Full text of Economic Indicators : December 1998
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105th Congress, 2d Session Economic Indicators December 1998 (Includes data available as of December 28, 1998) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1998 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) JIM SAXTON, New Jersey, Chairman CONNIE MACK, Florida, Vice Chairman HOUSE OF REPRESENTATIVES TOM EWING (Illinois) MARK SANFORD (South Carolina) MAC THORNBERRY (Texas) JOHN T. DOOLITTLE (California) JIM MCCRERY (Louisiana) FORTNEY PETE STARK (California) LEE H. HAMILTON (Indiana) MAURICE D. HINCHEY (New York) CAROLYN B. MALONEY (New York) SENATE WILLIAM V. ROTH, JR. (Delaware) ROBERT F. BENNETT (Utah) ROD GRAMS (Minnesota) SAM BROWNBACK (Kansas) JEFF SESSIONS (Alabama) JEFF BINGAMAN (New Mexico) PAUL S. SARBANES (Maryland) EDWARD M. KENNEDY (Massachusetts) CHARLES S. ROBB (Virginia) CHRISTOPHER FRENZE, Executive Director COUNCIL OF ECONOMIC ADVISERS JANET L. YELLEN, Chair JEFFREY A. FRANKEL, Member REBECCA M. BLANK, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared by the Art Production Section, Design and Graphics Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $3.00 a single copy ($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 ISBN 0–16–057927–9 ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the third quarter of 1998, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.7 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 3.7 percent, and the implicit price deflator rose 1.0 percent. [B illions of current dollars;quarterly data at seasonally adjusted annualrates] Period 1990 ................... 1991 ................... 1992 ................... 1993 ................... 1994 ................... 1995 ................... 1996 ................... 1997 ................... 1994: III ........... IV ........... 1995: I .............. II ............. III ........... IV ........... 1996: I .............. II ............. III ........... IV ........... 1997: I .............. II ............. III ........... IV ........... 1998: I .............. II ............ IIIr ......... 1 GD P Exports and im ports Personal Gross of goods and services Gross conprivate dom estic sum ption dom estic N et product expendi- investexports Exports Im ports tures m ent 5,743.8 5,916.7 6,244.4 6,558.1 6,947.0 7,269.6 7,661.6 8,110.9 6,986.5 7,095.7 7,170.8 7,210.9 7,304.8 7,391.9 7,495.3 7,629.2 7,703.4 7,818.4 7,955.0 8,063.4 8,170.8 8,254.5 8,384.2 8,440.6 8,537.9 3,839.3 3,975.1 4,219.8 4,459.2 4,717.0 4,953.9 5,215.7 5,493.7 4,750.6 4,820.2 4,862.5 4,931.5 4,986.4 5,035.3 5,108.2 5,199.0 5,242.5 5,313.2 5,402.4 5,438.8 5,540.3 5,593.2 5,676.5 5,773.7 5,846.7 799.7 736.2 790.4 876.2 1,007.9 1,043.2 1,131.9 1,256.0 1,007.1 1,043.1 1,058.9 1,029.6 1,030.6 1,053.6 1,075.3 1,118.3 1,167.9 1,166.0 1,206.4 1,259.9 1,265.7 1,292.0 1,366.6 1,345.0 1,364.4 ¥71.3 ¥20.5 ¥29.5 ¥60.7 ¥90.9 ¥83.9 ¥91.2 ¥93.4 ¥103.4 ¥95.6 ¥94.7 ¥108.0 ¥74.5 ¥58.4 ¥75.7 ¥94.0 ¥115.5 ¥79.6 ¥93.3 ¥86.8 ¥94.7 ¥98.8 ¥123.7 ¥159.3 ¥165.5 557.3 601.8 639.4 658.6 721.2 819.4 873.8 965.4 732.6 763.7 787.8 803.4 835.1 851.5 856.6 863.0 861.4 914.2 930.2 961.1 981.7 988.6 973.3 949.6 936.2 less exports of goods and services plus im ports of goods and services. 628.6 622.3 669.0 719.3 812.1 903.3 965.0 1,058.8 836.0 859.2 882.5 911.4 909.6 909.9 932.3 957.0 976.9 993.8 1,023.5 1,047.9 1,076.4 1,087.4 1,097.1 1,108.9 1,101.7 Governm ent consum ption expenditures and gross investm ent Federal Total Total 1,176.1 1,225.9 1,263.8 1,283.4 1,313.0 1,356.4 1,405.2 1,454.6 1,332.3 1,328.0 1,344.1 1,357.8 1,362.3 1,361.4 1,387.5 1,406.0 1,408.6 1,418.8 1,439.4 1,451.5 1,459.5 1,468.1 1,464.9 1,481.2 1,492.3 503.6 522.6 528.0 518.3 510.2 509.1 518.4 520.2 520.4 508.3 512.3 511.7 511.2 501.2 517.1 523.1 519.0 514.6 517.0 522.9 521.0 520.1 511.6 520.7 519.4 N ational N ondefense defense 373.1 383.5 375.8 360.7 349.2 344.4 351.0 346.0 359.7 343.6 346.1 348.1 345.5 337.9 350.3 355.6 351.3 346.7 341.1 349.1 347.1 346.5 331.6 339.8 343.7 130.4 139.1 152.2 157.7 161.0 164.7 167.4 174.3 160.7 164.7 166.2 163.6 165.7 163.3 166.8 167.4 167.7 167.9 175.9 173.8 173.9 173.6 180.0 180.9 175.7 State and local 672.6 703.4 735.8 765.0 802.8 847.3 886.8 934.4 811.9 819.6 831.8 846.2 851.1 860.2 870.4 882.9 889.6 904.2 922.4 928.6 938.5 947.9 953.3 960.4 972.9 Final oss dosales of Gr m estic dom estic pur chas es1 product 5,735.8 5,919.0 6,237.4 6,537.6 6,885.7 7,238.9 7,629.5 8,043.5 6,936.3 7,029.6 7,111.8 7,185.6 7,287.7 7,370.4 7,479.1 7,600.6 7,653.6 7,784.6 7,895.2 7,979.9 8,116.2 8,182.6 8,288.7 8,401.3 8,480.9 5,815.1 5,937.2 6,274.0 6,618.8 7,037.9 7,353.5 7,752.8 8,204.3 7,090.0 7,191.3 7,265.5 7,318.9 7,379.3 7,450.3 7,571.0 7,723.2 7,818.9 7,898.0 8,048.2 8,150.2 8,265.5 8,353.3 8,508.0 8,599.9 8,703.4 Addendum : Gross national product 5,764.9 5,932.4 6,255.5 6,576.8 6,955.2 7,287.1 7,674.0 8,102.9 6,992.3 7,096.8 7,189.3 7,233.3 7,313.2 7,412.6 7,515.0 7,643.3 7,708.6 7,829.0 7,952.4 8,062.3 8,162.0 8,234.9 8,369.4 8,421.8 8,510.9 Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [B illions of chained (1992) dollars;quarterly data at seasonally adjusted annualrates] Period Gross private dom estic investm ent Personal Gross conN onresi- Residom estic sum ption dential dential Change in product expendifixed fixed business tures investinvest- inventories m ent m ent Exports and im ports of goods and services Federal N et exports 4,132.2 4,105.8 4,219.8 4,343.6 4,486.0 4,605.6 4,752.4 4,913.5 585.2 547.7 557.9 600.2 648.4 710.6 776.6 859.4 220.6 193.4 225.6 242.6 267.0 256.8 275.9 282.8 10.4 ¥61.9 ¥3.0 ¥22.3 7.0 ¥29.5 22.1 ¥70.2 60.6 ¥104.6 27.7 ¥96.5 30.0 ¥111.2 63.2 ¥136.1 1994: III .... 6,629.5 IV ..... 6,688.6 4,498.2 4,534.1 653.2 672.9 269.4 265.9 49.7 ¥111.1 63.6 ¥105.9 722.1 747.3 1995: I ...... II ..... III .... IV .... 1996: I ...... II ..... III .... IV .... 1997: I ...... II ..... III .... IV .... 1998: I ...... II ..... IIIr .. 4,555.3 4,593.6 4,623.4 4,650.0 4,692.1 4,746.6 4,768.3 4,802.6 4,853.4 4,872.7 4,947.0 4,981.0 5,055.1 5,130.2 5,181.8 698.4 710.2 711.7 722.3 744.8 764.4 790.1 807.0 820.9 848.2 882.2 886.2 931.9 960.4 958.7 259.9 249.5 255.6 262.1 268.0 280.2 279.0 276.3 278.4 282.5 282.3 287.9 298.5 309.1 316.5 54.3 21.7 14.7 20.1 14.4 26.1 47.5 32.1 56.3 79.0 51.0 66.5 91.4 38.2 55.7 ¥109.5 ¥114.7 ¥86.8 ¥74.8 ¥95.5 ¥113.5 ¥140.1 ¥95.9 ¥121.5 ¥131.6 ¥142.4 ¥149.0 ¥198.5 ¥245.2 ¥259.0 763.9 774.0 806.3 826.1 833.6 845.5 849.9 911.1 929.4 963.6 988.1 998.8 991.9 972.1 965.3 ............ ............ ............ ............ ............ ............ ............ ............ 6,717.5 6,724.2 6,779.5 6,825.8 6,882.0 6,983.9 7,020.0 7,093.1 7,166.7 7,236.5 7,311.2 7,364.6 7,464.7 7,498.6 7,566.5 Final sales of dom estic product Gross dom estic purchases1 Addendum : Gross national product ational N onTotal Ndef ense defense State and local 541.9 539.4 528.0 505.7 486.6 470.6 465.6 458.0 401.5 397.5 375.8 354.4 336.9 323.5 319.1 308.9 140.5 142.0 152.2 151.2 149.5 146.9 146.2 148.6 708.6 718.7 735.8 746.4 765.7 783.9 802.7 827.1 6,126.7 6,082.6 6,237.4 6,368.9 6,551.2 6,731.7 6,961.6 7,203.7 6,199.8 6,101.6 6,274.0 6,459.0 6,712.7 6,855.0 7,101.1 7,396.5 6,157.0 6,094.9 6,255.5 6,408.0 6,619.1 6,779.5 7,008.4 7,266.2 833.2 1,268.1 496.4 853.2 1,255.8 481.7 347.0 329.6 149.4 771.7 151.7 774.1 6,580.4 6,624.8 6,737.5 6,791.3 6,635.6 6,691.2 328.3 328.4 323.9 313.3 318.7 325.0 319.8 313.0 305.0 311.7 310.2 308.7 293.3 300.3 303.5 150.0 147.6 148.8 141.1 144.5 147.3 146.8 146.1 150.7 148.2 148.2 147.3 151.9 152.9 148.4 6,661.8 6,700.0 6,761.7 6,803.3 6,863.6 6,954.7 6,970.3 7,057.9 7,108.1 7,155.5 7,256.3 7,294.8 7,372.5 7,456.4 7,507.6 6,823.3 6,834.6 6,863.5 6,898.4 6,974.0 7,092.8 7,152.6 7,185.2 7,281.3 7,359.4 7,443.1 7,502.1 7,644.9 7,718.6 7,798.8 6,735.9 6,746.3 6,788.9 6,846.8 6,902.1 6,999.0 7,027.1 7,105.3 7,167.8 7,239.3 7,307.0 7,350.7 7,455.2 7,485.9 7,546.7 Exports Im ports 6,136.3 6,079.4 6,244.4 6,389.6 6,610.7 6,761.7 6,994.8 7,269.8 1990 1991 1992 1993 1994 1995 1996 1997 Governm ent consum ption expenditures and gross investm ent 564.4 626.3 599.9 622.2 639.4 669.0 658.2 728.4 712.4 817.0 792.6 889.0 860.0 971.2 970.0 1,106.1 873.4 888.7 893.1 900.9 929.1 958.9 990.0 1,007.0 1,050.9 1,095.2 1,130.5 1,147.8 1,190.4 1,217.3 1,224.3 1 GD P less exports of goods and services plus im ports of goods and services. N O TE .— B ecause of the form ula used for calculating real GD P, the chained (1992) dollar estim ates for the detailed com ponents do not add to the chained-dollar value of GD P or to any interm ediate aggregates. Total 1,250.4 1,258.0 1,263.8 1,252.1 1,252.3 1,254.5 1,268.2 1,285.0 1,256.2 1,259.9 1,257.6 1,244.5 1,254.5 1,276.2 1,271.1 1,271.2 1,277.7 1,284.4 1,288.9 1,289.2 1,283.0 1,294.8 1,299.6 478.6 476.2 473.1 454.6 463.5 472.6 467.0 459.5 456.3 460.4 458.9 456.5 446.1 454.1 452.5 777.6 783.7 784.5 790.0 791.0 803.6 804.2 811.8 821.5 824.2 830.1 832.9 837.1 840.9 847.3 Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index num bers,1992= 100;quarterly data are seasonally adjusted] Personalconsum ption expenditures Period 1990 1991 1992 1993 1994 1995 1996 1997 Gross dom estic product Total D urable goods N ondurable goods Gross private dom estic investm ent Services Exports and im ports of goods and services Governm ent consum ption expenditures and gross investm ent Federal N onresidential fixed Residentialfixed Exports Total N ational defense N ondefense State and local Im ports .................. .................. .................. .................. .................. ................. ................. ................. 93.60 97.32 100.00 102.64 105.09 107.51 109.53 111.57 92.91 96.82 100.00 102.66 105.15 107.56 109.75 111.81 96.59 98.54 100.00 101.22 103.27 103.72 102.75 100.66 94.62 98.06 100.00 101.46 102.77 103.95 106.08 107.69 91.22 95.78 100.00 103.62 106.85 110.37 113.32 116.61 98.41 99.92 100.00 100.65 101.89 102.40 101.46 100.15 97.80 98.85 100.00 103.71 107.11 110.90 113.02 115.96 98.74 100.31 100.00 100.07 101.23 103.39 101.60 99.53 100.37 100.02 100.00 98.75 99.39 101.61 99.36 95.72 92.93 96.88 100.00 102.50 104.85 108.17 111.34 113.58 92.93 96.47 100.00 101.76 103.64 106.47 109.98 112.00 92.84 97.94 100.00 104.29 107.70 112.13 114.57 117.27 94.91 97.86 100.00 102.49 104.85 108.09 110.48 112.96 1994: III .......... IV .......... 105.39 106.09 105.61 106.31 103.84 103.94 103.32 103.65 107.24 108.27 102.19 102.17 107.46 108.84 101.45 102.19 100.33 100.71 104.83 105.53 103.68 104.26 107.56 108.53 105.20 105.89 1995: I ............ II ........... III ......... IV .......... 106.75 107.24 107.75 108.29 106.74 107.35 107.85 108.29 104.03 103.86 103.63 103.39 103.49 103.88 104.11 104.34 109.11 110.02 110.82 111.52 102.17 102.53 102.50 102.38 110.20 110.67 111.09 111.64 103.12 103.80 103.57 103.07 101.03 102.55 101.84 100.99 107.03 107.44 108.06 110.24 105.41 106.00 106.68 107.85 110.82 110.82 111.32 115.72 106.97 107.97 108.49 108.89 1996: I ............ II ........... III ......... IV .......... 108.91 109.24 109.74 110.23 108.87 109.53 109.94 110.63 103.49 102.83 102.56 102.13 105.12 106.03 106.11 107.04 112.10 112.94 113.70 114.52 101.91 101.36 101.38 101.21 111.94 112.39 113.60 114.14 102.76 102.07 101.36 100.35 100.35 99.79 98.68 98.69 111.57 110.67 111.15 112.00 109.91 109.41 109.85 110.77 115.44 113.67 114.24 114.94 110.04 109.87 110.61 111.38 1997: I ............ II ........... III ......... IV .......... 111.00 111.43 111.76 112.08 111.31 111.62 111.99 112.29 101.92 100.94 100.23 99.63 107.56 107.52 107.72 107.96 115.50 116.29 117.03 117.58 100.77 100.28 100.02 99.61 114.79 115.34 116.49 117.19 100.09 99.74 99.35 98.97 97.39 95.68 95.21 94.73 113.29 113.57 113.52 113.93 111.85 112.02 111.90 112.25 116.70 117.22 117.32 117.85 112.28 112.67 113.06 113.82 1998: I ............ II ........... IIIr ........ 112.32 112.56 112.84 112.29 112.54 112.83 99.28 98.73 97.99 107.36 107.42 107.81 117.99 118.54 119.04 98.86 98.08 97.18 117.20 117.69 118.76 98.13 97.68 96.98 92.16 91.09 89.98 114.67 114.68 114.79 113.05 113.14 113.24 118.46 118.31 118.43 113.88 114.22 114.82 Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. 2 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index num bers,1992= 100 Period 1986 ............................................................... 1987 ............................................................... 1988 ............................................................... 1989 ............................................................... 1990 ............................................................... 1991 ............................................................... 1992 ............................................................... 1993 ............................................................... 1994 ............................................................... 1995 ............................................................... 1996 ............................................................... 1997 ............................................................... 1993: I .......................................................... II ......................................................... III ....................................................... IV ........................................................ 1994: I .......................................................... II ......................................................... III ....................................................... IV ........................................................ 1995: I .......................................................... II ........................................................ III ....................................................... IV ....................................................... 1996: I .......................................................... II ........................................................ III ....................................................... IV ....................................................... 1997: I .......................................................... II ........................................................ III ....................................................... IV ....................................................... 1998: I .......................................................... II ........................................................ IIIr ...................................................... 1 Percent changes RealGD P (chain-type quantity index) GD P (current dollars) 70.82 75.14 80.87 87.10 91.98 94.75 100.00 105.02 111.25 116.42 122.69 129.89 103.20 104.24 105.29 107.36 108.81 110.68 111.88 113.63 114.83 115.48 116.98 118.38 120.03 122.18 123.36 125.21 127.39 129.13 130.85 132.19 134.27 135.17 136.73 GD P chain-type price index 87.88 90.47 93.93 97.08 98.27 97.36 100.00 102.32 105.87 108.28 112.02 116.42 101.34 101.85 102.39 103.72 104.49 105.70 106.17 107.11 107.58 107.68 108.57 109.31 110.21 111.84 112.42 113.59 114.77 115.89 117.08 117.94 119.54 120.09 121.17 80.58 83.06 86.10 89.72 93.64 97.32 100.00 102.64 105.09 107.51 109.54 111.57 101.85 102.38 102.83 103.52 104.16 104.74 105.39 106.07 106.74 107.26 107.76 108.30 108.90 109.28 109.77 110.21 110.97 111.45 111.77 112.09 112.33 112.57 112.85 based on unrounded data. Quarterly percent changes are at annual rates. GD P im plicit price deflator RealGD P (chain-type quantity index) GD P (current dollars) 80.58 83.06 86.09 89.72 93.60 97.32 100.00 102.64 105.09 107.51 109.53 111.57 101.84 102.35 102.83 103.51 104.13 104.71 105.39 106.09 106.75 107.24 107.75 108.29 108.91 109.24 109.74 110.23 111.00 111.43 111.76 112.08 112.32 112.56 112.84 5.8 6.1 7.6 7.7 5.6 3.0 5.5 5.0 5.9 4.6 5.4 5.9 3.9 4.1 4.1 8.1 5.5 7.1 4.4 6.4 4.3 2.3 5.3 4.9 5.7 7.3 3.9 6.1 7.2 5.6 5.4 4.2 6.4 2.7 4.7 GD P chain-type price index 3.1 2.9 3.8 3.4 1.2 ¥.9 2.7 2.3 3.5 2.3 3.4 3.9 .1 2.0 2.1 5.3 3.0 4.7 1.8 3.6 1.7 .4 3.3 2.8 3.3 6.1 2.1 4.2 4.2 4.0 4.2 3.0 5.5 1.8 3.7 GD P im plicit price deflator 2.6 3.1 3.7 4.2 4.4 3.9 2.8 2.6 2.4 2.3 1.9 1.9 3.9 2.1 1.8 2.7 2.5 2.2 2.5 2.6 2.5 2.0 1.9 2.0 2.2 1.4 1.8 1.6 2.8 1.7 1.2 1.1 .9 .9 1.0 2.6 3.1 3.7 4.2 4.3 4.0 2.8 2.6 2.4 2.3 1.9 1.9 3.9 2.0 1.9 2.7 2.4 2.2 2.6 2.7 2.5 1.8 1.9 2.0 2.3 1.2 1.8 1.8 2.8 1.6 1.2 1.2 .8 .9 1.0 Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. NONFINANCIAL CORPORATE BUSINESS–OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annualrates] Current-dollar cost and profit per unit of realoutput (dollars)1 Gross dom estic product of nonfinancial corporate business (billions of dollars) Period 1990 ................................................................................. 1991 ................................................................................. 1992 ................................................................................. 1993 ................................................................................. 1994 ................................................................................. 1995 ................................................................................. 1996 ................................................................................. 1997 ................................................................................. 1995: I ........................................................................... II .......................................................................... III ........................................................................ IV ......................................................................... 1996: I ........................................................................... II .......................................................................... III ........................................................................ IV ......................................................................... 1997: I ........................................................................... II .......................................................................... III ........................................................................ IV ......................................................................... 1998: I ........................................................................... II .......................................................................... IIIr ....................................................................... Current dollars Chained (1992) dollars 3,084.0 3,132.1 3,262.6 3,430.4 3,709.7 3,920.4 4,134.4 4,414.5 3,844.1 3,879.3 3,956.5 4,001.7 4,033.0 4,106.4 4,168.9 4,229.3 4,307.1 4,375.7 4,461.9 4,513.2 4,574.2 4,618.8 4,688.9 3,210.2 3,168.8 3,262.6 3,374.4 3,586.3 3,745.5 3,914.8 4,154.4 3,682.3 3,710.0 3,776.2 3,813.5 3,826.9 3,891.0 3,944.2 3,997.1 4,054.5 4,117.0 4,198.5 4,247.5 4,309.2 4,352.0 4,417.2 Total cost and profit2 0.961 .988 1.000 1.017 1.034 1.047 1.056 1.063 1.044 1.046 1.048 1.049 1.054 1.055 1.057 1.058 1.062 1.063 1.063 1.063 1.061 1.061 1.062 Consum ption of fixed capital 0.096 .101 .101 .101 .101 .100 .100 .100 .099 .100 .100 .101 .101 .100 .100 .100 .100 .100 .100 .100 .099 .100 .099 Indirect business tax,etc.3 0.092 .100 .103 .106 .108 .106 .105 .105 .108 .107 .105 .105 .106 .105 .105 .105 .105 .106 .105 .105 .105 .104 .104 1 Output i s 3 Indi rect business tax and 2 Thi s 4W m easured by GD P of nonfinancial corporate business in chained (1992) dollars. is equal to the deflator for gross dom estic product of nonfinancial corporate business with the decim alpoint shifted two places to the left. Com pensation of em ployees 0.640 .660 .673 .679 .677 .682 .685 .691 .684 .685 .680 .681 .681 .684 .686 .687 .690 .691 .688 .695 .697 .699 .699 Corporate profits with inventory valuation and capitalconsum ption adjustm ents Total 0.086 .085 .091 .103 .122 .130 .140 .143 .125 .126 .135 .135 .139 .140 .141 .141 .142 .143 .147 .141 .139 .136 .138 Profits tax liability 0.030 .027 .028 .031 .036 .037 .039 .041 .037 .036 .037 .037 .038 .039 .039 .039 .041 .040 .042 .040 .037 .037 .037 Profits after tax4 0.056 .058 .063 .072 .086 .094 .101 .102 .088 .090 .098 .098 .101 .101 .102 .102 .101 .102 .104 .101 .102 .099 .100 N et interest 0.046 .042 .032 .028 .027 .028 .026 .023 .028 .028 .028 .028 .027 .026 .026 .025 .025 .024 .023 .022 .022 .022 .022 nontax liability plus business transfer paym ents less subsidies. ith inventory valuation and capitalconsum ption adjustm ents. Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. 3 NATIONAL INCOME [B illions of dollars;quarterly data at seasonally adjusted annualrates] N ational incom e Period 1991 ......................................... 1992 ......................................... 1993 ......................................... 1994 ......................................... 1995 ........................................ 1996 ........................................ 1997 ........................................ 1994: III ................................. IV ................................. 1995: I ................................... II .................................. III ................................ IV ................................. 1996: I ................................... II .................................. III ................................ IV ................................. 1997: I ................................... II .................................. III ................................ IV ................................. 1998: I ................................... II .................................. IIIr ............................... 4,761.6 4,990.4 5,266.8 5,590.7 5,923.7 6,256.0 6,646.5 5,636.1 5,747.3 5,816.1 5,873.3 5,965.3 6,039.8 6,119.6 6,226.8 6,303.6 6,373.9 6,509.0 6,604.5 6,704.8 6,767.9 6,875.0 6,945.5 7,032.3 Com pensation of em ployees1 Proprietors’incom e with inventory valuation and capitalconsum ption adjustm ents Farm 3,457.9 3,644.9 3,814.9 4,012.0 4,208.9 4,409.0 4,687.2 4,028.7 4,093.9 4,150.3 4,183.6 4,230.0 4,271.6 4,303.5 4,382.4 4,444.4 4,505.9 4,586.3 4,649.2 4,715.5 4,798.0 4,882.8 4,945.2 5,011.6 N onfarm 29.3 37.1 32.4 36.9 22.4 38.9 35.5 33.2 29.1 22.8 20.4 19.1 27.4 34.8 41.0 43.2 36.7 36.4 37.8 36.3 31.4 27.4 27.7 25.2 347.2 386.7 418.4 434.7 465.6 488.8 515.8 438.4 447.0 455.7 462.0 470.7 474.1 481.3 487.0 490.3 496.4 504.1 512.1 520.2 526.6 536.8 544.0 550.9 1 Incl udes em ployer contributions for socialinsurance.(See also p.5.) Rental incom e of persons with capital consum ption adjustm ent 67.9 79.4 105.7 124.4 133.7 150.2 158.2 130.1 128.9 131.1 133.3 131.9 138.7 145.0 148.4 152.1 155.3 157.5 158.0 158.6 158.8 158.3 161.0 163.6 Corporate profits with inventory valuation and capitalconsum ption adjustm ents Profits with inventory valuation adjustm ent and without capital consum ption adjustm ent Total Total 411.3 428.0 492.8 570.5 672.4 750.4 817.9 590.1 617.7 629.3 653.9 698.6 707.8 735.9 748.3 755.4 762.0 794.3 815.5 840.9 820.8 829.2 820.6 827.0 378.2 398.9 456.9 519.1 613.0 679.0 741.2 535.0 560.3 572.6 595.5 637.4 646.5 667.0 677.1 683.0 688.7 720.5 740.1 763.7 740.7 744.3 731.3 732.1 Profits before tax Inventory valuation adjustm ent 374.2 406.4 465.4 535.1 635.6 680.2 734.4 556.2 583.9 610.5 629.4 650.8 651.8 669.9 683.4 681.9 685.7 712.4 729.8 758.9 736.4 719.1 723.5 720.5 4.0 ¥7.5 ¥8.5 ¥16.1 ¥22.6 ¥1.2 6.9 ¥21.2 ¥23.6 ¥37.9 ¥33.9 ¥13.4 ¥5.3 ¥2.9 ¥6.2 1.2 3.0 8.1 10.3 4.8 4.3 25.3 7.8 11.7 Capital consum ption adjustm ent N et interest 33.1 29.1 36.0 51.4 59.4 71.4 76.6 55.1 57.4 56.7 58.3 61.2 61.3 68.9 71.2 72.3 73.3 73.8 75.5 77.2 80.1 84.9 89.4 94.8 448.0 414.3 402.5 412.3 420.6 418.6 432.0 415.6 430.7 426.9 420.2 415.2 420.2 419.2 419.7 418.1 417.5 430.4 431.8 433.3 432.4 440.5 447.1 454.0 Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [B illions of chained (1992) dollars,except as noted;quarterly data at seasonally adjusted annualrates] D urable goods Period 1991 ............................... 1992 ............................... 1993 ............................... 1994 ............................... 1995 ............................... 1996 ............................... 1997 ............................... 1994: III ....................... IV ........................ 1995: I .......................... II ........................ III ....................... IV ....................... 1996: I .......................... II ........................ III ....................... IV ....................... 1997: I .......................... II ........................ III ....................... IV ....................... 1998: I .......................... II ........................ IIIr ..................... Total personal consum ption expenditures Total durable goods M otor vehicles and parts 4,105.8 4,219.8 4,343.6 4,486.0 4,605.6 4,752.4 4,913.5 4,498.2 4,534.1 4,555.3 4,593.6 4,623.4 4,650.0 4,692.1 4,746.6 4,768.3 4,802.6 4,853.4 4,872.7 4,947.0 4,981.0 5,055.1 5,130.2 5,181.8 462.0 488.5 523.8 561.2 589.1 626.1 668.6 561.7 576.6 575.2 583.5 595.3 602.4 611.0 629.5 626.5 637.5 656.3 653.8 679.6 684.8 710.3 729.4 733.7 193.2 206.9 218.9 230.0 230.6 235.0 239.3 227.3 232.6 227.4 229.5 232.6 232.8 235.9 237.9 232.8 233.3 239.1 230.8 244.4 242.7 247.8 258.9 252.6 1 Incl udes other item s,not shown Furniture and household equipm ent 177.0 189.4 207.8 229.4 251.2 277.5 307.7 232.2 240.3 242.6 246.6 254.1 261.4 265.0 277.7 280.0 287.2 296.2 303.7 312.7 318.1 335.8 339.3 352.0 N ondurable goods Other 91.8 92.3 97.2 102.3 109.0 117.1 127.7 102.9 104.5 106.5 108.7 110.3 110.5 112.3 117.0 117.6 121.5 125.8 125.9 128.5 130.8 135.1 138.6 139.1 Total nondurable goods 1,302.9 1,321.8 1,351.0 1,389.9 1,417.6 1,450.9 1,486.3 1,393.2 1,402.5 1,410.4 1,415.9 1,418.5 1,425.6 1,433.5 1,450.4 1,454.7 1,465.1 1,477.9 1,477.1 1,495.7 1,494.3 1,521.2 1,540.9 1,549.1 separately. N O TE .— B ecause of the form ula used for calculating real GD P, the chained (1992) dollar estim ates for the detailed com ponents do not add to the chained-dollar value of GD P or to any interm ediate aggregates. 4 Food 659.6 660.0 675.3 687.9 689.5 692.6 699.3 687.9 689.5 689.5 689.6 688.9 690.0 691.1 693.4 691.4 694.3 699.4 697.3 700.6 699.9 706.8 716.3 718.9 Clothing Gasoline and and oil shoes 215.9 225.5 234.2 247.1 260.1 276.1 288.4 248.1 254.7 256.4 258.4 262.1 263.5 268.0 276.4 279.8 280.3 286.0 283.3 291.9 292.3 307.4 311.4 309.8 103.4 106.6 108.7 109.8 114.3 116.0 117.9 109.9 110.7 113.5 114.2 114.3 115.3 114.7 116.2 116.0 117.0 116.7 118.3 118.4 118.1 118.5 118.4 121.1 Services Fuel oil and coal 10.8 10.9 10.7 10.7 11.2 11.2 10.3 10.7 10.2 10.4 11.4 11.3 11.7 11.9 11.1 11.3 10.6 9.8 10.4 10.7 10.1 9.2 9.7 9.9 Other 313.2 318.8 322.1 334.3 343.1 356.7 373.0 336.7 337.8 340.9 342.8 342.7 346.0 348.9 355.0 358.2 364.8 368.3 369.9 377.0 376.8 383.5 389.2 393.4 Total services1 2,341.0 2,409.4 2,468.9 2,535.5 2,599.6 2,676.7 2,761.5 2,543.8 2,555.9 2,570.4 2,594.8 2,610.3 2,622.9 2,648.5 2,668.4 2,688.1 2,701.7 2,722.1 2,743.6 2,775.4 2,804.8 2,829.3 2,866.8 2,904.8 Retailsales of new passenger cars and light edical H ousing M car trucks e (m illions of units) 635.2 646.8 654.7 674.3 688.6 700.9 717.4 677.0 681.1 684.9 687.0 689.7 692.7 695.7 698.6 702.6 706.7 711.2 715.1 719.5 723.9 728.7 732.7 737.1 Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. 621.6 646.6 655.3 662.1 675.0 686.6 701.7 663.2 666.0 669.1 673.0 677.2 680.9 679.5 685.6 687.7 693.5 694.8 698.6 704.2 709.4 714.9 721.6 725.3 12.3 12.8 13.9 15.0 14.7 15.0 15.0 14.9 15.3 14.7 14.4 14.8 15.0 15.1 15.2 15.0 14.9 15.3 14.5 15.2 15.0 15.1 16.1 14.6 SOURCES OF PERSONAL INCOME Personal income rose $32.8 billion (annual rate) in November, following an increase of $32.0 billion in October. Wages and salaries increased $23.2 billion in November, following an increase of $22.4 billion in October. [B illions of dollars;m onthly data at seasonally adjusted annualrates] Proprietors’incom e3 Period 1990 1991 1992 1993 1994 1995 1996 1997 Total personal incom e W age and salary disbursem ents1 Other labor incom e1 2 Farm N onfarm Rental incom e of persons4 Personal dividend incom e Personal interest incom e Transfer paym ents5 Less:Personalcontributions for social insurance ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. 4,796.2 4,965.6 5,255.7 5,481.0 5,757.9 6,072.1 6,425.2 6,784.0 2,757.5 2,827.6 2,986.4 3,089.6 3,240.7 3,428.5 3,631.1 3,889.8 300.6 322.7 351.3 385.1 405.0 401.6 387.0 392.9 35.4 29.3 37.1 32.4 36.9 22.4 38.9 35.5 338.6 347.2 386.7 418.4 434.7 465.6 488.8 515.8 61.0 67.9 79.4 105.7 124.4 133.7 150.2 158.2 134.9 137.7 137.9 147.1 171.0 192.8 248.2 260.3 704.4 699.2 667.2 651.0 668.1 704.9 719.4 747.3 687.8 769.9 858.2 912.0 954.7 1,015.9 1,068.0 1,110.4 223.9 235.8 248.4 260.3 277.5 293.6 306.3 326.2 1997: N ov ................................................... D ec ................................................... 6,910.9 6,928.3 3,998.0 4,007.7 396.9 399.7 31.5 29.1 526.2 528.4 158.8 158.9 261.3 261.4 753.0 753.3 1,119.3 1,124.7 334.1 334.9 1998: Jan ................................................... Feb ................................................... M ar ................................................... Apr ................................................... M ay .................................................. June ................................................. Julyr ................................................. Aug r ................................................. Septr ................................................ Octr .................................................. N ovp ................................................. 6,970.5 7,007.3 7,033.9 7,055.3 7,085.9 7,104.4 7,133.7 7,164.1 7,184.6 7,216.6 7,249.4 4,040.0 4,066.4 4,079.3 4,097.6 4,124.3 4,131.0 4,153.6 4,183.4 4,194.3 4,216.7 4,239.9 401.7 402.8 403.8 404.7 405.7 406.6 407.5 408.3 409.2 410.1 411.0 28.2 27.3 26.6 27.2 27.7 28.2 26.8 25.2 23.5 26.6 29.5 531.6 536.6 542.2 543.0 542.5 546.6 550.5 549.5 552.9 558.8 561.4 158.3 158.4 158.3 159.4 160.9 162.6 163.0 163.5 164.4 165.8 167.2 261.5 261.6 261.8 262.0 262.1 262.3 262.4 262.8 263.7 264.7 265.7 754.7 757.0 759.3 761.2 762.8 765.0 767.3 769.4 770.7 771.0 770.8 1,133.8 1,138.4 1,144.7 1,143.8 1,145.3 1,148.3 1,150.4 1,151.8 1,156.6 1,155.5 1,158.1 339.3 341.2 342.2 343.6 345.5 346.2 347.7 349.9 350.8 352.5 354.2 1 The total of wage and sal ary disbursem ents and other labor incom e differs from com pensation of em ployees (see p. 4) in that it excludes em ployer contributions for social insurance and the excess of wage accruals over wage disbursem ents. 2 Consi sts prim arily of em ployer contributions to private pension and private welfare funds. 3W ith inventory valuation and capitalconsum ption adjustm ents. ith capitalconsum ption adjustm ent. veterans paym ents. Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. 4W 5 Consi sts m ainly of socialinsurance benefits,direct relief,and 5 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annual rate of 2.3 percent in the third quarter of 1998. Period Personal incom e Less: Personal tax and nontax paym ents Equals: D isposable personal incom e Less: Personal outlays1 Equals: Personal saving D isposable personal incom e in billions of chained (1992) dollars Per capita disposable personal incom e Current dollars B illions of dollars 1991 1992 1993 1994 1995 1996 1997 ................... ................... ................... ................... ................... ................... ................... 4,965.6 5,255.7 5,481.0 5,757.9 6,072.1 6,425.2 6,784.0 624.8 650.5 690.0 739.1 795.0 890.5 989.0 4,340.9 4,605.1 4,791.1 5,018.9 5,277.0 5,534.7 5,795.1 Chained (1992) dollars Per capita personal consum ption expenditures Current dollars Chained (1992) dollars D ollars 4,097.4 4,341.0 4,580.7 4,842.1 5,097.2 5,376.2 5,674.1 243.5 264.1 210.3 176.8 179.8 158.5 121.0 4,483.5 4,605.1 4,666.7 4,772.9 4,906.0 5,043.0 5,183.1 17,179 18,029 18,558 19,251 20,050 20,840 21,633 Percent change in real per capita disposable personal incom e Saving as percent of disposable personal incom e Population, including Arm ed Forces overseas (thousands)2 Percent 17,744 18,029 18,077 18,308 18,640 18,989 19,349 15,732 16,520 17,273 18,093 18,822 19,639 20,508 16,249 16,520 16,825 17,207 17,499 17,894 18,342 ¥1.2 1.6 .3 1.3 1.8 1.9 1.9 5.6 5.7 4.4 3.5 3.4 2.9 2.1 252,680 255,432 258,161 260,705 263,194 265,579 267,880 18,369 18,541 18,621 18,551 18,628 18,761 18,860 18,919 19,079 19,096 19,217 19,315 19,385 19,478 19,632 19,719 19,829 18,199 18,419 18,542 18,762 18,922 19,061 19,299 19,600 19,717 19,938 20,235 20,329 20,660 20,807 21,078 21,394 21,612 17,232 17,326 17,371 17,476 17,544 17,602 17,727 17,894 17,934 18,021 18,178 18,213 18,447 18,529 18,770 19,010 19,155 1.8 3.8 1.7 ¥1.5 1.7 2.9 2.1 1.3 3.4 .4 2.6 2.1 1.5 1.9 3.2 1.8 2.3 3.7 4.0 4.1 3.1 3.1 3.3 3.2 2.6 3.1 2.6 2.4 2.6 1.7 1.7 1.2 .4 .2 261,040 261,692 262,235 262,847 263,527 264,169 264,680 265,258 265,887 266,491 266,987 267,545 268,171 268,815 269,309 269,867 270,523 Seasonally adjusted annualrates 1994: III ........... IV ........... 1995: I .............. II ............ III ........... IV ........... 1996: I .............. II ............ III ........... IV ........... 1997: I .............. II ............ III ........... IV ........... 1998: I .............. II ............ IIIr ......... 5,804.1 5,911.2 5,979.5 6,030.3 6,093.5 6,185.0 6,284.3 6,390.0 6,476.7 6,549.8 6,666.7 6,743.6 6,820.9 6,904.9 7,003.9 7,081.9 7,160.8 739.9 753.0 767.2 795.7 799.0 818.3 849.7 893.3 899.4 919.7 955.6 975.8 999.0 1,025.5 1,066.8 1,092.9 1,108.4 5,064.2 5,158.2 5,212.3 5,234.7 5,294.5 5,366.8 5,434.6 5,496.7 5,577.3 5,630.1 5,711.2 5,767.9 5,821.8 5,879.4 5,937.1 5,988.9 6,052.4 4,876.1 4,950.7 4,997.4 5,070.6 5,132.1 5,188.8 5,261.1 5,356.2 5,405.2 5,482.5 5,575.8 5,616.0 5,723.3 5,781.2 5,864.0 5,963.3 6,039.8 188.1 207.5 214.9 164.0 162.4 178.0 173.5 140.5 172.2 147.6 135.4 151.9 98.5 98.2 73.0 25.6 12.6 4,795.2 4,852.1 4,883.0 4,876.0 4,909.1 4,956.1 4,992.0 5,018.4 5,072.8 5,089.0 5,130.8 5,167.5 5,198.4 5,235.8 5,287.1 5,321.5 5,364.1 1 Incl udes personalconsum ption expenditures,interest paid by persons,and personaltransfer paym ents to rest of the world (net). 2 Annualdata are averages of quarterl y data,which are averages for the period. 6 19,400 19,711 19,876 19,915 20,091 20,316 20,533 20,722 20,976 21,127 21,391 21,558 21,709 21,871 22,046 22,192 22,373 Source:D epartm ent of Com m erce (B ureau of Econom ic Analysis and B ureau of the Census). FARM INCOME In the third quarter of 1998, according to preliminary estimates, gross farm income rose $5.6 billion (annual rate) and net farm income rose $15.1 billion. [B illions of dollars;quarterly data at seasonally adjusted annualrates] Incom e of farm operators from farm ing Gross farm incom e Period Cash m arketing receipts Total1 Total 1990 ......................................................... 1991 ......................................................... 1992 ......................................................... 1993 .......................................................... 1994 ......................................................... 1995 ......................................................... 1996 ......................................................... 1997 .......................................................... 1995: III ................................................. IV ................................................... 1996: I ..................................................... II .................................................... III .................................................. IV ................................................... 1997: I ..................................................... II .................................................... III .................................................. IV ................................................... 1998: I ..................................................... II ................................................... IIIp ................................................ 198.0 191.9 200.5 204.1 215.8 210.1 235.8 238.3 210.2 211.8 232.8 237.1 247.4 225.9 247.9 230.1 240.8 234.4 240.4 226.6 232.2 169.5 167.9 171.4 177.8 181.2 188.1 199.6 208.7 191.5 186.3 200.9 203.1 203.5 190.9 217.8 207.8 206.6 202.5 210.7 203.8 194.5 1 Cash m arketi ng receipts and inventory changes plus Governm ent paym ents,other farm cash incom e,and nonm oney incom e furnished by farm s. 2 Physi calchanges in end-of-year inventory of crop and livestock com m odities valued at average prices during the year. Livestock and products 89.2 85.8 85.6 90.2 88.2 87.0 93.0 96.6 85.9 87.4 90.2 90.7 96.8 94.3 97.2 96.1 98.6 94.4 94.3 92.4 95.2 Crops 80.3 82.1 85.7 87.6 93.1 101.1 106.6 112.1 105.6 98.8 110.7 112.4 106.7 96.5 120.6 111.7 108.0 108.1 116.4 111.4 99.3 Value of inventory changes2 3.3 ¥.2 4.2 ¥4.2 8.3 ¥5.1 7.8 ¥.4 ¥4.6 ¥3.6 9.8 9.0 6.9 5.4 ¥.5 ¥.5 ¥.4 ¥.3 ¥1.3 ¥1.2 ¥.9 Production expenses 153.3 153.3 152.9 160.5 167.5 174.1 182.4 188.4 177.3 170.6 184.7 182.9 183.4 178.8 193.9 192.1 186.7 181.2 194.7 190.6 181.1 N et farm incom e 44.7 38.6 47.5 43.6 48.3 36.0 53.4 49.8 32.9 41.2 48.0 54.2 64.1 47.2 54.0 38.0 54.1 53.3 45.7 36.0 51.1 N O TE .— D ata include net Com m odity Credit Corporation loans and operator households. Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to annualdata in table. Source:D epartm ent of Agriculture. 7 CORPORATE PROFITS In the third quarter of 1998, according to revised estimates, corporate profits before tax fell $3.0 billion (annual rate) and profits after tax fell $4.5 billion. [B illions of dollars;quarterly data at seasonally adjusted annualrates] Profits (before tax) with inventory valuation adjustm ent1 Profits after tax D om estic industries Period N onfinancial Total2 Total Financial Total3 M anufacturing W holesale Profits before tax Tax liability Total D ividends U ndistributed profits Inventory valuation adjustm ent Retail 1990 ................ 1991 ................ 1992 ................ 1993 ................ 1994 ................ 1995 ................ 1996 ................ 1997 ................ 358.2 378.2 398.9 456.9 519.1 613.0 679.0 741.2 292.5 309.5 334.0 383.0 445.7 523.4 582.6 642.2 68.6 87.4 83.7 82.9 69.4 104.6 110.7 130.0 223.8 222.1 250.3 300.1 376.3 418.8 471.8 512.3 112.3 92.7 96.3 116.7 151.6 183.9 195.6 214.4 17.2 20.6 23.0 24.3 29.4 26.2 37.9 49.8 20.6 26.1 32.2 38.9 46.0 43.3 51.8 61.2 371.7 374.2 406.4 465.4 535.1 635.6 680.2 734.4 140.5 133.4 143.0 165.2 186.6 211.0 226.1 246.1 231.2 240.8 263.4 300.2 348.5 424.6 454.1 488.3 143.9 147.2 147.9 157.6 182.4 205.3 261.9 275.1 87.3 93.6 115.5 142.6 166.1 219.3 192.3 213.2 ¥13.5 4.0 ¥7.5 ¥8.5 ¥16.1 ¥22.6 ¥1.2 6.9 1994: III ........ IV ........ 535.0 560.3 460.7 485.2 81.3 80.0 379.5 405.3 151.6 166.2 27.3 28.6 47.2 47.8 556.2 583.9 194.6 206.2 361.6 377.7 186.0 195.3 175.6 182.4 ¥21.2 ¥23.6 1995: I .......... II ......... III ........ IV ........ 572.6 595.5 637.4 646.5 487.5 502.3 553.9 550.0 93.9 104.2 116.0 104.4 393.6 398.1 438.0 445.6 170.3 176.9 193.0 195.4 22.8 21.2 29.7 31.1 42.5 41.9 43.5 45.3 610.5 629.4 650.8 651.8 202.9 207.6 219.1 214.3 407.6 421.9 431.6 437.5 197.1 199.0 204.4 220.7 210.5 222.8 227.2 216.8 ¥37.9 ¥33.9 ¥13.4 ¥5.3 1996: I .......... II ......... III ........ IV ........ 667.0 677.1 683.0 688.7 574.4 583.7 589.4 582.8 116.5 116.6 111.7 98.0 457.9 467.0 477.7 484.8 191.6 195.0 197.3 198.6 35.6 31.9 37.7 46.3 49.7 52.5 53.8 51.2 669.9 683.4 681.9 685.7 223.9 228.6 227.7 224.2 446.0 454.8 454.2 461.5 247.6 257.1 269.1 273.6 198.4 197.6 185.1 187.9 ¥2.9 ¥6.2 1.2 3.0 1997: I .......... II ......... III ........ IV ........ 720.5 740.1 763.7 740.7 624.0 634.7 661.4 648.7 127.7 128.7 128.6 134.7 496.3 506.0 532.8 514.0 200.8 215.5 228.9 212.3 48.3 50.5 52.7 47.6 60.8 59.1 62.7 62.2 712.4 729.8 758.9 736.4 238.8 241.9 254.2 249.3 473.6 487.8 504.7 487.1 274.1 274.7 275.1 276.4 199.5 213.2 229.5 210.6 8.1 10.3 4.8 4.3 1998: I .......... II ......... IIIr ...... 744.3 731.3 732.1 645.8 633.9 642.2 136.3 134.4 133.2 509.4 499.5 509.0 197.1 194.6 195.0 51.5 53.5 53.9 67.4 67.4 67.1 719.1 723.5 720.5 239.9 241.6 243.2 479.2 481.8 477.3 277.3 278.1 279.0 201.8 203.7 198.3 25.3 7.8 11.7 1See p.4 for profits with inventory valuation and capitalconsum ption adjustm ents. separately. separately. 2Incl udes rest of the world,not shown 3Incl udes industries not shown 8 Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the third quarter of 1998, according to revised estimates, nonresidential fixed investment in chained (1992) dollars fell $1.7 billion (annual rate) and residential investment rose $7.4 billion. There was an increase of $55.7 billion in inventories following an increase of $38.2 billion in the second quarter. [B illions of chained (1992) dollars;quarterly data at seasonally adjusted annualrates] Fixed investm ent Period Gross private dom estic investm ent Change in business inventories N onresidential Total Total Structures Producers’ Residential durable equipm ent Total N onfarm 1990 .................................................................................... 1991 .................................................................................... 1992 .................................................................................... 1993 .................................................................................... 1994 .................................................................................... 1995 .................................................................................... 1996 .................................................................................... 1997 .................................................................................... 815.0 738.1 790.4 863.6 975.7 996.1 1,084.1 1,206.4 805.8 741.3 783.4 842.8 915.5 966.0 1,050.6 1,138.0 585.2 547.7 557.9 600.2 648.4 710.6 776.6 859.4 203.3 181.6 169.2 170.8 172.5 180.7 189.7 203.2 381.9 366.2 388.7 429.6 476.8 531.7 589.8 660.9 220.6 193.4 225.6 242.6 267.0 256.8 275.9 282.8 10.4 ¥3.0 7.0 22.1 60.6 27.7 30.0 63.2 7.8 ¥1.2 2.0 29.5 49.0 37.7 23.2 58.8 1994: III ............................................................................ IV ............................................................................ 972.2 1,003.0 922.7 938.5 653.2 672.9 174.0 175.0 480.0 499.1 269.4 265.9 49.7 63.6 38.2 58.7 1995: I .............................................................................. II ............................................................................. III ............................................................................ IV ............................................................................ 1,013.5 982.0 983.4 1,005.4 957.1 957.8 965.8 983.1 698.4 710.2 711.7 722.3 179.5 181.7 181.5 179.8 520.4 529.9 531.8 544.8 259.9 249.5 255.6 262.1 54.3 21.7 14.7 20.1 62.5 36.7 30.6 20.8 1996: I .............................................................................. II ............................................................................. III ............................................................................ IV ............................................................................ 1,029.3 1,072.8 1,118.1 1,116.1 1,011.4 1,043.5 1,067.1 1,080.4 744.8 764.4 790.1 807.0 182.6 185.9 189.9 200.6 565.0 581.6 604.0 608.8 268.0 280.2 279.0 276.3 14.4 26.1 47.5 32.1 10.4 15.2 38.6 28.7 1997: I .............................................................................. II ............................................................................. III ............................................................................ IV ............................................................................ 1,156.6 1,211.3 1,215.8 1,241.9 1,096.0 1,127.0 1,159.3 1,169.5 820.9 848.2 882.2 886.2 202.5 199.3 205.2 205.7 621.0 653.8 682.6 686.4 278.4 282.5 282.3 287.9 56.3 79.0 51.0 66.5 56.2 72.1 44.0 62.7 1998: I .............................................................................. II ............................................................................ IIIr .......................................................................... 1,321.8 1,306.5 1,331.6 1,224.9 1,264.1 1,270.9 931.9 960.4 958.7 203.1 201.9 202.0 738.8 771.3 769.3 298.5 309.1 316.5 91.4 38.2 55.7 85.9 29.9 47.0 N O TE .— See p.10 for further detailon fixed investm ent by type. B ecause of the form ula used for calculating real GD P, the chained (1992) dollar estim ates for the detailed com ponents do not add to the chained-dollar value of GD P or to any interm edi- ate aggregates. Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [B illions of chained (1992) dollars;quarterly data at seasonally adjusted annualrates] N onresidential Structures Period 1990 ........... 1991 ........... 1992 ........... 1993 ........... 1994 ........... 1995 ........... 1996 ........... 1997 ........... 1994: III ... IV .... 1995: I ...... II ..... III ... IV .... 1996: I ...... II ..... III ... IV .... 1997: I ...... II ..... III ... IV .... 1998: I ...... II .... IIIr Total nonresidential 585.2 547.7 557.9 600.2 648.4 710.6 776.6 859.4 653.2 672.9 698.4 710.2 711.7 722.3 744.8 764.4 790.1 807.0 820.9 848.2 882.2 886.2 931.9 960.4 958.7 Total1 203.3 181.6 169.2 170.8 172.5 180.7 189.7 203.2 174.0 175.0 179.5 181.7 181.5 179.8 182.6 185.9 189.9 200.6 202.5 199.3 205.2 205.7 203.1 201.9 202.0 Inform ation processing and related equipm ent M ining exploration, shafts, and wells Total1 16.1 15.7 13.3 16.0 15.8 14.4 15.3 17.9 16.2 16.7 15.7 13.9 14.2 13.9 14.4 14.4 15.6 16.7 16.6 17.6 18.6 18.9 17.9 17.0 16.4 381.9 366.2 388.7 429.6 476.8 531.7 589.8 660.9 480.0 499.1 520.4 529.9 531.8 544.8 565.0 581.6 604.0 608.8 621.0 653.8 682.6 686.4 738.8 771.3 769.3 28.1 32.0 34.5 31.8 29.9 30.6 27.8 28.7 29.8 29.8 30.7 31.3 30.9 29.6 28.3 27.5 27.1 28.4 28.1 28.6 29.1 29.2 29.2 29.5 29.7 Total Com puters and peripheral equipm ent2 116.2 117.8 134.2 147.9 165.1 201.5 245.4 298.0 166.1 175.6 183.7 199.2 205.2 217.7 229.5 238.0 253.1 260.9 271.8 288.1 311.5 320.7 353.4 376.8 399.6 29.4 32.4 43.9 56.1 67.2 100.8 151.3 214.8 67.1 75.3 80.4 95.2 105.3 122.1 133.6 142.6 158.5 170.7 182.5 203.9 229.9 242.9 292.2 331.5 370.5 1 Incl udes other item s,not shown 2 Incl udes new Structures Producers’durable equipm ent N onresidential build- U tiliings, includ- ties ing farm 152.0 126.9 113.2 115.3 119.9 128.8 141.0 150.5 120.6 121.8 126.1 129.5 129.3 130.4 133.9 138.3 141.6 150.2 152.8 147.8 152.0 149.5 150.1 149.8 150.1 Residential Transportation and related equipm ent Total residential3 Other Industrial equipm ent 88.2 85.9 90.2 92.3 99.4 108.1 115.4 126.6 100.2 102.8 106.1 109.2 108.2 108.7 111.9 113.7 117.9 118.2 121.1 123.7 130.0 131.5 136.7 139.7 142.8 95.0 88.3 89.3 96.5 105.5 115.4 120.5 125.9 106.7 108.9 113.2 116.4 116.6 115.6 119.1 122.0 120.4 120.6 120.8 126.4 127.7 128.6 131.5 132.5 133.1 81.2 81.7 86.2 98.3 113.2 119.4 127.6 140.3 113.5 120.5 125.3 119.1 115.3 118.0 121.9 125.0 132.7 130.8 131.1 140.5 145.9 143.8 159.6 167.9 151.7 220.6 193.4 225.6 242.6 267.0 256.8 275.9 282.8 269.4 265.9 259.9 249.5 255.6 262.1 268.0 280.2 279.0 276.3 278.4 282.5 282.3 287.9 298.5 309.1 316.5 Total Single fam ily 214.5 187.6 219.5 236.2 260.3 249.8 268.6 275.1 262.7 259.0 252.9 242.6 248.5 255.0 261.0 272.9 271.7 268.9 270.9 274.9 274.5 280.1 290.5 300.9 308.3 110.4 96.4 116.5 127.1 140.1 126.8 136.6 137.2 140.5 136.1 131.2 122.7 124.2 128.9 133.0 138.5 138.6 136.3 136.3 137.2 136.1 139.0 145.2 151.3 155.6 M ultifam ily Other 19.7 15.4 13.1 10.6 13.6 16.9 18.7 20.2 14.7 15.5 16.3 16.2 17.4 17.8 18.7 20.1 17.7 18.3 19.8 20.3 19.5 21.0 22.1 20.7 20.8 84.4 75.7 89.9 98.6 106.5 106.6 113.8 118.5 107.6 107.6 105.7 104.2 107.6 108.8 109.8 114.8 115.9 114.8 115.3 118.0 119.7 120.9 123.8 129.6 132.6 N O TE .— B ecause of the form ula used for calculating real GD P, the chained (1992) dollar estim ates for the detailed com ponents do not add to the chained-dollar value of GD P or to any interm ediate aggregates. Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. separately. com puters and peripheralequipm ent only. separately. 3 Incl udes producers’durable equipm ent,not shown BUSINESS INVESTMENT [B illions of dollars] B y industry Period 1993 1994 1995 1996 ................... ................... ................... ................... 1 Incl udes an Total expenditures1 489.7 549.3 601.1 642.9 M anufacturing Total 488.2 547.9 601.0 642.9 M ining 19.6 24.6 27.6 29.5 Construction Total D urable goods 11.6 9.1 10.4 11.7 134.1 154.4 181.0 191.2 66.4 79.7 97.0 109.7 item for not distributed by industry,not shown separately. N O TE .— Alldata from AnnualCapitalExpenditures. 10 N ondurable goods Transportation Com m unications U tilities W holesale trade 67.7 74.7 84.0 81.5 30.6 33.3 33.9 35.9 37.1 41.9 46.3 57.1 41.3 41.5 38.4 37.0 19.0 23.5 24.5 25.2 Retail Fitrade nance 41.4 46.5 51.9 52.2 26.0 29.8 30.4 36.3 Source:D epartm ent of Com m erce,B ureau of the Census. Insurance and real estate Services Serving m ultiple industries 14.2 17.4 19.8 22.5 111.8 123.8 134.2 142.0 1.7 2.2 2.5 2.5 EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In November, employment rose by 477,000, and unemployment fell by 200,000. [Thousands of persons 16 years of age and over,except as noted;m onthly data seasonally adjusted except as noted by N SA] Civilian em ploym ent Period Civilian noninstitutional population N SA Civilian labor force N onagricultural Total Agricultural Total Percent2 U nem ploym ent Part tim e for econom ic reasons1 Total 15 weeks and over N ot in labor force Labor force participation rate Em ploym ent/ population ratio U nem ploym ent rate 1988 ..................................... 1989 ..................................... 1990 3 ................................... 1991 ..................................... 1992 ..................................... 1993 ..................................... 1994 4 ................................... 1995 ..................................... 1996 ..................................... 1997 3 ................................... 1997: N ov .......................... D ec ........................... 184,613 186,393 189,164 190,925 192,805 194,838 196,814 198,584 200,591 203,133 203,941 204,098 121,669 123,869 125,840 126,346 128,105 129,200 131,056 132,304 133,943 136,297 136,864 137,169 114,968 117,342 118,793 117,718 118,492 120,259 123,060 124,900 126,708 129,558 130,575 130,777 3,169 3,199 3,223 3,269 3,247 3,115 3,409 3,440 3,443 3,399 3,384 3,385 111,800 114,142 115,570 114,449 115,245 117,144 119,651 121,460 123,264 126,159 127,191 127,392 4,965 4,657 4,950 5,874 6,240 6,230 4,414 4,279 4,123 3,879 3,689 3,654 6,701 6,528 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,289 6,392 1,610 1,375 1,525 2,357 3,408 3,094 2,860 2,363 2,316 2,062 1,865 1,964 62,944 62,523 63,324 64,578 64,700 65,638 65,758 66,280 66,647 66,837 67,077 66,929 65.9 66.5 66.5 66.2 66.4 66.3 66.6 66.6 66.8 67.1 67.1 67.2 62.3 63.0 62.8 61.7 61.5 61.7 62.5 62.9 63.2 63.8 64.0 64.1 5.5 5.3 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.6 4.7 1998: Jan 3 ......................... Feb ........................... M ar ........................... Apr ........................... M ay ........................... June .......................... July .......................... Aug ........................... Sept .......................... Oct ............................ N ov ........................... 204,238 204,400 204,547 204,731 204,899 205,085 205,270 205,479 205,699 205,919 206,104 137,493 137,557 137,523 137,242 137,364 137,447 137,296 137,415 138,075 137,976 138,253 131,083 131,163 130,994 131,383 131,453 131,209 131,067 131,168 131,765 131,677 132,154 3,319 3,335 3,132 3,350 3,335 3,343 3,441 3,529 3,518 3,603 3,344 127,764 127,829 127,862 128,033 128,118 127,867 127,626 127,640 128,247 128,075 128,810 3,865 3,743 3,726 3,608 3,630 3,676 3,632 3,307 3,152 3,216 3,131 6,409 6,393 6,529 5,859 5,910 6,237 6,230 6,247 6,310 6,299 6,099 1,811 1,830 1,731 1,417 1,462 1,621 1,600 1,647 1,651 1,589 1,630 66,745 66,844 67,024 67,489 67,535 67,639 67,973 68,064 67,624 67,943 67,851 67.3 67.3 67.2 67.0 67.0 67.0 66.9 66.9 67.1 67.0 67.1 64.2 64.2 64.0 64.2 64.2 64.0 63.9 63.8 64.1 63.9 64.1 4.7 4.6 4.7 4.3 4.3 4.5 4.5 4.5 4.6 4.6 4.4 1 Persons at work. Econom i c reasons include slack work, m aterial shortages, inability to find fulltim e work,etc. 2 Ci vilian labor force (or em ploym ent) as percent of civilian noninstitutional population; and unem ploym ent as percent of civilian labor force. 3 N ot stri ctly com parable with earlier data. 4 D ata begi nning January 1994 are not directly com parable with data for earlier periods because of a m ajor redesign of the household survey questionnaire. N O TE .— D ata beginning January 1998 reflect new com posite estim ation procedures and revised population controls.See Em ploym ent and Earnings,February 1998,for details. Source:D epartm ent of Labor,B ureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In November, the unemployment rate fell to 4.4 percent from 4.6 percent in October. [M onthly data seasonally adjusted] U nem ploym ent rate (percent of civilian labor force in group) B y sex and age Period 1988 ........................... 1989 ........................... 1990 ........................... 1991 ........................... 1992 ........................... 1993 ........................... 1994 2 ......................... 1995 ........................... 1996 ........................... 1997 ........................... 1997: N ov ................. D ec .................. 1998: Jan .................. Feb .................. M ar ................. Apr .................. M ay ................. June ................ July ................. Aug ................. Sept ................. Oct .................. N ov ................. 1 Revi sed 2 D ata 12 All civilian workers 5.5 5.3 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.6 4.7 4.7 4.6 4.7 4.3 4.3 4.5 4.5 4.5 4.6 4.6 4.4 M en 20 years and over W om en 20 years and over 4.8 4.5 5.0 6.4 7.1 6.4 5.4 4.8 4.6 4.2 3.9 4.1 3.8 3.8 3.9 3.4 3.5 3.7 3.9 3.7 3.8 3.7 3.5 4.9 4.7 4.9 5.7 6.3 5.9 5.4 4.9 4.8 4.4 4.0 4.0 4.4 4.3 4.3 4.1 3.9 4.1 4.0 4.1 4.0 4.0 4.1 B y race B oth sexes 16–19 years W hite 15.3 15.0 15.5 18.7 20.1 19.0 17.6 17.3 16.7 16.0 15.2 14.3 14.1 14.7 15.0 13.1 14.2 14.6 13.8 15.0 15.4 16.0 15.1 definition;for details,see Em ploym ent and Earnings,February 1994. beginning January 1994 are not directly com parable with data for earlier periods. 4.7 4.5 4.8 6.1 6.6 6.1 5.3 4.9 4.7 4.2 3.9 3.9 4.0 3.9 4.1 3.6 3.7 4.0 3.8 4.0 3.9 4.0 3.8 B lack and other 10.4 10.0 10.1 11.1 12.7 11.7 10.5 9.6 9.3 8.8 8.4 8.6 8.3 8.3 8.2 7.5 7.6 7.3 8.3 7.6 8.0 7.6 7.6 B y selected groups B lack 11.7 11.4 11.4 12.5 14.2 13.0 11.5 10.4 10.5 10.0 9.7 9.9 9.3 9.7 9.2 8.9 9.0 8.2 9.7 9.0 9.2 8.6 8.7 Experienced wage and salary workers 5.2 5.0 5.3 6.6 7.2 6.6 5.9 5.4 5.2 4.7 4.4 4.5 4.5 4.4 4.5 4.0 4.3 4.3 4.4 4.4 4.5 4.3 4.2 M arried m en, spouse present 3.3 3.0 3.4 4.4 5.1 4.4 3.7 3.3 3.0 2.7 2.4 2.6 2.6 2.5 2.5 2.2 2.4 2.2 2.3 2.4 2.3 2.3 2.2 W om en who m aintain fam ilies Full-tim e workers1 Part-tim e workers1 8.1 8.1 8.3 9.3 10.0 9.7 8.9 8.0 8.2 8.1 8.1 7.7 7.6 7.6 7.6 7.6 7.7 6.9 6.8 6.8 7.6 6.9 7.0 5.3 5.1 5.4 6.8 7.5 6.9 6.1 5.5 5.3 4.8 4.4 4.6 4.5 4.5 4.5 4.2 4.2 4.4 4.4 4.4 4.4 4.3 4.1 6.4 6.2 6.4 7.0 7.5 7.2 6.0 6.0 5.8 5.5 5.4 5.0 5.4 5.2 5.7 4.8 4.7 5.2 5.3 5.4 5.3 5.7 5.5 N O TE .— D ata relate to persons age 16 years and over. Source:D epartm ent of Labor,B ureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In November, the percentage of the unemployed who had been out of work for less than 5 weeks fell; the percentages for 5–14 weeks, for 15–26 weeks, and for 27 weeks and over rose. The mean duration of unemployment rose to 14.6 weeks and the median duration rose to 6.7 weeks. [M onthly data seasonally adjusted,except as noted] D uration of unem ploym ent Period U nem ploym ent (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unem ploym ent: percent distribution State program s N um ber of weeks 27 weeks and over Average M edian (m ean) Job losers1 Job leavers Reen- N ew trants trenants Insured unem ploym ent Insured unem ploym ent, all regular Initial claim s program s (unadjusted)2 W eekly average,thousands 1988 ......................................... 1989 ......................................... 1990 ......................................... 1991 ......................................... 1992 ......................................... 1993 ......................................... 1994 3 ....................................... 1995 ......................................... 1996 ......................................... 1997 ......................................... 1997: N ov ............................... D ec ............................... 1998: Jan ............................... Feb ............................... M ar ............................... Apr ............................... M ay ............................... June .............................. July .............................. Aug ............................... Sept .............................. Oct ................................ N ov ............................... 6,701 6,528 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,289 6,392 6,409 6,393 6,529 5,859 5,910 6,237 6,230 6,247 6,310 6,299 6,099 46.0 48.6 46.3 40.3 35.1 36.5 34.1 36.5 36.4 37.7 38.2 39.4 39.7 41.2 43.5 44.2 43.5 40.5 42.3 42.6 42.0 45.4 40.2 30.0 30.3 32.0 32.4 29.4 28.9 30.1 31.6 31.6 31.7 32.3 30.0 31.4 30.0 30.1 31.9 32.3 33.5 31.9 31.2 31.8 29.3 33.2 12.0 11.2 11.7 14.4 15.1 14.5 15.5 14.6 14.6 14.8 14.2 14.6 12.3 13.4 12.8 9.8 10.8 13.7 12.8 13.0 11.7 11.1 12.1 12.1 9.9 10.0 12.9 20.3 20.1 20.3 17.3 17.4 15.8 15.2 16.0 16.6 15.3 13.6 14.0 13.3 12.4 13.0 13.2 14.6 14.2 14.5 1 B egi nning January 1994,job losers and persons who com pleted tem porary jobs. 2 Incl udes State (50 States, D istrict of Colum bia, Puerto Rico, and Virgin Islands), ex-servicem en (U CX ),and Federal(U CFE).Railroad (RR) program s included through 1993.Also includes Federal and State extended benefit program s. D oes not include Federal supplem ental com pensation or Em ergency U nem ploym ent Com pensation program s. 13.5 11.9 12.0 13.7 17.7 18.0 18.8 16.6 16.7 15.8 15.6 16.3 15.6 15.6 14.3 14.3 14.6 13.8 14.3 13.5 14.3 14.3 14.6 5.9 4.8 5.3 6.8 8.7 8.3 9.2 8.3 8.3 8.0 7.8 7.7 7.4 7.2 6.8 6.4 5.9 6.6 6.6 6.9 6.6 5.8 6.7 46.1 45.7 48.1 54.4 56.1 54.2 47.7 46.9 46.6 45.1 45.6 46.7 44.1 43.7 45.9 44.9 45.8 45.4 46.8 45.8 46.0 44.6 45.0 14.7 15.7 14.8 11.6 10.4 10.9 9.9 11.1 10.7 11.8 10.3 10.8 12.7 12.3 11.5 10.7 12.4 12.3 12.9 11.9 11.5 11.6 10.7 27.0 28.2 27.4 24.8 23.8 24.6 34.8 34.1 34.7 34.7 35.2 33.9 35.0 35.5 34.1 35.7 33.6 33.7 32.9 34.2 34.8 34.4 35.4 12.2 10.4 9.8 9.2 9.7 10.3 7.6 7.8 8.0 8.4 8.8 8.6 8.1 8.5 8.5 8.7 8.2 8.6 7.5 8.1 7.7 9.3 8.9 2,081 2,158 2,522 3,342 3,245 2,751 2,670 2,572 2,595 2,321 2,247 2,283 2,251 2,187 2,165 2,127 2,103 2,238 2,384 2,238 2,171 2,192 p 2, 241 310 330 388 447 408 341 340 357 356 324 319 315 318 309 309 309 316 355 326 303 299 311 r 320 2,135 2,205 2,575 3,406 3,348 2,845 2,739 2,633 2,650 2,365 2,016 2,436 2,755 2,774 2,790 2,249 r 1, 993 r 2, 073 r 2, 208 r 2, 224 1,845 r 1, 698 p 2, 261 3 D ata begi nning January 1994 are not directly com parable with data for earlier periods. N O TE .— D ata relate to persons age 16 years and over (except for insured unem ploym ent and initialclaim s). Source:D epartm ent of Labor (B ureau of Labor Statistics and Em ploym ent and Training Adm inistration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 267,000 in November. [Thousands of wage and salary workers;1 seasonally adjusted] Goods-producing industries Period 1988 ..................... 1989 ..................... 1990 ..................... 1991 ..................... 1992 ..................... 1993 ..................... 1994 ..................... 1995 ..................... 1996 .................... 1997 .................... 1997: N ov ........... D ec ........... 1998: Jan ........... Feb ........... M ar .......... Apr ........... M ay .......... June ......... July .......... Aug ........... Sept .......... Oct ............ N ovp ......... Total nonagricultural em ploym ent 105,209 107,884 109,403 108,249 108,601 110,713 114,163 117,191 119,608 122,690 123,944 124,289 124,640 124,832 124,914 125,234 125,562 125,751 125,869 126,191 126,363 126,508 126,775 Service-producing industries M anufacturing Total2 25,125 25,254 24,905 23,745 23,231 23,352 23,908 24,265 24,493 24,934 25,099 25,193 25,297 25,314 25,276 25,339 25,301 25,304 25,135 25,253 25,241 25,208 25,205 Construction 5,098 5,171 5,120 4,650 4,492 4,668 4,986 5,160 5,418 5,686 5,750 5,810 5,881 5,902 5,860 5,930 5,917 5,946 5,970 5,989 5,981 6,013 6,060 Total 19,314 19,391 19,076 18,406 18,104 18,075 18,321 18,524 18,495 18,657 18,758 18,791 18,824 18,822 18,829 18,827 18,805 18,780 18,594 18,693 18,692 18,631 18,584 N onD urable dur able goods goods 11,363 11,394 11,109 10,569 10,277 10,221 10,448 10,683 10,789 10,987 11,094 11,118 11,154 11,159 11,166 11,170 11,156 11,144 10,989 11,106 11,090 11,060 11,017 7,951 7,997 7,968 7,837 7,827 7,854 7,873 7,841 7,706 7,670 7,664 7,673 7,670 7,663 7,663 7,657 7,649 7,636 7,605 7,587 7,602 7,571 7,567 1 Incl udes all full- and part-tim e wage and salary workers in nonagricultural establishm ents who received pay for any part of the pay period which includes the 12th of the m onth.Excludes proprietors,self-em ployed persons,dom estic servants,and personnelof the Arm ed Forces.Total in this table not com parable with estim ates of nonagricultural em ploym ent of the civilian labor force, shown on p. 11, which include proprietors, self-em ployed persons, and dom estic servants; which count persons as em ployed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the tim e off; and which are based on a sam ple 14 Total 80,084 82,630 84,497 84,504 85,370 87,361 90,256 92,925 95,115 97,756 98,845 99,096 99,343 99,518 99,638 99,895 100,261 100,447 100,734 100,938 101,122 101,300 101,570 Transporta- W holetion and sale public trade utilities 5,512 5,614 5,777 5,755 5,718 5,811 5,984 6,132 6,253 6,395 6,456 6,451 6,473 6,494 6,504 6,513 6,534 6,538 6,550 6,570 6,579 6,593 6,600 6,030 6,187 6,173 6,081 5,997 5,981 6,162 6,378 6,482 6,648 6,711 6,731 6,759 6,769 6,783 6,798 6,815 6,821 6,827 6,838 6,862 6,861 6,868 Finance, nsurRetail iance, trade and real Services estate 19,023 19,475 19,601 19,284 19,356 19,773 20,507 21,187 21,597 22,011 22,206 22,245 22,280 22,283 22,259 22,335 22,423 22,448 22,547 22,545 22,592 22,598 22,663 6,630 6,668 6,709 6,646 6,602 6,757 6,896 6,806 6,911 7,091 7,172 7,194 7,213 7,232 7,258 7,289 7,311 7,333 7,370 7,372 7,393 7,415 7,438 25,504 26,907 27,934 28,336 29,052 30,197 31,579 33,117 34,454 36,040 36,638 36,795 36,932 37,020 37,106 37,196 37,350 37,494 37,614 37,691 37,768 37,892 38,042 Governm ent Total 17,386 17,779 18,304 18,402 18,645 18,841 19,128 19,305 19,419 19,570 19,662 19,680 19,686 19,720 19,728 19,764 19,828 19,813 19,826 19,922 19,928 19,941 19,959 Federal 2,971 2,988 3,085 2,966 2,969 2,915 2,870 2,822 2,757 2,699 2,689 2,688 2,670 2,676 2,671 2,674 2,671 2,674 2,672 2,683 2,687 2,712 2,706 of the working-age population, whereas the estim ates in this table are based on reports from em ploying establishm ents. In the series shown here, persons who work at m ore than one job are counted each tim e they appear on a payroll,in contrast to the series shown on p.11,where persons are counted only once— as em ployed,unem ployed,or not in the labor force. 2 Incl udes m ining,not shown separately. Source:D epartm ent of Labor,B ureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers;m onthly data seasonally adjusted,except as noted] Average weekly hours Average gross hourly earnings M anufacturing Period 1988 ........................ 1989 ........................ 1990 ........................ 1991 ........................ 1992 ........................ 1993 ........................ 1994 ........................ 1995 ........................ 1996 ....................... 1997 ....................... 1997: N ov ............ D ec ............ 1998: Jan ............ Feb ............ M ar ............ Apr ............. M ay ............. June ............ July ............ Aug .............. Sept ............. Oct .............. N ovp ............ Total private nonagricultural1 Total 34.7 34.6 34.5 34.3 34.4 34.5 34.7 34.5 34.4 34.6 34.7 34.7 34.8 34.7 34.6 34.5 34.7 34.6 34.6 34.6 34.4 34.6 34.6 41.1 41.0 40.8 40.7 41.0 41.4 42.0 41.6 41.6 42.0 42.1 42.2 42.1 42.0 41.8 41.4 41.8 41.8 41.7 41.7 41.6 41.7 41.6 Average gross weekly earnings Totalprivate nonagricultural1 Overtim e 3.9 3.8 3.6 3.6 3.8 4.1 4.7 4.4 4.5 4.8 4.9 4.9 4.9 4.8 4.8 4.5 4.6 4.6 4.6 4.6 4.5 4.5 4.5 Current dollars $9.28 9.66 10.01 10.32 10.57 10.83 11.12 11.43 11.82 12.28 12.47 12.50 12.54 12.59 12.63 12.70 12.73 12.76 12.79 12.85 12.87 12.90 12.93 1982 dollars2 $7.69 7.64 7.52 7.45 7.41 7.39 7.40 7.39 7.43 7.55 7.62 7.63 7.66 7.69 7.72 7.74 7.73 7.75 7.75 7.78 7.79 7.79 7.79 Totalprivate nonagricultural1 M anufacturing $10.19 10.48 10.83 11.18 11.46 11.74 12.07 12.37 12.77 13.17 13.34 13.37 13.38 13.42 13.46 13.44 13.47 13.47 13.42 13.52 13.57 13.57 13.59 1 Al so includes other private industry groups shown Percent change from a year earlier,total private nonagricultural3 Current dollars Current dollars 1982 dollars2 M anufacturing Construction Retail trade $322.02 334.24 345.35 353.98 363.61 373.64 385.86 394.34 406.61 424.89 432.71 433.75 436.39 436.87 437.00 438.15 441.73 441.50 442.53 444.61 442.73 446.34 447.38 $266.79 264.22 259.47 255.40 254.99 254.87 256.73 255.07 255.73 261.31 264.33 264.80 266.42 266.71 266.95 267.00 268.37 268.06 268.20 269.30 268.00 269.37 269.67 $418.81 429.68 441.86 455.03 469.86 486.04 506.94 514.59 531.23 553.14 561.61 564.21 563.30 563.64 562.63 556.42 563.05 563.05 559.61 563.78 564.51 565.87 565.34 $495.73 513.17 526.01 533.40 537.70 553.63 573.00 587.00 603.33 623.57 620.37 637.26 647.55 640.53 631.40 636.62 635.36 633.98 652.29 651.80 636.29 652.19 651.96 $183.62 188.72 194.40 198.48 205.06 209.95 216.46 221.47 230.11 241.03 246.21 245.94 248.24 249.11 249.70 252.30 253.75 253.17 255.50 256.07 256.94 257.24 256.65 Current dollars 1982 dollars ¥0.9 ¥1.0 ¥1.8 ¥1.6 ¥.2 ¥.0 .7 ¥.6 .3 2.2 3.5 2.0 3.5 3.3 2.7 2.3 3.0 1.8 2.5 3.1 1.3 2.2 2.0 3.0 3.8 3.3 2.5 2.7 2.8 3.3 2.2 3.1 4.5 5.2 3.5 4.9 4.4 3.8 3.6 4.6 3.3 4.0 4.6 2.5 3.5 3.4 3 B ased on p.14. dollar earnings divided by the consum er price index for urban wage earners and clericalworkers (CPI–W ) (on a 1982= 100 base). on seasonally unadjusted data. Source:D epartm ent of Labor,B ureau of Labor Statistics. 2 Current EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 m onths earlier Period Total com pensation W ages and salaries D ec .................................................................... D ec .................................................................... D ec .................................................................... D ec .................................................................... D ec .................................................................... D ec .................................................................... D ec .................................................................... D ec ................................................................... D ec .................................................................... D ec .................................................................... 97.6 102.3 107.0 111.7 115.6 119.8 123.5 126.7 130.6 135.1 98.0 102.0 106.1 110.0 112.9 116.4 119.7 123.1 127.3 132.3 1994: Sept ................................................................... D ec .................................................................... 1995: M ar ................................................................... June .................................................................. Sept ................................................................... D ec .................................................................... 1996: M ar ................................................................... June .................................................................. Sept ................................................................... D ec .................................................................... 1997: M ar ................................................................... June .................................................................. Sept ................................................................... D ec .................................................................... 1998: M ar ................................................................... June .................................................................. Sept ................................................................... 122.8 123.5 124.4 125.3 126.1 126.9 127.7 128.8 129.7 130.6 131.4 132.6 133.7 135.1 136.0 137.2 138.7 119.0 119.8 120.6 121.5 122.4 123.2 124.4 125.6 126.5 127.4 128.5 129.7 131.0 132.5 133.6 134.9 136.6 B enefits1 Total com pensation W ages and salaries 12 m onths earlier B enefits1 Total com pensation W ages and salaries 4.8 4.8 4.6 4.4 3.5 3.6 3.1 2.6 3.1 3.4 4.1 4.1 4.0 3.7 2.6 3.1 2.8 2.8 3.4 3.9 B enefits1 N ot seasonally adjusted 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 96.7 102.6 109.4 116.2 122.2 128.3 133.0 135.9 138.6 141.8 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 0.8 .7 .7 .7 .7 .7 1.0 1.0 .7 .7 .9 .9 1.0 1.1 .8 1.0 1.3 1.0 .5 .3 .5 .5 .5 .1 .7 .6 .6 .1 .6 .5 .9 .3 .8 .7 Seasonally adjusted 1 Em pl oyer costs for em ployee benefits. N O TE .— The em ploym ent cost index is a m easure of the change in the cost of labor, free from the influence of em ploym ent shifts am ong occupations and industries. 132.8 133.5 133.9 134.6 135.3 136.0 136.1 137.0 137.8 138.6 138.8 139.7 140.4 141.7 142.1 143.2 144.2 0.8 .6 .7 .7 .6 .6 .6 .9 .7 .7 .6 .9 .8 1.0 .7 .9 1.1 6.9 6.1 6.6 6.2 5.2 5.0 3.7 2.2 2.0 2.3 N ot seasonally adjusted 3.3 3.1 2.9 2.8 2.6 2.6 2.7 2.9 2.9 3.1 3.0 2.9 3.2 3.4 3.5 3.5 3.8 2.9 2.8 2.9 2.9 2.8 2.8 3.2 3.4 3.3 3.4 3.4 3.3 3.6 3.9 4.0 4.0 4.3 4.0 3.7 2.9 2.6 2.1 2.2 1.6 1.7 1.8 2.0 2.0 2.0 2.0 2.3 2.3 2.6 2.6 D ata exclude farm and household workers. Source:D epartm ent of Labor,B ureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output1 Output per hour of allpersons Period B usiness sector N onfarm business sector B usiness sector H ours of all persons2 N onfarm business sector B usiness sector Com pensation per hour3 N onfarm business sector B usiness sector N onfarm business sector Realcom pensation per hour4 B usiness sector N onfarm business sector U nit labor costs B usiness sector Im plicit price deflator5 N onfarm business sector B usiness sector N onfarm business sector 94.2 98.1 100.0 102.2 103.6 105.4 106.5 109.0 104.8 105.3 105.6 105.8 105.4 106.0 107.0 107.5 108.5 108.7 108.8 109.9 110.2 111.2 111.5 94.1 97.7 100.0 102.5 104.8 106.9 108.6 110.4 106.3 106.7 107.1 107.4 107.9 108.4 108.8 109.2 109.9 110.3 110.6 110.8 110.9 111.0 111.1 93.8 97.6 100.0 102.5 104.9 107.0 108.5 110.6 106.4 106.9 107.2 107.4 107.9 108.2 108.6 109.2 110.0 110.4 110.8 111.1 111.2 111.3 111.4 5.0 4.2 1.9 2.2 1.4 1.8 1.1 2.3 4.5 ¥.3 2.4 1.7 2.5 1.8 1.2 .9 ¥1.5 2.2 3.7 2.1 3.6 .7 .3 4.0 1.1 3.7 1.1 4.0 3.8 2.4 2.5 2.2 2.0 1.6 1.7 2.0 2.1 2.7 2.5 1.9 1.6 1.6 1.3 1.9 1.7 1.6 1.5 2.5 1.4 1.1 .9 .2 .3 .3 4.2 4.1 2.4 2.5 2.3 2.0 1.4 1.9 2.1 2.5 3.2 2.4 1.9 1.6 1.2 .9 1.7 1.3 1.4 2.2 3.1 1.5 1.4 .9 .6 .2 .6 Indexes,1992= 100;quarterly data seasonally adjusted 1990 .......................... 1991 .......................... 1992 .......................... 1993 .......................... 1994 .......................... 1995 .......................... 1996 .......................... 1997 .......................... 1995: I ..................... II .................... III .................. IV ................... 1996: I ..................... II .................... III .................. IV ................... 1997: I ..................... II .................... III .................. IV ................... 1998: I ..................... II ..................... III* ................. 96.1 96.7 100.0 100.1 100.7 101.0 103.7 105.4 100.5 100.7 101.0 101.8 102.9 103.8 103.8 104.2 104.5 105.0 106.0 106.2 107.3 107.3 108.1 96.3 97.0 100.0 100.1 100.6 101.2 103.7 105.1 100.6 100.9 101.3 102.0 103.0 103.8 103.8 104.1 104.2 104.7 105.6 105.9 106.8 106.8 107.6 98.6 96.9 100.0 102.7 107.0 109.9 114.5 119.8 109.0 109.1 110.3 111.2 112.5 114.2 114.9 116.4 117.8 119.1 120.6 121.7 123.7 124.3 125.6 98.8 97.1 100.0 103.0 107.0 110.2 114.8 119.9 109.2 109.4 110.7 111.6 112.8 114.5 115.2 116.6 117.9 119.2 120.6 121.8 123.9 124.4 125.7 102.6 100.2 100.0 102.6 106.2 108.8 110.4 113.6 108.5 108.3 109.1 109.2 109.3 110.0 110.7 111.6 112.7 113.4 113.8 114.5 115.4 115.8 116.2 102.6 100.1 100.0 102.9 106.3 108.9 110.7 114.1 108.5 108.4 109.2 109.4 109.4 110.3 111.0 112.0 113.1 113.9 114.2 115.1 116.0 116.4 116.8 90.8 95.1 100.0 102.5 104.4 106.8 110.7 114.9 105.6 106.4 107.2 108.2 108.8 110.3 111.4 112.3 113.4 114.1 115.3 116.8 118.2 119.4 120.5 90.7 95.1 100.0 102.2 104.2 106.7 110.4 114.5 105.5 106.2 107.0 107.9 108.6 110.0 111.0 112.0 113.1 113.8 114.9 116.3 117.6 118.8 120.0 97.4 98.0 100.0 99.5 98.8 98.4 99.0 100.5 98.2 98.1 98.3 98.6 98.4 98.9 99.3 99.3 99.7 100.0 100.5 101.3 102.4 102.9 103.4 97.3 98.0 100.0 99.3 98.7 98.2 98.7 100.1 98.1 97.9 98.2 98.4 98.3 98.6 98.9 98.9 99.4 99.7 100.2 100.9 101.9 102.4 103.0 94.4 98.3 100.0 102.4 103.7 105.8 106.8 109.0 105.1 105.7 106.1 106.2 105.7 106.3 107.3 107.8 108.5 108.7 108.8 110.0 110.2 111.3 111.5 Percent change;quarterly data at seasonally adjusted annualrates 1990 .......................... 1991 .......................... 1992 .......................... 1993 .......................... 1994 .......................... 1995 .......................... 1996 .......................... 1997 .......................... 1994: I ..................... II .................... III .................. IV ................... 1995: I ..................... II .................... III .................. IV ................... 1996: I ..................... II .................... III .................. IV ................... 1997: I ..................... II .................... III .................. IV ................... 1998: I ..................... II ..................... III* ................. 0.7 .6 3.4 .1 .6 .3 2.7 1.7 0 ¥.1 ¥1.4 1.2 ¥1.0 .9 1.3 3.2 4.4 3.5 .1 1.5 1.0 2.0 3.7 .9 4.1 .1 3.1 0.5 .7 3.1 .1 .5 .6 2.4 1.4 ¥.2 .5 ¥1.8 1.8 ¥.4 .9 1.8 2.6 4.1 3.0 0 1.2 .5 1.8 3.6 .9 3.5 .3 3.0 0.8 ¥1.7 3.2 2.7 4.1 2.7 4.2 4.6 2.6 6.4 1.5 4.6 2.0 .3 4.4 3.6 4.5 6.4 2.5 5.1 4.9 4.7 4.9 3.6 7.1 1.7 4.3 1 Output refers to realgross dom esti c product originating 0.7 ¥1.8 3.0 3.0 3.9 3.0 4.1 4.5 1.6 6.6 1.5 5.0 2.5 .5 4.9 3.3 4.2 6.4 2.5 5.0 4.5 4.5 4.8 4.0 7.0 1.7 4.2 0.2 ¥2.3 ¥.2 2.6 3.5 2.4 1.5 2.9 2.6 6.5 3.0 3.3 3.0 ¥.6 3.1 .4 .1 2.9 2.4 3.5 3.9 2.6 1.2 2.7 2.9 1.7 1.1 0.3 ¥2.4 ¥.1 2.9 3.3 2.4 1.6 3.0 1.8 6.1 3.4 3.1 2.9 ¥.5 3.1 .7 .0 3.3 2.4 3.7 4.1 2.6 1.2 3.0 3.4 1.5 1.2 in the sector. 2 H ours of al lpersons engaged in the sector,including hours of proprietors and unpaid fam ily workers.Estim ates based prim arily on establishm ent data. 3 W ages and sal aries of em ployees plus em ployers’ contributions for social insurance and private benefit plans. Also includes an estim ate of wages, salaries, and supplem entalpaym ents for the self-em ployed. 4 H ourl y com pensation divided by the consum er price index for all urban consum ers (CPI–U ). 5 Current dol lar gross dom estic output divided by the output index. 16 5.7 4.8 5.2 2.5 1.8 2.3 3.6 3.8 4.0 ¥.3 .8 3.2 2.1 3.0 2.9 3.8 2.5 5.6 4.0 3.4 3.9 2.6 4.1 5.3 4.9 4.1 3.8 5.5 4.9 5.1 2.2 1.9 2.4 3.5 3.7 4.3 .2 .5 3.5 2.0 2.8 3.1 3.5 2.6 5.2 3.7 3.3 4.0 2.6 3.9 4.9 4.6 4.0 4.1 0.3 .5 2.1 ¥.5 ¥.7 ¥.5 .7 1.5 2.0 ¥2.8 ¥2.8 .7 ¥.5 ¥.4 .8 1.3 ¥.7 1.8 1.5 .0 1.7 1.3 2.1 3.1 4.4 2.0 2.0 0.1 .7 2.1 ¥.7 ¥.6 ¥.5 .6 1.4 2.3 ¥2.3 ¥3.1 1.0 ¥.6 ¥.6 .9 1.0 ¥.5 1.4 1.3 ¥.0 1.8 1.2 2.0 2.8 4.1 2.0 2.2 5.0 4.1 1.7 2.4 1.2 2.0 .9 2.1 4.0 ¥.2 2.3 1.9 3.1 2.0 1.5 .6 ¥1.9 2.1 3.8 1.8 2.8 .6 .4 4.4 .8 4.0 .7 N O TE .— D ata relate to allpersons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore m ay differ slightly from percent changes based on indexes shown here. *D ata based on GD P data released N ovem ber 24,1998.D ata for 1998:III shown elsewhere in this issue were released D ecem ber 23,1998. Source:D epartm ent of Labor,B ureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization fell in November. [M onthly data seasonally adjusted] Totalindustrialproduction Industry production indexes,1992= 100 Percent change1 Period 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Index, 1992= 100 From preceding m onth From year earlier Capacity utilization rate,percent2 M anufacturing M ining Total D urable U tilities N ondurable Total industry M anufacturing ....................................... ....................................... ....................................... ....................................... ....................................... ....................................... ....................................... ....................................... ....................................... ....................................... 97.4 99.1 98.9 97.0 100.0 103.5 109.1 114.4 119.5 126.8 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 4.5 1.8 ¥.2 ¥2.0 3.1 3.5 5.4 4.9 4.5 6.0 97.1 99.0 98.5 96.2 100.0 103.7 109.9 115.9 121.4 129.7 98.1 100.5 99.0 95.5 100.0 105.4 114.2 124.0 134.1 147.1 96.0 97.3 97.9 97.0 100.0 101.8 105.2 107.1 107.9 111.3 104.7 103.2 104.8 102.6 100.0 99.9 102.4 102.0 103.7 105.8 93.9 97.1 98.3 100.4 100.0 103.9 105.3 109.0 112.6 112.8 84.0 84.1 82.3 79.3 80.3 81.3 83.2 83.4 82.4 82.9 83.8 83.6 81.4 77.9 79.5 80.5 82.5 82.7 81.4 82.0 1997: N ov .............................. D ec .............................. 129.9 130.3 0.5 .3 6.6 6.5 133.3 133.7 153.3 154.0 112.6 112.7 104.9 106.4 113.6 113.1 83.4 83.4 82.6 82.5 1998: Jan .............................. Feb .............................. M ar ............................. Apr .............................. M ay ............................. June ............................ July ............................. Aug r ............................ Septr ........................... Octr ............................. N ovp ........................... 130.3 130.2 130.7 131.3 131.9 130.6 130.5 132.4 131.9 132.2 131.8 ¥.0 ¥.1 .4 .5 .4 ¥.9 ¥.1 1.4 ¥.4 .2 ¥.3 5.9 5.0 5.1 5.0 5.1 3.6 2.7 3.6 2.6 2.2 1.5 133.8 133.7 134.1 134.9 135.4 133.7 133.6 135.7 135.2 136.0 135.9 153.9 154.0 155.2 156.2 157.2 154.8 154.4 159.8 159.5 160.7 160.4 113.1 112.8 112.4 113.0 113.0 112.0 112.1 111.3 110.6 111.0 111.2 107.6 107.5 105.8 105.7 105.4 104.7 104.6 103.7 102.7 101.9 100.7 109.8 109.0 114.0 112.8 115.2 118.7 118.3 120.2 120.5 116.1 112.2 83.0 82.6 82.6 82.6 82.6 81.5 81.1 82.0 81.3 81.2 80.6 82.2 81.8 81.6 81.7 81.6 80.2 79.8 80.7 80.1 80.2 79.8 1 Percent changes based on unrounded indexes. Source:B oard of Governors of the FederalReserve System . 2 Output as percent of capaci ty. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1992= 100;m onthly data seasonally adjusted] Products M aterials Finalproducts Interm ediate products Consum er goods Equipm ent Period Total 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Total D urable goods N ondurable goods Total1 B usiness D efense and space equipm ent B usiness supplies Total Energy Total Construction supplies ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... 97.9 99.9 99.5 97.7 100.0 103.4 107.5 111.5 115.5 121.1 96.7 97.7 97.3 97.0 100.0 103.1 107.1 109.5 111.3 114.1 99.8 101.3 98.0 93.0 100.0 109.4 119.5 121.5 124.5 129.6 95.9 96.7 97.1 98.1 100.0 101.4 104.0 106.5 108.0 110.2 99.9 103.7 103.2 98.8 100.0 104.0 108.3 114.9 122.7 133.9 93.5 98.8 98.2 95.7 100.0 105.6 112.8 122.5 133.5 148.7 117.1 117.4 115.9 106.7 100.0 93.8 87.0 83.0 79.0 76.2 102.5 102.9 101.9 97.5 100.0 102.5 106.3 108.1 110.9 115.2 106.3 105.5 102.9 96.2 100.0 103.4 110.6 112.6 117.9 122.4 100.3 101.3 101.4 98.3 100.0 102.0 103.7 105.5 106.8 111.0 95.1 97.0 97.2 95.9 100.0 103.9 111.9 120.4 127.8 138.2 98.5 99.5 100.6 100.8 100.0 99.5 101.2 102.4 103.5 103.7 1997: N ov ..................................................... D ec ..................................................... 124.1 124.0 115.9 115.4 135.1 133.3 111.2 110.9 138.6 139.4 155.4 156.5 75.7 75.8 116.3 117.0 123.6 124.2 112.0 112.6 142.4 143.4 102.2 103.8 1998: Jan ..................................................... Feb ..................................................... M ar ..................................................... Apr ..................................................... M ay .................................................... June ................................................... July .................................................... Aug r ................................................... Septr .................................................. Octr .................................................... N ovp ................................................... 124.5 124.2 125.3 126.2 126.6 125.5 124.7 126.8 126.0 126.7 126.3 116.0 115.2 115.8 116.4 116.8 115.1 114.0 116.1 114.8 115.3 115.4 135.1 134.5 135.9 136.9 138.3 130.7 124.6 140.1 137.4 140.3 140.4 111.3 110.5 110.8 111.4 111.5 111.2 111.2 110.3 109.4 109.2 109.3 139.5 140.3 142.4 143.6 144.2 144.1 143.9 146.0 146.1 147.3 146.1 156.3 157.0 160.1 162.2 163.1 163.6 163.5 166.6 167.2 168.7 167.7 76.2 76.3 75.9 75.9 76.0 75.8 76.1 76.5 75.6 76.4 75.6 117.0 117.1 116.9 117.3 118.2 118.0 119.1 119.1 118.4 118.9 118.5 125.5 125.7 124.7 125.4 126.6 126.1 128.5 128.0 126.7 128.1 129.0 112.0 112.1 112.2 112.5 113.3 113.2 113.6 113.8 113.4 113.4 112.4 142.6 142.5 142.7 143.1 143.6 141.8 141.9 144.4 144.4 144.1 143.7 103.0 102.8 103.7 103.8 104.3 104.8 104.8 104.4 105.3 103.8 101.9 1 Incl udes oiland gas welldrilling and m anufactured hom es,not shown separately. [1992= 100;m onthly data seasonally adjusted] D urable m anufactures Prim ary m etals Period N ondurable m anufactures Transportation equipm ent Fabricated m etal products Industrial m achinery and equipm ent Electrical m achinery Total M otor vehicles and parts Lum ber and products Apparel products Printing and publishing Chem icals and products Foods Total Iron and steel ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... ............................................................... 106.2 104.9 104.0 96.7 100.0 105.7 113.4 116.8 119.8 125.3 107.6 106.2 106.4 96.0 100.0 107.1 113.7 117.7 119.2 124.2 106.1 104.8 101.2 96.2 100.0 104.4 112.2 116.4 120.2 124.7 97.1 103.0 100.1 95.4 100.0 109.9 124.9 143.9 159.8 179.4 82.5 85.8 87.7 89.6 100.0 109.6 131.4 166.3 206.0 253.4 101.1 105.1 102.3 96.5 100.0 103.6 107.4 106.4 107.9 117.1 100.2 101.2 95.3 88.5 100.0 113.2 130.4 132.7 132.6 139.9 105.1 104.3 101.6 94.5 100.0 100.8 105.9 107.9 110.4 114.2 103.5 100.3 97.2 97.8 100.0 102.4 106.3 107.1 104.7 102.8 103.4 103.5 103.1 99.1 100.0 100.7 100.7 101.4 101.6 105.2 92.2 95.1 97.3 96.4 100.0 101.5 104.7 107.3 110.0 114.9 94.9 95.9 97.0 98.4 100.0 102.0 103.7 105.8 105.4 108.0 1997: N ov ..................................................... D ec ..................................................... 129.3 127.8 128.0 127.6 126.8 128.2 187.3 189.0 274.9 276.5 123.8 124.1 149.0 148.6 114.8 115.0 101.8 102.3 107.1 107.0 116.2 117.3 109.1 109.0 1998: Jan ..................................................... Feb ..................................................... M ar ..................................................... Apr ..................................................... M ay .................................................... June ................................................... July .................................................... Aug r ................................................... Septr .................................................. Octr .................................................... N ovp ................................................... 129.2 128.1 127.1 127.5 126.5 122.1 122.6 124.4 119.8 120.1 116.9 128.9 128.2 127.7 126.7 125.5 119.8 120.2 122.5 113.2 114.4 108.6 127.6 126.6 127.2 127.8 128.7 128.0 127.8 126.3 126.2 126.7 126.5 191.8 192.3 198.4 200.6 202.5 205.8 209.0 207.0 208.1 210.8 210.7 277.7 278.5 278.2 280.8 282.0 285.5 289.4 290.8 297.1 300.9 304.2 121.3 121.5 122.3 123.3 125.2 114.2 108.2 130.3 127.6 128.0 127.2 141.9 140.4 140.0 140.8 144.1 121.1 107.6 154.2 149.9 149.6 149.9 115.2 116.2 115.3 116.1 116.4 116.7 117.5 118.5 116.7 117.8 119.2 102.5 101.1 101.6 101.0 100.4 100.5 100.1 99.2 98.3 97.3 96.1 106.4 106.4 105.4 105.5 105.6 105.5 105.4 104.9 104.9 104.8 104.6 117.0 116.7 116.6 117.7 116.9 116.2 115.7 114.3 113.2 113.8 114.1 110.5 109.9 109.7 110.3 110.7 109.2 109.0 107.9 107.7 108.9 109.9 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Source:B oard of Governors of the FederalReserve System . 18 NEW CONSTRUCTION [M onthly data seasonally adjusted] Construction contracts3 Private Totalnew construction expenditures Period Residential Total N ew housing units Total1 Com m ercial and industrial2 Other Federal and State and local Totalvalue index (1992= 100) Com m ercial and industrial floor space (m illions of square feet) B illions of dollars 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ 455.6 469.8 468.5 424.2 452.1 478.6 519.5 538.1 583.6 618.2 360.9 371.6 361.1 314.1 336.2 362.7 399.3 407.5 446.3 471.2 198.1 196.6 182.9 157.8 187.8 210.5 238.9 230.7 256.5 265.6 1997: Oct ............................... N ov .............................. D ec ............................... 626.6 623.1 626.3 477.5 475.3 478.4 268.6 268.9 273.0 1998: Jan ............................... Feb ............................... M ar .............................. Apr ............................... M ay .............................. June ............................. July .............................. Aug .............................. Sept .............................. Octp ............................. 633.7 638.2 639.9 646.0 635.4 650.3 657.7 661.9 663.9 665.8 487.8 490.9 494.3 500.1 496.5 503.6 510.6 515.2 514.4 518.5 279.0 282.5 286.0 289.7 288.0 291.9 299.2 300.2 304.5 306.8 138.9 139.2 128.0 110.6 129.6 144.1 167.9 162.9 179.4 187.1 109.6 118.0 119.4 93.7 82.2 84.4 93.3 107.9 119.6 127.7 53.2 57.1 58.8 62.6 66.2 67.8 67.1 68.9 70.2 77.8 94.7 98.2 107.5 110.1 115.8 116.0 120.2 130.7 137.3 147.1 104 108 98 92 100 108 118 122 132 142 973 961 783 577 556 589 744 862 875 961 190.9 190.8 194.6 128.0 126.5 125.7 80.9 80.0 79.7 149.1 147.7 147.9 148 145 145 ...................... ...................... ...................... 197.2 200.6 203.6 206.9 204.3 208.0 212.5 212.8 216.1 218.4 129.9 127.8 127.6 130.2 128.6 132.3 131.7 133.7 128.8 130.4 78.9 80.6 80.7 80.2 79.8 79.4 79.8 81.3 81.1 81.3 145.9 147.3 145.6 145.9 138.9 146.7 147.1 146.7 149.5 147.3 147 148 144 149 149 149 150 148 140 136 ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... Annualrates 1 Incl udes residentialim provem ents,not shown 2 Incl udes hotels and 3 F. W separately. Sources:D epartm ent of Com m erce (B ureau of the Census) and The M cGraw-H illCom panies, Inc.,F.W .D odge D ivision. m otels. .D odge series. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or hom es,except as noted] N ew private housing units Period Total 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ ........................................ N ew private hom es U nits started,by type of structure 1,488.1 1,376.1 1,192.7 1,013.9 1,199.7 1,287.6 1,457.0 1,354.1 1,476.8 1,474.0 1 unit 1,081.3 1,003.3 894.8 840.4 1,029.9 1,125.7 1,198.4 1,076.2 1,160.9 1,133.7 2–4 units 5 or m ore units 58.8 55.2 37.5 35.6 30.7 29.4 35.0 33.7 45.2 44.5 348.0 317.6 260.4 137.9 139.0 132.6 223.5 244.1 270.8 295.8 U nits authorized 1,455.6 1,338.4 1,110.8 948.8 1,094.9 1,199.1 3 1, 371.6 1,332.5 1,425.6 1,441.1 U nits com pleted H om es sold H om es for sale at end of period 1 Vacancy rate for rental housing units (percent)2 1,529.8 1,422.8 1,308.0 1,090.8 1,157.5 1,192.7 1,346.9 1,312.6 1,412.9 1,400.5 676 650 534 509 610 666 670 667 757 804 368 365 321 284 265 293 336 370 322 282 7.7 1,384 1,432 1,413 805 875 805 284 280 282 ...................... ...................... 7.7 1,314 853 281 1,461 878 281 1,486 836 285 1,509 892 286 1,458 892 287 1,484 919 287 1,549 877 284 1,515 837 285 1,464 844 289 1,445 851 296 .................... .................. .................... ...................... ...................... 7.7 ...................... ...................... 8.0 ...................... ...................... 8.2 ...................... ...................... 2 7. 4 7.2 7.4 7.4 2 7. 3 7.4 7.6 7.8 7.7 Seasonally adjusted annualrates 1997: Oct ............................... N ov .............................. D ec .............................. 1,529 1,523 1,540 1,124 1,167 1,130 64 40 62 341 316 348 1,502 1,475 1,467 1998: Jan ............................... Feb ............................... M ar .............................. Apr ............................... M ay .............................. June ............................. July ............................. Aug .............................. Septr ............................ Octr ............................. N ovp ............................ 1,545 1,616 1,585 1,546 1,538 1,620 1,704 1,621 1,569 1,694 1,649 1,225 1,263 1,239 1,237 1,224 1,269 1,300 1,261 1,250 1,289 1,353 49 63 45 44 51 45 42 55 27 37 32 271 290 301 265 263 306 362 305 292 368 264 1,553 1,635 1,569 1,517 1,543 1,517 1,581 1,618 1,544 1,690 1,656 1 Seasonal ly adjusted. 2 Revi sed series beginning 1989 and 1994; not com parable with earlier data, except 1993 data have been revised to be com parable with new series beginning in 1994. Quarterly data entered in last m onth of quarter. 3 The 1994 totalbased on 17, 000 perm it-issuing places is 1,333.7 thousand units. N O TE .— B eginning 1994,units authorized are for 19,000 places.For other data shown,units authorized are for 17,000 places. Source:D epartm ent of Com m erce,B ureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In October, manufacturing and trade sales rose 0.3 percent and inventories rose $2.3 billion. According to advance data, retail sales rose 0.6 percent in November, following a rise of 1.2 percent in October. M anufacturing and trade1 W holesale Retail Sales2 Period Sales2 Inventories3 Sales2 Inventories3 Total D urable goods stores Inventory-sales ratio4 Inventories3 N ondurable goods stores Total D urable goods stores N ondurable goods stores M anufacturing and trade1 Retail M illions of dollars,seasonally adjusted,except as noted 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... 497,157 527,039 545,909 542,815 567,176 595,015 637,695 682,501 714,837 749,645 767,222 815,455 840,622 834,595 842,843 869,367 932,267 991,655 1,009,647 1,053,078 134,521 143,760 149,506 148,306 154,150 161,560 172,870 188,837 200,115 208,342 178,801 187,009 195,769 200,389 208,242 216,919 235,328 253,556 256,442 273,298 138,017 146,581 153,718 154,661 162,632 172,820 185,823 194,109 205,100 213,851 1997: Octr ........................ N ov ......................... D ec ......................... 757,573 1,046,591 1,050,183 1,053,078 210,137 208,413 209,816 268,745 270,955 273,298 215,115 r 755, 645 r 215, 828 216,867 90,877 125,990 219,004 220,866 221,105 222,707 225,370 225,625 224,153 224,296 225,141 r 227, 900 229,350 92,060 92,778 92,607 93,460 95,187 95,284 93,235 93,309 94,066 r 95, 847 96,761 763,107 1998: Jan ......................... 761,165 Feb ......................... 768,061 M ar ......................... 773,877 Apr ......................... 772,160 M ay ........................ 772,405 June ....................... 774,639 July ........................ 773,762 Aug ........................ 772,454 Septr ...................... 779,478 Octp ....................... 781,649 N ovp ....................... ................ 1,055,034 210,224 272,130 1,062,460 211,312 275,750 1,068,754 213,781 277,624 1,070,555 213,900 275,933 1,070,022 213,413 277,699 1,070,515 213,904 277,518 1,070,875 214,229 277,466 1,074,870 211,713 280,591 1,080,866 213,856 284,128 1,083,122 213,014 283,432 .................. ................ ................ 1 See page 21 for m anufacturi ng. 2 Annualdata are averages of m onthl y not seasonally adjusted figures;m onthly data are seasonally adjusted totals for m onth. 3 Seasonal ly adjusted,end of period. 20 52,430 54,763 55,736 54,165 58,634 64,996 73,509 78,311 84,044 88,186 85,587 91,818 97,981 100,497 103,999 107,824 112,314 115,798 121,055 125,665 219,047 237,234 239,780 243,256 252,091 268,409 292,062 307,114 316,476 323,647 112,453 121,347 121,159 119,100 123,116 134,600 152,004 163,421 168,891 174,430 106,594 115,887 118,621 124,156 128,975 133,809 140,058 143,693 147,585 149,217 1.49 1.52 1.52 1.53 1.48 1.44 1.41 1.43 1.40 1.38 1.54 1.58 1.56 1.54 1.52 1.51 1.51 1.56 1.52 1.50 88,372 126,743 r 89, 253 r 126, 575 322,293 321,462 323,647 173,877 173,448 174,430 148,416 148,014 149,217 1.38 1.39 1.38 1.50 1.49 1.49 4 Annualdata 126,944 324,707 173,673 151,034 1.39 1.48 128,088 325,532 174,162 151,370 1.38 1.47 128,498 329,182 176,350 152,832 1.38 1.49 129,247 329,954 176,500 153,454 1.39 1.48 130,183 326,594 173,633 152,961 1.39 1.45 130,341 326,296 171,952 154,344 1.38 1.45 130,918 325,773 171,417 154,356 1.38 1.45 130,987 325,834 171,353 154,481 1.39 1.45 131,075 328,186 173,166 155,020 1.39 1.46 r 132, 053 328,860 174,860 154,000 1.39 1.44 132,589 ................ ................ ................ ................ ................ are averages of seasonally adjusted m onthly ratios. Source:D epartm ent of Com m erce,B ureau of the Census. MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In October, manufacturers’ shipments and inventories rose, while new and unfilled orders fell. According to advance data, durable goods shipments and new orders rose in November. M anufacturers’shipm ents1 M anufacturers’inventories2 M anufacturers’new orders1 D urable goods Period Total D urable goods N ondurable goods Total D urable goods N ondurable goods Total Total Capital N ondurable goods goods industries, nondefense M anufacturers’ unfilled orders2 M anufacturers’ inventory— shipm ents ratio3 M illions of dollars,seasonally adjusted,except as noted 1988 .................................... 224,619 1989 .................................... 236,698 1990 .................................... 242,686 1991 .................................... 239,847 1992 .................................... 250,394 1993 .................................... 260,635 1994 .................................... 279,002 1995 ..................................... 299,555 1996 ..................................... 309,622 1997 ..................................... 327,452 1997: Oct............................ 332,321 N ov ........................... 331,404 D ec ........................... 336,424 1998: Jan ........................... 331,937 Feb ........................... 335,883 M ar ........................... 338,991 Apr ........................... 335,553 M ay .......................... 333,622 June ......................... 335,110 July .......................... 335,380 Aug .......................... 336,445 Sept ......................... 340,481 Octr .......................... 340,735 N ovp ......................... ................ 118,458 106,161 369,374 242,468 126,906 228,270 123,158 113,540 391,212 257,513 133,699 239,572 123,776 118,910 405,073 263,209 141,864 244,507 121,000 118,847 390,950 250,019 140,931 238,805 128,489 121,905 382,510 238,105 144,405 248,212 135,886 124,749 384,039 239,334 144,705 257,698 149,131 129,870 404,877 253,624 151,253 279,733 160,586 138,970 430,985 268,353 162,632 300,632 167,013 142,608 436,729 273,815 162,914 312,442 179,892 147,560 456,133 286,372 169,761 329,335 183,225 149,096 455,553 286,654 168,899 334,576 182,791 148,613 457,766 287,949 169,817 342,310 186,007 150,417 456,133 286,372 169,761 334,974 182,303 149,634 458,197 288,086 170,111 336,432 187,298 148,585 461,178 290,153 171,025 334,446 189,998 148,993 461,948 290,887 171,061 334,712 186,843 148,710 464,668 293,393 171,275 337,502 185,789 147,833 465,729 294,375 171,354 330,233 186,536 148,574 466,701 295,143 171,558 331,188 186,907 148,473 467,636 295,669 171,967 334,821 188,789 147,656 468,445 296,913 171,532 337,815 192,842 147,639 468,552 296,757 171,795 340,388 193,877 146,858 470,830 298,408 172,422 335,343 195,039 ................ ................ ................ ................ ................ 1 Annualdata are averages of m onthl y not seasonally adjusted figures;m onthly data are seasonally adjusted totals for m onth.Shipm ents are the sam e as sales. 2 Seasonal ly adjusted,end of period. 122,076 126,055 125,583 119,849 126,308 133,081 149,542 161,782 169,711 181,726 185,410 193,621 184,635 187,048 186,033 185,963 188,921 182,777 182,986 186,617 190,304 192,783 188,697 190,659 31,108 106,194 474,154 1.57 32,988 113,516 508,849 1.63 33,331 118,924 531,131 1.65 30,471 118,957 519,199 1.65 31,524 121,905 492,893 1.54 31,694 124,617 457,810 1.47 35,697 130,191 466,699 1.41 40,511 138,851 479,674 1.41 44,631 142,730 513,062 1.40 48,165 147,610 536,131 1.37 50,450 149,166 526,675 1.37 58,759 148,689 537,581 1.38 47,027 150,339 536,131 1.36 52,302 149,384 540,626 1.38 50,436 148,413 539,189 1.37 50,502 148,749 534,910 1.36 51,240 148,581 536,859 1.38 50,834 147,456 533,470 1.40 51,053 148,202 529,548 1.39 50,763 148,204 528,989 1.39 55,371 147,511 530,359 1.39 53,540 147,605 530,266 1.38 50,210 146,646 524,874 1.38 51,294 ................ ................ ................ 3 Annualdata are averages of seasonally adjusted m onthly ratios. Source:D epartm ent of Com m erce,B ureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods fell 0.2 percent in November. Prices of finished consumer foods fell 0.5 percent, while prices of other finished consumer goods fell 0.2 percent. Capital equipment prices rose 0.1 percent. [1982= 100;m onthly data seasonally adjusted] Finished goods Finished goods excluding consum er foods Period Total finished goods Consum er foods Total Total 1988 ............... 1989 ............... 1990 ............... 1991 ............... 1992 ............... 1993 ............... 1994 ............... 1995 ............... 1996 ............... 1997 ............... 1997: N ov ..... D ec ..... 1998: Jan ..... Feb ...... M ar ..... Apr ..... M ay .... June ... Julyr ... Aug ..... Sept .... Oct ...... N ov ..... 108.0 113.6 119.2 121.7 123.2 124.7 125.5 127.9 131.3 131.8 131.6 131.4 130.6 130.5 130.4 130.6 130.7 130.5 130.7 130.2 130.6 130.9 130.7 1 Interm edi ate m aterials for food 112.6 118.7 124.4 124.1 123.3 125.7 126.8 129.0 133.6 134.5 134.3 134.3 133.8 134.1 133.7 134.4 133.9 134.0 134.6 134.0 134.6 135.1 134.4 106.5 111.8 117.4 120.9 123.1 124.4 125.1 127.5 130.5 130.9 130.7 130.4 129.6 129.3 129.3 129.4 129.6 129.3 129.5 128.9 129.3 129.6 129.5 103.1 108.9 115.3 118.7 120.8 121.7 121.6 124.0 127.6 128.2 128.0 127.7 126.5 126.1 126.1 126.4 126.7 126.3 126.5 125.8 126.2 126.6 126.4 D urable 113.8 117.6 120.4 123.9 125.7 128.0 130.9 132.7 134.2 133.7 133.3 132.9 132.8 132.9 132.8 132.8 132.4 132.0 132.6 132.0 133.2 133.3 133.5 m anufacturing and feeds. N O TE .— B eginning 1998,indexes are based on updated weight allocations. 22 N ondurable Capital equipm ent Total finished consum er goods 97.3 103.8 111.5 115.0 117.3 117.6 116.2 118.8 123.3 124.3 124.2 124.0 122.3 121.7 121.7 122.1 122.8 122.4 122.4 121.7 121.8 122.2 121.9 114.3 118.8 122.9 126.7 129.1 131.4 134.1 136.7 138.3 138.2 137.9 137.7 137.6 137.6 137.7 137.6 137.4 137.3 137.4 137.1 137.6 137.6 137.7 106.2 112.1 118.2 120.5 121.7 123.0 123.3 125.6 129.5 130.2 130.0 129.8 128.8 128.6 128.5 128.9 129.0 128.8 129.1 128.4 128.9 129.3 128.9 Consum er goods Interm ediate m aterials Crude m aterials Total Foods and feeds1 Other Total Foodstuffs and feedstuffs Other 107.1 112.0 114.5 114.4 114.7 116.2 118.5 124.9 125.7 125.6 125.6 125.3 124.5 124.1 123.6 123.7 123.6 123.2 123.2 122.7 122.5 122.3 122.0 109.5 113.8 113.3 111.1 110.7 112.7 114.8 114.8 128.1 125.4 124.3 123.5 119.1 118.8 117.0 116.0 116.4 115.8 116.3 115.0 114.4 114.2 114.9 106.9 111.9 114.5 114.6 114.9 116.4 118.7 125.5 125.6 125.7 125.7 125.4 124.8 124.4 124.0 124.1 124.0 123.6 123.6 123.2 123.0 122.7 122.4 96.0 103.1 108.9 101.2 100.4 102.4 101.8 102.7 113.8 111.1 115.0 108.6 102.3 100.4 99.2 100.5 100.1 97.5 97.6 94.0 92.5 94.1 92.8 106.1 111.2 113.1 105.5 105.1 108.4 106.5 105.8 121.5 112.2 110.6 110.6 106.8 106.1 106.4 106.6 105.6 106.2 102.5 101.5 99.6 103.6 101.6 85.5 93.4 101.5 94.6 93.5 94.7 94.8 96.8 104.5 106.4 113.8 103.4 95.4 92.8 90.7 92.6 92.7 88.0 90.6 85.5 84.2 84.2 83.3 Source:D epartm ent of Labor,B ureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In November, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted; it was unchanged not seasonally adjusted. The index was 1.5 percent above its year-earlier level. [1982–84= 100,except as noted;m onthly data seasonally adjusted,except as noted] Allitem s1 H ousing Transportation Shelter Period Rel.im p.3 ........................... 1988 ................................... 1989 ................................... 1990 ................................... 1991 ................................... 1992 ................................... 1993 ................................... 1994 ................................... 1995 ................................... 1996 ................................... 1997 ................................... 1997: N ov ........................ D ec ......................... 1998: Jan ......................... Feb ......................... M ar ......................... Apr ......................... M ay ......................... June ........................ July ........................ Aug ......................... Sept ........................ Oct .......................... N ov ......................... 1 Incl udes item s not shown N ot season- Seasonally ally adjust- adjusted ed (N SA) 100.0 118.3 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 161.5 161.3 161.6 161.9 162.2 162.5 162.8 163.0 163.2 163.4 163.6 164.0 164.0 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 161.8 161.9 161.9 162.0 162.0 162.4 162.9 163.0 163.3 163.6 163.6 164.0 164.3 Food Total1 Total1 15.3 118.2 125.1 132.4 136.3 137.9 140.9 144.3 148.4 153.3 157.3 158.9 158.9 159.4 159.4 159.4 159.5 160.4 160.6 161.0 161.4 161.4 162.3 162.5 39.6 118.5 123.0 128.5 133.6 137.5 141.2 144.8 148.5 152.8 156.8 158.2 158.3 158.4 158.6 158.9 159.5 159.9 160.1 160.4 160.6 161.0 161.3 161.8 29.8 127.1 132.8 140.0 146.3 151.2 155.7 160.5 165.7 171.0 176.3 178.0 178.7 179.0 179.5 179.9 180.6 181.3 181.6 181.9 182.4 183.3 183.7 184.2 s’ Fuels Rent Owner vaand of pri- equi lent utilim ary rent ties resi- (12/ 82 dence = 100) 6.9 127.8 132.8 138.4 143.3 146.9 150.3 154.0 157.8 162.0 166.7 168.6 169.1 169.5 169.7 170.3 170.7 171.3 171.8 172.2 172.8 173.4 173.9 174.3 separately. ousehold fuels— gas (piped), electricity, fuel oil, etc.— and m otor fuel. M otor oil, coolant, etc.excluded beginning 1983. 3 Rel ative im portance,D ecem ber 1997. 2H 20.2 131.1 137.4 144.8 150.4 155.5 160.5 165.8 171.3 176.8 181.9 183.9 184.5 184.9 185.5 185.9 186.6 187.2 187.6 188.1 188.5 189.0 189.6 189.9 4.9 104.4 107.8 111.6 115.3 117.8 121.3 122.8 123.7 127.5 130.8 132.1 130.7 129.1 127.9 128.3 128.7 128.8 128.3 128.3 127.8 127.0 126.8 127.6 Apparel 4.9 115.4 118.6 124.1 128.7 131.9 133.7 133.4 132.0 131.7 132.9 133.0 133.2 132.5 132.7 132.5 132.4 132.9 133.2 132.8 134.2 133.2 133.3 133.3 Total1 N ew cars 17.6 ............ 108.7 116.9 114.1 119.2 120.5 121.0 123.8 125.3 126.5 128.4 130.4 131.5 134.3 136.0 139.1 139.0 143.0 141.4 144.3 141.7 143.9 141.1 143.5 140.7 143.0 140.8 142.4 140.8 141.7 140.8 141.5 140.9 141.7 140.4 141.3 140.1 141.7 140.8 141.7 141.3 141.1 141.0 141.5 140.6 141.5 140.4 M otor fuel M edical care Energy2 All item s less food and energy 3.0 80.9 88.5 101.2 99.4 99.0 98.0 98.5 100.0 106.3 106.2 105.1 103.5 99.7 96.4 93.0 92.2 93.0 92.1 92.1 90.6 88.8 91.1 90.2 5.6 138.6 149.3 162.8 177.0 190.1 201.4 211.0 220.5 228.2 234.6 237.1 237.9 238.2 238.9 239.6 240.6 241.4 242.3 242.8 243.7 244.4 244.9 245.3 7.0 89.3 94.3 102.1 102.5 103.0 104.2 104.6 105.2 110.1 111.5 111.3 109.3 106.7 104.3 103.0 102.9 103.2 102.5 102.5 101.5 100.2 101.1 101.1 77.7 123.4 129.0 135.5 142.1 147.3 152.2 156.5 161.2 165.6 169.5 171.0 171.4 171.7 172.2 172.4 172.9 173.3 173.5 173.8 174.2 174.5 174.8 175.1 N O TE .— See B ureau of Labor Statistics news release Consum er Price Index dated February 24,1998,for details on recent changes in CPI structure and weights. Source:D epartm ent of Labor,B ureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period;m onthly data seasonally adjusted,except as noted by N SA] Change from preceding period Change from 3 m onths earlier,annualrate Change from 6 m onths earlier,annualrate Consum er goods Consum er goods Consum er goods Period Total finished goods Foods Capital equipm ent Excluding foods Change from year earlier, total finished goods N SA Total finished goods Foods Excluding foods Capital equipm ent Total finished goods Foods Excluding foods Capital equipm ent 3.6 3.8 3.4 2.5 1.7 1.8 2.0 2.2 .4 ¥.6 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 2.5 5.2 4.9 2.1 1.2 1.2 .6 1.9 2.7 .4 Change,D ec.to D ec.,N SA 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... 4.0 4.9 5.7 ¥.1 1.6 .2 1.7 2.3 2.8 ¥1.2 5.7 5.2 2.6 ¥1.5 1.6 2.4 1.1 1.9 3.4 ¥.8 3.1 5.3 8.7 ¥.7 1.6 ¥1.4 2.0 2.3 3.7 ¥1.5 Change,m onth to m onth 1997: N ov ................ D ec ................ ¥0.2 ¥.2 ¥0.3 0 ¥0.2 ¥.2 ¥0.1 ¥.1 0.9 ¥1.2 1.5 1.5 1.6 ¥1.9 ¥0.6 ¥2.0 ¥0.2 0 ¥1.6 0 0.6 .3 ¥0.4 ¥.7 ¥.7 ¥1.2 1998: Jan ................. Feb ................. M ar ................ Apr ................ M ay ............... June .............. Julyr .............. Aug ................ Sept ............... Oct ................. N ov ................ ¥.6 ¥.1 ¥.1 .2 .1 ¥.2 .2 ¥.4 .3 .2 ¥.2 ¥.4 .2 ¥.3 .5 ¥.4 .1 .4 ¥.4 .4 .4 ¥.5 ¥.9 ¥.3 0 .2 .2 ¥.3 .2 ¥.6 .3 .3 ¥.2 ¥.1 0 .1 ¥.1 ¥.1 ¥.1 .1 r ¥. 2 .4 0 .1 ¥3.6 ¥3.3 ¥3.0 0 .6 .3 .3 ¥1.5 .3 .6 1.5 ¥2.6 ¥.6 ¥1.8 1.8 ¥.6 .9 .6 .3 1.8 r 1. 5 1.2 ¥5.2 ¥5.8 ¥4.9 ¥.3 1.9 .6 .3 ¥2.8 ¥.3 .3 1.9 ¥1.2 ¥.9 0 0 ¥.6 ¥1.2 ¥.6 ¥.9 .9 r. 6 1.8 ¥.8 ¥1.2 ¥2.1 ¥1.8 ¥1.4 ¥1.4 .2 ¥.5 .3 .5 0 ¥.1 .4 ¥.1 ¥.4 ¥.6 ¥.4 1.2 ¥.1 1.4 1.0 .7 ¥1.1 ¥2.2 ¥3.4 ¥2.8 ¥2.0 ¥2.2 0 ¥.5 .2 .3 ¥.5 ¥.7 ¥.7 ¥1.0 ¥.6 ¥.7 ¥.6 ¥.3 ¥.7 ¥.1 0 .4 ¥1.7 ¥1.5 ¥1.5 ¥.9 ¥.8 ¥.7 ¥.2 ¥.8 ¥.9 ¥.7 ¥.7 Source:D epartm ent of Labor,B ureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period;m onthly data seasonally adjusted,except as noted by N SA] H ousing Transportation Shelter Period All item s1 Food Total1 Total1 s Rent Own- Fuel and of pri- ers’ ilim ary equiva- ut ties resilent dence rent Apparel Total1 N ew cars M otor fuel M edical care Energy2 All item s less food and energy Addendum :Allitem s, percent change (annualrate) From From From From 3 6 year previous m ont hs m ont hs ear lier quarter3 earlier earlier N SA Change,D ecem ber to D ecem ber,N SA 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ 4.4 4.6 6.1 3.1 2.9 2.7 2.7 2.5 3.3 1.7 5.2 5.6 5.3 1.9 1.5 2.9 2.9 2.1 4.3 1.5 4.0 3.9 4.5 3.4 2.6 2.7 2.2 3.0 2.9 2.4 4.5 4.9 5.2 3.9 2.9 3.0 3.0 3.5 2.9 3.4 3.6 4.2 4.1 2.9 2.3 2.2 2.5 2.5 2.8 3.1 4.8 5.1 4.8 3.7 3.0 3.2 3.3 3.7 2.8 3.1 2.9 3.2 4.0 2.9 2.3 2.5 .2 1.4 4.6 .5 1997: N ov ............. D ec .............. 0.1 .1 0.1 0 0.3 .1 0.2 .4 0.2 .3 0.3 0.8 .3 ¥1.1 1998: Jan .............. Feb .............. M ar .............. Apr .............. M ay .............. June ............ July .............. Aug .............. Sept ............. Oct ............... N ov .............. 0 .1 0 .2 .3 .1 .2 .2 0 .2 .2 .3 0 0 .1 .6 .1 .2 .2 0 .6 .1 .1 .1 .2 .4 .3 .1 .2 .1 .2 .2 .3 .2 .3 .2 .4 .4 .2 .2 .3 .5 .2 .3 .2 .1 .4 .2 .4 .3 .2 .3 .3 .3 .2 .2 ¥1.2 .3 ¥.9 .2 .3 .4 .3 .3 .1 .2 ¥.4 .3 0 .2 ¥.4 .3 ¥.6 .3 ¥.2 .2 .6 4.7 3.0 2.1 ¥2.1 1.0 4.0 2.3 6.8 5.1 10.4 1.4 36.5 3.4 ¥1.5 3.3 ¥16.0 1.4 3.0 2.3 1.8 .9 2.4 2.8 ¥5.4 ¥1.6 3.8 3.2 5.9 .1 1.5 1.6 ¥4.0 ¥.2 4.4 1.6 12.7 1.0 ¥1.4 ¥1.0 ¥6.2 6.9 8.5 9.6 7.9 6.6 5.4 4.9 3.9 3.0 2.8 0.5 5.1 18.1 ¥7.4 2.0 ¥1.4 2.2 ¥1.3 8.6 ¥3.4 4.7 4.4 5.2 4.4 3.3 3.2 2.6 3.0 2.6 2.2 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 4.1 4.8 5.4 4.2 3.0 3.0 2.6 2.8 3.0 2.3 ¥1.8 ¥1.5 0.3 .3 0 ¥1.8 0.1 ............. .2 2.3 2.3 1.5 2.1 1.9 1.8 1.7 ¥3.7 ¥3.3 ¥3.5 ¥.9 .9 ¥1.0 0 ¥1.6 ¥2.0 2.6 ¥1.0 .1 .3 .3 .4 .3 .4 .2 .4 .3 .2 .2 ¥2.4 ¥2.2 ¥1.2 ¥.1 .3 ¥.7 0 ¥1.0 ¥1.3 .9 0 .7 .5 .2 1.2 2.2 2.5 2.2 1.7 1.5 1.7 1.7 1.6 1.4 .9 1.0 1.4 1.4 1.7 2.0 2.0 2.0 1.7 1.6 1.4 1.4 1.4 1.7 1.7 1.7 1.6 1.5 1.5 1.5 Change,m onth to m onth 0.1 ¥0.6 ¥0.2 .2 ¥.3 ¥.3 ¥.5 .2 ¥.2 ¥.1 .4 .2 ¥.3 1.1 ¥.7 .1 0 1 Incl udes item s not shown separately. 2 H ousehol d fuels— gas (piped), electricity, fuel oil, etc.— and m otor fuel. M otor oil, coolant, etc.,excluded beginning 1983. 24 ¥.3 ¥.4 ¥.5 ¥.1 .1 ¥.3 .3 0 ¥.4 .3 0 .1 0 0 .1 ¥.4 ¥.2 .5 .4 ¥.2 ¥.3 ¥.1 3 Quarterl y changes are shown .2 .3 .1 .3 .2 .1 .2 .2 .2 .2 .2 ............. ............. .5 ............. ............. 2.0 ............. ............. 1.7 ............. ............. in the last m onth of the quarter. Source:D epartm ent of Labor,B ureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In November, prices received by farmers rose 1.0 percent while prices paid by farmers were unchanged. (Data are not seasonally adjusted.) [1990–92= 100;not seasonally adjusted] Prices received by farm ers Period 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Allfarm products Prices paid by farm ers Livestock and products Crops Allcom m odities, services,interest, taxes,and wage rates1 Production item s,interest, taxes,and wage rates Production item s Ratio2 ................................ ................................ ................................ ................................ ................................ ................................ ................................ ................................ ................................ ............................... 99 104 104 100 98 101 100 102 112 107 104 109 103 101 101 102 105 112 126 115 93 100 105 99 97 100 95 92 99 98 91 96 99 100 101 104 106 109 114 117 92 97 99 100 101 103 106 108 114 117 90 95 99 100 101 104 106 108 114 117 108 108 105 99 97 97 94 94 98 91 1997: N ov ...................... D ec ...................... 107 105 114 111 98 97 117 117 117 116 117 116 91 90 1998: Jan ...................... Feb ...................... M ar ..................... Apr ...................... M ay ...................... June ..................... July ...................... Aug ..................... Sept ..................... Oct ....................... N ov ...................... 103 101 102 104 103 102 102 101 99 99 100 110 109 111 115 113 107 108 104 101 100 102 94 94 95 95 95 98 96 98 97 98 97 117 117 116 116 116 115 115 114 113 114 114 117 116 115 115 115 114 113 113 111 112 112 116 115 114 114 114 113 112 111 110 110 110 88 86 88 90 89 89 89 89 88 87 88 1 Incl udes item s not shown separately. ratio of index of prices received by farm ers to index of prices paid, interest, taxes,and wage rates. 2 Percentage N O TE .— 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 com parison with other indexes. Source:D epartm ent of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES In November, M2 growth slowed and M3 growth accelerated. [Averages of daily figures,except as noted;billions of dollars,seasonally adjusted] M1 M2 M3 Sum of currency, dem and deposits, travelers’checks, and other checkable deposits (OCD s) M 1 plus retail M M M F balances, savings deposits (including M M D As),and sm alltim e deposits M 2 plus large tim e deposits, RPs,Eurodollars,and institutiononly M M M F balances ................................. ................................. ................................. ................................. ................................. ................................. ................................. ................................. ................................. ................................. 787.0 794.2 825.8 897.3 1,025.0 1,129.9 1,150.7 1,128.7 1,082.8 1,076.0 2,996.4 3,161.0 3,279.6 3,379.9 3,434.7 3,487.5 3,503.0 3,651.2 3,826.1 4,046.4 1997: Oct .................................. N ov ................................. D ec ................................. 1,061.9 1,069.2 1,076.0 1998: Jan r ................................ Feb r ................................ M arr ............................... Aprr ................................ M ayr ............................... Juner .............................. Julyr ............................... Aug r ................................ Septr ............................... Octr ................................ N ov ................................. 1,073.7 1,076.5 1,081.1 1,080.7 1,077.7 1,074.5 1,071.8 1,069.0 1,072.1 1,078.5 1,087.3 Period 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: D ec D ec D ec D ec D ec D ec D ec D ec D ec D ec L D ebt M 3 plus other liquid assets * D ebt of dom estic nonfinancial sectors (m onthly average of adjacent m onth-end levels)1 3,913.1 4,066.3 4,126.8 4,182.1 4,193.5 4,258.9 4,333.6 4,595.6 4,931.1 5,376.8 4,663.7 4,893.2 4,977.5 5,008.0 5,081.4 5,173.3 5,315.8 5,702.3 6,083.6 6,611.3 9,463.6 10,157.0 10,823.2 r 11, 296.1 11,818.2 12,407.3 r 12, 998.7 r 13, 695.6 r 14, 424.1 r 15, 167.3 5.0 .9 4.0 8.7 14.2 10.2 1.8 ¥1.9 ¥4.1 ¥.6 5.8 5.5 3.8 3.1 1.6 1.5 .4 4.2 4.8 5.8 6.5 3.9 1.5 1.3 .3 1.6 1.8 6.0 7.3 9.0 9.1 7.3 6.6 4.4 4.6 5.0 4.8 5.4 5.3 r 5. 2 3,999.3 4,023.6 4,046.4 5,274.8 5,326.3 5,376.8 6,481.0 6,548.4 6,611.3 r 15, 010.5 ¥1.2 .9 2.0 5.6 6.6 7.0 8.0 9.4 10.4 4.9 5.2 5.9 4,071.6 4,104.5 4,133.2 4,166.1 4,175.9 4,194.0 4,210.8 4,240.7 4,292.9 4,338.5 4,377.4 5,423.2 5,463.7 5,529.4 5,578.9 5,612.7 5,643.8 5,650.9 5,707.2 5,776.3 5,840.5 5,915.4 1.5 1.0 3.3 3.5 1.6 ¥.3 ¥.4 ¥1.4 ¥1.7 ¥.4 1.8 7.5 7.4 7.7 8.3 7.6 7.3 6.8 6.6 7.7 8.3 9.7 10.5 10.2 11.1 11.5 10.8 9.9 8.4 8.9 8.9 9.4 10.8 6.0 6.1 6.3 6.3 6.2 6.1 6.2 6.1 6.1 6.1 ............ 1 Consi sts of outstanding credit m arket debt of the U .S.Governm ent,State and localgovernm ents,and private nonfinancialsectors;data derived from flow of funds accounts. 2 Annual changes are from D ecem ber to D ecem ber and m onthl y changes are from 6 m onths earlier at a sim ple annualrate. N O TE .— See p.27 for com ponents. 26 r 15, 088.4 r 15, 167.3 6,683.3 15,241.0 6,756.8 15,322.0 6,831.7 15,405.0 6,863.9 15,482.4 6,887.1 15,555.9 6,928.1 15,630.0 6,926.1 15,711.5 6,982.0 15,793.1 p 7, 065.2 15,871.7 .................... 15,957.3 .................... ...................... Percent change from year or 6 m onths earlier2 M1 M2 M3 D ebt *Publication of the L aggregate and its com ponents (savings bonds, short-term Treasury securities, bankers’ acceptances, and com m ercial paper) in the weekly M oney Stock release (H .6) has been discontinued by the Federal Reserve. Quarterly series of relevance to broad m easures of liquidity are published in Federal Reserve release Z.1, Flow of Funds Accounts. D ata for the discontinued series shown on this page and on page 27 are as last released and are for inform ation only. Source:B oard of Governors of the FederalReserve System . COMPONENTS OF MONEY STOCK AND LIQUID ASSETS [Averages of daily figures;billions of dollars,seasonally adjusted] Period 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: Other D e- checkm and able depos- deposits its (OCD s) Currency M oney m arket m utualfund balances Retail Savings deposits, Large Sm all including denom ination denom m oney ination t i m e Insti- m arket tim e deposdeposit tution deposits1 its1 account s only (M M D As) Overnight Overand night term repur- tand erm chase Eur oagree- dol lars m ents (net ) (RPs) (net) Savings bonds * Short- B ankterm s’ Treas- er acury cept securi- ances ties * * Com m ercial paper * D ec ...................... D ec ...................... D ec ...................... D ec ...................... D ec ...................... D ec ...................... D ec ...................... D ec ...................... D ec ...................... D ec ...................... 212.3 222.7 246.8 267.3 292.9 322.2 354.3 372.4 394.9 425.5 286.8 279.3 277.4 289.6 339.5 385.2 384.0 391.0 403.6 397.1 280.9 285.3 293.9 332.5 384.4 414.5 403.9 356.4 275.9 245.2 245.9 321.7 357.2 372.2 354.0 355.6 385.0 454.9 522.8 603.2 92.5 110.7 138.8 186.8 209.8 212.6 203.1 253.9 310.3 376.2 926.3 893.7 923.8 1,045.2 1,187.4 1,219.5 1,149.9 1,134.7 1,271.7 1,397.5 1,037.1 1,151.4 1,172.7 1,065.3 868.3 782.6 817.4 933.0 948.8 969.6 518.3 541.5 481.0 416.6 353.5 333.6 363.4 419.6 491.2 572.9 189.0 158.0 138.8 119.5 128.6 158.8 183.3 182.4 194.2 236.1 117.0 95.2 88.7 79.3 66.9 66.3 80.8 88.6 109.2 145.3 109.4 117.5 126.0 137.9 156.6 171.5 180.2 184.7 186.9 186.4 266.8 324.0 334.1 328.8 344.7 340.8 382.9 469.2 454.8 429.6 40.2 40.7 36.2 23.9 21.0 14.9 14.1 11.4 12.4 12.1 334.3 344.6 354.4 335.2 365.7 387.1 405.0 441.3 498.5 606.3 1997: Oct ...................... N ov ...................... D ec ...................... 418.3 421.9 425.5 389.6 394.5 397.1 245.8 244.6 245.2 595.2 601.5 603.2 363.4 365.7 376.2 1,374.7 1,384.5 1,397.5 967.5 968.4 969.6 560.8 567.3 572.9 219.5 233.9 236.1 131.8 135.7 145.3 186.4 186.4 186.4 435.2 441.5 429.6 13.4 13.0 12.1 571.3 581.3 606.3 1998: Jan ..................... Feb ..................... M ar ..................... Apr ...................... M ay ..................... June .................... July ..................... Aug ...................... Sept ..................... Oct ...................... N ov ...................... 427.5 431.0 432.4 433.7 435.5 438.2 441.3 443.8 449.5 453.3 456.7 392.8 392.0 391.2 388.6 387.9 383.1 378.0 374.2 373.6 374.1 376.1 245.2 245.5 249.5 250.5 246.3 245.4 244.8 243.2 241.2 r 243. 1 246.5 r 614. 7 380.8 384.7 391.9 408.8 422.0 432.1 430.2 443.3 457.5 480.7 498.5 1,411.9 1,427.6 1,441.8 1,468.2 1,473.8 1,484.9 1,503.0 1,517.8 1,537.8 1,556.9 1,577.7 971.4 970.8 969.1 966.5 963.2 962.4 r 960. 9 960.3 961.5 962.8 961.6 577.4 592.4 610.9 609.9 615.1 623.5 609.5 614.1 612.3 r 610. 1 616.4 246.9 241.7 259.7 259.7 261.4 254.3 r 258. 3 r 265. 5 r 272. 1 r 267. 5 277.8 r 629. 6 r 641. 2 r 650. 8 r 661. 2 r 672. 3 r 675. 1 r 693. 6 r 721. 5 r 740. 3 750.8 1 Sm al l denom ination and large denom ination deposits are those issued in am ounts of less than $100,000 and m ore than $100,000,respectively. 146.5 186.3 434.4 12.2 627.1 140.3 186.3 455.1 11.2 640.2 133.8 186.2 438.4 11.3 665.7 134.3 186.1 410.7 13.0 674.2 138.3 186.0 407.8 13.3 665.5 139.9 186.0 396.6 13.4 686.2 142.1 186.0 371.2 14.6 701.6 143.6 185.9 374.3 14.8 697.7 141.4 p 186.0 p 371.2 p 14.0 p 715.0 143.8 ............ ............ ............ .............. 145.3 ............ ............ ............ .............. N O TE .— Travelers checks of nonbank issuers are a com ponent of m oney stock but are not shown here. *See p.26. Source:B oard of Governors of the FederalReserve System . AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures1;m illions of dollars;seasonally adjusted,except as noted by N SA] Adjusted for changes in reserve requirem ents B orrowings of depository institutions from the Federal Reserve (N SA) Reserves of depository institutions Period Total 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: N onborrowed N onborrowed plus extended credit Required M onetary base Total Seasonal Extended credit D ec ............................................................................. D ec ............................................................................. D ec ............................................................................. D ec ............................................................................. D ec ............................................................................. D ec ............................................................................. D ec ............................................................................. D ec ............................................................................. D ec ............................................................................ D ec ............................................................................. 40,434 40,504 41,790 45,535 54,358 60,524 59,407 56,399 50,083 46,669 38,718 40,238 41,464 45,343 54,234 60,442 59,198 56,141 49,929 46,345 39,962 40,258 41,487 45,344 54,235 60,442 59,198 56,141 49,929 46,345 39,386 39,581 40,125 44,556 53,202 59,461 58,238 55,121 48,660 44,986 257,042 267,767 293,248 317,446 351,030 386,531 418,121 434,168 452,384 480,152 1,716 265 326 192 124 82 209 257 155 324 130 84 76 38 18 31 100 40 68 79 1,244 20 23 1 1 0 0 0 0 0 1997: N ov ............................................................................ D ec ............................................................................ 46,301 46,669 46,148 46,345 46,148 46,345 44,693 44,986 476,178 480,152 153 324 115 79 0 0 1998: Jan ............................................................................ Feb ............................................................................ M ar ............................................................................ Apr ............................................................................ M ay ............................................................................ June ........................................................................... July ............................................................................ Aug ............................................................................. Sept ............................................................................ Oct ............................................................................. N ovr ........................................................................... 46,501 45,722 46,045 45,959 45,591 45,391 44,813 44,997 44,585 44,385 44,572 46,291 45,664 46,004 45,887 45,438 45,140 44,556 44,726 44,334 44,211 44,488 46,291 45,664 46,004 45,887 45,438 45,140 44,556 44,726 44,334 44,211 44,488 44,721 44,198 44,731 44,614 44,441 43,771 43,449 43,484 42,901 42,813 42,948 482,837 484,226 485,860 487,203 489,102 491,634 493,698 497,374 502,136 506,007 509,848 210 58 41 72 153 251 258 271 251 174 84 18 12 22 41 94 159 215 242 178 107 37 0 0 0 0 0 0 0 0 0 0 0 1 D ata are prorated averages of biweekly (m aintenance period) averages of daily figures. Source:B oard of Governors of the FederalReserve System . 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.8 percent in November; commercial and industrial loans rose 0.9 percent. [B illions of dollars,seasonally adjusted 1] Securities in bank credit Period Total bank credit Total securities Loans and leases in bank credit U .S. loans Com m erGovernOther Total and cialand m ent securities leases2 industrial securities Realestate Total Revolving hom e equity Consum er Security Other Other 1988:D ec ..................... 1989:D ec ..................... 1990:D ec ..................... 1991:D ec ..................... 1992:D ec ..................... 1993:D ec ..................... 1994:D ec ..................... 1995:D ec ..................... 1996:D ec ..................... 1997:D ecr ................... 2,434.9 2,609.5 2,754.7 2,859.3 2,956.7 3,115.4 3,320.3 3,604.9 3,752.7 4,094.8 561.4 584.4 634.1 745.9 841.4 915.2 940.8 986.1 971.2 1,081.9 366.7 400.2 456.0 566.0 664.2 730.1 721.9 702.9 697.3 747.3 194.7 184.3 178.1 179.9 177.2 185.2 218.9 283.2 273.9 334.6 1,873.5 2,025.1 2,120.6 2,113.3 2,115.3 2,200.1 2,379.6 2,618.7 2,781.6 3,012.9 607.0 638.8 641.2 619.8 596.2 586.4 646.0 718.0 783.4 853.8 674.1 769.3 855.4 880.0 901.1 941.4 1,003.4 1,081.0 1,131.8 1,230.6 40.1 50.3 62.4 69.7 73.5 73.1 75.3 79.1 84.8 97.7 634.0 718.9 793.0 810.3 827.6 868.3 928.1 1,001.9 1,047.0 1,132.9 357.8 378.4 383.9 366.9 359.2 391.1 451.9 495.3 515.9 506.5 40.9 41.8 45.6 55.0 65.2 89.6 78.8 85.7 77.9 97.6 193.7 196.8 194.5 191.7 193.6 191.6 199.4 238.7 272.5 324.3 1997: N ovr .................. D ecr .................. 1998: Jan r ................... Feb r .................. M arr .................. Aprr .................. M ayr ................. Juner ................ Julyr ................. Aug r .................. Septr ................. Octr ................... N ov .................... 4,073.6 4,094.8 4,155.1 4,184.9 4,223.2 4,221.0 4,249.8 4,262.9 4,282.5 4,344.2 4,400.2 4,492.6 4,528.3 1,075.1 1,081.9 1,110.3 1,112.9 1,129.8 1,109.9 1,126.1 1,121.6 1,130.2 1,155.5 1,175.4 1,216.5 1,225.9 742.8 747.3 762.8 769.7 780.8 764.9 772.0 756.9 760.4 770.6 766.4 773.5 788.1 332.3 334.6 347.5 343.2 348.9 345.0 354.0 364.7 369.8 384.9 409.0 443.0 437.8 2,998.5 3,012.9 3,044.8 3,072.0 3,093.5 3,111.2 3,123.7 3,141.3 3,152.3 3,188.7 3,224.8 3,276.2 3,302.4 845.4 853.8 864.1 872.7 875.2 873.5 882.6 892.8 899.0 908.4 920.8 942.1 950.4 1,226.7 1,230.6 1,234.2 1,249.1 1,261.4 1,269.5 1,271.3 1,270.8 1,271.9 1,280.2 1,281.2 1,286.3 1,307.2 96.8 97.7 98.0 98.1 98.3 98.4 98.0 97.8 97.5 97.5 97.7 96.8 97.0 1,129.9 1,132.9 1,136.2 1,150.9 1,163.2 1,171.1 1,173.3 1,173.1 1,174.4 1,182.8 1,183.5 1,189.5 1,210.3 506.9 506.5 503.5 501.6 501.8 505.4 504.9 501.3 496.4 495.6 498.8 499.3 501.4 99.7 97.6 117.6 119.3 118.7 117.9 123.2 130.3 132.5 139.1 144.5 159.5 154.4 319.8 324.3 325.5 329.3 336.4 344.8 341.7 346.1 352.6 365.4 379.5 389.0 388.9 1 D ata are W ednesday val ues or prorated averages of W ednesday values for dom estically chartered com m ercial banks, branches and agencies of foreign banks, N ew York State investm ent com panies (through Septem ber 1996),and Edge Act and agreem ent corporations.D ata are adjusted for breaks caused by reclassifications of assets and liabilities. 28 2 Excl udes Federal funds sold to, reverse repurchase agreem ents (RPs) with, and loans to com m ercialbanks in the U nited States. Source:B oard of Governors of the FederalReserve System . SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [B illions of dollars;quarterly data at seasonally adjusted annualrates] Sources U ses External Period Credit m arket funds Total Internal1 Total Total Total 1988 ......................... 1989 ......................... 1990 ......................... 1991 ......................... 1992 ......................... 1993 ......................... 1994 ......................... 1995 ......................... 1996 r ........................ 1997 r ........................ 1996: Ir ................... IIr ................. IIIr ................ IV r ................ 1997: Ir ................... IIr ................. IIIr ................ IV r ................ 1998: Ir ................... IIr ................. IIIp ............... 854.0 747.1 596.2 492.9 602.5 702.7 791.6 994.7 999.9 1,022.2 1,043.5 924.0 972.0 1,060.1 1,111.7 901.3 1,110.8 964.8 1,292.8 1,116.5 1,094.1 410.3 399.7 412.7 425.8 441.2 484.8 550.0 603.9 630.9 667.1 619.4 623.7 630.6 649.8 646.1 666.6 684.3 671.4 690.5 686.9 688.1 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 369.0 355.1 424.1 300.3 341.4 410.3 465.6 234.7 426.5 293.4 602.3 429.6 406.0 Securities and m ortgages Loans and short-term paper 9.6 ¥40.6 ¥15.4 83.7 84.0 98.4 r 7. 6 r 61. 3 43.6 15.7 26.2 113.2 ¥37.8 72.8 14.2 25.1 45.8 ¥22.5 75.7 85.1 ¥66.9 93.1 92.4 67.9 ¥117.0 ¥9.9 ¥25.0 90.8 117.2 63.6 134.9 51.2 69.8 140.6 ¥7.1 101.8 89.4 121.7 226.7 116.5 140.7 249.8 102.7 51.8 52.5 ¥33.3 74.1 73.4 r 98. 4 r 178. 5 107.2 150.6 77.4 183.0 102.8 65.7 116.0 114.5 167.5 204.2 192.2 225.8 182.9 1 Profi ts before tax (book) less profit tax accruals and dividends plus consum ption of fixed capital,foreign earnings retained abroad,and inventory valuation adjustm ent. 2 Consi sts of tax liabilities, trade debt, pension fund liabilities, and direct foreign investm ent in the U .S. Other2 340.9 295.5 131.0 100.4 87.3 144.5 r 143. 3 r 212. 4 261.8 204.6 346.8 117.3 238.5 344.5 349.6 120.2 259.0 89.3 410.1 203.8 223.0 Capital expenditures3 r 719. 1 r 364. 6 r 581. 8 r 394. 2 r 519. 3 r 387. 8 r 459. 3 r 370. 2 r 537. 8 r 385. 4 r 786. 9 r 444. 9 796.7 1,000.5 998.7 1,025.3 1,013.9 958.0 993.9 1,029.2 1,132.2 899.2 1,070.7 999.5 1,238.4 1,075.5 1,080.2 513.4 567.0 600.4 682.7 563.4 579.0 621.6 637.8 648.8 708.2 678.8 695.3 747.8 705.0 733.8 Increase in financial assets 354.5 187.6 131.5 89.1 152.4 342.0 283.3 433.5 398.3 342.6 450.5 379.0 372.3 391.4 483.4 191.0 391.9 304.2 490.6 370.5 346.4 D iscrepancy (sources less uses) r 134. 9 r 165. 2 r 77. 0 r 33. 6 r 64. 7 r ¥84. 2 ¥5.0 r ¥5. 9 ¥1.2 ¥3.2 29.5 ¥33.9 ¥21.9 30.9 ¥20.5 2.1 40.1 ¥34.7 54.4 41.1 13.9 3 Pl ant and equipm ent, residential structures, inventory investm ent, and access rights from U .S.Governm ent. Source:B oard of Governors of the FederalReserve System . CONSUMER CREDIT [B illions of dollars;seasonally adjusted] N et change in consum er credit outstanding 1 Consum er credit outstanding (end of period) Period Total D ec3 .................................. D ec .................................... D ec .................................... D ec .................................... D ec .................................... D ec .................................... D ec .................................... D ec .................................... D ec .................................... D ec .................................... Oct .................................... N ov ................................... D ec .................................... 1998: Jan .................................... Feb .................................... M ar ................................... Apr .................................... M ay ................................... June .................................. July ................................... Aug ................................... Sept ................................... Octp ................................... 1988: 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1997: 719.0 779.0 789.3 777.2 779.9 839.1 960.7 1,095.7 1,181.9 1,233.1 1,230.2 1,227.1 1,233.1 1,235.5 1,240.5 1,247.4 1,251.9 1,254.3 1,263.7 1,268.9 1,273.0 1,278.1 1,287.8 Autom obile Revolving 285.3 290.8 283.5 263.4 262.7 288.1 327.9 364.2 392.3 413.4 408.6 407.3 413.4 415.3 416.7 419.8 421.2 422.6 425.5 428.1 432.2 434.7 435.9 1 For year-end data, change from precedi ng year-end; for m onthly data, change from preceding m onth. 2 Outstandi ng loans for m obile hom es, education, boats, trailers, vacations, etc., plus noninstallm ent credit. 3 D ata newl y available in January 1989 result in breaks in m any series between D ecem ber 1988 and subsequent m onths. 184.6 211.2 238.6 263.7 278.2 310.0 365.6 443.2 499.5 531.1 529.1 530.3 531.1 533.0 535.3 539.4 541.8 541.2 545.3 543.0 545.0 546.0 549.6 Other2 249.2 277.0 267.2 250.1 239.1 241.1 267.2 288.3 290.1 288.6 292.5 289.5 288.6 287.1 288.4 288.2 288.8 290.5 292.8 297.8 295.7 297.5 302.2 4 B ecause of breaks i n Total 42.7 (4) 10.3 ¥12.1 2.7 59.2 121.6 135.0 86.2 51.2 6.3 ¥3.1 6.0 2.4 5.0 6.9 4.5 2.4 9.4 5.2 4.1 5.1 9.7 Autom obile 19.2 (4) ¥7.3 ¥20.1 ¥.7 25.4 39.8 36.3 28.1 21.1 3.5 ¥1.3 6.1 1.9 1.4 3.1 1.4 1.4 2.9 2.6 4.1 2.5 1.2 Revolving 23.7 (4) 27.4 25.1 14.5 31.8 55.6 77.6 56.3 31.6 2.3 1.2 .8 1.9 2.3 4.1 2.4 ¥.6 4.1 ¥2.3 2.0 1.0 3.6 Other2 ¥0.2 (4) ¥9.8 ¥17.1 ¥11.0 2.0 26.1 21.1 1.8 ¥1.5 .5 ¥3.0 ¥.9 ¥1.5 1.3 ¥.2 .6 1.7 2.3 5.0 ¥2.1 1.8 4.7 series,net change not available. Source:B oard of Governors of the FederalReserve System . 29 INTEREST RATES AND BOND YIELDS Interest rates fell in December. [Percent per annum ] U .S.Treasury security yields Period 3-m onth bills (new issues)1 1988 ................ 1989 ................ 1990 ................ 1991 ............... 1992 ............... 1993 ................ 1994 ................ 1995 ................ 1996 ................ 1997 ................ 1997: D ec ..... 1998: Jan ...... Feb ...... M ar ..... Apr ...... M ay ..... June .... July ..... Aug ...... Sept ..... Oct....... N ov ...... D ecp .... W eek ended: 1998: D ec 5 12 19 26 Constant m aturities2 3-year 10-year 30-year H ighgrade m unicipal bonds (Standard & Poor’s)3 Corporate Aaa bonds (M oody’s) Prim e com m ercial paper, 6 m onths1 Federal funds rate5 N ewhom e m ortgage yields (FH FB )6 8.26 8.55 8.26 6.82 5.30 4.44 6.27 6.25 5.99 6.10 5.74 5.38 5.43 5.57 5.58 5.61 5.52 5.47 5.24 4.62 4.18 4.57 4.47 8.85 8.49 8.55 7.86 7.01 5.87 7.09 6.57 6.44 6.35 5.81 5.54 5.57 5.65 5.64 5.65 5.50 5.46 5.34 4.81 4.53 4.83 4.64 8.96 8.45 8.61 8.14 7.67 6.59 7.37 6.88 6.71 6.61 5.99 5.81 5.89 5.95 5.92 5.93 5.70 5.68 5.54 5.20 5.01 5.25 5.05 7.76 7.23 7.25 6.89 6.40 5.62 6.19 5.95 5.75 5.54 5.22 5.07 5.16 5.30 5.33 5.21 5.13 5.18 5.13 4.98 4.90 5.06 ............... 9.71 9.26 9.32 8.77 8.14 7.22 7.96 7.59 7.37 7.27 6.76 6.61 6.67 6.72 6.69 6.69 6.53 6.55 6.52 6.40 6.37 6.41 6.21 7.68 8.80 7.95 5.85 3.80 3.30 4.93 5.93 5.42 * * * * * * * * * * * * * * 6.20 6.93 6.98 5.45 3.25 3.00 3.60 5.21 5.02 5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–5.00 5.00–4.75 4.75–4.50 4.50–4.50 9.32 10.87 10.01 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.50 8.50–8.25 8.25–8.00 8.00–7.75 7.75–7.75 7.57 9.19 9.21 10.13 8.10 10.05 5.69 9.32 3.52 8.24 3.02 7.20 4.21 7.49 5.83 7.87 5.30 7.80 5.46 7.71 5.50 7.40 5.56 7.27 5.51 7.24 5.49 7.17 5.45 7.19 5.49 7.18 5.56 7.16 5.54 7.13 5.55 7.09 5.51 6.98 5.07 6.85 4.83 6.80 4.70 .............. 4.44 4.32 4.39 4.44 4.42 4.43 4.41 4.64 4.64 4.60 4.59 4.75 5.05 5.00 5.01 5.16 4.96 4.96 4.98 5.05 6.18 6.18 6.19 6.29 * * * * 4.50–4.50 4.50–4.50 4.50–4.50 4.50–4.50 7.75–7.75 7.75–7.75 7.75–7.75 7.75–7.75 4.86 4.68 4.97 4.69 on the m ore actively traded issues adjusted to constant m aturities by the Treasury D epartm ent. 3 W eekl y data are W ednesday figures. 4 Average effecti ve rate for year;opening and closing rate for m onth and week. 5 D ai ly effective rate; average of the rates on a given day weighted by the volum e of transactions at these rates. 30 Prim e rate charged by banks4 6.69 8.12 7.51 5.42 3.45 3.02 4.29 5.51 5.02 5.07 5.16 5.09 5.11 5.03 5.00 5.03 4.99 4.96 4.94 4.74 4.08 4.44 4.42 1 B ank-di scount basis. 2 Yi elds D iscount rate (N .Y. F.R. B ank)4 .............. .............. .............. .............. 6 Effecti ve rate (in the prim ary m arket) on conventional m ortgages, reflecting fees and charges as well as contract rate and assum ed, on the average, repaym ent at end of 10 years. *Series no longer published by FederalReserve (FR). See FR release H . 15 Selected Interest Rates,M ay 12,1997. Sources: D epartm ent of the Treasury, B oard of Governors of the Federal Reserve System , FederalH ousing Finance B oard,M oody’s Investors Service,and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Overall, stock prices rose in December. Com m on stock prices1 Period Com posite 1988 ............................................. 1989 ............................................. 1990 ............................................. 1991 ............................................. 1992 ............................................. 1993 ............................................. 1994 ............................................. 1995 ............................................. 1996 ............................................. 1997 ............................................. 1997: D ec .................................... 1998: Jan .................................... Feb .................................... M ar .................................. Apr ................................... M ay ................................... June .................................. July ................................... Aug ................................... Sept................................... Oct .................................... N ov ................................... D ecp ................................. W eek ended: 1998: D ec 5 .............................. 12 .............................. 19 .............................. 26 .............................. 1 Average of dai ly closing Industrial Transportation U tility3 Finance D ow-Jones industrial average4 Standard & Poor’s com posite index (1941– 43= 10)5 D ividendprice ratio Earningsprice ratio 149.91 180.02 183.46 206.33 229.01 249.58 254.12 291.15 358.17 456.54 504.66 504.13 532.15 560.70 578.05 574.46 569.76 586.39 539.16 506.56 511.49 564.26 572.94 180.95 216.23 225.78 258.14 284.62 299.99 315.25 367.34 453.98 574.52 623.57 624.61 660.91 693.13 711.89 712.39 704.14 718.54 665.66 629.51 636.62 704.46 713.08 134.12 175.28 158.62 173.99 201.09 242.49 247.29 269.41 327.33 414.60 461.04 458.49 485.73 508.06 523.73 505.02 492.98 503.89 441.36 408.75 396.61 442.95 453.52 143.53 174.87 181.20 185.32 198.91 228.90 209.06 220.30 249.77 283.82 325.60 332.50 341.91 367.48 378.92 372.62 376.51 388.78 372.48 372.33 390.17 412.59 428.66 127.26 151.88 133.26 150.82 179.26 216.42 209.73 238.45 303.89 424.48 490.30 479.81 508.97 539.47 563.07 551.28 548.57 579.67 511.22 454.28 448.12 501.45 508.32 2,060.82 2,508.91 2,678.94 2,929.33 3,284.29 3,522.06 3,793.77 4,493.76 5,742.89 7,441.15 7,909.82 7,808.35 8,323.61 8,709.47 9,037.44 9,080.07 8,872.96 9,097.14 8,478.52 7,909.79 8,164.47 9,005.75 8,980.73 265.79 322.84 334.59 376.18 415.74 451.41 460.33 541.64 670.83 872.72 962.37 963.36 1,023.74 1,076.83 1,112.20 1,108.42 1,108.39 1,156.58 1,074.62 1,020.64 1,032.47 1,144.43 1,183.06 3.64 3.45 3.61 3.24 2.99 2.78 2.82 2.56 2.19 1.77 1.62 1.62 1.55 1.48 1.43 1.45 1.45 1.39 1.48 1.59 1.59 1.43 .................... 8.01 7.42 6.47 4.79 4.22 4.46 5.83 6.09 5.24 4.57 4.09 .................. .................. 3.59 .................. .................. 3.44 .................. .................. 3.75 .................. .................. .................. 570.71 571.59 564.48 583.62 710.37 712.83 702.60 724.67 454.70 455.51 440.69 461.91 419.26 426.81 424.28 440.84 511.13 504.78 499.34 518.90 9,042.09 8,954.20 8,817.79 9,113.33 1,167.41 1,176.81 1,166.80 1,215.31 1.39 1.37 1.41 1.34 .................. .................. .................. .................. prices. 2 Incl udes allthe stocks (m ore than 3,000) listed on the N YSE. 100. Effective April 27, 1993 the N YSE doubled the value of the utility index to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling. 4 Incl udes 30 stocks. 3 D ec. 31, 1965= Com m on stock yields (percent)6 N ew York Stock Exchange indexes (D ec.31,1965= 50, except as noted)2 5 Incl udes 500 stocks. 6 Standard & Poor’ s series. D ividend-price ratios based on W ednesday closing prices. Earnings-price ratios based on prices at end of quarter. N O TE .— Alldata relate to stocks listed on the N ew York Stock Exchange (N YSE). Sources: N ew York Stock Exchange, D ow-Jones & Com pany, Inc., and Standard & Poor’s. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 2 months of fiscal 1999, there was a deficit of $49.6 billion, compared with a deficit of $53.3 billion a year earlier. [B illions of dollars] Total Fiscalyear or period 1982 .................................. 1983 .................................. 1984 .................................. 1985 .................................. 1986 .................................. 1987 .................................. 1988 .................................. 1989 .................................. 1990 .................................. 1991 .................................. 1992 .................................. 1993 .................................. 1994 .................................. 1995 .................................. 1996 .................................. 19971 ................................ 19981 ................................ 1999 (estim ates) ............... Cum ulative total,first 2 m onths:2 Fiscalyear 1998 ....... Fiscalyear 1999 ....... 1 D ata Receipts Outlays 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.0 1,721.4 1,784.3 745.8 808.4 851.9 946.4 990.5 1,004.1 1,064.5 1,143.7 1,253.2 1,324.4 1,381.7 1,409.4 1,461.7 1,515.7 1,560.5 1,600.9 1,651.4 1,730.0 218.4 234.0 271.7 283.5 On-budget Surplus or deficit (¥) Receipts Outlays Surplus or deficit (¥) ¥128.0 ¥207.8 ¥185.4 ¥212.3 ¥221.2 ¥149.8 ¥155.2 ¥152.5 ¥221.2 ¥269.4 ¥290.4 ¥255.0 ¥203.1 ¥163.9 ¥107.5 ¥22.0 70.0 54.2 474.3 453.2 500.4 547.9 569.0 641.0 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.0 1,305.6 1,344.6 594.4 661.3 686.1 769.6 807.0 810.3 861.8 932.8 1,028.1 1,082.7 1,129.3 1,142.8 1,182.4 1,227.1 1,259.6 1,290.3 1,334.8 1,403.9 ¥120.1 ¥208.0 ¥185.7 ¥221.7 ¥238.0 ¥169.3 ¥194.0 ¥205.2 ¥277.8 ¥321.6 ¥340.5 ¥300.4 ¥258.8 ¥226.3 ¥174.0 ¥103.3 ¥29.2 ¥59.3 143.5 147.3 166.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 439.6 151.4 147.1 165.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 326.1 ¥53.3 ¥49.6 160.8 171.9 215.2 223.8 ¥54.4 ¥51.9 57.6 62.1 56.5 59.8 from Septem ber 1998 M onthly Treasury Statem ent. from current issue M onthly Treasury Statem ent. N O TE .— D ata for fiscal 1999 are from the M id-Session Review, B udget of the U .S. Governm ent, Fiscal Year 1999, issued M ay 26, 1998. Other data (except as noted) are from Budget ofthe U nited States Governm ent,FiscalYear 1999 issued February 2,1998. 2 D ata 32 Off-budget Receipts Outlays Federaldebt (end of period) Surplus or deficit (¥) Gross Federal H eld by the public ¥7.9 .2 .3 9.4 16.7 19.6 38.8 52.8 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 113.5 1,137.3 1,371.7 1,564.7 1,817.5 2,120.6 2,346.1 2,601.3 2,868.0 3,206.6 3,598.5 4,002.1 4,351.4 4,643.7 4,921.0 5,181.9 5,369.7 5,478.7 5,660.5 919.8 1,131.6 1,300.5 1,499.9 1,736.7 1,888.7 2,050.8 2,189.9 2,410.7 2,688.1 2,998.8 3,247.5 3,432.1 3,603.4 3,733.0 3,771.1 r 3, 719.9 3,714.1 1.1 2.3 5,418.9 5,546.0 3,806.6 3,757.6 Sources:D epartm ent of the Treasury and Office of M anagem ent and B udget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 2 months of fiscal 1999, receipts were $15.6 billion higher than a year earlier and outlays were $11.8 billion higher. [B illions of dollars] On-budget and off-budget receipts Fiscalyear or period Total 1982 1983 1984 1985 1986 1987 1988 1989 Social CorinsurIndivid- por aance ual t i on and incom e incom e ret iretaxes taxes m ent receipts On-budget and off-budget outlays N ationaldefense Other ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 297.7 288.9 298.4 334.5 349.0 392.6 401.2 445.7 49.2 37.0 56.9 61.3 63.1 83.9 94.5 103.3 201.5 209.0 239.4 265.2 283.9 303.3 334.3 359.4 1990 ...................................................... 1991 ...................................................... 1992 ...................................................... 1993 ...................................................... 1994 ...................................................... 1995 ...................................................... 1996 ...................................................... 1997 1 .................................................... 1998 1 .................................................... 1999 (estim ates) ................................... 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.0 1,721.4 1,784.3 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 832.6 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 187.0 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 602.5 91.5 93.1 101.4 98.9 113.7 120.1 115.4 119.8 132.3 162.2 Cum ulative total,first 2 m onths:2 Fiscalyear 1998 ............................ Fiscalyear 1999 ............................ 218.4 234.0 107.3 111.6 7.2 5.2 81.3 87.2 22.7 30.0 1 D ata Total 69.3 745.8 65.6 808.4 71.8 851.9 73.1 946.4 73.2 990.5 74.6 1,004.1 79.3 1,064.5 82.8 1,143.7 from Septem ber 1998 M onthly Treasury Statem ent. from current issue M onthly Treasury Statem ent N O TE .— D ata for fiscalyear 1999 are from the M id-Session Review,B udget of the U .S.Governm ent,FiscalYear 1999,issued M ay 26,1998.Other data (except as noted) are from Budget ofthe U nited States Governm ent,FiscalYear 1999,issued February 2,1998. InterD epart- nation- H ealth m ent of Total D efense, affal airs m ilitary M edicare Incom e Social security security N et interest Other 185.3 209.9 227.4 252.7 273.4 282.0 290.4 303.6 180.7 204.4 220.9 245.2 265.5 274.0 281.9 294.9 12.3 11.8 15.9 16.2 14.2 11.6 10.5 9.6 27.4 28.6 30.4 33.5 35.9 40.0 44.5 48.4 46.6 52.6 57.5 65.8 70.2 75.1 78.9 85.0 107.7 122.6 112.7 128.2 119.8 123.3 129.4 136.1 156.0 170.7 178.2 188.6 198.8 207.4 219.3 232.5 85.0 89.8 111.1 129.5 136.0 138.7 151.8 169.3 125.4 122.2 118.6 131.8 142.2 126.1 139.7 159.3 1,253.2 1,324.4 1,381.7 1,409.4 1,461.7 1,515.7 1,560.5 1,600.9 1,651.4 1,730.0 299.3 273.3 298.4 291.1 281.6 272.1 265.7 270.5 270.4 267.6 289.8 262.4 286.9 278.6 268.6 259.4 253.2 258.3 256.1 254.8 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.0 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.5 131.0 141.9 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 210.3 147.1 170.3 197.0 207.3 214.1 220.5 226.0 230.9 232.9 251.5 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 393.0 184.2 194.5 199.4 198.8 203.0 232.2 241.1 244.0 243.4 235.7 204.3 225.7 174.7 160.4 174.5 163.4 170.9 161.5 188.5 215.0 271.7 283.5 44.7 43.9 42.0 40.8 1.7 5.1 21.8 23.0 31.2 30.9 35.0 34.7 61.1 63.4 42.4 38.8 33.8 43.7 Sources:D epartm ent of the Treasury and Office of M anagem ent and B udget. 2 D ata 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the third quarter of 1998, according to revised estimates, Federal receipts rose $20.5 billion (annual rate) and Federal current expenditures rose $2.8 billion. [B illions of dollars;quarterly data at seasonally adjusted annualrates] FederalGovernm ent receipts Period Total Personal tax and nontax receipts CorIndirect porate business profits tax and tax ac- nontax cruals accruals FederalGovernm ent current expenditures Contributions for social insurance Total Consum ption expenditures SubsiGrantsdies less Less: in-aid current W age Transto N et surplus accrufer State int er es t of als less payand pai d Gover ndism ents local m ent bursegovernenterm ents m ents prises Current surplus or deficit (¥), national incom e and product accounts Calendar year: 1991 .................................. 1992 .................................. 1993 ................................. 1994 ................................. 1995 ................................. 1996 ................................. 1997 ................................. 1,149.0 1,198.5 1,275.1 1,374.8 1,460.3 1,584.7 1,719.9 476.9 490.8 522.6 562.3 606.1 687.0 769.1 109.8 118.6 138.3 156.7 179.3 193.0 210.0 79.7 81.9 86.9 98.7 92.5 94.5 93.8 482.6 507.1 527.3 557.1 582.4 610.2 647.0 1,345.0 1,479.4 1,525.7 1,561.4 1,634.7 1,695.0 1,741.0 445.9 451.0 447.3 443.2 442.8 450.9 460.4 522.2 625.1 659.9 683.0 720.3 764.2 791.9 153.4 172.2 185.8 199.2 212.0 218.9 225.0 192.7 195.8 192.7 200.0 224.8 228.4 231.2 30.8 35.1 40.1 35.9 34.8 32.7 32.5 ¥0.1 .0 .0 .0 .0 .0 .0 ¥196.0 ¥280.9 ¥250.7 ¥186.7 ¥174.4 ¥110.3 ¥21.1 1994: III ............................. IV ............................. 1,383.8 1,409.5 561.6 571.1 163.4 173.2 99.3 99.0 559.5 566.2 1,571.4 1,596.4 450.5 440.8 683.8 700.7 199.6 206.6 202.8 210.8 34.8 37.5 .0 .0 ¥187.6 ¥186.8 1995: I ................................ II .............................. III ............................. IV ............................. 1,426.2 1,459.3 1,469.1 1,486.8 582.9 609.4 608.2 623.9 172.5 176.6 186.2 182.1 96.0 94.6 89.2 90.3 574.7 578.7 585.5 590.5 1,615.8 1,637.1 1,646.0 1,639.8 443.0 444.7 447.2 436.5 707.8 717.1 724.8 731.5 212.4 216.4 211.0 208.1 218.3 224.3 227.8 228.7 34.4 34.6 35.2 35.1 .0 .0 .0 .0 ¥189.6 ¥177.9 ¥176.9 ¥153.0 1996: I ................................ II .............................. III ............................. IV ............................. 1,529.9 1,581.7 1,593.7 1,633.5 652.6 691.4 693.8 710.0 191.2 195.2 194.3 191.4 89.9 88.5 90.5 109.2 596.2 606.7 615.0 622.9 1,680.0 1,694.4 1,693.8 1,711.9 445.7 453.1 452.9 451.8 757.8 757.9 762.5 778.6 214.3 223.8 219.0 218.4 227.7 226.1 228.6 231.1 34.4 33.5 30.8 32.0 .0 .0 .0 .0 ¥150.1 ¥112.6 ¥100.1 ¥78.3 1997: I ................................ II .............................. III ............................. IV ............................. 1,671.1 1,703.6 1,739.6 1,765.5 741.7 759.1 776.9 798.6 203.9 206.5 217.0 212.8 90.7 95.5 95.1 93.8 634.8 642.4 650.6 660.3 1,722.3 1,738.4 1,739.9 1,763.4 456.8 464.8 460.0 460.1 783.4 787.1 791.2 805.9 220.7 223.2 224.4 231.8 229.4 231.6 231.9 231.8 32.0 31.6 32.5 33.7 .0 .0 .0 .0 ¥51.2 ¥34.8 ¥.3 2.2 1998: I ................................ II ............................... IIIr ............................ 1,809.1 1,838.3 1,858.8 836.5 855.7 863.8 204.8 206.2 207.5 93.9 95.2 98.3 673.9 681.2 689.2 1,750.3 1,763.9 1,766.7 450.9 464.0 458.7 808.5 811.1 817.0 228.7 226.9 231.4 228.8 228.3 225.7 33.4 33.5 34.0 .0 .0 .0 58.8 74.4 92.0 Source:D epartm ent of Com m erce,B ureau of Econom ic Analysis. 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrialproduction (1992= 100;seasonally adjusted) Period U nited States 1988 .......................................... 1989 .......................................... 1990 .......................................... 1991 .......................................... 1992 .......................................... 1993 .......................................... 1994 .......................................... 1995 .......................................... 1996 .......................................... 1997 p ........................................ 1997: Sept ............................... Oct ................................. N ov ................................ D ec ................................ 1998: Jan ................................ Feb ................................ M ar ................................ Apr ................................ M ay ............................... June .............................. July ............................... Aug ................................ Sept .............................. Oct ................................ N ovp .............................. 1 D ata Canada Japan France Germ any Italy Consum er prices (1982–84= 100;N SA) U nited K ingdom U nited States1 97.4 106.9 95.3 97.3 90.3 99.1 101.3 99.1 106.8 99.9 100.9 94.6 103.0 103.4 98.9 103.2 104.2 102.4 99.5 102.2 103.1 97.0 98.9 106.1 101.2 102.4 101.3 99.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 103.5 104.5 95.8 96.2 92.3 97.9 102.2 109.1 111.3 97.0 100.0 95.7 104.0 107.7 114.4 116.5 100.2 102.0 96.8 110.3 109.5 119.5 118.0 102.6 102.3 97.1 107.2 110.7 126.8 124.2 106.1 106.3 100.5 109.8 111.6 128.5 125.4 107.6 107.6 100.3 110.1 111.3 129.3 126.0 106.7 109.6 102.0 111.5 111.8 129.9 125.8 102.1 107.8 102.0 111.9 111.2 130.3 126.5 104.1 109.8 103.1 111.8 111.3 130.3 124.4 106.4 108.9 104.3 112.8 111.1 130.2 126.7 102.6 109.7 104.2 111.7 111.0 130.7 128.3 100.3 111.2 105.7 110.6 111.7 131.3 127.0 98.9 110.6 104.6 110.4 112.9 131.9 126.6 97.2 111.4 105.7 113.2 r 111.9 130.6 126.4 98.8 111.7 104.5 110.7 r 113.3 130.5 124.8 r 97.8 111.5 108.4 111.7 r 113.4 r 132. 4 127.4 r 96.7 111.5 107.6 109.9 r 112.9 r 131. r 9 127.7 99.8 110.5 103.9 111.8 r 112.2 r 132. 2 .............. 98.5 ............ ............ 113.0 112.2 131.8 .............. ............ ............ ............ .............. .............. relate to allurban consum ers. 118.3 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 161.2 161.6 161.5 161.3 161.6 161.9 162.2 162.5 162.8 163.0 163.2 163.4 163.6 164.0 164.0 Canada France Germ any Italy 124.2 128.6 133.0 137.2 140.6 143.5 145.9 148.4 151.5 153.2 153.6 153.6 153.9 153.9 153.3 153.9 154.1 154.5 154.7 154.8 154.1 154.4 154.4 r 154. 3 154.3 106.3 109.2 112.2 116.3 122.1 127.6 131.1 133.5 135.5 137.8 138.3 138.2 138.2 138.4 138.4 138.8 138.6 138.9 139.4 139.5 139.8 139.7 139.4 139.1 139.1 141.1 150.4 159.5 169.8 178.8 186.3 193.6 204.0 212.0 215.7 216.1 216.7 217.3 217.3 218.0 218.6 218.6 219.0 219.4 219.6 219.6 219.8 220.0 220.4 220.6 Japan 123.2 129.3 135.5 143.1 145.2 147.9 148.2 151.4 153.7 156.2 156.5 156.7 156.5 156.2 157.3 157.5 157.6 157.5 158.1 158.2 158.2 158.2 157.9 158.5 158.5 105.6 108.1 111.4 115.0 116.9 118.4 119.3 119.1 119.3 121.3 122.5 122.8 122.0 121.8 121.6 121.5 122.0 122.2 122.6 122.1 121.4 121.3 122.2 123.1 123.0 U nited K ingdom 125.6 135.4 148.2 156.9 162.7 165.3 169.3 175.2 179.4 185.1 187.2 187.4 187.5 188.0 187.4 188.3 188.9 191.0 192.1 192.0 191.5 192.3 193.2 193.3 193.2 Source: N ational sources as reported by D epartm ent of Com m erce (B ureau of Econom ic Analysis and InternationalTrade Adm inistration,Office of Trade and Econom ic Analysis). U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [B illions of dollars;m onthly data seasonally adjusted] Goods:Exports (f.a.s.value) Goods:Im ports (custom s value) Census basis (by end-use category)1 Services (B OP basis) B alance of trade (exports m inus im ports) Census basis (by end-use category) B OP basis Period 1988 ................... 1989 ................... 1990 ................... 1991 ................... 1992 ................... 1993 ................... 1994 ................... 1995 ................... 1996 ................... 1997 ................... 1997: Oct ......... N ov ......... D ec ......... 1998: Jan ......... Feb ......... M ar ........ Apr ......... M ay ........ June ....... July ....... Aug ......... Septr ..... Octp ....... IndusFoods, trial Total, feeds, supCensus and plies basis2 bevand erages m aterials B OP basis 320.2 362.1 389.3 416.9 440.4 456.8 502.4 575.8 612.0 679.3 58.5 57.5 58.3 57.9 56.4 57.2 55.3 54.7 54.8 53.8 53.9 56.0 57.9 1 Incl udes undocum ented 322.4 363.8 393.6 421.7 448.2 465.1 512.6 584.7 625.1 689.2 59.5 58.2 58.8 58.5 57.2 58.1 56.0 55.5 55.7 54.8 55.2 56.9 59.1 32.3 37.2 35.1 35.7 40.3 40.6 42.0 50.5 55.5 51.5 4.5 4.5 4.5 4.2 4.2 4.0 3.8 3.7 3.8 3.7 3.6 3.3 4.0 Capital goods except autom otive Autom otive vehicles, parts and engines 109.2 138.8 152.7 166.7 175.9 181.7 205.0 233.0 252.9 294.5 25.6 24.9 25.8 25.5 24.8 24.9 23.8 23.8 24.4 24.8 23.9 26.1 26.7 29.3 34.8 37.4 40.0 47.0 52.4 57.8 61.8 65.0 74.0 6.4 6.6 6.1 6.5 6.4 6.6 6.5 6.0 5.6 4.7 5.6 6.0 6.0 85.1 99.3 104.4 109.7 109.1 111.8 121.4 146.2 147.7 158.2 13.3 13.1 13.1 13.0 12.6 12.9 12.5 12.6 12.1 11.9 12.0 11.9 12.5 exports to Canada through 1988. separately. 2 Totali ncludes ‘‘other’’exports or im ports,not shown Consum er goods B OP (non- basis food) except autom otive 23.1 36.4 43.3 45.9 51.4 54.7 60.0 64.4 70.1 77.4 6.8 6.5 6.4 6.6 6.4 6.6 6.6 6.6 6.9 6.7 6.7 6.7 6.8 447.2 477.4 498.3 491.0 536.5 589.4 668.6 749.6 803.3 877.3 74.7 74.1 75.3 75.0 74.5 77.7 76.7 77.3 75.3 74.9 76.6 76.8 78.6 Foods, Total, feeds, Census and basis2 beverages 441.0 473.2 495.3 488.5 532.7 580.7 663.3 743.5 795.3 870.7 74.5 73.8 74.9 74.4 74.2 77.2 76.3 77.0 74.9 74.5 75.9 76.3 78.0 24.8 25.1 26.6 26.5 27.6 27.9 31.0 33.2 35.7 39.7 3.3 3.3 3.5 3.4 3.5 3.5 3.4 3.5 3.6 3.4 3.4 3.3 3.3 Industrial supplies and m aterials 118.3 132.3 143.2 131.6 138.6 145.6 162.1 181.8 204.5 213.8 18.2 18.1 17.2 17.3 16.8 16.7 17.3 17.4 16.6 16.6 16.8 16.5 16.9 AutoCapital m otive goods vehiexcept cles, auto- parts m otive and engines 101.4 113.3 116.4 120.7 134.3 152.4 184.4 221.4 229.1 254.2 22.2 21.5 22.4 21.9 22.2 23.1 22.3 23.1 22.2 22.3 22.2 22.2 23.0 87.7 86.1 87.3 85.7 91.8 102.4 118.3 123.8 128.9 140.8 11.6 11.7 11.9 11.8 12.2 13.0 12.2 12.5 11.8 10.7 12.2 13.0 13.3 Consum er goods (nonfood) except autom otive 95.9 102.9 105.7 108.0 122.7 134.0 146.3 159.9 171.0 192.9 16.5 16.8 17.3 17.2 16.9 18.2 18.3 17.9 18.2 18.3 18.0 18.0 18.2 Exports Im ports Goods, Census basis Goods 111.1 127.2 147.9 164.3 177.0 186.4 201.4 219.8 238.8 258.3 22.1 21.6 21.4 21.8 21.5 21.8 r 22. 4 r 21. 9 r 21. 5 r 21. 2 r 21. 1 21.5 21.7 100.0 104.2 120.0 121.2 119.6 125.7 136.2 146.0 156.0 170.5 14.5 14.6 14.7 14.6 15.0 14.8 r 15. 1 r 15. 0 r 15. 1 r 15. 1 r 15. 1 15.0 15.3 ¥118.5 ¥109.4 ¥101.7 ¥66.7 ¥84.5 ¥115.6 ¥150.6 ¥158.8 ¥170.2 ¥181.5 ¥15.0 ¥15.7 ¥16.0 ¥15.9 ¥17.1 ¥19.1 ¥20.4 ¥21.5 ¥19.3 ¥19.7 ¥20.7 ¥19.3 ¥18.9 ¥127.0 ¥115.2 ¥109.0 ¥74.1 ¥96.1 ¥132.6 ¥166.2 ¥173.7 ¥191.3 ¥198.0 ¥16.3 ¥16.6 ¥17.0 ¥17.1 ¥18.1 ¥20.5 ¥21.3 ¥22.6 ¥20.5 ¥21.0 ¥22.7 ¥20.8 ¥20.6 Serv- Goods and ices ser vices 11.1 23.0 27.9 43.1 57.4 60.7 65.3 73.8 82.8 87.7 7.6 7.0 6.8 7.2 6.5 7.0 r 7. 3 r 6. 9 r 6. 3 r 6. 1 r 6. 1 6.4 6.4 ¥115.9 ¥92.2 ¥81.1 ¥30.9 ¥38.7 ¥71.9 ¥100.9 ¥99.9 ¥108.6 ¥110.2 ¥8.7 ¥9.6 ¥10.2 ¥9.9 ¥11.6 ¥13.5 r ¥14. 0 r ¥15. 6 r ¥14. 2 r ¥14. 9 r ¥16. 7 ¥14.4 ¥14.2 N O TE .— B OP refers to balance of paym ents on international transactions basis. B OP data shown here are consistent with figures shown on pp.36 and 37. Source:D epartm ent of Com m erce (B ureau of the Census and B ureau of Econom ic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the third quarter of 1998, the goods deficit was $64.4 billion, about unchanged from the second quarter. The current account deficit rose to $61.3 billion in the third quarter, from $56.7 billion in the second quarter. [M illions of dollars;quarterly data seasonally adjusted,except as noted.Credits (+ ),debits (¥)] Goods1 Period Exports 1988 ............ 1989 ............ 1990 ............ 1991 ............ 1992 ............ 1993 ............ 1994 ............ 1995 ............ 1996 ............ 1997 ............ 1995: III .... IV .... 1996: I ....... II ..... III .... IV .... 1997: I ....... II ..... III .... IV .... 1998: I ....... IIr .... IIIp .. 320,230 362,120 389,307 416,913 440,352 456,832 502,398 575,845 611,983 679,325 145,909 148,817 150,855 152,130 151,253 157,745 163,499 169,240 172,302 174,284 171,469 164,821 163,560 Services Im ports N et balance ¥447,189 ¥477,365 ¥498,337 ¥490,981 ¥536,458 ¥589,441 ¥668,590 ¥749,574 ¥803,320 ¥877,279 ¥188,077 ¥187,865 ¥193,467 ¥200,965 ¥202,806 ¥206,082 ¥213,222 ¥218,336 ¥221,598 ¥224,123 ¥227,167 ¥229,264 ¥227,920 ¥126,959 ¥115,245 ¥109,030 ¥74,068 ¥96,106 ¥132,609 ¥166,192 ¥173,729 ¥191,337 ¥197,954 ¥42,168 ¥39,048 ¥42,612 ¥48,835 ¥51,553 ¥48,337 ¥49,723 ¥49,096 ¥49,296 ¥49,839 ¥55,698 ¥64,443 ¥64,360 N et m ilitary transactions2 3 ¥6,320 ¥6,749 ¥7,599 ¥5,274 ¥1,448 1,269 2,495 4,769 4,684 6,781 1,518 1,222 748 993 1,105 1,838 1,542 2,191 1,945 1,103 1,527 1,043 1,101 N et travel and transportation receipts ¥3,013 3,551 7,501 16,561 19,969 19,714 16,305 21,772 24,969 22,670 6,064 6,781 5,769 6,548 4,345 8,307 5,944 5,711 5,414 5,600 4,416 4,004 2,605 Investm ent incom e Other services, net 20,435 26,245 27,999 31,851 38,899 39,686 46,479 47,297 53,110 58,297 12,086 12,416 12,994 13,090 13,025 14,001 14,107 14,679 14,832 14,677 14,748 15,525 14,899 B alance on goods and services ¥115,856 ¥92,197 ¥81,129 ¥30,931 ¥38,685 ¥71,939 ¥100,913 ¥99,891 ¥108,574 ¥110,206 ¥22,500 ¥18,629 ¥23,101 ¥28,204 ¥33,078 ¥24,191 ¥28,130 ¥26,515 ¥27,105 ¥28,459 ¥35,007 ¥43,871 ¥45,755 Receipts on U .S. assets abroad 129,366 153,659 163,324 141,408 125,003 126,702 157,742 203,844 213,196 241,787 50,772 52,445 51,997 51,801 53,058 56,340 57,581 61,271 62,551 60,384 62,522 61,900 60,434 Paym ents on foreign assets in U .S. ¥115,722 ¥138,639 ¥139,149 ¥119,891 ¥102,462 ¥102,754 ¥141,263 ¥184,569 ¥198,960 ¥247,105 ¥48,212 ¥46,763 ¥46,638 ¥47,826 ¥51,327 ¥53,168 ¥57,567 ¥60,811 ¥64,095 ¥64,631 ¥64,770 ¥65,277 ¥65,894 1 Adjusted 3 Quarterl y data 2 Transfers under U . S.m ilitary 4 Incl udes transfers of goods and from Census data for differences in tim ing and coverage;excludes m ilitary. agency sales contracts (exports) m inus direct defense expenditures (im ports). 36 N et B alance ance on goods, U nilateral B al on services, transfers, cur rent and net4 account incom e 13,644 ¥102,212 15,020 ¥77,177 24,174 ¥56,955 21,517 ¥9,414 22,541 ¥16,144 23,948 ¥47,991 16,479 ¥84,434 19,275 ¥80,616 14,236 ¥94,338 ¥5,318 ¥115,524 2,560 ¥19,940 5,682 ¥12,947 5,359 ¥17,742 3,975 ¥24,229 1,731 ¥31,347 3,172 ¥21,019 14 ¥28,116 460 ¥26,055 ¥1,544 ¥28,649 ¥4,247 ¥32,706 ¥2,248 ¥37,255 ¥3,377 ¥47,248 ¥5,460 ¥51,215 ¥25,988 ¥26,963 ¥34,669 5,032 ¥35,230 ¥38,142 ¥39,391 ¥34,638 ¥40,577 ¥39,691 ¥8,938 ¥8,967 ¥10,473 ¥8,777 ¥9,043 ¥12,284 ¥8,874 ¥9,035 ¥9,445 ¥12,337 ¥9,480 ¥9,442 ¥10,084 are not seasonally adjusted. services under U .S.m ilitary grant program s. See p.37 for continuation oftable. ¥128,201 ¥104,139 ¥91,624 ¥4,383 ¥51,374 ¥86,133 ¥123,825 ¥115,254 ¥134,915 ¥155,215 ¥28,878 ¥21,914 ¥28,215 ¥33,006 ¥40,390 ¥33,303 ¥36,990 ¥35,090 ¥38,094 ¥45,043 ¥46,735 ¥56,690 ¥61,299 U.S. INTERNATIONAL TRANSACTIONS—Continued In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $28.3 billion in the third quarter, following an increase of $24.6 billion in the second quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $82.7 billion in the third quarter, following an increase of $37.7 billion in the second quarter. [M illions of dollars;quarterly data seasonally adjusted,except as noted] U .S.assets abroad,net [increase/capitaloutflow (¥)] Period Total 1988 ........... 1989 ........... 1990 ........... 1991 ........... 1992 ........... 1993 ........... 1994 .......... 1995 .......... 1996 .......... 1997 .......... 1995: III .. IV ... 1996: I ..... II .... III .. IV ... 1997: I ..... II .... III .. IV ... 1998: I ...... IIr ... IIIp U .S. official reserve assets3 5 ¥100,221 ¥3,912 ¥168,744 ¥25,293 ¥74,011 ¥2,158 ¥57,881 5,763 ¥68,774 3,901 ¥194,537 ¥1,379 ¥171,102 5,346 ¥327,453 ¥9,742 ¥368,801 6,668 ¥478,502 ¥1,010 ¥40,903 ¥1,893 ¥111,020 191 ¥69,695 17 ¥60,623 ¥523 ¥83,101 7,489 ¥155,381 ¥315 ¥145,139 4,480 ¥86,606 ¥236 ¥123,317 ¥730 ¥123,441 ¥4,524 ¥45,648 ¥444 ¥109,787 ¥1,945 ¥48,052 ¥2,026 Other U .S. Governm ent assets3 2,967 1,259 2,307 2,911 ¥1,657 ¥342 ¥389 ¥589 ¥708 174 252 ¥458 ¥210 ¥377 163 ¥284 ¥22 ¥269 436 29 ¥388 ¥433 194 Foreign assets in the U .S.,net [increase/capitalinflow (+ )] U .S. private assets ¥99,275 ¥144,710 ¥74,160 ¥66,555 ¥71,018 ¥192,817 ¥176,059 ¥317,122 ¥374,761 ¥477,666 ¥39,262 ¥110,753 ¥69,502 ¥59,723 ¥90,753 ¥154,782 ¥149,597 ¥86,101 ¥123,023 ¥118,946 ¥44,816 ¥107,409 ¥46,220 Total Foreign official assets3 246,065 39,758 224,390 8,503 140,992 33,910 109,641 17,389 168,776 40,477 279,671 71,753 304,460 39,583 465,449 109,768 563,357 127,344 733,441 15,817 124,329 39,356 109,169 11,500 90,534 51,833 109,122 13,601 149,361 23,432 214,339 38,478 181,735 26,949 149,773 ¥5,411 181,438 21,258 220,491 ¥26,979 95,529 11,324 164,859 ¥10,274 112,862 ¥46,370 5 Consi sts of gold, special drawing rights (SD Rs), foreign currencies, and the U .S. reserve position in the IM F. Other foreign assets Statisticaldiscrepancy Allocations of special Total(sum Of which: drawing of the item s Seasonal rights with sign adjustm ent (SD Rs) reversed) discrepancy 206,307 215,887 107,082 92,253 128,299 207,918 264,877 355,681 436,013 717,624 84,973 97,669 38,701 95,521 125,929 175,861 154,786 155,184 160,180 247,470 84,205 175,133 159,232 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ¥17,644 48,494 24,643 ¥47,378 ¥48,628 999 ¥9,533 ¥22,742 ¥59,641 ¥99,724 ¥54,548 23,765 7,376 ¥15,493 ¥25,870 ¥25,655 394 ¥28,077 ¥20,027 ¥52,007 ¥3,146 1,618 ¥3,511 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. ¥7,559 2,463 4,928 116 ¥8,779 3,734 5,812 685 ¥10,018 3,528 6,217 1,474 ¥10,760 U .S.official reserve assets,net5 (unadjusted, end of period) 47,802 74,609 83,316 77,721 71,323 73,442 74,335 85,832 75,089 69,954 87,152 85,832 84,212 83,455 75,509 75,089 67,222 67,813 67,148 69,954 69,353 71,161 75,676 Sources: D epartm ent of Com m erce (B ureau of Econom ic Analysis) and D epartm ent of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Output, Costs, and Profits ................................................................................................................................ National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock, Liquid Assets, and Debt Measures .................................................................................................................................................... Components of Money Stock and Liquid Assets ...................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of D ocum ents,U .S.Governm ent Printing Office, W ashington,D .C.20402.Price $3.00 (single copy) ($3.75 foreign). Subscription price:$33.00 per year;$41.25 for foreign m ailing. U.S. GOVERNMENT PRINTING OFFICE : 1998 52–968
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