Full text of Economic Indicators : January 1999
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
106th Congress, 1st Session Economic Indicators January 1999 (Includes data available as of February 9, 1999) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1999 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) CONNIE MACK, Florida, Chairman JIM SAXTON, New Jersey, Vice Chairman HOUSE SENATE OF REPRESENTATIVES 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 0–16–058126–5 ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the fourth quarter of 1998, according to advance estimates, current-dollar gross domestic product (GDP) rose 6.5 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 5.6 percent, and the implicit price deflator rose 0.8 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total Total National defense Nondefense State and local Final Gross sales of domestic domestic purproduct chases 1 Addendum: Gross national product 1990 ......................... 1991 ......................... 1992 ......................... 1993 ......................... 1994 ......................... 1995 ......................... 1996 ......................... 1997 ......................... 1998 p ....................... 5,743.8 5,916.7 6,244.4 6,558.1 6,947.0 7,269.6 7,661.6 8,110.9 8,508.9 3,839.3 3,975.1 4,219.8 4,459.2 4,717.0 4,953.9 5,215.7 5,493.7 5,806.0 799.7 ¥71.3 736.2 ¥20.5 790.4 ¥29.5 876.2 ¥60.7 1,007.9 ¥90.9 1,043.2 ¥83.9 1,131.9 ¥91.2 1,256.0 ¥93.4 1,369.2 ¥154.1 557.3 601.8 639.4 658.6 721.2 819.4 873.8 965.4 958.5 628.6 622.3 669.0 719.3 812.1 903.3 965.0 1,058.8 1,112.6 1,176.1 1,225.9 1,263.8 1,283.4 1,313.0 1,356.4 1,405.2 1,454.6 1,487.8 503.6 522.6 528.0 518.3 510.2 509.1 518.4 520.2 520.7 373.1 383.5 375.8 360.7 349.2 344.4 351.0 346.0 340.3 130.4 139.1 152.2 157.7 161.0 164.7 167.4 174.3 180.4 672.6 703.4 735.8 765.0 802.8 847.3 886.8 934.4 967.1 5,735.8 5,919.0 6,237.4 6,537.6 6,885.7 7,238.9 7,629.5 8,043.5 8,448.5 5,815.1 5,764.9 5,937.2 5,932.4 6,274.0 6,255.5 6,618.8 6,576.8 7,037.9 6,955.2 7,353.5 7,287.1 7,752.8 7,674.0 8,204.3 8,102.9 8,663.0 .............. 1995: I .................... II ................... III ................. IV .................. 1996: I .................... II ................... III ................. IV .................. 1997: I .................... II ................... III ................. IV .................. 1998: I .................... II .................. III ................. IV p ................ 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 8,672.8 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 5,927.1 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 1,400.9 ¥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 ¥167.8 787.8 803.4 835.1 851.5 856.6 863.0 861.4 914.2 930.2 961.1 981.7 988.6 973.3 949.6 936.2 975.1 882.5 911.4 909.6 909.9 932.3 957.0 976.9 993.8 1,023.5 1,047.9 1,076.4 1,087.4 1,097.1 1,108.9 1,101.7 1,142.9 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 1,512.6 512.3 511.7 511.2 501.2 517.1 523.1 519.0 514.6 517.0 522.9 521.0 520.1 511.6 520.7 519.4 531.0 346.1 348.1 345.5 337.9 350.3 355.6 351.3 346.7 341.1 349.1 347.1 346.5 331.6 339.8 343.7 346.0 166.2 163.6 165.7 163.3 166.8 167.4 167.7 167.9 175.9 173.8 173.9 173.6 180.0 180.9 175.7 185.1 831.8 846.2 851.1 860.2 870.4 882.9 889.6 904.2 922.4 928.6 938.5 947.9 953.3 960.4 972.9 981.6 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 8,622.8 7,265.5 7,189.3 7,318.9 7,233.3 7,379.3 7,313.2 7,450.3 7,412.6 7,571.0 7,515.0 7,723.2 7,643.3 7,818.9 7,708.6 7,898.0 7,829.0 8,048.2 7,952.4 8,150.2 8,062.3 8,265.5 8,162.0 8,353.3 8,234.9 8,508.0 8,369.4 8,599.9 8,421.8 8,703.4 8,510.9 8,840.6 .............. 1 GDP less exports of goods and services plus imports of goods and services. Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Period Gross domestic product Personal consumption expenditures Gross private domestic investment Nonresidential fixed investment Residential fixed investment Exports and imports of goods and services Change in business inventories 1990 .................. 1991 .................. 1992 .................. 1993 .................. 1994 .................. 1995 .................. 1996 .................. 1997 .................. 1998 p ................ 6,136.3 6,079.4 6,244.4 6,389.6 6,610.7 6,761.7 6,994.8 7,269.8 7,549.9 4,132.2 4,105.8 4,219.8 4,343.6 4,486.0 4,605.6 4,752.4 4,913.5 5,151.2 585.2 547.7 557.9 600.2 648.4 710.6 776.6 859.4 961.8 220.6 193.4 225.6 242.6 267.0 256.8 275.9 282.8 312.1 10.4 ¥3.0 7.0 22.1 60.6 27.7 30.0 63.2 58.5 1995: I ............ II ........... III ......... IV .......... 1996: I ............ II ........... III ......... IV .......... 1997: I ............ II ........... III ......... IV .......... 1998: I ............ II ........... III ......... IV p ........ 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 7,670.0 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 5,237.8 698.4 710.2 711.7 722.3 744.8 764.4 790.1 807.0 820.9 848.2 882.2 886.2 931.9 960.4 958.7 996.5 259.9 249.5 255.6 262.1 268.0 280.2 279.0 276.3 278.4 282.5 282.3 287.9 298.5 309.1 316.5 324.2 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 48.9 Government consumption expenditures and gross investment Federal Net exports ¥61.9 ¥22.3 ¥29.5 ¥70.2 ¥104.6 ¥96.5 ¥111.2 ¥136.1 ¥241.4 Exports Imports Total Total 564.4 626.3 1,250.4 599.9 622.2 1,258.0 639.4 669.0 1,263.8 658.2 728.4 1,252.1 712.4 817.0 1,252.3 792.6 889.0 1,254.5 860.0 971.2 1,268.2 970.0 1,106.1 1,285.0 984.2 1,225.7 1,297.5 ¥109.5 763.9 ¥114.7 774.0 ¥86.8 806.3 ¥74.8 826.1 ¥95.5 833.6 ¥113.5 845.5 ¥140.1 849.9 ¥95.9 911.1 ¥121.5 929.4 ¥131.6 963.6 ¥142.4 988.1 ¥149.0 998.8 ¥198.5 991.9 ¥245.2 972.1 ¥259.0 965.3 ¥262.9 1,007.7 873.4 888.7 893.1 900.9 929.1 958.9 990.0 1,007.0 1,050.9 1,095.2 1,130.5 1,147.8 1,190.4 1,217.3 1,224.3 1,270.6 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 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 1,312.7 National defense Nondefense State and local Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 541.9 539.4 528.0 505.7 486.6 470.6 465.6 458.0 453.5 401.5 397.5 375.8 354.4 336.9 323.5 319.1 308.9 300.4 140.5 142.0 152.2 151.2 149.5 146.9 146.2 148.6 152.3 708.6 718.7 735.8 746.4 765.7 783.9 802.7 827.1 844.3 6,126.7 6,082.6 6,237.4 6,368.9 6,551.2 6,731.7 6,961.6 7,203.7 7,488.3 6,199.8 6,157.0 6,101.6 6,094.9 6,274.0 6,255.5 6,459.0 6,408.0 6,712.7 6,619.1 6,855.0 6,779.5 7,101.1 7,008.4 7,396.5 7,266.2 7,766.6 .............. 478.6 476.2 473.1 454.6 463.5 472.6 467.0 459.5 456.3 460.4 458.9 456.5 446.1 454.1 452.5 461.2 328.3 328.4 323.9 313.3 318.7 325.0 319.8 313.0 305.0 311.7 310.2 308.7 293.3 300.3 303.5 304.5 150.0 147.6 148.8 141.1 144.5 147.3 146.8 146.1 150.7 148.2 148.2 147.3 151.9 152.9 148.4 155.9 777.6 783.7 784.5 790.0 791.0 803.6 804.2 811.8 821.5 824.2 830.1 832.9 837.1 840.9 847.3 851.7 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 7,616.9 6,823.3 6,735.9 6,834.6 6,746.3 6,863.5 6,788.9 6,898.4 6,846.8 6,974.0 6,902.1 7,092.8 6,999.0 7,152.6 7,027.1 7,185.2 7,105.3 7,281.3 7,167.8 7,359.4 7,239.3 7,443.1 7,307.0 7,502.1 7,350.7 7,644.9 7,455.2 7,718.6 7,485.9 7,798.8 7,546.7 7,904.0 .............. Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 1992=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period Gross domestic product Total Durable goods Nondurable goods Gross private domestic investment Services Exports and imports of goods and services Government consumption expenditures and gross investment Federal Nonresidential fixed Residential fixed Exports Imports Total National defense Nondefense State and local 1990 .................. 1991 .................. 1992 .................. 1993 .................. 1994 .................. 1995 ................. 1996 ................. 1997 ................. 1998 p ................ 93.60 97.32 100.00 102.64 105.09 107.51 109.53 111.57 112.70 92.91 96.82 100.00 102.66 105.15 107.56 109.75 111.81 112.71 96.59 98.54 100.00 101.22 103.27 103.72 102.75 100.66 98.32 94.62 98.06 100.00 101.46 102.77 103.95 106.08 107.69 107.70 91.22 95.78 100.00 103.62 106.85 110.37 113.32 116.61 118.79 98.41 99.92 100.00 100.65 101.89 102.40 101.46 100.15 97.67 97.80 98.85 100.00 103.71 107.11 110.90 113.02 115.96 118.37 98.74 100.31 100.00 100.07 101.23 103.39 101.60 99.53 97.39 100.37 100.02 100.00 98.75 99.39 101.61 99.36 95.72 90.78 92.93 96.88 100.00 102.50 104.85 108.17 111.34 113.58 114.82 92.93 96.47 100.00 101.76 103.64 106.47 109.98 112.00 113.27 92.84 97.94 100.00 104.29 107.70 112.13 114.57 117.27 118.49 94.91 97.86 100.00 102.49 104.85 108.09 110.48 112.96 114.55 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 ........... III ......... IV p ........ 112.32 112.56 112.84 113.07 112.29 112.54 112.83 113.16 99.28 98.73 97.99 97.36 107.36 107.42 107.81 108.20 117.99 118.54 119.04 119.58 98.86 98.08 97.18 96.63 117.20 117.69 118.76 119.70 98.13 97.68 96.98 96.76 92.16 91.09 89.98 89.95 114.67 114.68 114.79 115.15 113.05 113.14 113.24 113.63 118.46 118.31 118.43 118.74 113.88 114.22 114.82 115.25 Source: Department of Commerce, Bureau of Economic 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 numbers, 1992=100 Period 1987 ............................................................... 1988 ............................................................... 1989 ............................................................... 1990 ............................................................... 1991 ............................................................... 1992 ............................................................... 1993 ............................................................... 1994 ............................................................... 1995 ............................................................... 1996 ............................................................... 1997 ............................................................... 1998 p ............................................................. 1993: I .......................................................... II ......................................................... III ....................................................... IV ........................................................ 1994: I .......................................................... II ......................................................... III ....................................................... IV ........................................................ 1995: I .......................................................... II ........................................................ III ....................................................... IV ....................................................... 1996: I .......................................................... II ........................................................ III ....................................................... IV ....................................................... 1997: I .......................................................... II ........................................................ III ....................................................... IV ....................................................... 1998: I .......................................................... II ........................................................ III ....................................................... IV p ...................................................... 1 Percent Real GDP (chain-type quantity index) GDP (current dollars) 75.14 80.87 87.10 91.98 94.75 100.00 105.02 111.25 116.42 122.69 129.89 136.26 103.20 104.24 105.29 107.36 108.81 110.68 111.88 113.63 114.83 115.48 116.98 118.38 120.03 122.18 123.36 125.21 127.39 129.13 130.85 132.19 134.27 135.17 136.73 138.89 GDP implicit price deflator GDP chain-type price index 90.47 93.93 97.08 98.27 97.36 100.00 102.32 105.87 108.28 112.02 116.42 120.91 101.34 101.85 102.39 103.72 104.49 105.70 106.17 107.11 107.58 107.68 108.57 109.31 110.21 111.84 112.42 113.59 114.77 115.89 117.08 117.94 119.54 120.09 121.17 122.83 83.06 86.10 89.72 93.64 97.32 100.00 102.64 105.09 107.51 109.54 111.57 112.71 101.85 102.38 102.83 103.52 104.16 104.74 105.39 106.07 106.74 107.26 107.76 108.30 108.90 109.28 109.77 110.21 110.97 111.45 111.77 112.09 112.33 112.57 112.85 113.09 changes based on unrounded data. Quarterly percent changes are at annual rates. Real GDP (chain-type quantity index) GDP (current dollars) 83.06 86.09 89.72 93.60 97.32 100.00 102.64 105.09 107.51 109.53 111.57 112.70 101.84 102.35 102.83 103.51 104.13 104.71 105.39 106.09 106.75 107.24 107.75 108.29 108.91 109.24 109.74 110.23 111.00 111.43 111.76 112.08 112.32 112.56 112.84 113.07 6.1 7.6 7.7 5.6 3.0 5.5 5.0 5.9 4.6 5.4 5.9 4.9 3.9 4.1 4.1 8.1 5.5 7.1 4.4 6.4 4.3 2.3 5.3 4.9 5.7 7.3 3.9 6.1 7.2 5.6 5.4 4.2 6.4 2.7 4.7 6.5 GDP chain-type price index 2.9 3.8 3.4 1.2 ¥.9 2.7 2.3 3.5 2.3 3.4 3.9 3.9 .1 2.0 2.1 5.3 3.0 4.7 1.8 3.6 1.7 .4 3.3 2.8 3.3 6.1 2.1 4.2 4.2 4.0 4.2 3.0 5.5 1.8 3.7 5.6 GDP implicit price deflator 3.1 3.7 4.2 4.4 3.9 2.8 2.6 2.4 2.3 1.9 1.9 1.0 3.9 2.1 1.8 2.7 2.5 2.2 2.5 2.6 2.5 2.0 1.9 2.0 2.2 1.4 1.8 1.6 2.8 1.7 1.2 1.1 .9 .9 1.0 .8 3.1 3.7 4.2 4.3 4.0 2.8 2.6 2.4 2.3 1.9 1.9 1.0 3.9 2.0 1.9 2.7 2.4 2.2 2.6 2.7 2.5 1.8 1.9 2.0 2.3 1.2 1.8 1.8 2.8 1.6 1.2 1.2 .8 .9 1.0 .8 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS–OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Current-dollar cost and profit per unit of real output (dollars) 1 Gross domestic product of nonfinancial corporate business (billions of dollars) Period 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 ........................................................................ 1 Output 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 profit 2 is measured by GDP of nonfinancial corporate business in chained (1992) dollars. is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. 2 This Consumption of fixed capital 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 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 Compensation of employees 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 capital consumption adjustments 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 tax 4 0.056 .058 .063 .072 .086 .094 .101 .102 .088 .090 .098 .098 .101 .101 .102 .102 .101 .102 .104 .101 .102 .099 .100 Net 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 3 Indirect business tax and nontax liability plus business transfer payments less subsidies. inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 4 With 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Period 1991 ......................................... 1992 ......................................... 1993 ......................................... 1994 ......................................... 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 p ....................................... 1995: I ................................... II .................................. III ................................ IV ................................. 1996: I ................................... II .................................. III ................................ IV ................................. 1997: I ................................... II .................................. III ................................ IV ................................. 1998: I ................................... II .................................. III ................................ IV p ............................... 1 Includes 4,761.6 4,990.4 5,266.8 5,590.7 5,923.7 6,256.0 6,646.5 ................ 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 ................ Compensation of employees1 Proprietors’ income with inventory valuation and capital consumption adjustments Farm 3,457.9 3,644.9 3,814.9 4,012.0 4,208.9 4,409.0 4,687.2 4,980.3 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 5,081.8 Nonfarm 29.3 37.1 32.4 36.9 22.4 38.9 35.5 27.1 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 28.3 347.2 386.7 418.4 434.7 465.6 488.8 515.8 548.4 455.7 462.0 470.7 474.1 481.3 487.0 490.3 496.4 504.1 512.1 520.2 526.6 536.8 544.0 550.9 561.7 employer contributions for social insurance. (See also p. 5.) Rental income of persons with capital consumption adjustment 67.9 79.4 105.7 124.4 133.7 150.2 158.2 162.0 131.1 133.3 131.9 138.7 145.0 148.4 152.1 155.3 157.5 158.0 158.6 158.8 158.3 161.0 163.6 165.0 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total 411.3 428.0 492.8 570.5 672.4 750.4 817.9 ................ 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 ................ Total Profits before tax Inventory valuation adjustment 378.2 398.9 456.9 519.1 613.0 679.0 741.2 ................ 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 ................ 374.2 406.4 465.4 535.1 635.6 680.2 734.4 ................ 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 ................ ¥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 consumption adjustment Net interest 33.1 29.1 36.0 51.4 59.4 71.4 76.6 92.2 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 99.7 448.0 414.3 402.5 412.3 420.6 418.6 432.0 .............. 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: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1991 ............................... 1992 ............................... 1993 ............................... 1994 ............................... 1995 ............................... 1996 ............................... 1997 ............................... 1998 p ............................. 1995: I .......................... II ........................ III ....................... IV ....................... 1996: I .......................... II ........................ III ....................... IV ....................... 1997: I .......................... II ........................ III ....................... IV ....................... 1998: I .......................... II ........................ III ....................... IV p ...................... Total personal consumption expenditures Total durable goods Motor vehicles and parts 4,105.8 4,219.8 4,343.6 4,486.0 4,605.6 4,752.4 4,913.5 5,151.2 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 5,237.8 462.0 488.5 523.8 561.2 589.1 626.1 668.6 735.9 575.2 583.5 595.3 602.4 611.0 629.5 626.5 637.5 656.3 653.8 679.6 684.8 710.3 729.4 733.7 770.1 193.2 206.9 218.9 230.0 230.6 235.0 239.3 258.7 227.4 229.5 232.6 232.8 235.9 237.9 232.8 233.3 239.1 230.8 244.4 242.7 247.8 258.9 252.6 275.6 Furniture and household equipment 177.0 189.4 207.8 229.4 251.2 277.5 307.7 347.1 242.6 246.6 254.1 261.4 265.0 277.7 280.0 287.2 296.2 303.7 312.7 318.1 335.8 339.3 352.0 361.3 Nondurable goods Other 91.8 92.3 97.2 102.3 109.0 117.1 127.7 138.5 106.5 108.7 110.3 110.5 112.3 117.0 117.6 121.5 125.8 125.9 128.5 130.8 135.1 138.6 139.1 141.2 Total nondurable goods 1,302.9 1,321.8 1,351.0 1,389.9 1,417.6 1,450.9 1,486.3 1,543.1 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 1,561.4 1 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Food 659.6 660.0 675.3 687.9 689.5 692.6 699.3 717.0 689.5 689.6 688.9 690.0 691.1 693.4 691.4 694.3 699.4 697.3 700.6 699.9 706.8 716.3 718.9 726.1 Clothing Gasoline and and oil shoes 215.9 225.5 234.2 247.1 260.1 276.1 288.4 310.3 256.4 258.4 262.1 263.5 268.0 276.4 279.8 280.3 286.0 283.3 291.9 292.3 307.4 311.4 309.8 312.5 103.4 106.6 108.7 109.8 114.3 116.0 117.9 119.8 113.5 114.2 114.3 115.3 114.7 116.2 116.0 117.0 116.7 118.3 118.4 118.1 118.5 118.4 121.1 121.3 Services Fuel oil and coal 10.8 10.9 10.7 10.7 11.2 11.2 10.3 9.6 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 9.3 Other 313.2 318.8 322.1 334.3 343.1 356.7 373.0 390.5 340.9 342.8 342.7 346.0 348.9 355.0 358.2 364.8 368.3 369.9 377.0 376.8 383.5 389.2 393.4 396.1 Total services 1 Housing Medical care 2,341.0 2,409.4 2,468.9 2,535.5 2,599.6 2,676.7 2,761.5 2,879.4 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 2,916.8 635.2 646.8 654.7 674.3 688.6 700.9 717.4 735.0 684.9 687.0 689.7 692.7 695.7 698.6 702.6 706.7 711.2 715.1 719.5 723.9 728.7 732.7 737.1 741.4 621.6 646.6 655.3 662.1 675.0 686.6 701.7 723.0 669.1 673.0 677.2 680.9 679.5 685.6 687.7 693.5 694.8 698.6 704.2 709.4 714.9 721.6 725.3 730.1 Source: Department of Commerce, Bureau of Economic Analysis. Retail sales of new passenger cars and light trucks (millions of units) 12.3 12.8 13.9 15.0 14.7 15.0 15.0 15.5 r 14.8 r 14.5 14.8 15.0 15.1 r 15.1 15.0 14.9 15.3 14.5 r 15.3 r 14.8 r 15.3 r 16.0 r 14.7 16.2 SOURCES OF PERSONAL INCOME Personal income rose $38.4 billion (annual rate) in December, following an increase of $29.9 billion in November. Wages and salaries increased $21.6 billion in December, following an increase of $22.4 billion in November. [Billions of dollars; monthly data at seasonally adjusted annual rates] Period Total personal income Wage and salary disbursements 1 Proprietors’ income 3 Other labor income 1 2 Farm Nonfarm Rental income of persons 4 Personal dividend income Personal interest income Transfer payments 5 Less: Personal contributions for social insurance 1990 ................................................................... 1991 ................................................................... 1992 ................................................................... 1993 ................................................................... 1994 ................................................................... 1995 ................................................................... 1996 ................................................................... 1997 ................................................................... 1998 p ................................................................. 4,796.2 4,965.6 5,255.7 5,481.0 5,757.9 6,072.1 6,425.2 6,784.0 7,123.6 2,757.5 2,827.6 2,986.4 3,089.6 3,240.7 3,428.5 3,631.1 3,889.8 4,149.2 300.6 322.7 351.3 385.1 405.0 401.6 387.0 392.9 406.9 35.4 29.3 37.1 32.4 36.9 22.4 38.9 35.5 27.1 338.6 347.2 386.7 418.4 434.7 465.6 488.8 515.8 548.4 61.0 67.9 79.4 105.7 124.4 133.7 150.2 158.2 162.0 134.9 137.7 137.9 147.1 171.0 192.8 248.2 260.3 263.1 704.4 699.2 667.2 651.0 668.1 704.9 719.4 747.3 764.9 687.8 769.9 858.2 912.0 954.7 1,015.9 1,068.0 1,110.4 1,149.5 223.9 235.8 248.4 260.3 277.5 293.6 306.3 326.2 347.4 1997: Dec ......................................................... 6,928.3 4,007.7 399.7 29.1 528.4 158.9 261.4 753.3 1,124.7 334.9 1998: Jan .......................................................... Feb ......................................................... Mar ......................................................... Apr ......................................................... May ........................................................ June ....................................................... July ........................................................ Aug ........................................................ Sept ........................................................ Oct r ........................................................ Nov r ....................................................... Dec p ....................................................... 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 7,215.2 7,245.1 7,283.5 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 4,217.9 4,240.3 4,261.9 401.7 402.8 403.8 404.7 405.7 406.6 407.5 408.3 409.2 410.1 411.0 411.9 28.2 27.3 26.6 27.2 27.7 28.2 26.8 25.2 23.5 26.4 27.7 30.7 531.6 536.6 542.2 543.0 542.5 546.6 550.5 549.5 552.9 557.2 561.5 566.5 158.3 158.4 158.3 159.4 160.9 162.6 163.0 163.5 164.4 164.7 164.9 165.3 261.5 261.6 261.8 262.0 262.1 262.3 262.4 262.8 263.7 264.7 265.7 266.7 754.7 757.0 759.3 761.2 762.8 765.0 767.3 769.4 770.7 770.8 770.3 769.5 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 1,156.0 1,157.9 1,166.7 339.3 341.2 342.2 343.6 345.5 346.2 347.7 349.9 350.8 352.6 354.2 355.8 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists primarily of employer contributions to private pension and private welfare funds. 3 With inventory valuation and capital consumption adjustments. capital consumption adjustment. mainly of social insurance benefits, direct relief, and veterans payments. Source: Department of Commerce, Bureau of Economic Analysis. 4 With 5 Consists 5 DISPOSITION OF PERSONAL INCOME According to advance estimates, per capita disposable personal income in chained (1992) dollars rose at an annual rate of 2.6 percent in the fourth quarter of 1998. Period Personal income Less: Personal tax and nontax payments Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (1992) dollars Per capita disposable personal income Current dollars Billions of dollars 1991 ................... 1992 ................... 1993 ................... 1994 ................... 1995 ................... 1996 ................... 1997 ................... 1998 p ................. 4,965.6 5,255.7 5,481.0 5,757.9 6,072.1 6,425.2 6,784.0 7,123.6 624.8 650.5 690.0 739.1 795.0 890.5 989.0 1,098.1 4,340.9 4,605.1 4,791.1 5,018.9 5,277.0 5,534.7 5,795.1 6,025.5 Chained (1992) dollars Per capita personal consumption expenditures Current dollars Chained (1992) dollars Dollars 4,097.4 4,341.0 4,580.7 4,842.1 5,097.2 5,376.2 5,674.1 5,998.1 243.5 264.1 210.3 176.8 179.8 158.5 121.0 27.4 4,483.5 4,605.1 4,666.7 4,772.9 4,906.0 5,043.0 5,183.1 5,346.1 17,179 18,029 18,558 19,251 20,050 20,840 21,633 22,299 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 17,744 18,029 18,077 18,308 18,640 18,989 19,349 19,785 15,732 16,520 17,273 18,093 18,822 19,639 20,508 21,487 16,249 16,520 16,825 17,207 17,499 17,894 18,342 19,064 ¥1.2 1.6 .3 1.3 1.8 1.9 1.9 2.3 5.6 5.7 4.4 3.5 3.4 2.9 2.1 .5 252,680 255,432 258,161 260,705 263,194 265,579 267,880 270,211 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 19,958 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 21,859 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 19,317 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 2.6 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 .0 262,235 262,847 263,527 264,169 264,680 265,258 265,887 266,491 266,987 267,545 268,171 268,815 269,309 269,867 270,523 271,144 Seasonally adjusted annual rates 1995: I .............. II ............ III ........... IV ........... 1996: I .............. II ............ III ........... IV ........... 1997: I .............. II ............ III ........... IV ........... 1998: I .............. II ............ III .......... IV p ......... 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 7,247.9 767.2 795.7 799.0 818.3 849.7 893.3 899.4 919.7 955.6 975.8 999.0 1,025.5 1,066.8 1,092.9 1,108.4 1,124.3 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 6,123.6 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 6,125.4 214.9 164.0 162.4 178.0 173.5 140.5 172.2 147.6 135.4 151.9 98.5 98.2 73.0 25.6 12.6 ¥1.8 1 Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net). 2 Annual data are averages of quarterly data, which are averages for the period. 6 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 5,411.5 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 22,584 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the fourth quarter of 1998, according to preliminary estimates, gross farm income fell $0.8 billion (annual rate) and net farm income rose $7.8 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1990 ......................................................... 1991 ......................................................... 1992 ......................................................... 1993 .......................................................... 1994 ......................................................... 1995 ......................................................... 1996 ......................................................... 1997 .......................................................... 1998 p ........................................................ 1996: I r ................................................... II r .................................................. III r ................................................ IV r ................................................. 1997: I r ................................................... II r .................................................. III r ................................................ IV r ................................................. 1998: Ir .................................................... II r .................................................. III r ................................................ IV p ................................................ 198.0 191.9 200.5 204.1 215.8 210.1 235.8 238.3 233.1 232.7 237.1 247.5 225.9 248.4 231.1 241.5 232.3 240.6 227.5 232.8 232.0 169.5 167.9 171.4 177.8 181.2 188.1 199.6 208.7 198.0 200.9 203.1 203.5 190.9 218.3 208.8 207.2 200.3 211.1 204.8 195.2 182.2 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. Livestock and products 89.2 85.8 85.6 90.2 88.2 87.0 93.0 96.6 93.4 90.2 90.7 96.8 94.3 94.1 95.5 100.3 96.3 91.2 91.9 97.1 94.2 Crops 80.3 82.1 85.7 87.6 93.1 101.1 106.6 112.1 104.7 110.7 112.4 106.7 96.5 124.3 113.2 106.9 104.0 119.9 112.9 98.1 88.1 Value of inventory changes 2 3.3 ¥.2 4.2 ¥4.2 8.3 ¥5.1 7.8 ¥.4 ¥1.0 9.7 9.0 6.9 5.4 ¥.5 ¥.5 ¥.4 ¥.3 ¥1.5 ¥1.3 ¥1.0 ¥.7 Production expenses 153.3 153.3 152.9 160.5 167.5 174.1 182.4 188.4 185.1 184.1 183.0 184.2 178.5 193.4 192.5 187.7 180.2 195.2 191.5 181.8 173.2 Net farm income 44.7 38.6 47.5 43.6 48.3 36.0 53.4 49.8 48.0 48.6 54.1 63.3 47.4 55.0 38.6 53.7 52.1 45.4 36.0 51.0 58.8 NOTE.—Data include net Commodity Credit Corporation loans and operator households. Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to annual data in table. Source: Department of Agriculture. 7 CORPORATE PROFITS In the third quarter of 1998, according to current estimates, corporate profits before tax fell $3.0 billion (annual rate) and profits after tax fell $4.5 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment1 Profits after tax Domestic industries Period Nonfinancial Total2 Total Financial Total3 Manufacturing Wholesale Retail Profits before tax Tax liability Total Dividends Undistributed profits Inventory valuation adjustment 1990 ................ 1991 ................ 1992 ................ 1993 ................ 1994 ................ 1995 ................ 1996 ................ 1997 ................ 1998 p ............. 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 .............. 143.9 147.2 147.9 157.6 182.4 205.3 261.9 275.1 279.2 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 ................ 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 ......... III ....... IV p ...... 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 .............. 277.3 278.1 279.0 282.3 201.8 203.7 198.3 .............. 25.3 7.8 11.7 ................ 1See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. industries not shown separately. 2Includes 3Includes 8 Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the fourth quarter of 1998, according to advance estimates, nonresidential fixed investment in chained (1992) dollars rose $37.8 billion (annual rate) and residential investment rose $7.7 billion. There was an increase of $48.9 billion in inventories following an increase of $55.7 billion in the third quarter. [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period Gross private domestic investment Change in business inventories Nonresidential Total Total Producers’ durable equipment Residential Structures Total Nonfarm 1990 .................................................................................... 1991 .................................................................................... 1992 .................................................................................... 1993 .................................................................................... 1994 .................................................................................... 1995 .................................................................................... 1996 .................................................................................... 1997 .................................................................................... 1998 p ................................................................................. 815.0 738.1 790.4 863.6 975.7 996.1 1,084.1 1,206.4 1,332.4 805.8 741.3 783.4 842.8 915.5 966.0 1,050.6 1,138.0 1,268.9 585.2 547.7 557.9 600.2 648.4 710.6 776.6 859.4 961.8 203.3 181.6 169.2 170.8 172.5 180.7 189.7 203.2 203.0 381.9 366.2 388.7 429.6 476.8 531.7 589.8 660.9 771.6 220.6 193.4 225.6 242.6 267.0 256.8 275.9 282.8 312.1 10.4 ¥3.0 7.0 22.1 60.6 27.7 30.0 63.2 58.5 7.8 ¥1.2 2.0 29.5 49.0 37.7 23.2 58.8 51.1 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 ............................................................................ III ............................................................................ IV p .......................................................................... 1,321.8 1,306.5 1,331.6 1,369.8 1,224.9 1,264.1 1,270.9 1,315.6 931.9 960.4 958.7 996.5 203.1 201.9 202.0 204.8 738.8 771.3 769.3 806.8 298.5 309.1 316.5 324.2 91.4 38.2 55.7 48.9 85.9 29.9 47.0 41.7 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermedi- ate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Structures Total nonresidential Period 1990 ........................... 1991 ........................... 1992 ........................... 1993 ........................... 1994 ........................... 1995 ........................... 1996 ........................... 1997 ........................... 1998 p ......................... 1995: I ...................... II ..................... III ................... IV .................... 1996: I ...................... II ..................... III ................... IV .................... 1997: I ...................... II ..................... III ................... IV .................... 1998: I ...................... II ..................... III ................... IV p ................. 585.2 547.7 557.9 600.2 648.4 710.6 776.6 859.4 961.8 698.4 710.2 711.7 722.3 744.8 764.4 790.1 807.0 820.9 848.2 882.2 886.2 931.9 960.4 958.7 996.5 Total 1 203.3 181.6 169.2 170.8 172.5 180.7 189.7 203.2 203.0 179.5 181.7 181.5 179.8 182.6 185.9 189.9 200.6 202.5 199.3 205.2 205.7 203.1 201.9 202.0 204.8 Nonresidential buildings, including farm Utilities 152.0 126.9 113.2 115.3 119.9 128.8 141.0 150.5 150.6 126.1 129.5 129.3 130.4 133.9 138.3 141.6 150.2 152.8 147.8 152.0 149.5 150.1 149.8 150.1 152.5 28.1 32.0 34.5 31.8 29.9 30.6 27.8 28.7 29.6 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 29.9 Residential Structures Producers’ durable equipment Information processing and related equipment Mining exploration, shafts, and wells Total 1 16.1 15.7 13.3 16.0 15.8 14.4 15.3 17.9 16.9 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 16.3 381.9 366.2 388.7 429.6 476.8 531.7 589.8 660.9 771.6 520.4 529.9 531.8 544.8 565.0 581.6 604.0 608.8 621.0 653.8 682.6 686.4 738.8 771.3 769.3 806.8 Total Computers and peripheral equipment 2 116.2 117.8 134.2 147.9 165.1 201.5 245.4 298.0 388.4 183.7 199.2 205.2 217.7 229.5 238.0 253.1 260.9 271.8 288.1 311.5 320.7 353.4 376.8 399.6 423.8 29.4 32.4 43.9 56.1 67.2 100.8 151.3 214.8 352.6 80.4 95.2 105.3 122.1 133.6 142.6 158.5 170.7 182.5 203.9 229.9 242.9 292.2 331.5 370.5 416.5 1 Includes other items, not shown separately. new computers and peripheral equipment only. producers’ durable equipment, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar 2 Includes 3 Includes Transportation and related equipment Total residential 3 Other Industrial equipment 88.2 85.9 90.2 92.3 99.4 108.1 115.4 126.6 141.2 106.1 109.2 108.2 108.7 111.9 113.7 117.9 118.2 121.1 123.7 130.0 131.5 136.7 139.7 142.8 145.5 95.0 88.3 89.3 96.5 105.5 115.4 120.5 125.9 132.9 113.2 116.4 116.6 115.6 119.1 122.0 120.4 120.6 120.8 126.4 127.7 128.6 131.5 132.5 133.1 134.3 81.2 81.7 86.2 98.3 113.2 119.4 127.6 140.3 162.8 125.3 119.1 115.3 118.0 121.9 125.0 132.7 130.8 131.1 140.5 145.9 143.8 159.6 167.9 151.7 171.8 220.6 193.4 225.6 242.6 267.0 256.8 275.9 282.8 312.1 259.9 249.5 255.6 262.1 268.0 280.2 279.0 276.3 278.4 282.5 282.3 287.9 298.5 309.1 316.5 324.2 Total Single family Multifamily Other 214.5 187.6 219.5 236.2 260.3 249.8 268.6 275.1 303.9 252.9 242.6 248.5 255.0 261.0 272.9 271.7 268.9 270.9 274.9 274.5 280.1 290.5 300.9 308.3 315.9 110.4 96.4 116.5 127.1 140.1 126.8 136.6 137.2 153.1 131.2 122.7 124.2 128.9 133.0 138.5 138.6 136.3 136.3 137.2 136.1 139.0 145.2 151.3 155.6 160.2 19.7 15.4 13.1 10.6 13.6 16.9 18.7 20.2 21.3 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 21.7 84.4 75.7 89.9 98.6 106.5 106.6 113.8 118.5 130.1 105.7 104.2 107.6 108.8 109.8 114.8 115.9 114.8 115.3 118.0 119.7 120.9 123.8 129.6 132.6 134.6 estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. BUSINESS INVESTMENT [Billions of dollars] By industry Period 1993 1994 1995 1996 ...................... ...................... ...................... ...................... Total expenditures 1 489.7 549.3 601.1 642.9 Manufacturing Total 488.2 547.9 601.0 642.9 Mining 19.6 24.6 27.6 29.5 Construction Total 11.6 9.1 10.4 11.7 134.1 154.4 181.0 191.2 1 Includes an item for not distributed by industry, not shown separately. NOTE.—All data from Annual Capital Expenditures. 10 Durable goods Nondurable goods Transportation Communications Utilities Wholesale trade Retail trade Finance Insurance and real estate Services Serving multiple industries 66.4 79.7 97.0 109.7 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 41.4 46.5 51.9 52.2 26.0 29.8 30.4 36.3 14.2 17.4 19.8 22.5 111.8 123.8 134.2 142.0 1.7 2.2 2.5 2.5 Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In January, after adjusting for revised population controls, employment rose by 814,000, and unemployment fell by 73,000. (Series revised.) [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period Civilian noninstitutional population NSA Civilian labor force Nonagricultural Total Agricultural Total Percent 2 Unemployment Part time for economic reasons 1 Total 15 weeks and over Not in labor force Labor force participation rate Employment/ population ratio Unemployment rate 1989 ..................................... 1990 3 ................................... 1991 ..................................... 1992 ..................................... 1993 ..................................... 1994 4 ................................... 1995 ..................................... 1996 ..................................... 1997 3 ................................... 1998 3 ................................... 1998: Jan 3 r ....................... Feb r ......................... Mar r ......................... Apr r .......................... May r ......................... June r ........................ July r ......................... Aug r ......................... Sept r ........................ Oct r .......................... Nov r ......................... Dec ........................... 186,393 189,164 190,925 192,805 194,838 196,814 198,584 200,591 203,133 205,220 204,238 204,400 204,547 204,731 204,899 205,085 205,270 205,479 205,699 205,919 206,104 206,270 123,869 125,840 126,346 128,105 129,200 131,056 132,304 133,943 136,297 137,673 137,288 137,384 137,340 137,232 137,369 137,498 137,407 137,481 138,081 138,116 138,193 138,547 117,342 118,793 117,718 118,492 120,259 123,060 124,900 126,708 129,558 131,463 130,943 131,021 130,908 131,280 131,330 131,253 131,176 131,264 131,818 131,858 132,113 132,526 3,199 3,223 3,269 3,247 3,115 3,409 3,440 3,443 3,399 3,378 3,337 3,345 3,173 3,381 3,351 3,363 3,423 3,492 3,470 3,558 3,348 3,222 114,142 115,570 114,449 115,245 117,144 119,651 121,460 123,264 126,159 128,025 127,606 127,676 127,735 127,899 127,979 127,890 127,753 127,772 128,348 128,300 128,765 129,304 4,657 4,950 5,874 6,240 6,230 4,414 4,279 4,123 3,879 3,501 3,829 3,714 3,698 3,606 3,608 3,618 3,606 3,339 3,191 3,253 3,191 3,257 6,528 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 6,345 6,363 6,432 5,952 6,039 6,245 6,231 6,217 6,263 6,258 6,080 6,021 1,375 1,525 2,357 3,408 3,094 2,860 2,363 2,316 2,062 1,637 1,811 1,804 1,728 1,461 1,509 1,641 1,606 1,644 1,636 1,598 1,611 1,578 62,523 63,324 64,578 64,700 65,638 65,758 66,280 66,647 66,837 67,547 66,950 67,016 67,207 67,499 67,530 67,587 67,863 67,998 67,618 67,803 67,911 67,723 66.5 66.5 66.2 66.4 66.3 66.6 66.6 66.8 67.1 67.1 67.2 67.2 67.1 67.0 67.0 67.0 66.9 66.9 67.1 67.1 67.1 67.2 63.0 62.8 61.7 61.5 61.7 62.5 62.9 63.2 63.8 64.1 64.1 64.1 64.0 64.1 64.1 64.0 63.9 63.9 64.1 64.0 64.1 64.2 5.3 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.6 4.6 4.7 4.3 4.4 4.5 4.5 4.5 4.5 4.5 4.4 4.3 1999: Jan 3 ......................... 206,719 139,347 133,396 3,299 130,097 3,413 5,950 1,469 67,372 67.4 64.5 4.3 1 Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc. 2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 3 Not strictly comparable with earlier data. 4 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire. NOTE.—Seasonally adjusted data revised (beginning 1994) to reflect recent annual revisions. Data beginning January 1998 reflect new composite estimate procedures. Data beginning January 1998 and January 1999 reflect revised population controls. For details, see February issues, Employment and Earnings. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In January, the unemployment rate was unchanged from December at 4.3 percent. (Series revised.) [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By sex and age Period 1989 ........................... 1990 ........................... 1991 ........................... 1992 ........................... 1993 ........................... 1994 2 ......................... 1995 ........................... 1996 ........................... 1997 ........................... 1998 ........................... 1998: Jan r ................ Feb r ................ Mar r ............... Apr r ................ May r ............... June r .............. July r ............... Aug r ................ Sept r ............... Oct r ................ Nov r ................ Dec .................. 1999: Jan .................. 1 Revised 2 Data 12 All civilian workers 5.3 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.6 4.6 4.7 4.3 4.4 4.5 4.5 4.5 4.5 4.5 4.4 4.3 4.3 Men 20 years and over Women 20 years and over 4.5 5.0 6.4 7.1 6.4 5.4 4.8 4.6 4.2 3.7 3.8 3.8 3.9 3.5 3.6 3.7 3.8 3.7 3.7 3.6 3.5 3.6 3.4 4.7 4.9 5.7 6.3 5.9 5.4 4.9 4.8 4.4 4.1 4.2 4.2 4.2 4.1 3.9 4.1 4.0 4.0 4.0 4.0 4.0 3.9 3.7 By race Both sexes 16–19 years White 15.0 15.5 18.7 20.1 19.0 17.6 17.3 16.7 16.0 14.6 14.2 14.7 14.9 13.5 14.3 14.8 14.2 14.9 15.2 15.7 15.0 14.0 15.5 definition; for details, see Employment and Earnings, February 1994. beginning January 1994 are not directly comparable with data for earlier periods. 4.5 4.8 6.1 6.6 6.1 5.3 4.9 4.7 4.2 3.9 4.0 3.9 4.0 3.7 3.8 4.0 3.8 3.9 3.9 3.9 3.8 3.8 3.8 Black and other 10.0 10.1 11.1 12.7 11.7 10.5 9.6 9.3 8.8 7.8 8.2 8.2 8.1 7.6 7.7 7.6 8.1 7.6 7.9 7.6 7.5 7.0 6.9 By selected groups Black 11.4 11.4 12.5 14.2 13.0 11.5 10.4 10.5 10.0 8.9 9.4 9.4 9.2 9.0 8.9 8.5 9.6 8.9 9.0 8.6 8.6 7.9 7.8 Experienced wage and salary workers 5.0 5.3 6.6 7.2 6.6 5.9 5.4 5.2 4.7 4.3 4.5 4.4 4.5 4.1 4.3 4.3 4.4 4.4 4.4 4.3 4.2 4.1 4.1 Married men, spouse present 3.0 3.4 4.4 5.1 4.4 3.7 3.3 3.0 2.7 2.4 2.5 2.5 2.5 2.3 2.4 2.2 2.3 2.3 2.3 2.3 2.2 2.3 2.3 Women who maintain families Full-time workers 1 Part-time workers 1 8.1 8.3 9.3 10.0 9.7 8.9 8.0 8.2 8.1 7.2 7.6 7.5 7.5 7.5 7.5 7.1 6.9 6.8 7.6 6.9 6.9 6.3 6.1 5.1 5.4 6.8 7.5 6.9 6.1 5.5 5.3 4.8 4.3 4.5 4.5 4.5 4.2 4.3 4.4 4.4 4.4 4.3 4.3 4.2 4.2 4.1 6.2 6.4 7.0 7.5 7.2 6.0 6.0 5.8 5.5 5.3 5.4 5.2 5.6 4.9 4.9 5.2 5.2 5.3 5.3 5.5 5.4 5.2 5.2 NOTE.—Data relate to persons age 16 years and over. See Note, p. 11 Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In January, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks and over fell; the percentages for 5–14 weeks and for 15–26 weeks rose. The mean duration of unemployment fell to 13.4 weeks and the median duration rose to 6.9 weeks. (Series revised.) [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1989 ........................................... 1990 ........................................... 1991 ........................................... 1992 ........................................... 1993 ........................................... 1994 3 ......................................... 1995 ........................................... 1996 ........................................... 1997 ........................................... 1998 ........................................... 1998: Jan r ................................ Feb r ................................ Mar r ............................... Apr r ................................ May r ............................... June r .............................. July r ............................... Aug r ............................... Sept r ............................... Oct r ................................ Nov r ................................ Dec .................................. 1999: Jan .................................. 6,528 7,047 8,628 9,613 8,940 7,996 7,404 7,236 6,739 6,210 6,345 6,363 6,432 5,952 6,039 6,245 6,231 6,217 6,263 6,258 6,080 6,021 5,950 48.6 46.3 40.3 35.1 36.5 34.1 36.5 36.4 37.7 42.2 40.0 41.0 43.0 43.7 42.9 41.1 42.3 42.4 42.3 44.1 41.5 43.3 39.9 30.3 32.0 32.4 29.4 28.9 30.1 31.6 31.6 31.7 31.4 31.3 30.5 30.4 32.1 32.3 32.5 31.8 31.3 31.5 30.3 32.3 30.5 35.1 11.2 11.7 14.4 15.1 14.5 15.5 14.6 14.6 14.8 12.3 12.7 13.4 12.8 10.1 11.0 13.4 12.6 13.0 11.7 11.7 12.2 12.5 12.8 9.9 10.0 12.9 20.3 20.1 20.3 17.3 17.4 15.8 14.1 16.0 15.1 13.8 14.2 13.8 13.0 13.3 13.3 14.5 13.9 14.0 13.7 12.1 1 Beginning January 1994, job losers and persons who completed temporary jobs. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation or Emergency Unemployment Compensation programs. 11.9 12.0 13.7 17.7 18.0 18.8 16.6 16.7 15.8 14.5 15.5 15.4 14.6 14.5 14.7 14.1 14.3 13.7 14.3 14.1 14.4 14.1 13.4 4.8 5.3 6.8 8.7 8.3 9.2 8.3 8.3 8.0 6.7 7.3 7.1 6.9 6.6 6.1 6.7 6.7 6.8 6.6 5.9 6.7 6.7 6.9 45.7 48.1 54.4 56.1 54.2 47.7 46.9 46.6 45.1 45.5 44.5 44.6 45.9 45.3 45.8 45.6 46.4 45.7 45.8 44.9 45.2 45.9 45.5 15.7 14.8 11.6 10.4 10.9 9.9 11.1 10.7 11.8 11.8 12.5 12.2 11.6 10.7 12.2 12.1 12.5 11.8 11.6 11.7 11.1 11.8 11.8 28.2 27.4 24.8 23.8 24.6 34.8 34.1 34.7 34.7 34.3 34.8 34.8 34.0 35.4 33.8 34.0 33.5 34.3 34.6 34.2 34.9 33.9 33.6 10.4 9.8 9.2 9.7 10.3 7.6 7.8 8.0 8.4 8.4 8.2 8.5 8.5 8.7 8.2 8.3 7.7 8.2 8.0 9.2 8.8 8.4 9.1 2,158 2,522 3,342 3,245 2,751 2,670 2,572 2,595 r 2,323 2,220 2,251 2,187 2,165 2,127 2,103 2,238 2,384 2,238 2,171 2,192 2,241 2,266 .............. 330 388 447 408 341 340 357 356 r 323 320 318 309 309 309 316 355 326 303 299 311 320 328 p 319 2,205 2,575 3,406 3,348 2,845 2,739 2,633 2,650 r 2,366 2,255 2,755 2,774 2,790 2,249 1,993 2,073 2,208 2,224 1,845 1,698 2,062 2,315 ................. 3 Data beginning January 1994 are not directly comparable with data for earlier periods. NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Seasonally adjusted unemployment data revised (beginning 1994) to reflect recent annual revisions. Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 245,000 in January. [Thousands of wage and salary workers; 1 seasonally adjusted] Goods-producing industries Period 1989 ..................... 1990 ..................... 1991 ..................... 1992 ..................... 1993 ..................... 1994 ..................... 1995 ..................... 1996 .................... 1997 .................... 1998 p ................... 1998: Jan ........... Feb ........... Mar .......... Apr ........... May .......... June ......... July .......... Aug ........... Sept .......... Oct r .......... Nov r ......... Dec p ......... 1999: Jan p ......... Total nonagricultural employment 107,884 109,403 108,249 108,601 110,713 114,163 117,191 119,608 122,690 125,830 124,640 124,832 124,914 125,234 125,562 125,751 125,869 126,191 126,363 126,527 126,804 127,102 127,347 Service-producing industries Manufacturing Total 2 25,254 24,905 23,745 23,231 23,352 23,908 24,265 24,493 24,934 25,255 25,297 25,314 25,276 25,339 25,301 25,304 25,135 25,253 25,241 25,209 25,184 25,262 25,255 Construction 5,171 5,120 4,650 4,492 4,668 4,986 5,160 5,418 5,686 5,964 5,881 5,902 5,860 5,930 5,917 5,946 5,970 5,989 5,981 6,012 6,051 6,150 6,165 Total 19,391 19,076 18,406 18,104 18,075 18,321 18,524 18,495 18,657 18,716 18,824 18,822 18,829 18,827 18,805 18,780 18,594 18,693 18,692 18,633 18,573 18,557 18,544 Durable goods Nondurable goods 11,394 11,109 10,569 10,277 10,221 10,448 10,683 10,789 10,987 11,097 11,154 11,159 11,166 11,170 11,156 11,144 10,989 11,106 11,090 11,059 11,011 10,995 10,985 7,997 7,968 7,837 7,827 7,854 7,873 7,841 7,706 7,670 7,618 7,670 7,663 7,663 7,657 7,649 7,636 7,605 7,587 7,602 7,574 7,562 7,562 7,559 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total in this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample 14 Total 82,630 84,497 84,504 85,370 87,361 90,256 92,925 95,115 97,756 100,575 99,343 99,518 99,638 99,895 100,261 100,447 100,734 100,938 101,122 101,318 101,620 101,840 102,092 Transportation and public utilities 5,614 5,777 5,755 5,718 5,811 5,984 6,132 6,253 6,395 6,549 6,473 6,494 6,504 6,513 6,534 6,538 6,550 6,570 6,579 6,595 6,604 6,629 6,651 Wholesale trade 6,187 6,173 6,081 5,997 5,981 6,162 6,378 6,482 6,648 6,825 6,759 6,769 6,783 6,798 6,815 6,821 6,827 6,838 6,862 6,864 6,877 6,884 6,912 Retail trade 19,475 19,601 19,284 19,356 19,773 20,507 21,187 21,597 22,011 22,475 22,280 22,283 22,259 22,335 22,423 22,448 22,547 22,545 22,592 22,589 22,672 22,711 22,741 Finance, insurance, Services and real estate 6,668 6,709 6,646 6,602 6,757 6,896 6,806 6,911 7,091 7,341 7,213 7,232 7,258 7,289 7,311 7,333 7,370 7,372 7,393 7,417 7,441 7,459 7,481 26,907 27,934 28,336 29,052 30,197 31,579 33,117 34,454 36,040 37,524 36,932 37,020 37,106 37,196 37,350 37,494 37,614 37,691 37,768 37,905 38,040 38,137 38,251 Government Total 17,779 18,304 18,402 18,645 18,841 19,128 19,305 19,419 19,570 19,861 19,686 19,720 19,728 19,764 19,828 19,813 19,826 19,922 19,928 19,948 19,986 20,020 20,056 Federal 2,988 3,085 2,966 2,969 2,915 2,870 2,822 2,757 2,699 2,686 2,670 2,676 2,671 2,674 2,671 2,674 2,672 2,683 2,687 2,713 2,725 2,707 2,707 of the working-age population, whereas the estimates in this table are based on reports from employing establishments. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where persons are counted only once—as employed, unemployed, or not in the labor force. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average weekly hours Average gross hourly earnings Manufacturing Period Total private nonagricultural 1 Total Average gross weekly earnings Total private nonagricultural 1 Overtime Current dollars 1982 dollars 2 Total private nonagricultural 1 Manufacturing Percent change from a year earlier, total private nonagricultural 3 Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade Current dollars 1982 dollars 1989 ........................ 1990 ........................ 1991 ........................ 1992 ........................ 1993 ........................ 1994 ........................ 1995 ........................ 1996 ....................... 1997 ....................... 1998p ...................... 34.6 34.5 34.3 34.4 34.5 34.7 34.5 34.4 34.6 34.6 41.0 40.8 40.7 41.0 41.4 42.0 41.6 41.6 42.0 41.7 3.8 3.6 3.6 3.8 4.1 4.7 4.4 4.5 4.8 4.6 $9.66 10.01 10.32 10.57 10.83 11.12 11.43 11.82 12.28 12.77 $7.64 7.52 7.45 7.41 7.39 7.40 7.39 7.43 7.55 7.75 $10.48 10.83 11.18 11.46 11.74 12.07 12.37 12.77 13.17 13.49 $334.24 345.35 353.98 363.61 373.64 385.86 394.34 406.61 424.89 441.84 $264.22 259.47 255.40 254.99 254.87 256.73 255.07 255.73 261.31 268.11 $429.68 441.86 455.03 469.86 486.04 506.94 514.59 531.23 553.14 562.53 $513.17 526.01 533.40 537.70 553.63 573.00 587.00 603.33 623.57 642.92 $188.72 194.40 198.48 205.06 209.95 216.46 221.47 230.11 241.03 254.63 3.8 3.3 2.5 2.7 2.8 3.3 2.2 3.1 4.5 4.0 ¥1.0 ¥1.8 ¥1.6 ¥.2 ¥.0 .7 ¥.6 .3 2.2 2.6 1998: Jan ............ Feb ............ Mar ............ Apr ............. May ............. June ............ July ............ Aug .............. Sept ............. Oct .............. Nov r ............ Dec p ............ 1999: Jan p ............ 34.8 34.7 34.6 34.5 34.7 34.6 34.6 34.6 34.4 34.6 34.5 34.6 34.5 42.1 42.0 41.8 41.4 41.8 41.8 41.7 41.7 41.6 41.7 41.7 41.7 41.5 4.9 4.8 4.8 4.5 4.6 4.6 4.6 4.6 4.5 4.5 4.5 4.5 4.5 12.54 12.59 12.63 12.70 12.73 12.76 12.79 12.85 12.87 12.90 12.94 12.98 13.04 7.66 7.69 7.72 7.74 7.73 7.75 7.75 7.78 7.79 7.79 7.80 7.81 .............. 13.38 13.42 13.46 13.44 13.47 13.47 13.42 13.52 13.57 13.57 13.58 13.57 13.64 436.39 436.87 437.00 438.15 441.73 441.50 442.53 444.61 442.73 446.34 446.43 449.11 449.88 266.42 266.71 266.95 267.00 268.37 268.06 268.20 269.30 268.00 269.37 269.10 270.22 .............. 563.30 563.64 562.63 556.42 563.05 563.05 559.61 563.78 564.51 565.87 566.29 565.87 566.06 647.55 640.53 631.40 636.62 635.36 633.98 652.29 651.80 636.29 r 652.58 649.90 664.79 663.30 248.24 249.11 249.70 252.30 253.75 253.17 255.50 256.07 256.94 r 257.54 256.65 257.50 259.23 4.9 4.4 3.8 3.6 4.6 3.3 4.0 4.6 2.5 3.5 3.4 3.4 3.4 3.5 3.3 2.7 2.3 3.0 1.8 2.5 3.1 1.3 2.2 2.0 1.8 .............. 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). 3 Based on seasonally unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries 4.8 4.6 4.4 3.5 3.6 3.1 2.6 3.1 3.4 3.5 4.1 4.0 3.7 2.6 3.1 2.8 2.8 3.4 3.9 3.9 Benefits 1 Not seasonally adjusted 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec .................................................................... .................................................................... .................................................................... .................................................................... .................................................................... .................................................................... ................................................................... .................................................................... .................................................................... .................................................................... 102.3 107.0 111.7 115.6 119.8 123.5 126.7 130.6 135.1 139.8 102.0 106.1 110.0 112.9 116.4 119.7 123.1 127.3 132.3 137.4 102.6 109.4 116.2 122.2 128.3 133.0 135.9 138.6 141.8 145.2 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Seasonally adjusted 1995: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 1996: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 1997: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 1998: Mar ................................................................... June .................................................................. Sept ................................................................... Dec .................................................................... 124.4 125.3 126.1 126.9 127.7 128.8 129.7 130.6 131.4 132.6 133.7 135.1 136.0 137.2 138.7 139.7 120.6 121.5 122.4 123.2 124.4 125.6 126.5 127.4 128.5 129.7 131.0 132.5 133.6 134.9 136.6 137.6 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. 133.9 134.6 135.3 136.0 136.1 137.0 137.8 138.6 138.8 139.7 140.4 141.7 142.1 143.2 144.2 145.1 0.7 .7 .6 .6 .6 .9 .7 .7 .6 .9 .8 1.0 .7 .9 1.1 .7 6.1 6.6 6.2 5.2 5.0 3.7 2.2 2.0 2.3 2.4 Not seasonally adjusted 0.7 .7 .7 .7 1.0 1.0 .7 .7 .9 .9 1.0 1.1 .8 1.0 1.3 .7 0.3 .5 .5 .5 .1 .7 .6 .6 .1 .6 .5 .9 .3 .8 .7 .6 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 3.5 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 3.9 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 2.4 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 94.4 98.3 100.0 102.4 103.7 105.8 106.8 109.0 111.1 105.7 106.3 107.3 107.8 108.5 108.7 108.8 109.9 110.2 111.2 111.5 111.5 94.2 98.1 100.0 102.2 103.6 105.4 106.5 108.9 111.1 105.4 106.0 107.0 107.5 108.5 108.7 108.8 109.8 110.1 111.1 111.5 111.5 94.1 97.7 100.0 102.5 104.8 106.9 108.6 110.4 111.0 107.9 108.4 108.8 109.2 109.9 110.3 110.6 110.8 110.9 111.0 111.1 111.2 93.8 97.6 100.0 102.5 104.9 107.0 108.5 110.6 111.4 107.9 108.2 108.6 109.2 110.0 110.4 110.8 111.1 111.2 111.3 111.5 111.6 5.0 4.2 1.9 2.2 1.4 1.8 1.1 2.3 2.0 4.5 ¥.3 2.4 1.7 2.5 1.8 1.2 .9 ¥1.5 2.2 3.7 2.1 3.5 .7 .3 4.0 1.1 3.7 1.4 ¥.2 4.0 3.8 2.4 2.5 2.2 2.0 1.6 1.7 .6 2.0 2.1 2.7 2.5 1.9 1.6 1.6 1.3 1.9 1.7 1.6 1.5 2.5 1.4 1.1 .9 .2 .3 .5 .3 4.2 4.1 2.4 2.5 2.3 2.0 1.4 1.9 .7 2.1 2.5 3.2 2.4 1.9 1.6 1.2 .9 1.7 1.3 1.4 2.2 3.1 1.5 1.4 .9 .6 .2 .7 .3 Indexes, 1992=100; quarterly data seasonally adjusted 1990 .......................... 1991 .......................... 1992 .......................... 1993 .......................... 1994 .......................... 1995 .......................... 1996 .......................... 1997 r ......................... 1998 p* ....................... 1996: I r .................... II r ................... III r ................. IV r .................. 1997: I r .................... II r ................... III r ................. IV r .................. 1998: I r .................... II r ................... III r ................. IV p* ................ 96.1 96.7 100.0 100.1 100.7 101.0 103.7 105.2 107.7 103.0 103.8 103.8 104.2 104.4 104.8 105.8 106.0 107.1 107.1 107.8 108.8 96.3 97.0 100.0 100.1 100.6 101.2 103.7 104.9 107.2 103.1 103.8 103.8 104.0 104.1 104.5 105.4 105.6 106.6 106.6 107.3 108.3 98.6 96.9 100.0 102.7 107.0 109.9 114.5 119.8 125.3 112.5 114.2 114.9 116.4 117.8 119.1 120.6 121.7 123.7 124.3 125.5 127.5 98.8 97.1 100.0 103.0 107.0 110.2 114.8 119.9 125.4 112.8 114.5 115.2 116.6 117.9 119.2 120.6 121.8 123.9 124.4 125.6 127.7 102.6 100.2 100.0 102.6 106.2 108.8 110.4 113.8 116.3 109.2 110.0 110.7 111.7 112.9 113.6 114.0 114.8 115.6 116.1 116.4 117.2 102.6 100.1 100.0 102.9 106.3 108.9 110.7 114.3 117.0 109.4 110.3 111.0 112.1 113.3 114.1 114.5 115.3 116.3 116.7 117.1 117.9 90.8 95.1 100.0 102.5 104.4 106.8 110.7 114.7 119.7 108.9 110.4 111.4 112.3 113.2 113.9 115.0 116.5 117.9 119.1 120.2 121.4 90.7 95.1 100.0 102.2 104.2 106.7 110.4 114.3 119.1 108.7 110.1 111.0 111.9 112.9 113.6 114.6 116.0 117.4 118.5 119.7 120.7 97.4 98.0 100.0 99.5 98.8 98.4 99.0 100.3 103.0 98.5 98.9 99.3 99.2 99.5 99.8 100.3 101.0 102.2 102.7 103.2 103.7 97.3 98.0 100.0 99.3 98.7 98.2 98.7 99.9 102.5 98.3 98.7 98.9 98.9 99.2 99.5 99.9 100.6 101.7 102.2 102.7 103.1 Percent change; quarterly data at seasonally adjusted annual rates 1990 .......................... 1991 .......................... 1992 .......................... 1993 .......................... 1994 .......................... 1995 .......................... 1996 .......................... 1997 r ......................... 1998 p* ....................... 1994: I ..................... II .................... III .................. IV ................... 1995: I r .................... II r ................... III r ................. IV r .................. 1996: I r .................... II r ................... III r ................. IV r .................. 1997: I r .................... II r ................... III r ................. IV r .................. 1998: I r .................... II r ................. III r ................. IV p* ................ 1 Output 0.7 .6 3.4 .1 .6 .3 2.7 1.5 2.3 0 ¥.1 ¥1.4 1.2 ¥1.1 .9 1.4 3.2 4.5 3.4 .0 1.3 .7 1.8 3.6 .8 4.1 .1 2.6 3.9 0.5 .7 3.1 .1 .5 .6 2.4 1.2 2.2 ¥.2 .5 ¥1.8 1.8 ¥.5 .9 1.9 2.7 4.2 3.0 ¥.1 1.0 .1 1.6 3.4 .9 3.6 .3 2.5 3.7 0.8 ¥1.7 3.2 2.7 4.1 2.7 4.2 4.6 4.6 2.6 6.4 1.5 4.6 2.0 .3 4.4 3.6 4.5 6.4 2.5 5.1 4.9 4.7 4.9 3.6 7.1 1.7 4.0 6.6 0.7 ¥1.8 3.0 3.0 3.9 3.0 4.1 4.5 4.6 1.6 6.6 1.5 5.0 2.5 .5 4.9 3.3 4.2 6.4 2.5 5.0 4.5 4.5 4.8 4.0 7.0 1.7 4.0 6.8 0.2 ¥2.3 ¥.2 2.6 3.5 2.4 1.5 3.1 2.2 2.6 6.5 3.0 3.3 3.0 ¥.6 3.0 .3 .0 2.9 2.5 3.7 4.2 2.8 1.3 2.7 2.8 1.6 1.4 2.6 0.3 ¥2.4 ¥.1 2.9 3.3 2.4 1.6 3.2 2.4 1.8 6.1 3.4 3.1 2.9 ¥.5 3.0 .6 .0 3.3 2.6 4.0 4.4 2.8 1.3 3.0 3.3 1.4 1.4 3.0 refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U). 5 Current dollar gross domestic output divided by the output index. 16 5.7 4.8 5.2 2.5 1.8 2.3 3.6 3.6 4.3 4.0 ¥.3 .8 3.2 2.0 3.0 2.9 3.8 2.6 5.6 3.8 3.1 3.5 2.4 4.0 5.2 5.0 4.1 3.7 3.9 5.5 4.9 5.1 2.2 1.9 2.4 3.5 3.5 4.2 4.3 .2 .5 3.5 2.0 2.8 3.1 3.6 2.7 5.2 3.6 3.1 3.7 2.4 3.8 4.9 4.7 4.1 3.9 3.5 0.3 .5 2.1 ¥.5 ¥.7 ¥.5 .7 1.2 2.7 2.0 ¥2.8 ¥2.8 .7 ¥.5 ¥.4 .8 1.3 ¥.6 1.8 1.4 ¥.2 1.3 1.1 2.0 3.1 4.4 2.1 1.8 2.0 0.1 .7 2.1 ¥.7 ¥.6 ¥.5 .6 1.2 2.6 2.3 ¥2.3 r ¥3.2 1.0 ¥.6 ¥.6 1.0 1.1 ¥.5 1.4 1.2 ¥.3 1.4 1.0 1.8 2.8 4.2 2.0 2.1 1.5 5.0 4.1 1.7 2.4 1.2 2.0 .9 2.1 2.0 4.0 ¥.2 2.3 1.9 3.1 2.0 1.5 .6 ¥1.8 2.1 3.8 1.8 2.8 .6 .4 4.4 .8 4.0 1.0 .1 NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released January 29, 1999. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose in December; capacity utilization fell. [Monthly data seasonally adjusted] Total industrial production Percent Period Index, 1992=100 1989 ........................................... 1990 ........................................... 1991 ........................................... 1992 ........................................... 1993 ........................................... 1994 ........................................... 1995 ........................................... 1996 ........................................... 1997 ........................................... 1998 p ......................................... 99.1 98.9 97.0 100.0 103.5 109.1 114.4 119.5 126.8 131.4 1997: Dec ................................. 1998: Jan ................................. Feb ................................. Mar ................................. Apr ................................. May ................................ June ............................... July ................................ Aug ................................. Sept r .............................. Oct r ................................ Nov r ............................... Dec p ............................... 1 Percent 2 Output changes based on unrounded indexes. as percent of capacity. From preceding month Industry production indexes, 1992=100 change 1 From year earlier .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 1.8 ¥.2 ¥2.0 3.1 3.5 5.4 4.9 4.5 6.0 3.7 130.3 0.3 6.5 130.3 130.2 130.7 131.3 131.9 130.6 130.5 132.4 131.9 132.6 132.5 132.8 ¥.0 ¥.1 .4 .5 .4 ¥.9 ¥.1 1.4 ¥.4 .5 ¥.1 .2 5.9 5.0 5.1 5.0 5.1 3.6 2.7 3.6 2.6 2.5 2.0 1.9 Capacity utilization rate, percent 2 Manufacturing Total Durable 99.0 98.5 96.2 100.0 103.7 109.9 115.9 121.4 129.7 135.1 Nondurable Mining Utilities 100.5 99.0 95.5 100.0 105.4 114.2 124.0 134.1 147.1 157.5 97.3 97.9 97.0 100.0 101.8 105.2 107.1 107.9 111.3 112.0 103.2 104.8 102.6 100.0 99.9 102.4 102.0 103.7 105.8 104.1 97.1 98.3 100.4 100.0 103.9 105.3 109.0 112.6 112.8 114.6 133.7 154.0 112.7 106.4 133.8 133.7 134.1 134.9 135.4 133.7 133.6 135.7 135.2 136.3 136.5 136.7 153.9 154.0 155.2 156.2 157.2 154.8 154.4 159.8 159.6 161.1 160.9 161.5 113.1 112.8 112.4 113.0 113.0 112.0 112.1 111.3 110.6 111.2 111.8 111.8 107.6 107.5 105.8 105.7 105.4 104.7 104.6 103.7 102.4 101.8 101.4 100.8 Total industry Manufacturing 84.1 82.3 79.3 80.3 81.3 83.2 83.4 82.4 82.9 81.9 83.6 81.4 77.9 79.5 80.5 82.5 82.7 81.4 82.0 80.9 113.1 83.4 82.5 109.8 109.0 114.0 112.8 115.2 118.7 118.3 120.2 120.3 117.4 113.9 115.7 83.0 82.6 82.6 82.6 82.6 81.5 81.1 82.0 81.3 81.4 81.0 80.9 82.2 81.8 81.6 81.7 81.6 80.2 79.8 80.7 80.1 80.4 80.1 79.9 Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1992=100; monthly data seasonally adjusted] Products Materials Final products Intermediate products Consumer goods Equipment Period Total Total Durable goods Nondurable goods Total 1 Business Defense and space equipment Total Construction supplies Business supplies Total Energy 1989 ............................................................... 1990 ............................................................... 1991 ............................................................... 1992 ............................................................... 1993 ............................................................... 1994 ............................................................... 1995 ............................................................... 1996 ............................................................... 1997 ............................................................... 1998 p ............................................................. 99.9 99.5 97.7 100.0 103.4 107.5 111.5 115.5 121.1 125.6 97.7 97.3 97.0 100.0 103.1 107.1 109.5 111.3 114.1 115.4 101.3 98.0 93.0 100.0 109.4 119.5 121.5 124.5 129.6 135.8 96.7 97.1 98.1 100.0 101.4 104.0 106.5 108.0 110.2 110.4 103.7 103.2 98.8 100.0 104.0 108.3 114.9 122.7 133.9 144.2 98.8 98.2 95.7 100.0 105.6 112.8 122.5 133.5 148.7 163.6 117.4 115.9 106.7 100.0 93.8 87.0 83.0 79.0 76.2 75.7 102.9 101.9 97.5 100.0 102.5 106.3 108.1 110.9 115.2 118.1 105.5 102.9 96.2 100.0 103.4 110.6 112.6 117.9 122.4 127.1 101.3 101.4 98.3 100.0 102.0 103.7 105.5 106.8 111.0 112.7 97.0 97.2 95.9 100.0 103.9 111.9 120.4 127.8 138.2 144.0 99.5 100.6 100.8 100.0 99.5 101.2 102.4 103.5 103.7 103.8 1997: Dec ..................................................... 124.0 115.4 133.3 110.9 139.4 156.5 75.8 117.0 124.2 112.6 143.4 103.8 1998: Jan ..................................................... Feb ..................................................... Mar ..................................................... Apr ..................................................... May .................................................... June ................................................... July .................................................... Aug ..................................................... Sept r .................................................. Oct r .................................................... Nov r ................................................... Dec p ................................................... 124.5 124.2 125.3 126.2 126.6 125.5 124.7 126.8 126.0 127.1 126.8 126.5 116.0 115.2 115.8 116.4 116.8 115.1 114.0 116.1 114.8 115.6 115.8 115.8 135.1 134.5 135.9 136.9 138.3 130.7 124.6 140.1 137.4 140.0 140.0 140.6 111.3 110.5 110.8 111.4 111.5 111.2 111.2 110.3 109.3 109.7 110.0 109.8 139.5 140.3 142.4 143.6 144.2 144.1 143.9 146.0 146.2 147.8 146.5 145.8 156.3 157.0 160.1 162.2 163.1 163.6 163.5 166.6 167.4 169.5 168.2 168.1 76.2 76.3 75.9 75.9 76.0 75.8 76.1 76.5 75.5 76.4 75.4 74.1 117.0 117.1 116.9 117.3 118.2 118.0 119.1 119.1 118.3 119.2 119.3 120.3 125.5 125.7 124.7 125.4 126.6 126.1 128.5 128.0 126.9 128.2 129.6 130.4 112.0 112.1 112.2 112.5 113.3 113.2 113.6 113.8 113.3 113.9 113.2 114.3 142.6 142.5 142.7 143.1 143.6 141.8 141.9 144.4 144.4 144.5 144.6 145.3 103.0 102.8 103.7 103.8 104.3 104.8 104.8 104.4 105.2 103.8 103.0 103.9 1 Includes oil and gas well drilling and manufactured homes, not shown separately. [1992=100; monthly data seasonally adjusted] Durable manufactures Primary metals Period Total Iron and steel Fabricated metal products Industrial machinery and equipment Electrical machinery Nondurable manufactures Transportation equipment Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods 1989 ............................................................... 1990 ............................................................... 1991 ............................................................... 1992 ............................................................... 1993 ............................................................... 1994 ............................................................... 1995 ............................................................... 1996 ............................................................... 1997 ............................................................... 1998 p ............................................................. 104.9 104.0 96.7 100.0 105.7 113.4 116.8 119.8 125.3 123.8 106.2 106.4 96.0 100.0 107.1 113.7 117.7 119.2 124.2 120.7 104.8 101.2 96.2 100.0 104.4 112.2 116.4 120.2 124.7 127.2 103.0 100.1 95.4 100.0 109.9 124.9 143.9 159.8 179.4 203.7 85.8 87.7 89.6 100.0 109.6 131.4 166.3 206.0 253.4 291.5 105.1 102.3 96.5 100.0 103.6 107.4 106.4 107.9 117.1 123.1 101.2 95.3 88.5 100.0 113.2 130.4 132.7 132.6 139.9 141.2 104.3 101.6 94.5 100.0 100.8 105.9 107.9 110.4 114.2 116.9 100.3 97.2 97.8 100.0 102.4 106.3 107.1 104.7 102.8 99.2 103.5 103.1 99.1 100.0 100.7 100.7 101.4 101.6 105.2 105.2 95.1 97.3 96.4 100.0 101.5 104.7 107.3 110.0 114.9 115.5 95.9 97.0 98.4 100.0 102.0 103.7 105.8 105.4 108.0 109.5 1997: Dec ..................................................... 127.8 127.6 128.2 189.0 276.5 124.1 148.6 115.0 102.3 107.0 117.3 109.0 1998: Jan ..................................................... Feb ..................................................... Mar ..................................................... Apr ..................................................... May .................................................... June ................................................... July .................................................... Aug ..................................................... Sept r .................................................. Oct r .................................................... Nov r ................................................... Dec p ................................................... 129.2 128.1 127.1 127.5 126.5 122.1 122.6 124.4 120.1 121.0 118.6 118.5 128.9 128.2 127.7 126.7 125.5 119.8 120.2 122.5 113.4 114.3 109.7 109.9 127.6 126.6 127.2 127.8 128.7 128.0 127.8 126.3 126.2 127.0 127.3 128.0 191.8 192.3 198.4 200.6 202.5 205.8 209.0 207.0 207.7 211.3 212.1 212.9 277.7 278.5 278.2 280.8 282.0 285.5 289.4 290.8 297.7 301.0 303.0 307.0 121.3 121.5 122.3 123.3 125.2 114.2 108.2 130.3 127.6 128.6 127.4 126.2 141.9 140.4 140.0 140.8 144.1 121.1 107.6 154.2 149.9 150.2 149.0 148.1 115.2 116.2 115.3 116.1 116.4 116.7 117.5 118.5 117.0 117.9 118.9 119.7 102.5 101.1 101.6 101.0 100.4 100.5 100.1 99.2 98.3 97.4 95.7 95.4 106.4 106.4 105.4 105.5 105.6 105.5 105.4 104.9 104.6 104.8 105.3 105.0 117.0 116.7 116.6 117.7 116.9 116.2 115.7 114.3 113.3 113.9 114.0 114.5 110.5 109.9 109.7 110.3 110.7 109.2 109.0 107.9 107.7 109.2 111.1 110.6 Source: Board of Governors of the Federal Reserve System. 18 NEW CONSTRUCTION [Monthly data seasonally adjusted] Construction contracts 3 Private Period Total new construction expenditures Residential Total New housing units Total 1 Commercial and industrial 2 Other Federal and State and local Total value index (1992=100) Commercial and industrial floor space (millions of square feet) Billions of dollars 1989 ........................................ 1990 ........................................ 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 ........................................ 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 p ...................................... 469.8 468.5 424.2 452.1 478.6 519.5 538.1 583.6 618.2 657.0 371.6 361.1 314.1 336.2 362.7 399.3 407.5 446.3 471.2 510.8 196.6 182.9 157.8 187.8 210.5 238.9 230.7 256.5 265.6 297.1 1997: Dec ............................... 626.3 478.4 273.0 1998: Jan ............................... Feb ............................... Mar .............................. Apr ............................... May .............................. June ............................. July r ............................ Aug r ............................ Sept r ............................ Oct r ............................. Nov .............................. Dec p ............................. 633.7 638.2 639.9 646.0 635.4 650.3 658.7 663.3 670.1 670.2 676.7 688.5 487.8 490.9 494.3 500.1 496.5 503.6 511.5 516.6 521.0 525.1 530.7 537.2 279.0 282.5 286.0 289.7 288.0 291.9 299.3 300.6 305.0 306.1 310.3 315.3 139.2 128.0 110.6 129.6 144.1 167.9 162.9 179.4 187.1 211.8 118.0 119.4 93.7 82.2 84.4 93.3 107.9 119.6 127.7 132.8 57.1 58.8 62.6 66.2 67.8 67.1 68.9 70.2 77.8 80.9 98.2 107.5 110.1 115.8 116.0 120.2 130.7 137.3 147.1 146.2 108 98 92 100 108 118 122 132 142 150 961 783 577 556 589 744 862 875 r 1,027 1,123 194.6 125.7 79.7 197.2 200.6 203.6 206.9 204.3 208.0 212.6 213.1 216.6 219.0 223.1 227.9 129.9 127.8 127.6 130.2 128.6 132.3 132.0 133.9 134.0 136.7 139.1 139.9 78.9 80.6 80.7 80.2 79.8 79.4 80.2 82.1 82.0 82.3 81.3 82.0 147.9 145 ...................... 145.9 147.3 145.6 145.9 138.9 146.7 147.2 146.7 149.1 145.1 146.0 151.4 r 149 ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... Annual rates 1 Includes residential improvements, not shown separately. hotels and motels. Dodge series. r 146 r 151 r 152 r 153 154 154 149 147 148 147 Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies, Inc., F.W. Dodge Division. 2 Includes 3 F.W. r 149 NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private housing units Period Total 1989 ........................................ 1990 ........................................ 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 ........................................ 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 p ...................................... New private homes Units started, by type of structure 1,376.1 1,192.7 1,013.9 1,199.7 1,287.6 1,457.0 1,354.1 1,476.8 1,474.0 1,615.6 1 unit 1,003.3 894.8 840.4 1,029.9 1,125.7 1,198.4 1,076.2 1,160.9 1,133.7 1,269.6 2–4 units 5 or more units 55.2 37.5 35.6 30.7 29.4 35.0 33.7 45.2 44.5 43.6 317.6 260.4 137.9 139.0 132.6 223.5 244.1 270.8 295.8 302.4 Units authorized 1,338.4 1,110.8 948.8 1,094.9 1,199.1 3 1,371.6 1,332.5 1,425.6 1,441.1 1,603.4 Units completed 1,422.8 1,308.0 1,090.8 1,157.5 1,192.7 1,346.9 1,312.6 1,412.9 1,400.5 1,472.3 Homes sold 650 534 509 610 666 670 667 757 804 888 Homes for sale at end of period 1 365 321 284 265 293 336 370 322 282 297 Vacancy rate for rental housing units (percent) 2 2 7.4 7.2 7.4 7.4 2 7.3 7.4 7.6 7.8 7.7 7.9 Seasonally adjusted annual rates 1997: Dec .............................. 1,540 1,130 62 348 1,467 1,413 805 282 7.7 1998: Jan ............................... Feb ............................... Mar .............................. Apr ............................... May .............................. June ............................. July ............................. Aug .............................. Sept .............................. Oct r ............................. Nov r ............................. Dec p ............................. 1,545 1,616 1,585 1,546 1,538 1,620 1,704 1,621 1,569 1,693 1,662 1,720 1,225 1,263 1,239 1,237 1,224 1,269 1,300 1,261 1,250 1,291 1,367 1,357 49 63 45 44 51 45 42 55 27 40 33 40 271 290 301 265 263 306 362 305 292 362 262 323 1,553 1,635 1,569 1,517 1,543 1,517 1,581 1,618 1,544 1,690 1,656 1,729 1,314 1,461 1,486 1,509 1,458 1,484 1,549 1,515 r 1,466 1,441 1,602 1,408 853 878 836 892 892 919 877 r 839 r 845 907 1,015 978 281 281 285 286 287 287 284 285 r 290 293 293 297 ...................... ...................... 7.7 ...................... ...................... 8.0 ...................... ...................... 8.2 ...................... ...................... 7.8 1 Seasonally adjusted. 2 Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993 data have been revised to be comparable with new series beginning in 1994. Quarterly data entered in last month of quarter. 3 The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units. NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units authorized are for 17,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In November, manufacturing and trade sales rose 0.4 percent and inventories rose $4.1 billion. According to advance data, retail sales rose 0.9 percent in December, following a rise of 0.6 percent in November. Manufacturing and trade 1 Wholesale Retail Inventory-sales ratio 4 Sales 2 Period Sales 2 Inventories 3 Sales 2 Inventories 3 Total Durable goods stores Inventories 3 Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade 1 Retail Millions of dollars, seasonally adjusted, except as noted 1989 ................................... 527,039 815,455 143,760 187,009 1990 ................................... 545,909 840,622 149,506 195,769 1991 ................................... 542,815 834,595 148,306 200,389 1992 ................................... 567,176 842,843 154,150 208,242 1993 ................................... 595,015 869,367 161,560 216,919 1994 ................................... 637,695 932,267 172,870 235,328 1995 ................................... 682,501 991,655 188,837 253,556 1996 ................................... 714,837 1,009,647 200,115 256,442 1997 ................................... 749,645 1,053,078 208,342 273,298 1998 p ................................. ................ .................. ................ ................ 1997: Nov r ....................... Dec ......................... 756,422 208,934 209,816 54,763 55,736 54,165 58,634 64,996 73,509 78,311 84,044 88,186 94,391 91,818 237,234 121,347 115,887 1.52 1.58 97,981 239,780 121,159 118,621 1.52 1.56 100,497 243,256 119,100 124,156 1.53 1.54 103,999 252,091 123,116 128,975 1.48 1.52 107,824 268,409 134,600 133,809 1.44 1.51 112,314 292,062 152,004 140,058 1.41 1.51 115,798 307,114 163,421 143,693 1.43 1.56 121,055 316,476 168,891 147,585 1.40 1.52 125,665 323,647 174,430 149,217 1.38 1.50 130,283 ................ ................ ................ ................ ................ 271,168 273,298 216,084 89,490 126,594 r 216,864 r 90,753 r 126,111 1998: Jan ......................... 761,165 1,055,034 210,224 272,130 Feb ......................... 768,061 1,062,460 211,312 275,750 Mar ......................... 773,877 1,068,754 213,781 277,624 Apr ......................... 772,160 1,070,555 213,900 275,933 May ........................ 772,405 1,070,022 213,413 277,699 June ....................... 774,639 1,070,515 213,904 277,518 July ........................ 773,762 1,070,875 214,229 277,466 Aug ........................ 772,454 1,074,870 211,713 280,591 Sept ....................... 779,478 1,080,866 213,856 284,128 Oct r ........................ 781,447 1,083,366 213,429 283,776 p Nov ....................... 784,914 1,087,497 214,145 285,365 p Dec ....................... ................ .................. ................ ................ 219,004 220,866 221,105 222,707 225,370 225,625 224,153 224,296 225,141 227,885 r229,346 231,351 92,060 92,778 92,607 93,460 95,187 95,284 93,235 93,309 94,066 96,036 r96,676 98,440 126,944 324,707 173,673 151,034 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 1.46 131,849 328,559 174,686 153,873 1.39 1.44 r132,670 331,132 177,137 153,995 1.39 1.44 132,911 ................ ................ ................ ................ ................ r 763,104 1,050,726 1,053,078 146,581 153,718 154,661 162,632 172,820 185,823 194,109 205,100 213,851 224,675 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 20 321,792 323,647 173,330 174,430 148,462 149,217 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 1.39 1.38 1.49 1.49 MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In December, manufacturers’ shipments and new orders rose, while inventories and unfilled orders fell. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital Nondurable goods goods industries, nondefense Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1989 .................................... 1990 .................................... 1991 .................................... 1992 .................................... 1993 .................................... 1994 .................................... 1995 ..................................... 1996 ..................................... 1997 ..................................... 1998 p ................................... 1997: Dec ........................... 1998: Jan ........................... Feb ........................... Mar ........................... Apr ........................... May .......................... June ......................... July .......................... Aug .......................... Sept ......................... Oct r .......................... Nov r ......................... Dec p ......................... 236,698 242,686 239,847 250,394 260,635 279,002 299,555 309,622 327,452 337,717 336,424 331,937 335,883 338,991 335,553 333,622 335,110 335,380 336,445 340,481 340,133 341,423 344,496 123,158 123,776 121,000 128,489 135,886 149,131 160,586 167,013 179,892 189,672 186,007 182,303 187,298 189,998 186,843 185,789 186,536 186,907 188,789 192,842 193,818 194,823 195,753 113,540 118,910 118,847 121,905 124,749 129,870 138,970 142,608 147,560 148,045 150,417 149,634 148,585 148,993 148,710 147,833 148,574 148,473 147,656 147,639 146,315 146,600 148,743 391,212 405,073 390,950 382,510 384,039 404,877 430,985 436,729 456,133 466,900 456,133 458,197 461,178 461,948 464,668 465,729 466,701 467,636 468,445 468,552 471,031 471,000 466,900 257,513 263,209 250,019 238,105 239,334 253,624 268,353 273,815 286,372 295,308 286,372 288,086 290,153 290,887 293,393 294,375 295,143 295,669 296,913 296,757 298,561 297,981 295,308 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 133,699 141,864 140,931 144,405 144,705 151,253 162,632 162,914 169,761 171,592 169,761 170,111 171,025 171,061 171,275 171,354 171,558 171,967 171,532 171,795 172,470 173,019 171,592 239,572 244,507 238,805 248,212 257,698 279,733 300,632 312,442 329,335 336,181 334,974 336,432 334,446 334,712 337,502 330,233 331,188 334,821 337,815 340,388 334,663 335,930 343,529 126,055 125,583 119,849 126,308 133,081 149,542 161,782 169,711 181,726 188,312 184,635 187,048 186,033 185,963 188,921 182,777 182,986 186,617 190,304 192,783 188,523 189,193 195,011 32,988 33,331 30,471 31,524 31,694 35,697 40,511 44,631 48,165 51,744 47,027 52,302 50,436 50,502 51,240 50,834 51,053 50,763 55,371 53,540 50,138 50,675 52,513 113,516 118,924 118,957 121,905 124,617 130,191 138,851 142,730 147,610 147,869 150,339 149,384 148,413 148,749 148,581 147,456 148,202 148,204 147,511 147,605 146,140 146,737 148,518 508,849 531,131 519,199 492,893 457,810 466,699 479,674 513,062 536,131 518,336 536,131 540,626 539,189 534,910 536,859 533,470 529,548 528,989 530,359 530,266 524,796 519,303 518,336 1.63 1.65 1.65 1.54 1.47 1.41 1.41 1.40 1.37 1.38 1.36 1.38 1.37 1.36 1.38 1.40 1.39 1.39 1.39 1.38 1.38 1.38 1.36 3 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods rose 0.4 percent in December. Prices of finished consumer foods fell 0.1 percent, while prices of other finished consumer goods rose 0.8 percent. Capital equipment prices fell 0.1 percent. [1982=100; monthly data seasonally adjusted] Finished goods Finished goods excluding consumer foods Period 1989 ............................. 1990 ............................. 1991 ............................. 1992 ............................. 1993 ............................. 1994 ............................. 1995 ............................. 1996 ............................. 1997 ............................. 1998 p ........................... 1997: Dec ................... 1998: Jan ................... Feb .................... Mar ................... Apr ................... May .................. June ................. July .................. Aug r ................. Sept .................. Oct .................... Nov ................... Dec .................... Total finished goods Consumer foods 113.6 119.2 121.7 123.2 124.7 125.5 127.9 131.3 131.8 130.6 131.4 130.6 130.5 130.4 130.6 130.7 130.5 130.7 130.3 130.6 130.9 130.7 131.2 118.7 124.4 124.1 123.3 125.7 126.8 129.0 133.6 134.5 134.3 134.3 133.8 134.1 133.7 134.4 133.9 134.0 134.6 134.3 134.6 135.1 134.4 134.2 Consumer goods Total Total 111.8 117.4 120.9 123.1 124.4 125.1 127.5 130.5 130.9 129.5 130.4 129.6 129.3 129.3 129.4 129.6 129.3 129.5 129.0 129.3 129.6 129.5 130.1 108.9 115.3 118.7 120.8 121.7 121.6 124.0 127.6 128.2 126.4 127.7 126.5 126.1 126.1 126.4 126.7 126.3 126.5 125.9 126.2 126.6 126.4 127.4 1 Intermediate materials for food manufacturing and feeds. NOTE.—Beginning 1998, indexes are based on updated weight allocations. 22 Durable 117.6 120.4 123.9 125.7 128.0 130.9 132.7 134.2 133.7 132.8 132.9 132.8 132.9 132.8 132.8 132.4 132.0 132.6 132.3 133.2 133.3 133.5 133.3 Nondurable 103.8 111.5 115.0 117.3 117.6 116.2 118.8 123.3 124.3 122.2 124.0 122.3 121.7 121.7 122.1 122.8 122.4 122.4 121.6 121.8 122.2 121.9 123.3 Capital equipment 118.8 122.9 126.7 129.1 131.4 134.1 136.7 138.3 138.2 137.5 137.7 137.6 137.6 137.7 137.6 137.4 137.3 137.4 137.2 137.6 137.6 137.7 137.6 Total finished consumer goods 112.1 118.2 120.5 121.7 123.0 123.3 125.6 129.5 130.2 128.9 129.8 128.8 128.6 128.5 128.9 129.0 128.8 129.1 128.5 128.9 129.3 128.9 129.5 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 112.0 114.5 114.4 114.7 116.2 118.5 124.9 125.7 125.6 123.0 125.3 124.5 124.1 123.6 123.7 123.6 123.2 123.2 122.8 122.5 122.3 122.0 121.3 113.8 113.3 111.1 110.7 112.7 114.8 114.8 128.1 125.4 116.1 123.5 119.1 118.8 117.0 116.0 116.4 115.8 116.3 115.9 114.4 114.2 114.9 114.1 111.9 114.5 114.6 114.9 116.4 118.7 125.5 125.6 125.7 123.5 125.4 124.8 124.4 124.0 124.1 124.0 123.6 123.6 123.2 123.0 122.7 122.4 121.7 103.1 108.9 101.2 100.4 102.4 101.8 102.7 113.8 111.1 96.7 108.6 102.3 100.4 99.2 100.5 100.1 97.5 97.6 93.7 92.5 94.1 92.8 89.3 111.2 113.1 105.5 105.1 108.4 106.5 105.8 121.5 112.2 103.8 110.6 106.8 106.1 106.4 106.6 105.6 106.2 102.5 101.7 99.6 103.6 101.6 98.1 93.4 101.5 94.6 93.5 94.7 94.8 96.8 104.5 106.4 88.3 103.4 95.4 92.8 90.7 92.6 92.7 88.0 90.6 84.8 84.2 84.2 83.3 80.0 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In December, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted; it fell 0.1 percent not seasonally adjusted. The index was 1.6 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation Shelter Period Rel. imp.3 ................................ 1989 ........................................ 1990 ........................................ 1991 ........................................ 1992 ........................................ 1993 ........................................ 1994 ........................................ 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 ........................................ 1997: Dec .............................. 1998: Jan .............................. Feb .............................. Mar .............................. Apr .............................. May ............................. June ............................ July ............................. Aug .............................. Sept ............................. Oct ............................... Nov .............................. Dec .............................. Not season- Seasonally ally adjust- adjusted ed (NSA) 100.0 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 161.3 161.6 161.9 162.2 162.5 162.8 163.0 163.2 163.4 163.6 164.0 164.0 163.9 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 161.9 161.9 162.0 162.0 162.4 162.9 163.0 163.3 163.6 163.6 164.0 164.3 164.5 Total 1 Rent of primary residence Owners’ equivalent rent (12/82 =100) 29.8 132.8 140.0 146.3 151.2 155.7 160.5 165.7 171.0 176.3 182.1 178.7 179.0 179.5 179.9 180.6 181.3 181.6 181.9 182.4 183.3 183.7 184.2 184.6 6.9 132.8 138.4 143.3 146.9 150.3 154.0 157.8 162.0 166.7 172.1 169.1 169.5 169.7 170.3 170.7 171.3 171.8 172.2 172.8 173.4 173.9 174.3 174.9 20.2 137.4 144.8 150.4 155.5 160.5 165.8 171.3 176.8 181.9 187.8 184.5 184.9 185.5 185.9 186.6 187.2 187.6 188.1 188.5 189.0 189.6 189.9 190.5 Food Total 1 15.3 125.1 132.4 136.3 137.9 140.9 144.3 148.4 153.3 157.3 160.7 158.9 159.4 159.4 159.4 159.5 160.4 160.6 161.0 161.4 161.4 162.3 162.5 162.5 39.6 123.0 128.5 133.6 137.5 141.2 144.8 148.5 152.8 156.8 160.4 158.3 158.4 158.6 158.9 159.5 159.9 160.1 160.4 160.6 161.0 161.3 161.8 162.0 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 3 Relative importance, December 1997. Fuels and utilities 4.9 107.8 111.6 115.3 117.8 121.3 122.8 123.7 127.5 130.8 128.5 130.7 129.1 127.9 128.3 128.7 128.8 128.3 128.3 127.8 127.0 126.8 127.6 127.3 Apparel 4.9 118.6 124.1 128.7 131.9 133.7 133.4 132.0 131.7 132.9 133.0 133.2 132.5 132.7 132.5 132.4 132.9 133.2 132.8 134.2 133.2 133.3 133.3 132.2 Total 1 New cars 17.6 ............ 114.1 119.2 120.5 121.0 123.8 125.3 126.5 128.4 130.4 131.5 134.3 136.0 139.1 139.0 143.0 141.4 144.3 141.7 141.6 140.7 143.5 140.7 143.0 140.8 142.4 140.8 141.7 140.8 141.5 140.9 141.7 140.4 141.3 140.1 141.7 140.8 141.7 141.3 141.1 141.0 141.5 140.6 141.5 140.4 140.9 140.6 Motor fuel 3.0 88.5 101.2 99.4 99.0 98.0 98.5 100.0 106.3 106.2 92.2 103.5 99.7 96.4 93.0 92.2 93.0 92.1 92.1 90.6 88.8 91.1 90.2 87.5 Medical care 5.6 149.3 162.8 177.0 190.1 201.4 211.0 220.5 228.2 234.6 242.1 237.9 238.2 238.9 239.6 240.6 241.4 242.3 242.8 243.7 244.4 244.9 245.3 246.0 Energy 2 7.0 94.3 102.1 102.5 103.0 104.2 104.6 105.2 110.1 111.5 102.9 109.3 106.7 104.3 103.0 102.9 103.2 102.5 102.5 101.5 100.2 101.1 101.1 99.7 All items less food and energy 77.7 129.0 135.5 142.1 147.3 152.2 156.5 161.2 165.6 169.5 173.4 171.4 171.7 172.2 172.4 172.9 173.3 173.5 173.8 174.2 174.5 174.8 175.1 175.6 NOTE.—See Bureau of Labor Statistics news release Consumer Price Index dated February 24, 1998, for details on recent changes in CPI structure and weights. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Foods Change from year earlier, total finished goods NSA Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 3.6 3.8 3.4 2.5 1.7 1.8 2.0 2.2 .4 ¥.6 ¥.1 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 2.5 5.2 4.9 2.1 1.2 1.2 .6 1.9 2.7 .4 ¥.9 0.3 ¥0.7 ¥1.2 ¥1.1 ¥2.2 ¥3.4 ¥2.8 ¥2.0 ¥2.2 0 ¥.3 .2 .3 ¥.5 1.7 ¥.7 ¥.7 ¥1.0 ¥.6 ¥.7 ¥.6 ¥.3 ¥.6 ¥.1 0 .4 .4 ¥1.7 ¥1.5 ¥1.5 ¥.9 ¥.8 ¥.7 ¥.2 ¥.8 ¥.9 ¥.7 ¥.7 ¥.1 Change, Dec. to Dec., NSA 1988 .......................... 1989 .......................... 1990 .......................... 1991 .......................... 1992 .......................... 1993 .......................... 1994 .......................... 1995 .......................... 1996 .......................... 1997 .......................... 1998 p ........................ 4.0 4.9 5.7 ¥.1 1.6 .2 1.7 2.3 2.8 ¥1.2 ¥.1 5.7 5.2 2.6 ¥1.5 1.6 2.4 1.1 1.9 3.4 ¥.8 ¥.1 3.1 5.3 8.7 ¥.7 1.6 ¥1.4 2.0 2.3 3.7 ¥1.5 ¥.2 Change, month to month 1997: Dec ................ ¥0.2 0 ¥0.2 ¥0.1 ¥1.2 1.5 ¥1.9 ¥2.0 0 0 1998: Jan ................. Feb ................. Mar ................ Apr ................ May ............... June .............. July ............... Aug r .............. Sept ............... Oct ................. Nov ................ Dec ................. ¥.6 ¥.1 ¥.1 .2 .1 ¥.2 .2 ¥.3 r.2 .2 ¥.2 .4 ¥.4 .2 ¥.3 .5 ¥.4 .1 .4 ¥.2 r.2 .4 ¥.5 ¥.1 ¥.9 ¥.3 0 .2 .2 ¥.3 .2 ¥.5 r.2 .3 ¥.2 .8 ¥.1 0 .1 ¥.1 ¥.1 ¥.1 .1 ¥.1 r.3 0 .1 ¥.1 ¥3.6 ¥3.3 ¥3.0 0 .6 .3 .3 ¥1.2 .3 .6 r1.2 1.9 ¥2.6 ¥.6 ¥1.8 1.8 ¥.6 .9 .6 1.2 1.8 1.5 r .3 ¥1.2 ¥5.2 ¥5.8 ¥4.9 ¥.3 1.9 .6 .3 ¥2.5 ¥.3 .3 r1.6 3.9 ¥1.2 ¥.9 0 0 ¥.6 ¥1.2 ¥.6 ¥.6 .9 .6 r 1.5 0 ¥.8 ¥1.2 ¥2.1 ¥1.8 ¥1.4 ¥1.4 .2 ¥.3 .3 .5 0 1.1 ¥.1 .4 ¥.1 ¥.4 ¥.6 ¥.4 1.2 .3 1.4 1.0 .7 .3 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation Shelter Period All items 1 Food Total 1 Rent of primary residence 4.5 4.9 5.2 3.9 2.9 3.0 3.0 3.5 2.9 3.4 3.3 3.6 4.2 4.1 2.9 2.3 2.2 2.5 2.5 2.8 3.1 3.4 Total 1 Owners’ equivalent rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From From From 3 6 year months months earlier earlier earlier NSA Change, December to December, NSA 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. ............................. 4.4 4.6 6.1 3.1 2.9 2.7 2.7 2.5 3.3 1.7 1.6 5.2 5.6 5.3 1.9 1.5 2.9 2.9 2.1 4.3 1.5 2.3 4.0 3.9 4.5 3.4 2.6 2.7 2.2 3.0 2.9 2.4 2.3 4.8 2.9 4.7 3.0 2.1 ¥2.1 5.1 3.2 1.0 4.0 2.3 6.8 4.8 4.0 5.1 10.4 1.4 36.5 3.7 2.9 3.4 ¥1.5 3.3 ¥16.0 3.0 2.3 1.4 3.0 2.3 1.8 3.2 2.5 .9 2.4 2.8 ¥5.4 3.3 .2 ¥1.6 3.8 3.2 5.9 3.7 1.4 .1 1.5 1.6 ¥4.0 2.8 4.6 ¥.2 4.4 1.6 12.7 3.1 .5 1.0 ¥1.4 ¥1.0 ¥6.2 3.2 ¥2.6 ¥.7 ¥1.7 ¥.1 ¥15.4 6.9 8.5 9.6 7.9 6.6 5.4 4.9 3.9 3.0 2.8 3.4 0.5 5.1 18.1 ¥7.4 2.0 ¥1.4 2.2 ¥1.3 8.6 ¥3.4 ¥8.8 4.7 4.4 5.2 4.4 3.3 3.2 2.6 3.0 2.6 2.2 2.4 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ¥1.5 0.3 ¥1.8 ¥3.7 ¥3.3 ¥3.5 ¥.9 .9 ¥1.0 0 ¥1.6 ¥2.0 2.6 ¥1.0 ¥3.0 .1 .3 .3 .4 .3 .4 .2 .4 .3 .2 .2 .3 ¥2.4 ¥2.2 ¥1.2 ¥.1 .3 ¥.7 0 ¥1.0 ¥1.3 .9 0 ¥1.4 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 4.1 4.8 5.4 4.2 3.0 3.0 2.6 2.8 3.0 2.3 1.6 0.2 2.3 1.5 1.9 1.7 .2 .3 .1 .3 .2 .1 .2 .2 .2 .2 .2 .3 .......... .......... .5 .......... .......... 2.0 .......... .......... 1.7 .......... .......... 2.0 .7 .5 .2 1.2 2.2 2.5 2.2 1.7 1.5 1.7 1.7 2.2 1.6 1.4 .9 1.0 1.4 1.4 1.7 2.0 2.0 2.0 1.7 1.8 1.6 1.4 1.4 1.4 1.7 1.7 1.7 1.6 1.5 1.5 1.5 1.6 Change, month to month 1997: Dec .................. 0.1 1998: Jan ................... Feb ................... Mar .................. Apr ................... May .................. June ................. July .................. Aug ................... Sept .................. Oct ................... Nov ................... Dec ................... 0 .1 0 .2 .3 .1 .2 .2 0 .2 .2 .1 0 .3 0 0 .1 .6 .1 .2 .2 0 .6 .1 0 0.1 0.4 0.3 0.3 ¥1.1 .1 .1 .2 .4 .3 .1 .2 .1 .2 .2 .3 .1 .2 .3 .2 .4 .4 .2 .2 .3 .5 .2 .3 .2 .2 .1 .4 .2 .4 .3 .2 .3 .3 .3 .2 .3 .2 ¥1.2 .3 ¥.9 .2 .3 .4 .3 .3 .1 .2 ¥.4 .3 0 .2 ¥.4 .3 ¥.6 .3 ¥.2 .2 .6 .3 ¥.2 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 24 0.2 ¥0.3 ¥0.3 ¥.5 .2 ¥.2 ¥.1 .4 .2 ¥.3 1.1 ¥.7 .1 0 ¥.8 ¥.3 ¥.4 ¥.5 ¥.1 .1 ¥.3 .3 0 ¥.4 .3 0 ¥.4 3 Quarterly .1 0 0 .1 ¥.4 ¥.2 .5 .4 ¥.2 ¥.3 ¥.1 .1 changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In January, prices received by farmers fell 1.0 percent while prices paid by farmers rose 0.9 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 ................................ ................................ ................................ ................................ ................................ ................................ ................................ ................................ ............................... ................................ 104 104 100 98 101 100 102 112 107 101 109 103 101 101 102 105 112 r 127 r 116 107 100 105 99 97 100 95 92 99 98 96 96 99 100 101 104 106 109 114 117 115 97 99 100 101 103 106 108 114 117 114 95 99 100 101 104 106 108 114 117 112 108 105 99 97 97 94 94 98 91 88 1998: Jan ...................... Feb ...................... Mar ..................... Apr ...................... May ...................... June ..................... July ...................... Aug ..................... Sept ..................... Oct ....................... Nov ...................... Dec ...................... 103 101 102 104 103 102 102 101 99 99 100 99 110 109 111 115 113 107 r 107 104 101 100 102 100 94 94 95 95 95 98 96 98 97 98 97 97 117 117 116 116 116 115 115 114 113 114 114 113 117 116 115 115 115 114 113 113 111 112 112 112 116 115 114 114 114 113 112 111 110 110 110 110 88 86 88 90 89 89 89 89 88 87 88 88 1999: Jan ...................... 98 98 96 114 113 111 86 1 Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. NOTE.—The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In December, M2 and M3 growth slowed. [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] M1 M2 M3 Debt Sum of currency, demand deposits, travelers’ checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits M2 plus large time deposits, RPs, Eurodollars, and institutiononly MMMF balances Debt of domestic nonfinancial sectors (monthly average of adjacent month-end levels) 1 Dec r .................................................... Dec r .................................................... Dec r .................................................... Dec r .................................................... Dec r .................................................... Dec r .................................................... Dec r .................................................... Dec r .................................................... Dec r .................................................... Dec ...................................................... 792.6 824.6 896.7 1,024.4 1,129.3 1,149.7 1,126.7 1,081.3 1,074.9 1,093.0 3,159.9 3,279.1 3,379.8 3,434.0 3,487.4 3,502.0 3,649.1 3,823.9 4,046.6 4,412.9 4,091.0 4,155.6 4,208.6 4,220.0 4,279.7 4,353.9 4,618.5 4,955.6 5,404.6 6,013.1 10,157.0 10,823.2 11,296.1 11,818.2 12,407.3 12,998.7 13,695.6 14,424.1 15,167.2 ...................... 0.8 4.0 8.7 14.2 10.2 1.8 ¥2.0 ¥4.0 ¥.6 1.7 5.5 3.8 3.1 1.6 1.6 .4 4.2 4.8 5.8 9.1 4.0 1.6 1.3 .3 1.4 1.7 6.1 7.3 9.1 11.3 7.3 6.6 4.4 4.6 5.0 4.8 5.4 5.3 5.2 ............ 1998: Jan r .................................................... Feb r .................................................... Mar r .................................................... Apr r .................................................... May r ................................................... June r .................................................. July r ................................................... Aug r .................................................... Sept r ................................................... Oct r ..................................................... Nov r .................................................... Dec ...................................................... 1,073.8 1,076.0 1,080.6 1,082.1 1,078.2 1,077.8 1,075.4 1,072.2 1,074.7 1,080.4 1,088.8 1,093.0 4,071.4 4,100.9 4,126.2 4,155.2 4,174.7 4,198.5 4,217.2 4,245.7 4,292.3 4,335.7 4,375.2 4,412.9 5,449.6 5,485.1 5,543.8 5,589.2 5,631.2 5,674.0 5,695.2 5,753.6 5,819.2 5,884.5 5,954.7 6,013.1 15,240.8 15,321.5 15,404.4 15,482.4 15,555.0 15,628.0 15,709.6 15,789.7 15,868.2 15,953.2 16,041.4 ...................... 1.2 .7 3.0 3.8 2.0 .5 .3 ¥.7 ¥1.1 ¥.3 2.0 2.8 7.2 7.1 7.3 7.7 7.5 7.5 7.2 7.1 8.1 8.7 9.6 10.2 10.2 9.6 10.4 10.6 10.4 10.0 9.0 9.8 9.9 10.6 11.5 12.0 6.0 6.1 6.3 6.3 6.2 6.1 6.2 6.1 6.0 6.1 6.3 ............ Period 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 26 Percent change from year or 6 months earlier 2 M1 M2 M3 Debt NOTE.—See p. 27 for components. Data reflect annual benchmark, seasonal adjustment, and updated source data revisions. See Federal Reserve release H.6 (508) Money Stock Revisions dated February 4, 1999 for details. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period Currency Nonbank Demand travelers deposits checks Other checkable deposits (OCDs) Money market mutual fund balances Retail Savings deposits, including money market deposit accounts (MMDAs) Institution only Small denomination time deposits 1 Overnight and term Overnight Large repurdenomand term chase ination Euroagreetime dollars ments deposits 1 (net) (RPs) (net) Dec r ............................................. Dec r ............................................. Dec r ............................................. Dec r ............................................. Dec r ............................................. Dec r ............................................. Dec r ............................................. Dec r ............................................. Dec r ............................................. Dec .............................................. 222.6 247.0 267.5 292.5 322.0 354.2 372.3 394.1 424.5 459.2 6.1 7.0 7.1 7.5 7.3 7.8 8.3 8.0 7.7 7.8 278.7 276.9 289.7 340.0 385.4 383.6 389.4 403.0 396.5 377.3 285.1 293.7 332.5 384.4 414.6 404.1 356.7 276.2 246.2 248.7 322.3 358.0 373.1 354.7 357.0 385.8 455.5 522.8 602.3 763.1 111.1 139.6 187.7 210.5 212.5 204.7 255.9 313.3 379.9 516.2 893.7 923.2 1,044.4 1,186.7 1,219.1 1,150.0 1,135.1 1,272.3 1,400.2 1,605.0 1,151.4 1,173.4 1,065.7 868.2 782.1 816.5 931.7 947.5 969.3 951.8 541.5 482.1 417.6 354.5 334.5 364.5 421.1 493.2 576.1 634.7 169.1 151.5 131.1 141.6 172.6 196.4 198.7 211.3 252.8 295.0 109.4 103.3 92.3 79.5 72.7 86.1 93.7 113.9 149.2 154.3 1998: Jan r ............................................. Feb r ............................................. Mar r ............................................ Apr r ............................................. May r ............................................ June r ........................................... July r ............................................ Aug r ............................................ Sept r ............................................ Oct r ............................................. Nov r ............................................ Dec .............................................. 427.0 430.0 432.1 434.2 436.4 439.2 442.3 444.8 449.6 453.3 456.4 459.2 7.7 7.6 7.7 7.8 7.8 8.0 8.5 8.5 8.3 8.3 7.9 7.8 392.8 392.3 391.0 389.2 387.8 384.7 379.3 374.8 374.4 374.7 376.8 377.3 246.3 246.1 249.8 250.9 246.2 245.9 245.3 244.0 242.4 244.2 247.6 248.7 612.9 626.3 637.3 646.3 658.3 669.6 673.6 691.1 715.0 734.2 748.0 763.1 385.9 391.3 399.8 414.4 426.9 437.7 441.9 454.5 467.8 486.7 503.8 516.2 1,413.8 1,428.5 1,439.4 1,459.3 1,472.2 1,485.9 1,505.8 1,522.5 1,543.7 1,563.1 1,582.6 1,605.0 970.8 970.1 968.9 967.6 966.0 965.2 962.5 959.9 958.9 958.1 955.7 951.8 582.4 592.4 606.7 607.4 612.6 620.7 613.6 620.2 621.3 623.2 630.7 634.7 260.0 255.1 269.3 270.3 271.7 270.7 273.3 279.6 283.3 283.0 288.1 295.0 150.0 145.4 141.8 141.9 145.4 146.3 149.2 153.5 154.4 155.9 157.0 154.3 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. NOTE.—See Note, p. 26. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Period Total Nonborrowed Nonborrowed plus extended credit Required Monetary base ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................ ............................................................................. ............................................................................. r 40,501 r 40,236 r 40,256 41,464 45,343 54,234 60,442 r 59,197 56,141 r 49,928 46,345 44,788 r 41,486 45,535 54,358 60,524 r 59,406 56,399 50,083 46,669 44,905 45,344 54,235 60,442 r 59,197 56,141 r 49,928 46,345 44,788 39,581 40,125 44,556 53,202 59,461 58,238 55,121 48,660 44,986 43,321 r 267,692 r 41,789 1998: Jan ............................................................................ Feb ............................................................................ Mar ............................................................................ Apr ............................................................................ May ............................................................................ June ........................................................................... July ............................................................................ Aug ............................................................................. Sept ............................................................................ Oct ............................................................................. Nov r ........................................................................... Dec ............................................................................. 46,501 45,722 46,045 45,959 45,591 45,391 44,813 44,997 44,585 44,385 44,571 44,905 46,291 45,664 46,004 45,887 45,438 45,140 44,556 44,726 44,334 44,211 44,488 44,788 46,291 45,664 46,004 45,887 45,438 45,140 44,556 44,726 44,334 44,211 44,488 44,788 44,721 44,198 44,731 44,614 44,441 43,771 43,449 43,484 42,901 42,813 42,947 43,321 r 481,982 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Seasonal Extended credit 265 326 192 124 82 209 257 155 324 117 84 76 38 18 31 100 40 68 79 15 20 23 1 1 0 0 0 0 0 0 210 58 41 72 153 251 258 271 251 174 84 117 18 12 22 41 94 159 215 242 178 107 37 15 0 0 0 0 0 0 0 0 0 0 0 0 Total r 293,312 r 317,587 r 350,676 r 386,325 r 417,976 r 434,032 r 451,603 r 479,385 512,994 r 483,292 r 485,423 r 487,686 r 489,980 r 492,397 r 494,617 r 498,169 r 502,238 r 505,765 509,486 512,994 Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.4 percent in December; commercial and industrial loans fell 0.2 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1998: Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec ..................... Dec r ................... Dec ..................... Jan r ................... Feb r .................. Mar r .................. Apr r .................. May r ................. June r ................ July r ................. Aug r .................. Sept r ................. Oct r ................... Nov r .................. Dec .................... Total bank credit 2,609.5 2,754.7 2,859.3 2,956.7 3,115.4 3,320.3 3,604.9 3,752.7 4,095.0 4,549.0 4,155.3 4,185.0 4,223.5 4,221.3 4,250.6 4,263.7 4,280.5 4,341.6 4,398.9 4,488.2 4,527.9 4,549.0 Total securities 584.4 634.1 745.9 841.4 915.2 940.8 986.1 971.2 1,081.9 1,235.8 1,110.4 1,112.9 1,129.8 1,109.9 1,126.1 1,121.6 1,130.4 1,156.5 1,177.1 1,217.7 1,226.6 1,235.8 Loans and leases in bank credit U.S. Total loans CommerGovernOther and cial and ment securities leases 2 industrial securities 400.2 456.0 566.0 664.2 730.1 721.9 702.9 697.3 747.3 792.8 762.9 769.7 780.8 764.9 772.1 756.9 760.7 771.2 767.4 774.2 790.6 792.8 184.3 178.1 179.9 177.2 185.2 218.9 283.2 273.9 334.6 443.0 347.5 343.2 348.9 345.0 354.0 364.7 369.8 385.3 409.7 443.5 435.9 443.0 2,025.1 2,120.6 2,113.3 2,115.3 2,200.1 2,379.6 2,618.7 2,781.6 3,013.1 3,313.1 3,045.0 3,072.2 3,093.7 3,111.4 3,124.5 3,142.1 3,150.1 3,185.1 3,221.9 3,270.4 3,301.3 3,313.1 1 Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 28 638.8 641.2 619.8 596.2 586.4 646.0 718.0 783.4 853.9 945.2 864.2 872.8 875.2 873.5 878.5 886.9 897.8 906.4 918.6 939.1 947.2 945.2 Real estate Total 769.3 855.4 880.0 901.1 941.4 1,003.4 1,081.0 1,131.8 1,230.7 1,322.5 1,234.2 1,249.1 1,261.6 1,269.7 1,274.2 1,274.6 1,271.8 1,281.1 1,283.4 1,287.5 1,308.9 1,322.5 Revolving home equity 50.3 62.4 69.7 73.5 73.1 75.3 79.1 84.8 97.7 97.2 98.0 98.1 98.3 98.4 98.0 97.8 97.5 97.6 97.9 96.9 97.3 97.2 Consumer Security Other Other 718.9 793.0 810.3 827.6 868.3 928.1 1,001.9 1,047.0 1,133.0 1,225.4 1,136.2 1,151.0 1,163.3 1,171.3 1,176.2 1,176.8 1,174.2 1,183.5 1,185.5 1,190.5 1,211.6 1,225.4 378.4 383.9 366.9 359.2 391.1 451.9 495.3 515.9 506.5 501.8 503.5 501.6 501.8 505.4 506.1 503.1 496.0 494.5 497.4 496.8 498.8 501.8 41.8 45.6 55.0 65.2 89.6 78.8 85.7 77.9 97.6 151.4 117.6 119.3 118.7 117.9 123.1 130.2 131.9 137.7 142.9 158.9 152.5 151.4 196.8 194.5 191.7 193.6 191.6 199.4 238.7 272.5 324.4 392.2 325.6 329.3 336.4 344.9 342.6 347.3 352.5 365.3 379.6 388.2 393.9 392.2 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Period Credit market funds Total Internal 1 Total Total Total 1988 ......................... 1989 ......................... 1990 ......................... 1991 ......................... 1992 ......................... 1993 ......................... 1994 ......................... 1995 ......................... 1996 .......................... 1997 .......................... 1996: I ..................... II ................... III .................. IV .................. 1997: I ..................... II ................... III .................. IV .................. 1998: I ..................... II ................... III p ............... 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 mortgages 102.7 51.8 52.5 ¥33.3 74.1 73.4 98.4 178.5 107.2 150.6 77.4 183.0 102.8 65.7 116.0 114.5 167.5 204.2 192.2 225.8 182.9 9.6 ¥40.6 ¥15.4 83.7 84.0 98.4 7.6 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 1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed capital, foreign earnings retained abroad, and inventory valuation adjustment. 2 Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S. Loans and short-term paper 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 Other 2 340.9 295.5 131.0 100.4 87.3 144.5 143.3 212.4 261.8 204.6 346.8 117.3 238.5 344.5 349.6 120.2 259.0 89.3 410.1 203.8 223.0 Capital expenditures 3 719.1 581.8 519.3 459.3 537.8 786.9 796.7 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 Increase in financial assets 364.6 394.2 387.8 370.2 385.4 444.9 513.4 567.0 600.4 682.7 563.4 579.0 621.6 637.8 648.8 708.2 678.8 695.3 747.8 705.0 733.8 Discrepancy (sources less uses) 354.5 187.6 131.5 89.1 152.4 342.0 283.3 433.5 398.3 342.6 450.5 379.0 372.3 391.4 483.4 191.0 391.9 304.2 490.6 370.5 346.4 134.9 165.2 77.0 33.6 64.7 ¥84.2 ¥5.0 ¥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 Plant and equipment, residential structures, inventory investment, and access rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Net change in consumer credit outstanding 1 Consumer credit outstanding (end of period) Period Total 1989: 1990: 1991: 1992: 1993: 1994: 1995: 1996: 1997: 1998: 1998: Dec 3 .................................. Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Dec .................................... Jan .................................... Feb .................................... Mar ................................... Apr .................................... May ................................... June .................................. July r .................................. Aug r .................................. Sept r ................................. Oct r ................................... Nov ................................... Dec .................................... 779.0 789.3 777.2 779.9 839.1 960.7 1,095.7 1,181.9 1,233.1 1,308.4 1,235.5 1,240.5 1,247.4 1,251.9 1,254.3 1,263.7 1,269.8 1,277.4 1,285.3 1,297.2 1,301.1 1,308.4 Automobile Other 2 Revolving 290.8 283.5 263.4 262.7 288.1 327.9 364.2 392.3 413.4 447.2 415.3 416.7 419.8 421.2 422.6 425.5 428.1 432.2 435.0 437.0 441.3 447.2 1 For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus noninstallment credit. 3 Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months. 211.2 238.6 263.7 278.2 310.0 365.6 443.2 499.5 531.1 558.6 533.0 535.3 539.4 541.8 541.2 545.3 543.6 548.7 552.5 557.1 556.4 558.6 4 Because 277.0 267.2 250.1 239.1 241.1 267.2 288.3 290.1 288.6 302.6 287.1 288.4 288.2 288.8 290.5 292.8 298.1 296.4 297.9 303.1 303.4 302.6 Total ( 4) 10.3 ¥12.1 2.7 59.2 121.6 135.0 86.2 51.2 75.3 2.4 5.0 6.9 4.5 2.4 9.4 6.1 7.6 7.9 11.9 3.9 7.3 Automobile ( 4) ¥7.3 ¥20.1 ¥.7 25.4 39.8 36.3 28.1 21.1 33.8 1.9 1.4 3.1 1.4 1.4 2.9 2.6 4.1 2.8 2.0 4.3 5.9 Revolving ( 4) 27.4 25.1 14.5 31.8 55.6 77.6 56.3 31.6 27.5 1.9 2.3 4.1 2.4 ¥.6 4.1 ¥1.7 5.1 3.8 4.6 ¥.7 2.2 Other 2 (4) ¥9.8 ¥17.1 ¥11.0 2.0 26.1 21.1 1.8 ¥1.5 14.0 ¥1.5 1.3 ¥.2 .6 1.7 2.3 5.3 ¥1.7 1.5 5.2 .3 ¥.8 of breaks in series, net change not available. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Overall, interest rates rose in January. [Percent per annum] U.S. Treasury security yields Constant Period 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1998: ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... Jan .......... Feb .......... Mar ......... Apr .......... May ......... June ........ July ......... Aug ......... Sept ......... Oct .......... Nov .......... Dec r ........ 1999: Jan ......... Week ended: 1999: Jan 9 .... 16 .... 23 .... 30 .... Feb 6 .... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 r 7.24 30 Prime commercial paper, 6 months 1 8.12 7.51 5.42 3.45 3.02 4.29 5.51 5.02 5.07 4.81 5.09 5.11 5.03 5.00 5.03 4.99 4.96 4.94 4.74 4.08 4.44 4.42 4.34 8.55 8.26 6.82 5.30 4.44 6.27 6.25 5.99 6.10 5.14 5.38 5.43 5.57 5.58 5.61 5.52 5.47 5.24 4.62 4.18 4.57 4.48 4.61 8.49 8.55 7.86 7.01 5.87 7.09 6.57 6.44 6.35 5.26 5.54 5.57 5.65 5.64 5.65 5.50 5.46 5.34 4.81 4.53 4.83 4.65 4.72 8.45 8.61 8.14 7.67 6.59 7.37 6.88 6.71 6.61 5.58 5.81 5.89 5.95 5.92 5.93 5.70 5.68 5.54 5.20 5.01 5.25 5.06 5.16 7.25 6.89 r 6.41 r 5.63 6.19 5.95 5.75 r 5.55 5.12 5.07 5.16 5.30 5.33 5.21 5.13 5.18 5.13 4.98 4.90 5.06 5.00 5.04 9.26 9.32 8.77 8.14 7.22 7.96 7.59 7.37 r 7.26 6.53 6.61 6.67 r 6.71 6.69 6.69 6.53 6.55 6.52 6.40 6.37 6.41 6.22 6.24 4.38 4.39 4.28 4.31 4.40 4.63 4.61 4.62 4.58 4.75 4.76 4.75 4.70 4.67 4.84 5.20 5.17 5.14 5.12 5.26 5.06 5.05 5.06 4.98 5.00 6.28 6.26 6.22 6.19 6.32 basis. on the more actively traded issues adjusted to constant maturities by the Treasury Department. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; opening and closing rate for month and week. 5 Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates. 2 Yields Corporate Aaa bonds (Moody’s) Newhome mortgage yields (FHFB) 6 Discount rate (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 8.80 7.95 5.85 3.80 3.30 4.93 5.93 5.42 5.62 * * * * * * * * * * * * * * 6.93 6.98 5.45 3.25 3.00 3.60 5.21 5.02 5.00 4.92 5.00–5.00 5.00–5.00 5.00–5.00 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 4.50–4.50 10.87 10.01 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.35 8.50–8.50 8.50–8.50 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 7.75–7.75 9.21 8.10 5.69 3.52 3.02 4.21 5.83 5.30 5.46 5.35 5.56 5.51 5.49 5.45 5.49 5.56 5.54 5.55 5.51 5.07 4.83 4.68 4.63 10.13 10.05 9.32 8.24 7.20 7.49 7.87 7.80 7.71 7.07 7.27 7.24 7.17 7.19 7.18 7.16 7.13 7.09 6.98 6.85 6.80 6.94 .............. * * * * * 4.50–4.50 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 7.75–7.75 4.30 4.75 4.64 4.66 4.75 .............. .............. .............. .............. .............. Federal funds rate 5 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. *Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest Rates, May 12, 1997. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Stock prices rose in January. Common stock prices 1 Period Composite 1989 ............................................. 1990 ............................................. 1991 ............................................. 1992 ............................................. 1993 ............................................. 1994 ............................................. 1995 ............................................. 1996 ............................................. 1997 ............................................. 1998 ............................................. 1998: Jan .................................... Feb .................................... Mar .................................. Apr ................................... May ................................... June .................................. July ................................... Aug ................................... Sept ................................... Oct .................................... Nov ................................... Dec r .................................. 1999: Jan .................................... Week ended: 1999: Jan 9 .............................. 16 .............................. 23 .............................. 30 .............................. Feb 6 .............................. 1 Average Industrial Transportation 3 Dec. Utility 3 Finance Dow-Jones industrial average 4 Standard & Poor’s composite index (1941– 43=10) 5 Dividendprice ratio Earningsprice ratio 180.02 183.46 206.33 229.01 249.58 254.12 291.15 358.17 456.54 550.26 504.13 532.15 560.70 578.05 574.46 569.76 586.39 539.16 506.56 511.49 564.26 576.05 595.43 216.23 225.78 258.14 284.62 299.99 315.25 367.34 453.98 574.52 681.57 624.61 660.91 693.13 711.89 712.39 704.14 718.54 665.66 629.51 636.62 704.46 717.00 741.43 175.28 158.62 173.99 201.09 242.49 247.29 269.41 327.33 414.60 468.69 458.49 485.73 508.06 523.73 505.02 492.98 503.89 441.36 408.75 396.61 442.95 456.70 479.72 174.87 181.20 185.32 198.91 228.90 209.06 220.30 249.77 283.82 378.12 332.50 341.91 367.48 378.92 372.62 376.51 388.78 372.48 372.33 390.17 412.59 431.14 449.50 151.88 133.26 150.82 179.26 216.42 209.73 238.45 303.89 424.48 516.35 479.81 508.97 539.47 563.07 551.28 548.57 579.67 511.22 454.28 448.12 501.45 510.31 523.38 2,508.91 2,678.94 2,929.33 3,284.29 3,522.06 3,793.77 4,493.76 5,742.89 7,441.15 8,625.52 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 9,018.68 9,345.86 322.84 334.59 376.18 415.74 451.41 r 460.42 r 541.72 r 670.50 r 873.43 1,085.50 963.36 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 1,190.05 1,248.77 3.45 3.61 3.24 2.99 2.78 2.82 2.56 2.19 1.77 1.49 1.62 1.55 1.48 1.43 1.45 1.45 1.39 1.48 1.59 1.59 1.43 1.37 1.30 7.42 6.47 4.79 4.22 4.46 5.83 6.09 5.24 4.57 .................. .................. .................. 3.59 .................. .................. 3.44 .................. .................. 3.75 .................. .................. .................. .................. 605.06 592.76 590.68 592.29 593.70 753.13 738.29 733.30 739.36 745.18 494.43 480.34 469.78 472.34 487.52 451.98 442.06 456.81 448.61 439.36 535.28 524.15 517.78 515.19 511.95 9,444.30 9,381.12 9,268.97 9,273.66 9,319.07 1,258.01 1.238.65 1,242.24 1,254.89 1,258.99 1.27 1.31 1.29 1.31 1.29 .................. .................. .................. .................. .................. of daily closing prices. all the stocks (more than 3,000) listed on the NYSE. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling. 4 Includes 30 stocks. 2 Includes Common stock yields (percent) 6 New York Stock Exchange indexes (Dec. 31, 1965=50, except as noted) 2 5 Includes 500 stocks. & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor’s. 6 Standard 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 3 months of fiscal 1999, there was a deficit of $55.0 billion, compared with a deficit of $39.7 billion a year earlier. [Billions of dollars] Total Fiscal year or period 1982 .................................. 1983 .................................. 1984 .................................. 1985 .................................. 1986 .................................. 1987 .................................. 1988 .................................. 1989 .................................. 1990 .................................. 1991 .................................. 1992 .................................. 1993 .................................. 1994 .................................. 1995 .................................. 1996 .................................. 1997 r ................................ 1998 r ................................ 1999 (estimates) r ............. Cumulative total, first 3 months: 1 Fiscal year 1998 ....... Fiscal year 1999 ....... Receipts Outlays 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,806.3 745.8 808.4 851.9 946.4 990.5 1,004.1 1,064.5 1,143.7 1,253.2 1,324.4 1,381.7 1,409.4 1,461.7 1,515.7 1,560.5 1,601.2 1,652.6 1,727.1 386.4 412.6 426.1 467.6 On-budget Surplus or deficit (¥) Federal debt (end of period) Receipts Outlays Surplus or deficit (¥) ¥128.0 ¥207.8 ¥185.4 ¥212.3 ¥221.2 ¥149.8 ¥155.2 ¥152.5 ¥221.2 ¥269.4 ¥290.4 ¥255.0 ¥203.1 ¥163.9 ¥107.5 ¥21.9 69.2 79.3 474.3 453.2 500.4 547.9 569.0 641.0 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.3 1,306.0 1,362.3 594.4 661.3 686.1 769.6 807.0 810.3 861.8 932.8 1,028.1 1,082.7 1,129.3 1,142.8 1,182.4 1,227.1 1,259.6 1,290.6 1,335.9 1,404.0 ¥120.1 ¥208.0 ¥185.7 ¥221.7 ¥238.0 ¥169.3 ¥194.0 ¥205.2 ¥277.8 ¥321.6 ¥340.5 ¥300.4 ¥258.8 ¥226.3 ¥174.0 ¥103.3 ¥29.9 ¥41.7 143.5 147.3 166.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.0 151.4 147.1 165.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 323.1 ¥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 99.2 121.0 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 5,614.9 919.8 1,131.6 1,300.5 1,499.9 1,736.7 1,888.7 2,050.8 2,189.9 2,410.7 2,688.1 2,998.8 3,247.5 3,432.1 3,603.4 3,733.0 3,771.1 3,719.9 3,669.7 ¥39.7 ¥55.0 296.1 315.2 361.8 373.2 ¥65.7 ¥57.9 90.3 97.4 64.2 94.4 26.0 2.9 5,459.2 5,568.8 3,804.8 3,752.2 1 Data from current issue Monthly Treasury Statement. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2000, issued February 1, 1999. 32 Off-budget Receipts Outlays Surplus or deficit (¥) Gross Federal Sources: Department of the Treasury and Office of Management and Budget. Held by the public FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 3 months of fiscal 1999, receipts were $26.2 billion higher than a year earlier and outlays were $41.5 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total 1982 1983 1984 1985 1986 1987 1988 1989 Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... ...................................................... 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 297.7 288.9 298.4 334.5 349.0 392.6 401.2 445.7 49.2 37.0 56.9 61.3 63.1 83.9 94.5 103.3 201.5 209.0 239.4 265.2 283.9 303.3 334.3 359.4 69.3 745.8 65.6 808.4 71.8 851.9 73.1 946.4 73.2 990.5 74.6 1,004.1 79.3 1,064.5 82.8 1,143.7 1990 ...................................................... 1991 ...................................................... 1992 ...................................................... 1993 ...................................................... 1994 ...................................................... 1995 ...................................................... 1996 ...................................................... 1997 r .................................................... 1998 r .................................................... 1999 (estimates) r ................................. 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,806.3 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 868.9 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 182.2 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 608.8 91.5 93.1 101.4 98.9 113.7 120.1 115.4 120.2 132.7 146.4 Cumulative total, first 3 months: 1 Fiscal year 1998 ............................ Fiscal year 1999 ............................ 386.4 412.6 176.3 187.6 51.2 47.6 126.4 135.8 32.4 41.7 1 Data from current issue Monthly Treasury Statement NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2000, issued February 1, 1999. InterDepart- nationment of al Defense, affairs military Health Medicare Income Social security security Net interest Other 185.3 209.9 227.4 252.7 273.4 282.0 290.4 303.6 180.7 204.4 220.9 245.2 265.5 274.0 281.9 294.9 12.3 11.8 15.9 16.2 14.2 11.6 10.5 9.6 27.4 28.6 30.4 33.5 35.9 40.0 44.5 48.4 46.6 52.6 57.5 65.8 70.2 75.1 78.9 85.0 107.7 122.6 112.7 128.2 119.8 123.3 129.4 136.1 156.0 170.7 178.2 188.6 198.8 207.4 219.3 232.5 85.0 89.8 111.1 129.5 136.0 138.7 151.8 169.3 125.4 122.2 118.6 131.8 142.2 126.1 139.7 159.3 1,253.2 1,324.4 1,381.7 1,409.4 1,461.7 1,515.7 1,560.5 1,601.2 1,652.6 1,727.1 299.3 273.3 298.4 291.1 281.6 272.1 265.7 270.5 268.5 276.7 289.8 262.4 286.9 278.6 268.6 259.4 253.2 258.3 256.1 263.6 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.5 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 143.1 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 205.0 147.1 170.3 197.0 207.3 214.1 220.5 226.0 230.9 233.2 243.1 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 392.6 184.2 194.5 199.4 198.8 203.0 232.2 241.1 244.0 243.4 227.2 204.3 225.7 174.7 160.4 174.5 163.4 170.9 161.5 190.9 223.8 426.1 467.6 71.9 71.1 67.8 66.6 6.2 5.9 32.9 34.8 50.7 48.9 55.0 56.7 92.1 125.0 62.9 58.8 54.3 66.4 Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 1998, according to advance estimates, Federal current expenditures rose $31.4 billion (annual rate); receipts data are incomplete. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government receipts Period Total Federal Government current expenditures Contributions for social insurance Corporate profits tax accruals Indirect business tax and nontax accruals 476.9 109.8 490.8 118.6 522.6 138.3 562.3 156.7 606.1 179.3 687.0 193.0 769.1 210.0 857.8 ............ 79.7 81.9 86.9 98.7 92.5 94.5 93.8 96.2 482.6 507.1 527.3 557.1 582.4 610.2 647.0 685.5 Personal tax and nontax receipts Grantsin-aid to Net State interest and paid local governments Subsidies less current surplus of Government enterprises Consumption expenditures Transfer payments 1,345.0 1,479.4 1,525.7 1,561.4 1,634.7 1,695.0 1,741.0 1,769.8 445.9 451.0 447.3 443.2 442.8 450.9 460.4 461.1 522.2 625.1 659.9 683.0 720.3 764.2 791.9 816.5 153.4 172.2 185.8 199.2 212.0 218.9 225.0 231.2 192.7 195.8 192.7 200.0 224.8 228.4 231.2 226.6 30.8 35.1 40.1 35.9 34.8 32.7 32.5 34.3 Total Less: Wage accruals less disbursements Current surplus or deficit (¥), national income and product accounts Calendar year: 1991 .................................. 1992 .................................. 1993 ................................. 1994 ................................. 1995 ................................. 1996 ................................. 1997 ................................. 1998 p ............................... 1,149.0 1,198.5 1,275.1 1,374.8 1,460.3 1,584.7 1,719.9 .............. 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 ............................... III ............................. IV p ............................ 1,809.1 1,838.3 1,858.8 .............. 836.5 204.8 855.7 206.2 863.8 207.5 875.4 ............ 93.9 95.2 98.3 97.2 673.9 681.2 689.2 697.7 1,750.3 1,763.9 1,766.7 1,798.1 450.9 464.0 458.7 471.0 808.5 811.1 817.0 829.3 228.7 226.9 231.4 237.9 228.8 228.3 225.7 223.5 33.4 33.5 34.0 36.3 .0 58.8 .0 74.4 .0 92.0 .0 .................... Source: Department of Commerce, Bureau of Economic Analysis. 34 ¥0.1 ¥196.0 .0 ¥280.9 .0 ¥250.7 .0 ¥186.7 .0 ¥174.4 .0 ¥110.3 .0 ¥21.1 0 .................... INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (1992=100; seasonally adjusted) Period United States Canada Japan France Germany Italy Consumer prices (1982–84=100; NSA) United Kingdom United States 1 1989 .......................................... 1990 .......................................... 1991 .......................................... 1992 .......................................... 1993 .......................................... 1994 .......................................... 1995 .......................................... 1996 .......................................... 1997 .......................................... 1998 p ........................................ 99.1 106.8 99.9 100.9 r 95.0 103.0 103.4 98.9 103.2 104.2 102.4 r 100.0 102.2 103.1 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 r 92.4 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 r 102.5 102.3 r 97.2 107.2 110.7 126.8 124.2 106.1 r 106.1 100.5 r 110.1 111.6 131.4 .............. ............ ............ ............ .............. .............. 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 1997: Nov ................................ Dec ................................ 1998: Jan ................................ Feb ................................ Mar ................................ Apr ................................ May ............................... June .............................. July ............................... Aug ................................ Sept ............................... Oct ................................. Nov ................................ Dec p .............................. 129.9 125.8 102.1 107.8 102.0 111.9 r 111.1 130.3 126.5 104.1 109.8 103.1 111.8 111.3 130.3 r 124.2 106.4 108.9 104.3 112.8 111.1 130.2 r 126.8 102.6 109.7 r 104.3 111.7 111.0 130.7 r 128.2 100.3 111.2 105.7 110.6 r 111.8 131.3 r 127.1 98.9 110.6 r 104.5 110.4 r 113.1 131.9 r 126.7 97.2 111.4 r 105.6 113.2 111.9 130.6 r 126.6 98.8 111.7 104.5 110.7 113.3 130.5 r 124.5 97.8 111.5 r 108.3 111.7 113.4 132.4 r 127.3 96.7 111.5 107.6 109.9 112.9 131.9 r 127.1 99.8 r 110.7 r 104.5 111.8 112.2 r 132.6 126.9 r 98.6 111.5 105.8 r 113.2 112.2 r 132.5 127.9 96.6 112.7 103.4 111.5 112.0 132.8 .............. ............ ............ ............ .............. .............. 161.5 161.3 161.6 161.9 162.2 162.5 162.8 163.0 163.2 163.4 163.6 164.0 164.0 163.9 1 Data relate to all urban consumers. Canada Japan Germany France r 128.7 129.3 135.5 143.1 r 145.3 147.9 148.2 151.4 r 153.8 r 156.3 157.8 108.1 111.4 115.0 116.9 118.4 119.3 119.1 119.3 121.3 122.1 133.0 137.2 r 140.5 143.5 r 145.8 148.4 r 151.4 153.2 154.3 109.2 112.2 116.3 122.1 127.6 131.1 133.5 135.5 137.8 139.2 156.5 122.0 121.8 121.6 121.5 122.0 122.2 122.6 122.1 121.4 121.3 122.2 123.1 123.0 122.5 153.9 153.9 153.3 153.9 154.1 154.5 154.7 154.8 154.1 154.4 154.4 154.3 154.3 154.4 138.2 138.4 138.4 138.8 138.6 138.9 139.4 139.5 139.8 139.7 139.4 139.1 139.1 139.1 r 156.3 r 157.2 r 157.3 r 157.5 r 157.3 r 157.9 r 158.1 r 158.1 r 158.1 r 157.8 r 158.4 r 158.4 157.9 Italy United Kingdom 150.4 r 135.3 r 159.6 169.8 178.8 r 186.4 r 193.7 r 204.1 212.0 215.7 219.5 148.2 156.9 162.7 165.3 r 169.4 r 175.1 179.4 r 185.0 191.4 217.3 217.3 218.0 218.6 218.6 219.0 219.4 219.6 219.6 219.8 220.0 220.4 220.6 220.6 187.5 188.0 187.4 188.3 188.9 191.0 192.1 192.0 191.5 192.3 193.2 193.3 193.2 193.2 Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Economic Analysis). U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) 1 Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period 1988 ................... 1989 ................... 1990 ................... 1991 ................... 1992 ................... 1993 ................... 1994 ................... 1995 ................... 1996 ................... 1997 ................... 1997: Nov ......... Dec ......... 1998: Jan ......... Feb ......... Mar ........ Apr ......... May ........ June ....... July ........ Aug ......... Sept ........ Oct r ........ Nov p ....... 1 Includes 2 Total BOP basis 320.2 362.1 389.3 416.9 440.4 456.8 502.4 575.8 612.0 679.3 57.5 58.3 57.9 56.4 57.2 55.3 54.7 54.8 53.8 53.9 56.0 58.3 56.8 Auto- ConIndusmo- sumer Foods, trial Capital tive goods Total, feeds, supgoods vehi- (nonCensus and plies except cles, food) basis 2 bevand auto- parts except erages mate- motive and autorials enmogines tive 322.4 363.8 393.6 421.7 448.2 465.1 512.6 584.7 625.1 689.2 58.2 58.8 58.5 57.2 58.1 56.0 55.5 55.7 54.8 55.2 56.9 59.5 58.4 32.3 37.2 35.1 35.7 40.3 40.6 42.0 50.5 55.5 51.5 4.5 4.5 4.2 4.2 4.0 3.8 3.7 3.8 3.7 3.6 3.3 4.0 3.8 85.1 99.3 104.4 109.7 109.1 111.8 121.4 146.2 147.7 158.2 13.1 13.1 13.0 12.6 12.9 12.5 12.6 12.1 11.9 12.0 11.9 12.5 12.4 109.2 138.8 152.7 166.7 175.9 181.7 205.0 233.0 252.9 294.5 24.9 25.8 25.5 24.8 24.9 23.8 23.8 24.4 24.8 23.9 26.1 26.9 25.9 29.3 34.8 37.4 40.0 47.0 52.4 57.8 61.8 65.0 74.0 6.6 6.1 6.5 6.4 6.6 6.5 6.0 5.6 4.7 5.6 6.0 6.0 6.4 undocumented exports to Canada through 1988. includes ‘‘other’’ exports or imports, not shown separately. 23.1 36.4 43.3 45.9 51.4 54.7 60.0 64.4 70.1 77.4 6.5 6.4 6.6 6.4 6.6 6.6 6.6 6.9 6.7 6.7 6.7 6.8 6.5 BOP basis 447.2 477.4 498.3 491.0 536.5 589.4 668.6 749.6 803.3 877.3 74.1 75.3 75.0 74.5 77.7 76.7 77.3 75.3 74.9 76.6 76.8 78.5 78.7 IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 2 bevand auto- parts erages mate- motive and enrials gines 441.0 473.2 495.3 488.5 532.7 580.7 663.3 743.5 795.3 870.7 73.8 74.9 74.4 74.2 77.2 76.3 77.0 74.9 74.5 75.9 76.3 78.0 78.2 24.8 25.1 26.6 26.5 27.6 27.9 31.0 33.2 35.7 39.7 3.3 3.5 3.4 3.5 3.5 3.4 3.5 3.6 3.4 3.4 3.3 3.3 3.3 118.3 132.3 143.2 131.6 138.6 145.6 162.1 181.8 204.5 213.8 18.1 17.2 17.3 16.8 16.7 17.3 17.4 16.6 16.6 16.8 16.5 16.9 16.3 101.4 113.3 116.4 120.7 134.3 152.4 184.4 221.4 229.1 254.2 21.5 22.4 21.9 22.2 23.1 22.3 23.1 22.2 22.3 22.2 22.2 23.0 23.4 87.7 86.1 87.3 85.7 91.8 102.4 118.3 123.8 128.9 140.8 11.7 11.9 11.8 12.2 13.0 12.2 12.5 11.8 10.7 12.2 13.0 13.4 13.6 Consumer goods (nonfood) except automotive 95.9 102.9 105.7 108.0 122.7 134.0 146.3 159.9 171.0 192.9 16.8 17.3 17.2 16.9 18.2 18.3 17.9 18.2 18.3 18.0 18.0 18.2 18.3 Exports Imports Goods, Census basis Goods 111.1 127.2 147.9 164.3 177.0 186.4 201.4 219.8 238.8 258.3 21.6 21.4 21.8 21.5 21.8 22.4 21.9 21.5 21.2 21.1 21.5 21.9 21.8 100.0 104.2 120.0 121.2 119.6 125.7 136.2 146.0 156.0 170.5 14.6 14.7 14.6 15.0 14.8 15.1 15.0 15.1 15.1 15.1 15.0 15.3 15.4 ¥118.5 ¥109.4 ¥101.7 ¥66.7 ¥84.5 ¥115.6 ¥150.6 ¥158.8 ¥170.2 ¥181.5 ¥15.7 ¥16.0 ¥15.9 ¥17.1 ¥19.1 ¥20.4 ¥21.5 ¥19.3 ¥19.7 ¥20.7 ¥19.3 ¥18.4 ¥19.8 ¥127.0 ¥115.2 ¥109.0 ¥74.1 ¥96.1 ¥132.6 ¥166.2 ¥173.7 ¥191.3 ¥198.0 ¥16.6 ¥17.0 ¥17.1 ¥18.1 ¥20.5 ¥21.3 ¥22.6 ¥20.5 ¥21.0 ¥22.7 ¥20.8 ¥20.2 ¥21.9 Services 11.1 23.0 27.9 43.1 57.4 60.7 65.3 73.8 82.8 87.7 7.0 6.8 7.2 6.5 7.0 7.3 6.9 6.3 6.1 6.1 6.4 6.6 6.4 Goods and services ¥115.9 ¥92.2 ¥81.1 ¥30.9 ¥38.7 ¥71.9 ¥100.9 ¥99.9 ¥108.6 ¥110.2 ¥9.6 ¥10.2 ¥9.9 ¥11.6 ¥13.5 ¥14.0 ¥15.6 ¥14.2 ¥14.9 ¥16.7 ¥14.4 ¥13.6 ¥15.5 NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the 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. [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)] Goods 1 Imports Net balance Net military transactions 2 3 ¥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 ¥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 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 .......... II ........ III p ..... 1 Adjusted 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 Net 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 Investment income 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 from Census data for differences in timing and coverage; excludes military. under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 2 Transfers 36 Balance 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 3 Quarterly 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 Payments 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 Net Balance on goods, Unilateral services, transfers, and net 4 income 13,644 ¥102,212 ¥25,988 15,020 ¥77,177 ¥26,963 24,174 ¥56,955 ¥34,669 21,517 ¥9,414 5,032 22,541 ¥16,144 ¥35,230 23,948 ¥47,991 ¥38,142 16,479 ¥84,434 ¥39,391 19,275 ¥80,616 ¥34,638 14,236 ¥94,338 ¥40,577 ¥5,318 ¥115,524 ¥39,691 2,560 ¥19,940 ¥8,938 5,682 ¥12,947 ¥8,967 5,359 ¥17,742 ¥10,473 3,975 ¥24,229 ¥8,777 1,731 ¥31,347 ¥9,043 3,172 ¥21,019 ¥12,284 14 ¥28,116 ¥8,874 460 ¥26,055 ¥9,035 ¥1,544 ¥28,649 ¥9,445 ¥4,247 ¥32,706 ¥12,337 ¥2,248 ¥37,255 ¥9,480 ¥3,377 ¥47,248 ¥9,442 ¥5,460 ¥51,215 ¥10,084 data are not seasonally adjusted. transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. 4 Includes Balance on current account ¥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. [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, net [increase/capital outflow (¥)] 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 ...... II .... III p U.S. official reserve assets 3 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. Government assets 3 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/capital inflow (+)] 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 assets 3 246,065 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 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF. Other foreign assets Statistical discrepancy Allocations of special Total (sum Of which: drawing of the items Seasonal rights with sign adjustment (SDRs) 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, net 5 (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: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Output, Costs, and Profits ................................................................................................................................ National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 1999 54–458
@FedFRASER