6 45.0 44.6 30.3 32.0 32.4 29.4 28.9 30.1 31.6 31.6 31.7 31.4 31.3 31.5 30.3 32.3 30.5 35.1 31.9 32.6 30.6 31.3 29.3 29.7 30.8 11.2 11.7 14.4 15.1 14.5 15.5 14.6 14.6 14.8 12.3 13.0 11.7 11.7 12.2 12.5 12.8 12.6 12.7 12.7 13.7 13.9 13.2 12.7 9.9 10.0 12.9 20.3 20.1 20.3 17.3 17.4 15.8 14.1 13.3 14.5 13.9 14.0 13.7 12.1 12.9 12.0 11.0 12.6 14.2 12.1 12.0 1 Beginning January 1994, job losers and persons who completed temporary jobs. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation or Emergency Unemployment Compensation programs. 11.9 12.0 13.7 17.7 18.0 18.8 16.6 16.7 15.8 14.5 13.7 14.3 14.1 14.4 14.1 13.4 13.8 13.5 13.1 13.4 14.5 13.6 13.2 4.8 5.3 6.8 8.7 8.3 9.2 8.3 8.3 8.0 6.7 6.8 6.6 5.9 6.7 6.7 6.9 7.0 6.9 6.1 6.7 6.2 5.7 6.5 45.7 48.1 54.4 56.1 54.2 47.7 46.9 46.6 45.1 45.5 45.7 45.8 44.9 45.2 45.9 45.5 44.8 44.5 44.6 45.1 45.1 46.4 45.6 15.7 14.8 11.6 10.4 10.9 9.9 11.1 10.7 11.8 11.8 11.8 11.6 11.7 11.1 11.8 11.8 12.3 13.5 13.9 13.4 14.5 12.8 13.6 28.2 27.4 24.8 23.8 24.6 34.8 34.1 34.7 34.7 34.3 34.3 34.6 34.2 34.9 33.9 33.6 34.5 34.5 33.8 34.5 34.6 34.0 32.5 10.4 9.8 9.2 9.7 10.3 7.6 7.8 8.0 8.4 8.4 8.2 8.0 9.2 8.8 8.4 9.1 8.3 7.5 7.7 7.0 5.9 6.8 8.3 2,158 2,522 3,342 3,245 2,751 2,670 2,572 2,595 2,323 2,220 2,230 2,166 2,195 2,238 2,262 2,270 2,228 2,177 2,182 2,185 2,213 2,224 .............. 330 388 447 408 341 340 357 356 323 320 305 301 313 320 323 319 291 295 308 306 305 r 296 p 287 2,205 2,575 3,406 3,348 2,845 2,739 2,633 2,650 2,366 2,255 2,224 1,845 1,712 2,059 2,322 2,861 r 2,767 2,727 r 2,213 r 2,102 r 2,127 2,061 ................. 3 Data beginning January 1994 are not directly comparable with data for earlier periods. NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 124,000 in August. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1998: .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Aug ........ Sept ........ Oct ......... Nov ......... Dec ......... 1999: Jan ......... Feb ......... Mar ........ Apr ......... May ....... June r ..... July r ..... Aug p ...... Total nonagricultural employment 107,884 109,403 108,249 108,601 110,713 114,163 117,191 119,608 122,690 125,826 126,170 126,361 126,567 126,841 127,186 127,378 127,730 127,813 128,134 128,162 128,443 128,781 128,905 Service-producing industries Manufacturing Total 2 25,254 24,905 23,745 23,231 23,352 23,908 24,265 24,493 24,962 25,347 25,344 25,333 25,306 25,298 25,354 25,315 25,329 25,285 25,288 25,199 25,180 25,248 25,153 Construction 5,171 5,120 4,650 4,492 4,668 4,986 5,160 5,418 5,691 5,985 6,005 6,009 6,042 6,085 6,173 6,170 6,238 6,232 6,277 6,239 6,258 6,272 6,243 Total 19,391 19,076 18,406 18,104 18,075 18,321 18,524 18,495 18,675 18,772 18,754 18,741 18,686 18,639 18,611 18,585 18,538 18,503 18,473 18,429 18,396 18,447 18,384 Durable goods Nondurable goods 11,394 11,109 10,569 10,277 10,221 10,448 10,683 10,789 11,010 11,170 11,177 11,159 11,128 11,092 11,074 11,050 11,027 11,014 10,993 10,971 10,960 11,013 10,975 7,997 7,968 7,837 7,827 7,854 7,873 7,841 7,706 7,665 7,602 7,577 7,582 7,558 7,547 7,537 7,535 7,511 7,489 7,480 7,458 7,436 7,434 7,409 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total in this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample 14 Total 82,630 84,497 84,504 85,370 87,361 90,256 92,925 95,115 97,727 100,480 100,826 101,028 101,261 101,543 101,832 102,063 102,401 102,528 102,846 102,963 103,263 103,533 103,752 Transportation and public utilities 5,614 5,777 5,755 5,718 5,811 5,984 6,132 6,253 6,408 6,600 6,625 6,637 6,657 6,671 6,684 6,708 6,723 6,732 6,750 6,758 6,781 6,797 6,809 Wholesale trade 6,187 6,173 6,081 5,997 5,981 6,162 6,378 6,482 6,648 6,831 6,846 6,871 6,876 6,891 6,901 6,924 6,937 6,947 6,965 6,977 6,993 7,011 7,031 Retail trade 19,475 19,601 19,284 19,356 19,773 20,507 21,187 21,597 21,966 22,296 22,353 22,382 22,392 22,443 22,525 22,556 22,648 22,611 22,724 22,748 22,796 22,895 22,892 Finance, insurance, Services and real estate 6,668 6,709 6,646 6,602 6,757 6,896 6,806 6,911 7,109 7,407 7,445 7,467 7,494 7,520 7,542 7,570 7,581 7,595 7,611 7,621 7,636 7,644 7,655 26,907 27,934 28,336 29,052 30,197 31,579 33,117 34,454 36,040 37,526 37,688 37,780 37,929 38,070 38,207 38,313 38,458 38,556 38,697 38,782 38,952 39,030 39,162 Government Total 17,779 18,304 18,402 18,645 18,841 19,128 19,305 19,419 19,557 19,819 19,869 19,891 19,913 19,948 19,973 19,992 20,054 20,087 20,099 20,077 20,105 20,156 20,203 Federal 2,988 3,085 2,966 2,969 2,915 2,870 2,822 2,757 2,699 2,686 2,688 2,689 2,711 2,723 2,701 2,702 2,713 2,710 2,688 2,666 2,664 2,657 2,659 of the working-age population, whereas the estimates in this table are based on reports from employing establishments. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where persons are counted only once—as employed, unemployed, or not in the labor force. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Period 1989 ..................... 1990 ..................... 1991 ..................... 1992 ..................... 1993 ..................... 1994 ..................... 1995 ..................... 1996 .................... 1997 .................... 1998 ..................... 1998: July .......... Aug ........... Sept .......... Oct ............ Nov ........... Dec ........... 1999: Jan ........... Feb ........... Mar ........... Apr ........... May .......... June r ....... July r ........ Aug p ......... Total private nonagricultural 1 34.6 34.5 34.3 34.4 34.5 34.7 34.5 34.4 34.6 34.6 34.6 34.6 34.5 34.6 34.6 34.6 34.6 34.6 34.5 34.4 34.4 34.5 34.5 34.6 Total 41.0 40.8 40.7 41.0 41.4 42.0 41.6 41.6 42.0 41.7 41.7 41.7 41.6 41.7 41.7 41.7 41.6 41.6 41.5 41.6 41.7 41.7 41.9 41.7 Average gross weekly earnings Total private nonagricultural 1 Overtime 3.8 3.6 3.6 3.8 4.1 4.7 4.4 4.5 4.8 4.6 4.6 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.3 4.6 4.7 4.7 4.6 Current dollars $9.66 10.01 10.32 10.57 10.83 11.12 11.43 11.82 12.28 12.78 12.80 12.85 12.88 12.91 12.94 12.98 13.04 13.06 13.11 13.14 13.18 13.24 13.28 13.30 1982 dollars 2 $7.64 7.52 7.45 7.41 7.39 7.40 7.39 7.43 7.55 7.75 7.76 7.78 7.80 7.80 7.80 7.81 7.83 7.84 7.86 7.83 7.85 7.89 7.88 .............. Total private nonagricultural 1 Manufacturing $10.48 10.83 11.18 11.46 11.74 12.07 12.37 12.77 13.17 13.49 13.46 13.53 13.58 13.57 13.58 13.60 13.64 13.67 13.71 13.79 13.85 13.95 14.02 14.01 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). Percent change from a year earlier, total private nonagricultural Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $334.24 345.35 353.98 363.61 373.64 385.86 394.34 406.61 424.89 442.19 442.88 444.61 444.36 446.69 447.72 449.11 451.18 451.88 452.30 452.02 453.39 456.78 458.16 460.18 $264.22 259.47 255.40 254.99 254.87 256.73 255.07 255.73 261.31 268.32 268.57 269.30 268.98 269.90 270.04 270.39 270.98 271.40 271.33 269.22 270.04 272.05 271.91 .............. $429.68 441.86 455.03 469.86 486.04 506.94 514.59 531.23 553.14 562.53 561.28 564.20 564.93 565.87 566.29 567.12 567.42 568.67 568.97 573.66 577.55 581.72 587.44 584.22 $513.17 526.01 533.40 537.70 553.63 573.00 587.00 603.33 625.56 643.69 651.90 653.46 640.76 655.42 655.32 661.92 663.60 659.74 651.42 655.04 664.41 676.10 668.69 669.24 $188.72 194.40 198.48 205.06 209.95 216.46 221.47 230.11 240.74 253.17 254.92 255.20 256.36 256.95 256.65 257.81 258.97 261.34 260.42 261.87 263.06 263.65 264.81 265.39 Current dollars 3.8 3.3 2.5 2.7 2.8 3.3 2.2 3.1 4.5 4.1 4.6 3.9 3.8 3.9 3.5 3.8 3.4 3.4 3.4 2.9 2.6 3.5 3.5 3.5 1982 dollars ¥1.0 ¥1.8 ¥1.6 ¥.2 ¥.0 .7 ¥.6 .3 2.2 2.7 3.1 2.5 2.6 2.6 2.1 2.3 1.7 1.7 1.6 .7 .6 1.4 1.2 .............. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. ................................................................. .................................................................. .................................................................. .................................................................. 102.3 107.0 111.7 115.6 119.8 123.5 126.7 130.6 135.1 139.8 102.0 106.1 110.0 112.9 116.4 119.7 123.1 127.3 132.3 137.4 1995: Sept ................................................................ Dec ................................................................. 1996: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1997: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1998: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 1999: Mar ................................................................. June ............................................................... 126.1 127.0 127.9 128.9 129.7 130.7 131.6 132.7 133.7 135.2 136.1 137.3 138.7 139.7 140.2 141.8 122.4 123.2 124.4 125.6 126.4 127.4 128.5 129.7 130.9 132.4 133.6 134.9 136.5 137.5 138.1 139.8 102.6 109.4 116.2 122.2 128.3 133.0 135.9 138.6 141.8 145.2 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 0.7 .7 1.0 1.0 .6 .8 .9 .9 .9 1.1 .9 1.0 1.2 .7 .4 1.2 0.4 .6 .1 .6 .5 .7 .2 .6 .4 1.0 .4 .7 .6 .7 .2 1.0 Seasonally adjusted 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. 135.2 136.0 136.2 137.0 137.7 138.6 138.9 139.7 140.3 141.7 142.2 143.2 144.1 145.1 145.4 146.8 0.6 .7 .7 .8 .6 .8 .7 .8 .8 1.1 .7 .9 1.0 .7 .4 1.2 4.8 4.6 4.4 3.5 3.6 3.1 2.6 3.1 3.4 3.5 4.1 4.0 3.7 2.6 3.1 2.8 2.8 3.4 3.9 3.9 6.1 6.6 6.2 5.2 5.0 3.7 2.2 2.0 2.3 2.4 Not seasonally adjusted 2.6 2.6 2.7 2.9 2.9 3.1 3.0 2.9 3.2 3.4 3.5 3.5 3.8 3.5 3.0 3.3 2.8 2.8 3.2 3.4 3.3 3.4 3.4 3.3 3.6 3.9 4.0 4.0 4.3 3.9 3.3 3.6 2.1 2.2 1.6 1.7 1.8 2.0 2.0 2.0 2.0 2.3 2.3 2.6 2.6 2.4 2.2 2.5 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Nonfarm business sector Hours of all persons 2 Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector Indexes, 1992=100; quarterly data seasonally adjusted 1990 1991 1992 1993 1994 1995 1996 1997 1998 1996: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I ................... II .................. III ................ IV ................. 1997: I ................... II .................. III ................ IV ................. 1998: I ................... II .................. III ................ IV ................. 1999: I ................... II r ................ 96.1 96.7 100.0 100.1 100.7 101.0 103.7 105.2 107.7 103.0 103.8 103.9 104.2 104.3 104.8 105.8 106.0 107.0 107.0 107.9 109.0 110.1 110.3 96.3 97.0 100.0 100.1 100.6 101.2 103.7 104.9 107.2 103.1 103.8 103.8 104.1 104.1 104.5 105.4 105.7 106.5 106.6 107.3 108.4 109.4 109.6 98.6 96.9 100.0 102.7 107.0 109.9 114.5 119.8 125.3 112.5 114.2 114.9 116.4 117.8 119.1 120.6 121.7 123.7 124.3 125.5 127.7 129.3 129.9 98.8 97.1 100.0 103.0 107.0 110.2 114.8 119.9 125.5 112.8 114.5 115.2 116.6 117.9 119.2 120.6 121.8 123.9 124.4 125.6 127.9 129.4 130.0 102.6 100.2 100.0 102.6 106.2 108.8 110.4 113.8 116.3 109.2 110.0 110.7 111.7 112.9 113.7 114.0 114.7 115.7 116.1 116.4 117.2 117.5 117.8 102.6 100.1 100.0 102.9 106.3 108.9 110.7 114.3 117.0 109.4 110.3 111.0 112.1 113.3 114.1 114.4 115.3 116.3 116.7 117.1 118.0 118.3 118.7 90.8 95.1 100.0 102.5 104.4 106.9 110.7 114.7 119.7 108.9 110.4 111.4 112.3 113.2 113.9 115.0 116.6 117.9 119.1 120.3 121.5 123.0 124.6 90.7 95.1 100.0 102.2 104.2 106.7 110.4 114.3 119.1 108.7 110.1 111.0 111.9 112.9 113.6 114.6 116.0 117.4 118.5 119.7 120.8 122.1 123.6 97.4 98.0 100.0 99.5 98.9 98.4 99.0 100.3 103.0 98.5 98.9 99.3 99.2 99.5 99.8 100.3 101.2 102.1 102.6 103.2 103.8 104.7 105.2 97.3 98.0 100.0 99.3 98.7 98.2 98.7 99.9 102.5 98.3 98.7 98.9 98.9 99.2 99.5 99.9 100.7 101.6 102.1 102.7 103.2 104.0 104.3 94.4 98.3 100.0 102.4 103.7 105.8 106.8 109.0 111.1 105.8 106.3 107.3 107.7 108.5 108.6 108.7 109.9 110.2 111.2 111.5 111.5 111.8 113.0 94.2 98.1 100.0 102.2 103.6 105.4 106.5 108.9 111.1 105.5 106.0 107.0 107.5 108.5 108.7 108.7 109.8 110.2 111.1 111.5 111.4 111.6 112.8 94.1 97.7 100.0 102.5 104.8 106.9 108.6 110.4 111.0 107.9 108.4 108.8 109.2 109.9 110.3 110.6 110.8 110.9 111.0 111.1 111.2 111.5 111.8 93.8 97.6 100.0 102.5 104.9 107.0 108.5 110.6 111.4 107.9 108.2 108.6 109.2 110.0 110.4 110.8 111.1 111.2 111.3 111.5 111.5 111.9 112.3 5.0 4.2 1.9 2.2 1.4 1.8 1.1 2.3 2.0 4.5 ¥.3 2.4 1.6 2.5 1.8 1.2 .9 ¥1.4 2.1 3.6 2.1 3.8 .5 .2 4.1 1.4 3.5 1.3 ¥.4 .8 4.5 4.0 3.8 2.4 2.5 2.2 2.0 1.6 1.7 .6 2.0 2.1 2.7 2.5 1.9 1.6 1.6 1.3 1.9 1.7 1.6 1.5 2.5 1.4 1.1 .9 .2 .3 .5 .3 1.0 1.3 4.2 4.1 2.4 2.5 2.3 2.0 1.4 1.9 .7 2.1 2.5 3.2 2.4 1.9 1.6 1.2 .9 1.7 1.3 1.4 2.2 3.1 1.5 1.4 .9 .6 .2 .7 .2 1.3 1.6 Percent change; quarterly data at seasonally adjusted annual rates 1990 1991 1992 1993 1994 1995 1996 1997 1998 1994: 1995: 1996: 1997: 1998: 1999: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I ................... II ................. III ................ IV ................ I ................... II ................. III ................ IV ................ I ................... II ................. III ................ IV ................ I ................... II ................. III ................ IV ................ I ................... II ................. III ................ IV ................ I ................... II r ................ 1 Output 0.7 .6 3.4 .1 .6 .3 2.6 1.5 2.4 .3 ¥.5 ¥1.3 1.2 ¥.8 .6 1.5 3.1 4.4 3.4 .0 1.3 .5 1.9 3.8 .9 3.6 .2 3.1 4.3 3.9 .8 0.5 .7 3.1 .1 .6 .6 2.4 1.2 2.2 .2 .1 ¥1.8 1.8 ¥.1 .6 1.9 2.6 4.2 3.0 ¥.2 1.0 .0 1.7 3.5 1.0 3.2 .4 2.7 4.1 3.6 .6 0.8 ¥1.7 3.2 2.7 4.1 2.7 4.2 4.6 4.6 2.6 6.4 1.5 4.6 2.0 .3 4.4 3.6 4.5 6.4 2.5 5.1 4.9 4.7 4.9 3.6 7.1 1.7 4.0 7.3 4.9 1.9 0.7 ¥1.8 3.0 3.0 3.9 3.0 4.1 4.5 4.6 1.6 6.6 1.5 5.0 2.5 .5 4.9 3.3 4.2 6.4 2.5 5.0 4.5 4.5 4.8 4.0 7.0 1.7 4.0 7.4 5.0 1.8 0.2 ¥2.3 ¥.2 2.6 3.5 2.4 1.5 3.1 2.2 2.2 6.9 2.9 3.3 2.7 ¥.3 2.9 .4 .1 2.9 2.4 3.7 4.4 2.7 1.1 2.6 3.3 1.6 .9 2.9 .9 1.0 0.3 ¥2.4 ¥.1 2.9 3.3 2.4 1.7 3.2 2.4 1.4 6.5 3.3 3.1 2.6 ¥.1 3.0 .7 .0 3.3 2.6 3.9 4.5 2.8 1.2 2.9 3.7 1.4 1.2 3.1 1.3 1.2 refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U). 5 Current dollar gross domestic output divided by the output index. 16 5.7 4.8 5.2 2.5 1.8 2.4 3.6 3.6 4.4 4.4 ¥.7 1.0 3.1 2.4 2.6 3.1 3.8 2.6 5.5 3.8 3.2 3.6 2.3 4.1 5.4 4.8 3.9 4.1 4.2 5.1 5.4 5.5 4.9 5.1 2.2 2.0 2.4 3.5 3.5 4.2 4.7 ¥.2 .6 3.4 2.4 2.4 3.1 3.5 2.8 5.1 3.4 3.2 3.8 2.3 3.7 5.2 4.6 3.9 4.1 3.8 4.4 5.1 0.3 .5 2.1 ¥.5 ¥.7 ¥.5 .6 1.2 2.8 2.2 ¥2.9 ¥2.7 .7 ¥.5 ¥.6 .9 1.4 ¥.7 1.7 1.4 ¥.1 1.0 1.1 2.1 3.5 3.7 2.1 2.4 2.4 3.6 1.8 0.1 .7 2.1 ¥.7 ¥.6 ¥.5 .5 1.2 2.6 2.5 ¥2.4 ¥3.0 1.1 ¥.6 ¥.8 1.0 1.1 ¥.5 1.4 1.0 ¥.1 1.2 1.1 1.7 3.3 3.6 2.0 2.4 2.0 2.9 1.5 5.0 4.1 1.7 2.4 1.2 2.0 .9 2.1 2.0 4.0 ¥.2 2.3 1.9 3.2 2.0 1.5 .6 ¥1.7 2.0 3.7 1.8 3.1 .4 .3 4.4 1.1 3.7 1.0 ¥.1 1.1 4.5 NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in July. [Monthly data seasonally adjusted] Total industrial production Percent Period 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Index, 1992=100 From preceding month Industry production indexes, 1992=100 change 1 From year earlier Capacity utilization rate, percent 2 Manufacturing Total Durable Nondurable Mining Utilities Total industry Manufacturing ......................................... ......................................... ......................................... ......................................... ......................................... ......................................... ......................................... ......................................... ......................................... ........................................ 99.1 98.9 97.0 100.0 103.5 109.1 114.4 119.5 126.8 131.3 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 1.8 ¥.2 ¥2.0 3.1 3.5 5.4 4.9 4.5 6.0 3.6 99.0 98.5 96.2 100.0 103.7 109.9 115.9 121.4 129.7 135.1 100.5 99.0 95.5 100.0 105.4 114.2 124.0 134.1 147.1 157.5 97.3 97.9 97.0 100.0 101.8 105.2 107.1 107.9 111.3 111.9 103.2 104.8 102.6 100.0 99.9 102.4 102.0 103.7 105.8 104.0 97.1 98.3 100.4 100.0 103.9 105.3 109.0 112.6 112.8 113.9 84.1 82.3 79.3 80.3 81.3 83.2 83.4 82.4 82.9 81.8 83.6 81.4 77.9 79.5 80.5 82.5 82.7 81.4 82.0 80.8 1998: July .............................. Aug ............................... Sept ............................. Oct ............................... Nov .............................. Dec .............................. 130.5 132.4 131.9 132.4 132.2 132.3 ¥0.1 1.4 ¥.4 .4 ¥.2 .1 2.7 3.6 2.6 2.4 1.7 1.6 133.6 135.7 135.2 136.1 136.4 136.7 154.4 159.8 159.6 161.2 161.0 161.5 112.1 111.3 110.6 110.9 111.6 111.7 104.6 103.7 102.4 102.0 101.1 99.0 118.3 120.2 120.3 116.5 110.6 111.8 81.1 82.0 81.3 81.3 80.8 80.7 79.8 80.7 80.1 80.3 80.1 80.0 1999: Jan ............................... Feb .............................. Mar .............................. Apr r ............................. May r ............................. June r ............................ July p ............................ 132.3 132.5 133.3 133.7 134.0 134.2 135.1 .0 .1 .7 .3 .2 .1 .7 1.6 1.8 2.0 1.8 1.6 2.7 3.6 136.4 136.9 137.5 138.0 138.4 138.6 139.4 161.4 161.7 163.1 164.1 165.0 165.4 166.6 111.3 111.9 111.7 111.8 111.7 111.7 112.1 98.5 98.9 98.9 98.3 98.4 98.3 99.0 114.7 111.3 116.7 115.8 115.4 115.8 118.7 80.3 80.2 80.5 80.4 80.4 80.3 80.7 79.5 79.5 79.5 79.6 79.5 79.4 79.7 1 Percent 2 Output changes based on unrounded indexes. as percent of capacity. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1992=100; monthly data seasonally adjusted] Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Durable goods Nondurable goods Total 1 Business Defense and space equipment Total Construction supplies Business supplies Total Energy ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 99.9 99.5 97.7 100.0 103.4 107.5 111.5 115.5 121.1 125.4 97.7 97.3 97.0 100.0 103.1 107.1 109.5 111.3 114.1 115.2 101.3 98.0 93.0 100.0 109.4 119.5 121.5 124.5 129.6 135.7 96.7 97.1 98.1 100.0 101.4 104.0 106.5 108.0 110.2 110.1 103.7 103.2 98.8 100.0 104.0 108.3 114.9 122.7 133.9 144.2 98.8 98.2 95.7 100.0 105.6 112.8 122.5 133.5 148.7 163.5 117.4 115.9 106.7 100.0 93.8 87.0 83.0 79.0 76.2 75.7 102.9 101.9 97.5 100.0 102.5 106.3 108.1 110.9 115.2 118.0 105.5 102.9 96.2 100.0 103.4 110.6 112.6 117.9 122.4 127.2 101.3 101.4 98.3 100.0 102.0 103.7 105.5 106.8 111.0 112.6 97.0 97.2 95.9 100.0 103.9 111.9 120.4 127.8 138.2 144.0 99.5 100.6 100.8 100.0 99.5 101.2 102.4 103.5 103.7 103.6 1998: July .................................................. Aug .................................................. Sept ................................................. Oct ................................................... Nov .................................................. Dec .................................................. 124.7 126.8 126.0 126.7 126.1 125.9 114.0 116.1 114.8 115.2 114.8 114.9 124.6 140.1 137.4 140.5 138.9 139.8 111.2 110.3 109.3 109.1 109.0 108.9 143.9 146.0 146.2 147.5 146.5 145.6 163.5 166.6 167.4 169.0 168.1 167.9 76.1 76.5 75.5 76.4 75.7 74.6 119.1 119.1 118.3 119.0 119.3 119.8 128.5 128.0 126.9 128.4 129.6 131.0 113.6 113.8 113.3 113.5 113.2 113.3 141.9 144.4 144.4 144.5 144.6 145.2 104.8 104.4 105.2 103.7 101.5 102.6 1999: Jan ................................................... Feb .................................................. Mar ................................................. Apr r ................................................. May r ................................................ June r ............................................... July p ................................................ 125.8 125.9 126.5 126.8 127.2 127.0 127.5 115.2 115.3 115.3 115.5 115.7 115.9 115.9 141.5 143.3 142.2 144.9 146.6 147.7 146.1 108.9 108.6 108.8 108.5 108.3 108.3 108.7 145.0 145.1 146.7 147.2 147.9 147.1 148.3 167.3 167.6 169.3 170.6 171.3 170.5 171.9 74.4 74.8 74.9 74.5 74.8 74.0 74.2 120.3 120.4 121.0 121.5 121.6 121.3 122.2 132.4 132.7 131.7 132.0 132.7 131.9 133.1 113.1 113.1 114.7 115.2 115.0 115.1 115.7 144.9 145.3 146.7 146.9 147.3 148.2 149.9 102.6 102.6 103.4 103.4 103.1 103.6 105.6 1 Includes oil and gas well drilling and manufactured homes, not shown separately. [1992=100; monthly data seasonally adjusted] Durable manufactures Primary metals Period Total 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Iron and steel Fabricated metal products Industrial machinery and equipment Electrical machinery Nondurable manufactures Transportation equipment Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 104.9 104.0 96.7 100.0 105.7 113.4 116.8 119.8 125.3 123.8 106.2 106.4 96.0 100.0 107.1 113.7 117.7 119.2 124.2 121.1 104.8 101.2 96.2 100.0 104.4 112.2 116.4 120.2 124.7 127.3 103.0 100.1 95.4 100.0 109.9 124.9 143.9 159.8 179.4 203.7 85.8 87.7 89.6 100.0 109.6 131.4 166.3 206.0 253.4 291.9 105.1 102.3 96.5 100.0 103.6 107.4 106.4 107.9 117.1 123.0 101.2 95.3 88.5 100.0 113.2 130.4 132.7 132.6 139.9 141.1 104.3 101.6 94.5 100.0 100.8 105.9 107.9 110.4 114.2 117.0 100.3 97.2 97.8 100.0 102.4 106.3 107.1 104.7 102.8 99.2 103.5 103.1 99.1 100.0 100.7 100.7 101.4 101.6 105.2 105.1 95.1 97.3 96.4 100.0 101.5 104.7 107.3 110.0 114.9 115.5 95.9 97.0 98.4 100.0 102.0 103.7 105.8 105.4 108.0 109.6 1998: July .................................................. Aug .................................................. Sept ................................................. Oct ................................................... Nov .................................................. Dec .................................................. 122.6 124.4 120.1 120.6 118.7 118.6 120.2 122.5 113.4 114.4 109.7 114.6 127.8 126.3 126.2 126.9 127.7 128.7 209.0 207.0 207.7 211.2 211.1 212.7 289.4 290.8 297.7 302.4 304.8 307.3 108.2 130.3 127.6 128.4 127.1 125.6 107.6 154.2 149.9 150.2 148.8 146.6 117.5 118.5 117.0 118.0 118.3 121.4 100.1 99.2 98.3 97.3 95.5 95.3 105.4 104.9 104.6 104.2 105.4 105.1 115.7 114.3 113.3 113.1 114.7 114.0 109.0 107.9 107.7 109.1 111.3 111.1 1999: Jan ................................................... Feb .................................................. Mar ................................................. Apr r ................................................. May r ................................................ June r ............................................... July p ................................................ 120.7 118.5 122.0 122.4 122.5 124.2 124.9 116.7 112.6 117.1 118.9 119.3 122.7 123.5 127.6 126.7 127.5 127.6 126.6 127.5 128.9 212.3 213.9 217.6 219.5 219.6 219.4 221.7 308.7 309.2 313.1 322.2 328.1 331.9 341.2 124.0 125.6 125.5 124.9 124.7 125.5 123.9 145.3 147.9 149.2 149.4 150.7 153.5 150.4 122.0 122.1 120.7 120.4 122.7 121.1 121.4 94.1 93.6 93.3 94.0 92.8 92.4 93.0 103.6 103.8 103.7 104.3 104.1 104.0 104.1 112.5 114.4 115.1 115.1 115.5 116.3 116.8 112.0 112.3 111.4 111.4 110.9 110.6 110.4 Source: Board of Governors of the Federal Reserve System. 18 NEW CONSTRUCTION [Monthly data seasonally adjusted] Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total 1 Commercial and industrial 2 Other Federal and State and local Total value index (1992=100) Commercial and industrial floor space (millions of square feet) Billions of dollars 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... 469.8 468.5 424.2 452.1 478.6 519.5 537.4 583.4 618.2 665.4 371.6 361.1 314.1 336.2 362.7 399.3 407.5 449.0 475.1 520.1 196.6 182.9 157.8 187.8 210.5 238.9 230.7 256.5 265.9 294.3 1998: July ............................ Aug ............................ Sept ............................ Oct ............................. Nov ............................ Dec ............................. 673.7 670.0 672.1 674.3 680.1 690.5 525.2 523.7 524.3 528.7 534.7 541.6 297.3 297.3 299.8 302.1 306.3 310.3 1999: Jan ............................. Feb ............................. Mar ............................ Apr ............................ May r .......................... June r ......................... July p .......................... 697.9 710.7 715.4 705.5 699.5 699.1 695.7 543.5 548.7 555.4 549.0 548.2 548.9 545.0 315.8 318.5 323.1 322.3 322.1 321.7 319.0 139.2 128.0 110.6 129.6 144.1 167.9 162.9 179.4 187.3 213.9 118.0 119.4 93.7 82.2 84.4 93.3 107.9 119.6 130.4 142.5 57.1 58.8 62.6 66.2 67.8 67.1 68.9 72.9 78.9 83.2 98.2 107.5 110.1 115.8 116.0 120.2 129.9 134.5 143.1 145.4 216.8 216.2 219.0 221.6 226.1 230.5 143.4 143.2 142.5 146.0 146.9 147.7 84.6 83.2 82.0 80.6 81.6 83.6 148.5 146.4 147.8 145.6 145.4 148.9 235.1 238.1 241.5 241.3 240.2 239.4 237.8 147.0 148.6 149.5 145.0 145.8 145.6 145.4 80.7 81.6 82.8 81.7 80.4 81.6 80.6 154.4 162.0 160.0 156.5 151.2 150.2 150.7 108 98 92 100 108 118 122 132 r 143 r 157 961 783 577 556 589 744 862 875 1,027 1,123 158 ...................... ...................... ...................... ...................... ...................... ...................... Annual rates 1 Includes residential improvements, not shown separately. hotels and motels. Dodge series. r 156 156 r 164 r 167 r 172 r 164 r 161 r 166 166 166 158 ...................... ...................... ...................... ...................... ...................... ...................... ...................... Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies, Inc., F.W. Dodge Division. 2 Includes 3 F.W. r 162 NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private housing units Period Total 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... New private homes Units started, by type of structure 1,376.1 1,192.7 1,013.9 1,199.7 1,287.6 1,457.0 1,354.1 1,476.8 1,474.0 1,616.9 1 unit 1,003.3 894.8 840.4 1,029.9 1,125.7 1,198.4 1,076.2 1,160.9 1,133.7 1,271.4 2–4 units 5 or more units 55.2 37.5 35.6 30.7 29.4 35.0 33.7 45.2 44.5 42.6 317.6 260.4 137.9 139.0 132.6 223.5 244.1 270.8 295.8 302.9 Units authorized 1,338.4 1,110.8 948.8 1,094.9 1,199.1 3 1,371.6 1,332.5 1,425.6 1,441.1 1,612.3 Units completed Homes sold Homes for sale at end of period 1 Vacancy rate for rental housing units (percent) 2 1,422.8 1,308.0 1,090.8 1,157.5 1,192.7 1,346.9 1,312.6 1,412.9 1,400.5 1,474.2 650 534 509 610 666 670 667 757 804 886 365 321 284 265 293 336 370 322 283 295 2 7.4 7.2 7.4 7.4 2 7.3 7.4 7.6 7.8 7.7 7.9 Seasonally adjusted annual rates 1998: July ............................ Aug ............................ Sept ............................ Oct ............................. Nov ............................ Dec ............................ 1,719 1,615 1,576 1,698 1,654 1,750 1,306 1,264 1,251 1,298 1,375 1,383 41 50 27 40 30 29 372 301 298 360 249 338 1,626 1,670 1,569 1,726 1,688 1,708 1,549 1,517 1,459 1,455 1,600 1,440 883 836 861 903 985 958 283 285 289 293 292 295 ...................... ...................... 8.2 ...................... ...................... 7.8 1999: Jan ............................ Feb ............................ Mar ............................ Apr ............................ May r .......................... June r ......................... July p .......................... 1,820 1,752 1,746 1,577 1,668 1,571 1,661 1,393 1,380 1,394 1,260 1,389 1,272 1,328 57 27 33 30 26 30 33 370 345 319 287 253 269 300 1,778 1,738 1,654 1,572 1,591 1,641 1,641 1,648 1,528 1,700 1,633 1,650 1,668 1,599 908 909 885 r 952 912 979 980 295 297 300 300 305 307 311 ...................... ...................... 8.2 ...................... ...................... 8.1 ...................... 1 Seasonally adjusted. 2 Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993 data have been revised to be comparable with new series beginning in 1994. Quarterly data entered in last month of quarter. 3 The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units. NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units authorized are for 17,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In June, manufacturing and trade sales rose 1.0 percent and inventories rose $3.2 billion. According to advance data, retail sales rose 0.7 percent in July, following a decrease of 0.2 percent in June. Manufacturing and trade 1 Wholesale Retail Inventory-sales ratio 4 Sales 2 Period Sales 2 Inventories 3 Sales 2 Inventories 3 Total Durable goods stores Inventories 3 Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade 1 Retail Millions of dollars, seasonally adjusted, except as noted 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 ................................ ................................ ................................ ................................ ............................... ............................... ............................... ............................... ............................... ............................... 1998: June r ................... July ...................... Aug ..................... Sept ..................... Oct ...................... Nov ...................... Dec ...................... 527,039 545,909 542,815 567,176 595,444 638,742 684,261 717,135 752,095 777,772 815,455 840,663 834,715 842,939 870,316 934,342 994,826 1,013,201 1,060,326 1,095,042 143,760 149,506 148,306 154,150 161,223 172,237 187,889 198,668 206,671 211,251 187,009 195,775 200,376 208,244 216,974 235,413 253,565 255,871 273,885 287,484 775,648 1,078,506 1,079,285 1,083,792 1,089,349 1,091,438 1,095,493 1,095,042 210,660 211,930 209,144 211,964 211,366 212,367 215,550 278,881 278,768 281,915 284,832 284,496 286,145 287,484 r775,292 773,999 781,728 783,878 788,294 796,583 1999: Jan ...................... 794,865 1,095,209 213,597 286,698 Feb ...................... 803,481 1,098,308 216,138 288,638 Mar ..................... 812,055 1,103,619 219,595 289,360 Apr ...................... 812,237 1,105,654 219,921 289,636 May r .................... 821,761 1,108,901 223,909 290,216 June p ................... r 829,666 1,112,088 228,123 290,975 July p ................... ................ .................. ................ ................ 1 See 146,581 153,718 154,661 162,632 173,586 187,503 196,816 208,845 217,972 228,834 20 91,818 97,981 100,497 103,999 108,397 113,549 117,762 123,773 129,132 133,977 237,234 239,815 243,389 252,185 269,303 294,052 310,276 320,601 330,308 340,760 121,347 121,194 119,189 123,152 135,088 153,019 165,108 170,849 176,483 181,070 115,887 118,621 124,200 129,033 134.215 141,033 145,168 149,752 153,825 159,690 1.52 1.52 1.53 1.48 1.44 1.41 1.43 1.41 1.38 1.39 1.58 1.56 1.54 1.52 1.51 1.50 1.55 1.51 1.49 1.46 332,924 332,881 333,432 335,965 335,911 338,348 340,760 174,289 174,098 174,523 176,303 177,448 179,586 181,070 158,635 158,783 158,909 159,662 158,463 158,762 159,690 1.39 1.39 1.40 1.39 1.39 1.39 1.37 1.45 1.46 1.46 1.47 1.45 1.44 1.44 229,878 96,092 133,786 r 227,982 r 93,458 r 134,524 228,410 229,283 232,379 234,504 236,786 93,774 94,545 96,724 97,782 99,500 134,636 134,738 135,655 136,722 137,286 239,595 243,619 243,295 244,748 247,228 r 246,841 248,690 100,535 103,132 102,096 101,901 103,884 r 102,904 104,513 page 21 for manufacturing. data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 2 Annual 54,763 55,736 54,165 58,634 65,189 73,954 79,054 85,072 88,841 94,857 139,060 343,644 182,636 161,008 1.38 1.43 140,487 345,472 184,152 161,320 1.37 1.42 141,299 350,681 188,316 162,365 1.36 1.44 142,847 352,824 190,264 162,560 1.36 1.44 143,344 354,943 192,144 162,799 1.35 1.44 r 143,937 358,423 194,829 163,594 1.34 1.45 144,177 ................ ................ ................ ................ ................ 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In July, manufacturers’ shipments, inventories, and new and unfilled orders rose. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Nondurable goods 32,988 33,331 30,471 31,524 31,694 35,697 40,511 44,631 48,165 51,700 50,763 55,371 53,540 50,138 50,675 52,005 56,863 53,233 53,299 52,525 53,041 50,948 55,266 113,516 118,924 118,957 121,905 124,617 130,191 138,851 142,730 147,610 147,832 148,204 147,511 147,605 146,140 146,737 148,408 147,606 149,260 150,356 150,241 151,650 154,044 154,234 Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1989 ................................. 1990 ................................. 1991 ................................. 1992 ................................. 1993 ................................. 1994 ................................. 1995 .................................. 1996 .................................. 1997 .................................. 1998 ................................. 1998: July ....................... Aug ....................... Sept ....................... Oct ........................ Nov ........................ Dec ........................ 1999: Jan ........................ Feb ........................ Mar ........................ Apr ......................... May ....................... June r ..................... July p ..................... 236,698 242,686 239,847 250,394 260,635 279,002 299,555 309,622 327,452 337,687 335,380 336,445 340,481 340,133 341,423 344,247 341,673 343,724 349,065 347,568 350,624 354,702 356,442 123,158 123,776 121,000 128,489 135,886 149,131 160,586 167,013 179,892 189,666 186,907 188,789 192,842 193,818 194,823 195,531 194,091 194,465 198,292 197,246 199,425 200,990 202,507 113,540 118,910 118,847 121,905 124,749 129,870 138,970 142,608 147,560 148,022 148,473 147,656 147,639 146,315 146,600 148,716 147,582 149,259 150,773 150,322 151,199 153,712 153,935 391,212 405,073 390,950 382,510 384,039 404,877 430,985 436,729 456,133 466,798 467,636 468,445 468,552 471,031 471,000 466,798 464,867 464,198 463,578 463,194 463,742 462,690 464,865 257,513 263,209 250,019 238,105 239,334 253,624 268,353 273,815 286,372 295,344 295,669 296,913 296,757 298,561 297,981 295,344 293,563 294,030 293,391 292,415 292,403 291,645 293,396 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 133,699 141,864 140,931 144,405 144,705 151,253 162,632 162,914 169,761 171,454 171,967 171,532 171,795 172,470 173,019 171,454 171,304 170,168 170,187 170,779 171,339 171,045 171,469 239,572 244,507 238,805 248,212 257,698 279,733 300,632 312,442 329,335 336,140 334,821 337,815 340,388 334,663 335,930 343,982 349,314 343,046 349,722 344,915 348,259 351,128 358,466 126,055 125,583 119,849 126,308 133,081 149,542 161,782 169,711 181,726 188,308 186,617 190,304 192,783 188,523 189,193 195,574 201,708 193,786 199,366 194,674 196,609 197,084 204,232 508,849 531,131 519,199 492,893 457,810 466,699 479,674 513,062 536,131 519,038 528,989 530,359 530,266 524,796 519,303 519,038 526,677 525,999 526,656 524,003 521,638 518,064 520,088 1.63 1.65 1.65 1.54 1.47 1.41 1.41 1.40 1.37 1.38 1.39 1.39 1.38 1.38 1.38 1.36 1.36 1.35 1.33 1.33 1.32 1.30 1.30 3 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods rose 0.2 percent in July. Prices of finished consumer foods fell 0.9 percent, while prices of other finished consumer goods rose 0.9 percent. Capital equipment prices fell 0.1 percent. [1982=100; monthly data seasonally adjusted] Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total 1989 ........................... 1990 ........................... 1991 ........................... 1992 ........................... 1993 ........................... 1994 ........................... 1995 ........................... 1996 ........................... 1997 ........................... 1998 ........................... 1998: July ................ Aug ................. Sept ................ Oct ................. Nov ................. Dec ................. 1999: Jan ................. Feb ................ Mar r ............... Apr ................. May ................ June ............. July ............. 1 Intermediate 22 113.6 119.2 121.7 123.2 124.7 125.5 127.9 131.3 131.8 130.7 130.7 130.3 130.6 131.0 130.7 131.3 131.7 131.1 131.5 132.2 132.4 132.3 132.6 118.7 124.4 124.1 123.3 125.7 126.8 129.0 133.6 134.5 134.3 134.5 134.1 134.4 135.0 134.5 134.5 136.5 134.8 135.2 134.0 134.7 135.3 134.1 111.8 117.4 120.9 123.1 124.4 125.1 127.5 130.5 130.9 129.5 129.5 129.1 129.4 129.7 129.5 130.2 130.1 130.0 130.3 131.5 131.6 131.4 132.1 materials for food manufacturing and feeds. 108.9 115.3 118.7 120.8 121.7 121.6 124.0 127.6 128.2 126.4 126.5 126.1 126.2 126.7 126.3 127.5 127.4 127.1 127.6 129.4 129.4 129.2 130.3 Durable 117.6 120.4 123.9 125.7 128.0 130.9 132.7 134.2 133.7 132.9 132.7 132.4 133.1 133.4 133.5 133.3 132.7 132.9 132.6 132.7 133.1 132.6 132.5 Nondurable 103.8 111.5 115.0 117.3 117.6 116.2 118.8 123.3 124.3 122.2 122.4 121.9 121.8 122.3 121.7 123.5 123.6 123.1 123.9 126.4 126.2 126.2 127.9 Capital equipment 118.8 122.9 126.7 129.1 131.4 134.1 136.7 138.3 138.2 137.6 137.4 137.2 137.6 137.7 137.8 137.7 137.6 137.7 137.5 137.6 137.9 137.5 137.3 Total finished consumer goods 112.1 118.2 120.5 121.7 123.0 123.3 125.6 129.5 130.2 128.9 129.1 128.6 128.8 129.3 128.9 129.7 130.2 129.5 130.0 130.9 131.1 131.2 131.6 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 112.0 114.5 114.4 114.7 116.2 118.5 124.9 125.7 125.6 123.0 123.2 122.8 122.4 122.2 121.9 121.1 121.1 120.7 121.1 121.9 122.1 122.6 123.3 113.8 113.3 111.1 110.7 112.7 114.8 114.8 128.1 125.4 116.2 116.3 115.8 114.7 114.2 115.1 114.4 115.1 112.9 111.3 109.2 109.7 110.5 109.0 111.9 114.5 114.6 114.9 116.4 118.7 125.5 125.6 125.7 123.4 123.6 123.2 122.9 122.7 122.3 121.5 121.4 121.2 121.6 122.6 122.8 123.3 124.1 103.1 108.9 101.2 100.4 102.4 101.8 102.7 113.8 111.1 96.8 97.4 93.3 91.6 93.9 93.8 90.4 90.9 88.8 89.1 90.7 95.7 97.0 96.8 111.2 113.1 105.5 105.1 108.4 106.5 105.8 121.5 112.2 103.9 102.0 100.9 100.0 103.2 102.6 98.2 103.0 99.9 99.2 96.7 98.8 99.2 94.4 93.4 101.5 94.6 93.5 94.7 94.8 96.8 104.5 106.4 88.4 90.7 84.8 82.6 84.1 84.3 81.8 79.3 78.0 78.9 83.2 90.1 92.0 94.9 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In July, the consumer price index for all urban consumers rose 0.3 percent both seasonally adjusted and not seasonally adjusted. The index was 2.1 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation Shelter Period Rel. imp.3 ............................. 1989 ..................................... 1990 ..................................... 1991 ..................................... 1992 ..................................... 1993 ..................................... 1994 ..................................... 1995 ..................................... 1996 ..................................... 1997 ..................................... 1998 ..................................... 1998: July .......................... Aug ........................... Sept .......................... Oct ........................... Nov ........................... Dec ........................... 1999: Jan ........................... Feb ........................... Mar .......................... Apr ........................... May .......................... June ......................... July .......................... Not season- Seasonally ally adjust- adjusted ed (NSA) 100.0 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 163.2 163.4 163.6 164.0 164.0 163.9 164.3 164.5 165.0 166.2 166.2 166.2 166.7 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 163.3 163.5 163.6 163.9 164.2 164.4 164.6 164.7 165.0 166.2 166.2 166.2 166.7 Total 1 Rent of primary residence Owners’ equivalent rent (12/82 =100) 30.3 132.8 140.0 146.3 151.2 155.7 160.5 165.7 171.0 176.3 182.1 181.9 182.5 183.2 183.7 184.3 184.6 184.6 184.9 185.4 186.2 186.6 187.0 187.1 7.0 132.8 138.4 143.3 146.9 150.3 154.0 157.8 162.0 166.7 172.1 172.2 172.8 173.3 173.8 174.4 174.9 175.3 175.6 176.0 176.5 176.9 177.1 177.5 20.5 137.4 144.8 150.4 155.5 160.5 165.8 171.3 176.8 181.9 187.8 188.1 188.6 189.1 189.6 190.0 190.6 190.8 191.3 191.5 192.1 192.6 192.8 193.0 Food Total 1 15.4 125.1 132.4 136.3 137.9 140.9 144.3 148.4 153.3 157.3 160.7 160.9 161.3 161.4 162.2 162.4 162.5 163.3 163.5 163.2 163.3 163.9 163.9 164.2 39.8 123.0 128.5 133.6 137.5 141.2 144.8 148.5 152.8 156.8 160.4 160.4 160.7 161.0 161.3 161.8 162.0 161.9 162.1 162.5 163.1 163.3 163.6 163.8 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 3 Relative importance, December 1998. Fuels and utilities 4.7 107.8 111.6 115.3 117.8 121.3 122.8 123.7 127.5 130.8 128.5 128.3 127.9 127.1 126.8 127.2 127.0 126.8 127.1 127.4 127.6 127.3 127.5 128.2 Apparel 4.8 118.6 124.1 128.7 131.9 133.7 133.4 132.0 131.7 132.9 133.0 132.7 134.0 133.2 133.2 133.1 132.3 130.8 130.6 130.2 132.1 131.9 131.4 130.2 Total 1 New cars 17.0 ............ 114.1 119.2 120.5 121.0 123.8 125.3 126.5 128.4 130.4 131.5 134.3 136.0 139.1 139.0 143.0 141.4 144.3 141.7 141.6 140.7 141.8 140.7 141.6 141.2 141.1 140.8 141.3 140.5 141.1 140.5 140.6 140.6 140.4 140.6 140.2 139.9 141.2 139.5 144.6 139.6 143.9 139.3 143.0 139.1 144.7 139.3 Motor fuel 2.5 88.5 101.2 99.4 99.0 98.0 98.5 100.0 106.3 106.2 92.2 92.2 90.6 89.1 89.8 88.6 86.4 86.4 86.1 89.2 102.6 99.9 96.9 100.9 Medical care 5.7 149.3 162.8 177.0 190.1 201.4 211.0 220.5 228.2 234.6 242.1 242.7 243.7 244.4 244.9 245.4 246.1 246.9 247.5 248.1 249.0 249.6 250.5 251.2 Energy 2 6.3 94.3 102.1 102.5 103.0 104.2 104.6 105.2 110.1 111.5 102.9 102.5 101.5 100.3 100.4 100.1 99.0 98.8 98.8 100.4 106.5 105.1 103.8 106.0 All items less food and energy 78.3 129.0 135.5 142.1 147.3 152.2 156.5 161.2 165.6 169.5 173.4 173.8 174.2 174.5 174.8 175.0 175.6 175.7 175.8 176.0 176.7 176.9 177.0 177.3 NOTE.—Data beginning January 1999 reflect a change in CPI index formula calculation and other changes in methodology. See Bureau of Labor Statistics news release Consumer Price Index dated February 19, 1999 for details. 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 Capital equipment Excluding foods Foods Change from year earlier, total finished goods NSA Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 3.8 3.4 2.5 1.7 1.8 2.0 2.2 .4 ¥.6 0 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 5.2 4.9 2.1 1.2 1.2 .6 1.9 2.7 .4 ¥.8 Change, Dec. to Dec., NSA 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... 4.9 5.7 ¥.1 1.6 .2 1.7 2.3 2.8 ¥1.2 0 5.2 2.6 ¥1.5 1.6 2.4 1.1 1.9 3.4 ¥.8 .1 5.3 8.7 ¥.7 1.6 ¥1.4 2.0 2.3 3.7 ¥1.5 ¥.1 Change, month to month 1998: July ............. Aug ............. Sept ............. Oct .............. Nov ............. Dec ............. 0.2 ¥.3 .2 .3 ¥.2 .5 0.5 ¥.3 .2 .4 ¥.4 0 0.2 ¥.3 .1 .4 ¥.3 1.0 0.1 ¥.1 .3 .1 .1 ¥.1 0 ¥.9 .6 .9 1.2 2.2 ¥0.3 .6 1.8 1.5 1.2 .3 0.3 ¥1.6 ¥.3 .6 .6 4.2 ¥0.6 ¥.9 .9 .9 1.8 .3 0.2 ¥.3 .2 .5 .2 1.4 0.9 ¥.3 .6 .6 .9 1.0 0 ¥.2 0 .5 ¥.5 1.9 ¥0.3 ¥.6 ¥.1 .1 .4 .6 ¥.2 ¥.8 ¥.9 ¥.7 ¥.6 0 1999: Jan ............. Feb ............. Mar r ........... Apr .............. May ............. June ............ July ............. .3 ¥.5 .3 .5 .2 ¥.1 .2 1.5 ¥1.2 .3 ¥.9 .5 .4 ¥.9 ¥.1 ¥.2 .4 r 1.4 0 ¥.2 .9 ¥.1 .1 ¥.1 r .1 .2 ¥.3 ¥.1 2.2 1.2 .6 1.5 4.0 r 2.5 1.2 4.5 .9 2.1 ¥7.1 ¥.3 .3 .3 2.2 2.6 .3 6.4 7.4 r 5.1 2.8 ¥.3 ¥.3 ¥.6 0 .6 r0 ¥.9 1.5 1.2 1.4 1.8 2.6 1.5 1.4 3.0 1.0 1.2 ¥1.5 .3 1.2 ¥3.5 1.4 1.6 2.2 4.3 5.0 2.7 4.6 .3 .7 ¥.1 ¥.1 .1 ¥.3 ¥.4 .8 .5 .8 1.1 1.4 1.5 1.5 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] Housing Transportation Shelter Period All items 1 Food Total 1 Total 1 Rent of Ownpriers’ mary equivaresilent dence rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From From 3 6 months months earlier earlier From year earlier NSA Change, December to December, NSA 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 ......................... ......................... ......................... ......................... ......................... ......................... ......................... ......................... ......................... ......................... 4.6 6.1 3.1 2.9 2.7 2.7 2.5 3.3 1.7 1.6 5.6 5.3 1.9 1.5 2.9 2.9 2.1 4.3 1.5 2.3 3.9 4.5 3.4 2.6 2.7 2.2 3.0 2.9 2.4 2.3 4.9 5.2 3.9 2.9 3.0 3.0 3.5 2.9 3.4 3.3 4.2 4.1 2.9 2.3 2.2 2.5 2.5 2.8 3.1 3.4 5.1 4.8 3.7 3.0 3.2 3.3 3.7 2.8 3.1 3.2 3.2 4.0 2.9 2.3 2.5 .2 1.4 4.6 .5 ¥2.6 1.0 5.1 3.4 1.4 .9 ¥1.6 .1 ¥.2 1.0 ¥.7 1998: July .............. Aug ............... Sept .............. Oct ............... Nov ............... Dec ............... 0.2 .1 .1 .2 .2 .1 0.3 .2 .1 .5 .1 .1 0.2 .2 .2 .2 .3 .1 0.2 .3 .4 .3 .3 .2 0.2 .3 .3 .3 .3 .3 0.3 .3 .3 .3 .2 .3 ¥0.1 ¥.3 ¥.6 ¥.2 .3 ¥.2 ¥0.3 1.0 ¥.6 0 ¥.1 ¥.6 1999: Jan .............. Feb ............... Mar .............. Apr ............... May .............. June ............. July .............. .1 .1 .2 .7 .5 .1 ¥.2 .1 .4 0 .2 ¥.1 .1 .2 .4 .1 .2 .1 .2 .2 .2 .3 .2 .1 .2 .1 .3 .1 .3 .3 .1 .1 ¥.2 .2 .2 .2 ¥.2 .2 .5 ¥1.1 ¥.2 ¥.3 1.5 ¥.2 ¥.4 ¥.9 4.0 10.4 ¥1.5 3.0 2.4 3.8 1.5 4.4 ¥1.4 ¥1.7 2.3 1.4 3.3 2.3 2.8 3.2 1.6 1.6 ¥1.0 ¥.1 6.8 36.5 ¥16.0 1.8 ¥5.4 5.9 ¥4.0 12.7 ¥6.2 ¥15.4 8.5 9.6 7.9 6.6 5.4 4.9 3.9 3.0 2.8 3.4 5.1 18.1 ¥7.4 2.0 ¥1.4 2.2 ¥1.3 8.6 ¥3.4 ¥8.8 4.4 5.2 4.4 3.3 3.2 2.6 3.0 2.6 2.2 2.4 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 4.8 5.4 4.2 3.0 3.0 2.6 2.8 3.0 2.3 1.6 0.3 ¥.1 ¥.4 .1 ¥.1 ¥.4 0.5 .4 ¥.3 ¥.2 0 .1 ¥0.3 ¥1.7 ¥1.7 .8 ¥1.3 ¥2.5 0.2 .4 .3 .2 .2 .3 ¥0.2 ¥1.0 ¥1.2 .1 ¥.3 ¥1.1 0.2 .2 .2 .2 .1 .3 .......... .......... 1.7 .......... .......... 1.7 2.0 1.5 1.5 1.5 1.7 2.0 1.6 1.7 1.9 1.7 1.6 1.7 1.7 1.6 1.5 1.5 1.5 1.6 ¥.1 ¥.1 .7 2.4 ¥.5 ¥.6 1.2 0 ¥.5 ¥.3 .1 ¥.2 ¥.1 .1 0 ¥.3 3.6 15.0 ¥2.6 ¥3.0 4.1 .3 .2 .2 .4 .2 .4 .3 ¥.2 0 1.6 6.1 ¥1.3 ¥1.2 2.1 .1 .1 .1 .4 .1 .1 .2 .......... .......... 1.5 .......... .......... 3.4 .......... 1.7 1.2 1.5 3.9 3.7 2.9 1.2 1.6 1.5 1.7 2.8 2.5 2.2 2.6 1.7 1.6 1.7 2.3 2.1 2.0 2.1 Change, month to month 1 Includes 0 0 .3 0 .2 .3 .4 .2 .2 .1 items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 2 Household 24 3 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In August, prices received by farmers rose 3.2 percent while prices paid by farmers were unchanged. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 ............................... ............................... ............................... ............................... ............................... ............................... ............................... ............................... .............................. ............................... 104 104 100 98 101 100 102 112 107 101 109 103 101 101 102 105 112 127 116 106 100 105 99 97 100 95 92 99 98 97 96 99 100 101 104 106 109 115 118 117 97 99 100 101 103 106 108 115 118 116 95 99 100 101 104 106 108 115 119 115 108 105 99 97 97 94 93 98 90 86 1998: Aug .................... Sept ................... Oct ..................... Nov .................... Dec .................... 101 99 99 99 98 103 100 100 101 100 99 98 98 97 97 116 115 116 116 116 115 113 114 115 114 114 112 113 113 113 87 86 85 85 84 1999: Jan .................... Feb .................... Mar .................... Apr .................... May .................... June ................... July .................... Aug .................... 97 96 96 96 98 98 r 95 98 98 98 98 103 104 100 r 95 99 96 94 95 90 93 95 94 97 116 116 116 116 116 117 116 116 115 115 115 115 115 115 115 114 113 113 113 113 113 113 113 113 84 83 83 83 84 84 r 82 84 1 Includes items not shown separately. ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. 2 Percentage 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 AND DEBT MEASURES In July, M2 growth accelerated, while M3 growth slowed slightly. [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] M1 M2 M3 Debt Sum of currency, demand deposits, travelers’ checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits M2 plus large time deposits, RPs, Eurodollars, and institutional MMMF balances Debt of domestic nonfinancial sectors (monthly average of adjacent month-end levels) 1 .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... 792.6 824.6 896.7 1,024.4 1,129.3 1,149.7 1,126.7 1,081.3 1,074.9 1,093.4 3,159.9 3,279.1 3,379.8 3,434.0 3,487.4 3,502.0 3,649.1 3,823.9 4,046.6 4,402.0 1998: June .................................................. July ................................................... Aug ................................................... Sept .................................................. Oct ..................................................... Nov .................................................... Dec .................................................... 1,077.8 1,075.4 1,072.2 1,074.7 1,080.4 1,089.0 1,093.4 4,198.6 4,216.1 4,241.7 4,285.5 4,326.9 4,365.2 4,402.0 1999: Jan r .................................................. Feb r .................................................. Mar r .................................................. Apr r .................................................. May r .................................................. June r ................................................ July ................................................... 1,091.0 1,092.6 1,102.0 1,108.4 1,104.7 1,101.1 1,099.4 4,426.0 4,446.8 4,456.9 4,489.5 4,506.5 4,522.2 4,542.3 Period 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 1 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 26 Percent change from year or 6 months earlier 2 M1 M2 M3 Debt 4,091.0 4,155.6 4,208.6 4,220.0 4,279.7 4,353.9 4,618.5 4,955.6 r5,403.7 r 5,996.9 10,156.8 10,823.2 11,296.2 11,817.7 12,405.5 13,001.0 13,697.7 14,392.8 15,094.9 16,026.1 0.8 4.0 8.7 14.2 10.2 1.8 ¥2.0 ¥4.0 ¥.6 1.7 5.5 3.8 3.1 1.6 1.6 .4 4.2 4.8 5.8 8.8 4.0 1.6 1.3 .3 1.4 1.7 6.1 7.3 r 9.0 r 11.0 7.3 6.6 4.4 4.6 5.0 4.8 5.4 5.1 4.9 6.2 r 5,671.3 r 5,996.9 15,539.8 15,619.3 15,696.2 15,766.5 15,850.3 15,945.2 16,026.1 .5 .3 ¥.7 ¥1.1 ¥.3 2.0 2.9 7.5 7.1 6.9 7.7 8.3 9.1 9.7 9.9 8.9 9.6 9.7 10.2 r 11.0 r 11.5 5.9 6.1 6.1 5.8 5.9 6.2 6.3 6,018.0 6,066.0 6,060.7 6,103.8 6,128.9 6,157.2 6,182.0 16,100.6 16,169.8 16,267.1 16,356.6 16,416.2 p 16,478.9 ...................... 2.9 3.8 5.1 5.2 2.9 1.4 1.5 10.0 9.7 8.0 7.5 6.5 5.5 5.3 11.5 11.1 8.6 7.9 6.4 5.3 5.5 6.2 6.0 6.4 6.4 5.9 5.7 ............ r 5,691.4 r 5,747.5 r 5,811.0 5,873.1 r 5,938.1 NOTE.—See p. 27 for components. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Currency Nonbank travelers checks Demand deposits Other checkable deposits (OCDs) Money market mutual fund balances Retail Savings deposits, including money market deposit accounts (MMDAs) Institutional Small denomination time deposits 1 Large denomination time deposits 1 Overnight and term Overnight repurand term chase Euroagreedollars ments (net) (RPs) (net) ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ 222.6 247.0 267.5 292.5 322.0 354.2 372.3 394.1 424.5 459.2 6.1 7.0 7.1 7.5 7.3 7.8 8.3 8.0 7.7 7.8 278.7 276.9 289.7 340.0 385.4 383.6 389.4 403.0 396.5 377.5 285.1 293.7 332.5 384.4 414.6 404.1 356.7 276.2 246.2 248.8 322.3 358.0 373.1 354.7 357.0 385.8 455.5 522.8 602.3 751.7 111.1 139.6 187.7 210.5 212.5 204.7 255.9 313.3 379.9 516.2 893.7 923.2 1,044.4 1,186.7 1,219.1 1,150.0 1,135.1 1,272.3 1,400.2 1,605.0 1,151.4 1,173.4 1,065.7 868.2 782.1 816.5 931.7 947.5 969.3 952.0 541.5 482.1 417.6 354.5 334.5 364.5 421.1 493.2 576.1 r 630.0 169.1 151.5 131.1 141.6 172.6 196.4 198.7 211.3 252.8 r 297.8 109.4 103.3 92.3 79.5 72.7 86.1 93.7 113.9 149.3 150.7 1998: July ........................................... Aug ............................................ Sept ........................................... Oct ............................................. Nov ............................................ Dec ........................................... 442.3 444.8 449.6 453.3 456.5 459.2 8.5 8.5 8.3 8.3 7.9 7.8 379.3 374.8 374.4 374.7 377.0 377.5 245.3 244.0 242.4 244.2 247.6 248.8 672.5 687.2 708.4 725.5 737.9 751.7 441.9 454.5 467.8 486.7 503.8 516.2 1,505.8 1,522.5 1,543.7 1,563.1 1,582.6 1,605.0 962.4 959.7 958.7 957.9 955.7 952.0 613.6 620.2 621.3 621.5 625.4 r 630.0 r 270.7 149.2 153.5 154.4 155.5 154.5 150.7 1999: Jan ........................................... Feb ........................................... Mar ........................................... Apr ............................................ May ........................................... June r ......................................... July ........................................... 462.7 467.6 472.0 476.5 480.9 484.1 487.3 7.8 7.7 7.8 7.8 7.8 8.2 8.6 371.1 371.8 374.1 374.0 369.4 362.9 362.6 249.5 245.5 248.1 250.1 246.5 245.9 241.0 765.9 780.3 782.3 790.5 796.5 801.7 802.7 515.0 529.9 529.1 538.4 544.6 548.1 546.0 1,622.7 1,633.1 1,636.0 1,657.1 1,675.1 1,694.1 1,715.6 r 946.5 r 637.3 r 292.3 r 940.7 r 626.3 r 309.9 r 936.6 r 617.1 r 298.1 r 933.5 r 623.6 r 290.0 r 930.2 r 621.5 r 295.6 925.4 924.7 618.1 628.9 308.7 308.6 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. r 277.6 r 282.0 r 282.6 r 289.2 r 297.8 147.3 153.1 159.4 r 162.2 r 160.6 160.1 156.1 Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Period Total 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Nonborrowed Nonborrowed plus extended credit Required Monetary base Total Seasonal Extended credit ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... ........................................................................... .......................................................................... ........................................................................... ........................................................................... 40,469 41,747 45,493 54,388 60,530 59,419 56,454 50,162 46,861 44,902 40,204 41,422 45,301 54,265 60,448 59,210 56,197 50,008 46,537 44,785 40,224 41,445 45,301 54,265 60,448 59,210 56,197 50,008 46,537 44,785 39,528 40,083 44,504 53,235 59,460 58,260 55,164 48,746 45,176 43,319 267,701 293,240 317,512 350,865 386,451 418,072 434,098 451,373 478,877 512,321 265 326 192 124 82 209 257 155 324 117 84 76 38 18 31 100 40 68 79 15 20 23 1 1 0 0 0 0 0 0 1998: July .......................................................................... Aug .......................................................................... Sept ......................................................................... Oct ........................................................................... Nov .......................................................................... Dec ........................................................................... 44,895 44,983 44,540 44,405 44,497 44,902 44,637 44,712 44,290 44,231 44,414 44,785 44,637 44,712 44,290 44,231 44,414 44,785 43,524 43,453 42,846 42,831 42,873 43,319 494,736 497,869 502,038 505,843 509,144 512,321 258 271 251 174 83 117 215 242 178 107 37 15 0 0 0 0 0 0 1999: Jan ........................................................................... Feb .......................................................................... Mar .......................................................................... Apr ........................................................................... May .......................................................................... June ......................................................................... July .......................................................................... 45,125 44,551 43,717 43,979 44,360 42,867 41,979 44,920 44,435 43,652 43,812 44,233 42,722 41,669 44,920 44,435 43,652 43,812 44,233 42,722 41,669 43,591 43,336 42,412 42,820 43,105 41,606 40,902 516,807 520,843 524,233 528,741 534,860 r 537,625 541,164 206 116 65 166 127 145 309 7 9 18 39 89 127 226 0 0 0 0 0 0 0 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases fell 0.7 percent in July; commercial and industrial loans rose 0.1 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Decr ........... July r ......... Aug r ......... Sept r ......... Oct r .......... Nov r ......... Dec r .......... 1999: Jan r .......... Feb r .......... Mar r ......... Apr r .......... May r ......... June r ........ July ........... 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1998: Total bank credit 2,605.3 2,751.7 2,857.4 2,955.9 3,115.3 3,321.3 3,604.8 3,761.2 4,103.2 4,549.5 4,285.7 4,345.3 4,393.6 4,490.8 4,530.1 4,549.5 4,540.1 4,525.7 4,494.7 4,499.9 4,505.2 4,538.3 4,532.5 Total securities U.S. Government securities 585.2 634.3 746.0 841.5 915.0 939.8 984.7 978.7 1,085.9 1,226.3 1,134.0 1,159.4 1,177.6 1,218.8 1,222.2 1,226.3 1,217.2 1,207.0 1,188.5 1,188.1 1,186.9 1,204.2 1,220.7 400.8 456.4 566.5 664.8 730.3 721.7 701.8 699.2 748.1 792.3 763.6 776.0 771.6 777.0 790.5 792.3 794.2 791.4 798.7 799.9 797.8 811.7 815.1 Loans and leases in bank credit Real estate Other Total loans Commersecurities and leases 2 cial and industrial 184.3 177.9 179.5 176.7 184.7 218.1 282.9 279.5 337.8 434.0 370.3 383.4 406.0 441.8 431.7 434.0 423.0 415.7 389.8 388.2 389.1 392.5 405.5 2,020.1 2,117.4 2,111.4 2,114.5 2,200.3 2,381.4 2,620.1 2,782.5 3,017.3 3,323.2 3,151.7 3,185.8 3,215.9 3,272.0 3,307.9 3,323.2 3,322.9 3,318.6 3,306.2 3,311.8 3,318.3 3,334.1 3,311.8 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 28 643.0 645.8 624.3 600.6 591.3 651.4 723.1 787.1 854.5 952.2 906.3 914.3 921.0 943.8 954.5 952.2 952.0 952.1 955.8 960.5 955.5 961.3 962.2 Total 768.7 855.6 881.3 903.6 944.9 1,007.9 1,086.5 1,137.8 1,242.8 1,333.6 1,277.8 1,287.4 1,289.6 1,296.8 1,319.3 1,333.6 1,340.4 1,342.0 1,343.3 1,345.7 1,353.0 1,357.4 1,359.6 Revolving home equity 52.8 65.4 73.3 77.4 77.0 79.3 83.2 89.4 103.3 102.5 103.5 103.3 103.6 102.5 102.7 102.5 102.3 101.8 102.0 103.0 104.1 103.4 97.5 Consumer Security Other Other 715.9 790.1 808.0 826.1 867.9 928.6 1,003.3 1,048.4 1,139.5 1,231.1 1,174.3 1,184.0 1,186.0 1,194.3 1,216.6 1,231.1 1,238.1 1,240.2 1,241.3 1,242.7 1,248.9 1,254.0 1,262.1 375.4 380.9 363.9 356.2 387.7 448.2 491.3 512.5 502.5 497.8 489.3 488.5 491.3 493.1 496.0 497.8 499.7 499.3 498.6 499.2 494.9 489.9 481.8 40.4 44.5 53.8 63.9 88.1 77.7 84.6 76.8 97.0 150.7 130.6 136.2 141.7 156.5 150.1 150.7 146.2 138.8 118.8 121.5 126.0 129.8 121.2 192.7 190.6 188.1 190.2 188.2 196.3 234.6 268.2 320.5 388.8 347.8 359.5 372.4 381.8 387.9 388.8 384.5 386.4 389.7 384.9 388.9 395.7 387.0 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] Sources Uses External Funds raised in markets Period Total 1989 ..................... 1990 ..................... 1991 ..................... 1992 ..................... 1993 ..................... 1994 ..................... 1995 ..................... 1996 ..................... 1997 ..................... 1998 ..................... 1996: III ............ IV ............. 1997: I ............... II .............. III ............ IV ............. 1998: I ............... II .............. III ............ IV ............. 1999: I p ............. 747.1 596.2 492.9 602.5 702.7 791.6 994.7 1,029.4 1,012.7 1,079.7 1,027.4 1,017.1 1,015.3 903.0 1,183.9 948.7 1,241.0 918.4 1,043.7 1,116.0 1,222.3 Internal 1 399.7 412.7 425.8 441.2 484.8 550.0 603.9 630.9 667.1 692.2 630.6 649.8 646.1 666.6 684.3 671.4 690.4 686.8 693.5 698.4 716.5 Credit market instruments Total 347.4 183.5 67.1 161.3 217.9 241.6 390.8 398.5 345.6 387.5 396.8 367.3 369.2 236.4 499.6 277.3 550.6 231.6 350.2 417.6 505.8 Total Total net funds raised Net new equity issues Total 56.8 62.1 ¥27.7 72.6 68.2 97.5 166.3 50.9 118.8 64.6 35.9 47.3 83.6 85.0 132.0 174.4 157.6 216.4 59.8 ¥175.4 344.8 ¥124.2 ¥63.0 18.3 27.0 21.3 ¥44.9 ¥58.3 ¥69.5 ¥114.4 ¥267.0 ¥138.8 ¥60.0 ¥90.4 ¥100.0 ¥124.0 ¥143.3 ¥139.2 ¥129.1 ¥308.4 ¥491.3 ¥46.1 180.9 125.1 ¥46.0 45.6 46.9 142.4 224.6 120.4 233.2 331.6 174.7 107.3 174.0 185.0 256.0 317.7 296.8 345.6 368.1 315.9 390.9 1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed capital, foreign earnings retained abroad, and inventory valuation adjustment. 2 Includes tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S. Other 2 Loans and shortterm paper Securities and mortgages 88.5 57.2 70.9 55.4 72.0 51.5 107.5 60.5 105.2 176.5 39.6 110.8 89.0 97.1 141.6 92.8 188.8 203.6 122.7 190.9 196.4 92.4 67.9 ¥117.0 ¥9.9 ¥25.0 90.8 117.2 59.8 128.0 155.2 135.1 ¥3.5 85.0 87.8 114.3 224.9 108.1 142.0 245.5 124.9 194.5 290.6 121.4 94.8 88.8 149.7 144.2 224.6 347.6 226.9 322.9 360.8 319.9 285.6 151.3 367.7 102.9 393.0 15.1 290.4 593.0 161.0 Capital expenditures 3 581.8 519.3 459.3 537.8 786.9 796.7 1,001.8 1,012.2 974.0 1,075.3 1,011.5 1,038.3 1,028.7 847.6 1,090.0 929.6 1,244.2 880.9 1,053.6 1,122.7 1,192.5 Increase in financial assets Discrepancy (sources less uses) 187.6 131.5 89.1 152.4 342.0 283.3 433.5 407.7 302.9 367.9 382.1 403.1 386.9 143.9 417.0 263.5 512.6 194.9 354.3 410.1 474.5 165.2 77.0 33.6 64.7 ¥84.2 ¥5.0 ¥7.1 17.1 38.7 4.3 15.9 ¥21.2 ¥13.5 55.4 93.9 19.1 ¥3.2 37.4 ¥9.9 ¥6.7 29.8 394.2 387.8 370.2 385.4 444.9 513.4 568.3 604.5 671.1 707.4 629.4 635.2 641.8 703.7 673.0 666.1 731.6 686.0 699.3 712.6 718.0 3 Plant and equipment, residential structures, inventory investment, and access rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Total Dec 3 ............................................................................. Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... June .............................................................................. July ............................................................................... Aug ............................................................................... Sept .............................................................................. Oct ................................................................................ Nov ............................................................................... Dec ............................................................................... 1999: Jan ................................................................................ Feb ............................................................................... Mar ............................................................................... Apr ................................................................................ May ............................................................................... June p ............................................................................ 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1998: 778.8 789.3 777.4 780.3 839.2 960.7 1,096.0 1,182.4 1,234.1 1,300.5 1,263.8 1,268.9 1,275.5 1,283.3 1,292.8 1,298.3 1,300.5 1,315.7 1,325.1 1,332.1 1,332.5 1,344.2 1,347.0 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revoling credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. 3 Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months. Revolving 211.2 238.6 263.7 278.2 310.0 365.6 443.2 499.5 531.3 560.7 545.2 544.4 548.6 551.9 557.2 556.9 560.7 565.0 566.9 567.3 569.9 571.9 576.0 Nonrevolving 2 567.6 550.7 513.7 502.1 529.2 595.1 652.8 682.9 702.8 739.8 718.5 724.5 726.8 731.4 735.6 741.4 739.8 750.6 758.2 764.9 762.6 772.3 771.0 Net change in consumer credit outstanding 1 Total (4) 10.5 ¥11.9 2.9 58.9 121.5 135.3 86.4 51.7 66.4 9.4 5.1 6.6 7.8 9.5 5.5 2.2 15.2 9.4 7.0 .4 11.7 2.8 Revolving ( 4) 27.4 25.1 14.5 31.8 55.6 77.6 56.3 31.8 29.4 4.0 ¥.8 4.2 3.3 5.3 ¥.3 3.8 4.3 1.9 .4 2.6 2.0 4.1 Nonrevolving 2 (4) ¥16.9 ¥37.0 ¥11.6 27.1 65.9 57.7 30.1 19.9 37.0 5.3 6.0 2.3 4.6 4.2 5.8 ¥1.6 10.8 7.6 6.7 ¥2.3 9.7 ¥1.3 4 Because of breaks in series, net change not available. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates rose in August. [Percent per annum] U.S. Treasury security yields Constant Period 1989 ....................... 1990 ....................... 1991 ....................... 1992 ....................... 1993 ....................... 1994 ....................... 1995 ....................... 1996 ....................... 1997 ....................... 1998 ....................... 1998: Aug ............. Sept ............. Oct .............. Nov ............. Dec ............. 1999: Jan ............. Feb .............. Mar ............. Apr .............. May ............. June ............ July ............. Aug ............. Week ended: 1999: Aug 7 ....... 14 ........ 21 ........ 28 ........ Sept 4 ......... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) 30 Discount rate (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 Federal funds rate 5 Newhome mortgage yields (FHFB) 6 8.12 7.51 5.42 3.45 3.02 4.29 5.51 5.02 5.07 4.81 4.94 4.74 4.08 4.44 4.42 4.34 4.45 4.48 4.28 4.51 4.59 4.60 4.76 8.55 8.26 6.82 5.30 4.44 6.27 6.25 5.99 6.10 5.14 5.24 4.62 4.18 4.57 4.48 4.61 4.90 5.11 5.03 5.33 5.70 5.62 5.77 8.49 8.55 7.86 7.01 5.87 7.09 6.57 6.44 6.35 5.26 5.34 4.81 4.53 4.83 4.65 4.72 5.00 5.23 5.18 5.54 5.90 5.79 5.94 8.45 8.61 8.14 7.67 6.59 7.37 6.88 6.71 6.61 5.58 5.54 5.20 5.01 5.25 5.06 5.16 5.37 5.58 5.55 5.81 6.04 5.98 6.07 7.24 7.25 6.89 6.41 5.63 6.19 5.95 5.75 5.55 5.12 5.13 4.98 4.90 5.06 5.00 5.04 5.03 5.10 5.07 5.17 5.34 5.36 5.59 9.26 9.32 8.77 8.14 7.22 7.96 7.59 7.37 7.26 6.53 6.52 6.40 6.37 6.41 6.22 6.24 6.40 6.62 6.64 6.93 7.23 7.19 7.40 8.80 7.95 5.85 3.80 3.30 4.93 5.93 5.42 5.62 * * * * * * * * * * * * * * 6.93 6.98 5.45 3.25 3.00 3.60 5.21 5.02 5.00 4.92 5.00–5.00 5.00–5.00 5.00–4.75 4.75–4.50 4.50–4.50 4.50–4.50 4.50–4.50 4.50–4.50 4.50–4.50 4.50–4.50 4.50–4.50 4.50–4.50 4.50–4.75 10.87 10.01 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.35 8.50–8.50 8.50–8.25 8.25–8.00 8.00–7.75 7.75–7.75 7.75–7.75 7.75–7.75 7.75–7.75 7.75–7.75 7.75–7.75 7.75–7.75 8.00–8.00 8.00–8.25 9.21 8.10 5.69 3.52 3.02 4.21 5.83 5.30 5.46 5.35 5.55 5.51 5.07 4.83 4.68 4.63 4.76 4.81 4.74 4.74 4.76 4.99 5.07 10.13 10.05 9.32 8.24 7.20 7.49 7.87 7.80 7.71 7.07 7.09 6.98 6.85 6.80 6.94 6.96 6.92 6.86 6.85 6.89 7.03 7.29 .............. 4.70 4.79 4.68 4.85 4.88 5.73 5.87 5.75 5.69 5.80 5.95 6.08 5.91 5.81 5.97 6.12 6.19 6.03 5.93 6.08 5.47 5.60 5.66 5.62 5.65 7.38 7.53 7.37 7.29 7.44 * * * * * 4.50–4.50 4.50–4.50 4.50–4.50 4.50–4.75 4.75–4.75 8.00–8.00 8.00–8.00 8.00–8.00 8.00–8.25 8.25–8.25 5.06 4.96 5.03 5.02 5.34 .............. .............. .............. .............. .............. basis. on the more actively traded issues adjusted to constant maturities by the Treasury Department. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; opening and closing rate for month and week. 5 Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates. 2 Yields Prime commercial paper, 6 months 1 6 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. *Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest Rates, May 12, 1997. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Stock prices fell in August. Common stock prices 1 Period Composite 1989 ........................................... 1990 ........................................... 1991 ........................................... 1992 ........................................... 1993 ........................................... 1994 ........................................... 1995 ........................................... 1996 ........................................... 1997 ........................................... 1998 ........................................... 1998: Aug ................................. Sept ................................. Oct .................................. Nov ................................. Dec ................................. 1999: Jan .................................. Feb .................................. Mar ................................. Apr .................................. May ................................. June ................................ July ................................. Aug ................................. Week ended: 1999: Aug 7 ........................... 14 .......................... 21 .......................... 28 .......................... Sept 4 ........................... 1 Average Industrial Transportation 3 Dec. Utility 3 Finance Dow-Jones industrial average 4 Standard & Poor’s composite index (1941– 43=10) 5 Dividendprice ratio Earningsprice ratio 180.02 183.46 206.33 229.01 249.58 254.12 291.15 358.17 456.54 550.26 539.16 506.56 511.49 564.26 576.05 595.43 588.70 603.69 627.75 635.62 629.53 648.83 621.03 216.23 225.78 258.14 284.62 299.99 315.25 367.34 453.98 574.52 681.57 665.66 629.51 636.62 704.46 717.00 741.43 736.20 751.93 780.84 791.72 783.96 809.33 778.82 175.28 158.62 173.99 201.09 242.49 247.29 269.41 327.33 414.60 468.69 441.36 408.75 396.61 442.95 456.70 479.72 477.47 491.25 523.08 537.88 520.66 528.72 492.13 174.87 181.20 185.32 198.91 228.90 209.06 220.30 249.77 283.82 378.12 372.48 372.33 390.17 412.59 431.14 449.50 436.49 436.23 456.96 470.40 482.71 501.00 483.68 151.88 133.26 150.82 179.26 216.42 209.73 238.45 303.89 424.48 516.35 511.22 454.28 448.12 501.45 510.31 523.38 514.75 544.08 564.99 562.66 546.43 557.92 521.59 2,508.91 2,678.94 2,929.33 3,284.29 3,522.06 3,793.77 4,493.76 5,742.89 7,441.15 8,625.52 8,478.52 7,909.79 8,164.47 9,005.75 9,018.68 9,345.86 9,322.94 9,753.63 10,443.50 10,853.87 10,704.02 11,052.22 10,935.47 322.84 334.59 376.18 415.74 451.41 460.42 541.72 670.50 873.43 1,085.50 1,074.62 1,020.64 1,032.47 1,144.43 1,190.05 1,248.77 1,246.58 1,281.66 1,334.76 1,332.07 1,322.55 1,380.99 1,327.49 3.45 3.61 3.24 2.99 2.78 2.82 2.56 2.19 1.77 1.49 1.48 1.59 1.59 1.43 1.37 1.30 1.32 1.30 1.24 1.24 1.25 1.20 1.25 7.42 6.47 4.79 4.22 4.46 5.83 6.09 5.24 4.57 3.46 .................. 3.75 .................. .................. 3.07 .................. .................. 2.98 .................. .................. 2.99 .................. .................. 618.13 611.21 624.34 633.34 616.39 771.93 766.06 782.43 796.09 779.40 499.12 487.32 491.31 497.73 474.55 491.59 483.17 482.44 482.69 471.55 519.49 509.05 528.69 535.14 509.01 10,701.18 10,782.74 11,043.94 11,239.54 10,920.59 1,313.91 1,301.40 1,333.59 1,363.16 1,330.37 1.28 1.27 1.25 1.20 1.25 .................. .................. .................. .................. .................. of daily closing prices. all the stocks (more than 3,000) listed on the NYSE. 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. 2 Includes Common stock yields (percent) 6 New York Stock Exchange indexes (Dec. 31, 1965=50, except as noted) 2 5 Includes 500 stocks. & 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. 6 Standard 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 10 months of fiscal 1999, there was a surplus of $69.1 billion, compared with a surplus of $43.0 billion a year earlier. [Billions of dollars] Total Fiscal year or period 1982 ............................... 1983 ............................... 1984 ............................... 1985 ............................... 1986 ............................... 1987 ............................... 1988 ............................... 1989 ............................... 1990 ............................... 1991 ............................... 1992 ............................... 1993 ............................... 1994 ............................... 1995 ............................... 1996 ............................... 1997 ............................... 1998 ............................... 1999 (estimates) ............. Cumulative total, first 10 months: 1 Fiscal year 1998 ..... Fiscal year 1999 ..... Receipts Outlays 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,826.3 745.8 808.4 851.9 946.4 990.5 1,004.1 1,064.5 1,143.7 1,253.2 1,324.4 1,381.7 1,409.4 1,461.7 1,515.7 1,560.5 1,601.2 1,652.6 1,727.5 1,428.7 1,500.1 1,385.7 1,431.0 On-budget Surplus or deficit (¥) Federal debt (end of period) Receipts Outlays Surplus or deficit (¥) ¥128.0 ¥207.8 ¥185.4 ¥212.3 ¥221.2 ¥149.8 ¥155.2 ¥152.5 ¥221.2 ¥269.4 ¥290.4 ¥255.0 ¥203.1 ¥163.9 ¥107.5 ¥21.9 69.2 98.8 474.3 453.2 500.4 547.9 569.0 641.0 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.3 1,306.0 1,381.9 594.4 661.3 686.1 769.6 807.0 810.3 861.8 932.8 1,028.1 1,082.7 1,129.3 1,142.8 1,182.4 1,227.1 1,259.6 1,290.6 1,335.9 1,406.7 ¥120.1 ¥208.0 ¥185.7 ¥221.7 ¥238.0 ¥169.3 ¥194.0 ¥205.2 ¥277.8 ¥321.6 ¥340.5 ¥300.4 ¥258.8 ¥226.3 ¥174.0 ¥103.3 ¥29.9 ¥24.8 143.5 147.3 166.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.4 151.4 147.1 165.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 ¥7.9 .2 .3 9.4 16.7 19.6 38.8 52.8 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.6 1,137.3 1,371.7 1,564.7 1,817.5 2,120.6 2,346.1 2,601.3 2,868.0 3,206.6 3,598.5 4,002.1 4,351.4 4,643.7 4,921.0 5,181.9 5,369.7 5,478.7 5,615.3 919.8 1,131.6 1,300.5 1,499.9 1,736.7 1,888.7 2,050.8 2,189.9 2,410.7 2,688.1 2,998.8 3,247.5 3,432.1 3,603.4 3,733.0 3,771.1 3,719.9 3,653.0 43.0 69.1 1,076.7 1,129.5 1,134.3 1,176.5 ¥57.6 ¥47.0 352.0 370.6 251.4 254.5 100.5 116.1 5,479.7 5,589.5 3,732.5 3,652.8 1 Data from current issue Monthly Treasury Statement. NOTE.—Data for fiscal 1999 are from the Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2000, issued June 28, 1999. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2000, issued February 1, 1999. 32 Off-budget Receipts Outlays Surplus or deficit (¥) Gross Federal Sources: Department of the Treasury and Office of Management and Budget. Held by the public FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 10 months of fiscal 1999, receipts were $71.4 billion higher than a year earlier and outlays were $45.3 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total 1982 1983 1984 1985 1986 1987 1988 1989 ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 297.7 288.9 298.4 334.5 349.0 392.6 401.2 445.7 49.2 37.0 56.9 61.3 63.1 83.9 94.5 103.3 201.5 209.0 239.4 265.2 283.9 303.3 334.3 359.4 69.3 745.8 65.6 808.4 71.8 851.9 73.1 946.4 73.2 990.5 74.6 1,004.1 79.3 1,064.5 82.8 1,143.7 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... (estimates) ................................ 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,826.3 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 886.7 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 179.5 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 608.0 91.5 93.1 101.4 98.9 113.7 120.1 115.4 120.2 132.7 152.1 Cumulative total, first 10 months: 1 Fiscal year 1998 ........................ Fiscal year 1999 ........................ 1,428.7 1,500.1 682.8 729.1 150.4 140.7 483.0 507.0 InterDepart- nationment of al Defense, affairs military Health Medicare Income Social security security Net interest Other 185.3 209.9 227.4 252.7 273.4 282.0 290.4 303.6 180.7 204.4 220.9 245.2 265.5 274.0 281.9 294.9 12.3 11.8 15.9 16.2 14.2 11.6 10.5 9.6 27.4 28.6 30.4 33.5 35.9 40.0 44.5 48.4 46.6 52.6 57.5 65.8 70.2 75.1 78.9 85.0 107.7 122.6 112.7 128.2 119.8 123.3 129.4 136.1 156.0 170.7 178.2 188.6 198.8 207.4 219.3 232.5 85.0 89.8 111.1 129.5 136.0 138.7 151.8 169.3 125.4 122.2 118.6 131.8 142.2 126.1 139.7 159.3 1,253.2 1,324.4 1,381.7 1,409.4 1,461.7 1,515.7 1,560.5 1,601.2 1,652.6 1,727.5 299.3 273.3 298.4 291.1 281.6 272.1 265.7 270.5 268.5 282.2 289.8 262.4 286.9 278.6 268.6 259.4 253.2 258.3 256.1 268.6 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.9 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 142.8 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 199.9 147.1 170.3 197.0 207.3 214.1 220.5 226.0 230.9 233.2 240.7 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.7 184.2 194.5 199.4 198.8 203.0 232.2 241.1 244.0 243.4 229.4 204.3 225.7 174.7 160.4 174.5 163.4 170.9 161.5 190.9 225.9 112.6 1,385.7 123.3 1,431.0 227.2 231.6 215.2 218.8 11.6 13.4 109.0 115.8 164.2 161.1 201.4 203.4 316.0 325.1 206.0 195.1 150.4 185.6 1 Data from current issue Monthly Treasury Statement. NOTE.—Data for fiscal 1999 are from the Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2000, issued June 28, 1999. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2000, issued February 1, 1999. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 1999, according to revised estimates, Federal receipts rose $32.2 billion (annual rate), while Federal current expenditures rose $14.1 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period Total Federal Government receipts Federal Government current expenditures Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Total Consumption expenditures Transfer payments Grantsin-aid to State and local governments Net interest paid Subsidies less current surplus of Government enterprises Less: Wage accruals less disbursements Current surplus or deficit (¥), national income and product accounts Calendar year: 1991 ............................... 1992 ............................... 1993 .............................. 1994 .............................. 1995 .............................. 1996 .............................. 1997 .............................. 1998 ............................... 1,149.0 1,198.5 1,275.1 1,374.8 1,460.3 1,584.7 1,719.9 1,844.2 476.9 490.8 522.6 562.3 606.1 687.0 769.1 858.0 109.8 118.6 138.3 156.7 179.3 193.0 210.0 204.9 79.7 81.9 86.9 98.7 92.5 94.5 93.8 95.9 482.6 507.1 527.3 557.1 582.4 610.2 647.0 685.4 1,345.0 1,479.4 1,525.7 1,561.4 1,634.7 1,695.0 1,741.0 1,771.4 445.9 451.0 447.3 443.2 442.8 450.9 460.4 461.0 522.2 625.1 659.9 683.0 720.3 764.2 791.9 816.6 153.4 172.2 185.8 199.2 212.0 218.9 225.0 231.1 192.7 195.8 192.7 200.0 224.8 228.4 231.2 226.1 30.8 35.1 40.1 35.9 34.8 32.7 32.5 36.6 ¥0.1 .0 .0 .0 .0 .0 .0 .0 ¥196.0 ¥280.9 ¥250.7 ¥186.7 ¥174.4 ¥110.3 ¥21.1 72.8 1995: III .......................... IV .......................... 1,469.1 1,486.8 608.2 623.9 186.2 182.1 89.2 90.3 585.5 590.5 1,646.0 1,639.8 447.2 436.5 724.8 731.5 211.0 208.1 227.8 228.7 35.2 35.1 .0 .0 ¥176.9 ¥153.0 1996: I ............................. II ........................... III .......................... IV .......................... 1,529.9 1,581.7 1,593.7 1,633.5 652.6 691.4 693.8 710.0 191.2 195.2 194.3 191.4 89.9 88.5 90.5 109.2 596.2 606.7 615.0 622.9 1,680.0 1,694.4 1,693.8 1,711.9 445.7 453.1 452.9 451.8 757.8 757.9 762.5 778.6 214.3 223.8 219.0 218.4 227.7 226.1 228.6 231.1 34.4 33.5 30.8 32.0 .0 .0 .0 .0 ¥150.1 ¥112.6 ¥100.1 ¥78.3 1997: I ............................. II ........................... III .......................... IV .......................... 1,671.1 1,703.6 1,739.6 1,765.5 741.7 759.1 776.9 798.6 203.9 206.5 217.0 212.8 90.7 95.5 95.1 93.8 634.8 642.4 650.6 660.3 1,722.3 1,738.4 1,739.9 1,763.4 456.8 464.8 460.0 460.1 783.4 787.1 791.2 805.9 220.7 223.2 224.4 231.8 229.4 231.6 231.9 231.8 32.0 31.6 32.5 33.7 .0 .0 .0 .0 ¥51.2 ¥34.8 ¥.3 2.2 1998: I ............................. II ............................ III ........................... IV ........................... 1,809.1 1,838.3 1,858.8 1,870.4 836.5 855.7 863.8 875.9 204.8 206.2 207.5 201.0 93.9 95.2 98.3 96.0 673.9 681.2 689.2 697.5 1,750.3 1,763.9 1,766.7 1,804.6 450.9 464.0 458.7 470.6 808.5 811.1 817.0 829.8 228.7 226.9 231.4 237.4 228.8 228.3 225.7 221.4 33.4 33.5 34.0 45.4 .0 .0 .0 .0 58.8 74.4 92.0 65.8 1999: I ............................. IIr ........................... 1,914.7 1,946.9 891.3 909.3 213.8 219.5 95.7 95.9 714.0 722.1 1,792.0 1,806.1 471.8 469.6 830.4 834.7 241.1 245.5 214.3 214.9 34.5 41.4 .0 .0 122.7 140.8 Source: Department of Commerce, Bureau of Economic Analysis. 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (1992=100; seasonally adjusted) Period United States Japan France Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 r 95.1 99.1 106.8 99.9 100.9 103.0 103.4 r 99.9 98.9 103.2 r 104.1 102.4 102.2 103.1 r 97.0 98.9 106.1 101.2 102.3 101.3 99.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 r 96.5 r 96.1 103.5 104.5 92.4 97.6 102.2 r 97.7 r 95.6 109.1 111.3 100.0 102.7 107.7 114.4 116.5 r 100.9 102.0 96.8 108.2 109.5 r 97.4 119.5 118.0 r 103.2 r 102.2 107.3 110.7 r 111.8 126.8 124.2 r 107.0 r 106.2 r 100.8 110.8 c131.3 r 99.9 r 111.0 r 105.0 r 112.6 127.1 112.9 r 97.3 r 112.3 131.9 127.2 111.3 105.6 112.8 r 126.6 r 99.9 r 111.8 r 113.7 130.6 104.8 113.3 r r r 113.6 130.5 124.4 98.8 111.5 108.0 113.7 r 98.4 r 113.3 132.4 127.6 111.5 106.9 110.9 r 127.6 r 100.1 r 112.7 131.9 111.2 104.3 113.5 r 127.4 r 98.9 r 112.3 r 112.5 132.4 111.4 105.2 r r r 132.2 128.3 98.1 111.4 103.4 112.9 112.3 r129.3 r 98.1 r 111.9 132.3 110.7 104.3 109.4 r r r r 132.3 129.7 97.5 110.6 105.9 111.8 111.2 r 129.6 r 98.3 r 111.5 132.5 110.1 103.7 110.8 r 129.8 r 100.8 r 111.4 r 111.7 133.3 103.6 112.3 r 130.1 r111.9 133.7 97.7 110.6 103.5 110.6 r 130.4 r 112.2 134.0 96.7 111.2 103.7 110.1 134.2 131.0 99.7 ............ 103.6 111.1 112.3 135.1 .............. ............ ............ ............ .............. .............. 1989 ....................................... 1990 ....................................... 1991 ....................................... 1992 ....................................... 1993 ....................................... 1994 ....................................... 1995 ....................................... 1996 ....................................... 1997 ....................................... 1998 p ..................................... 1998: May ............................ June ........................... July ............................ Aug ............................. Sept ............................ Oct .............................. Nov ............................. Dec ............................. 1999: Jan ............................. Feb ............................. Mar ............................. Apr ............................. May ............................ June ........................... July p .......................... 1 Data Canada Germany relate to all urban consumers. 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 162.8 163.0 163.2 163.4 163.6 164.0 164.0 163.9 164.3 164.5 165.0 166.2 166.2 166.2 166.7 Canada Japan 129.3 135.5 143.1 145.3 147.9 148.2 151.4 153.8 156.3 157.8 157.9 158.1 158.1 158.1 157.8 158.4 158.4 157.9 158.2 158.5 159.1 160.0 160.4 160.5 161.0 France Germany Italy 109.2 112.2 116.2 122.1 127.6 131.1 133.3 135.2 137.8 139.1 139.2 139.3 139.7 139.5 139.2 138.9 138.9 139.1 138.8 139.1 139.2 139.7 139.7 139.9 140.5 150.4 159.6 169.8 178.8 186.4 193.7 204.1 212.0 215.9 219.8 219.8 220.0 220.0 220.2 220.4 220.8 221.0 221.0 221.2 221.6 222.0 222.7 223.3 223.1 223.7 108.1 128.7 111.4 r 133.3 115.0 r 137.6 116.9 r 140.9 118.4 r 143.7 119.3 r 146.3 119.1 r 148.8 119.3 r 151.8 121.3 r 153.6 122.1 r 154.8 122.6 r 155.1 122.1 r 155.2 121.4 r 154.8 121.3 r 154.8 122.2 r 154.8 123.1 r 154.8 123.0 r 154.6 122.5 r 154.8 121.9 r 154.3 121.4 r 154.8 121.5 r 155.4 122.1 r 155.7 122.1 155.7 122.1 155.7 121.3 ............ United Kingdom 135.3 148.2 156.9 162.7 165.3 169.4 175.1 179.4 185.0 191.4 192.1 192.0 191.5 192.3 193.2 193.3 193.2 193.2 192.0 192.3 192.8 194.1 194.6 194.6 194.0 Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Economic Analysis). U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) 1 Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1998: ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. June July .. Aug ... Sept .. Oct .... Nov ... Dec ... 1999: Jan ... Feb ... Mar ... Apr ... May r June p 1 Includes 2 Total BOP basis 362.1 389.3 416.9 440.4 456.8 502.4 575.8 612.1 679.7 670.2 55.0 54.2 54.6 55.5 57.2 56.9 56.0 55.3 54.7 54.3 55.3 55.1 55.3 Total, Census basis 2 363.8 393.6 421.7 448.2 465.1 512.6 584.7 625.1 689.2 682.1 55.9 55.1 55.9 56.4 58.4 58.5 57.2 56.2 55.8 55.4 56.3 56.3 56.5 Auto- ConIndusmo- sumer Foods, trial Capital tive goods feeds, supgoods vehi- (nonand plies except cles, food) bevand auto- parts except erages mate- motive and autorials enmogines tive 37.2 35.1 35.7 40.3 40.6 42.0 50.5 55.5 51.5 46.4 3.9 3.7 3.7 3.3 4.0 3.9 4.0 3.6 3.6 3.6 3.7 3.7 3.9 99.3 104.4 109.7 109.1 111.8 121.4 146.2 147.7 158.2 148.3 12.0 11.9 12.1 12.0 12.4 12.5 11.8 11.3 11.4 11.4 11.6 11.7 11.8 138.8 152.7 166.7 175.9 181.7 205.0 233.0 253.0 294.5 299.6 24.7 24.9 24.3 25.5 26.1 25.7 25.5 25.6 24.9 24.9 25.1 25.0 24.8 34.8 37.4 40.0 47.0 52.4 57.8 61.8 65.0 74.0 73.2 5.8 5.1 5.9 6.1 6.2 6.3 6.2 6.0 6.0 5.8 6.2 6.1 6.5 undocumented exports to Canada through 1988. includes ‘‘other’’ exports or imports, not shown separately. 36.4 43.3 45.9 51.4 54.7 60.0 64.4 70.1 77.4 79.3 6.7 6.7 6.7 6.7 6.6 6.6 6.5 6.6 6.8 6.5 6.7 6.5 6.5 BOP basis 477.4 498.3 491.0 536.5 589.4 668.6 749.6 803.3 876.4 917.2 75.4 75.2 76.9 77.1 78.2 78.5 77.1 78.6 79.9 80.0 80.6 83.0 86.7 IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 2 bevand auto- parts erages mate- motive and enrials gines 473.2 495.3 488.5 532.7 580.7 663.3 743.5 795.3 869.7 911.9 75.1 74.9 76.2 76.5 77.6 77.9 76.8 78.4 79.7 79.8 80.3 82.8 86.4 25.1 26.6 26.5 27.6 27.9 31.0 33.2 35.7 39.7 41.2 3.5 3.5 3.4 3.4 3.4 3.4 3.5 3.5 3.5 3.4 3.5 3.6 3.8 132.3 143.2 131.6 138.6 145.6 162.1 181.8 204.5 213.8 200.1 16.7 16.6 16.9 16.5 16.5 16.2 15.3 15.5 15.4 16.0 17.0 18.0 18.4 113.3 116.4 120.7 134.3 152.4 184.4 221.4 228.1 253.3 269.6 22.3 22.3 22.3 22.4 22.9 23.1 22.5 23.1 23.6 23.0 23.3 24.2 25.4 86.1 87.3 85.7 91.8 102.4 118.3 123.8 128.9 139.8 149.1 11.8 11.0 12.3 12.8 13.0 13.4 13.9 14.0 14.3 14.6 13.7 14.6 15.5 Consumer goods (nonfood) except automotive 102.9 105.7 108.0 122.7 134.0 146.3 159.9 172.0 193.8 216.5 18.1 18.3 18.1 18.3 18.4 18.5 18.4 18.9 19.4 18.9 19.4 18.9 19.8 Exports 126.2 146.8 163.0 175.6 185.0 199.7 217.6 237.7 258.8 263.7 21.7 21.7 21.6 21.8 22.4 22.2 22.2 22.6 22.4 22.7 23.0 22.8 23.1 Imports 102.5 117.7 118.5 116.5 122.3 131.9 141.4 150.8 166.9 181.0 15.1 15.3 15.2 15.3 15.8 15.3 15.3 15.6 15.8 16.0 16.2 16.1 16.3 Goods, Census basis Goods ¥109.4 ¥101.7 ¥66.7 ¥84.5 ¥115.6 ¥150.6 ¥158.8 ¥170.2 ¥180.5 ¥229.8 ¥19.1 ¥19.7 ¥20.3 ¥20.1 ¥19.2 ¥19.4 ¥19.6 ¥22.2 ¥23.8 ¥24.4 ¥24.1 ¥26.5 ¥29.9 ¥115.2 ¥109.0 ¥74.1 ¥96.1 ¥132.6 ¥166.2 ¥173.7 ¥191.3 ¥196.7 ¥246.9 ¥20.4 ¥21.1 ¥22.3 ¥21.6 ¥21.0 ¥21.5 ¥21.1 ¥23.4 ¥25.2 ¥25.7 ¥25.3 ¥27.9 ¥31.4 Services 23.7 29.1 44.6 59.1 62.7 67.8 76.2 87.0 91.9 82.7 6.6 6.4 6.4 6.4 6.6 6.9 6.8 7.1 6.6 6.7 6.7 6.7 6.8 Goods and services ¥91.5 ¥79.9 ¥29.5 ¥37.0 ¥69.9 ¥98.4 ¥97.5 ¥104.3 ¥104.7 ¥164.3 ¥13.8 ¥14.7 ¥15.9 ¥15.2 ¥14.4 ¥14.7 ¥14.2 ¥16.3 ¥18.5 ¥18.9 ¥18.6 ¥21.2 ¥24.6 NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the first quarter of 1999, the goods deficit rose to $74.2 billion, from $63.6 billion in the fourth quarter of 1998. The current account deficit rose to $68.6 billion in the first quarter, from $61.7 billion in the fourth quarter. [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)] Goods 1 Imports Net balance Net military transactions 2 3 ¥477,365 ¥498,337 ¥490,981 ¥536,458 ¥589,441 ¥668,590 ¥749,574 ¥803,327 ¥876,366 ¥917,178 ¥212,187 ¥217,773 ¥222,362 ¥224,044 ¥225,541 ¥228,698 ¥229,228 ¥233,711 ¥238,495 ¥115,245 ¥109,030 ¥74,068 ¥96,106 ¥132,609 ¥166,192 ¥173,729 ¥191,270 ¥196,651 ¥246,932 ¥49,208 ¥47,878 ¥48,915 ¥50,650 ¥54,876 ¥63,500 ¥64,969 ¥63,587 ¥74,203 ¥6,749 ¥7,599 ¥5,274 ¥1,448 1,385 2,570 4,600 4,707 5,863 4,314 1,314 2,096 1,509 944 1,508 1,428 703 675 822 Period Exports 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1997: ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... I ...................... II ..................... III ................... IV .................... 1998: I ...................... II ..................... III ................... IV .................... 1999: I p ..................... 362,120 389,307 416,913 440,352 456,832 502,398 575,845 612,057 679,715 670,246 162,979 169,895 173,447 173,394 170,665 165,198 164,259 170,124 164,292 Services Net travel and transportation receipts 3,551 7,501 16,561 19,969 19,714 16,305 21,772 24,969 21,948 10,405 5,956 5,465 5,387 5,143 3,471 2,997 1,685 2,251 2,058 1 Adjusted from Census data for differences in timing and coverage; excludes military. 2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 36 Income receipts and payments Other services, net Balance on goods and services 26,934 ¥91,509 29,189 ¥79,939 33,299 ¥29,484 40,559 ¥37,025 41,571 ¥69,940 48,922 ¥98,395 49,818 ¥97,539 57,276 ¥104,318 64,110 ¥104,730 67,931 ¥164,282 15,326 ¥26,612 16,128 ¥24,189 16,296 ¥25,723 16,362 ¥28,201 16,559 ¥33,338 17,114 ¥41,961 16,857 ¥45,724 17,399 ¥43,262 17,562 ¥53,761 Receipts 161,566 172,078 149,558 132,523 134,621 165,968 212,233 224,619 258,663 258,324 61,603 65,430 66,580 65,050 66,458 66,574 62,209 63,081 64,132 Payments Unilateral current Balance transfers, on net 4 income ¥141,842 19,724 ¥27,116 ¥143,649 28,429 ¥27,821 ¥125,608 23,950 9,819 ¥110,253 22,269 ¥35,873 ¥111,445 23,176 ¥38,522 ¥150,061 15,907 ¥39,192 ¥192,823 19,410 ¥35,437 ¥207,409 17,210 ¥42,187 ¥255,432 3,231 ¥41,966 ¥270,529 ¥12,205 ¥44,075 ¥60,542 1,061 ¥9,347 ¥63,218 2,212 ¥9,494 ¥66,376 204 ¥10,096 ¥65,297 ¥247 ¥13,030 ¥66,211 247 ¥9,927 ¥67,127 ¥553 ¥9,886 ¥69,174 ¥6,965 ¥10,787 ¥68,014 ¥4,933 ¥13,474 ¥68,856 ¥4,724 ¥10,098 3 Quarterly data are not seasonally adjusted. 4 Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. Balance on current account ¥98,900 ¥79,332 4,284 ¥50,629 ¥85,286 ¥121,680 ¥113,566 ¥129,295 ¥143,465 ¥220,562 ¥34,898 ¥31,471 ¥35,615 ¥41,478 ¥43,018 ¥52,400 ¥63,476 ¥61,669 ¥68,583 U.S. INTERNATIONAL TRANSACTIONS—Continued In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $35.2 billion in the first quarter of 1999, following a decrease of $37.2 billion in the fourth quarter of 1998. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, decreased $14.5 billion in the first quarter, following a decrease of $21.8 billion in the fourth quarter. [Millions of dollars; quarterly data seasonally adjusted, except as noted] Financial account Period U.S. assets abroad, net [increase/capital outflow (¥)] Capital account Total U.S. official reserve assets 3 5 Other U.S. Government assets 3 Statistical discrepancy Foreign assets in the U.S., net [increase/capital inflow (+)] U.S. private assets Total Foreign official assets 3 Other foreign assets Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 5 (unadjusted, end of period) .......................................... .......................................... .......................................... .......................................... .......................................... .......................................... .......................................... .......................................... .......................................... .......................................... 336 ¥6,579 ¥4,479 612 ¥88 ¥469 372 672 292 617 ¥175,662 ¥81,570 ¥64,732 ¥74,877 ¥201,014 ¥176,586 ¥330,675 ¥380,762 ¥465,296 ¥292,818 ¥25,293 ¥2,158 5,763 3,901 ¥1,379 5,346 ¥9,742 6,668 ¥1,010 ¥6,784 1,233 2,317 2,924 ¥1,667 ¥351 ¥390 ¥984 ¥989 68 ¥429 ¥151,602 ¥81,729 ¥73,419 ¥77,111 ¥199,284 ¥181,542 ¥319,949 ¥386,441 ¥464,354 ¥285,605 225,307 142,028 111,332 171,815 283,230 307,306 467,552 574,847 751,661 502,637 8,503 33,910 17,389 40,477 71,753 39,583 109,880 127,390 18,119 ¥21,684 216,804 108,118 93,944 131,338 211,477 267,723 357,672 447,457 733,542 524,321 48,920 25,454 ¥46,405 ¥46,921 3,157 ¥8,571 ¥23,683 ¥65,462 ¥143,192 ¥10,126 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 74,609 83,316 77,721 71,323 73,442 74,335 85,832 75,089 69,954 81,761 1997: I ..................................... II .................................... III .................................. IV ................................... 1998: I ..................................... II .................................... III .................................. IV ................................... 1999: I p .................................... 135 56 19 82 143 160 148 166 170 ¥144,665 ¥91,124 ¥112,578 ¥116,929 ¥59,599 ¥120,517 ¥62,097 ¥50,607 9,227 4,480 ¥236 ¥730 ¥4,524 ¥444 ¥1,945 ¥2,026 ¥2,369 4,068 ¥76 ¥298 377 65 ¥81 ¥483 185 ¥50 147 ¥149,069 ¥90,590 ¥112,225 ¥112,470 ¥59,074 ¥118,089 ¥60,256 ¥48,188 5,012 185,303 152,767 188,126 225,466 96,817 162,466 93,547 149,805 74,870 27,524 ¥6,177 23,260 ¥26,488 11,004 ¥10,551 ¥46,489 24,352 8,568 157,779 158,944 164,866 251,954 85,813 173,017 140,036 125,453 66,302 ¥5,875 ¥30,228 ¥39,952 ¥67,141 5,657 10,291 31,878 ¥37,695 ¥15,684 4,724 ¥682 ¥10,546 6,500 5,915 528 ¥10,582 4,144 5,717 67,222 67,813 67,148 69,954 69,353 71,161 75,676 81,761 74,359 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Output, Costs, and Profits ................................................................................................................................ National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 1999 58–519
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