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104th Congress, 1st Session
Economic Indicators
DECEMBER
1995
(Includes data available as of December 27, 1995)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
LIBRARY
FEB 0 2 1998
FEDERAL RESERVE
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1995
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
DAVID R. OBEY (Wisconsin)
LEE H. HAMILTON (Indiana)
KWEISI MFUME (Maryland)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member-Nominee
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 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:
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ISBN 0-I6-047020-X
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1995, according to advance estimates, current-dollar gross domestic product (GDP) rose
4.8 percent (annual rate), real GDP (GDP in 1987 dollars) rose 4.2 percent, and the implicit price deflator rose
0.6 percent.
BIUJONS OF DOIARS (RATIO SCALE)
BIlilONS OF DOUARS (RATIO SCALE)
7,200
7,200
5EASONAU.Y ADJUSTED ANNUAL RATES
/
6,800
/
s
6,400
6,800
^
6,400
s
6,000
6,000
^
^
GOP
5,600
5,600
INCUR ttNTDOU ARS
\
5,200
^~
f
j£
4,400
, — ^
5,200
- — ~
**
__ _ ^
^>
4,800
^,-'
^
4,800
K
4,400
GDP
'"'/
X"
4,000
X
/
C-^
4,000
s~
x
'/
3,600
IN 987 DOLLARS
3,600
^
3,200
3,200
\
2,800
1982
i t
1983
i i i
1 1 1
i i i
1984
1985
1986
1987
i i i
1
1988
1989
1
!
t i i
i i i
1
1990
1991
1992
1
1
\
\ \
1993
SOURCE: OEPOON&n Of COMMBCE
2,800
1994
1995
OOUNOL Of ECONOMIC AOVC0G
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports
Personal Gross
of goods and services
conprivate
Gross
domestic sumption domestic
Net
product expendi- investexports Exports Imports
ment
tures
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1986198719881989:
1990199119921993-
..
IV
IV
IV
IV
IV
IV
IV
I
n
in
IV
1994- I
II
m
IV
1995- I
n
UJp
1
. ...
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
6,738.4
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,796.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,689.9
6,791.7
6,897.2
6,977.4
7,030.0
7,113.2
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,902.4
4,136.9
4,378.2
4,628.4
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,955.7
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,586.4
4,657.5
4,734.8
4,782.1
4,851.0
4,898.1
717.6
749.3
793.6
832.3
808.9
744.8
788.3
882.0
1,032.9
697.1
800.2
814.8
825.2
756.4
756.8
822.0
853.8
869.7
882.2
922.5
966.6
1,034.4
1,055.1
1,075.6
1,107.8
1,094.1
1,113.4
-132.5
- 143.1
- 108.0
-79.7
-71.4
-19.9
-30.3
-65.3
-98.2
- 133.2
- 143.2
- 106.0
-73.9
-71.6
-13.7
-42.2
-496
-63.3
-77.0
-712
-86.7
-97.6
- 109.6
-98.9
-111.1
- 124.7
-118.3
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
718.7
333.9
392.4
467.0
523.8
577.6
623.7
649.2
646.8
660.1
649.0
680.3
674.2
704.5
730.5
765.5
778.8
797.5
802.0
451.7
507.1
552.2
587.7
628.5
620.9
668.4
724.3
816.9
467.1
535.6
573.1
597.7
649.2
637.5
691.4
696.4
723.5
726.0
751.4
760.9
802.1
840.1
864.4
889.9
922.2
920.3
GDP less exports of goods and services plus imports of goods and serviewj.
Note.—GDP and related data are as released in October 1995. Benchmark revisions
Government purchases
Federal
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,097.4
1,125.3
1,148.4
1,175.3
849.7
901.4
937.6
994.5
1,076.5
1,097.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,166.7
1,188.8
1,185.8
1,198.7
1,209.6
1,220.1
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
437.3
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
434.7
436.8
National Nondefense defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
292.3
278.6
295.8
296.8
302.5
322.5
311.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
285.3
283.7
286.7
285.6
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
145.0
94.5
96.7
95.2
102.6
114.0
126.6
138.7
139.9
139.4
143.6
140.7
146.1
143.5
143.8
146.6
150.6
148.1
151.1
State
and
local
465.3
496.6
531.7
573.6
620.9
651.6
676.3
704.7
738.0
476.6
509.0
545.7
589.3
640.0
659.7
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.5
753.8
764.3
774.8
783.3
AddenGross
Final
dum:
sales of domestic Gross
purdomestic
national
product chases' product
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
6,686.2
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,729.1
6,842.4
6,922.9
6,992.8
7,074.3
have been delayed,
Source: Department of Commerce, Bureau of Economic Analysis.
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
6,836.6
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
6,787.5
6,901.3
6,996.1
7,088.5
7,154.7
7,231.5
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
6,726.9
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,810.7
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,779.6
6,871.3
6,959.5
7,008.6
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Personal
Period
conGross
domestic sumption
product expenditures
Exports and impo rtsof
goods and serv
Gross private
domestic investment
Nonresidential
fixed
investment
Residential
fixed
investment
Government purchases
Final
sales of
domestic
product
Federal
Change
in business
inventories
Net
exports
Total
Nondefense
State
and
local
Gross
domestic
purchases1
Addendum:
Gross
national
product
Exports
Imports
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
766.9
855.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
922.8
373.0
384.9
377.3
376.1
384.1
386.7
373.5
356.6
337.6
280.6
292.1
287.0
281.4
283.6
281.4
261.4
243.7
226.7
92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
110.9
482.4
496.6
509.6
528.3
548.5
557.2
563.3
573.1
585.2
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
5,296.2
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
5,454.0
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
5,337.3
Total
National
defense
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
5,344.0
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
47.8
-73.7
-54.7
-19.5
— 323
-73.9
-110.0
329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
657.0
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
5,060.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.6
-19.0
-83.7
-131.4
-155.4
- 156.0
- 136.0
-102.7
-67.4
-36.8
-16.9
-38.5
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
590.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
629.3
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
940.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
377.0
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
262.4
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
114.6
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
563.6
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
5,054.1
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
5,099.2
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
5,061.0
1993- I
II
III
IV
5,075.3
5,105.4
5,139.4
5,218.0
3,417.2
3,439.2
3,472.2
3,506.2
560.3
581.0
597.9
627.2
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
-57.6
-69.3
-86.3
-82.2
589.2
600.2
595.3
625.2
646.8
669.6
681.6
707.4
926.5
929.3
931.8
931.5
361.6
358.3
355.6
351.1
248.2
246.8
240.9
238.7
113.3
111.5
114.7
112.4
564.9
571.0
576.2
580.4
5,056.8
5,086.5
5,126.5
5,207.2
5,132.9
5,174.7
5,225.8
5,300.2
5,083.9
5,110.1
5,148.4
5,218.7
1994- I
II
III
5,261.1
5,314.1
5,367.0
5,433.8
3,546.3
3,557.8
3,584.7
3,629.6
643.6
657.9
680.0
708.2
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
- 104.0
-111.8
-117.0
-107.1
619.6
643.9
666.5
697.9
723.6
755.6
783.5
805.0
919.9
917.1
932.0
922.2
341.7
334.7
343.5
330.4
228.5
226.1
233.0
219.1
113.2 578.3
108.7 582.4
110.5 588.5
111.3 591.8
5,235.7
5,254.9
5,310.0
5,384.4
5,365.1
5,425.8
5,484.0
5,540.9
5,262.7
5,310.5
5,359.9
5,416.0
1995- I
II
5,470.1
5,487.8
5,544.6
3,643.9
3,674.3
3,701.1
743.6
763.7
779.0
229.5
221.2
227.0
51.1
34.3
35.3
-118.5
-126.7
-125.8
706.2
717.6
735.9
824.6 920.5 327.2
844.3 921.0
324.8
861.8 928.0 328.7
214.9
215.0
216.1
112.3 593.3
109.8 596.2
112.5 599.3
5,419.0
5,453.5
5,509.3
5,588.6
5,614.5
5.670.4
5,458.3
5,473.4
1986
1987
1988
1989
1990
1991
1992
1993
1994
19821983198419851986198719881989199019911992-
IV
IV
IV
IV . .
IV
IV
IV
IV
IV
IV
IV
rv .
in"
-1551
-143.1
-104.0
1
GDP less exports of goods and services plus imports of goods and services.
Note.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987=100; quarterly data are seasonally adjusted)
Period
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and
local
1986
1987
1988 . .... .
1989
1990 .
1991
1992
1993
1994
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
126.1
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
129.3
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
111.2
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
125.7
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
136.4
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
103.8
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
122.3
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
109.4
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
106.5
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
129.5
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
129.0
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
130.7
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
126.1
1985:
1986:
1987:
1988:
1989:
1990:
199li
1992:
1993-
95.5
98.0
101.2
105.5
110.1
115.0
118.8
121.9
94.6
97.0
101.6
106.1
111.0
117.5
121.1
124.9
95.9
97.8
101.0
103.1
104.9
106.1
107.8
109.1
97.0
96.3
101.5
105.6
110.8
119.2
120.8
123.3
92.9
97.3
101.9
107.1
112.7
119.2
124.5
129.8
97.3
99.2
100.7
104.0
106.0
108.2
107.3
106.0
93.1
97.3
101.5
105.3
108.8
111.1
111.9
115.1
97.7
97.4
101.6
106.6
107.4
111.0
110.9
109.9
94.2
93.6
102.6
106.0
107.7
116.5
110.0
109.9
98.1
98.8
100.2
103.6
107.7
112.9
117.2
120.6
98.7
98.7
100.3
103.9
107.5
112.9
117.2
120.4
96.4
99.2
100.1
102.6
108.4
113.1
117.0
121.1
94.8
97.8
101.5
105.7
109.9
115.2
117.7
121.2
122.9
123.4
123.7
124.1
125.7
126.4
126.8
127.5
109.2
109.8
110.0
110.2
124.0
124.2
123.9
124.6
130.8
131.9
132.7
133.8
105.3
104.9
103.5
103.0
115.9
117.2
118.2
119.0
109.8
110.0
109.0
108.8
107.7
108.1
106.5
106.2
123.6
124.2
124.5
125.3
123.7
123.9
124.1
125.3
123.5
125.0
125.2
125.1
122.2
122.8
123.3
123.6
125.0
125.9
126.5
126.9
127.9
128.9
129.9
130.5
110.5
111.1
111.7
111.3
124.6
125.1
126.3
126.6
134.4
135.9
137.0
138.1
103.4
103.9
104.3
103.5
120.5
121.3
123.1
124.4
108.8
109.4
109.6
109.7
105.2
106.1
107.2
107.4
128.1
130.0
129.3
130.7
127.7
129.0
129.0
130.2
129.1
132.0
130.1
131.7
124.9
125.6
126.5
127.4
127.6
128.1
128.3
131.2
132.0
132.3
111.8
111.8
110.9
126.9
127.6
127.8
139.1
140.2
141.0
103.1
102.0
101.1
125.0
125.5
1262
110.3
111.1
109.0
107.9
109.2
106.8
132.7
133.8
132.9
132.0
133.3
132.2
134.1
134.9
134.3
128.8
130.0
130.7
IV
IV
IV
IV
IV
IV
IV "'."."'.'.'.
IV
I
II
in
rv
1994- I
II
in
IV
1995- I ... .
II
in*-
Note.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN FIXED-WEIGHTED AND ALTERNATIVE QUANTITY AND PRICE
INDEXES FOR GROSS DOMESTIC PRODUCT
| Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Quantity indexes
Current
dollars
Period
Fixed
1987
weights s
..
11.9
1982
1983
1984
1985
1986
1987
.
1988
1989
1990
1991
1992
1993
1994
1991- I
II
3.9
81
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.2
5.4
62
2.8
50
3.8
26
7.1
5.2
4.9
8.6
44
4.2
38
7.7
61
7.2
62
6.4
47
3.0
4.8
1981
.. ..
. ...
in
IV
1992- I
II
in
. ..
TV
1993- I
II
in
IV
1994- I
II
.
IV
1995- I
II
....
in
.
ITiP
Chain-type
annual
weights
1.8
-2.2
39
6.2
3.2
29
3.1
3.9
25
1.2
-.6
2.3
3.1
41
-2.1
22
1.0
1
31
2.4
35
5.7
12
2.4
27
6.3
33
4.1
40
5.1
27
1.3
42
1
Percent change in GDP in 1987 dollars.
Note.—See Note, p. 1.
Price indexes
Bcnchmarkycars
weights
Fixed
1987
weights
25
27
-2.2
38
70
3.2
29
31
3.9
26
1.2
-.7
21
2.5
36
-23
17
8
2
30
2.2
31
5.2
5
1.8
18
5.1
32
42
36
40
17
7
30
-1.9
39
67
33
29
32
3.8
25
12
-.7
22
2.5
36
-23
20
9
1
31
22
33
51
5
18
18
51
32
41
36
41
18
7
31
Chain-type
annual
weights
Benchmarkyears
weights
91
64
41
36
36
29
32
39
44
44
40
31
28
27
51
32
31
26
39
32
24
25
40
23
19
24
32
27
27
26
33
27
20
92
63
41
36
36
27
31
39
44
44
39
30
28
27
52
32
31
25
38
31
23
25
40
23
19
25
32
27
28
25
32
26
20
39
34
35
28
31
40
45
46
40
32
30
27
51
31
33
27
39
33
27
28
42
24
20
24
31
29
30
26
33
28
21
priee
deflator
100
62
41
44
37
26
32
39
44
44
38
28
22
21
50
28
28
27
38
27
13
27
33
16
10
13
29
19
19
16
22
16
g
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
jQuarterly data at seasonally adjusted annual rates)
Current-dollar cost and profit >er unit of output (dollars) '
Oross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
19861987:
198819891990:
199119921993-
IV
TV
IV
IV
IV
IV
IV
I.
II
in
IV
1994- I
II
in
IV
1995- I .
II
1
....
Current
dollars
1987
dollars
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
3,656.9
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,125.9
3,307.8
3,324.4
3,386.3
3,428.7
3,499.3
3,568.6
3,626.7
3,679.4
3,752.8
3,793.8
3,824.9
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
3,121.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,740.9
2,870.2
2,868.4
2,920.5
2,963.3
3,019.5
3,062.6
3,098.9
3,131.2
3,195.0
3,229.3
3,255.0
Total
cost and
profit 2
0.978
1.000
1.030
1.072
1.109
1.137
1.150
1.159
1.171
.984
1.009
1.046
1.084
1.120
1.140
1.152
1.159
1.159
1.157
1.159
1.165
1.170
1.175
1.175
1.175
1.175
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.126
.123
.122
.112
.110
.112
.120
.123
.125
.123
.124
.123
.124
.120
.125
.121
.122
.121
.122
.123
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business
with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
2
Indirect
business
taxes'1
0.095
.095
.096
.101
.106
.115
.117
.117
.117
.095
.094
.097
.102
.109
.117
.118
.117
.117
.116
.117
.117
.117
.118
.117
.116
.116
4
Compensation
of employees
0.648
.658
.676
.706
.736
.756
.767
.768
.766
.654
.664
.687
.718
.748
.760
.768
.776
.770
.766
.760
.763
.766
.768
.768
.771
.768
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.040
.042
.045
.054
.054
.049
.041
.039
.039
.042
.042
.047
.055
.054
.047
.038
.039
.039
.039
.038
.038
.039
.040
.041
.042
.042
0.084
.096
.102
.094
.093
.092
.099
.112
.126
.081
.099
.102
.088
.085
.092
.107
.102
.111
.113
.123
.122
.127
.127
.128
.125
.126
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.031
.040
.046
.035
.038
.040
.033
.034
.031
.033
.037
.040
.038
.043
.043
.046
.047
.049
.049
.048
Profits
after
tax 4
0.053
.059
.064
.057
.059
.061
.067
.073
.080
.045
.060
.063
.055
.052
.061
.073
.065
.071
.075
.080
.078
.081
.080
.079
.076
.078
Output
per hour
of all
employees
(1987
dollars)
Compensation
per hour
of all
employees
(dollars)
22.733
23.127
23.572
23.188
23.447
23.926
24.649
25.330
25.881
22.891
23.356
23.521
23.145
23.552
24.214
25.084
24.942
25.221
25.421
25.664
25.792
25.744
25.849
26.069
26.176
26.508
14.739
15.207
15.833
16.376
17.246
18.081
18.917
19.445
19.829
14.975
15.517
16.069
16.616
17.625
18.402
19.253
19.349
19.418
19.467
19.497
19.683
19.714
19.855
20.010
20.180
20.353
With inventory valuation and capital consumption adjustments.
Note.—See Note, p. 1.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of I^abor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation
of
Proprietors' income
with inventory valuation and capital consumption adjustments
1
ees
1989
1990
1991
1992
1993
1994
198519861987:
19881989:
19901991:
19921993-
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
4,004.6
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.7
4,095.3
4,157.3
4,183.0
4,230.9
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
5,458.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5.430.7
5,494.9
5,599.4
5,688.4
5,719.4
IV
IV .. ..
IV
IV
IV
IV
IV
IV
I .
IJ
HI . .
IV
1994- I
II
HI
IV
1995- I
II
Ill*
Nonfarm
Farm
40.2
41.9
36.7
44.4
37.3
39.5
17.8
23.6
42.4
30.9
38.4
43.8
36.6
46.0
49.6
39.4
15.8
44.4
47.2
39.3
29.8
41.7
44.4
35.0
34.0
307.0
321.4
339.5
374.4
404.3
434.2
250.9
260.9
282.6
302.5
311.4
325.1
349.8
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
444.0
449.2
452.2
458.3
1
Includes employer contributions for social insurance. (See also p. 5.)
Note-—See Note. p. 1.
Rental
income
of
persons
with
capita]
consumption
adjustment
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
362.8
380.6
390.3
405.1
485.8
542.7
284.9
264.6
343.3
378.3
354.5
362.8
394.7
432.5
442.5
473.1
493.5
533.9
508.2
546.4
556.0
560.3
569.7
581.1
-13.5
-14.2
-10.5
-5.5
24.1
27.7
14.0
4.7
6.8
2.8
-21.6
-11.1
-81
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.6
29.0
25.4
24.2
20.5
Profits
before tax
Inventory
valuation
adjustment
342.9
365.7
365.2
395.9
462.4
524.5
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
574.1
325.4
354.7
370.9
389.4
456.2
505.0
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
545.9
Capital
consumption
adjustment
-17.5
-11.0
5.8
-6.4
-6.2
-195
-3.8
-10.7
-178
-31.7
-13.5
-19.5
-.8
2.1
-11.2
— 100
3.0
-6.5
-12.3
-14.1
-19.6
-32.1
-39.0
-282
-7.4
37.4
25.9
19.4
15.7
29.5
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
38.8
38.1
35.2
35.4
Net
interest
452.7
463.7
447.4
420.0
399.5
409.7
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.0
414.6
397.6
396.7
389.1
394.2
399.7
415.7
429.2
442.4
444.0
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
1989
1990
1991
1992
1993
1994
1983:
1984198519861987198819891990:
199119921993-
IV
IV .
IV
IV
IV
IV
IV
IV
IV
IV
I ....
II
Ill
IV
1994- I
II
Ill
rv
1995- I
II
Hip
1
Total
personal
eonsumption
expenditures
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3,643.9
3.674.3
3,701.1
Includes other items, not shown ;•
Note.—See Note, p. 1.
Total
durable
goods
440.7
443.1
425.3
452.6
489.9
532.1
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
468.8
472.5
483.7
492.7
510.8
521.7
522.2
529.6
554.8
550.0
554.8
570.4
Motor
vehicles
and
parts
196.4
192.7
170.0
181.8
196.1
208.2
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.0
211.9
203.2
202.7
207.9
Furniture
and
household
equipment
165.8
171.6
179.2
193.3
214.1
238.7
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.7
254.5
256.6
261.8
271.6
Other
78.5
78.7
76.1
77.5
79.7
85.2
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
88.4
90.3
90.4
90.9
Total
nondurable
goods
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
1,109.5
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.4
1,121.9
1,128.2
1,133.5
1,133.7
Food
515.0
523.9
518.8
514.7
524.0
535.6
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
522.0
520.7
522.3
525.1
528.1
531.9
536.1
535.7
538.5
541.1
540.8
542.1
Clothing Gasoline
and
and oil
shoes
187.8
186.2
184.7
193.2
197.8
208.8
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
198.7
194.0
196.1
198.6
202.4
203.8
204.9
210.2
216.4
216.6
219.3
219.3
87.3
86.4
83.1
85.6
86.5
87.2
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.0
86.1
85.7
87.5
86.6
86.1
86.7
88.0
88.2
90.3
91.1
90.4
Retail sales of new
passenger cars
(millions of units)
Services
Nondurable goods
Fuel
oil
and
eoal
Other
11.4
10.5
10.7
11.2
12.1
11.9
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.7
11.1
11.5
12 2
1L7
250.2
253.8
250.5
253.0
258.2
265.9
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.8
267.6
268.7
270.1
270.3
Total
services1
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
1,938.1
1,443.9
1,494.2
,557.1
,595.8
,655.5
,716.9
,746.3
,775.2
,797.3
,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,941.8
1,952.9
1,965.7
1,986.0
1,997.0
Housing
469.2
474.6
479.0
485.2
492.6
501.3
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.6
505.0
507.4
509.5
511.6
Medical
care
Domestics
408.6
424.6
437.7
454.3
466.4
479.0
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.0
484.4
486.9
489.6
490.7
7.1
6.9
6.1
6.3
6.7
7.3
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
7.4
7.0
6.9
7.4
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
2.8
2.6
2.3
2.1
2.0
2.0
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
1.8
1.8
1.8
1.8
SOURCES OF PERSONAL INCOME
Personal income rose $26.7 billion (annual rate) in September, following a rise of $6.9 billion in August. Wages
and salaries rose $16.5 billion in September, following a decline of $4.9 billion in August.
BIUJONS OF DOLLARS* (RATIO SCAIE)
7,000
BILUONS OF DOUARS* (RATIO SCALE)
7,000
6,000
6,000
5,000
5,000
4,000
4,000
TOTAL PERSONAL INCOME
3,000
3,000
\
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
MOO
OTHER INCOME
800
800
TRANSFER PAYMENTS
l I II I 11 l l I I
400
1987
n l n 11 i 1 1 1
1989
1988
1990
1991
n 11 M iM
1993
1992
*SEASONAltY ADJUSTED ANNUAL RATCS
SOURCE: DEPAKTM&IT Of COMM8KE
1994
400
1995
COUNCtt. Of ECONOMIC ADVEBB
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
persona)
income
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Sept
Oct . . .
Nov
Dec
1995- Jan . ..
Feb
Mar
Apr
July
Sepf ..
1
. . . . ..
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
5,768.4
5,844.7
5,841.8
5,883.5
5,930.6
5,962.7
5,992.7
6,005.1
5,993.8
6,025.3
6,062.3
6,069.2
6,095.9
Wage ami
salary
disbursements1
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,816.1
2,974.8
3,080.8
3,279.0
3,310.2
3,351.6
3,349.3
3,368.3
3,391.1
3,406.8
3,412.2
3,429.6
3,405.6
3,431.5
3,460.4
3,455.5
3,472.0
Proprietors' income3
Other labor
income '2
200.7
210.4
230.5
251.9
274.3
299.0
328.7
355.3
381.0
385.5
387.1
388.7
390.3
398.1
399.6
401.1
402.5
403.9
405.3
406.5
407.7
409.1
Farm
22.3
31.3
30.9
40.2
41.9
36.7
44.4
37.3
39.5
30.0
49.0
35.1
41.1
36.1
42.3
54.8
39.9
35.2
29.9
30.9
34.7
36.4
The total of wage ami salary (Hslwirsnments and other labor income differs from comiwnsation 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 wnptoyer contributions to private pension and private welfare fiinds.
•'With inventory valuation and capital consumption ai^ustmcnte.
4
With capital consumption adjustment.
Nonfarm
261.5
279.0
293.4
307.0
321.4
339.5
374.4
404.3
434.2
439.4
441.4
443.5
447.0
448.7
449.4
449.6
450.4
451.6
454.6
455.5
458.2
461.0
Rental
income
of
persons*
8.7
3.2
4.3
-13.5
-14.2
-10.5
-5.5
24.1
27.7
32.7
31.4
29.5
26.1
26.8
25.5
23.8
23.4
24.2
24.9
23.4
20.2
17.8
Personal
dividend
income
104.7
100.4
108.4
126.5
144.4
150.5
161.0
181.3
194.3
198.8
200.8
202.8
204.4
204.8
205.4
206.4
207.5
208.1
208.8
210.2
211.5
213.2
Personal
interest
income
531.7
548.1
583.2
668.2
698.2
695.1
665.2
637.9
664.0
683.6
692.5
701.2
709.6
717.2
724.0
729.5
734.9
739.5
743.4
746.1
748.4
750.4
Transfer
payments3
517.8
542.2
576.7
625.0
687.6
770.1
860.2
915.4
963.4
972.3
977.1
977.7
984.2
1,000.7
1,003.7
1,009.9
1,012.8
1,020.0
1,022.9
1,027.3
1,031.0
1,034.8
Ijess: Persona] contributions
for social
insurance
162.1
173.6
194.5
211.4
224.9
236.2
248.7
261.3
281.4
284.1
286.2
286.1
287.4
292.8
294.0
294.5
295.8
294.3
296.1
298.1
297.9
299.1
Nonfarm
personal
income fi
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,801.8
5,089.4
5,316.6
5,639.4
5,715.5
5,772.5
5,783.3
5,818.7
5,870.8
5,896.5
5,914.1
5,941.1
5,934.4
5,971.0
6,006.9
6,009.9
6,034.7
5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
"Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest.
Note.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars rose in the third quarter
of 1995.
BIUJONS OF DOLLARS' (RATIO SCALE)
BILUONS OF DOLLARS' (RATIO SCALE)
2,500
2,000
DOLLARS* (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAIJNCOME
20,000
18,000
CURRENT DOLLARS
\
•
16,000
^rM
r^-"""" ^
-^
'
^ n .—
,
16,000
—
r\
14,000
12,000
,
—^
DOLLARS' (RATIO SCALE)
22,000
20,000
_-—-18,000
-1
14,000
-^
'
987 DOLL/
12,000
"""
8,000
10,000
111
^
\ it
i i i
I I I
1982
1983
1984
1985
10,000
i i i
1986
i i i
i i i
1987
1988
1
1
1
1989
i i I
i i i
t i i
i I >
i I i
I I i
1990
1991
1992
1993
1994
1995
8,000
COUNOL Of ECONOMIC ADVBKS
Period
Personal
income
Less:
Personal
tax am]
nontax
payments
Equals:
Disposable
personal
ineomc
Less:
Personal
outlays ]
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Per capita personal
consumption
expenditures
Current
dollars
Current
dollars
1987
dollars
Billions of dollars
1987
1988
1989
1990
1991
1992
1993
1994
3,802.0
4,075.9
4,380.3
4,673.8
4.860.3
5,154.3
5,375.1
5.701.7
512.5 3,289.5
527.7 3,548.2
593.3 3,787.0
623.3 4,050.5
623.7 4,236.6
648.6 4,505.8
686.4 4,688.7
742.1 4,959.6
1987
dollars
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
4,756.5
142.0
155.7
152.1
170.0
211.6
247.9
192.6
203.1
3,289.5
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3,704.1
3,835.7
13,545
14,477
15,307
16,205
16,766
17,636
18,153
19,003
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
persona!
income
Population,
including
Armed
Forces
overseas
(thousands)2
Percent
13,545
13,890
14,005
14,101
14,003
14,279
14,341
14,696
12,568
13,448
14,241
15,048
15,444
16,192
16,951
17,734
12,568
12,903
13,029
13,093
12,899
13,110
13,391
13,716
-0.1
2.5
.8
.7
-.7
2.0
.4
2.5
4.3
4.4
4.0
4.2
5.0
5.5
4.1
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
260,991
13,522
13,685
13,996
14,015
14,018
13,998
14,533
14,222
14,351
14,338
14,451
14,535
14,625
14,697
14,927
15,048
14,973
15,095
12,101
12,819
13,814
14,491
15,283
15,588
16,566
16,693
16,856
17,017
17,233
17,443
17,598
17,821
18,072
18,216
18,438
18,572
12,472
12,615
13,020
13,053
13,010
12,868
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,717
13,853
13,880
13,966
14,033
-1.7
5.2
3.2
1.8
-1.7
.7
9.3
-8.3
3.7
-.4
3.2
2.3
2.5
2.0
6.4
3.3
-2.0
3.3
4.8
5.0
4.3
3.9
4.3
5.2
6.2
4.0
4.6
3.9
4.0
3.6
4.1
4.1
4.6
5.1
4.0
4.2
241,550
243,745
246,004
248,372
251,035
253,758
256,626
257,262
257,908
258,635
259,356
259,997
260,627
261,340
261,999
262/
263,0sb
263,736
Seasonally adjusted annual rates
1986:
198719881989:
199019911992:
1993-
IV
IV
IV
IV
IV
IV
IV
I ..
II
Ill
IV .
1994- I
II . .
in
IV
1995:
I
TJ
in*
1
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,934.2
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,734.5
5,856.6
5,962.0
6,008.1
6,075.8
478.5
528.6
542.0
605.1
625.2
631.2
676.2
657.3
685.9
695.4
707.0
723.0
746.4
744.1
754.7
777.6
807.0
807.0
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,303.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,990.3
5,101.9
5,184.4
5,201.0
5,268.8
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,787.0
4,869.3
4,920.7
4,994.9
5,045.9
151.1
169.8
156.4
148.8
176.2
224.6
287.4
184.6
214.0
182.3
189.4
175.5
201.1
203.3
232.6
263.7
206.1
222.9
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,840.9
3,911.0
3,950.5
3,939.4
3,981.2
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.
13,121
13.907
14,850
15,558
16,467
16,957
18,154
17,874
18,141
18,174
18,421
18,588
18,853
19,095
19,473
19,748
19,769
19,977
Note.—See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1995, according to preliminary estimates, gross farm income fell $9.9 billion (annual
rate) and net farm income fell $12.1 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
X.
f
j
^^
BILLIONS OF DOLLARS* (RATIO SCALE)
.,k
_^
^*S~^
^
^__
s*
V
\
120
240
200
r*"-"—p«^
1
160
*""
120
GROSS FARM INCOME
80
80
60
60
r ^
40
20
/I
•ij/i
1
'
V
l\ /
V
; '
i
$• '
<\ 1
i ' \l
^
'
\
\ /
\/
,\
\ '~ •^
^-^
/>
"*
\'
N'
\
ETFARMIh4COME
20
\
1
i
N i
i ' «
1 ' '
i'
I'
2
E
i
1
1982
10
i i i
i i i
1 1 1
1983
1984
1985
i i i
1987
i i i
1986
i i i
1988
i i i
1989
i i i
1990
I I I
1991
1
1
1
1992
' SEASONAUY ADJUSTED ANNUAL MIES
SOURCE: OHVWIMENTOf AGHCUUUffi
i i i
1993
i i i
1994
i t i
1995
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Net farm income
Period
Cash marketing receipts
Total1
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
Ill
IV
1994- I
II
Ill
IV
1995- I
HP
156.1
168.3
177.3
191.9
198.5
191.8
200.5
203.0
213.5
203.9
203.4
198.9
205.6
218.8
206.1
211.8
217.1
211.4
201.5
135.4
141.8
151.2
160.8
169.4
167.8
171.3
177.1
179.7
174.3
177.2
187.7
169.4
178.8
169.7
185.8
184.4
184.4
177.1
Livestock and
products
71.6
76.0
79.6
83.9
89.2
85.8
85.6
90.0
88.1
83.7
87.9
101.3
87.3
92.0
82.8
9'i.6
79.9
87.5
78.0
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.
3
Income in current dollars divided by the GDP implicit price deflator.
Crops
63.8
65.8
71.6
76.9
80.3
82.0
85.7
87.1
91.6
90.6
89.3
86.3
82.1
86.8
86.9
88.2
104.5
96.9
99.1
Value of
inventory
changes2
-2.2
-2.3
-4.1
3.8
3.5
-.2
4.2
-4.5
8.7
-8.0
-6.3
-7.4
3.7
10.6
10.0
7.8
6.3
.6
.6
Production
expenses
Current
dollars
125.1
130.2
139.8
146.9
153.7
153.4
152.6
160.9
166.7
158.5
160.8
162.6
161.7
164.3
166.5
168.5
167.6
162.9
165.3
31.1
38.0
37.5
45.0
44.8
38.4
47.9
42.1
46.7
45,4
42.7
36.3
43.9
54.5
39.6
43.3
49.5
48.4
36.3
1987 dollars3
32.0
38.0
36.1
41.5
39.5
32.6
39.7
34.1
37.1
37.0
34.6
29.4
35.4
43.6
31.4
34.2
39.0
38.0
28.3
NOTE,—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1992 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the second quarter of 1995, according to current estimates, corporate profits before tax rose $3.5 billion (annual
rate) and profits after tax rose $2.9 billion.
BILLONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
SEASONALLY ADJUSTED ANNUAL RATES
f
/
550
/
450
p TOFITS BEFnpETA*
400
A
_^
350
^1
/
--—x- r*
O
P'
|
^-^
/
100
50
0
*•» ^
""
/'
"
"— - ._ /
— ...
i ii
1982
v_-",
^.**
'
,-'
k
1
I
1
1983
i i i
1
1984
1985
1
i
i
1986
1
350
•**"«s.
_/
-
/ ./
300
-
/
250
^.*- •-•
rA_.. '\7
V
x_
S
^./
1
1
!
"\
1987
1
1
1988
-
200
/• "'
-
150
-/> v'
\
V
X
^f
100
\
\ f' -'
\
N.
^"*
-
50
-
^*
1
-
UNC ISTRIBUTEC1 PROFITS
/
>
V
TAX LIABILITY
' s-~* ,,^*'~
./
^--^
.s
1
\
s
150
400
<\l
f'\
---''
s
^s
J
S
^
v,
450
-
s
OFITS AFT
/1
-
/
s
s"
500
71
\/
/
300
200
550
-
/
V
500
250
~
!
0
i i i
1 1 1
iii
\ i i
i i i
1 1 1
I I i
1989
1990
1991
1992
1993
1994
1995
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment '
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1986:
19871988:
19891990:
1991:
19921993-
IV
IV .
IV
IV
IV
IV
IV
I
II
in
rv ..
1994- I
II
in
IV
1995- I
II
.
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
505.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
545.9
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
444.6
192.5
246.3
285.9
254.8
273.8
301.4
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.1
461.7
462.9
473.6
Financial
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
104.0
34.7
39.4
46.1
52.5
66.6
84.6
86.7
95.9
100.1
103.9
114.6
89.6
106.4
112.6
107.2
115.2
116.2
Total3
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
340.6
157.8
207.0
239.7
202.3
207.2
216.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
345.5
354.5
347.7
357.4
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
145.6
63.9
98.7
129.3
94.5
98.5
85.3
101.3
96.2
114.2
112.4
134.2
145.1
143.0
143.3
150.9
143.9
148.9
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
67.6
43.1
39.3
39.3
39.2
36.2
47.4
64.6
56.0
63.3
62.0
63.7
59.0
72.0
70.1
69.2
66.7
64.0
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
524.5
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
574.1
Tax
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
202.5
116.6
135.2
146.2
134.2
137.0
133.1
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.6
215.6
220.0
220.4
Hip
1
Sec p. 4 for profits with inventory valuation and capital Consumption a<yustrm;nts.
2
Includes rest of the world, not shown separately.
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
322.0
119.2
176.0
226.0
200.0
231.8
240.0
264.8
273.0
284.8
288.9
310.2
299.4
321.4
329.5
337.9
350.7
353.6
Dividends
Undistributed
profits
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
205.2
111.0
106.3
121.0
141.3
153.7
160.9
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
213.9
217.1
219.9
223.7
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
116.9
8.2
69.7
105.0
58.7
78.1
79.1
82.7
84.7
94.1
95.6
115.6
103.0
118.9
121.6
124.0
133.5
133.8
3
Includes industries not shown separately.
Note.—See Not*!, p. 1,
Sourt*: Department of Commerce, Bureau of Kconomic Analysis.
Inventory
valuation
adjustment
9.7
-145
-27.3
-17 5
-11.0
5.8
-6.4
-6.2
-19.5
-10.7
-17.8
-31.7
-13.5
-19.5
-.8
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
-19.6
-32.1
-39.0
-28.2
-7.4
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the third quarter of 1995, according to advance estimates, nonresidential fixed investment in 1987 dollars rose
$15.3 billion (annual rate) and residential investment rose $5.8 billion. There was a $35.3 billion increase in inventories,
following an increase of $34.3 billion in the second quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,100
SEASONABLY ADJUSTS) ANNUAL RATES
,
1,000
900
800
500
r^[Vr^^
/^
y
700
600
r\
;
~x/ i
GROSS PRIVATE DOMESTIC
INVESTMENT
900
800
s'
s
/
700
s
600
s
„-•'
500
s
NC)NRESIDEh(TIAL
D INVESTS
400
400
R ESIDENTLA L
FIXF D INVESTW FNT
300
300
A-
200
—• i
.«•*'
"" "" \
t
*'
!
*
1
\
/j
x
1
\
100
-,
*~ ~ -
•-/
t
1
1
i i i
1984
!
1983
1982
200
CHANC3E IN BUSI NESS
IN ^ENTORIE,
100
0
•"•..-
—.. — • •*"'
""'•••,
s'
s
-100
y
1,000
S
s
«• ••
s
f
^^
s
** N, _^
^
^s—
s
1
1 !
1985
1,100
i i i
1986
"» —
0
X
i i i
l i l
1
1987
1988
1989
!
1
1
1
1
1990
i l i
1
1991
1992
!
1 1 1
1
1993
SOURCE: DEPARTMENT OF COMMERCE
\
1
1
1994
1
!
1
-100
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1986:
198719881989199019911992:
.
.
.
.
IV
IV
IV
IV
IV
IV
IV
1993- I
II
m
IV
1994: I
II
.
in
. . . . . . .
IV
1995: I
II
TH''
Note.—See p. 10 for further detail on Fixed investment by type.
See Not*!, p. 1.
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
951.5
705.9
793.8
785.0
769.5
695.7
697.9
755.2
789.2
806.2
821.8
862.5
898.9
950.9
967.3
989.1
1,024.1
1,019.2
1,041.3
Change in business
ones
Nonresidential
Total
Total
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
903.8
725.9
733.9
764.1
744.6
716.6
684.4
748.6
770.7
787.3
808.8
851.7
873.4
891.7
910.2
939.7
973.0
984.9
1,006.1
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
495.5
510.6
538.8
536.7
540.2
506.9
540.9
560.3
581.0
597.9
627.2
643.6
657.9
680.0
708.2
743.6
763.7
779.0
Structures
Producers'
durable
equipment
Residential
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
170.4
177.9
175.7
179.8
172.8
151.4
146.3
147.2
147.3
147.5
148.7
144.1
151.0
151.6
155.6
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
325.0
332.7
363.1
356.9
367.4
355.5
394.6
413.0
433.7
450.3
478.5
499.4
506.9
528.4
552.6
159.9
163.4
164.8
583.7
600.3
614.3
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
230.5
223.3
225.3
208.0
176.3
177.5
207.7
210.4
206.3
211.0
224.5
229.9
233.8
230.2
231.5
229.5
221.2
227.0
8ourw>: Department of Commerce, Bureau of Economic Analysis.
Total
Nonfarm
8.5
26.3
19.9
29.8
5.7
\ I
2.5
15.3
47.8
10.6
32.7
26.9
29.9
3.2
-1.3
-20.1
59.9
20.9
24.9
20 9
13.5
6.3
18.5
18.9
13.0
10.8
25.4
59.2
57.1
49.4
-18.6
62.1
30.5
31.2
-18.7
14.6
51.1
34.3
35.3
49.1
33.2
36.8
18.5
40.7
19.7
22.8
20.9
10.7
22.1
51.7
47.4
41.7
FIXED INVESTMENT BY TYPE IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted ammal ratesi
Noiiresidential
Residential
Producers' durable equipment
Structures
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1985:
1986198719881989:
19901991:
19921993:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
in
IV
1994:
I
. ...
II
m
IV
1995:
I
II
m/>
Total
nonresidential
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
560.3
581.0
597.9
627.2
643.6
657.9
680.0
708.2
743.6
763.7
779.0
Total '
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
147.2
147.3
147.5
148.7
144.1
151.0
151.6
155.6
159.9
163.4
164.8
Nonresidential
buildings,
including
farm
125.2
124.4
128.5
133.2
134.8
113.4
100.8
100.0
104.8
139.2
122.8
129.3
128.9
134.2
127.8
104.0
97.6
98.4
98.5
100.5
102.7
99.2
105.4
105.1
109.5
113.1
114.9
115.8
Structures
Information processing
and related equipment
Utilities
31.5
26.5
26.0
26.5
24.1
27.7
29.9
28.8
29.5
30.7
30.3
25.3
26.7
25.9
24.8
28.8
30.0
29.7
28.7
28.5
28.5
28.4
29.0
29.7
30.7
30.5
31.8
32.9
Mining
exploration,
shafts,
and
wells
Total
Computers
and
peripheral
equipment2
105.7
109.4
120.3
128.0
133.1
138.8
156.8
200.9
249.1
102.4
109.8
112.1
122.3
129.3
134.6
143.9
166.6
178.7
190.8
208.9
225.2
233.2
242.2
251.2
269.9
285.3
308.6
320.4
27.7
34.0
37.9
44.4
47.7
54.1
68.3
105.4
134.8
26.2
27.9
35.9
37.4
46.0
49.4
59.7
76.4
88.8
98.0
112.2
122.5
127,2
130.3
135.1
146.5
157.2
174.8
186.4
Total'
13.5
13.1
13.5
11.3
13.2
12.4
10.3
10.7
9.3
20.0
11.6
15.3
14.0
12.3
13.0
11.0
10.7
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
327.2
325.0
332.7
363.1
356.9
367.4
355.5
394.6
11.1
11.2
10.5
9.9
9.6
9.8
9.3
8.5
9.4
9.1
9.5
413.0
433.7
450.3
478.5
499.4
506.9
528.4
552.6
583.7
600.3
614.3
1
Includes other items, not shown separately.
2
Includes new computers and peripheral equipment only.
3
Includes producers' durable equipment, not shown separately.
Other
Industrial
equipment
Transportation
and
related
equipment
78.0
75.3
82.4
83.7
85.4
84.7
88.5
95.5
114.3
76.1
81.9
76.1
84.8
83.3
85.2
84.2
90.2
89.8
92.8
96.7
102.7
106.0
111.8
116.1
123.4
128.0
133.8
134.0
76.7
74.8
81.6
85.0
78.2
73.4
71.7
79.2
90.3
79.2
77.3
76.6
86.0
83.6
75.6
71.6
74.0
75.6
77.5
79.9
83.6
86.4
88.9
92.1
93.6
98.9
101.8
102.5
74.9
73.6
78.5
72.6
78.5
74.7
78.3
87.8
98.3
78.1
71.4
71.6
78.5
68.7
80.2
73.3
83.3
84.5
90.4
85.3
90.9
98.5
92.3
99.1
103.4
109.6
101.2
101.2
Total
residential '•<
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
210.4
206.3
211.0
224.5
229.9
233.8
230.2
231.5
229.5
221.2
227.0
Total
Single
family
Multifamily
Other
220.6
219.4
216.5
207.7
188.0
162.9
189.9
205.7
223.5
202.0
224.8
217.3
218.9
201.4
169.8
170.9
200.5
203.2
199.1
203.5
216.9
222.4
226.0
222.3
223.3
221.4
213.2
218.9
106.7
114.5
112.1
107.9
97.6
85.4
102.4
112.1
124.4
95.6
110.4
115.8
113.9
103.9
86.1
92.9
106.6
111.2
108.5
110.2
118.3
125.1
127.6
123.8
121.0
118.9
110.2
111.8
32.2
25.5
20.8
20.6
17.5
13.5
11.7
9.6
11.7
30.3
31.6
24.0
20.8
19.0
16.5
12.5
10.4
9.5
9.2
9.9
9.7
10.0
11.3
12.1
13.5
14.7
15.2
16.1
81.7
79.5
83.5
79.1
73.0
64.0
75.8
84.1
87.4
76.0
82.7
77.5
84.2
78.5
67.2
65.5
83.5
82.5
81.3
83.5
88.9
87.3
87.2
86.5
88.8
87.8
87.7
91.0
Notts.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993'
19942
1995a
1
Total
expenditures
489.7
549.0
600.7
Mining
and
Manufacturing
struction
Durable
goods
Total
488.2
518.6
587.3
31.2
34.9
35.6
Total
134.1
144.1
181.8
Nondurable
goods
66.4
76.1
100.6
Estimates collected from the 1993 Annual Capital Expenditures Survey.
2
Preliminary estimates collected from the February 1995 Investment Plans Survey. Final
data are scheduled to be published in .January 1996 in the 1994 Annual Capital Expenditures
Survey.
3
Revised estimates of planned capital expenditures from the September 1995 Investment
10
67.7
68.1
81.2
Transportation
Communications
30.6
32.3
37.0
37.1
44.6
49.3
Utilities
41.3
38.0
41.8
Wholesale
and
retail
trade
Finance,
insurance,
and
real
estate
60.3
68.1
75.7
40.2
36.9
47.1
Services
111.8
118.5
117.3
Serving
multiple
industries
1.7
1.2
1.6
Not
distributed
by
industry
1.4
30.4
13.5
Plans Survey.
Note.—Data from Business Investment and Plans, 1993 to 1995, released September 22,
1995. For fiirther information, see Annuitl Capital Exfwnditttrfx: 1993, and Technical Note on
New Annual Capital Expenditures Survey, Septernl>er 1995,
Source: Department of Commerce, Bureau of the Census,
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In November, employment fell by 389,000 and unemployment rose by 183,000.
MILLIONS OF PERSONS *
MILLIONS OF PERSONS*
134
134
SEASONALLY ADJUSTED
^
130
130
^^~
CIVILIAN LABOR FORCE
\
126
r^~~~^
—»x"
'—"
^
126
^' • *"*•** —
^H
122
118
~*s^
p/
.-— '
,.,
114
122
___---'''
^V~~
^^_
- 118
-
114
CIVILIAN
EMPLOYMENT
j,«X***
- 110
110
106
4
106
,
^
-
* 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment
Civilian
noninstitutional
population
NSA
Period
Civilian
labor
force
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
119,651
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
4,414
131,718
131,725
120,903
121,038
4,246
4,254
132,136
132,308
132,511
132,737
131,811
131,869
132,518
132,211
132,591
132,648
132,442
124,639
125,125
125,274
125,072
124,319
124,485
124,959
124,779
125,140
125,399
125,010
3,575
3,656
3,698
3,594
3,357
3,451
3,409
3,362
3,273
3,455
3,276
121,064
121,469
121,576
121,478
120,962
121,034
121,550
121,417
121,867
121,944
121,734
4,430
4,187
4,347
4,171
4,289
4,185
4,234
4,316
4,451
4,255
4.272
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
131,056
1994- Nov
Dec
1995: Jail
Feb
Mar
197,607
197,765
197,753
197,886
198,007
198,148
198,286
198,452
198,615
198,801
199,005
199,192
199,355
May
Sept
Oet
Total
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
3,409
3,500
3,532
178,206
180,587
182,753
184,613
186,393
188,049
189,765
191,576
193,550
196,814
Jnly
Total
Part time
for
economic
reasons '
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
123,060
124,403
124,570
1985 3
1986
1987
1988
1989
3990
1991
1992
1993
19944
. .
Nonagrieultural
Agricultural
1
Pci-sons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
^ Civilian labor fort* (or employment) as percent of civilian noninstitutiona) population; and
unemployment as percent of civilian labor force.
Percent2
Unemployment
Total
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
7,315
T,155
7,498
7,183
7,237
7,665
7.492
7,384
7,559
7,431
7,451
7,249
7,432
15
weeks
and
over
Not in
labor
force
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
2,860
62,744
62,752
62,888
62,944
62,523
63,262
64,462
64,593
65,509
65,758
2.661
2,456
2,386
2,298
2,266
2,505
2,585
2,299
2,319
2,380
2,352
2,296
2,297
65,889
66,040
65,617
65,578
65,496
65,412
66.476
66,583
66,096
66,590
66,414
66,544
66,913
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
66.6
66.7
66.6
66.8
66.9
66.9
67.0
66.5
66.4
66.7
66.5
66.6
66.6
66.4
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
62.5
63.0
63.0
63.0
63.2
63.3
63.1
62.7
62.7
62.9
62.8
62.9
63.0
62.7
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
5.6
5.4
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
5.6
5.5
5.6
3
Not strictly comparable with earlier data.
I>a£a beginning January 1994 are not directly comparable with data for earlier periods. See
Employment tiwl Homings, February 1994.
Source; Department of Labor, Bureau of Ijabor Statistics,
4
11
oi_-7i/i _ cm _
SELECTED UNEMPLOYMENT RATES
In November, the unemployment rote rose slightly to 5.6 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
25
TEENAGERS
. (16-19)
.L\
/v yx
20
V
•s.
iV^
15
10
10
MEN 20 YEARS
AN DOVER
.——•
'-
-"^s .X%
\
WOMEN 20 YEARS
ANDOV ER
1 II III 1 1 II 1
199]
1991
1995
1
1
1
1993
1992
j
1994
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE *N GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1995
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
19942
1994: Nov
Dec
1995: Jan
Peb
Mar
May
June
July
Aug
Sept
Oct
Nov
All
civilian
workers
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
5.6
5.4
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
5.6
5.5
5.6
Men
20 years
and over
Women
20 years
and over
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
5.4
4.9
4.7
5.0
4.6
4.7
4.9
5.1
4.8
4.7
4.8
'4.9
4.5
4.9
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.4
5.0
4.7
4.9
4.8
4.9
5.2
4.8
5.0
5.1
5.0
4.9
5.0
4.8
Both
sexes
1&-19
years
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.6
15.8
17.2
16.7
17.6
16.1
17.5
17.6
16.4
18.2
17.7
17.5
17.1
17.9
White
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.3
4.8
4.8
4.9
4.7
4.7
5.0
5.0
4.8
4.8
4.8
4.8
4.8
5.0
1
Revised definition; for details, see Employment ami Earning*, February 1994.
2
Data beginning January 1^94 an; riot directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
12
By selected groups
By race
Black
and
other
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.8
9.2
9.5
9.4
9.2
9.8
9.1
9.8
10.1
10.2
10.2
9.4
8.9
Black
Experienced
wage
and
salary
workers
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
11.5
10.5
9.8
10.2
10.1
9.8
10.7
9.9
10.6
11.1
11.3
11.3
9.9
9.4
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
5.9
5.4
5.3
5.4
5.1
5.2
5.6
5.6
5.4
5.5
5.4
5.5
5.4
5.4
Married
men,
spouse
present
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
3.7
3.2
3.2
3.4
3.0
3.2
3.4
3.4
3.4
3.4
3.3
3.5
3.1
3.3
Women
who
maintain
families
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
8.9
8.7
8.8
8.9
8.1
7.6
9.0
8.0
8.4
8.5
7.0
8.0
7.9
7.7
NOTE.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.
Fnll-time
workers '
Part-time
workers '
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.1
5.6
5.3
5.5
5.3
5.4
5.6
5.6
5.5
5.5
5.6
5.6
5.4
5.6
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.0
5.4
5.9
6.2
6.0
5.8
6.3
6.1
6.3
6.6
5.9
5.9
5.8
5.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In November, the percentages of the unemployed who had been out of work for less than 5 weeks and for
27 weeks and over rose, while the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration
of unemployment rose to 16.5 weeks and the median duration fell to 7.9 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION '
70
70
10
-
1995
* SEASONAUY ADJUSTED
I/BEGINNING JANUARY 1994. JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Unemployment
(thousands)
Period
Percent distribution
Less
than
5
weeks
5-14
weeks
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
34.1
35.0
36.0
39.4
36.8
35.5
34.8
34.7
37.1
34.5
36.0
38.3
37.1
37.6
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
30.1
29.1
29.9
28.5
30.7
32.6
32.1
30.8
31.8
34.8
32.3
30.3
31.8
31.7
Reason for unemployment:
percent distribution
State
programs
Number of weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.5
16.0
15.1
13.9
15.4
12.9
14.7
17.1
14.8
13.6
15.3
14.3
14.5
14.0
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.3
19.9
19.0
18.2
17.1
18.9
18.4
17.4
16.3
17.2
16.3
17.1
16.6
16.7
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.8
18.2
17.8
16.7
16.9
17.5
17.7
16.9
15.6
16.5
16.3
16.3
• 16.2
16.5
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
9.2
9.1
8.7
7.9
7.8
7.9
8.5
9.0
7.5
9.1
8.7
8.0
8.1
7.9
Job
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 3
1994- Nov
Dec
1995- Jan
Feb
. ...
..
May
July
Sept
Oct ...
1
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
7,315
7,155
7,498
7,183
7,237
7,665
7,492
7,384
7,559
7,431
7,451
7,249
7,432
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCPE). 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.
3
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
2
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
47.7
47.5
47.6
49.2
46.6
46.6
45.5
48.4
46.7
47.5
46.2
45.2
47.6
47.2
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.9
9.6
9.7
9.3
10.8
11.3
10.5
11.7
11.4
10.9
11.8
11.9
10.4
11.5
27.1
26.2
26.6
27.0
28.2
27.4
24.8 .
23.7
24.6
34.8
35.0
34.9
33.4
34.5
33.8
35.8
32.9
34.5
34.1
34.2
34.6
34.5
33.7
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
7.6
7.9
7.7
8.0
8.1
8.4
8.2
7.0
7.4
7.5
7.8
8.3
7.6
7.7
2,617
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,671
2,531
2,533
2,515
2,518
2,498
2,488
2,552
2,633
2,685
2,626
2,613
2,658
397
378
328
310
330
388
447
408
341
340
329
326
335
338
342
352
374
377
375
342
351
362
2,699
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,740
2,340
2,510
3,275
3,173
2,949
2,721
2,476
2,398
2,635
2,461
2,197
2 292
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 166,000 in November.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
120
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
90
SERVICE-PRODUCING
INDUSTRIES
70
60 -
50
40
-
GOODS-PRODUCING
INDUSTRIES
30
\
I ITII
20
1991
1 1 III
1994
1993
1992
1995
1995
COUNOl OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;' seasonally adjusted]
Goods-producing industries
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: Nov
Dec
1995- Jan
Peb
May
June
July
Aug
Sepf
Ocf
Nov'' . . .
Total
nonagricultural
employment
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
115,427
115,624
115,810
116,123
116,302
116,310
116,248
116,547
116,575
116,838
116,932
116,998
117,164
Total
2
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
24,175
24,230
24,293
24,324
24,370
24,331
24,228
24,240
24,156
24,165
24,157
24,159
24,128
Construction
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
5,144
5,166
5,201
5,213
5,256
5,242
5,190
5,230
5,226
5,233
5,262
5,285
5,289
Service-producing industries
Manufacturing
Total
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,439
18,472
18,502
18,523
18,525
18,506
18,456
18,428
18,353
18,357
18,322
18,303
18,271
NonDurable durable
goods
goods
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,550
10,574
10,596
10,622
10,633
10,632
10,611
10,597
10,569
10,587
10,572
10,565
10,549
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,889
7,898
7,906
7,901
7,892
7,874
7,845
7,831
7,784
7,770
7,750
7,738
7,722
1
Includes all full- and part-time wage and salary workers in nonagrieultural establishments
who received pay for any part of the pay period whieh 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 whieh are based on a sample
14
Total
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
91,252
91,394
91,517
91,799
91,932
91,979
92,020
92,307
92,419
92,673
92,775
92,839
93,036
Transportation and
public
utilities
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,092
6,121
6,129
6,156
6,175
6,184
6,177
6,192
6,195
6,217
6,206
6,215
6,233
Wholesale
trade
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,210
6,229
6,251
6,275
6,287
6,300
6,298
6,320
6,333
6,340
6,346
6,356
6,368
Retail
trade
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,703
20,759
20,760
20,794
20,760
20,762
20,747
20,798
20,851
20,837
20,899
20,905
20,979
Finance,
insurance, Services
and real
estate
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,937
6,931
6,927
6,929
6,938
6,924
6,925
6,930
6,938
6,947
6,957
6,976
6,990
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,488
32,035
32,135
32,228
32,404
32,524
32,548
32,630
32,784
32,820
32,986
33,047
33,083
33,170
Government
Total
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,275
19,219
19,222
19,241
19,248
19,261
19,243
19,283
19,282
19,346
19,320
19,304
19,296
Federal
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,854
2,853
2,838
2,831
2,828
2,826
2,831
2,838
2,834
2,825
2,812
2,797
2,789
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, except as noted]
Average weekly hours
Total private
nonagricultural '
Manufacturing
Total
private
nonagrieultural J
Period
1985
1986 .
1187
1988
1989
1990
1991
1992
1993
1994
1994- Nov .
Dec
1995' Jan
Feb
Mar
May
July
Sept'
Oct'
Nov
Total
Average gross weekly earnings
Average gross hourly earnings
Overtime
Current
dollars
Total private
nonagrieulfciral '
1982
dollars2
Manufacturing
Percent change from
a year earlier, total
private nonagricultural 3
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Construction
Retail
trade
Current
dollars
1982
dollars
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
$8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.13
$7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
$9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
$299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
386.21
$271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.96
$386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
$464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
572.61
$174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
2.1
1.9
25
3.0
3.8
3.3
2.5
2.7
2.8
3.4
-1.3
.3
-1.0
-.9
-1.0
-1.8
-1.6
— 2
-.0
.8
34.6
34.7
42.1
42.1
4.8
4.8
11.24
11.27
7.40
7.40
12.17
12.18
388.90
391.07
256.02
256.94
512.36
512.78
575.79
579.07
218.48
219.64
3.1
3.1
.4
.4
34.8
34.6
34.6
34.6
34.2
34.4
34.6
34.4
34.5
34.6
34.5
42.2
42.1
42.0
41.5
41.4
41.5
41.3
41.5
41.7
41.5
41.5
4.9
4.8
4.7
4.5
4.4
4.2
4.3
4.3
4.5
4.4
4.4
11.29
11.32
11.34
11.40
11.37
11.43
11.50
11.48
11.54
11.59
11.58
7.39
7.39
7.38
7.40
7.36
7.39
7.43
7.41
7.44
7.45
7.44
12.21
12.24
12.25
12.28
12.28
12.32
12.40
12.41
12.43
12.46
12.48
392.89
391.67
392.36
394.44
388.85
393.19
397.90
394.91
398.13
401.01
399.51
257.30
255.83
255.44
255.96
251.85
254.33
257.21
254.95
256.53
257.72
256.75
515.26
515.30
514.50
509.62
508.39
511.28
512.12
515.02
518.33
517.09
517.92
579.28
575.86
578.12
566.61
563.62
582.86
590.02
583.98
588.95
593.49
589.37
220.11
218.88
219.17
222.03
219.56
220.90
223.11
222.14
223.49
224.26
224.06
2.7
3.3
2.6
2.5
1.1
2.4
3.0
2.5
2.5
2.1
2.3
-.2
.3
-.4
-.7
-2.1
-.6
.2
-.0
.0
e
-!i
3
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982=100 base).
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits1
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits'
Not seasonally adjusted
198519861987198819891990199119921993'
1994'
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
Dee
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dee
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
84.6
87.5
905
96.7
102.6
109.4
116.2
122.2
128.3
133.0
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
Seasonally adjusted
1993- Mar
Sept
Dec
1994- Mar
Sept
Dec
1995- Mar
Sept
1
,
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.6
124.3
125.2
125.9
113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
120.6
121.5
122.3
Employer costs for employee benefits,
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0
134.7
135.4
1.0
.9
.8
.8
.8
.8
.8
.7
.6
.7
.6
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
Not seasonally adjusted
0.8
.6
.9
.7
.8
.9
.7
.6
.7
.7
.7
1.5
1.4
.9
1.1
.9
1.0
1.0
.8
.1
.5
.5
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
2.8
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics
15
PRODUCTIVITY AND
Output pe r hour of
allpe
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
DATA, BUSINESS SECTOR
Compensation per
hour 3
Hours of all
persons2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor
costs
Real compensation
per hour *
Business
sector
Nonfarm
business
sector
Business
sector
Implicit price
deflator5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982=100; quarterly data seasonally adjusted
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1985-.
1986198719881989-
IV
IV
IV
IV
IV
1990: IV
1991- IV
1992- IV
1993:
I
II
III
rv
1994- I
II
Ill
IV
1995- I
H
rn>
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.0
119.4
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.2
117.4
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
148.4
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
148.5
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.2
124.2
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.4
126.5
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.1
164.5
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.3
162.6
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
106.9
107.1
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
105.7
105.9
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
137.8
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
138.5
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
143.9
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
145.2
107.0
108.3
110.6
110.8
109.7
110.5
113.0
116.8
118.0
120.6
127.4
131.7
132.3
132.1
132.6
137.9
118.2
120.8
127.6
132.5
132.7
132.2
132.8
137.9
110.2
111.3
115.1
118.8
120.6
119.6
117.4
118.1
111.4
112.5
116.5
120.5
122.3
121.4
119.2
120.0
115.6
120.9
125.8
130.6
134.9
143.5
150.1
157.7
115.0
120.5
125.1
129.8
133.9
142.2
148.8
156.4
108.0
111.6
113.7
117.9
123.0
129.8
132.9
135.1
108.5
112.2
114.3
118.0
123.4
130.5
133.5
136.1
138.3
139.9
141.5
144.3
118.9
120.0
120.5
121.5
120.9
122.2
122.8
123.8
158.7
159.9
160.6
161.3
137.4
138.1
137.7
136.8
117.0
116.6
117.3
118.6
146.1
147.3
148.8
151.6
163.3
163.6
164.9
166.4
167.9
169.5
170.8
137.3
138.1
138.0
137.8
119.3
120.7
121.3
122.6
124.2
124.6
125.6
126.3
125.5
126.3
124.9
126.3
126.8
127.9
121.3
122.7
123.3
145.8
147.2
148.8
151.6
153.2
154.0
155.8
105.9
105.8
105.7
105.3
106.0
105.7
105.5
105.9
106.2
106.2
106.5
136.6
137.5
137.3
136.2
118.9
118.5
119.5
120.7
157.2
158.1
158.7
159.3
161.2
161.8
162.9
164.4
137.8
138.8
138.8
138.7
139.2
138.8
139.2
112.4
114.6
117.9
122.8
127.8
133.2
136.9
140.1
140.8
141.4
141.6
142.1
142.6
143.8
144.5
144.8
112.9
115.2
118.5
123.4
128.2
134.0
137.9
141.2
138.1
139.6
140.9
143.9
102.4
105.6
105.1
104.7
103.4
103.4
105.1
107.1
107.0
107.0
107.0
106.6
101.8
105.2
104.6
104.1
102.6
102.5
104.2
106.2
116.2
116.3
117.0
118.4
106.0
107.4
109.5
110.0
108.5
108.9
111.5
115.0
114.3
114.5
115.3
116.5
153.3
154.2
156,1
128.5
127.7
128.6
166.1
167.6
168.9
107.4
106.9
106.8
107.2
107.3
107.5
107.8
138.4
138.1
138.5
142.0
142.5
142.8
143.1
145.3
145.7
145.8
143.5
145.1
145.9
146.1
146.6
147.0
147.0
Percent change; quarterly data at seasonally adjusted annual rates
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1992- I
II
Ill
IV
1993- I
II
Ill
IV
1994- I
II
HI
TV
1995- I
II
HIP
1.4
2.1
1.0
1.0
-.7
.7
1.3
3.0
1.3
2.1
0.8
2.0
.8
1.0
-.9
.4
1.5
2.7
1.3
1.9
3.6
2.8
4.1
4.3
1.7
.7
-1.0
2.7
3.8
5.5
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
5.3
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.3
2.4
3.4
2.5
.8
3.2
3.4
2.6
.2
-2.4
-.3
2.7
3.3
4.5
5.0
3.6
4.4
3.5
5.7
4.8
5.1
3.4
2.8
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.0
2.7
0.9
3.1
-.1
2
-L3
.3
.6
2.0
..4
.2
5.3
1.5
3.3
3.3
-2.1
.6
2.2
5.0
4.0
2.3
2.4
3.9
3.4
2.2
4.9
5.6
-1.8
.7
1.6
2.2
-1.6
.2
1.9
2.2
5.6
4.4
5.7
4.6
5.5
5.0
5.3
4.6
-2.2
.4
2.9
4.2
.6
4.2
4.0
8.6
2.7
3.6
1.7
3.5
1.7
-1.4
2.7
4.3
5.5
3.7
4.5
7.8
3.6
5.2
1.3
3.3
3.2
4.2
1.9
3.5
3.4
4.7
1.6
3.3
2.5
3.1
1.8
1.7
1.8
-1.4
3.2
4.3
2.4
2.5
4.4
6.2
1.0
4.7
4.9
7.9
5.2
3.2
4.3
7.7
2.1
4.6
2.1
2.5
4.9
2.0
4.3
2.0
4.9
4.5
2.4
4.9
2.2
-2.5
2.8
2.0
-2.4
2.9
1
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data,
3
Wages and salaries of employees plus employers* contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
16
-1.4
.1
.8
2.0
.0
.1
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.0
.7
3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
.8
3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
1.7
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
1.8
2.8
1.3
2.5
1.1
2.7
1.9
2.2
1.1
.3
2.9
2.3
1.2
1.4
2.7
2.9
.6
3.3
2.2
-1.3
5.1
3.2
2.5
-1.2
5.1
1.9
2.4
1.5
1.6
-.6
.1
.1
-1.5
4.6
2.5
-.4
-3.2
4.1
2.0
-1.3
-2.5
2.3
1.7
.6
1.2
2.2
1.6
.7
.8
5.1
.9
3.1
3.6
4.9
1.4
2.7
3.8
2.9
-1.7
-.4
1.3
-1.1
-.6
— 2
-L6
2.7
-1.2
-.8
1.5
3.2
2.3
-.1
-.7
3.1
2.8
0
-.4
1.5
3.5
2.0
.7
1.2
4.5
2.3
.5
3.8
3.8
3.2
4.1
3.7
3.1
.7
.4
1.1
1.0
.3
1.0
1.7
-.8
1.1
1.6
-1.2
1.1
1.4
1.3
.2
1.3
1.2
-.1
0.6
3.1
2
.1
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
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 Ijabor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
Industrial production rose and capacity utilization fell in November.
INDEX, 1967 = 100- (RATIO SCALE)
160
FINAL PRODUaS
150
BUSINESS
EOIJIPMFNT
140
INDEX, 1987= 100- (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
130
^
120
_-__^1^^
130
f
r""^
s'
^-^
\^
110
100
^T^
I Mt 1
Mill
1 1 ! 1 1 1 1 t 1 1 1
120
II 1 ! i
MM!
1 1! M
Mill
1 1 1M
MM!
*^~~s—
-f ^^
110
„'----'"
100
^ -•
~"~\
s_ x
GOODS
•*_
90
"'*"*••••
/" ^
80
DEFENSE
AND SPACE
EQUIPMENT
"'""%
" \
70
inn i i i i i
UTILITIES AND MINING
130
UTILITIES
110
A
\
120
- ,'
>, .'-..X
HM 1
MM!
90
1991
M | M
1 1 1 H
/\;~-"\^-'"—-
.-.' -
MM!
1 1 n'lTHi M
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
'
/"
MINING
100 'V
1 1 M 1
PERCENT'
-/[X
^-VN
/I
r—^~^
^ " > J/*•
1 1 M i !1 1 1 1 1
I f If 1 i 1 ! I1 1
1 1 1 1 1 1 1 M It
1992
1993
1994
1 11 1 1 1 1 1 1 ! I
1995
\XV i
IVl/l
M I M M M 1 !M M 1
1991
1
1992
1
M 1 M 11 M M 1 M ! I ! M1 M
1993
1995
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1987=100
Total
industrial
production
Period
Index,
1987=100
Capacity utilization
rate, percent 1
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
1986
1987
1988
1989
1990
1991
1992
1993
1994
94.4
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
1.7
.9
4.9
4.4
1.5
.0
-1.7
3.4
3.5
5.9
91.6
94.3
100.0
104.7
106.4
106.1
103.8
108.2
112.3
119.7
91.8
93.9
100.0
106.6
108.6
107.4
104.1
109.3
115.6
125.8
91.5
94.9
100.0
102.3
103.7
104.4
103.4
106.7
108.6
113.0
109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.0
100.3
99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.3
117.9
80.3
79.2
81.5
83.7
83.7
82.1
79.2
80.3
81.4
83.9
79.5
79.1
81.6
83.6
83.2
81.3
78.0
79.5
80.6
83.3
1994- Nov
Dec
120.5
121.5
6.5
6.5
122.7
123.8
129.5
131.2
115.1
115.5
99.9
100.7
116.7
116.5
84.6
85.1
84.2
84.7
1995- Jan ...
Feb
Mar
121.8
121.7
121.9
121.4
121.3
121.4
121.5
122.7
122.9
122.5
122.8
6.3
5.4
4.7
3.9
3.2
2.8
2.6
3.2
3.2
2.2
1.9
124.1
123.9
124.0
123.5
123.2
123.3
123.3
124.2
124.9
124.7
124.9
131.8
132.1
132.2
131.6
131.1
131.5
131.5
133.2
134.5
133.8
134.3
115.6
114.8
115.1
114.6
114.4
114.3
114.3
114.3
114.3
114.5
114.4
100.6
100.8
100.3
100.6
100.5
101.0
100.7
100.0
100.0
98.9
98.8
117.3
118.5
119.2
118.8
122.1
121.0
122.7
128.8
123.1
122.5
124.1
85.1
84.7
84.6
84.0
83.7
83.5
83.3
83.8
83.7
83.2
83.1
84.6
84.2
84.0
83.3
82.8
82.6
82.3
82.6
82.8
82.3
82.2
1985
May
June
July
Sepf
Octr ..
NovP
1
Output as percent of capacity.
Note.—Data for November 1995 and prior monthly revisions not plotted in chart.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1985
1986
.
1987
1988
1989
1990
1991
1992
1993
1994
1994- Nov
Dec
1995: Jan
94.2
95.7
100.0
104.8
106.8
107,0
105.4
108.7
112.7
118.3
120.1
120.9
121.3
121.1
121.5
120.9
120.6
121.1
121.2
122.4
122.6
121.7
122.0
Feb
Mar
July
Ocf
NOVP
1
93.7
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
114.8
115.5
115.5
114.9
115.3
114.4
114.1
114.8
114.6
115.9
115.9
115.4
115.8
Durable
goods
91.6
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
125.4
127.5
127.1
127.3
126.0
124.9
121.6
122.3
121.4
124.0
125.8
123.2
124.4
Nondurable
goods
94.4
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108.6
111.2
112.3
112.6
112.7
111.9
112.7
111.8
112.4
113.1
113.0
113.9
113.5
113.5
113.7
Total i
94.8
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
128.3
129.3
130.4
131.0
131.4
131.3
130.8
131.2
131.6
132.9
133.2
131.7
132.0
Business
91.1
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
150.2
151.5
153.2
154.3
155.1
155.0
154.3
155.1
155.7
157.5
158.3
156.8
157.6
Defense
and
space
equipment
89.4
96.0
100.0
99.7
100.1
98.8
90.8
84.8
79.3
71.9
69.4
69.2
68.9
68.2
67.8
67.1
66.8
66.8
66.5
66.1
65.2
64.3
63.2
Total
88.3
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.6
109.9
109.5
109.5
109.2
108.2
108.2
108.2
108.5
109.4
109.7
109.8
109.7
Construction
supplies
89.1
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
108.7
110.5
109.7
109.5
109.2
108.0
106.6
107.2
107.3
107.0
108.8
108.5
108.0
Business
supplies
87.7
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
110.4
109.7
109.5
109.6
109.3
108.5
109.4
109.1
109.5
111.0
110.4
110.7
110.9
Total
Energy
96.6
95.9
100.0
105.0
106.7
106.8
105.5
109.7
113.8
122.0
125.2
126.6
127.1
127.1
127.2
127.0
127.2
126.8
126.8
128.1
128.3
128.4
128.7
103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.5
105.3
105.6
106.0
106.2
106.4
106.4
106.6
107.2
107.2
107.5
108.5
106.4
105.5
106.2
Includes oil and gas well drilling and manufactured homes, not shown separately,
[1987 = 100; monthly data seasonally adjusted}
Durable manufactures
Primary metals
Period
Total
1985
1986
1987
1988
.
1989
1990
1991
1992
1993
1994
1994- Nov
Dec
1995: Jan
Feb
July
SepU
Ocf
Nov
101.8
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
120.0
122.8
121.5
120.8
121.3
120.2
119.5
117.5
118.3
115.4
120.9
119.4
120.1
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
104.5
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.9
119.3
122.6
127.4
125.5
124.9
125.8
123.5
123.0
119.2
119.3
117.7
127.0
122.1
122.5
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
94.5
93.8
100.0
104.2
102.8
99.5
94.5
99.0
103.1
110.5
113.3
114.8
114.3
115.0
114.3
112.3
113.7
113.7
112.4
114.3
115.0
114.0
114.5
86.8
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
165.9
167.5
171.4
171.8
172.4
174.3
174.6
174.4
176.0
179.5
181.6
184.1
187.0
93.1
94.3
100.0
108.5
111.0
111.4
113.9
123.5
134.1
154.3
162.8
166.3
166.7
167.7
169.4
169.6
171.1
173.0
175.7
178.7
180.9
182.2
183.0
Nondurable manufactures
Transportation
equipment
Total
91.8
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
116.3
117.3
117.8
118.5
118.0
115.7
113.2
113.4
111.6
114.1
114.0
109.4
108.5
Motor
vehicles
and
parts
99.0
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
144.1
145.9
147.3
148.4
147.6
143.0
138.8
139.7
136.7
142.1
143.2
139.8
140.7
Lumber
and
products
88.0
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
104.3
108.6
107.1
105.0
103.9
103.9
101.7
103.0
103.7
103.7
107.3
106.4
105.7
Apparel
products
92.6
96.3
100.0
98.1
95.0
92.2
92.7
95.0
97.1
100.1
101.0
101.6
100.6
99.8
99.3
97.4
97.5
95.5
94.8
94.5
94.2
92.6
92.0
Printing
and
publishing
Chemicals
and
products
Foods
87.6
90.6
100.0
100.9
101.1
100.8
97.0
98.1
98.8
100.1
101.3
100.7
100.1
100.3
99.3
99.2
99.0
98.6
99.0
100.5
100.3
100.2
100.8
91.4
94.6
100.0
106.0
109.2
111.8
110.5
114.4
115.4
121.3
123.2
124.7
126.2
124.7
125.0
123.5
124.0
124.4
124.0
124.4
125.1
126.8
126.5
94.9
97.4
100.0
101.5
102.5
103.7
105.3
106.9
109.5
113.2
114.8
114.9
115.9
114.2
115.0
115.1
115.9
116.1
115.3
115.5
115.3
115.0
115.0
NEW CONSTRUCTION
[Monthly data seasonally adj<isted]
Construction contracts3
Private
Period
Total new
constnietion
expenditures
Residential
Total
New housing
units
Total'
Commercial
and Indus'
trial "
Other
Federal
and
State
and
local
Total value
index
(1987=100)
Commercial
and iiulvistrial
floor space
(millions of
square feet)
Billions of dollars
377.4
407.7
419.4
432.3
443.7
442.2
403.4
435.0
464.5
506.9
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
299.5
323.1
328.7
337.5
345.5
334.7
293.3
315.7
339.2
376.6
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
238.S
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
73.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
51.3
51.6
50.1
51.5
54.6
55.4
58.4
62.1
62.3
63.9
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.3
125.3
130.3
91
96
100
101
105
95
89
97
105
114
Annual rates
1,097
1,016
1,019
973
961
783
577
556
589
715
Annual rates
1994- Oct
Nov
Dec .
521.3
520.2
521.8
382.9
387.1
386.1
240.5
242.4
243.6
168.3
169.3
169.7
76.9
81.4
80.9
65.6
63.2
61.7
138.3
133.1
135.7
'115
117
109
707
771
688
1995- Jan
Peb
Mar
521.1
521.4
523.5
522.1
514.5
518.9
528.2
526.5
532.3
546.9
384.8
383.7
383.3
382.2
376.1
377.5
385.2
383.6
384.9
390.9
241.9
240.2
237.9
234.1
231.3
228.4
232.4
232.3
235.6
237.4
168.6
167.2
163.9
159.8
156.4
153.2
157.6
161.0
163.9
166.3
81.3
82.7
84.7
85.0
81.9
85.9
87.9
87.2
85.6
90.2
61.5
60.7
60.7
63.1
62.9
63.2
64.9
64.1
63.7
63.3
136.2
137.8
140.2
139.9
138.4
141.4
143.0
143.0
147.4
155.9
112
'115
116
'108
118
'122
'118
123
119
'114
113
786
883
778
632
727
800
713
826
828
731
851
July
Sept'
Ocf
1
Includes
2
Includes
3
residential improvements, not shown separately.
hotels and motels.
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information
Systems Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
{Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1985
1986
1987 .
1988
1989
1990
1991
1992
1993
1994
..
.
.
1 unit
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,451
1,536
1,545
1,366
1,319
1,238
1,269
1,282
1,298
1,432
1,392
1,389
1,337
1,164
1,186
1,250
1,055
1,048
987
1,009
988
1,034
1,107
1,126
1,121
1,099
2-4 units
5 or more
units
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
576.1
542.0
408.7
348.0
317.6
260,4
137.9
139.0
132.6
223.5
Units
authorized
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
:i
l,371.6
Units
completed
Homes
sold
Homes for
sale at end
of period ]
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
688
750
671
676
650
534
509
610
666
670
346
357
366
368
365
321
284
265
293
338
1,376
1,371
1,388
1,436
1,302
1,443
1,334
1,342
1,256
1,345
'1,246
'1,253
1,298
707
642
627
643
575
612
607
667
723
'781
'699
'692
673
330
335
338
342
347
347
348
347
347
'344
'347
'350
360
Vacancy rate
for rental
housing units
(percent) 2
6.5
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
'-73
7.4
Seasonally adjusted annual rates
1994- Oet
Nov
Dec
1995- Jan
Feb
July
Sept
Ocf
1
39
62
33
38
42
35
26
36
33
40
28
39
43
Seasonally adjusted.
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
:J
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
2
248
288
262
273
229
216
234
258
231
285
238
229
195
1,401
1,358
1,420
1,293
1,282
1,235
1,243
1,243
1,275
1,355
1,368
1,405
1,384
7.4
7.4
7.7
7.7
NOTE.—l^ginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Cotmumte, Rutv.au of the Census,
1Q
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In October, manufacturing and trade sales fell 0.4 percent and inventories rose $6.1 billion. According to advance
data, retail sales rose 0.8 percent in November following a decline of 0.4 percent in October.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,000
400
^
900
'
r—'-"
—.,
350
800
\
MA -4UFACTURIN<3 AND
TRADE INVENTC)RIES
700
300
— — --•*»
_/ — ""
250
600
V
-„
500
RFJAIL INVENTORIES
200
NUFACTURIN
AND TRADE SAL!:S
400
RETAIL SALES -
150
300
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
1.50
x\_,^
V
">.
•>•• ^V
^Woi
/•- •-•"
/
>U-^^.
1.40
! 1 1 1 11 1 1 11 1
1 Ii
1994
II 1 I 1 1 1 1
1995
1.30 1 1 i i 1 1 1 1 1 1 1
1991
s^S^S
1 111 1 11 1! 11
1 1111 111 1M
1 1 1 1 1 1 1 1 1 i 1
1 1 ! M 1 ! 1 11 1
1992
1993
1994
1995
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturing and
trade *
Period
Sales 2
Inventories3
_,--'•
~\X""^'-\
ANDTRA DE
1 1 1 1 1 1 1 i i n ii 1 1 1 1 1 1 1 H 1 1 1 1 1 I t 1 1 u
1991
1993
1992
\/
COUNCIL OF ECONOMIC ADVISERS
Retail
Wholesale
Sales2
Sales2
Inventories3
Total
Durable
goods
stores
Inventory-sales
ratio 4
Inventories3
Nondurable
goods
stores
Total
Durable
goods
stores
Nondurable
goods
stores
Manufacturing
and
trade 1
88,738
93,566
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,947
140,258
140,906
140,947
141,542
142,174
141,670
141,732
142,683
143,224
143,091
144,219
144,037
144,645
1.53
1.56
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.39
1.38
1.37
1.38
1.39
1.40
1.42
1.41
1.41
1.43
1.41
1.41
1.43
Retail
Millions of dollars, seasonally adjusted, except as noted
1984 .
1985
1986
1987 ..
1988
1989
1990 .. ..
1991
1992 .
1993 .. ..
1994
1994: Ocf
Nov
Dec
1995: Jan
Feb
Mar
May
July
Sept'
Ocf
NovP
410,124
422,583
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,076
639,770
653,389
' 661,568
671,275
673,918
675,480
674,797
672,912
678,444
682,958
675,776
687,610
689,804
687,184
649,780
664,089
662,753
709,814
765,270
811,154
834,391
829,685
838,895
860,979
916,550
908,519
913,833
916,550
928,672
936,091
942,743
952,235
956,516
960,157
964,894
968,658
973,482
979,560
112,199
113,459
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,521
177,903
178,593
182,830
182,829
185,056
183,207
184,597
186,244
187,472
186,232
187,203
188,303
187,605
142,452 107,243
147,409 114,586
153,574 120,803
163,903 128,442
178,801
138,017
187,009 146,581
195,550 153,718
200,062 154,661
207,663 162,632
215,878 172,875
234,722 186,414
191,511
231,982
233,858 '191,784
234,722 192,392
238,272 193,299
240,365 191,868
243,462 193,153
246,867 193,022
247,702 195,107
249,813 196,774
253,060 196,070
253,017 197,386
254,063 197,221
255,854 '196,424
197,911
37,873
41,510
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,369
76,828
'76,891
77,047
76,775
76,138
76,978
76,549
77,533
78,835
78,446
79,940
79,103
'79,063
79,891
1
3
2
4
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
20
69,369
73,075
75,746
80,453
85,587
91,818
97,981
100,497
103,999
108,080
113,045
114,683
'114,893
115,345
116,524
115,730
116,175
116,473
117,574
117,939
117,624
117,446
118,118
'117,361
118,020
167,812
181,881
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,676
290,018
288,474
289,987
290,018
294,296
296,000
297,200
299,690
300,525
300,333
299,411
302,495
303,242
305,890
79,074
88,315
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,709
149,071
148,216
149,081
149,071
152,754
153,826
155,530
157,958
157,842
157,109
156,320
158,276
159,205
161,245
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.49
1.52
1.56
1.55
1.54
1.58
.55
.54
.52
.51
.50
1.51
1.51
1.51
1.52
1.54
1.54
1.55
1.54
1.53
1.53
1.53
1.54
1.56
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In October, manufacturers' shipments and new orders fell; inventories and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
480
440
400
360
320
280
320 - SHIPMENTS 280
240
200
DURABLE GOODS
• INVENTORIES
-v
- TOTAL
240
160
200
DURABLE GOODS -
120
160
NONDURABLE GOODS
\
120
80
NONDURABLE GOODS
BILLIONS OF DOLLARS' (RATIO SCALE)
320 - NEWORDERS
TI-ITAI
280
240
r
-^s~J^~*\
-^
.—**
[—N.
80 till
<"
r^—"'
200
DURABLE «DODS
160
120
.
»
'
• —
^*"
^- •*-
r •*
\ J •— -^'v
^ ,.i •'N. -N.*' , — '~*
/
%
NONIXIRABLE GOC IDS
80 1 1 j 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i
1991
1992
1993
1994
1 1 I 1 1 1 1 1 i 1 1
1995
1995
•SEASONAllY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNat Of ECONOMIC ADVISERS
Manufacturers' shipments '
Manufacturers' inventories2
Manufacturers' new orders!
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondcfcnse
Nondurable
goods
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
38,276
40,781
37,759
41,785
42,055
42,628
40,072
43,115
42,964
40,233
41,676
46,941
'43,488
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
131,835
134,395
137,204
137,217
137,466
136,583
137,516
137,544
137,723
137,733
137,821
137,172
138,075
Manufacturers'
unfilled
orders2
Manufacturers'
inwntory—
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: Get
Nov
Dec ...
1995: Jan
Feb
Mar
July
Sept'
Ocf
97,940
190,682
194,538 101,279
103,238
194,657
206,326 108,128
223,541 117,993
232,724 121,703
122,387
239,459
235,518 119,151
244,511
125,553
258,520 135,981
280,835 151,060
283,975 152,586
291,191 157,292
296,053 159,299
297,790 161,079
298,556 161,206
161,571
298,437
295,293 157,970
297,093 159,612
298,712 160,828
293,474 155,919
303,021
164,196
304,280 165,939
303,155 '164,629
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
131,389
133,899
136,754
136,711
137,350
136,866
137,323
137,481
137,884
137,555
138,825
138,341
138,526
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
388,063
389,988
391,810
396,104
399,726
402,081
405,678
408,289
410,011
412,423
413,146
416,177
417,816
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
244,925
246,374
247,644
250,251
252,124
253,237
255,334
256,787
257,442
259,532
260,091
261,706
263,508
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data arc seasonaily adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
:i
Annual data are averages of seasonally adjusted monthly ratios.
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
143,138
143,614
144,166
145,853
147,602
148,844
150,344
151,502
152,569
152,891
153,055
154,471
154,308
192,879
100,164
195,706
102,356
195,204
103,647
209,389
110,809
227,026 121,445
235,932
124,933
240,646 123,556
234,354
117,878
241,545
122,614
255,701
133,273
281,953 151,878
285,985
154,150
293,716
159,321
299,514 162,310
301,724 164,507
300,804 163,338
299,625 163,042
293,069 155,553
297,046 159,502
296,754 159,031
293,863
156,130
301,903 164,082
306,123 168,951
305,143 '167,068
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
450,853
453,378
456,838
460,772
463,020
464,208
461,984
461,937
459,979
460,368
459,250
461,093
463,081
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
1.37
1.34
1.32
1.33
1.34
1.35
1.37
1.37
1.37
1.41
1.36
1.37
1.38
Note.—New and revised data for October 1995 and revised data for September 1995 not
plotted in chart.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In November, the producer price index for alt finished goods rose 0.5 percent. Prices of finished consumer foods
rose 1.2 percent and prices of other finished consumer goods rose 0.2 percent. Capital equipment prices rose
0.4 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
150
150
140
140
130
no
100
1987
COUNCIL Of ECONOMIC ADVISES?
SOURCE: DEPARTMENT Of 1ASOR
[1982=100; monthly data seasonally adjusted]
Finished goods
Intermediate materials
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1985
1986
1987
1988 .
1989
1990
1991
1992 .
..
1993
1994
1994: Nov
Dec
1995- -Tan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
1
104.7 104.6
103.2 107.3
105.4 109.5
108.0 112.6
113.6 118.7
119.2 124.4
121.7 124.1
J23.2 123.3
124,7 125.7
125.5 126.8
126.1 127.3
126.5 129.0
127.1 128.3
127.3 128.7
127.5 128.6
127.8 128.4
128.0 127.5
127.7 127.1
127.8 128.4
127.7 128.5
128.1 129.8
128.0 129.8
128.6 131.4
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
125.6
125.7
126.6
126.9
127.1
127.5
128.0
127.8
127.5
127.4
127.5
127.4
127.6
Intermediate materials for food manufacturing and feeds,
22
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
122.2
122.2
123.2
123.4
123.6
124.2
124.7
124.5
123.9
123.7
123.8
123.6
123.8
Durable
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
131.4
131.6
132.0
132.2
132.0
132.3
132.3
132.3
132.5
132.6
132.9
132.9
133.7
Nondurable
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
116.9
116.7
118.0
118.3
118.6
119.3
120.0
119.7
118.7
118.5
118.5
118.2
118.1
Capital
equipment
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
134.5
134.9
135.5
135.7
135.9
136.2
136.5
136.5
136.8
137.1
137.2
137.1
137.7
Total
finished
consumer
goods
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
123.9
124.3
124.8
125.1
125.3
125.6
125.7
125.4
125.4
125.3
125.7
125.6
126.2
Total
Foods
and
feeds i
Other
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
120.9
121.4
123.0
123.9
124.4
125.1
125.4
125.4
125.5
125.5
125.4
125.2
125.2
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
112.5
111.9
112.3
112.2
112.6
111.5
110.4
111.5
113.3
114.5
115.5
119.0
121.8
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
121.4
121.9
123.5
124.5
125.0
125.8
126.2
126.2
126.1
126.1
126.0
125.5
125.4
Source: Department of Labor, Bureau of Labor Statistics.
Crude materials
Total
Foodstuffs
and
feedstuffs
Other
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
100.1
100.6
100.9
102.5
101.2
102.9
101.8
103.1
102.6
101.0
102.9
103.2
104.9
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
102.4
102.3
102.3
103.6
101.1
100.0
97.2
100.9
105.0
105.8
110.2
112.5
116.6
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
94.7
95.6
96.0
97.8
97.4
100.8
100.8
100.5
97.1
94.0
94.3
93.3
93.3
CONSUMER PRICES—ALL URBAN CONSUMERS
In November, the consumer price index for all urban consumers was unchanged, seasonally adjusted (it fell 0.1
percent not seasonally adjusted). The index was 2.6 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
INDEX, 1982-84 = 100 (RATIO SCALE)
160
160
SEASONAUY ADJUSTED
150
150
140
140
130
130
120
120
110
110
100
100
90
i iii iiiiil
! 111i I 11 II
1987
1988
1989
1990
1991
1992
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items'
1
Shelter
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Nov
Dec
1995: Jan
Feb
Mar
Apr
May
July
Aug
Sept
Get ... .
Nov
1
Not
seasonally
adjusted
(NSA)
100.0
107.6
109.6
113.6
118.3
124.0
130 7
136.2
140.3
144.5
148.2
149.7
149.7
150.3
150.9
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
153.6
Seasonally
adjusted
149.8
150.1
150.6
151.0
151.3
151.9
152.3
152.5
152.8
153.0
153.2
153.7
153.7
Food
15.8
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
146.0
147.1
146.7
147.1
147.1
148.2
148.3
148.4
148.7
149.0
149.7
150.2
150.0
Total
Renters'
costs
(Dec.
19g2=
100)
28.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
162.2
162.3
162.8
163.3
163.8
164.4
165.0
165.3
165.8
165.9
166.6
167.2
167.5
8.0
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
170.2
170.1
170.5
171.0
172.0
172.7
173.4
173.5
174.1
173.9
174.7
175.3
175.2
Total1
41.2
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
145.9
145.9
146.5
146.9
147.2
147.6
147.8
148.1
148.5
148.9
149.1
149.7
149.8
Includes items not shown separately.
Household fiiels—gas (piped), electricity, fuel oil, etc.—ai I motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
3
Relative importance, December 1994.
2
Home- Main- Fuel
teownand
nance other
ers'
and
costs
utilire(Dec.
ties
1982= pairs
100) (NSA)
19.9
113.1
119.4
124.8
131.1
137.3
144.6
150.2
1 55.3
160.2
165.5
167.7
167.8
168.4
168.9
169.2
169.8
170.4
170.8
171.3
171.6
172.2
172.8
173.4
0.2
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
131.2
132.7
133.1
133.8
134.2
134.2
134.6
135.0
135.1
135.4
135.4
136.3
136.2
7.1
106.5
104.1
'03.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
122.9
122.7
123.3
123.3
123.1
123.4
122.9
123.4
123.5
124.2
123.4
124.1
124.3
Apparel
and
up- Total i
keep
5.7
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.4
132.1
133.0
132.2
132.2
132.1
131.7
131.3
131.6
132.0
131.7
132.1
132.0
17.1
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
136.3
136.6
137.4
137.9
138.7
139.7
140.3
140.9
140.3
139.4
139.2
139.4
138.6
New
cars
MediMotor cal
care
fuel
Energy2
All
items
less
food
and
energy
4.1
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
137.4
137.6
137.7
138.1
138.1
138.9
139.0
139.2
139.0
139.3
139.6
139.6
139.8
3.1
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
101.1
101.3
101.7
101.3
100.9
101.5
103.5
103.8
101.9
98.8
97.3
97.0
94.9
7.3
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
215.2
216.2
216.9
217.6
218.2
218.8
219.5
220.2
221.0
221.8
222.5
223.2
224.0
7.0
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.5
105.4
105.7
105.6
105.1
105.5
106.0
106.5
105.6
104.8
103.3
103.7
102.8
77.2
109.1
11.3.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
158.3
158.5
159.2
159.6
160.1
160.7
161.0
161.3
161.7
162.0
162.4
162.9
163.0
NOTE.—Data incorporate a rental equivalence measure for homeownership costs (beginning
1983).
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent dmnge from preceding period; monthly data seasonally adjustwl, except as noted by NSA|
Change from preceding period
Change from 3 months earlier, annual rate
Change from b' months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Excluding
foods
Foods
Change
from year
earlier,
Capital
total
IH]uip-
finished
goods
nierit
NSA
Change, Dec. to Dec., NSA
1985
1986
1987
1988
1989
1990
1991 .
1992
1993
1994
1.8
-2.3
2.2
4.0
4.9
5.7
-1
1.6
.2
1.7
0.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
2.1
-6.6
4.1
3.1
5.3
8.7
-7
1.6
-1.4
2.0
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
Change, month to month
1994- Nov ..
Dee
1995- Jan ..
Feb
July*"
Aug
Sept .
Oet
0.6
.3
.5
.2
.2
2
.2
-.2
.1
-.1
.3
.,
1
.5
0.1
.3
.4
.1
.1
.2
.2
0
.2
'.2
.1
-.1
.4
0.7
0
.8
.2
.2
.5
.4
-.2
-.5
-.2
.1
-.2
.2
1.0
1.3
-.5
.3
-.1
-.2
-.7
-.3
1.0
'.1
1.0
0
1.2
-0.3
2.2
5.9
3.9
3.2
2.2
2.2
.6
0
-.9
1.3
.6
2.8
-0.6
-.3
3.6
3.6
3.0
2.1
2.4
1.8
1.8
1.8
2.1
•-.9
1.8
-1.6
.7
6.1
4.0
4.7
3.3
4.3
2.9
-1.0
-3.2
-2.2
-1.0
.3
2.9
9.2
7.2
4.5
-1.2
.3
-3.7
-4.6
0
3.2
8.8
'4.4
9.3
1.9
5.5
3.5
3.7
3.8
3.7
.3
-2.9
.2
-.3
1.9
2.2
6.2
1.6
2.1
2.6
1.8
2.7
4.0
3.0
1.9
1.1
.6
.9
.3
.9
0.6
.9
1.6
1.5
1.3
2.8
3.0
2.4
1.9
2.1
1.9
1.3
1.8
1.7
1.3
2.5
1.1
2.6
4.7
4.1
3.8
1.1
.5
.3
-1.0
-1.4
1.3
1.7
1.7
1.7
1.8
2.1
2.2
2.1
1.7
1.3
1.8
2.1
2.0
Source; Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
| Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSAj
Housing
All
items J
Period
All
Fuel
Food
Total l
RentTotal '
ers'
costs
Addendum: All items,
percent change
(gnnua rate)
Transportation
Shelter
Hof noowners'
costs
and
other
utilities
Ap-
Medi-
parel
and
upkeep Total"
New
cars
Motor
fuel
cal
care
KnerKX 2
items
less
food
and
energy
From
previous
quar-
ter •'
From
From
3
6
months months
earlier earlier
From
year
earlier
NSA
Change, December to December, NSA
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
:
38
1.1
4.4
4.4
46
6.1
3.1
2.9
2.7
2.7
2.6
43
6.0
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
1.7
3.7
4.0
39
4.5
3.4
2.6
2.7
2.2
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
0.1
.2
.3
.3
.2
4
.3
.1
.2
.1
.1
.3
0
0.1
.8
-.3
.3
0
.7
.1
.1
.2
.2
.5
.3
-.1
0.1
0
.4
.3
.2
3
.1
.2
.3
.3
.1
.4
.1
0.2
.1
.3
.3
.3
4
.4
.2
.3
.1
.4
.4
.2
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
2.8
1.8
59
26
.9 -5.9
4.6 -5.6
1.6
4.8
6.1
5.3
4.7
2.9
4.7
3.0
3.2
1.0
51
40
4.0
4.7
5.1 10.4
2.9
3.4 -1.5
3.7
1.4
2.9
2.3
3.0
.9
2.5
3.2
2.4
.2 -1.6
3.3
3.8
31
34
5.9 -3Q7
1.8 18.7
2.1 -2.1
23
68
1.4 36.5
3.3 -160
1.8
2.3
2.8 -54
3.2
5.9
18
7.7 -197
8.2
5.8
.5
6.9
51
8.5
18.1
9.6
7.9 -7.4
2.0
6.6
5,4 -1.4
2.2
4.9
3.8
4.2
4.7
44
5.2
4.4
3.3
3.2
2.6
0.4
.5
.3
.3
.3
3
.3
.3
.4
.4
.3
.3
.4
0.2
.1
.4
.3
.3
4
.2
.2
.2
.2
.2
.3
.1
6.8
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
43
Change, month to month
1994: Nov
Dec
1995- Jan .
Feb
Mar
...
May
July
Aug
Sept
Oct
Nov
1
0.3
1
.2
.3
.6
.4
.4
.1
.3
-.1
.5
.3
-.1
0.2
.1
.4
.3
.2
4
.4
.2
.3
.2
.3
.3
.3
0.2 -0.3
2
2
.7
.5
0
-.6
-.2
0
-.1
.2
-.4
-.3
3
.4
.1
.2
.3
.6
-2
-.6
.3
.6
-.1
.2
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, ete.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
2
24
3
0.7
0.1 -0.1
.2
.2
.1
.1
.4
.6
-.4
.4
.3
-.4
0
.6
7
6
6
2.0
.1
.4
.3
.1
.4
1
-1.8
-4
'.2 -3.0
-.6
.2 -1.5
-.1
-.3
.1
0
.1 -2.2
-.6
0.5
-.1
.3
-.1
-.5
4
.5
.5
-.8
_ Q
-IA
.4
_ g
2'2
s"i
£2'
2.1
Quarterly (4iang<;s an? shown in the last month of the quarter.
Source: Department of Lalx>r, Bureau of Ijabor Statistics.
1.9
1.9
2.7
3.2
3.2
3.5
3.5
3.2
2.4
1.9
1.8
2.4
1.8
3.0
2.7
2.8
2.6
2.6
3.1
3.4
3.2
2.9
2.7
2.5
2.4
1.8
2.7
2.7
2.8
2.9
2.9
3.1
3.2
3.0
2.8
2.6
2.5
2.8
2.6
PRICES RECEIVED AND PAID BY FARMERS
In November, prices received by farmers rose 1.0 percent from their October level. Prices paid by farmers in
October rose 0.9 percent from their July level. (Data are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92-100 (RATIO SCALE]
120
120
110
110
100
60
60
1987
1988
1989
1990
1991
1995
1993
1992
/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAIP
OURCE DEPARTMENT OF AGRICULTURE
COUNCIi OF ECONOMIC ADVISERS
[1990-92=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and wage
rates1
Production
items, interest,
taxes, and wage
rates
Ratio2
Production
items
91
87
89
99
104
104
100
98
101
100
98
87
86
104
109
103
101
101
102
105
86
88
91
93
100
105
99
97
100
95
86
85
87
91
96
99
100
101
103
106
87
85
87
92
97
99
100
101
103
106
91
86
87
90
95
99
100
101
103
106
106
103
102
108
108
105
99
97
98
94
1994- Nov
Dec
95
98
100
106
90
90
(3)
(3)
(3)
(3)
(3)
(3)
90
92
1995- Jan
Peb
98
98
100
100
100
100
101
102
104
104
105
103
102
109
114
115
112
113
113
113
113
116
93
94
93
90
88
90
91
92
93
92
94
108
(3)
(3)
108
(3)
(3)
108
(3)
(3)
109
(3)
107
(3)
(3)
107
(33)
()
107
(3»
(3)
108
(3)
106
(33)
()
107
(3)
(3)
107
(3)
(3)
108
(3)
91
91
93
93
93
93
94
94
96
95
96
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
.
May
June
July
Sept
Oet
Nov
1
...
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates. See also footnote 3.
3
Prices paid by fanners are available only for first month in quarter, and for each month
the received/paid ratio is based on latest data available.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 rose In November and growth in M3 slowed.
BILUOh45 OF DOLLARS' (RATK) SCALE)
4,800
4,400
4,000
BIUJONS OF DOLLARS* (RATIO SCALE)
— •"""
_.-.-.--
3,400
M3
3,200
.
_
_
•" — •"•— **
3,600
.
3,200
\
--• ~
2,800
4,800
4,400
4,000
2,800
—- —
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
__^^
'
800
^~*~— ' ~" ""
-~r-"
\
^^
800
Ml
600
600
400
M 1 1 ! 1I 11 1 I
1987
1 | | | M ! 1 M 1
M i l l
1988
i i 1 1 i i 11 i 1 1 i i i ti
1989
1990
1 M 1 Ii 1 1 t ! 1
1 M 1 1 I 1 1 11 1
1991
1992
! t 1 1 1 1 1 1 1 11
1993
i i i i i i i i i i t i I i i i I : i i i t 400
1994
ADJUSTED
SOURCE: BOARD OF ODVERNORSOFTHEFttlERALRESBVE SYSTEM
'AVERAGES OF DAILY
1995
FIGURES; SEASONAttr
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally a4Justed]
Period
19851986:
19871988:
19891990:
19911992:
1993:
19941994-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Oct
Nov
Dec
1995- Jan
Feb
Mar
May
July
Sept
Oct 7
Nov*
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus overnight
RPsand
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and savings and small time
deposits
M2 pins large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) '
619.9
724.4
749.8
786.9
794.2
825.9
897.3
1,024.4
1,128.6
1,148.0
1,148.2
1,147.6
1,148.0
1,149.0
1,147.3
1,147.9
1,149.7
1,143.0
1,143.9
1,144.9
1,143.4
1,139.7
1,129.8
1,126.6
2,576.1
2,820.3
2,922.3
3,083.5
3,243.1
'3,356.1
3,457.9
3,515.3
3,583.6
3,616.9
3,610.2
3,611.9
3,616.9
3,628.9
3,624.7
3,632.4
3,645.6
3,662.3
3,698.6
3,717.8
3,743.5
3,757.3
'3,754.3
3,763.5
3,200.2
3,488.7
3,675.8
3,915.7
4,066.1
'4,123.2
4,176.0
4,182.9
4,242.3
'4,303.9
'4,286.3
'4,291.9
'4,303.9
'4,326.9
'4,336.7
'4,359.9
'4,382.8
'4,412.2
'4,459.4
'4,490.5
'4,519.2
'4,534.4
'4,546.1
4,551.6
1
Consists of outstanding credit market debt of the U.S. Govern merit, State and local governmerits, and private nonfinancial sectors; data from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 mouths
earlier at a simple annual rate.
26
3,827.5
4,129.1
4,334.8
4,670.1
4,896.5
4,972.6
4,989.8
5,059.3
5,145.7
'5,269.7
'5,237.4
'5,248.5
'5,269.7
'5,295.1
'5,335.0
'5,378.1
'5,405.3
'5,433.8
'5,471.4
'5,524.1
'5,559.5
'5,596.6
*• 5,616.2
'7,036.3
'7,924.6
'8,671.2
'9,446.4
'10,173.5
'10,851.2
'11,335.6
'11,878.1
'12,514.2
'13,150.8
'13,034.5
'13,108.9
'13,150.8
'13,198.7
'13,275.3
'13,336.5
'13,413.4
'13,514.9
'13,574.9
'13,602.6
'13,642.8
'13,684.4
f 13,725.6
Percent change from year
or 6
months earlier2
M2
Ml
12.3
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.7
.9
.7
.2
-.6
-.6
-.5
.3
Q
-.7
-.7
14
-3.5
-2.9
8.3
9.5
3.6
5.5
5.2
3.5
3.0
1.7
1.9
.9
.3
.2
.6
.7
.5
1.0
2.0
2.8
4.5
4.9
6.6
6.9
6.0
5.5
NOTE. —See |>. 27 for components,
Data for November 1895 and prior monthly revisions not plotted in chart.
Solmec: ^^ of Govl,rnors of thc KMi(,ra| j^^ s „,„,
M3
7.3
9.0
5.4
6.5
3.8
1.4
1.3
.2
1.4
1.5
1.7
'2.0
2.3
2.5
2.9
3.7
4.5
5.6
7.2
7.6
8.4
'8.0
7.5
6.3
Debt
'15.1
'12.6
'9.4
'8.9
'7.7
'6.7
4.5
4.8
'5.4
'5.1
4.7
'4.8
'4.8
'5.2
'5.4
5.4
5.8
'6.2
6.4
'6.1
'5.5
5.2
4.7
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
{Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Other
Decheckmand
able
depos- deposits
its
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars1
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits2
Large
denomination
time
deposits2
NSA
19851986:
19871988:
1989:
19901991:
19921993:
19941994-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Dec
1995: Jan
Feb
.. .
July
Oct
167.9
180.7
196.8
212.2
222.6
246.8
267.4
292.8
322.1
354.5
350.0
353.0
354.5
266.6
302.1
286.8
286.8
279.3
277.4
289.5
338.9
383.9
382.2
384.5
382.5
382.2
179.8
235.6
259.5
280.9
285.4
293.9
332.7
384.6
414.7
402.9
405.4
403.8
402.9
76.3
84.9
87.3
85.1
81.5
77.7
79.9
83.1
96.5
117.2
114.1
113.5
117.2
178.0
210.6
224.5
245.9
322.4
358.2
374.2
356.9
360.1
389.0
379.5
383.3
389.0
64.1
84.5
91.1
90.5
107.2
134.0
180.0
200.2
198.1
180.8
180.8
180.5
180.8
815.4
941.0
937.7
926.7
891.0
920.5
1,041.2
1,183.6
1,215.7
1,144.2
1,171.0
1,157.8
1,144.2
357.7
358.8
362.5
365.7
368.1
367.4
367.1
368.3
369.1
370.5
371.0
383.6
384.1
383.3
381.2
380.6
386.8
389.5
390.0
389.7
387.2
387.0
399.3
395.9
393.3
393.6
385.0
380.7
379.4
376.2
372.0
363.4
359.7
123.9
118.4
118.3
115.9
116.7
117.6
114.4
118.3
121.0
'118.6
116.1
392.1
391.5
390.9
396.0
405.4
426.2
442.0
455.9
462.6
466.4
471.3
186.3
180.4
189.0
192.9
194.8
205.6
212.4
210.8
213.5
215.8
214.8
1,129.8
1,111.9
1,094.9
1,082.4
1,081.4
1,091.1
1,091.4
1,098.1
1,105.2
1,112.2
1,117.7
1
Includes continuing contract RPs.
Small denomination and large denomination deposits are those issued in amounts of le:
than $100,000 and more than $100,000, respectively.
3
885.7
859.0
922.7
1,038.6
1,153.7
1,174.0
1,066.6
869.2
785.1
820.9
799.7
810.8
820.9
422.4
420.2
467.0
518.3
541.5
480.9
416.6
353.8
332.7
361.4
353.6
357.4
361.4
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
62.5
81.1
107.3
123.2
100.4
90.9
73.3
82.0
97.6
105.6
101.9
103.1
105.6
76.9
85.1
91.6
106.3
83.8
71.6
59.4
45.9
46.5
'52.2
'52.6
'54.3
'52.2
836.5 361.9
109.4
856.5
371.2
113.4
879.5 378.6
113.4
898.5 380.2 116.5
912.7 385.5 121.7
919.7 389.3 119.9
924.5 396.3
115.5
927.7 398.4
118.3
929.3 '401.1 116.4
930.8 '413.2 '316.3
933.9
418.4
111.5
Savings
bonds
Short- Bankterm
ers'
Treasacury
ceptsecuriances
ties
Commercial
paper
79.5
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.5
180.3
179.5
179.9
180.3
298.3
280.1
253.2
269.5
326.0
332.5
317.4
334.4
332.9
370.2
358.5
361.9
370.2
42.1
37.1
44.5
40.2
40.6
35.9
23.8
20.8
14.9
14.0
13.1
13.5
14.0
207.5
231.3
260.6
335.4
346.4
355.2
334.8
364.5
387.1
401.3
399.9
401.4
401.3
'52.9 180.5
'56.1 180.4
'58.2
180.5
'59.7
180.9
181.6
'60.8
182.3
'62.0
183.0
'62.8
183.7
'61.6
'60.0
184.1
'59.0 P 184.4
58.2
371.4
389.9
401.9
396.9
383.9
390.9
'410.8
'409.4
'427.1
r 431.5
13.4
13.4
14.1
13.9
12.3
11.3
11.8
12.2
12.9
402.8
414.7
421.7
430.8
443.8
427.5
428.0
435.0
'438.0
^441.2
fia.o
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures *; millions of dollars; seasonally atljusted, except as noted by NSA1
Borrowings of depository institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
19851986:
1987:
19881989:
19901991199219931994:
1994:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
1995- Jan
Feb
Mar
..
.
...
.
July
Sept
Oct
Novf
1
....
31,452
38,940
38,856
40,399
40,498
41,771
45,536
54,354
60,502
59,342
59,401
59,342
59,124
58,919
58,552
57,957
57,761
57,352
57,655
57,515
57,368
'56,821
56,269
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
30,133
38,113
38,078
38,683
40,232
41,445
45,343
54,230
60,420
59,133
59,152
59,133
58,988
58,860
58,483
57,847
57,611
57,080
57,284
57,233
57,091
56,575
56,065
Nonborrowed
plus
extended
credit
30,633
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
59,152
59,133
58,992
58,860
58,483
57,847
57,611
57,080
57,284
57,233
57,091
56,575
56,065
Required
30,415
37,570
37,809
39,352
39,575
40,106
44,557
53,199
59,440
58,174
58,394
58,174
57,785
57,973
57,757
57,204
56,881
56,388
56,565
56,527
56,418
55,739
55,327
Monetary
base
203,539
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
416,788
418,223
421,054
422,312
425,350
428,127
430,687
429,755
429,659
430,857
431,248
'432,424
432,674
Total
1,318
827
777
1,716
265
326
192
124
82
209
249
209
136
59
69
111
150
272
371
282
278
245
204
Seasonal
56
38
93
130
84
76
38
18
31
100
164
100
46
33
51
82
137
172
231
258
252
199
73
Extended
credit
499
303
483
1,244
20
23
1
1
0
0
0
0
4
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.3 percent in November; commercial and industrial loans rose
0.7 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200
3,600
2,800
2,400
120
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l
Securities in bank credit
Period
1988:
1989:
19901991:
199219931994:
Total
hank
credit
Total
securities
Loans and leases in bank credit
U.S.
CommerTotal
Other
Governand cial and
securities loans
ment
2
industrial
leases
securities
Real estate
Total
Revolving
home
equity
Consumer
Security
Other
Other
Dec
Dec
Dec
Dec
Dec
Dec
Dec
2,435.8
2,608.7
2,750.4
2,855.2
2,949.8
3,106.1
'3,319.0
562.4
584.9
634.1
745.2
841.4
915.5
949.5
367.2
400.3
455.8
565.2
664.9
730.8
728.5
195.3
184.6
178.2
180.0
176.5
184.7
221.0
1,873.4
2,023.8
2,116.3
2,110.0
2,108.4
2,190.6
2,369.5
607.6
638.8
640.3
619.0
594.6
584.5
'643.2
674.6
769.5
854.3
879.0
898.7
938.5
999.8
40.1
50.3
62.3
69.7
73.5
73.1
75.4
634.5
719.2
792.0
809.4
825.2
865.4
924.5
357.8
378.3
383.3
366.7
358.7
390.7
451.9
40.6
41.3
44.9
54.0
63.3
86.0
74.9
192.8
195.8
193.6
191.3
193.1
190.9
199.7
1994: Nov
Dec
3,300.1
3,319.0
954.2
949.5
732.5
728.5
221.6
221.0
2,345.9
2,369.5
638.4
'643.2
991.5
999.8
74.9
75.4
916.5
924.5
445.2
451.9
73.3
74.9
197.6
199.7
'3,351.2
3,363.7
3.388.4
. . r 3,456.5
3,483.7
3,499.3
3,516.1
3,531.1
3,551.9
3,555.1
3,559.8
946.4
936.7
939.1
'981.1
977.0
973.7
964.2
971.2
976.7
975.8
972.1
729.5
724.9
711.9
710.8
713.7
711.5
705.9
710.2
707.6
712.5
712.6
216.8
211.8
227.2
'270.3
263.3
262.2
258.4
261.0
269.1
263.3
259.5
2,404.8
2,427.0
2,449.3
2,475.3
2,506.7
2,525.6
2,551.9
2,559.9
2,575.2
2,579.2
2,587.7
'656.5
669.4
673.9
'681.2
689.1
692.0
697.5
698.8
702.6
703.3
708.5
1,015.1
1,022.9
1,028.8
1,037.0
1,042.6
1,051.6
1,062.6
1,067.9
1,071.7
1,074.4
1,076.0
75.7
75.9
76.0
76.5
77.2
77.6
78.0
78.4
78.7
78.7
79.1
939.4
947.1
952.8
960.4
965.5
974.0
984.6
989.4
993.0
995.8
996.9
457.3
'459.5
465.1
471.2
473.0
478.1
481.1
486.3
489.2
489.1
491.1
72.9
72.4
75.0
78.5
90.1
89.9
89.3
84.6
87.1
84.7
83.9
'203.1
'202.8
206.4
207.6
211.9
214.0
221.4
222.4
224.6
227.7
228.2
1995: Jan
Peb
Mar
Apr
May
July'
Aug'
Sept'
Oct'
Nov
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment
companies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifieations of assets and liabilities.
28
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
NOTE.—Data for November 1995 and prior monthly revisions not plotted in chart.
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
Period
1985
1986
1987
1988
Total
493.8
538.8
564.7
634.2
567.9
536.8
473.6
566.7
563.2
683.2
464.0
543.8
614.6
630.5
666.9
688.2
726.4
651.6
863.5
823.9
.
1989 ...
1990
1991
1992 ...
1993
1994
1993:
I
H
m
IV
1994:
I
II
m
IV
1995:
I
UP
Internal '
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
499.8
436.4
450.7
476.4
485.7
501.5
498.6
500.2
499.1
510.1
536.8
Credit market funds
Total
142.0
202.1
188.8
229.9
168.2
125.2
47.6
128.3
100.9
183.4
27.6
93.1
138.2
144.8
165.4
189.6
226.2
152.5
353.4
287.1
Total
Securities
and mortgages
Loans and
short-term
paper
13.2
65.1
39.9
-4.7
-37.6
-20.0
96.1
67.0
80.0
-30.5
84.0
65.9
99.0
71.1
71.5
83.0
49.4
99.8
105.6
68.4
-85.3
3.2
-17.6
104.4
-55.1
10.9
-22.0
-4.1
98.4
90.2
108.7
120.5
189.4
177.1
84.7
148.1
89.3
95.0
68.0
48.4
10.8
70.2
62.4
73.9
28.9
76.8
77.0
67.0
111.0
120.7
65.0
-1.0
161.6
216.7
12.6
30.5
-43.7
-121.5
-27.8
39.6
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits dividends, and subsidiaries' earnings
retained abroad.
2
rtonsists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Total
Other2
57.3
54.0
99.4
134.9
100.2
76.8
36.8
58.1
38.5
109.6
-1.3
16.2
61.3
77.8
54.5
68.9
161.2
153.5
191.9
70.4
467.2
501.7
492.3
575.8
509.4
488.7
435.4
529.0
531.4
664.2
431.7
532.4
553.0
608.4
633.5
660.2
678.0
685.0
812.9
771.7
Increase in
financial
assets
Capital
expenditures3
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
510.4
424.7
441.5
444.1
451.2
462.1
507.7
519.6
552.3
580.5
562.6
Discrepancy
(sources
less
uses)
97.0
157.5
130.9
184.8
108.3
85.9
55.6
143.0
91.0
153.8
7.0
90.9
108.9
157.2
171.4
152.5
158.4
132.7
232.4
209.1
26.7
37.1
72.4
58.4
58.4
48.1
38.2
37.7
31.9
19.0
32.3
11.4
61.6
22.1
33.3
28.0
48.4
-33.5
50.6
52.1
3
Plant and equipment, residential structures, inventory investment, and mineral righto from
U.S. Government.
Source; Board of Governors of the Federal llcserve System.
CONSUMER INSTALLMENT CREDIT
{Billions of dollars; seasonally adjusted]
Period
1985:
1986:
1987:
1988:
19891990:
1991:
1992:
Dee
Dec
Dec
Dee3
Dee
Dec .
Dec
Dec
1993: Dec
1994: Dec
1994: Oct
Nov
Dec
1995: Janr
Feb'
Mar'
Aw
May
Juner .
July
Aug'
Sept1"
Ocf
1
Total
Automobile
Revolving
Other*
Total
Automobile
Revolving
Other 2
517.7
572.0
608.7
662.6
717.2
734.9
728.4
730.8
790.4
902.9
210.2
247.8
266.3
285.4
291.5
283.1
259.6
257.4
280.6
317.2
121.8
135.8
153.1
174.3
199.2
223.5
245.3
258.1
286.6
334.5
185.7
188.4
189.3
202.9
226.5
228.3
223.5
215.3
223.2
251.1
75.1
54.3
36.7
53.9
(4)
17.7
-6.5
2.4
59.6
112.5
36.6
37.6
18.5
19.1
(4)
-8.4
-23.5
-2.2
23.2
36.6
21.5
14.0
17.3
21.2
(4)
24.3
21.8
12.8
28.5
47.9
16.9
2.7
.9
13.6
(4)
1.8
-4.8
-8.2
7.9
27.9
882.2
895.6
902.9
311.2
315.2
317.2
324.7
332.4
334.5
246.4
248.0
251.1
8.6
13.4
7.3
2.5
4.0
2.0
2.7
7.7
2.1
3.5
1.6
3.1
914.4
918.9
933.0
946.3
959.1
970.6
979.4
989.7
993.8
1,004.4
319.3
321.0
323.3
326.2
328.0
330.7
337.1
339.8
341.2
344.7
340.2
345.1
351.5
358.7
366.1
372.3
375.3
379.7
382.1
387.2
254.9
252.8
258.2
261.4
265.0
267.5
267.0
270.3
270.6
272.5
11.5
4.5
14.1
13.3
12.8
11.5
8.8
10.3
4.1
10.6
2.1
1.7
2.3
2.9
1.8
2.7
6.4
2.7
1.4
3.5
5.7
4.9
6.4
7.2
7.4
6.2
3.0
4.4
2.4
5.1
3.8
-2.1
5.4
3.2
3.6
2.5
-.5
3.3
.3
1.9
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc..
Net change in installment credit outstandingl
Installment credit outstanding (end of period)
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in series, net change riot available.
Source: Board of Governors of the Federal Koserve System.
INTEREST RATES AND BOND YIELDS
Interest rotes fell in the first 3 weeks of December.
PERCENT PER ANNUM
1987
PERCENT PER ANNUM
14
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TAME BEtOW
[Percent per annum]
U.S. Treasury security yields
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
.
1994- Nov
Dec
1995- Jan
Peb
Mar
Anr
July
Aug
Sept
Oct
Nov
Week ended:
1995: Dec 2
9
16
23
1
2
3-month bills
(new issues)l
Constant maturities
3-year
10-year
High-grade
municipal
bonds
(Standard
& Poor's)3
on
Prime
commercial
paper,
6 months1
Discount rate
(N.Y. P.R.
Bank)4
Prime rate
charged by
banks"
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.25
5.64
5.81
5.80
5.73
5.67
5.70
5.50
5.47
5.41
5.26
5.30
5.35
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
7.44
7.71
7.66
7.25
6.89
6.68
6.27
5.80
5.89
6.10
5.89
5.77
5.57
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
7.96
7.81
7.78
7.47
7.20
7.06
6.63
6.17
6.28
6.49
6.20
6.04
5.93
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
6.96
6.76
6.53
6.24
6.10
6.01
5.90
5.83
5.98
6.07
5.88
5.77
5.61
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
8.68
8.46
8.46
8.26
8.12
8.03
7.65
7.30
7.41
7.57
7.32
7.12
7.02
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
6.01
6.62
6.63
6.38
6.30
6.19
6.07
5.79
5.68
5.75
5.66
5.71
5.59
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
4.00-4.75
4.75-4.75
4.75-4.75
4.75-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
7.75-8.50
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
5.32
5.29
5.30
5.15
5.47
5.38
5.42
5.43
5.82
5.68
5.73
5.78
5.49
5.29
5.47
6.94
6.81
6.83
6.88
5.53
5.46
5.44
5.42
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.50
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasuiy
Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
New-home
mortgage
yields
(FHFB) s
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.81
7.83
8.18
8.28
8.21
8.15
7.99
7.73
7.78
7.75
7.69
7.58
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rat* and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing- Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in the first 3 weeks of December.
INDEX, DEC. 31,1 965=50 (RATIO SCALE)
320
300
280
260
240
220
_^
/-—^ '
\
OSITE STOCK PR
(NYSE)
200
/v
180
160
'\
1
\^
v^
140
-^^
INDEX, DEC. 31,1 965=50 (RATIO SC'ME)
320
_S^ 300
/
280
/
260
N.
r ~~*~
*~*""
240
220
^y
S~^~
\^
200
180
^
160
140
120
120
100
100
1 1 1 11 Mill Mill
1987
Mill
Mill Mill
1990
1 1 1 1 1 1 1 1 I1 I
1989
1988
M 1 1 l! M M 1
Mill
1992
1 1M I
1991
1 1 1 1 1 1 1 M
M
1 1 1 M
1993
1 M
1 1 1
Mill
Mill
1995
1994
PERC! NT
20
PER CENT
20
15
15
EARNINGS-PRICE RATO ON COMAi<OM STOCKS
(S&P)
10
5 —~-
^^
•
/^
0
i
i
1987
,
1
*
i i
i
..—--
1•^
i
1
1989
1988
10
1
1990
i
i
i
i
1992
1991
i
i i
1993
i
i
i
1994
1985
1986
19£7
1988
1989
1990
1991
1992
1993
1994
i
0
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965=50,
except as noted) 2
Industrial
i
1995
Common stock prices *
Composite
5
OOUNCJI Of rfTONOMIC ADVISERS
jOURCES: NEW YORK.TOCK EXCHANGE ANI) STANDARD SPOOR'S CORPORATION
Period
.—
Transportation
Utility"
Finance
Dow-Jones
industrial
average4
Standard &
Poor's composite index
(194143=10)5
Dividendprice ratio
Earningsprice ratio
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
1994: Nov
Dee
252.48
248.65
319.33
313.92
227.45
218.93
200.13
200.02
198.38
195.25
3,792.43
3,770.31
461.01
455.19
2.86
2.91
6.66
1995- Jan
Peb
Mar
253.56
261.86
266.81
274.37
281.81
289.52
298.18
300.05
310.41
311.78
317.58
319.93
328.98
337.96
347.69
357.01
366.75
379.13
379.79
390.42
389.63
398.66
230.25
237.29
244.45
254.36
254.69
256.80
279.15
285.63
295.54
291.16
300.06
201.16
207.73
204.16
208.93
211.58
216.27
219.18
221.99
229.64
236.43
238.98
201.05
211.76
213.29
219.38
228.55
236.26
240.50
245.27
260.72
265.12
266.12
3,872.46
3,953.72
4,062.78
4,230.66
4,391.57
4,510.76
4,684.76
4,639.27
4,746.76
4,760.46
4,935.81
4*55.25
481.92
493.15
507.91
523.81
539.35
557.37
559.11
578.77
582.92
595.53
2.87
2.81
2.76
2.68
2.60
2.55
2.50
2.49
2.42
2.41
2.37
323.25
329.20
329.78
324.99
406.19
413.72
415.65
408.07
307.04
309.60
306.26
296.90
241.73
244.51
246.68
249.08
270.72
277.17
273.33
269.60
5,083.23
5,166.47
5,186.92
5,087.78
605.55
617.04
618.65
609.43
2.33
2.28
2.28
..
July
Sept
Out
Nov
Week ended:
1995- Dee 2
9
16
23
..
1
Average of daily closing prices.
2 Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
^Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
*5 Includes 30 stocks.
Includes 500 stocks.
6.51
6.32
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS. OUTLAYS. AND DEBT
In the first 2 months of fiscal 1996, there was a deficit of $61.2 billion, compared with a deficit of $68.6 billion
a year earlier.
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS *
1,500
BILLIONS OF DOLLARS
1,600
1,500
MOO
OUTLAYSJ/-
1,400
1,300
1,300
1,200
1,200
1,100
1,100
1,000
V
1,000
RECEIPTS
900
JJ
900
800
800
700
700
600
600
-SURPIUSOR DEFICIT!-1-"1-
-100
-100
-200
-200
-300
-300
I
-400
1986
1987
1988
1989
1990
•*> INOJUDCS ON-BUDGET AND OfF-BUOGSF IrtMS.
SOURCES: MPAHTMtNT OF THE TREASURY AND OfHCE Of MANAGEMBfl AND BUDGET
-400
1991
1992
1993
1994
1995
FISCAL YEARS
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
On-budget
Surplus
or deficit
Receipts
Outlays
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 1
Cumulative total, first 2
months: l
Fiscal year 1995
Fiscal year 1996
1
Outlays
Surplus
or deficit
(-)
Gross Federal debt
(end of period)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,350.6
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,514.4
-73.7
-53.7
-59.2
-40.7
-73.8
-79.0
- 128.0
-207.8
-185.4
-212.3
-221.2
- 149.8
- 155.2
-152.5
-221.4
-269.2
-290.4
-255.1
-203.2
-163.8
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
999.5
302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.6
1,081.8
1,128.5
1,142.1
1,181.5
1,225.7
-70.5
-49.8
-54.9
-38.7
-72.7
-74.0
-120.1
-208.0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
— 2780
-321.4
-340.5
-300.5
-258.8
-226.2
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
-3.2
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
629.0
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
477.4
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.2
3,603.3
176.7
185.6
245.3
246.8
-68.6
-61.2
127.5
135.9
194.8
193.9
-67.3
-58.1
49.2
49.8
50.5
52.9
-1.3
-3.1
4,727.1
4,937.6
3,505.6
3,655.0
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1996, issued February 6, 1995.
32
Receipts
(-)
(-)
1976
1977
Off-budget
Surplus
or deficit
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 2 months of fiscal 1996, receipts were $8.9 billion higher than a year earlier and outlays were $1.5
billion higher.
BILLIONS OF DOLLARS
AX)
RECEIPTS ^
BILLIONS OF DOLLARS
700
INDIVIDUAL INCOME TAXES
\
son
.
500
400
\
INCOMETAXES
\
OTHER RECEIPTS
TAXES AND CONTRIBUTIONS
100
100
on
1
1,300
1
1
1
1
1
1
1
o0
1
1,300
OUTLAYS ^
~--~
NONDEFENSE
\
---'
>-'-
__-•-•*'"
.— — ~~
500
NATIONAL DEFENSE
400
300
200
400
\
A
V
\
1986
\
1987
\
1988
300
\
\
1989
1990
•J INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
\
1991
\
\
1992
1993
\
K
200
1995 ^
1994
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget receipts
Fiscal year or period
1976
1977
1978 .
1979
1980
1981
1982
1983
1984 ..
... .
1985 ..
1986
1987
1988
1989 ...
1990
1991
1992
1993 ..
1994 .. . .
1995'
Cumulative total, first 2 months: '
Fiscal year 1 995 ..
Fiscal year 1996
Total
Social
CorinsurIndiance
vidual poration
income income taxes
and
taxes
taxes contributions
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,350.6
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.1
176.7
185.6
81.1
91.4
4.6
3.9
On-budget and off-budget outlays
Nationa defense
Other
Total
Department of
Defense,
military
Internation- Health
al
affairs
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
265.2
946.4
73.0
990.3
283,9 73.1
303.3
74.3 1,003.9
334.3
78.9 1,064.1
359.4
82.3 1,143.2
380.0
90.9 1,252.7
92.3 1,323.4
396.0
413.7 100.5 1,380.9
428.3 98.0 1,408.7
461.5 112.8 1,460.9
484.5 118.9 1,514.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.6
33.5
16.2
35.9
14.2
40.0
11.6
10.5 44.5
48.4
9.6
57.7
13.8
71.2
15.9
89.5
16.1
17.2 99.4
17.1 107.1
16.4 114.8
21.0
20.1
41.2
39.6
39.1
37.5
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
70.1
70.3
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
1
Data from Monthi-y Twxumry Statement.
NOTK.—Data (exw'pt as noted) are from Budget of the United States Govtimment, Fiatnl Year
m%, issued Fdmiary 6, 1995.
Total
245.3
246.8
6.5
2.7
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
18.2
19.8
Medicare
Income
security
15.8
60.8'
19.3 61.0
22.8
61.5
26.5
66.4
32.1 86.5
39.1
99.7
46.6 107.7
52.6 122.6
57.5 112.7
Social
security
Net
inter-
Other
est
26.7
73,9
85.1
29.9
35.5
93.9
42.6
104.1
52.5
118.5
68.8
139.6
85.0
156.0
89.8
170.7
178.2 111.1
82.8
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
220.2
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
131.8
142.1
125.9
139.4
158.8
203.9
224.8
173.9
159.7
173.8
162.9
23.8
26.7
31.4
32.7
53.3
56.0
36.9
39.6
33.9
29.7
Sourwis: Department of the Treasuiy and Office of Management and Budget.
33
FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1995, Federal receipts rose $34.5 billion (annual rate) and Federal expenditures rose
$15.5 billion. In the third quarter, according to advance estimates, expenditures rose $9.9 billion; receipts data
are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF COLLARS
1,800
1,800
SEASONALLY ADJUSTED ANNUAL RATES
1,600
1,400
s
y •" ™*
\
1,200
s
__
s-
,^'n
^ s'
• *"*
—• — "
-^
1,400
-
s'
— -*
+*~-~
.—^"^
1,200
f
s """ ""*
1,000
S
S~
_. s
EXPENDITURES
800
1,600
^ ,••• *"
,,*- _ _ ^ -
-
1,000
y— "\
800
*XX
^—'-— '
—
600
600
-
400
400
200
200
0
SIJRPLUS OR DEFICIT (
0
-\
"\.
-200
-400
1
!
1982
!
-
-)
i
i |
1983
~**—S~
\ \
i i i
1
1984
1985
1986
\
!
!
y —- _-—
.
s
A.
-\
i i
i i *
!
1987
1988
1989
t
I
1
1 1 1
1
1990
1991
1
!
-•—
i i i
^
i ii
1992
1993
1994
1
!
t
-400
1995
CALEND AR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
1,161.2
1,241.0
1,349.4
484.6
511.8
552.1
112.4
134.6
161.2
81.1
82.9
93.3
483.1
511.7
542.8
1,178.3
1,265.7
1,379.0
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,140.5
1,219.9
1,212.7
1,263.7
1,272.7
1,313.6
1,337.4
1,380.7
1,388.8
1,408.8
1,441.0
1,475.5
489.5
520.3
565.6
351.8
371.7
414.8
420.0
470.1
483.9
477.3
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.9
574.2
594.8
623.5
620.1
115.6
143.0
167.1
77.0
91.4
109.7
118.5
111.3
115.1
109.6
122.6
132.1
141.8
140.2
157.8
151.8
166.3
172.4
178.1
181.9
182.5
81.3
84.6
91.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91.9
91.9
89.1
90.9
85.5
491.9
517.8
555.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
501.9
501.6
518.6
522.7
528.3
545.1
553.0
557.6
564.6
575.1
578.6
584.5
Period
Total
Fiscal year:
1992
1993
1994
Calendar year:
1992
1993
1994
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- IV
1991- IV
1992- IV
1993- I
II
in
rv
1994- I
II
in
IV
1995: I
II
inp
NOTE.—&H! Not*!, p. 1.
34
Federal Government expenditures
Grantsin-aid
to
Net
State interest
and
paid
local
governments
Subsidies less
current
surplus
of
Government
enterprises
Surplus
or
deficit
Less:
Wage
(-),
accru- national
als less income
disand
burse- product
ments accounts
Purchases
Transfer
payments
1,435.9
1,495.5
1,521.9
445.2
446.3
435.1
607.4
651.5
674.4
168.2
180.7
197.9
188.9
183.5
187.0
26.1
33.4
27.6
0.0
.0
.0
-274.7
254 4
-172.5
1,460.9
1,507.0
1,538.1
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
1,492.0
1,496.2
1,500.6
1,497.6
1,533.7
1,513.7
1,525.9
1,542.8
1,569.9
1,589.6
1,605.1
1,615.0
449.0
443.6
437.3
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
434.7
436.8
625.3
658.0
682.5
383.8
404.2
419.7
444.5
488.8
526.6
566.2
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.0
699.2
708.1
716.0
722.9
172.2
186.1
197.6
104.5
103.8
102.9
113.0
121.9
137.6
162.6
176.6
176.7
182.9
187.8
197.0
190.0
194.4
200.3
205.5
211.0
215.7
220.7
186.8
183.6
191.5
129.2
131.1
143.1
151.2
168.9
174.4
191.6
183.1
182.5
184.8
183.6
183.5
179.3
188.8
194.4
203.5
209.0
218.4
221.0
27.6
35.7
29.2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
29.8
27.2
20.3
13.7
.0
.0
.0
.0
.0
-282.7
-241.4
159 1
- 187.2
-177.5
152 7
- 134.9
-141.5
191 0
-245.8
-272.1
283 5
-237.0
-224.9
220 1
176 2
-145.1
-154.0
161 1
-148.6
-129.6
Total
Soura»: Department of Commerce, Bureau of Economic Analysis.
t)
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally adjusted)
Period
United
States
Canada
Japan
France
Germany
Consumer prices (1982-84=100; NSA)
United
Kingdom
Italy
United
States'
Canada
Japan
Prance
Germany
United
Kingdom
Italy
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
95.4
100.0
105.3
105.2
101.7
97.4
98.5
102.9
109.6
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
111.0
99.6
100.0
103.9
108.8
114.5
118.7
116.3
107.4
110.8
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
110.7
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.7
110.0
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
129.4
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
1994: Aug
Sept
Get
Nov
Dec
118.9
119.1
119.9
120.5
121.5
111.4
111.9
111.9
113.6
114.3
115.7
113.5
112.5
115.7
115.3
112.9
112.5
111.6
112.6
113.7
110.6
111.4
112.7
112.9
116.1
114.3
112.4
112.5
112.5
119.1
111.6
112.2
111.6
110.7
111.4
149.0
149.4
149.5
149.7
149.7
148.3
148.4
148.2
149.0
149.2
119.2
119.5
120.0
119.7
119.4
145.9
146.3
146.7
146.7
146.5
129.7
129.8
129.9
130.1
130.4
194.2
194.7
195.8
196.5
197.2
170.0
170.4
170.6
170.7
171.5
1995- Jan
Feb
Mar
121.8
121.7
121.9
121.4
121.3
121.4
121.5
'122.7
'122.9
122.5
122.8
114.8
114.3
113.4
113.7
114.1
113.1
113.9
114.2
114.0
116.3
118.1
117.0
116.4
115.4
112.8
116.5
113.4
114.0
112.5
115.1
112.8
115.6
115.3
115.5
115.5
109.8
110.5
108.8
111.4
112.4
111.5
113.9
108.5
107.9
114.3
115.0
116.4
117.4
115.9
116.3
117.1
124.1
118.7
111.3
112.0
113.0
112.1
112.4
112.0
112.6
112.5
113.0
150.3
150.9
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
153.6
149.8
150.5
150.8
151.2
151.6
151.6
151.9
151.8
151.8
151.8
119.4
118.9
118.8
119.3
119.6
119.5
118.7
118.9
119.7
146.9
147.5
147.9
148.0
148.3
148.3
148.0
148.7
149.2
149.3
131.0
131.5
131.6
131.9
132.1
132.7
132.6
132.3
197.9
199.5
201.2
202.2
203.5
204.6
204.7
205.4
206.0
207.1
171.5
172.6
173.3
175.1
175.8
176.0
175.2
176.1
176.9
176.0
1986
1987
1988
1989
1990
1991
1992
1993
1994
.
July
Sept
Oct
Nov
' Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
P*
ha
' fbv
H
l^ensus
oasis
(ay end-use
ategory;1
P
h
' (ay
Ihu en 1-use cat gory; 1
l^ensus
oasis
Balance of trade
xpo
mus impo
Services
(BOP basis)
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
)
'
basis
RflP h
Period
BOP
basis
AutomoCaptive
ital
Poods,
goods vehiTotal, feeds,
except cles,
and
Census
2
parts
bevbasis
and automoerages mateand
entive
rials
gines
Industrial
sup-
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
227.2
254,1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
1994-. Sept
Oct
Nov
Dec
43.3
43.3
44.4
46.2
44.1
44.3
45.3
47.2
1995: Jan
Feb
Mar
Apr
44.9
45.6
47.9
47.2
48.3
47.4
46.4
49.1
49.9
45.6
46.3
48.7
47.8
49.1
48.2
47.1
49.8
50.5
1986
1987
1988
1989
1990
1991
1992
1993
1994
May
June
July
Aug
Sepf
1
2
Exports
Imports
Goods,
Census
86,5
98.5
111.1
127.4
147.8
164.3
178.6
187.8
198.7
81.0
91.7
99.5
103.5
118.8
119.6
122.0
130.0
138.8
- 138.3 -145.1
-152.1 — 159.6
-118.5 -127.0
- 109.4 -115.2
-101.7 -109.0
-74.1
-66.7
-96.1
-84.5
-115.6 - 132.6
- 150.6 -166.1
22.3
57.3
24.3
66.7
32.3
85.1
99.3
37.2
35.1 104.4
35.7 109.7
40.3 109.1
40.6 111.8
41.9 121.4
75.8
86,2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
21.7
24.6
29.3
34.8
37,4
40.0
47.0
52.4
57.6
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
3.7
3.8
4.0
4.2
10.3
10.7
10.7
11.3
17.8
17.0
18.0
18.7
5.0
4.9
5.0
5.5
5.1
5.2
5.4
5.3
57.8
58.2
59.7
59.4
57.6
58.0
59.5
59.2
2.7
2.7
2.6
2.7
14.2
13.9
14.5
14.2
16.3
16.4
16.8
16.8
10.0
10.3
10.7
10.8
12.5
12.8
12.9
12.9
17.7
16.7
17.3
17.0
11.8
11.6
11.7
11.6
-13.5
-13.6
-14.2
-12.0
3.9
11.6
11.7
12.6
12.3
12.4
12.7
11.8
12.1
12.4
17.1
17.9
19.2
18.8
19.4
19.5
19.0
20.0
19.8
5.5
5.3
5.1
5.3
5.4
5.3
5.5
5.4
5.2
5.5
5.5
60.7
59.9
62.5
63.5
64.3
63.9
62.6
62.6
63.6
60.5
59.7
61.6
62.6
63.1
63.0
62.4
62.4
63.3
2.8
2.8
2.9
2.7
14.5
14.4
15.3
15.5
15.8
15.7
15.3
14.9
15.2
17.1
16.9
17.6
18.0
18.1
18.7
18.9
11.0
10.8
10.7
11.0
10.7
10.4
10.0
10.4
10.4
13.3
13.1
13.3
13.6
13.8
13.4
13.5
13.5
13.5
17.3
16.5
17,4
17.3
17.3
17.2
17.0
17.1
17.4
11.8
11.7
12.1
12.0
12.1
12.0
12.0
12.0
12.0
-14.9
-13.4
-12.9
-14.8
-14.1
-14.7
-15.3
-12.5
-12.8
3.9
4.1
4.2
4.0
3.9
4.2
4.5
4.9
5.1
5.1
5.1
4.5
4.4
5.3
5.6
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
ConAuto- ConInsumer
mo- sumer
Capj,,0
QU8goods
tive goods
ital
Poods
(non- BOP Total, feeds, trial goods vehisup- except cles, (nonfood) basis Census and
food)
2
bevauto- parts except
basis
and
cept
and automoerages mateautoenmotive
rials
mogines tive
tive
2.7
2.8
2.7
2.8
2.8
101.3
71.8
111.0
84.5
118.3 101.4
132.3 113.3
143.2 116.4
131.6 120.7
138.6 134.3
145.6 152.4
162,0 184.4
18.9
19.4
78.2 79.4
85.2
88.7
87.7
95.9
86.1 102.9
87.3 105.7
85.7 108.0
91.8 122.7
102.4 134.0
118.3 146.3
Goods
Services
Goods
and
services
5.5
6.9
11.6
23.9
29.0
44.7
56.6
57.8
59.9
-139.6
- 152.7
-115.3
-91.4
-80.0
-29.4
-39.5
-74.8
- 106.2
-14.6
-14.9
-15.3
-13.3
5.9
5.1
5.6
5.4
-8.7
-9.8
-9.7
-7.9
-15.8
-14.3
-14.5
-16.3
-16.0
-16.5
-16.2
-13.5
-13.7
5.5
4.8
5.3
5.3
5.2
5.2
5.0
5.1
5.4
-10.3
-9.5
-9.2
-11.1
-10.8
-11.3
-11.2
-8.4
-8.3
NOTE.—BOP refers to balance of payn
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 third quarter of 1995, the merchandise trade deficit fell to $43.4 billion, from $48.8 billion in the second
quarter. The current account deficit fell to $39.5 billion, from $43.3 billion in the second quarter.
BIWONS OF DOLLARS*
BiUJONS OF DOLLARS'
1985
« SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCR Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( — ) ]
Merchandise *
Investment income
Services
Net
Period
Net
balance
Exports
Imports
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
219,926
215,915
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,823
502,485
-332,418 - 112,492
— 338,088 — 122,173
-368,425 - 145,081
-409,765 - 159,557
-447,189 - 126,959
-477,365 - 115,245
-498,337 - 109,030
-490,981
- 74,068
- 536,458
- 96,106
-589,441 - 132,618
-668,584 - 166,099
1993: I
II
111,862
114,131
111,576
119,254
-140,821
-147,718
-148,181
- 152,721
-28,959
-33,587
- 36,605
-33,467
118,445
122,730
127,384
133,926
- 154,935
-164,224
-172,011
-177,414
- 36,490
- 41,494
-44,627
- 43,488
138,061
142,850
145,315
-183,111
- 191,652
- 188,748
- 45,050
-48,802
-43,433
in
IV
1994- I
II
in
IV
1995: I
II'
TTTP
Balance
on
goods
and
services
Net
military
transactions'"
travel
Other
and
trans- services,
net
portation
receipts
-2,547
4390
-5,181
-3,844
- 6,320
- 6,749
- 7,599
- 5,274
- 2,142
- 8,438
- 9,798
- 8,484
-7,613
- 2,591
4,043
8,002
17,032
20,484
19,885
19,330
14,404
14,483
19,194
18,319
20,546
26,558
28,633
32,907
38,284
37,444
38,410
- 109,073
— 121,880
- 139,551
-152,696
- 115,324
-91,392
- 79,994
- 29,404
-39,480
- 74,841
- 106,212
104,756
93,677
91,976
100,767
129,070
152,517
160,300
137,003
118,425
119,248
137,619
-74,036
— 73,087
- 79,095
-91,302
- 115,806
- 138,858
-139,574
- 121,892
- 108,346
-110,248
- 146,891
5,302
5,389
5,062
4,131
9,683
9,315
9,272
9,172
- 13,573
- 18,793
-21,988
-20,490
28,950
29,958
29,931
30,412
-25,239
-27,893
-26,741
-30,376
679
4,642
4,647
4,792
5,247
8,863
9,548
9,904
10,095
- 23,016
-26,923
-28,807
-27,467
30,942
32,338
36,031
38,307
-30,826
-34,623
- 38,564
-42,878
542
587
736
5,050
4,380
4,480
10,018
10,402
10,698
-29,440
-33,433
-27,519
43,254
45,471
44,619
-45,215
-48,085
-48,772
448
2,148
401
90
283
-326
-31
376
1,124
1
3
2
4
Adjusted from Census data for differences in timing and coverage;; excludes military.
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
36
Heceipts
on U.S.
assets
abroad
Payments
on foreign
assets in
D.S.
Balance
on goods,
services,
and
income
Unilateral
transfers,
net4
Balance
on
current
account
30,720
20,590
12J881
9,465
13,264
13,659
20,725
15,111
10,079
9,000
- 9,272
- 78,353
— 101,290
- 126,670
- 143,231
- 102,060
- 77,733
- 59,268
- 14,293
-29,402
-65,841
- 115,484
-20,598
— 22,954
- 24,189
-23,107
- 25,023
- 26,106
-33,393
6,869
- 32,148
-34,084
-35,761
- 98,951
— 124,243
- 150,859
- 166,338
-127,083
- 103,839
- 92,661
- 7,424
— 61,549
- 99,925
- 151,245
3,711
2,065
3,190
- 9,862
-16,728
-18,798
-20,454
-7,521
-7,609
-8,234
- 10,722
-17,383
- 24,337
-27,032
-31,176
-2,285
-2,533
-4,571
-22,900
-29,208
-31,340
-32,038
-7,371
-8,778
-8,374
- 11,239
-30,271
-37,986
-39,714
-43,277
-1,961
-2,614
-4,153
-31.401
-36,047
-31,672
- 7,624
-7,220
-7,810
-39,025
-43,267
- 39,482
Net
36
116
Quarterly data are not seasonally adjusted,
Includes transfers of goods and servutes under U.S. military grant programs,
&# p. 37 far (ymtinutition of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $14.9 billion in the third
quarter of 1995, in contrast to an increase of $40.0 billion in the second quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $20.0 billion in the third quarter, in contrast to
an increase of $12.2 billion in the second quarter.
BILUONSOf DOUARS*
BIWONS OF DOLLARS •
120
* SEASONAtlY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNOl Of ECONOMIC ADVBEHS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
)]
Period
Total
1984
1985
1986
1987
1988
1989
1990
!991
1992
1993
1994
1993- I
II
Ill
IV
1994: I
II
m
IV
1995- I
II'
Illp
V.S.
official
reserve
assets35
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow (+)]
U.S.
private
assets
Other
foreign
assets
-36,313
-3,131
-39,889
-3,858
-106,753
312
9,149
-72,617
-3,912
-100,087
- 168,744 -25,293
-2,158
-74,011
5,763
-57,881
- 65,875
3,901
-184,589
-1,379
-125,851
5,346
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,911
-1,661
-330
-322
-27,694
-33,211
- 105,044
-82,771
-99,141
-144,710
-74,160
-66,555
-68,115
-182,880
- 130,875
113,932
141,183
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
291,365
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,389
40,466
72,146
39,409
110,792
142,301
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176,383
251,956
21,331
22,950
31,501
-4,028
-13,095
54,094
44,480
-28,936
-26,399
35,985
- 14,269
-983
822
-545
-673
-59
3,537
-165
2,033
-5,318
-2,722
-1,893
467
-281
-197
-318
401
491
-283
-931
-152
-180
136
-19,213
-41,474
-45,529
-76,666
-37,125
-10,001
-27,492
-56,258
-69,873
-97,340
-41,095
19,867
51,277
77,928
99,458
80,390
46,526
79,736
84,715
94,841
124,331
105,664
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
22,308
37,836
39,479
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
72,533
86,495
66,185
17,245
13,993
-4,626
9,375
-13,336
-2,567
- 12,082
13,718
19,527
19,178
-23,330
-19,729
-40,933
-46,270
-77,657
-36,783
-5,973
-27,940
-55,156
- 75,343
- 100,242
-42,852
5
Consists of gold, si>edal drawing rights (SDHs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets3
Total
Statistical discrepancy
Allocations
of special Total (sum
which:
drawing of the items Of
Seasonal
rights
adjustment
with sign
(SDKs)
discrepancy
reversed)
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
5,367
154
-6,353
834
5,274
587
-6,641
782
6,183
331
-7,086
74,378
73>68
75,835
73,442
76,809
75,732
76,532
74,335
86,761
90,063
Sources: Department of (/(inn eree (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Pa e
TOTAL OUTPUT, INCOME AND SPENDING
«
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in Fixed-Weighted and Alternative Quantity and Price Indexes for Total GDP
Nonfmancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Fixed Investment by Type in 1987 Dollars
Business Investment and Plans
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT. UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
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.
e
Corrected.
... Not available (also> not applicable).
NSA not seasonally adjusted.
nr\
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