Full text of Economic Indicators : June 1995
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I
JUL 31 1995
FEDERAL RESERVt
BANK OF CHICAGO
icators
(Includes data available as of July 7, 1995)
Prepared for the
JL
&/
Committee by the
&^
*/
: 1995
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
DAVID R. OBEY (Wisconsin)
LEE H. HAMILTON (Indiana)
KWEISI MFUME (Maryland)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAILY, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Efonomic 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
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For saie by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-047366-7
11
TOTAL OUTPUT, INCOME AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1995, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.7
percent (annual rate), real GDP (GDP in 1987 dollars) rose 2.7 percent, and the implicit price deflator rose 2.2
percent.
BILLIONS OF DOLLARS (RATIO SCALE]
BILLIONS OF DOLLARS (RATIO SCALE)
7,200
7,200
SfASONAUY ADJUSTED ANNUAL RATF5
/
6,800
/
6,400
6,800
/
6,400
X-"
6,000
6,000
^
5,600
GDP
INCUR RENT DOLLARS
\
5,200
s'
;>i
4,400
x
4,000
^-"
^
-
5,200
~~~ "
)s
4,800
5,600
^
,
f
,-"''
—
~ ~~.
4,800
Xft"
4,400
GDP
IN 987 DOLLARS
4,000
'^
S'
/
3,600
3,600
^
/
3,200
3,200
2,800
1
1
!
1982
I
!
1983
1
\
\
1984
\
i
i i
1985
1
1986
1987
1988
1989
I
!
1990
i i :
1991
i
i i
1992
SOURCE: DEPARTMENT OF COMMERCE
1993
i i i
i
1994
1995
i i
2,800
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
19821983:
198419851986:
198719881989:
199019911992:
1993:
1994:
..
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III
IV
I
II
in
rv
1995:
1
I'
Exports and imports of
Personal Gross
goods and services
conGross
private
domestic sumption domestic
Net
product expendi- investexports Exports Imports
tures
ment
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
6,738.4
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,796.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,689.9
6,791.7
6,897.2
6.977.4
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,902.4
4,136.9
4,378.2
4,628.4
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,955.7
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,586.4
4,657.5
4,734.8
4.782.1
717.6
749.3
793.6
832.3
808.9
744.8
788.3
882.0
1,032.9
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
756.8
822.0
853.8
869.7
882.2
922.5
966.6
1,034.4
1,055.1
1,075.6
1,107.8
-132.5
-143.1
-108.0
-79.7
-71.4
-19.9
-30.3
-65.3
-98.2
-29.5
-71.8
-107.1
-135.5
- 133.2
- 143.2
- 106.0
-73.9
-71.6
-13.7
-42.2
-49.6
-63.3
-77.0
-71.2
-86.7
-97.6
-109.6
-98.9
-111.1
GDI* less exports of goods and services plus imports of goods and services
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
718.7
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
649.2
646.8
660.1
649.0
680.3
674.2
704.5
730.5
765.5
778.8
451.7
507.1
552.2
587.7
628.5
620.9
668.4
724.3
816.9
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
637.5
691.4
696.4
723.5
726.0
751.4
760.9
802.1
840.1
864.4
889.9
Government purchases
Federal
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,097.4
1,125.3
1,148.4
1,175.3
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,097.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,166.7
1,188.8
1,185.8
1,198.7
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
437.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
National Nondefense defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
292.3
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
311.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
285.3
283.7
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
145.0
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
126.6
138.7
139.9
139.4
143.6
140.7
146.1
143.5
143.8
146.6
150.6
State
and
local
465.3
496.6
531.7
573.6
620.9
651.6
676.3
704.7
738.0
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
659.7
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.5
753.8
764.3
AddenFinal
Gross
dum:
sales of domestic Gross
domestic
national
product chases ' product
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
6,686.2
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,729.1
6,842.4
6,922.9
Source: Department of Commerce, Bureau of Economic Analysis.
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
6,836.6
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
6,211.4
6,285.5
6,363.3
.6,436.3
6,549.3
6,661.4
6,787.5
6,901.3
6,996.1
7,088.5
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
6,726.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,810.7
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,779.6
6,871.3
6,959.5
| Billions of 1987 dollars; quarterly daUl at seasonally adjusted annual rates)
Gross
domestic
product
Period
Personal
eonsumption
expenditures
1986
4,404.5
1987
1988
1989
1990
1991
1992
1993
1994
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
4,539.9 3,052.2
4,718.6 3,162.4
4,838.0 3,223.3
4,897.3 3,272.6
4,867.6 3,259.4
4,979 3 3,349.5
5,134.5 3,458.7
5,344.0 3,579.6
3,759.6 2,539.3
4,012.1 2,678.2
4,194.2 2,784.8
4,333.5 2,895.3
4,427.1 3,012.5
4,625.5 3,074.7
4,779.7 3,202.9
4,856.7 3,242.0
4,867.2 3,265.9
4,880.8 3,265.3
5,060.7 3,403.4
5,075.3 3,417.2
5,105.4 3,439.2
5,139.4 3,472.2
5,218.0 3,506.2
5,261.1 3,546.3
5,314.1 3,557.8
5,367.0 3,584.7
5,433.8 3,629.6
5,470.1 3,643.9
..
IV
IV
IV
IV
IV
IV
IV
IV
....
....
....
....
....
....
....
....
1990: IV ....
1991: IV ....
1992: IV ....
1993:
1994:
I
II
Ill ....
IV
I
II
in ....
IV
1995: I'
1
Gross private
domestic investment
Ex|W>rts and imports of
Roods and services
Government purchases
Federal
N'onresidcntial
fixed
investment
2,969.1
500.3
497 8
530.8
540.0
5465
515.4
525.9
591.6
672.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
560.3
581.0
597.9
627.2
643.6
657.9
680.0
708.2
743.6
Residential
fixed
investment
226.2
225 2
222.7
214.2
1945
169.5
196.9
213.0
231.3
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
210.4
206.3
211.0
224.5
229.9
233.8
230.2
231.5
229.5
Change
in business
inventories
Net
exjH)rtK
8.5
26.3
19.9
29.8
5.7
-1.1
2,5
15.3
47.8
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.6
18.5
18.9
13.0
10.8
25.4
59.2
57.1
49.4
51.1
-155.1
-143 1
-104.0
-73.7
-547
-19.5
- 32.3
-73.9
-110.0
-19.0
-83.7
-131.4
-155.4
-156.0
-136.0
-102.7
-67.4
-36.8
-16.9
-38.5
-57.6
-69.3
-86.3
-82.2
-104.0
-111.8
-117.0
-107.1
-118.5
Exports Imports
329.6
3640
421.6
471.8
510 5
542.6
578.8
602.5
657.0
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
590.7
589.2
600.2
595.3
625.2
619.6
643.9
666.5
697.9
706.2
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
766.9
299.4
373.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
629.3
646.8
669.6
681.6
707.4
723.6
755.6
783.5
805.0
824.6
GDP less exports of goods and services plus imports of goods ant! service
Total
Total
National
defense
855.4
373.0
280.6
881.5
886.8
904.4
932.6
944.0
936.9
929.8
922.8
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
940.6
926.5
929.3
931.8
931.5
919.9
917.1
932.0
922.2
920.5
384.9
377.3
376.1
384.1
386.7
373.5
356.6
337.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
377.0
361.6
358.3
355.6
351.1
341.7
334.7
343.5
330.4
327.2
292 1
287.0
281.4
283.6
281.4
261.4
243.7
226.7
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
262.4
248.2
246.8
240.9
238.7
228.5
226.1
233.0
219.1
214.9
Xondcfcnse
92.4
92 9
90.2
94.8
1004
105.3
112.2
113.0
110.9
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
114.6
113.3
111.5
114.7
112.4
113.2
108.7
110.5
111.3
112.3
State
and
local
482.4
496 6
509.6
528.3
548 5
557.2
563.3
573.1
585.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
563.6
564.9
571.0
576.2
580.4
578.3
582.4
588.5
591.8
593.3
Final
sales of
domestic
product
Gross
domestic
purchases '
Addendum:
Gross
national
product
4,395.9
4,513.7
4,698.6
4,808.3
4 891 6
4,868.7
4,976.9
5,119.3
5,296.2
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
5,054.1
5,056.8
5,086.5
5,126.5
5,207.2
5,235.7
5,254.9
5,310.0
5,384.4
5,419.0
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
5,454.0
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
5,099.2
5,132.9
5,174.7
5,225.8
5,300.2
5,365.1
5,425.8
5,484.0
5,540.9
5,588.6
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
5,337.3
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
5,061.0
5,083.9
5,110.1
5,148.4
5,218.7
5,262.7
5,310.5
5,359.9
5,416.0
5,458.3
Soum»: Department of Comrnm-*;, Jluwau of Economic Analysis,
IMPLICIT
FOR
|1987=1()0; quarterly data am seasonally adjusted]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1982:
1.983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
1990:
IV
Gross
domestic
product
1991- IV
1992: IV
1993:
I
II
Ill
TV
1994- I
II
m
TV
1995- lr
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
126.1
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.8
121.9
122.9
123.4
123.7
124.]
125.0
125.9
126.5
126.9
127.6
Source: iDefmrtinent of Commerce,
Gross private
domestic investment
Personal consumption
expenditures
Total
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
129.3
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
121.1
124.9
125.7
126.4
126.8
127.5
127.9
128.9
1299
130.5
131.2
Durable
goods
Nondurable goods
Services
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
111.2
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.8
109.1
109.2
109.8
110.0
110.2
110.5
111.1
111.7
111.3
111.8
96.1
100.0
103.7
109.3
115.9
1200
122.5
1242
125.7
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.8
123.3
124.0
124.2
123.9
124.6
1246
125.1
126.3
126.6
126.9
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
136.4
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
124.5
129.8
130.8
131.9
132.7
133.8
1344
135.9
137.0
138.1
139.1
Federal
Nonresidential
fixed
Residential fixed
98.4
100.0
102.8
1052
107.3
108.1
106.7
104 1
103.8
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.3
106.0
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
122.3
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111 9
115.1
115.9
117.2
118.2
119.0
120.5
121.3
123.1
124.4
125.0
105.3
104.9
103.5
103.0
103 4
103.9
104.3
103.5
103.1
Government purchases
Exports and imports of
goods and services
Exports
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
109.4
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107,4
111.0
110.9
109.9
109.8
110.0
109.0
108.8
108.8
109.4
109.6
109.7
110 3
Imports
93.2
100.0
105.1
107 8
111.2
110.5
109.4
107.1
106.5
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
110.0
109.9
107.7
108.1
106.5
106.2
105.2
106.1
107.2
107.4
107.9
Total
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
129.5
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
117.2
120.6
123.6
124.2
124.5
125.3
128.1
130.0
129.3
130.7
132.7
National
defense
Nondefense
98.6
100.0
103.0
106.6
110.7
114.7
120.2
1242
129.0
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
117.2
120.4
123.7
123.9
124.1
125.3
127.7
129.0
129.0
130.2
132.0
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
130.7
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.0
121.1
123.5
125.0
125.2
125.1
129 1
132.0
130.1
131.7
134.1
State
and
local
96.4
100.0
104.3
108 6
113.2
116.9
120.1
123.0
126.1
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117 7
121.2
122.2
122.8
123.3
123.6
124 9
125.6
126.5
127.4
128.8
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND RELATED
IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
Gross domestic product
Peruxl
Current
dollars
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.2
5.4
6.2
2.8
5.0
3.8
2.6
7.1
5.2
4.9
8.6
4.4
4.2
3.8
7.7
6.1
7.2
6.2
6.4
4.7
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1991-
I
II
in
IV
1992- I
II
Ill
IV
1993:
I
II
Ill
IV
1994: I
II
in
1995:
Constant
(1387) dollars
IV
I'
Persona! consumption expenditures
Fixed-weifi'hted
Implicit price
deflator
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.8
2.8
2.2
2.1
5.0
2.8
2.8
2.7
3.8
2.7
1.3
2.7
3.3
1.6
1.0
1.3
2.9
2.9
1.9
1.3
22
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.6
2.3
3.1
4.1
-2.1
2.2
1.0
.1
3.1
2.4
3.5
5.7
1.2
2.4
2.7
6.3
3.3
4.1
4.0
5.1
2.7
Current
dollar*
(HIST wciKhts)
Constant
(1987) dollars
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
-.4
28
3.3
3.5
-2.8
2.1
1.3
— .5
5.8
1.7
3.9
5.6
1.6
2.6
3.9
4.0
4.7
1.3
3.1
5.1
1.6
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.8
6.0
5.8
5.7
.5
4.7
4.3
3.0
9.3
5.4
5.6
9.7
4.1
5.0
5.1
6.4
6.0
4.6
6.3
6.8
4.1
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
3.2
3.0
2.7
5.1
3.1
3.3
2.7
3.9
3.3
27
2.8
4.2
2.4
2.0
2.4
3.1
2.9
3.0
2.6
3.3
Fixed-weifrlited
priee index
(1987 weights)
Implieit priee
deflator
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.2
3.2
2.5
2.1
3.4
2.4
3.1
3.4
3.3
3.7
1.6
3.9
2.6
22
L3
2.2
1.3
3.2
3.1
1.9
2.2
8.G
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.4
3.5
2.8
2.5
3.6
2.8
3.3
3.6
3.7
3.8
3.5
3.0
2.9
2.6
1.4
2.8
1.9
2.8
3.6
2.5
2.7
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
(Quarterly data at seasonally adjusted annual rates!
Cur rent-dollar c st anil profit per u n i t of
Gross ,!„„„ sti<: product
o non
,
(billions if dollar*)
1986
1987
1988
1989
1990
1991
1992
1993
1994
19821983:
1984:
19851986:
19871988:
1989:
199019911992:
1993:
IV
IV . .
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1994:
I
II
III
IV
1995: I'
Current
dollars
1987
dollars
2 386 3
2 439 3
2,547.3
2 7648
2,913.5
3 045 5
3,089.7
3 222 9
3 409 7
3,656.9
1 806 3
20372
2,228.2
2 3388
2.422.8
2 627 6
2,843.2
2,951.5
3 052 5
3 195 9
3.307 8
2,547.3
2 6848
2,718.9
' 747 4
2,716.7
2 80'? 8
2 942 9
3,121.9
1 999 6
2 2042
2,328 4
2 396 9
2,463.3
2 604 0
2,719.0
2,722 7
' 725 0
' 740 9
2,870 2
3,324.4
3,386.3
3 428 7
3,499 3
3,568 B
3 626 7
3,679.4
3,752 8
3.793.8
2,868 4
2,920.5
2 963 3
3 019 5
3 062 6
3 098 9
3,131.2
3 195 0
3.229.3
profit -
0 978
1.000
1 030
1.072
1 109
1.137
1 150
1 159
1.171
903
Consumption of
fixed
capital
.
taxes :i
0095
.095
Compensation
of employees
adjustments
Net
interest
Total
Profits
tax
liability
' "n QK"- IS
dollars)
0031
0 053
22 733
.037
.059
102
.094
.057
.061
067
23.127
23 572
'23.188
r 93 447
23.926
' 9 4 649
'25330
'25.965
21 070
21 893
22.055
22 346
22.891
23 356
23.521
23 146
'23 552
9
' 4 214
'25.084
096
101
106
S76
.706
.054
736
054
093
038
037
034
.126
126
.115
117
.756
767
.049
041
.092
099
.031
031
.658
Profits
after
tax 4
064
059
123
117
768
039
112
040
073
.122
119
.117
086
.766
607
.039
040
.126
051
.046
020
.080
030
924
957
976
119
111
110
088
602
036
079
029
050
.091
.623
.041
.091
.027
.064
093
643
038
092
030
063
.984
1 009
1.046
1 084
1 120
1 140
1 152
1 159
1.159
1 157
1 159
1 165
1 170
1.175
1 175
1.175
.112
110
.112
120
.095
094
.097
102
.654
664
.687
718
.042
042
.047
.055
.081
099
.102
.088
.035
038
.040
033
.045
060
.063
055
123
195
123
124
109
117
118
117
748
760
768
776
054
047
038
085
092
.123
124
.117
116
.770
766
.039
.039
039
034
031
033
037
120
125
121
117
117
117
760
763
766
038
038
039
.122
121
.122
.118
117
.116
.768
768
.771
.040
041
.042
052
061
.040
038
.073
.065
.071
075
122
127
043
043
046
080
078
081
.127
.128
.125
.047
049
.049
.080
079
.076
.107
.102
.111
113
.123
' n.
of all
0084
.096
117
120
0 648
utpu
• 1
valuation uid capital c( nsumption
0 040
.042
045
0 111
.110
111
1
Output is measured by GDP of rionfinancial corporate business in H1S7 dollars.
-Tliis is equal to the deflator for gross domestic product of nonfinanciai corporate bi
with the decimal point shifted two places to the left.
:i
Indirect business tax and nontax liability plus business transfer payments less subsidic
4
With inventoiy valuation and capital consumption adjustments.
output (dolla •s)i
'24.942
'25.221
'25421
'25.664
'25.792
<• 9-j 744
'25.849
'26069
26.187
o a
(dollars)
14 739
15.207
15 833
'16.376
17 246
18.081
'18 917
'19 445
'19.894
12 791
13 186
13.732
14359
14.975
15 517
16.069
16.616
'17 625
'18 40'
'19.253
'19.349
'19.418
'19 467
'19 497
'19 683
'19 714
'19.855
'20010
20.199
NATIONAL INCOME
[liillioris of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
1989
1990
1991
1992
1993
1994
198219831984198519861987198819891990199119921993-
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
5,458.4
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
5,494.9
5,599.4
5,688.4
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
in
rv
1994- I
II
in
IV
1995- lr
1
Compensation
of
employees1
Proprietors' income
with inventory valuation and capital consumption adjustments
Nonfarm
Farm
40.2
41.9
36.7
44.4
37.3
39.5
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
36.6
46.0
49.6
39.4
15.8
44.4
47.2
39.3
29.8
41.7
44.4
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
4,004.6
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.7
4,095.3
4,157.3
307.0
321.4
339.5
374.4
404.3
434.2
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
349.8
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
444.0
449.2
Includes employer contributions for social insurance. (See also p. 5.)
Rental
income
of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
-13.5
-14.2
-10.5
-5.5
24.1
27.7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
-11.1
-8.1
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.6
29.0
25.4
362.8
380.6
390.3
405.1
485.8
542.7
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
394.7
432.5
442.5
473.1
493.5
533.9
508.2
546.4
556.0
560.3
569.7
Profits
before tax
Inventory
valuation
adjustment
342.9
365.7
365.2
395.9
462.4
524.5
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
-17.5
-11.0
5.8
-6.4
-6.2
-19.5
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31 7
-13.5
-19.5
-.8
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
-19.6
-32 1
-39.0
325.4
354.7
370.9
389.4
456.2
505.0
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
Capital
consumption
adjustment
Net
interest
37.4
25.9
19.4
15.7
29.5
37.7
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
38.8
38.1
452.7
463.7
447.4
420.0
399.5
409.7
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.0
414.6
397.6
396.7
389.1
394.2
399.7
415.7
429.2
442.4
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 19H7 dollars, except as noted; quarterly data at seasonally acljusted annual ratas|
Period
1989
1990
1991
1992
1993
1994
1982:
19831984:
19851986:
1987:
19881989:
1990-
IV
IV
W
IV
IV
IV
PV
PV
IV
1991:
IV
1992: IV
1993:
I
II
III
rv
1994:
I
II
in
rv
1995:
1
I'
II
Total
persona!
consumption
expenditures
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3,643.9
Total
durable
goods
440.7
443.1
425.3
452.6
489.9
532.1
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
468.8
472.5
483.7
492.7
510.8
521.7
522.2
529.6
554.8
550.0
Includes other items, not shown separately.
Motor
vehicles
and
parts
196.4
192.7
170.0
181.8
196.1
208.2
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.0
211.9
203.2
Furniture
and
household
equipment
165.8
171.6
179.2
193.3
214.1
238.7
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.7
254.5
256.6
Other
78.5
78.7
76.1
77.5
79.7
85.2
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
88.4
90.3
Total
nondurable
goods
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
1,109.5
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.4
1,121.9
1,128.2
Food
515.0
523.9
518.8
514.7
524.0
535.6
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
522.0
520.7
522.3
525.1
528.1
531.9
536.1
535.7
538.5
541.1
Clothing
Gasoline
ami
and oil
shoes
Fuel
oil and
coal
87.3
86.4
83.1
85.6
86.5
87.2
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.0
86.1
85.7
87.5
86.6
86.1
86.7
88.0
88.2
90.3
11.4
10.5
10.7
11.2
12.1
11.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.7
11.1
11.5
187.8
186.2
184.7
193.2
197.8
208.8
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
198.7
194.0
196.1
198.6
202.4
203.8
204.9
210.2
216.4
216.6
Retail sales of new
passenger cars
(millions of units)
Services
Nondurable goods
Durable goods
Other
250.2
253.8
250.5
253.0
258.2
265.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.8
267.6
268.7
Total
services !
Housing
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
1,938.1
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,797.3
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,941.8
1,952.9
1,965.7
469.2
474.6
479.0
485.2
492.6
501.3
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.6
505.0
507.4
Medical
eare
408.6
424.6
437.7
454.3
466.4
479.0
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.0
484.4
486.9
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
7.1
6.9
6.1
6.3
6.7
7.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
7.4
7.0
6.9
Imports
2.8
2.6
2.3
2.1
2.0
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
1.8
1.8
1.8
SOURCES OF PERSONAL INCOME
Personal income fell $13.0 billion (annual rate) in May, following an increase of $8.3 billion in April. Wages and
salaries fell $18.6 billion in May; farm subsidy payments fell in both April and May. The change in April was
affected by bonus payments to employees in the motor vehicle industry in March.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE]
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
• TOTAL PERSONAL INCOME
3,000
3,000
\
WAGE AND SALARY DISBURSEMENTS
2,000
1,400
OTHER INCOME
800
TRANSFER PAYMENTS
400
1987
1988
1989
1990
1992
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: May
July
Sept
Oct
Nov
Dec
1995- Jaii r
Feb'
Mar'
Apr r
May
personal
income
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375 1
5,701.7
5,665.4
5,674.9
5,704.4
5,730 6
5,768.4
5 844 7
5,841.8
5,883.5
5 930 6
5,962.7
5,992.7
6001 0
5,988.0
Wagv arid
salary
disbursements '
2,105.4
2,261 2
2,443.0
2,586 4
2,745.0
2,816 1
2,974.8
3,080 8
3,279.0
3,263.4
3,267.0
3,282.6
3 2890
3,310.2
3,351 6
3,349.3
3,368.3
3 391 1
3,406.8
3,412.2
3,429 6
3,411.0
Proprietor s' income •'
Other lalx)r
income ' 4<J
200.7
210.4
230.5
251 9
274.3
2990
328.7
355.3
381.0
378.4
380.1
381.9
383 7
385.5
387 1
388.7
390.3
398 1
399.6
401.1
402 5
403.9
Farm
of
persons4
22 3
261 5
87
31 3
30.9
402
41 9
36 7
44.4
373
39 5
38.8
32 3
30.0
29 6
30 0
49 0
35.1
41.1
36 1
42 3
54.8
393
35 4
2790
293.4
3070
321 4
339 5
374.4
4043
434 2
432.1
433 5
434.4
437 6
4394
441 4
443.5
447.0
448 7
449 4
449.6
448 9
447 9
32
4.3
-13 5
-14.2
-10 5
-5.5
241
27.7
34.6
32 6
32.4
32 6
32.7
31 4
29.5
26.1
26 8
25 5
23.8
22 7
22 7
'The total of wage and salary disbursements and other lalx)r income differs from compensation of employees (see p. 4) in that it excludes employer contributions for soda! insurance and
the excess of wage accruals over wage disbui-sernents.
-Consists primarily of employer contributions to private [Mansion arid private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Itental
income
Less: Perdividend
income
104.7
1004
108.4
1265
144.4
1505
161.0
181 3
194.3
191.8
193 4
195.1
1970
198.8
200 8
202.8
204.4
2048
2054
206.4
2075
208.1
interest
income
531 7
548 1
583.2
668 2
698.2
695 1
665.2
637 9
664.0
649.3
656 9
665.1
6740
683.6
692 5
701.2
709.6
717 2
7240
729.5
733 5
735 6
Transfer
payments r>
trilmtions
for social
insurance
517 8
162 1
542 2
576 7
6250
687 6
770 1
860 2
915 4
963 4
957 1
960 0
9649
969 8
972 3
977 1
977.7
9842
1 000 7
1 003 7
1,009 9
1 012 9
1,0180
173 6
1945
211 4
2249
236 2
2487
261 3
281 4
2802
2809
2820
282 6
284 1
286 2
286.1
2874
292 8
2940
2945
295 8
294 7
Source: Department of Commerce, Bureau of Economic. Analysis.
personal
income1'
3 545 6
3 749 4
4023 9
4 318 0
4608 6
4 801 8
5 089 4
5 316 6
5 639 4
5 604 0
5 619 9
5 651 6
5 678 1
5 715 5
5 772 5
5,783.3
5 818 7
5 870 8
5 896 5
5 914 1
5 937 6
5 928 3
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the first quarter
of 1995.
BILLIONS OF DOLLARS' (RATIO SCALE|
BILLIONS OF DOLLARS' (RATIO SCALE]
5,500
2,000
DOLLARS* (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
18,000
CURRENT DOLLARS
\
16,000
DOLLARS' (RATIO SCALE)
22,000
20,000
p— --"
18,000
^
——r
16,000
—
14,000
_--
^,
12,000
~A
"••
^
-
14,000
«^
\ \
-"
987 DOLU
12,000
^"~
10,000
8,000
10,000
^
1
1
1
1982
\
\
i i
1984
1983
i i
1985
i
i i i
1986
i i
1987
1
1
!
1988
i i
1989
i i
i i i
1990
1991
i i i
1992
i i i
1994
i i
1993
i
8,000
1995
COUNCIL OF ECONOMIC ADVISERS
Loss:
Personal
Period
inform!
tax ant!
nontax
payments
Equals:
Disposable
personal
i ncome
Less:
Personal
outlays '
Equals:
Persona!
saving
Disposable
personal
income in
19S7
dollars
(liillioris)
Per capita
disposable personal
ineoine
Per eapit i parson.!
eonsu nption
expert itnres
Current
dollars
Current
dollars
Billions of dollars
1987
1988
1989
1990
1991
1992
1993
1994
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
512.5
527.7
593.3
623.3
623.7
648.6
686.4
742.1
3,289.5
3,548.2
3,787.0
4,050.5
4,236.6
4,505.8
4,688.7
4,959.6
1987
dollars
1987
dollars
142.0
155.7
152.1
170.0
211.6
247.9
192.6
203.1
3,289.5
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3,704.1
3,835.7
13,545
14,477
15,307
16,205
16,766
17,636
18,153
19,003
Having as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
4,756.5
Percent
ebanf*e
in real
|>er capita
disposable
jHM-sortal
13,545
13,890
14,005
14,101
14,003
14,279
14,341
14,696
12,568
13,448
14,241
15,048
15,444
16,192
16,951
17,734
12,568
12,903
13,029
13,093
12,899
13,110
13,391
13,716
-0.1
2.5
.8
.7
-.7
2.0
.4
2.5
4.3
4.4
4.0
4.2
5.0
5.5
4.1
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
260,991
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
14,533
14,222
14,351
14,338
14,451
14,535
14,625
14,697
14,927
15,048
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
16,566
16,693
16,856
17,017
17,233
17,443
17,598
17,821
18,072
18,216
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,717
13,853
13,880
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
9.3
-8.3
3.7
-.4
3.2
2.3
2.5
2.0
6.4
3.3
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
5.2
6.2
4.0
4.6
3.9
4.0
3.6
4.1
4.1
4.6
5.1
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,758
256,626
257,262
257,908
258,635
259,356
259,997
260,627
261,340
261,999
262,527
Seasonally adjusted annual rates
1982:
19831984:
1985:
19861987:
1988:
1989:
1990-
IV
IV
IV
IV
IV
IV
W
IV
W
1991:
W
1992:
IV
1993:
I
II
Ill
IV
1994- I
II
Ill
IV
1995- lr
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,934.2
5,335.0
5,255.5
5,364.5
5 395 9
5,484.6
5,555.8
5,659.9
5,734.5
5,856.6
5,962.0
1
Includes personal consumption expenditu
payments to rest of the world (net).
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
631.2
676.2
657.3
685.9
695.4
707.0
723.0
746.4
744.1
754.7
777.6
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,303.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,990.3
5,101.9
5,184.4
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,787.0
4,869.3
4,920.7
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
224.6
287.4
184.6
214.0
182.3
189.4
175.5
201.1
203.3
232.6
263.7
id personal transfer
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,840.9
3,911.0
3,950.5
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,957
18,154
17,874
18,141
18,174
18,421
18,588
18,853
19,095
19,473
19,748
-Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce. (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1994, according to preliminary estimates, gross farm income rose $16.8 billion (annual
rate) and net farm income rose $17.8 billion.
BILLIONS OF DOLLARS" (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
ff
(
160
/~|
"l
-^^-/
\
120
'
^
-~~~S^
^~-^
240
200
160
^JJ_J
120
3ROSS FAR M INCOME
80
80
60
60
/^
40
\
\\
20
'NV
\_/
10
1
1982
^
1
1
1
i
i
1983
V
\
s_
' " •*./
'
-\
/
N X
'
v/
/
'V>,/'
40
V
\'
\'
V
\
NET FARM INCOME
20
1
ft
1 1
11
11
V
i i i
A
i \
-•^
v -'
X//
/---.
y
-x
10
*
i
( i i
i i i
1984
1985
l
l l
1986
i
i i
1987
1 j 1
. . I l l
1988
1989
i
i
i
1990
i i i
i
1991
1992
" SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
i
i
i
i
1993
i
i
i
i
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted aimual rates]
Income of farm operators from farming
Gross farm income
Xet farm income
Period
Cas l marketing receipts
Total '
Total
Livestock and
products
Crops
Yahje of
inventory
changes -
Production
expenses
Current
dollars
1987 dollars3
1984 .
1985
1986
1987
1988
1989
1990
1991
1992
1993 .
1994''
168.0
161.2
156.1
168.5
175.8
192.8
198.2
192.3
200.2
201.4
212.0
142.8
144.1
135.4
141.8
151.2
161.1
170.0
168.8
171.2
175.1
179.7
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.7
86.4
90.6
87.8
69.9
74,3
63.8
65.9
71.7
77.0
80.1
82.1
84.9
84.5
91.9
6,0
-2.3
— 22
-2,3
-3,4
4.8
3.4
-.3
4,3
-3.6
7.1
141.9
132.4
125.1
128.8
137.8
144.9
151.3
151.2
150.1
158.0
162.7
26.1
28.8
31.1
39.7
38.0
47.9
46.9
41.1
50.1
43.4
49.3
28.7
30.5
32.0
39.7
36.6
44.1
41.4
35.0
41.4
35.1
39.1
1998- I
II
Ill
IV
1994- I
II
III
IV
203.0
202.2
198.0
202.5
215.0
201.0
207.7
224.5
172.2
175.1
185.7
167.3
177.1
166.8
183.0
191.8
84.2
88.4
101.9
87.8
92.0
82.5
97.2
79.5
88.0
86.7
83.8
79.5
85.1
84.2
85.8
112.3
-6,5
-5.1
-6.0
3.0
8.4
7.7
6.2
6.2
155.1
157.6
159.5
160.0
160.2
162.5
164.5
163.6
47.9
44.7
38.6
42.4
54.8
38.5
43.1
60.9
39.0
36.2
31.2
34.2
43.8
30.6
34.1
48.0
CORPORATE PROFITS
In the first quarter of 1995, according to revised estimates, corporate profits before tax rose $17.1 billion (annual
rate) and profits after tax rose $12.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
SEASONALLY ADJUSTED ANNUAL RATES
xl
550
550
500
500
-
^
J
450
350
/
300
A
350
_^f
100
50
-
-'"
300
^
/
-
/
^\
OFITS AFT
r\
_^-n^/\
\
x,
/
-
_ — — ~~. -
/""
-—.,"• • * /'*'"
•*---•.
x
'
_^
,-'
-.^
/
--",
"\
250
r"
^,- .
200
~
.''"''
s
'
^3iA
\,,
"'
,.-•'
TAX LIABILITY
150
400
'V
y
-
200
A
p ROFITS BEFORE TAX
400
250
450
-
/
-
150
•'"\/
/^
'
-
,-—•
•'
100
V •'
50
UNC ISTRIBUTEC) PROFITS
-
0
0
!
1
1982
*
!
1983
1984
1
1
1985
1
1986
i I
1987
i
1988
i
i
I
1989
i
1990
i i i
i
1991
1992
SOURCE: DEPARTMENT OF COMMERCE
1 [ 1
1993
i I
1994
i I i
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits {before tax) with inventory valuation adjustment '
Profits after tax
Domestic industries
Nonfinancial
Period
Total 2
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
19821983:
19841985:
1986:
19871988:
1989:
19901991:
19921993-
IV
IV
IV
IV
IV
W
IV
TV
IV
IV
IV
I
II
III
IV
1994- I
II .
Ill
rv
1995- I'
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
505.0
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
444.6
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
301.4
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.1
461.7
462.9
Financial
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
104.0
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.6
86.7
95.9
100.1
103.9
114.6
89.6
106.4
112.6
107.2
115.2
Total •<
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
340.6
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
345.5
354.5
347.7
'Sec p. 4 for profits with inventory valuation and apital consumption adjustments.
- Includes rest of the world, not shown separately.
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
145.6
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
85.3
101.3
96.2
114.2
112.4
134.2
145.1
143.0
143.3
150.9
143.9
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
67.6
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
47.4
64.6
56.0
63.3
62.0
63.7
59.0
72.0
70.1
69.2
66.7
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
524.5
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
Tax
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
202.5
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
133.1
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.6
215.6
220.0
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
322.0
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
240.0
264.8
273.0
284.8
288.9
310.2
299.4
321.4
329.5
337.9
350.7
Dividends
Undistributed
profits
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
205.2
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
160.9
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
213.9
217.1
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
116.9
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
82.7
84.7
94.1
95.6
115.6
103.0
118.9
121.6
124.0
133.5
Inventory
valuation
adjustment
9.7
-14.5
-27.3
-17.5
-11.0
5.8
-6.4
-6.2
-19.5
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
Q
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
-19.6
-32.1
-39.0
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the first quarter of 1995, according to revised estimates, nonresidential fixed investment in 1987 dollars rose
$35.4 billion (annual rate) and residential investment fell $2.0 billion. There was a $51.1 billion increase in inventories,
following an increase of $49.4 billion in the fourth quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,100
1,100
SEASONALLY ADJUSTED ANNUAL RATES
f
1,000
900
800
700
600
500
"XJ
/
r*-r—^[\_
—• "»
/"
^S
PA
\
^
S
900
800
r^
/
t
700
<*
^^
GROSS PRIVATE DOMESTIC
INVESTMENT
/
s
^—
600
s
500
\
'
/
y
1,000
NC>NRESIDE^ TIAL
400
400
D INVESW
R ESIDENTIA L
FIXF D INVESTS FNT
300
300
..
200
200
**
s'
**'
CHANC3E IN BUS N'ESS
IN VENTORIE
100
0 sr
-100
\
1 1 1
1982
\
/.
V
j
100
,---
\
*- /
f
\
\
i
5983
1
1
1984
]
i i i
1985
i i i
1986
0
\
I
I i
1987
i
I I
1988
1
1989
1
i i i
1990
I
i
1991
I
I
-100
1993
1992
SOURCE: DEPARTMENT OF COMMERCE
1994
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Gross
private
domestic
investment
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
198219831984198519861987198819891990199119921993-
....
IV
IV
IV
IV
IV
IV
IV
TV
TV
IV
IV
I
II
IV
Nonfarm
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
47.8
10.6
32.7
26.9
29.9
3.2
-1.3
-2.0
18.5
40.7
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
697.9
755.2
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
684.4
748.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
355.5
394.6
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.6
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
14.6
6.3
...
789.2
806.2
821.8
862.5
770.7
787.3
808.8
851.7
560.3
581.0
597.9
627.2
147.2
147.3
147.5
148.7
413.0
433.7
450.3
478.5
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
19.7
22.8
20.9
10.7
.
898.9
950.9
967.3
98.9.1
873.4
891.7
910.2
939.7
643.6
657.9
680.0
708.2
144.1
151.0
151.6
155.6
499.4
506.9
528.4
552.6
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
22.1
51.7
47.4
41.7
1,024.1
973.0
743.6
159.9
583.7
229.5
51.1
49.1
..
...
..
....
1995- I'
Sonm;: Department of Commerce, Bureau of Economic Analysis.
Total
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
....
..
Total
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
903.8
.
...
Producers'
durable
equipment
Residential
Structures
Total
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
951.5
in
1994- I
II
III
IV
Nonresidential
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1994 survey, business spending for new plant and equipment
was expected to rise 8.8 percent in 1994, following a rise of 7.3 percent in 1993.
BILUONS Of DOLLARS (RATIO SCALE)
BILUONS OF DOUARS (RATIO SCAlf)
700
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
-^^
i
^
^-r-T
r^ \
500
ALL INDL STRIES
r
s*
- ^^^
^,
400
,^• ^
'""""\
.,"'
300
NONMANUF/\CTURINGly
,--'
200
-'"\
,,—~~^
-,J--_-
'X
MANUFACTURING
S"*
s^
*/ a/
\ \ \
1
i
l
}
\
1987
1986
1985
l
\
\
1988
1
i
l
i
i
1989
i
i
)
i
i
1991
1990
1
1
1
1992
^SURVEYED QUARTERLY
JJSEE FOOTNOTE A BELOW
SOURCE: DEPARTMENT OF COMMERCE
1
!
1
!
1
1
1994
1993
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Period
All
industries
Total
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
586.73
638.37
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
IV
1993- I
II
Ill
IV
534.23
541.29
547.82
559.39
1994: I
II
Ill*
IV4
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994"
1992- I
II
in
1
Nondurable
goods
Total '
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.45
92.78
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.02
99.77
173.14
172.52
173.05
176.74
73.26
73.74
72.63
73.64
563.48
578.95
594.56
604.51
173.99
177.55
182.48
182.15
619.34
637.08
651.92
645.13
185.04
193.99
197.36
193.83
Durable
goods
Nonmanufacturing
Commercial
and
other
Total
nonfarm
business -
Manufacturing
Surveyed
quarterly
Mining
Transportation
Public
utilities
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.08
11.24
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.77
21.19
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.98
76.44
151.39
171.09
181.59
189.84
205,76
229.28
241.43
246.32
268.84
299.44
336.93
99.87
98.78
100.42
103.09
361.09
368.77
374.77
382.65
8.99
9.20
8.96
8.43
21.82
23.32
23.66
21.66
69.09
72.56
72.48
73.79
261.19
263.69
269.67
278.77
173.14
172.52
173.05
176.74
361.09
368.77
37477
382.65
78.19
80.33
82.74
83.64
95.80
97.22
99.74
98.51
389.49
401.40
412.09
422.36
8.98
9.10
11.09
10.92
22.38
21.50
21.32
21.84
73.78
74.45
75.94
78.87
284.35
296.35
303.74
310.73
173.99
177.55
182.48
182.15
389.49
401.40
41209
422.36
86.03
91.71
98.97
94.44
99.02
102.28
98.39
99.39
434.29
443.09
454.56
451.30
11.43
10.70
11.57
11.27
22.47
19.59
20.73
21.98
73.20
76.51
78.50
77.57
327.20
336.28
343.76
340.48
185.04
193.99
197.36
193 83
434.29
443 09
454.56
451 30
Excludes forestry, fisheries, ami agricultural services; professional services-, social serviw
is; and real estate, which, effective with the April-May 1984 survey,
nbcrship or
i ("normianufacturirig; surveyed annually") for
arterly. See last eo
n- these industries.
3
"j 11 industries" plus it; part of rioriinamifacturinfi that is surveyed annually,
nsist.s of forestry, slier-ies, arid agricultural services; professional services; social services
ions; and real estate.
10
Addenda
Nonmanufacturing
Manufacturing
4
Planned capital expenditures as
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
650.41
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
Total
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.95
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
Surveyed
annually^'
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
ss in July-August 1994, corrected for
bias-
Kmnomic indictdory at, a later date. See Plni
d Kouijiment E-jftcnditurtx aiul P/////W release
of Septernlx-r 8, 1994 for- details.
Source: Department of Commerce, Bureau of the Census.
MILLIONS OF PERSONS"
MILLIONS OF PERSONS *
134
134
SEASONALLY ADJUSTED
130
130
CIVILIAN LABOR FORCE
126
126
122
=rfC!
122
118
118
114
114
CIVILIAN
EMPLOYMENT
110
110
106
106
4 -
1993
1994
1995
COUNOl Of cCONCMfC ADViSESS
[Thousands of persons 16 years of age and over, except as noted; mont3i!y data seasonally adjusted except as noted by NSA]
Period
Civilian
labor
force
NonagrieulUiral
Total
A|>ri cultural
Total
Percent2
Unemployment
Civilian employment
Civilian
nomnstitutional
population
NBA
Part time
Total
for
economic,
reasons !
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
Unemployment,
rate
1985
19863
198?
1988
1989
1990
1991
1992
1993
1994 4
1 78,206
180,587
182,753
184,613
186,393
18&049
189,785
191,576
193,550
196,814
115.461
117,834
139,865
121,669
123.869
,124,787
125,303
126,982
128,040
131,056
107,150
109,597
112,440
114,968
117,342
117,914
118.877
117^598
1,1.9,306
123,060
3,179
3.163
3,208
3,169
3,199
3,.? 86
3,233
3,207
3,074
3.409
103.971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
1 16 232
! 19,651
5,334
5,345
5 122
4,965
4.657
4,860
5,767
6,116
C.IOS
4,414
8,312
8,237
7.425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
2,305
2,232
1 ,983
1,610
1,375
1,504
2,323
3,354
3,052
2,860
62.744
62.752
62,888
62,944
62,523
63,262
64,462
64,593
65,509
65,758
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
66,6
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
62.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
1994- June
Jnlv
196,693
196,859
197,043
197.248
197,430
197,607
197J65
130,538
1.30,774
131,086
131,291
.131,646
131,718
131,725
122,635
122,781
123.197
123,644
J24.H1
124,403
124,570
3,294
3,333
3.436
3.411
3.434
3,500
3,532
119,341
J 19,448
119,761
120,233
J 20,647
120,903
121,038
4,510
4.273
4,173
4,154
4,226
4,246
4.254
7,903
7,993
7,889
7,647
7.505
7,315
7,155
2,740
2,823
2.773
2,768
2.934
2,661
2,456
66.155
66,085
65,957
65,957
65,784
65,889
66,040
66.4
66.4
66.5
66.6
66.7
66.7
66.6
62.3
62.4
62.5
62.7
62.9
63.0
63.0
6.1
6.1
6.0
5.8
5.7
5.6
5.4
197,753
197,886
198,007
198.J48
198,286
] 98.453
132,136
132,308
132.511
132.737
131,813
131,869
.124.639
125.125
125.274
125,072
124.319
124,485
3,575
3.656
3.698
3.594
3.357
3,451
121,064
121,469
121.576
121 ,'4 78
120.962
121,034
4,430
4,187
4,347
4.371
4.289
4,185
7,498
7,183
7,237
7,665
7,492
7,384
2,386
2,298
2,266
2,505
2,585
2,299
65.617
65^578
65,496
65,412
66,476
66,583
66.8
66.9
66.9
67.0
66.5
66.4
63.0
63.2
63.3
63.1
62.7
62.7
5.7
5.4
5.5
5.8
5.7
5.6
Sept
Get
\ov
DC?
1995- Jan .
Feb
Mar
Apr
May
Persons at work. Economic reasons include slack work, material siiortages, inability t
11
SELECTED UNEMPLOYMENT RATES
In June, the unemployment rote fell to 5,6 percent from 5.7 percent in May.
PERCENT* (SEASONALLY ADJUSTED]
PERCENT* (SEASONALLY ADJUSTED)
15
10
1991
1994
1991
1995
1995
UNEMPLOYMENT AS PERCENT of CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted}
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
1985
1986
1987 .
1988
1989
1990
1991
1992
1993 2
1994
1994: June
Aus
Sept
Oct
Nov
Dec
1995- Jan ....
Peb
Mar
Apr
May
June ........
1
All
civilian
workers
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
6.1
6.1
6.0
5.8
5.7
5.6
5.4
5.7
5.4
5.5
5.8
5.7
5.6
Men
20 years
and over
Women
20 years
and over
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
5.4
5.3
5.5
5.3
5.1
5.0
4.9
4.7
5.0
4.6
4.7
4.0
5.1
4.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.4
5.4
5.3
5.3
5.2
5.0
5.0
4.7
4.9
4.8
4.9
5.2
4.8
5.0
Both
sexes
16-19
years
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.6
17.1
17.7
17.5
17.2
17.1
15.8
17.2
16.7
17.6
16.1
17.5
17.6
16.4
White
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.3
5.3
5.3
5.2
5.1
5.0
4.8
4.8
4.9
4.7
4.7
5.0
5.0
4.8
Revised definition; for details, see Employment and Earnings, February 1994,
Data beginning January 1994 are not directly comparable with data for earlier periiods. See
Employment and Earnings, February 1994.
2
By selected groups
By race
Black
and
other
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
10.4
10.3
10.6
10.2
10.4
9.8
9.2
9.5
9.4
9.2
9.8
9.1
9.8
Black
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
11.5
11.3
11.2
11.3
10.7
11.1
10.5
9.8
10.2
10.1
9.8
10.7
9.9
10.6
Experienced
wage
and
salary
workers
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
5.9
5.9
6.0
5.8
5.7
5.5
5.4
5.3
5.4
5.1
5.2
5.6
5.6
5.4
Married
men,
spouse
present
Women
who
maintain
families
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
3.7
3.6
3.6
3.5
3.4
3.3
3.2
3.2
3.4
3.0
3.2
3.4
3.4
3.4
Note.—Data relate to persons age 16 years and over.
Source; Department of Labor, Bureau of Ijaixir Statistics.
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
8.9
8.8
7.9
8.8
8.9
8.9
8.7
8.8
8.9
8.1
7.6
9.0
8.0
8.4
Pull-time
workers I
Part-time
workers1
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.1
6.1
6.1
6.0
5.8
5.8
5.6
5.3
5.5
5.3
5.4
5.6
5.6
5.5
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.0
5.9
6.0
6.2
5.8
5.6
5.4
5.9
6.2
6.0
5.8
6.3
6.1
6.3
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In June, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14
weeks rose, while the percentages for 15-26 weeks and for 27 weeks and over fell. The mean duration of unemployment fell to 15.6 weeks and the median duration fell to 7.5 weeks.
PERCENT DISTRIBUTION *
PERCENT DISTRIBUTION '
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
50
50
JOB LOSERS-1'
LESS THAN
5 WEEKS
40
40
/ '
REENTRANTS
20
20
JOB LEAVERS
\
15-26
WEEKS
NEW ENTRANTS
I i M I I I i I I i j I M I I i M II
0 Mill
1 991
1992
1994
* SEASONALLY ADJUSTED
UBEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
(Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
ployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1985
1986
1987
1988
1989
1990
1991
1992
1993
19943
1994- June
July
Sept
Oct
Dec
1995- Jan
Feb
Mar
May
1
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
7,903
7,993
7,889
7,647
7,505
7,315
7,155
7,498
7,183
7,237
7,665
7,492
7,384
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
34.1
34.7
34.8
33.2
34.6
31.9
35.0
36.0
39.4
36.8
35.5
34.8
34.7
37.1
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
30.1
30.9
29.7
32.1
29.6
29.6
29.1
29.9
28.5
30.7
32.6
32.1
30.8
31.8
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.5
15.0
15.5
15.0
15.7
17.6
16.0
15.1
13.9
15.4
12.9
14.7
17.1
14.8
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.3
19.5
20.0
19.7
20.1
20.9
19.9
19.0
18.2
17.1
18.9
18.4
17.4
16.3
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (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.
3
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Emptoynwnt and Earnings, February 1994.
2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.8
18.4
19.0
18.9
18.8
19.3
18.2
17.8
16.7
16.9
17.5
17.7
16.9
15.6
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
9.2
9.1
9.2
9.2
9.5
10.1
9.1
8.7
7.9
7.8
7.9
8.5
9.0
7.5
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
47.7
47.8
48.3
47.1
46.6
46.8
47.5
47.6
49.2
46.6
46.6
45.5
48.4
46.7
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.9
10.1
9.6
10.0
11.4
10.1
9.6
9.7
9.3
10.8
11.3
10.5
11.7
11.4
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23,7
24.6
34.8
35.7
34.6
35.0
34.2
35.0
35.0
34.9
33.4
34.5
33.8
35.8
32.9
34.5
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
7.6
6.4
7.4
7.9
7.8
8.2
7.9
7.7
8.0
8.1
8.4
8.2
7.0
7.4
2,617
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,671
2,745
2,717
2,667
2,614
2.569
2.531
2,533
2.515
2,518
2,498
2,488
2,552
397
378
328
310
330
388
447
408
341
340
350
348
328
323
328
329
326
335
338
342
352
-"374
P377
2,699
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,740
2,635
2,578
2,573
2,179
2,201
2,340
2,510
--3,275
--3,173
'2,949
-"2 722
•2,415
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment arid Training Administration).
13
NONAGRICULTURAL
Total nonagrieulfural employment as measured by the payroll syrvey
MILLIONS OF PERSONS*
by 215,000 In June.
MILLIONS OF PERSONS* (ENLARGED SCALE)
120
34
„—*-—°
. ^-r^
no
32
30
\
ALL S ONAGRICULTURAL
E, TABLISHMES TS
100
90
80
-
SER\
~v~~*
28
—«-=— *>— __^»—
26
24
-
/ICE-PRODUC ING
INDUSTRIES
22
RETAIL TRADE
70
20
60
18
-
16
50
20
-
40
GOC3DS-PRODUC NG
INDUSTRIES
30
MANUFACTURING
18
1
Minium
Mill
|
|IMI|
CONSTRUCTION
\
iim|
20
V
1991
[7mi
1992
M i l l Hill
1994
1993
1995
N
1991
1992
1993
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1994
1995
COUNCfL OF ECONOMIC ADVISERS
[Thousands of wage and salary worker;' seasonally adjusted!
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- June
July
Aug
Sept
Get ....
Nov
Dec
1995- Jan
Peb .
Mar
Apr""
Mayr
June''
Total
iionagricultnral
employment
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
113,943
114,171
114,510
114,762
114,935
115,427
115,624
115,810
116,123
116,302
116,310
116,264
116,479
Service-producing industries
Goods-producing industries
Traris-
Manufacturing
Total -
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
23,905
23,922
23,981
24,030
24,081
24,175
24,230
24,293
24,324
24,370
24,331
24,234
24,237
Construction
4,668
4.810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
5,006
5,029
5,038
5,077
5,088
5,144
5,166
5,201
5,213
5,256
5,241
5,191
5,233
Total
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,297
18,297
18,346
18,355
18,398
18,439
18,472
18,502
18,523
18,525
18,506
18,461
18,421
Durable
goods
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,426
10,422
10,465
10,481
10,513
10,550
10,574
10,596
10,622
10,633
10,632
10,613
10,598
Nondurable
goods
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,871
7,875
7,881
7,874
7,885
7,889
7,898
7,906
7,901
7,892
7,874
7,848
7,823
1
Includes all full- arid part-time wage find salary workers in nori agricultural establish!!]onts
period which includes the 12th of the month. Excludes
who received pay for any part of the \
proprietors, self-employed persons, doi estic servants, and personnel of the Armed Forces. Total
in this table not comparable with esti tates of nonagricuitnral employment of the civilian lalx>r
force, shown on p. 11, which include roprietors, self-employed persons, and domestic servants;
which count persons as employed wl. n they are not at work because of industrial disputes,
bad weather, etc., even if they are no paid for the time off; anil which are based on a sample
Total
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
90,038
90,249
90,529
90,732
90,854
91,252
91,394
91.517
91/799
91,932
91,979
92,030
92,242
tion and
public
utilities
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,008
6,022
6,045
6,048
6,061
6,092
6,121
6,129
6,156
6,175
6.184
6^177
6,195
Finance,
sale
trade
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,131
6,138
6,163
6,181
6,195
6,210
6,229
6,251
6,275
8,287
6,300
6,300
6,310
Retail
trade
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,408
20,459
20,497
20,565
20,580
20,703
20,759
20,760
20,794
20,760
20,762
20,746
20,773
Government
Services
ance,
and real
estate
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,946
6,947
6,948
6,942
6,935
6,937
6,931
6,927
6,929
6,938
6,924
6,926
6,934
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,488
31,442
31,573
31,693
31,789
31,888
32,035
32,135
32,228
32,404
32,524
32,548
32,632
32,746
Total
16,394
16.693
17^010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,103
19,110
19,183
19,207
19,195
19,275
19,219
19,222
19,241
19,248
19,261
19,249
19,284
Federal
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,866
2,864
2,861
2,863
2,858
2,854
2,853
2,838
2,831
2,828
2,826
2,835
2,835
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 fort*1,.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICOiTUHAL INDUSTRIES
[For production or mmsupervisory workers; monthly data seasonally atljustw!, except its noted |
Average weekly hours
Average gross hourly earnings
MjimifactunriK
Total
private
nona^ricultural '
Period
Total
Average gross weekly earnings
Total private
noriagrietHtura! '
Overtime
Current
dollars
Total private
nonagricnltural '
1»82
dollars2
Manufacturing
Cm-rent
Current dollars
1982
dollars8
Manufacturing
Construction
Retail
trade
Permit change from
a year ear ier, total
private nonagriculturai :1
Current
dollars
1985
1986
1987
1988 .
1989
1990
1991 ,
1992
1993
1994
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
$8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.13
$7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
$9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
$299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
386.21
$271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.96
$386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
$464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
572.61
$174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
2.1
1994: June
Julv
34.7
34.7
34.6
34.7
34.9
34.6
34.7
42.0
42.0
42,0
42.1
42.1
42.1
42.1
4.7
4.7
4.7
4.8
4,7
4.8
4.8
11.09
11.13
11.14
11.18
11.25
11.24
11.27
7.39
7.39
7.37
7.38
7.42
7.40
7.40
12.03
12.06
12.09
12.12
12.14
12.17
12.18
384.82
386.21
385.44
387.95
392.63
388.90
391.07
256.55
256.45
255.09
256.24
258.99
256,02
256.94
505.26
506.52
507.78
510.25
511.09
512.36
512.78
571.83
574.16
571.91
577.98
578.12
575.79
579.07
216.92
217.50
217.04
217.62
220.75
218.48
219.64
3.1
3.3
2.2
3.7
4.3
3.1
3.1
34.8
34.6
34.6
34.6
34.2
34.5
42.2
42.1
42.0
41.5
41.4
41.5
4.9
4.8
4.7
4.5
4.3
4.2
11.29
11.32
11.34
11.40
11.38
11.43
7.39
7.39
7.38
7.40
7.37
12.21
12.24
12.25
12.28
12.28
12.32
392.89
391.67
392.36
394.44
389.20
394.34
257.30
255.83
255.44
255.96
252.07
515.26
515.30
514.50
509.62
508.39
511.28
579.28
575,86
578.12
^566.61
563.62
584.40
220.11
218.88
219.17
222.03
219.56
220.61
2.7
3.3
2.6
2.5
1.1
2.4
Sept
Oet
Dec
1995: Jan
Feb
Mar
Apr
May
1982
dollars
-1.3
.3
-1.0
-.9
-1.0
-1.8
-1.6
— .2
-.0
.8
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.4
.6
.6
-.6
.7
1.7
.4
.4
_ 2
.3
-.4
-.7
-2.1
:
* Raised on seasonally unadjusted data.
Hoim-e: Department of LalK>r, Bureau of I
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (.lime 1989 = 11)0)
Percent change front
3 months earlier
Period
Total
compensation
Wages and
salaries
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
114.6
115.7
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.6
124.3
112.1
113.0
113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
120.6
Bom-fits '
Total
com|M:nsation
Wages and
salaries
12 months earlier
Benefits'
Total
componxation
Wages and
salaries
Benefits ]
Not seasonally adjusted
1985198619871988198919901991199219931994-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
'
.
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
Seasonally adjusted
1992: Sept
Dec
1993- Mar
Sept
Dec
1994- Mar
Sept
Dec
1995- Mar
91-952 0 - 9 5 - 2
121.2
122.9
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0
.7
1.0
1.0
.9
.8
.8
.8
.8
.8
.7
.6
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
Not .seasonally adjusted
.4
,8
.8
.6
.9
.7
.8
.9
.7
.6
.7
1.4
1.4
1.5
1.4
.9
U
.9
1.0
1.0
.8
.1
3.4
3.5
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.7
2.6
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
5.2
5.2
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfavm
business
sector
Output 1
Business
sector
Condensation per
hour 3
Hours of all
persons2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real con K'nsation
per lour 4
Business
sector
Unit labor
costs
Nonfarrn
business
sector
Business
sector
Implicit >rice
deflator5
Nonfarm
business
sector
Bus! ness
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1985
1986
1987
1988
1989
1990
1991
1992
1993'
1994r
19821983:
1984:
19851986:
1987:
1988:
1989:
1990-
IV
IV
IV
IV
IV
IV
IV .
IV
IV
1991:
IV
1992- IV
1993- Ir
11"
IIP
IV
1994: I'
IIr
III'
rv
1995: lr* ..
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.0
119.7
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.2
117.7
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
148.4
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
148.5
101.1
103.1
105.4
107.0
108.3
110.6
110.8
109.7
110.5
113.0
116.8
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
111.5
115.0
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
132.6
137.9
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
132.8
137.9
116.2
116.3
117.0
118.4
118.9
118.5
119.5
120.7
121.4
114.3
114.5
115.3
116.5
138.1
139.6
140.9
143.9
145.8
147.2
148.8
151.6
153.3
138.3
139.9
141.5
144.3
117.0
116.6
117.3
118.6
119.4
146.1
147.3
148.8
151.6
153.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.2
123.9
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
117.4
118.1
118.9
120.0
120.5
121.5
122.6
124.2
124.6
125.6
126.3
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
106.9
107.5
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
105.7
106.2
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
137.9
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
150.1
157.7
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.3
163.1
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
142.2
148.8
156.4
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
105.1
107.1
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
104.2
106.2
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
132.9
135.1
157.2
158.1
158.7
159.3
161.2
161.8
162.9
164.4
107.0
107.0
107.0
106.6
107.4
106.9
106.8
107.2
105.9
105.8
105.7
105.3
136.6
137.5
137.3
136.2
124.9
126.3
126.8
127.9
158.7
159.9
160.6
161.3
163.3
163.6
164.9
166.4
128.5
168.0
166.2
107.4
106.0
105.7
105.5
105.9
106.2
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.4
126.1
98.9
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
119.2
120.0
120.9
122.2
122.8
123.8
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.1
165.1
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
138.6
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
133.5
136.1
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
143.9
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
136.9
140.1
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
137.9
141.2
140.8
141.4
141.6
142.1
142.0
142.5
142.8
143.1
137.3
138.1
138.0
137.8
137.4
138.1
137.7
136.8
137.8
138.8
138.8
138.7
142.6
143.8
144.5
144.8
143.5
145.1
145.9
146.1
138.4
139.2
145.3
146.7
3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
.8
3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
1.7
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
1.8
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
145.2
Percent change; quarterly data at seasonally adjusted annual rates
1985
1986 .
1987
1988
1989
1990
1991
1992
1993r .
1994'
1.4
2.1
1.0
1.0
-.7
.7
1.3
3.0
1.3
2.4
0.8
2.0
.8
1.0
-.9
.4
1.5
2.7
1.3
2.2
3.6
2.8
4.1
4.3
1.7
.7
-1.0
2.7
3.8
5.5
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
5.3
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.3
2.4
3.1
2.5
.8
3.2
3.4
2.6
.2
-2.4
-.3
2.7
3.0
4.5
5.0
3.6
4.4
3.5
5.7
4.8
5.1
3.4
3.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.0
3.0
0.9
3,1
-.1
.2
-1.3
.3
.6
2.0
.4
.5
-1.4
.1
.8
2.0
.0
.4
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.0
.7
5.3
1.5
3.3
3.3
4.0
2.3
2.4
3.9
3.4
2.2
4.9
5.6
2.4
2.5
4.4
6.2
-1.8
.7
1.6
2.2
-1.6
.2
1.9
2.2
5.6
4.4
5.7
4.6
5.5
5.0
5.3
4.6
2.8
1.3
2.5
1.1
2.7
1.9
2.2
1.1
.3
2.9
2.3
1.2
1.4
2.7
2.9
.6
3.3
2.2
-1.3
5.1
3.2
2.5
-1.2
5.1
-2.1
.6
2.2
5.0
-2.2
.4
2.9
4.2
.6
4.2
4.0
8.6
1.0
4.7
4.9
7.9
2.7
3.6
1.7
3.5
3.2
4.2
1.9
3.5
2.5
3.1
1.8
1.7
1.9
2.4
1.5
1.6
-.6
.1
.1
-1.5
-1.1
-.6
-.2
-1.6
4.6
2.5
-.4
-3.2
4.1
2.0
-1.3
-2.5
2.3
1.7
.6
1.2
2.2
1.6
.7
.8
IIP
IV'
1.8
-1.4
3.2
4.3
1.7
-1.4
2.7
4.3
5.5
3.7
4.5
7.8
5.2
3.2
4.3
7.7
3.6
5.2
1.3
3.3
3.4
4.7
1.6
3.3
5.1
.9
3.1
3.6
4.9
1.4
2.7
3.8
2.9
-1.7
-.4
1.3
2.7
-1.2
-.8
1.5
3.2
2.3
-.1
-.7
3.1
2.8
0
-.4
1.5
3.5
2.0
.7
1.2
4.5
2.3
.5
1995- P*
2.2
2.7
4.4
4.7
2.2
2.0
4.0
4.3
.9
1.2
1.8
1.6
1.6
1.5
1992:
Ir
II '
HP
IV
1993:
P
IP
IIP .
IV
1994: P
IP
1
Output refers fa gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
;
'Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also iricludes.an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price i ndex for all urban consumers (OPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
0.6
3.1
9
.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.
Series revised to incorporate annual benchmark of Current Employment Statistics survey, as
well as new seasonal adjustment factors for all employment and hours measures.
* First quarter 1995 data are based on GDP data released May 31, 1995; GDP data shown
elsewhere in this issue of jKcowrmic Inditxdors were released .June 30, 1995.
Source: Department of Laix>r, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell again in May.
INDEX, 1987 = 100* (RATIO SCALE)
160
INDEX, 1987-100' (RATIO SCALE)
140
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987=100
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
.
1994- May
July
Sept
Get
Nov
Dee
1995- Jan r
Peb
Mar''
May
1
Outfmt as percent of capacity.
Industry production indexes. 1987 — 100
Capacity utilization
rate, percent '
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
94.4
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
1.7
.9
4.9
4.4
1.5
.0
-1.7
3.2
4.1
5.4
91.6
94.3
100.0
104.7
106.4
106.1
103.9
108.0
112.9
119.7
91.8
93.9
100.0
106.6
108.6
107.4
104.2
109.3
116.1
125.5
91.5
94.9
100.0
102.3
103.7
104.4
103.6
106.5
109.3
113.3
109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.2
99.8
99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.2
118.1
80.3
79.2
81,5
83.7
83.7
82.1
79.2
80.2
81.7
84.0
79.5
79.1
81.6
83.6
117.4
118.0
118.2
119.1
119.0
119.5
120.3
121.7
5.7
5.8
5.5
6.1
5.8
6.0
5.8
6.1
119.0
119.3
119.8
120.9
120.9
121.5
122.6
124.2
124.0
124.6
125.2
127.0
127.2
128.0
129.1
131.2
113.4
113.4
113.6
114.0
113.7
114.2
115.4
116.4
100.7
100.6
100.1
100.0
100.1
99.2
98.3
100.1
115.8
121.1
119.0
118.8
116.5
117.2
116.5
115.2
83.8
84.1
84.1
84.5
84.2
84.4
84.8
85.5
83.2
83.2
83.3
83.8
83.6
83,8
84.4
85.2
122.0
122.1
121.9
121.2
120.9
6.4
5.6
4.5
3.9
3.1
124.5
124.2
124.1
123.3
123.0
131.6
131.5
131.5
130.7
130.3
116.5
116.1
115.7
115.0
114.8
100.0
100.6
1 00.0
99.8
98.8
116.5
119.2
119.1
119.7
120.4
85.5
85.3
84.9
84.2
83.7
85.2
84.7
84.3
83.5
83.0
83.2
81.3
78.0
79.2
80.9
83.4
Source: Roiml of Governors of the Federal l&se.rve, System
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; montlily data seasonal!}' adjusted!
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1985
1986
1987
1988
1989
.
1990
1991
1992
1993
1994
1994- May
94.2
95.7
100.0
104.8
106.8
107.0
105.6
109.0
113.4
118.4
117.8
118.4
118.5
119.2
118.9
119.2
119.8
121.2
121.6
121.8
121.4
120.8
120.6
...
.
July
Sept
Get
Dec
1995: Jan
Fob'
Mar'
May/*
1
93.7
96.8
100.0
102.9
104.0
103.4
103.0
105.9
109.4
113.2
112.8
113.5
113.3
113.8
113.0
113.0
113.9
115.5
115.7
115.7
114.8
113.9
113.6
Durable
goods
Nondurable
goods
91.6
94.5
100.0
104.6
106.6
102.3
95.5
102.6
110.7
119.4
116.4
118.0
118.0
120.7
119.1
119.4
120.5
123.4
124.5
123.4
121.3
118.9
116.4
94.4
97.6
100.0
102.4
103.2
103.8
105.2
106.9
109.2
111.8
112.0
112.5
112.2
112.2
111.7
111.5
112.4
113.7
113.6
113.9
113.3
112.7
113.0
Total
1
94.8
94.5
100.0
107.6
110.9
112.1
109.4
113.4
119.3
126.5
125.4
125.8
126.4
127.5
128.0
128.8
128.9
130.1
130.9
131.2
131.8
131.6
131.7
Business
Defense
and
space
equipment
91.1
93.1
100.0
110.7
115.5
116.9
116.5
124.1
134.6
146.7
144.5
145.5
146.9
148.9
149.5
150.9
151.0
152.6
153.7
154.5
155.5
155.2
155.4
89.4
96.0
100.0
99.7
100.1
98.8
91.3
86.5
78.5
71.0
72.4
71.3
69.9
69.2
68.8
68.7
69.0
68.7
68.6
67.7
67.6
67.3
66.6
Total
88.3
91.9
100.0
101.8
102.0
101.2
96.9
98.8
102.4
108.1
107.7
108.5
109.1
109.2
108.6
109.9
110.6
110.9
111.3
110.9
110.6
109.5
109.2
Construction
supplies
89.1
93.8
100.0
101.5
100.5
98.2
91.8
95.0
98.9
106.8
106.1
106.4
107.9
108.2
108.6
109.7
109.8
111.6
112.2
111.0
110.4
109.0
108.3
Business
supplies
87.7
90.7
100.0
102.0
103.0
103.2
100.3
101.3
104.9
109.1
108.8
110.1
110.0
109.9
108.7
110.1
111.3
110.7
110.9
111.0
110.9
110.0
109.9
Total
Energy
96.6
95.9
100.0
105.0
106.7
106.8
105.4
109.2
114.1
121.5
120.5
121.2
121.4
122.8
122.9
123.4
124.6
126.3
126.5
126.7
126.7
126.2
125.8
103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.6
105.2
104.6
106.7
105.2
106.1
105.6
105.2
104.9
105.3
105.6
106.6
106.5
106.5
106.0
Indiums oil and pas well drilliritf arid manufactured liomns, not shown separately.
{1987 = 100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1985
1986
1987
1988
1989
1990
1991 .
1992
1993
1994
1994: May
101.8
93.7
100.0
108.7
107.2
106.5
98.7
101.9
106.9
114.5
114.8
113.7
112.7
113.5
116.0
115.9
119.1
123.0
July
Aii"
Oct
Dec
120.9
119.8
120.4
119.9
119.2
1995- Jan
Feb'
Mar'
Jlav
Sour«': Bonnl (if (!(
18
ant of the Ki'dmil Kei
Iron
and
steel
104.5
90.8
100.0
112.7
111.2
111.5
100.5
105.1
111.4
118.3
120.9
118.2
116.1
113.0
118.2
118.8
121.9
129.3
125.9
124.3
126.1
124.2
122.3
Fabricated
metal
products
Industrial
machinery and
equipment
94.5
93.8
100.0
104.2
102.8
99.5
95.3
98.8
103.7
110.8
110.0
110.2
111.7
112.4
111.6
112.2
113.3
115.3
86.8
90.3
100.0
113.0
117.3
117.6
115.0
124.6
141.1
159.9
157.7
158.9
160.6
162.6
164.6
166.5
167.5
168.5
171.4
171.1
171.7
171.8
172.4
115.3
114.9
114.4
114.0
114.0
Electrical
machinery
93.1
94.3
100.0
108.5
111.0
111.4
113.4
121.9
139.3
160.0
156.5
159.5
161.5
164.1
165.0
166.9
168.8
172.5
172.9
174.0
175.0
175.7
176.6
Nondurable manufactures
Transportation
equipment
Total
91.8
96.9
100.0
105.2
109.6
107.0
101.3
105.1
105.5
109.7
107.6
107.5
105.7
109.5
108.8
109.0
110.5
111.9
112.6
113.5
112.7
109.7
106.6
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
prodnets
Foods
91.4
94.6
100.0
106.0
109.2
111.8
111.1
114.7
119.1
124.1
124.0
124.4
124.7
124.7
123.7
123.8
126.2
128.0
130.4
129.7
129.3
127.8
127.9
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.0
109.4
112.8
112.8
112.8
113.4
113.7
114.6
113.4
113.9
114.7
115.9
115.7
115.5
114.3
114.0
99.0
98.5
100.0
105.7
106.9
101.0
94.3
107.4
121.1
137.9
131.6
132.2
129.6
138.1
137.4
138.4
141.4
144.6
88.0
95.1
100.0
100.1
99.4
97.1
90.5
95.8
100.2
106.0
106.0
106.2
106.8
105.5
107.6
106.7
106.7
110.4
92 6
96.3
100,0
98.1
95.0
92.2
92 9
95.0
94.9
96.3
87.6
90.6
100.0
100.9
101.1
100.8
97.0
97.2
99.3
101.1
97.1
97.0
97.0
96.8
96.8
96.9
96.8
97.0
101.6
102.4
102.1
101.5
100.9
101.4
102.0
101.6
146.1
146.7
144.7
138.6
133.1
110.2
107.4
105.4
103.4
103.7
96.6
95.8
94.8
93.5
93.1
101.3
100.8
100.4
99.6
99.7
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts'1
Private
Period
Total new
construction
expenditures
Ifcsi ential
Total
New housing
units
Total '
Corrnnereiai
ami industrial '-
Other
and
State
and
local
Total value
index
(1987=100)
("oinmercial
anil industrial
floor sjraec
(millions of
square feet)
Billions of dollars
1985
1986
1987
1988
1989
1990
1991'
1992'
1993'
1994'
1994- May
377.4
407.7
419.4
432.3
443.7
442.2
403.4
435.0
464.5
506.9
299.5
323.1
328.7
337.5
345.5
334.7
293.3
315.7
339.2
376.6
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
238.9
501.2
505.8
509.6
509.9
518.3
521.3
520.2
521.8
374.8
377.0
378.4
379.7
384.5
382.9
387.1
386.1
239.9
239.8
240.5
240.1
242.2
240.5
242.4
243.6
521.1
521.4
523.5
522.4
514.7
384.8
383.7
383.3
382.1
376.5
241.9
240.2
237.9
234.4
231.1
51.3
51.6
50.1
51.5
54.6
55.4
58.4
62.1
62.3
63.9
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.3
125.3
130.3
91
96
100
101
105
95
89
97
105
114
169.7
169.1
170.0
169.3
170.6
168.3
169.3
169.7
73.4
72.7
72.2
73.4
76.4
76.9
81.4
80.9
61.5
64.5
65.7
66.2
65.9
65.6
63.2
61.7
126.3
128.8
131.2
130.2
133.9
138.3
133.1
135.7
114
114
114
122
117
114
115
108
658
631
719
688
710
707
771
688
168.6
167.2
163.9
160.1
156.1
81.3
82.7
84.7
84.8
82.2
61.5
60.7
60.7
62.9
63.1
136.2
137.8
140.2
140.3
138.2
109
112
113
100
109
786
883
778
632
727
Annual rates
Annual rates
July
Sept'
Oct'
Nov
Dec'
1995- Jan'
Feb'
Mar'
Mayp
1
2
1,097
1,016
1,019
973
961
783
577
556
589
715
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
73.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
Note.—New construction series revised beginning 1991.
Sources: Department of" Commerce (Bureau of the Census) and McGraw-IJ
Systems Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
:1
K.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1 unit
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
2-4 units
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
5 or more
units
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
Units
authorized
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
Units
completed
Homes
sold
Homes for
sale at end
of period '
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
688
750
671
676
650
534
509
610
666
670
346
357
366
368
365
321
284
265
293
338
1,438
1,333
1,280
1,337
1,400
1,376
1,371
1,388
1,436
1,302
1,443
1,328
1,338
689
632
630
672
691
707
642
627
302
313
317
322
328
330
335
338
342
347
346
346
345
Vacancy rate
for rental
housing units
(percent) -
6.5
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
27.3
7.4
Seasonally adjusted annual rates
1994: May
July
Sept
Oct
Dec
1995- Jan
Feb
Mar'
Mayp
1,489
1,370
1,440
1,463
1,511
1,451
1,536
1,545
1,366
1,319
1,238
1,255
1,239
1,197
1,174
1,219
1,174
1,235
1,164
1,186
1,250
1,055
1,048
987
995
951
36
18
32
40
42
39
62
33
256
178
189
249
234
248
288
262
38
42
35
23
39
273
229
216
237
249
1,377
1,350
1,347
1,386
1,426
1,401
1,358
1,420
1,293
1,282
1,235
1,243
1,243
643
'575
611
602
722
7.4
7.2
7.4
7.4
NOTE.—Beginning 1994, units authorized are for 19,000 j aces. For other data shown, units
authorized are for 17,000 places.
Soumv. Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In April, manufacturing and trade sales fell 0.4 percent and inventories rose $8.7 billion. According to advance
data, retail sales rose 0.2 percent in May after falling 0,3 percent in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
BIUIONS OF DOLLARS* (RATIO SCALE)
300
,000
--
900
—^
I
800
~\"
250
>
RETAIL INVENTORIES
MA •••lUFACrURINC3 AND
TRADE INVENTC3RIES
700
/ _"'
—••—
200
600
_„-
•fr
\
500
- RETAIL SALES
150
M,ANUFACTURI «
Af •JD TRADE SA LES
400
100
300
RATIO*
I.SU
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
1.50
/N-^ /\_ x y
^W£/|V
1.40
1
1991
1993
1992
miiimn
MANUFACTURING ^^TX^^
>-^.
AND TRADE ~
1 N"
1.30
1995
1994
1991
j
1992
1993
» SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturing
and
trade1
Sales a
Inventories8
i
1995
1994
COUNCIL OF ECONOMIC ADVISERS
:
2
Sales 2
Inventories a
Inventory-sales
ratio4
Retail
Wholesale
Inventories *
Sales
Period
— /"
Total
Durable
goods
stores
Nondurable
goods
stores
Total
Durable Nondurable
goods
goods
stores
stores
Manufacturing
and
trade1
88,738
93,566
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,947
134,163
136,340
138,157
137,008
138,485
139,814
140,640
140,906
140,947
141,542
142,174
141,670
141,417
1.53
1.56
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.39
1.40
1.39
1.41
1.38
1.38
1.39
1.38
1.37
1.38
1.39
1.40
1.42
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
.
1988
1989
1990
1991
1992
1993
1994
1994: Apr'
.
July
Aug
Sept
Oct
Dec
1995- Jan
Feb
Mar'
Aprf
MavP
.
.
....
410,124 649,780 112,199 142,452 107,243
422,583 664,089 113,459 147,409 114,586
430,419 662,753 114,960 153,574 120,803
457,735 709,814 122,968 163,903 128,442
496,079 765,270 134,521 178,801 138,017
523,065 811,154 143,760 187,009 146,581
542,682 834,391 149,506 195,550
153,718
538,485
829,685 148,306 200,062 154,661
561,293 838,895 154,150 207,663 162,632
593,076 860,979 161,681 215,878 172,875
639,770 916,550 172,521 234,722 186,414
626,577 870,731 168,757 219,270 183,577
'628,825 '880,696 '169,257 '223,145 '183,336
634,569 884,892 170,880 222,832 185,123
631,785 889,411 171,175 226,279 185,125
652,889 897,787 176,948 227,257 187,861
651,401 902,120 175,960 228,341 189,307
653,124 908,570 177,657 231,837 191,492
661,904 913,833 178,593 233,858 192,120
671,275 916,550 182,830 234,722 192,392
673,918
928,672 182,829 238,272 193,299
675,480 936,091 185,056 240,365 191,868
674,797 942,743 183,207 243,462 193,153
'672,380 951,420 '184,597 '246,867 '192,490
674,759
184,941 247,158 192,901
37,873
41,510
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,369
72,147
'71,662
72,453
72,058
74,113
74,973
76,865
77,098
77,047
76,775
76,138
76,978
'76,209
76,332
1
3
2
4
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted fibres; monthly data are seasonally adjusted totals for month.
20
69,369
73,075
75,746
80,453
85,587
91,818
97,981
100,497
103,999
108,080
113,045
111,430
'111,674
112,670
113,067
113,748
114,334
114,627
115,022
115,345
116,524
115,730
116,175
'116,281
116,569
167,812
181,881
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,676
290,018
270,816
275,169
278,954
276,487
283,518
287,248
288,670
289,987
290,018
294,296
296,000
297,200
298,875 '
79,074
88,315
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,709
149,071
136,653
138,829
140,797
139,479
145,033
147,434
148,030
149,081
149,071
152,754
153,826
155,530
157,458
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source; Department of Commerce, Bureau of the Census.
1.49
1.52
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.48
1.50
1.51
1.49
1.51
1.52
1.51
1.51
1.51
1.52
1.54
1.54
1.55
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' shipments, inventories, and new orders rose in May. Unfilled orders were unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS" (RATIO SCALE)
280
480
440
400
360
INVL-NIUklbb
V
\
i
TOTAL
320
280
240
\
RABLE GOOD
200
120 160
,,'•
\
NDURABLE GC
120
80
BILLIONS OF DOLLARS* (RATIO SCALE)
320
NFW ORDFRS
240
y_^
r
—^
-V^V^^v
80
. ^ —^~
_
TOTAI
280
--
1 II 1 1 1 1 1 1 ! 1
1 1 1 1 1
HIM
1 1 1 1 f
HIM
1 IM
1 1 1 1L
RATIO*
2.20
200
INVENTORY-SHIPMENTS RATIO
2.00
DURABLE GCX5DS
160
*
\
f
120 --./•V-- --•
1
1.80
— ''v'"x
*'\ . v - N - ~
1.60
NONCDURABLE GOC)DS
80
~
.
1 1 1 1 1
1991
INI
1992
Mill
MM
1993
1.40
MM 1 i 1 M M M l 1M M
1994
1995
1.20
MM
M 1 M
MM
MM!
1
1
i M i M M i M
I 1M 1 1 I 1 1 1 !
1993
1994
1992
1991
1 1M 1
INN
1995
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT! OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Mi\im 'aeturt'rs' shipments '
Manufacturers' new orders s
Manufacturers' inventories '-
Durable pxxls
Period
Total
Durable
Nondurable
jr(x)ds
Total
Durable
KOCKls
Nondurable
Roods
Total
Total
Manutae-
Capital
Roods
industries,
riondet'ense
Nondurable
fjoods
unfilled
Manufacturer'
toty—
shipments
ratio :(
Millions of dollars, seasonally adjusted, except as noted
97,940
101,279
103,238
108,128
117.993
121,703
122,387
119,151
125,553
135,981
151,060
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
1 1 8,958
122,539
129,775
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
192,879
195,706
195,204
209.389
227,026
235,932
240,646
234,354
241,545
255,701
281,953
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
151,878
23,669
24.545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
1.73
276,232
278,566
275,485
288,080
286,134
283.975
291,191
296,053
148,510
150,010
146,472
155,619
154,350
152,586
157,292
159,299
127,722
128,556
129,013
132,461
131.784
131,389
133,899
136,754
382,382
383,106
386,645
387,012
386,531
388,063
389,988
391,810
240,539
241,039
243,392
244,116
243,814
244,925
246,374
247,644
141,843
142,067
143,253
142,896
142,717
143,138
143,614
144,166
277,441
279,788
274,305
287,222
287,248
285,985
293,716
299,514
149,412
151,212
145,251
154,675
155,433
154,150
159,321
162,310
35,498
38,055
36,310
37,595
39,056
38,276
40,781
37,759
128,029
128,576
129,054
132,547
131,815
131.835
134,395
137,204
448,546
449,767
448,587
447,729
448,843
450,853
453,378
456,838
1.38
1.38
1.40
1.34
1.35
1.37
1.34
1.32
297,790
298,556
298,437
295.293
296,917
161,079
161,206
161,571
157,970
159,546
136,711
137,350
136.866
137,323
137,371
396,104
399,726
402,081
405,678
408,245
250,251
252,124
253,237
255,334
256,829
145,853
147,602
148,844
150,344
151,416
301,724
300,804
299,625
293,069
297,032
164,507
163,338
163,042
155,553
159,715
41,785
42,055
42,628
40,072
43,068
137,217
137,466
136,583
137,516
137,317
460,772
463,020
464,208
461,984
462,099
1.33
1.34
1.35
1.37
1.37
1984
1985
1986
1987
1988
1989
1990
1991
1992 ..
1993
1994
190,682
194,588
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
280,835
1994- Mav
July
Aug
Sept
Oft
Dec
1995- Jan
Feb
Mar ...
Apr r
May
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
:l
Annual data arc
Source: Dc.partmtir
21
PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods was unchanged. Prices of finished consumer foods fell
0.6 percent while prices of other finished consumer goods rose 0.2 percent. Capital equipment prices rose 0.2
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
150
150
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
CAPITAL EQUIPMENT
CONSUMER FOODS
\
/ \--
t^
-^l?
,^1
^, •^i<
t
_j
J
-*\^
/—
/
, __
no
TOTAL
^^
F *
_ —^
"
Xjr^^
^.^•.
y// '•
/
' ~"
\
,.
r
^'
—'
^^
f.S~
s~^.^~
^~
^-^-'
--^..^
'
—
,^C>-
_^ ^
^•-"^
\
—..-^ ' ^
S" '
\
CONSUMER GOODS
EXCLUDING FOODS
1
^^
^
,-'
^
110
/
,•** ,S
+ .f"~
^'^
100
1 1 ! ! I I 1 1 1 1 !
1 1 1 1 1
1988
1987
M M 1
M M 1
1989
MM
M M 1
MM!
M i l
1991
1990
_LI 1_L1
MM
1992
M LM
MM!
1 LJ 1 L M
1994
1993
SOURCE: DEPARTMENT OF LABOR
M
1 1
1995
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
snmer
foods
Consumer goods
Total
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 . .
1994: May
June
July
Aug
Sept
Oct
Nov
Dec
1995: Jan'
Feb
Mar
Apr
May
1
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
125.1
125.2
125.5
126.2
125.8
125.3
126.1
126.5
127.1
127.3
127.3
127.9
127.9
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
126.1
125.6
126.1
126.4
126.2
126.1
127.3
129.0
128.3
128.6
128.4
128.2
127.4
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
124.8
125.0
125.2
126.0
125.6
125.0
125.6
125.7
126.6
126.8
126.9
127.7
127.9
Intermediate materials for food manufacturing ami feeds.
22
Total
Capital
equipment
consumer
goods
Total
Foods
and
feeds!
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
134.1
134.3
134.4
134.7
135.0
134.3
134.5
134.9
135.5
135.8
135.7
136.1
136.4
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
122.8
122.8
123.2
123.9
123.4
122.9
123.9
124.3
124.8
125.1
125.1
125.7
125.7
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
117.4
117.8
118.2
119.0
119.5
119.9
120.9
121.4
123.0
123.8
124.2
125.1
125.4
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
116.3
115.3
112.6
112.9
113.5
112.5
112.5
111.9
112.3
112.4
112.7
111.5
110.4
Con
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
121.2
121.4
121.7
122.7
122.0
121.4
122.2
122.2
123.2
123.4
123.5
124.4
124.7
Durable
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
131.0
131.1
131.3
131.8
131.9
131.0
131.4
131.6
132.0
132.0
132.0
132.3
132.4
Nondurable
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
115.6
115.8
116.2
117.4
116.3
115.8
116.9
116.7
118.0
118.3
118.4
119.6
120.0
finished
Other
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
117.4
118.0
118.5
119.3
119.8
120.3
121.4
121.9
123.5
124.4
124.8
125.8
126.2
Source: Department of Labor, Bureau of Labor Statistics.
Crude materials
Total
Foodstuffs
and
feedstuffs
95.8
94.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
101.9
103.0
102.6
102.6
100.1
99.5
100.1
100.6
100.9
102.5
101.2
103.3
102.5
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
106.9
106.4
103.9
102.8
102.6
101.5
102.4
102.3
102.3
103.5
101.0
100.1
97.1
Other
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
94.7
96.8
97.8
98.5
94.7
94.4
94.7
95.6
96.0
97.9
97.3
101.3
102.0
In May, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted (it ros® 0.2 percent
not seasonally adjusted). The index was 3.2 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
INDEX, 1982-84 = 100 (RATIO SCALE)
160
160
SEASONALLY ADJUSTED
150
CONSUMER PRICES—ALL ITEMS
140
120
110
100
i i.i i l I 90
90
1987
1988
1989
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items >
Shelter
Period
Not
seasonally
adjust-
Seasonally
adjust-
Food
Total i
Total
1982=
100)
(NSA)
Rel. imp.3
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
. .
1994: May
June
July
Aug
Sept
Oet
Nov
Dec
1995: Jan
Feb
Mar
Apr
May
100.0
107 6
109 6
113.6
118 3
124 0
130 7
136.2
140.3
144 5
1482
147.5
148.0
148.4
149.0
149.4
149.5
149.7
149.7
150.3
150.9
151.4
151.9
152.2
Renters'
costs
147.6
148.1
148.5
149.1
149.4
149.6
149.8
150.1
150.6
151.0
151.3
151.9
152.3
15.8
1056
1090
113.5
1182
125 I
1324
136.3
137.9
140 9
144 3
143.5
143.9
144.7
145.4
145.7
145.8
146.0
147.1
146.7
147.1
147.1
148.2
148.3
41.2
107 7
110.9
114.2
1185
1230
128 5
133.6
137.5
141 2
1448
144.3
144.4
144.7
145.1
145.4
145.7
145.9
145.9
146.5
146.9
147.2
147.6
147.8
28.0
109 8
1158
121.3
127 1
132 8
140 0
146.3
151.2
155 7
160 5
159.7
159.8
160.2
160.9
161.3
161.8
162.2
162.3
162.8
163.3
163.8
164.4
165.0
8.0
1154
121.9
128.1
1336
1389
1467
155.6
160.9
1650
'1694
168.1
168.5
168.5
169.2
169.1
169.7
170.2
170.1
170.5
171.0
172.0
172.7
173.4
Homeowners'
costs
(Dec.
1982=
100)
19.9
113 1
1194
124.8
131 1
1373
144 6
150.2
155.3
1602
1655
164.8
164.9
165.3
166.1
166.8
167.3
167.7
167.8
168.4
168.9
169.2
169.8
170.4
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, ete.—and motor fuel. Motor oi!, coolant,
etc. excluded beginning 1983.
3
Relative important*, December 1994.
Maintenance
and
repairs
(NSA)
Fuel
and
other
utilities
parel
and
upkeep
0.2
7.1
5.7
1065
107.9
111.8
1147
1180
122 2
126.3
128.6
130 6
130 8
131.0
131.5
131.3
131.2
131.6
130.8
131.2
132.7
133.1
133.8
134.2
134.2
134.6
1065
104.1
103.0
1044
107 8
111 6
115.3
117.8
121 3
122 8
122.6
122.6
122.8
123.0
122.6
122.6
122.9
122.7
123.3
123.3
123.1
123.4
122.9
105 0
105.9
110.6
1154
118 6
124 1
128.7
131.9
133 7
133.4
133.9
134.7
134.2
133.0
133.1
132.8
132.4
132.1
133.0
132.2
132.2
132.1
131.7
Total i
17.1
1064
102.3
105.4
1087
114 1
1205
123.8
126.5
1304
1343
132.8
133.7
134.7
136.0
136.2
136.1
136.3
136.6
137.4
137.9
138.7
139.7
140.3
Newcars
4.1
106 1
110.6
114.6
116.9
1192
121 0
125.3
128.4
131 5
136.0
135.4
135.9
136.5
136.9
137.5
137.6
137.4
137.6
137.7
138.1
138.1
138.9
139.0
Motor
fuel
3.1
987
77.1
80.2
809
885
101 2
99.4
99.0
980
98.5
95.4
96.1
98.8
101.8
101.1
100.4
101.1
101.3
101.7
101.3
100.9
101.5
103.5
Medical
care
Energy2
7.3
7.0
113.5
122.0
130.1
138.6
1493
162.8
177.0
190.1
201.4
211.0
209.9
210.7
211.5
212.4
213.3
214.3
215.2
216.2
216.9
217.6
218.2
218.8
219.5
101 6
88.2
88.6
89.3
943
102.1
102.5
103.0
1042
104.6
102.7
103.0
104.4
105.9
105.3
105.0
105.5
105.4
105.7
105.6
105.1
105.5
106.0
All
items
less
food
and
energy
77.2
109.1
113.5
118.2
123.4
1290
135.5
142.1
147.3
152.2
156.5
156.2
156.7
157.0
157.4
157.7
158.0
158.3
158.5
159.2
159.6
160.1
160.7
161.0
NOTE.—Data incorporate a rental equivalence measure for homeownership casts (beginning
1983).
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
I Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA|
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capita!
equipment
Excluding
foods
Poods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Capital
equipment
Total
finished
Excluding
foods
Foods
goods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dee. to Dec., NSA
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
0.6
2.8
— 2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
2.1
-6.6
4.1
3.1
5.3
8.7
-7
1.6
-1.4
2.0
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
Change, month to month
-0.1
.1
.2
.6
1994- May
July
-0.6
-.4
.4
.2
-.2
-.1
1.0
1.3
-.5
.2
-.2
-.2
-.6
O
Sept
Oct
Nov
Dec
1995- Jan'
Feb'
Mar
A
.6
.3
.5
.2
0
.5
0
May
0.3
.1
.1
.2
.2
-.5
.1
.3
.4
.2
-.1
.3
.2
0
.2
.2
.8
-6
-.5
.7
0
.8
.2
.1
.7
.2
-0.3
0
1.0
3.6
1.9
-.6
-.3
2.2
5.9
3.9
2.6
'2.5
1.9
-2.8
-5.5
-2.2
1.0
1.9
0
2.9
9.2
7.2
4.1
-1.8
'-.3
-3.7
-0.3
1.0
1.7
5.0
2.0
-1.0
-1.6
. .7
6.1
4.0
4.3
'4.0
4.3
3.0
3.0
2.1
1.8
2.1
-.3
-.6
— 3
3.6
3.9
2.4
'1.8
1.8
-1.6
-3.3
-2.0
-.9
-1.9
-1.1
1.9
5.5
3.5
3.5
3.5
3.4
.2
1.1
1.5
1.0
1.6
1.0
.2
1.6
2.1
2.6
1.8
2.4
4.2
2.9
1.7
2.7
1.8
2.3
1.5
.3
1.7
1.3
2.5
1.1
2.5
5.0
4.1
2.9
2.9
2.3
2.4
2.6
.9
.6
.9
1.6
1.6
1.0
2.7
2.8
-.4
.1
.6
1.9
1.5
1.0
1.3
1.7
1.7
1.7
1.6
2.1
2.2
Source: Department of I^ahor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
|Percent change from preceding period; monthly data seasonally at^justed, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items!
Food
Total'
Total1
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Appare!
and
1
upkeep Total
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
Addendum: All items, percent change
(annua rate)
From
previous
quarter 3
From 3
months
earlier
From 6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1987
1988
1989
1990
1991
1992
1993
1994
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
1994: May ...
June ..
July ...
Aug ....
Sept ...
Get ....
Nov ....
Dec ....
1995: Jan ....
Feb ....
Mar ...
Apr ....
May ...
0.1
.3
.3
.4
.2
.1
.1
.2
.3
.3
.2
.4
.3
0.2
.3
.6
.5
.2
.1
.1
.8
0.2
.1
_2
.3
.2
2
.1
0
.4
.3
.2
.3
.1
0.3
.1
.3
.4
.2
.3
.2
.1
.3
.3
.3
.4
.4
0.3
.2
0
.4
-.1
.4
.3
-.1
.2
.3
.6
.4
.4
0.2
.1
.2
.5
.4
.3
.2
.1
.4
.3
.2
.4
.4
1985
1986
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
3.4
5.9
1.8
2.1
2.3
1.4
3.3
2.3
2.8
3.2
-30.7
18.7
-2.1
6.8
36.5
-16.0
1.8
-5.4
5.9
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
0.3
.4
.4
.3
.4
.1
-.1
.1
.1
.3
0
.6
.1
-1.3
.7
2.8
3.0
-.7
-.7
.7
.2
.4
-.4
-.4
.6
2.0
0.3
.4
.4
.4
.4
.5
.4
.5
.3
.3
.3
.3
.3
-0.9
.3
1.4
1.4
-.6
-.3
.5
-.1
.3
-.1
-.5
.4
.5
0.3
.3
.2
.3
.2
.2
.2
.1
.4
.3
.3
.4
.2
2.6
2.8
,9 -5.9
6.1
4.8
3.0
4.7
4.0
1.0
5.1 10.4
3.4 -1.5
3.0
1.4
.9
2.4
3.8
-1.6
3.1
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
4.3
3.8
Change, month to month
— .O
.3
0
.7
.1
-0.2
0
.2
.2
-.3
0
.2
-.2
.5
0
-.2
.2
-.4
-0.3
.7
.7
1.0
-.9
.1
.1
-.1
-.2
.1
-.3
-.2
.2
.6
.7
-.6
.4
0
.6
-.1
.7
-.3
.4
0.2
.6
A
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, ete.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
24
;i
2.2
2.5
3.6
2.2
3.2
Quarterly changes are shown in the last month of the quarter.
Source: I>epartment of Lalx>rT Bureau of Lalx>r Statistics.
2.7
3.0
4.1
3.6
3.0
1.9
1.9
2.7
3.2
3.2
3.5
3.5
2.2
2.5
2.9
3.2
3.2
3.0
3.0
2.7
2.8
2.6
2.6
3.1
3.4
2.3
2.5
2.8
2.9
3.0
2.6
2.7
2.7
2.8
2.9
2.9
3.1
3.2
PRICES RECEIVED AND PAID BY FARMERS
In June, prices received by farmers were unchanged from their May level. Prices paid by farmers in April were
unchanged from their January level. (Data are not seasonally adjusted.)
INDEX, 1990-92=100 (RATIO SCALE)
INDEX, 1990-92=100 (RATIO SCALE)
120
120
110 -
110
100
-
RATIO
120
r^~~~
100
-
80
60
120
~
p
-^1
^
^
'"
"
"
100
^-
80
-
-
60
i i i i i 1
1 OR7
1 1 1 1 1 J 1 1 1 1 !
i
1 1 1 f 1 1 1 1 1 1
1
1 J 1 1 1 [
1 1 1 1
J 1 1 1 i 1
1 1 1 M 1
1 f
1 !
1 1 1 1 1 ! 1
i i i i f1 i iiii
i 1 <M 1
1OCM
lJ RATIO OF INDEX OF PRICES RECEIVED '
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1990-92^100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and wage
rates '
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio -
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
91
87
89
99
104
104
100
98
101
100
98
87
86
104
109
103
101
101
102
105
86
88
91
93
100
105
99
97
100
95
86
85
87
91
96
99
100
101
103
106
87
85
87
92
97
99
100
101
103
106
91
86
87
90
95
99
100
101
103
106
106
103
102
108
108
105
99
98
98
94
1994: June
July
100
97
97
97
95
95
'98
108
101
101
102
99
100
106
94
'92
94
91
•-89
90
90
P)
106
(:i)
( :i )
106
( :i )
( :i )
( :t )
105
(:!)
P)
104
P)
( :i )
P)
105
P)
( :t )
105
P)
P)
93
92
92
92
90
90
98
98
100
100
100
100
103
102
109
114
••115
113
93
94
93
90
88
90
108
P)
( :i )
108
(:1)
(:i)
107
( :i )
P)
107
P)
(:i)
106
(:!)
( :i )
106
( ;i )
P)
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
Apr
..
Mav
are published on a 1910-14 base as require
NOTE.—The
(lexes have !H^
1990-92= 100 base to facilitate comparison
Source: Department of ARricuitu
r()2
91
91
93
93
93
93
In May, growth accelerated in M2 and in
BILL1OI-« OF DOllARS* (RATIO SCALE)
4,800
4,400
4,000
3,600
"
..~-
••
—__— _____— —— —
—
J
\2~ir
i
1
2,800
2,400
1 4,000
I
|—-
_
„
M3
3,200
2,000
-— -
=^_—
•-•
__
BILLIONS OF DOLLARS* JRATSO SCAIE)
! 4,BUU
_-—r_r-«__] 4/4oo
-
n
^
1,600
1,200
^^__———
„_ —.mj-g
800
---\^\
\
—
Ml
600
400
t H !i
1987
MM!
HIM
1988
i MM
1 -LLLL
M H 1
1990
1989
! ! H i 1M 1 11
1991
i
M
II 1 1 I I J 1 (
1993
1992
M I I t 1 H 1 M
M M 1 111 1 M '
1994
* AVERAGES OF DAILY RGURES; SEASONA11Y APJUSIED
SOURCE; BOARD OF &DVESNOSSOFTHEFEC ERAL RSSERW SYSTEM
400
1995
CGUNO! OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Pericxl
19851 9861987198819891990] 991 .
199219931994-
Dee
Dec
Dec
Dec
Dec
Dee
Dec
Dee
Dee
Dec'
1994- Apr
May
July
Sept
Oct
Dec
1995- Jan'
Feh'
Mar'
May
Percent change from year or 6
months
Ml
M2
M3
L
Debt
Sum of currency,
demasid deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml phis overnight
RPs and
Eurodollars,
MMMP balances
(general purpose
and broker/dealer),
MMDAs, and savings and small time
deposits
M2 phis large
time deposits,
term KPs, term
Eurodollars, and
institute on-on3v
MMMP balances
M3 plus
other liquid
assets
Debt of
domestic
Monfmaneia]
sectors
(montlily
average) ]
619.9
724.4
749.8
786.9
794.2
825.9
897.3
1,024.4
1,128.6
1,147.8
2,576.1
2.820.3
2,922.3
3,083.6
3,243.1
3,355.9
3,457.9
3,515.3
3,583.6
3,615.1
3,200.2
3,488.7
3,675.8
3,915.7
4,066.1
4,123.0
4,176.0
4,182.9
4,242.5
4,303.1
3,827.5
4,129.1
4,334.8
4,670.1
4,896.5
4,973.5
4,990.9
5,061.1
5,150.3
5,292.6
6,902.1
7,785.2
8,544.6
9,315.0
'10,045.5
'10,693.8
'11,178.2
'11,716.7
'12,343.8
12,955.5
12.3
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.7
8.3
9.5
3.6
5.5
5.2
3.5
3.0
1.7
1.9
.9
7.3
9.0
5.4
6.5
3.8
1.4
1.3
1.4
1.4
14.8
12.8
9.8
9.0
7.8
'6.5
4.5
4.8
5.4
5.0
1.142.8
1J43.5
1,147.0
1,152.2
1,150.8
1,151.0
1,148.1
1,147.5
1,147.8
3,605.4
3,608.5
3,605.3
3,616.2
3,614.2
3,613.3
3,609.0
3.610.3
3,615.1
4,250.8
4,251.4
4,256.6
4,273.8
4,272.7
4,278.4
'4,284.6
'4,290.5
'4,303.1
'5,181.9
'5,190.4
'5,188.5
'5,213.3
'5,214.6
'5,220.3
'5,238.7
'5,247.6
'5,292.6
'12,556.0
'12,612.1
'12,651.6
'12,677.0
'12,740.1
'12,797.5
'12,844.5
'12,913.6
'12,955.5
5.3
3.8
3.3
3.5
24
1.7
.9
.7
.1
2.3
1.8
1.2
1.5
1.6
.9
.2
.1
.5
1.3
.8
.7
1.3
1 .9
1.8
1.6
'3.8
'2.2
5.5
'5.4
5.0
4,7
'4.9
4.8
'4.6
'4.8
'4.8
1,148.8
1,147.1
1,147.8
1 ,149,6
1,142.9
3,626.8
3,622.2
3,629.7
3,642,2
3.657.4
4,325.8
4334.0
4,355.6
4,377.0
4,405.6
5.319.7
5,361.6
5.405.8
P 5,450.3
13,009.0
13,088.1
13,146.6
P 13.197. 5
-.6
-.6
-.6
.3
.6
.4
.9
1.8
2.6
2.4
2.9
3.6
4.3
5.4
5.2
5.5
5.5
5.5
Ml
M2
M3
Debt
_9
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
OverMoney market
night
mutual fund
Savings
repurbalances
deposits,
chase
DeOther
including
Genmand checkable agreemoney
ments
eral
depos- deposits
market
purInsti(RPs),
its
deposit
(OCDs) net,
plus pose
tution accounts
overnight
and
only (MMDAs)
broker/
Eurodollars ' dealer
Small
denomination
time deposits 2
Large Term
denom- repurination chase
time
agreedepos- ments
2
its
(RPs)
Term
Eurodollars
(net)
NSA
NSA
NSA
198519861987:
19881989:
19901991:
1992:
199319941994-
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
July
Sept
Oct
Dec
1995: Jan
Feb
Mar
May .
167.9
180.7
196.8
212.2
222.6
246.8
267.4
292.8
322.1
354.5
334.5
337.3
340.0
342.8
345.1
347.2
350.0
353.0
354.5
357.7
358.8
362.5
365.7
368.1
266.6
302.1
286.8
286.8
279.3
277.4
289.5
338.9
383.9
382.0
388.1
385.6
386.3
388.0
386.6
386.5
384.4
382.3
382.0
383.4
384.0
383.2
381.2
380.6
179.8
235.6
259.5
280.9
285.4
293.9
332.7
384.6
414.7
402.9
412.0
412.4
412.5
413.1
410.8
408.9
405.4
403.8
402.9
399.3
395.9
393.3
393.6
385.0
76.3
84.9
87.3
85.1
81.5
77.7
79.9
83.1
96.5
116.7
98.9
102.6
106.9
109.6
110.9
111.8
113.8
113.1
116.7
123.4
117.7
117.5
114.7
114.9
64.1
84.5
91.1
90.5
107.2
134.0
180.0
200.2
198.1
180.8
183.1
177.5
177.9
178.7
177.4
176.3
180.8
180.5
180.8
186.3
180.4
189.0
192.9
194.8
178.0
210.6
224.5
245.9
322.4
358.2
374.2
356.9
360.1
389.0
370.5
373.5
370.7
376.1
377.0
377.4
379.5
383.3
389.0
392.1
391.5
390.9
396.0
405.3
1
Includes continuing contract RPs.
2
Small denomination and large denornination deposits are those issued in amounts of loss
than $100,000 and more than $100,000, respectively.
815.4
941.0
937.7
926.7
891.0
920.5
1,041.2
1,183.6
1,215.7
1,144.2
1,220.0
1,214.8
1,206.8
1,201.2
1,192.6
1,183.7
1,171.0
1,157.8
1,144.2
1,129.8
1,111.9
1,094.9
1,082.5
1,081.5
885.7
859.0
922.7
1,038.6
1,153.7
1,174.0
1,066.6
869.2
785.1
819.8
770.1
770.8
772.9
776.0
782.2
789.0
799.0
809.8
819.8
'835.1
'854.9
'877.7
896.2
909.8
422.4
62.5
420.2
81.1
467.0 107.3
518.3
123.2
541.5
100.4
480.9
90.9
416.6
73.3
353.8
82.0
332.7
97.6
362.7 105.2
329.8
98.8
332.4
97.8
335.0 102.4
338.2 103.0
341.5
101.2
347.3 101.9
353.0 101.9
357.7 102.9
362.7 105.2
363.0 109.1
371.4 '112.7
377.8 112.5
378.8 115.6
384.3 120.6
Savings
bonds
76.9
79.5
85.1
91.8
91.6 100.6
106.3
109.4
83.8
117.5
71.6 126.0
59.4 137.9
45.9 156.6
46.5 171.5
'52.4 180.3
46.5 174.8
47.7 175.7
50.3 176.7
51.0
177.7
51.2
178.5
52.1
179.1
'52.7 179.5
'54.5 179.9
'52.4 180.3
'53.1 180.5
'56.3 180.4
'58.3 180.5
59.8 PlSQ.9
60.7
Shortterm
ComTreas- ers'
ac- mercial
ury
paper
ceptsecuriances
ties
298.3 42.1
280.1 37.1
253.2 44.5
269.5 40.2
326.0 40.6
333.4 35.9
318.5
23.8
336.2 20.8
334.2 14.9
372.6 10.2
'355.3 14.0
'359.1 11.6
'351.7 10.8
'358.1 10.9
'364.2 11.4
'359.1 11.9
'358.5 11.8
'362.2 11.0
372.6 10.2
'375.0
9.8
'391.6
9.9
'405.2 10.4
P406.8 "10.3
207.5
231.3
260.6
335.4
346.4
355.2
334.8
364.5
387.1
426.5
387.1
392.6
392.7
392.8
387.7
391.7
404.2
404.0
426.5
'428.7
'445.7
'454.1
P475.2
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Kescrve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures'; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Nonborrowed
plus
extended
credit
Period
Total
1985:
19861987:
19881989:
19901991:
199219931994:
1994-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Aue; .. .
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
Apr'
May
..
June (estimates)
1
31,452
38,940
38,856
40,399
40,498
41,771
45,536
54,354
60,502
59,342
59,989
60,105
59,839
59,794
59,496
59,401
59,342
59,124
58,919
58,552
57,957
57,761
57.355
Data are prorated averages of biweekly (maintenance pericxl) avera|*es of daily figures.
Nonborrowed
30,133
38,113
38,078
38,683
40,232
41,445
45,343
54,230
60,420
59,133
59,656
59,647
59,370
59,307
59,116
59,152
59,133
58,988
58,860
58,483
57,847
57,611
57.082
30,633
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
59,656
59,647
59,370
59,307
59,116
59,152
59,133
58,992
58,860
58,483
57,847
57,611
57.082
Required
30,415
37,570
37,809
39,352
39,575
40,106
44,557
53,199
59,440
58,174
58,885
58,998
58,835
58,734
58,693
58,394
58,174
57,785
57,973
57,757
57,204
56,881
56,383
Monetary
base
203,539
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
404,213
407,175
409,243
411,337
413,854
416,788
418,223
421,054
422,312
'425,350
428,126
430,686
429.664
Total
1,318
827
777
1,716
265
326
192
124
82
209
333
458
469
487
380
249
209
136
59
69
111
150
273
Seasonal
56
38
93
130
84
76
38
18
31
100
226
364
445
444
339
164
100
46
33
51
82
137
172
Extended
credit
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
4
0
0
0
0
0
Source: Board of Governors of the Federal I&serve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 1.2 percent in May; commercial and industrial loans also rose 1.2
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200 -
3,600
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
- LOANS AND LEASES -
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
400
OTHER SECURITIES
200
200
160
160
jj 120
120
1988
1989
1991
1990
19V2
1993
1994
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted'
Securities in bank credit
Total
bank
credit
Period
1988:
19891990:
1991:
19921993:
1994:
1994- May
1995: Jan'
Feb'
Mai"
Ai>r '
May
U.S.
Government
securities
562.3
584.6
'633.9
744.9
841.1
'915.6
'947.0
367.1
'400.1
'455.8
'565.0
'664.7
730.2
720.2
'3 209 9 '966.5
'3,220.3 '968.8
'3,255.9 '975.5
3,268.7 '969.6
'3,281.9 '968.0
'3,291.1 '960.6
'3,297.7 '951.4
'3,316.1 '947.0
751.6
752.1
751.5
746.1
741.4
731.8
724.3
720.2
721.8
716.9
704.5
704.5
707.4
2,434.8
2,607.5
2,748.6
'2,854.5
2,949.0
'3,106.1
'3,316.1
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
Total
securities
..
.
28
3,349.0
3,362.5
3,386.0
3 429 9
3,455.7
945.5
937.3
940.2
957.3
953.8
Loans and leases in bank credit
Real estate
Other
securities
CommerTotal
loans and cial and
leases- industrial
Total
Revolving
home
equity
Other
Consumer
Security
Other
195.3 1,872.4
184.4 2,022.9
178.1 2,114.7
'179.9 '2,109.6
176.4 2,107.9
'185.3 2,190.5
'226.8 2,369.1
607.6
638.7
639.9
'619.2
594.6
584.5
644.6
674.5
769.5
854.2
878.6
898.5
938.3
999.8
40.1
50.3
62.3
69.8
73.7
73.4
76.2
634.5
719.1
791.9
808.8
824.8
864.9
923.6
357.8
378.3
383.3
366.7
358.8
390.8
452.2
40.3
40.9
44.4
54.0
63.2
85.8
70.9
192.2
195.5
192.9
191.1
192.7
191.1
201.6
'214.9
'216.6
'224.0
223.5
'226.6
'228.8
'227.2
'226.8
2,243.4
2,251.5
2,280.4
2,299.1
2,313.9
2,330.5
2,346.2
2,369.1
608.0
611.3
618.8
623.4
627.8
633.9
639.6
644.6
951.2
957.3
965.6
973.2
981.0
985.9
991.6
999.8
73.5
73.8
74.0
74.4
74.9
75.1
75.7
76.2
877.7
883.5
891.6
898.8
906.2
910.8
915.8
923.6
412.2
416.1
423.1
429.3
434.4
441.6
445.8
452.2
78.1
76.2
77.2
75.0
69.7
70.4
69.7
70.9
193.9
190.6
195.7
198.1
200.9
198.6
199.6
201.6
223.7
220.4
235.7
252.7
246.5
2,403.5
2,425.2
2,445.8
2,472.6
2,501.9
657.6
669.5
673.0
681.9
690.1
1,015.1
1,022.8
1,028.4
1,036.0
1,040.4
76.7
77.0
77.2
77.9
78.7
938.4
945.8
951.2
958.1
961.7
457.5
459.6
465.1
471.0
472.7
68.6
67.8
69.7
73.2
84.5
204.6
205.5
209.6
210.5
214.2
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Credit market funds
Period
Total
Internal '
Total
Total
493.8
538.8
564.7
634.2
567.9
535.5
471.7
560.5
552.8
689.6
447.7
545.1
599.0
619.3
658.1
696.9
717.4
686.1
857.4
1985
1986
1987
1988
1989
1990
1991
1992
1993 'r
1994
1993:
I'
IIr
HI'
IV '
1994- I'll'r
III
IV'
1995- IP
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
499.8
436.4
450.7
476.4
485.7
501.5
498.6
500.2
499.1
509.2
142.0
202.1
188.8
229.9
168.2
123.9
45.7
122.2
90.5
189.8
11.3
94.4
122.6
133.6
156.6
198.3
217.2
187.0
348.2
Securities
and mortgages
13.2
65.1
39.9
-4.7
-37.6
-20.1
96.1
67.0
80.0
-26.2
83.9
65.9
99.0
71.0
11.5
31.3
-42.9
-104.8
-9.6
84.7
148.1
89.3
95.0
68.0
48.3
8.7
67.9
62.5
79.0
31.8
76.9
77.1
64.2
109.7
121.7
64.5
20.1
187.5
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings
retained abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Loans and
short-term
paper
71.5
83.0
49.4
99.8
105.6
68.3
-87.4
.9
-17.5
105.2
-52.1
11.0
-21.9
-6.8
98.2
90.4
107.4
124.9
197.1
Other 2
57.3
54.0
99.4
134.9
100.2
75.6
37.0
54.3
27.9
110.8
-20.6
17.5
45.6
69.4
46.9
76.6
152.8
166.9
160.6
Increase in
financial
assets
Capital
expenditures3
Total
467.2
501.7
492.3
575.8
509.4
488.7
435.3
527.8
523.4
663.1
426.1
530.4
550.0
587.2
631.6
661.8
681.5
677.7
821.7
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
510.4
424.7
441.5
444.1
451.2
462.1
507.7
519.6
552.3
581.1
Discrepancy
(sources
less
uses)
26.7
37.1
72.4
58.4
58.4
46.7
36.4
32.8
29.3
26.4
21.6
14.6
49.0
32.1
26.5
35.0
35.9
8.4
35.6
97.0
157.5
130.9
184.8
108.3
85.9
55.6
141.8
83.0
152.7
1.4
88.9
105.9
136.0
169.5
154.1
161.9
125.4
240.6
3
Plant and equipment, residential structures, inventory investment, and mineral rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted{
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Net change in installment credit outstanding 1
Other 2
Total
Automobile
Revolving
Other2
517,659
572,006
608,675
662,553
717,200
734,898
728,389
731,098
794,300
911,311
210,238
247,772
266,295
285,364
291,531
283,072
259,594
257,678
282,036
324,519
121,758
135,825
153,064
174,269
199,162
223,517
245,281
257,304
287,875
337,694
185,664
188,408
189,316
202,921
226,508
228,309
223,514
216,117
224,389
249,098
75,057
54,347
36,669
53,878
(4)
17,698
-6,509
2,709
63,202
117,011
36,674
37,534
18,523
19,069
(4)
-8,459
-23,478
-1,916
24,358
42,483
21,478
14,067
17,239
21,205
(4)
24,355
21,764
12,023
30,571
49,819
16,906
2,744
908
13,605
(4)
1,801
-4,795
-7,397
8,272
24,709
1994: May
June
July
Aug .
Sept
Oct
Nov ..
Dec
836,936
847,715
854,469
869,628
879,961
891,603
904,757
911,311
298,278
303,526
305,193
309,721
315,162
318,036
323,447
324,519
305,528
309,472
313,591
321,365
322,823
327,707
334,843
337,694
233,130
234,717
235,685
238,542
241,976
245,860
246,467
249,098
13,594
10,779
6,753
15,159
10,333
11,642
13,154
6,554
5,260
5,248
1,666
4,528
5,441
2,875
5,411
1,072
4,268
3,944
4,119
7,773
1,459
4,883
7,136
2,851
4,066
1,587
968
2,857
3,434
3,884
607
2,631
1995: Jan
Feb r
Mar
Apr?
920,338
928,010
942,149
953,188
324,855
327,720
330,187
332,693
343,184
349,487
356,185
362,644
252,299
250,803
255,778
257,850
9,027
7,672
14,140
11,039
336
2,865
2,467
2,506
5,490
6,303
6,698
6,460
3,200
-1,496
4,975
2,073
1985:
Dec
19861987:
19881989:
199019911992:
19931994:
Dee
Dec 3
Dec
Dec
Dec
Dec
Dec
Dec
Dec
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.
3
Data newly available in January 1989 result in breaks in many series between Decerni>er
1988 and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve Systcn
INTEREST RATES AND BOND YIELDS
Interest rotes fell in June.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
,
,
CORPORATE Aaa BONDS
J\
(MOODY'S)
\ /- \ ^
/
/- x
/
v
\
/
•— N^
^
V
""
TREASURY
BILLS
/ 1
.....„./ 1
T
'...
-
\J
_,,.,.
/
.'
\x
>
/"'
\
/ 1
r" —^^
N%
—
-^
X
/"''
"x
X
1
—'
*>^^
/
"\
L
»It
/
DiSCOUNT
RATE
\
/-
?~.
FEDERAL
RESERVE
.• •' r
HEW YORK
/H
~^'-! It i !i I I
i
1988
11
] 1 1 1 1 1 1! I1 !
I
.
,.
4
1987
\
j
SANK OF
2 (1 1 ! 1 1 1 1 1 i 11
V
'
j 1 1 1 1 1 1 1 11
1989
1 i 1 1 1 11 1 1 ! 1
H 1 1 1 1 1 1 i 1 1 1 1 1 1. 1
1991
1990'
1 1 1 1 1
Illl
1993
1992
]
J
1
1 1 : 1 1 ,
4
1 ! 1 1 1 I ! 1 1 1 IJ'
1994
2
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCE, SEE TABLE BEtOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) J
Constant maturities
3-year
.
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
1994- June
July
Aue
Sept
Oct
Nov
Dee
4.18
4.39
4.50
4.64
4.96
5.25
5.64
6.27
6.48
6.50
6.69
7.04
7.44
7.71
1995- Jan
Peb
Mar
5.81
5.80
5.73
5.67
5.70
5.50
5.48
5.57
5.46
5.35
5.53
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
.
Mav
June
Week ended:
1995: June 10
17
24
July 1
8
1
2
10-year
7.66
7.25
6.89
6.68
6.27
5.80
10.62
7.68
8.39
8.85
8.49
8,55
7.86
7.01
5.87
7.09
7.10
7.30
7.24
7.46
7.74
7.96
7.81
7.78
7.47
7.20
7.06
6.63
6.17
5.83
5.83
5.73
5.83
5.74
6.20
6.21
6.10
6.17
6.12
High-grade
municipal
bonds (Standard &
Poor's)3
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department
•J Weekly data arc Wednesday figures,
4
Average effective rate for year; opening and dosing rate for month and week.
2
30
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
Corporate
Aaa bonds
(Mood/si
Prime commercial
paper,
6 months '
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged by
banks"
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
9.93
8,33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
6.14
6.19
6.19
6.33
6.50
6.96
6.76
7.97
8.11
8.07
8.34
8.57
8.68
8.46
4.86
5.13
5.19
5.32
5.70
6.01
6.62
6.53
6.24
6.10
6.01
5.90
5.83
8.46
8,26
8.12
8.03
7.65
7.30
6.63
6.38
6.30
6.19
6.07
5.79
3.50-3.50
3.50-3.50
3.50-4.00
4.00-4.00
4,00-4.00
4.00-4.75
4.75-4.75
4.75-4.75
4.75-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
7.25-7.25
7.25-7.25
7.25-7.75
7.75-7.75
7.75-7.75
7.75-8.50
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
5.69
5.84
5.84
5.93
6.05
7.28
7.37
7.27
7.31
7.29
5.75
5.82
5.79
5.76
5.71
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.75
11.37
New-home
mortgage
yields
(FHFB) f<
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.62
7.71
7.67
7.70
7.76
7.81
7.83
8.18
8.28
8.21
8.15
7.99
5
Effective rate (in the; primary market) on conventional mortgafies, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: I^epartErHint of the Treasury, Board of Governors of the Federal Jteserve System,
Federal Housing Finance Hoard, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in June.
INDEX, DEC 31, 1965=50 (RATIO SCALEI
300
280
260
240
r~~^~~~^
^_^—y
220
200
^^\
/r~N0
180
y
^~/ \
160
140
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
30U
s
280
/
260
A
^~~^
240
^/
220
200
A
v/r \
180
160
COMPOSITE STOCK PRIC E INDEX
(NYSE)
140
V
120
120
100
100
80
1 ! 1 1 1
M M 1
1987
M M i
Mill
M M 1
M
M 1
MM!
i i Mi
MM!
1990
1989
1988
! 1 M !
Mill
M M 1
i 1 M 1
1992
1991
[ M M
M i l
1993
1 1 1J^ 1 M
f 11j L
M
80
1995
1994
PERCENT
20
PERCENT
20
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
1987
1988
1989
1990
1991
10
1993
1992
1994
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1995
COUNCIL OF ECONOMIC ADVISERS
Common stock prices '
Period
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965
except as noted) 2
Composite
Industrial
Transportation
Utility3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's composite index
(194143=10) •'
Dividendprice ratio
Earningsprice ratio
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.84
1994: June
July
251.21
249.29
256.08
257.61
255.22
252.48
248.65
308.66
307.34
316.55
322.19
321.53
319.33
313.92
246.64
244.21
244.67
239.10
230.71
227.45
218.93
206.54
205.46
211.26
204.60
203.35
200.13
200.02
215.89
210.91
214.77
211.90
203.33
198.38
195.25
3,737.58
3,718.30
3,797.48
3,880.60
3,868.10
3,792.43
3,770.31
454.83
451.40
464.24
466.96
463.81
461.01
455.19
2.84
2.87
2.78
2.80
2.82
2.86
2.91
5.67
253.56
261.86
266.81
274.37
281.81
289.52
319.93
328.98
337.96
347.69
357.01
366.75
230.25
237.29
244.45
254.36
254.69
256.80
201.16
207.73
204.16
208.93
211.58
216.27
201.05
211.76
213.29
219.38
228.55
236.26
3,872.46
3,953.72
4,062.78
4,230.66
4,391.57
4,510.76
465.25
481.92
493.15
507.91
523.81
539.35
2.87
2.81
2.76
2.68
2.-60
2.55
286.75
288.16
292.93
291.40
295.09
362.46
365.42
371.40
369.66
374.87
251.32
255.72
260.51
261.34
268.18
215.14
215.20
217.90
217.16
218.52
235.87
234.06
238.73
236.39
238.54
4,461.27
4,485.82
4,565.36
4,551.46
4,641.78
532.91
536.07
546.99
543.98
551.18
2.58
2.56
2.53
2.53
2.52
Sept
Get
Dec
1995: Jan
Peb
Mar
Week ended:
1995: June 10
17
July
24
1
8
1
Average
2
Includes
3
of daily closing prices.
all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec.-31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the4 doubling.
Includes 30 stocks.
5
Includes 500 stocks.
5.91
6.67
'6.50
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 8 months of fiscal 1995, there was a deficit of $133.2 billion, compared with a deficit of $164.7 billion
a year earlier.
BILLIONS OF DC5LLARS
1,600
BILLIO•IS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS ^
1,500
1,500
^ — •*"
1,400
OUTLAYS^
_
1,400
— —'
1,300
1,300
„-'''
1,200
^-""^
_,-'''
1,100
1,200
^-^^
---'"""''
'
1,100
'
1,000
1,000
17
^
900
RECEIPTS-
900
^^—^*~
800
800
"""
700
700
600 A
\
1
1
1
1
1
N 600
N
V
0
0
-100
^~~^~^
""""—-^
^
-200
^
_
__—
-^^
-300
-300
-400
A
1
V
1986
1
1
1987
1988
1
1989
1990
-> INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1
1
1991
1992
1
1993
1
1994
1995
N -400
N
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollarsl
Total
Fiscal year or period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 (estimates)
Cumulative total, first 8
months: '
Fiscal year 1994
Fiscal year 1995
Receipts
Outlays
298.1
355.6
399.6
463.3
517 1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1.257.7
1,346.4
371.8
409.2
458.7
504.0
590 9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,538.9
-73.7
-53.7
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.4
-269.2
-290.4
-255.1
-203.2
-192.5
801.3
870.2
966.0
1,003.4
-164.7
-133.2
1
Data from Monthly Tmixurtf SLntfrntmt.
NOTE.—Data (except as noted) art: from Iludjfft
bruary (i, 1995.
32
On-budget
Surplus
or deficit
(-)
Off-budget
Outlays
Surplus
or deficit
(-)
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
995.2
302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.6
1,081.8
1,128.5
1,142.1
1,181.5
1,246.9
-70.5
-49.8
- 54.9
-38.7
-72.7
-74.0
-120.1
-208.0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.4
- 340.5
-300.5
-258.8
-251.8
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.3
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
292.0
580.1
635.9
781.7
812.1
-201.5
-176.1
221.2
234.2
184.4
191.3
Receipts
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
Total
Held by
the public
-3.2
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
59.3
629.0
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,961.5
477.4
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.2
3,640.1
36.8
42.9
4,562.4
4,851.3
3,393.5
3,574.9
Somres: Department of the Treasury and Offiw of Management and Budget.
of thr. United Stub-a
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1995, receipts were $68.9 billion higher than a year earlier and outlays were $37.4
billion higher.
BILLIONS OF DC5LLARS
BILLIOr->IS OF DOLIARS
700
700
RECEIPTS ^
600
600
500
500
400
400
""
"
^nn^n „,„..,
300
. 200
\
INCOME TAXES
OTHER RECEIPTS
300
TAXES AND CONTRIBUTIONS
\
200
_.
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS^
1,200
,,''''
1,200
_.— """""
1,100
1,100
NONDEFENSE
\
1,000
--•"••
1,000
>''""
900
900
800
800
700
700
600
600
500
500
NATIONAL DFFFNSE
400
200
400
\
300
XI
I
1986
I
1987
I
1988
300
I
I
1989
1990
^ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
I
1991
I
I
1992
I
1993
|\
1994
1995
200
N
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On- tnd^et ar d
off-bin Bct
() i-bud^et
recci its
Fiscal year or period
Total
Individual
income
taxes
po ration
income
taxes
ariee
taxes
and
Other
Total
Total
btitions
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 (estimates)
Cumulative total, first 8 months: '
Fiscal year 1994
Fiscal year 1995
298 1
355.6
3996
463 3
517 1
5993
617.8
600 6
666.5
131 6
157.6
181 0
2178
'-"44 1
2859
297.7
288 9
298.4
54.9
600
657
64 6
61 1
49.2
37 0
56.9
734 1
769.1
854.1
9090
9907
1,031.3
1 054 3
1 090 5
1 153 5
1 257 7
1,346.4
3345
349.0
392.6
401 '
445 7
466.9
467 8
476 0
5097
543 1
588.5
61 3
63.1
83.9
94 5
1033
93.5
98 1
100 3
1175
1404
150.9
801 3 3464
8702 3809
41 4
90 8
106.5
121 0
138 9
157 8
182 7
201.5
209 0
239.4
343
36.6
37 7
40 8
50 6
69 5
69.3
65 6
71.8
71 5 9660
80 1 1 003 4
1
Data from Monthly Trwisury Statement.
NoTK.—Data (except as rioted) art1 from Butlf}(-i of tht; l'nitr.d Ktatcji Gmwrntrwrit, Fisail Ymr
l!)<)fi, issued I-Ybniary6, 1995.
371 8
409.2
458 7
504 0
590 9
678 2
745.8
808 4
851.8
265 2 73 0 946 4
283.9 73.1 990.3
303.3 74.3 1,003.9
334 3 78 9 1 064 1
359 4 82 3 1 143 2
380.0 90.9 1,252.7
396 0 92 3 1 323 4
413 7 100 5 1 380 9
428 3 98 0 1 408 7
461 5 112 8 1 460 9
484.4 122.7 1,538.9
77 1 306 3
823 326 9
and off-l
IllRCt, 01.
llealtli
Medicare
lays
Natioru ilefen.se
Social
Department of
Defense,
military
International
affairs
64
6.4
75
1163
134 0
157 5
185.3
209 9
227.4
87 9
95.1
1023
113 6
130 9
153 9
180.7
204 4
220.9
12 7
13 1
12.3
11 8
15.9
252 7
273.4
282.0
290 4
303 6
299.3
273 3
298 4
291 1
281 6
271.6
2452
265.5
274.0
5>81 9
2949
289.8
2624
286 9
278 6
2686
260.2
16 2 33 5
14.2 35.9
11.6
40.0
10 5 44 5
9 6 48 4
13.8 57.7
15 9 71 2
16 1 89 5
17 2 99 4
17 1 107 1
18.7 115.1
183 7
1740
1752
1654
12 5
11 8
89 B
97.2
104 5
Income
security
608
15 7
158
17.3
18 5
20 5
23 2
26 9
27.4
28 6
30.4
19.3 61.0
22 8 61 5
265 66 4
32 1 86 5
39 1 99 7
46.6 107.7
52 6 l'>2 6
57.5 112.7
65 8
70.2
75.1
78 9
85 0
98.1
104 5
119 0
130 6
144 7
157.3
128 2
119.8
123.3
129 3
136 0
147.0
1703
196 9
207 3
214 0
223.0
Social
security
73 9
Net
interest
26 7
85.1
29.9
93 9 35 5
104 1 42 6
118 5 52 5
139 6 68 8
156.0 85.0
170 7 89 8
178.2 111.1
188 6
198.8
207.4
219 3
232 5
248.6
2690
987 6
304 6
319 6
336.1
129 5
136.0
138.7
1 51 8
169 3
184.2
194 5
199 4
198 8
903 0
234.2
Other
82 8
93.0
114 7
15>0 2
131 4
133 5
125.4
122 3
118.6
131 8
142.1
125.9
139 4
158 8
203.9
224 8
173 9
159 7
173 8
182.8
70 4 93 3 149 8 '09 1 133 9 113 3
75 6 102 9 1520 219 7 1 53 8 113 7
Sources: Department of the Treasury anil Office of Management and liudp't.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1995, according to revised estimates, Federal receipts rose $32.2 billion (annual rate) and
Federal expenditures rose $19.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,800
1,800
SEASONALLY ADJUSTED ANNUAL RATES
1,600
1,600
1,400
EXPENDITURES
1,200
1,200
1,000
1,000
800
600
400
200
SURPLUS OR DEFICIT ( - )
0
-200
-200
-400
-400
1984
1991
1988
1985
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
| Billions of dollars; quarterly data at seasonally adjusted annual rates|
Federal Government receipts
Federal Government expenditures
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
aeeruals
( 'ontributions
for
soeial
insurance
Graritsin-aid
to
State
and
local
(governments
1.161.2
1.241.0
1,349.4
484.6
511.8
552.1
112.4
134.0
161.2
81.1
82 9
93.3
483.1
511.7
542.8
1.435.9
1,495.5
1,521.9
445.2
446.3
435.1
607.4
651.5
674.4
1.178.3
1,265.7
1,379.0
632.3
671.1
739.8
803.6
856.8
943.5
,000.6
,068.3
,115.8
,140.5
,219.9
,212.7
,263.7
,272.7
,313.6
,337.4
.380.7
.388.8
,408.8
.441.0
489.5
520.3
565.6
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
477.3
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.9
574.2
594.8
115.fi
143.0
167.1
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.6
122.6
132.1
141.8
140.2
157.8
151.8
106.3
172.4
178.1
181.9
81.3
84.6
91.2
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91 .9
91.9
89.1
491.9
517. 8
555.1
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
501.9
501.fi
518.6
522.7
528.3
545. 1
553.0
557.6
564.6
575.1
1,460.9
1.507.0
1,538.1
815.7
855.7
926.6
990.8
1,034.3
1.096.3
1.135.5
1,209.8
1,306.9
1,386.3
1,492.0
1.496.2
1,500.6
1,497.6
1.533.7
1.513.7
1.525.9
1.542.8
1,569.9
1.589.6
449.0
443.6
437.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
025.3
658.0
G82.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
52 G. 6
566.2
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.0
699.2
708.1
Period
Total
Fiscal vear:
1 992
1993
1 994
Calendar vear:
1992 .'
1993
1994
1982: IV
1983- IV
1984: IV
1985- IV
986: IV
987: IV
988- IV
989- IV
990: IV
991- IV
992- IV
993- I
II
Ill
IV
1994- I
II
Ill
IV
1995: I -
34
Total
Plirehases
Transfer
payments
Net
interest
paid
Subsidies less
current
surplus
of
Government,
enterprises
Less:
Wap.
acenials less
disbursements
Surplus
or
deficit
(-).
national
income
and
pnxfuct
accounts
168.2
180.7
197.9
188.9
183.5
187.0
26.1
33.4
27.6
0.0
.0
.0
-274.7
-254.4
-172.5
172.2
18B.1
197.6
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.6
1 76.6
176.7
182.9
187.8
197.0
1 90.0
194.4
200.3
205.5
211.0
186.8
183.6
191.5
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.6
183.1
182.5
184.8
183.6
183.5
179.3
188.8
194.4
203.5
209.0
27.6
35.7
29.2
17.3
28.8
22 2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
29.8
27.2
.0
.0
.0
.0
.0
.6
.0
.0
_ •)
.0
.0
2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-282.7
-241.4
-159.1
-183.4
- 184.6
-186.8
-187.
-177.
-152.
- 134.
-141.
-191.0
-245.8
-272.
- 283.5
- 237.0
-224.9
-220.1
-176.2
- 145.1
- 154.0
- 161.1
- 148.)
AND
Consumer prims (1982-84=100; NSA)
Industrial production (1987 = 100; .seasonally adjusted)
Period
1986
1987
1988
1989 ..
1990
1991
1992 .
1993
1994
United
States
..
1994: Feb
Mar
Apr
July
Sept
Get
Nov
Dec
1995:
Jan
Feb
Mar
United
States '
Germany
United
Kingdom
Japan
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
95.4
100.0
105.3
105.2
101.7
97.5
98.4
103.2
109.7
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
111.0
99.6
100.0
103.9
108.8
114.5
117.9
115.6
107.2
110.6
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
110.7
96.2
100.0
104.8
107.0
106.7
102.6
102.3
104.7
'110.1
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148,2
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
117.2
120,9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
129.4
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
115.6
116.6
116.7
117.4
118.0
118.2
119.1
119.0
119.5
120.3
121.7
104.9
'106.5
'107.8
'108.7
'109.9
110.4
111.8
111.6
112.0
'113.8
'114.4
108.3
113.0
110.5
109.4
112.3
111.2
115.7
113.5
112.5
115.7
115.3
'107.8
'108.3
'110.5
'111.1
'110.6
'112.9
'112.9
'112.6
111.7
'112.5
'113.6
107.5
108.1
109.9
109.8
111.6
113.3
110.3
111.5
112.5
112.7
115.3
106.3
106.5
111.3
108.4
110.1
112.2
114.3
112.4
112.5
112.5
119.1
107.9
107.5
'109.6
110.0
110.1
'110.9
111.0
112.2
'112.8
'111.0
'111.6
146.7
147.2
147.4
147.5
148.0
148.4
149,0
149.4
149.5
149.7
149.7
147.7
147.6
147.6
147.3
147.6
148.2
148.3
148.4
148.2
149.0
149.2
118.7
119.3
119.5
119.6
119.2
118.6
119.2
119.5
120.0
119.7
119.4
144.9
145,2
145.6
145.9
145.9
145.9
145.9
146.3
146.7
146.7
146.5
128.5
128.7
129.0
129.3
129.5
129.6
129.7
129.8
129.9
130.1
130.4
191.3
191.7
192.2
192.9
193.3
193.6
194.2
194.7
195.8
196.5
197.2
167.0
167.4
169.4
170.0
170.0
169.2
170.0
170.4
170.6
170.7
171.5
113.9
115.0
115.9
111.5
'111.8
112.8
112.5
150.3
150.9
151.4
151.9
152.2
149.8
150.5
150.8
151.2
151.6
119.4
118.9
118.8
119.3
146.9
147.5
147.9
148.0
148.3
131.0
131.5
131.6
131.9
132.0
197.9
199.5
201.2
202.2
203.5
171.5
172.6
173.3
175.1
175.8
122.0
'122.1
'121.9
'121.2
120.9
Mavf
!
United
Kingdom
Canada
France
Germany
'115,0
114.0 '114.1
'114.3 116.3
112.5
113.5 '118.1
117 9
Italy
Canada
-Japan
France
Italy
Source: Nations! sources as reported by Department of Commerce (Bureau of Econi
Analysis arid International Trade Administration, Office of Trade ami Economic Analysis).
Date relate to all wrbaii consumers.
[Biilions of dollars; monthly data seasonally adjusted]
i1 . , !oasis
. ' - (n>y enu-use
]
Census
category),\i
Period
BOP
basis
1988
1987
1988 ,
1989
1990
1991
1992
1993
1994'
1994: Apr'
May1"
Julie'
July'
Aug'
Sept'
Out'
Nov
Bee'
,
1995: Jan'
Pel)'
Mar'
Apr
1
2
Auto- ConInInCapCap- mo- sumer
dusFoods dusital
ita]
tive goods
Foods, trial
BOP
trial
feeds,
(nongoods
£oeds vehi- food) basis Total,
Total, feeds, supsupand
except
except
Census
cles,
and
Census
plies autoplies auto- parts exbasis2 bevbasis2 bevercept
and
and
moami autoerages matemomateages!
tive
enrials
morials tive gines
tive
228.3
250.2
320.2
362.1
389.3
416.9
440.4
'4568
502.5
227.2
254.1
322.4
363.8
393.6
421.7
448,2
465 1
512.6
40.4
40.4
41.9
40.4
43.7
43.3
43.3
44.4
48.2
41.1
41,3
42.8
41.2
44.7
44.1
44.3
45.3
47.2
44.8
45.5
47.8
46.9
45.4
46.2
48.6
47.6
Exports
Imports
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181 7
205.2
21.7
24.6
29.3
34.8
37.4
40.0
47.0
524
57.6
14.2
17.7
23.!
36.4
43.3
45.9
51.4
547
60.0
368.4
409.8
447.2
477.4
498.3
491.0
53K.5
5894
S68.6
3.2
3.3
3.2
3.1
3.K
3.7
3.8
4.0
4.2
9.8
9.9
9.8
10.2
10.7
10.3
10.7
10.7
11.3
16.8
16.6
17.6
16.3
17.6
17.8
17.0
18.0
IS.7
4.8
4.6
4.7
4.3
S.I
5.0
4.9
5.0
5.5
4.8
4.9
5.2
4.9
5.2
5.1
5.2
5.4
5.3
53.8
54.5
55.9
56.3
57.9
57.8
58.2
59.7
59.4
53.2
54.0
55.7
56.0
57. S
57.6
58.0
59.5
59.2
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.6
2.7
12.7
13.1
14.0
14.4
14.7
14.2
13.9
14.5
14.2
14.7
14.9
15.2
15,3
15.4
16.3
16.4
16.8
16.8
9.4
9.6
10.0
9.9
10.7
1 0.0
10.3
10.7
10.8
11.9
12.1
12.1
12.1
12.4
12.5
12.8
12.9
12.9
16.0
16.4
16.7
16.6
16.6
17.7
16.7
17,3
17.0
11.4
11.5
11.6
11.6
11.7
11.8
11.6
3.9
3.9
4.1
4.1
11.8
11.7
12.6
,2.3
17.1
17.8
19.2
18.8
5.3
5.2
5.0
5.0
5.1
5.3
5.4
5.3
SO. 7
59.9
62.5
63,4
«0.5
59.7
81. (i
62.5
2.8
2.8
2.9
2.7
14.5
14.4
15.3
15.5
17.1
16.9
17.6
17.9
11.0
10.8
10.7
11.0
13.3
13,1
13,3
13.6
17.2
16,6
17.0
17.1
365.4 24.4 101.3
406.2 24.8 111.0
24.8 118.3
441.0
473.2 25.1 132.3
495.3 26.6 143.2
488.5 26.5 131.6
532.7 '27,6 138.6
580 7 27 9 145.6
663.3 31.0 162.0
Balance of trade
(i | > S minus impo S)
IsOl oasis
Auto- Conmo- sumer
tive gtMxls
vehi- (noncles, food)
parti, except
autoand
moengines tive
S7.3
22.3
24.3 66.7
85.1
32.3
37.2
99,3
35.1 104.4
35.7 109.7
40.3 1 09. 1
40 6 111 8
41.9 121.4
Includes undocumented exports to Canada through 1988,
Total includes "other" exports or imports, not shown separately.
Services
(BOP basis)
Gooi S: Imports (customs value)
P*
,basis
. , (i>y
, em,-use category).
uensus
Goods; Exports (f.a.s. value)
79.4
78.2
71.8
88.7
85.2
84.5
95.9
101.4
87.7
113.3 86.1 102.9
116.4 87.3 105.7
85.7 108.0
120.7
134.3 91.8 122.7
152.4 102.4 134,0
184.4 118.3 146.3
73.8
Stt.2
86.1
S7.8
110.0
126.8
147.1
97.9
101. 9
117.0
l(i:i.2
7/7.6'
17d.lt
120.9
'187.8 '130.0
198.7
138.8
Goods,
Census
basis
Good*
- 138.3
-152.1
- 118.5
-109.4
-101.7
- 66.7
— 84.5
-115.6
-150.6
6'..? - 138.8
- 145.1
— 159.6
7.6 — 152,0
12.1 ~- 114.8
— 127.0
— 50..?
-115.2 24,9
-78.8
- 109.0 30.2
45.6
— 28.5
— 74.1
— 40.4
— 96.1
— 332.6 '57.8 ' —74.8
-166.1 59,9 - 106.2
Services
Goods
and
services
11.6
-12.1
-12.7
-13.0
-14.8
-12.9
-13.5
-13.fi
-14.2
-12.0
- 13.4
-14.1
- 14.0
- 15.8
-14.2
-14.6
-14.9
- 15.3
-13.3
4.6
4.9
5.1
5.0
4.9
5.9
5.1
5.6
5.4
-8.9
-9.1
-8.9
- 10.8
-9.4
-8.7
-9.8
-9.7
-7.9
11.9
11.8
12.1
11.9
-15.0
-13.5
- 13.0
-14.9
- 15.9
-14.4
-14.7
-16.5
5.3
4.8
4.9
5.1
-10.6
-9.6
-9.8
-11.4
11.7
BOP data have been revised beginning 1983. Data shown in italics in this table are
unrevised; revised data tor these series will be available later.
Data on Census basis revised seasonally adjusted Iwginning 1993 and unadjusted beginning
1994.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1995, the merchandise trade deficit rose to $45.1 billion, from $43.5 billion in the fourth
quarter of 1994. The current account deficit fell to $40.5 billion, from $43.3 billion in the fourth quarter. (Series
revised.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS •
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted- Credits ( + ), debits ( — )]
Merchandise '
Period
Exports
Imports
Investment income
Services
Net
balance
Net
military
transactions '2 :J
Net
travel
and
transportation
Other
services,
net
Balance
on
goods
and
services
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Net
Balance
on goods,
services,
and
income
Unilateral
transfers,
net 4
Balance
on
current
account
16,732
5,632
-26,719
-79,161
-102,422
-127,026
- 144,045
-103,217
-76,686
- 58,085
-13,639
-35,844
-65,841
-115,484
-11,702
-17,075
-17,741
-20,612
- 22,950
-24,176
-23,052
-24,977
-26,134
- 33,663
6,687
- 32,042
-34,084
-35,761
5,030
-11,443
- 44,460
- 99,773
-125,372
-151,201
-167,097
-128,194
-102,820
-91,748
- 6,952
- 67,886
-99,925
-151,245
- 7,521
- 9,862
- 16,728
-7,609
-8,234
-18,798
-20,454 - 10,722
-17,383
-24,337
-27,032
-31,176
receipts
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
.
1991
1992
1993'
1994'
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
3G2.116
389,303
416,913
440,361
456,823
502,485
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
- 498,336
-490,981
-536,458
-589,441
-668,584
-28,023
-36,485
-67,102
-112,492
-122,173
- 145,081
-159,557
- 126,959
-115,249
- 109,033
-74,068
-96,097
-132,618
-166,099
-844
112
-563
-2,547
- 4,390
-5,181
-3,844
-6,315
-6,726
- 7,567
- 5,485
-3,034
448
2,148
144
-992
-4,227
-8,438
-9,798
-7,382
-6,481
-1,511
5,071
8,978
17,957
20,885
19,885
19,330
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
28,811
33,124
37,862
37,444
38,410
-16,172
-24,156
-57,796
-109,200
-122,095
-138,789
-151,981
-114,824
- 90,345
-78,810
-28,472
-40,384
-74,841
-106,212
86,529
86,200
84,778
104,075
92,760
90,858
99,239
127,414
152,517
160,300
136,914
114,449
119,248
137,619
- 53,626
-56,412
-53,700
-74,036
-73,087
-79,095
-91,302
-115,806
-138,858
- 139,574
- 122,081
- 109,909
-110,248
-146,891
32,903
29,788
31,078
30,038
19,673
11,763
7,937
11,607
13,659
20,725
14,833
4,540
9,000
-9,272
1993:
I'
II'
Ill'
IV'
111,862
114,131
111,576
119,254
-140,821
-147,718
-148,181
-152,721
-28,959
-33,587
-36,605
-33,467
401
90
283
-326
5,302
5,389
5,062
4,131
9,683
9,315
9,272
9,172
-13,573
-18,793
-21,988
-20,490
28,950
29,958
29,931
30,412
-25,239
-27,893
-26,741
-30,376
3,711
2,065
3,190
36
I'
118,445
122,730
127,384
133,926
-154,935
- 164,224
-172,011
-177,414
-36,490
-41,494
-44,627
-43,488
-31
376
1,124
679
4,642
4,647
4,792
5,247
8,863
9,548
9,904
10,095
-23,016
-26,923
-28,807
-27,467
30,942
32,338
36,031
38,307
-30,826
-34,623
-38,564
- 42,878
116
-2,285
-2,533
-4,571
-22,900
-29,208
-31,340
- 32,038
-7,371
-8,778
-8,374
-11,239
-30,271
-37,986
- 39,714
- 43,277
138,059
-183,111
- 45,052
621
4,523
9,885
-30,023
42,511
-45,209
-2,698
-32,721
-7,782
- 40,503
1994:
II'
Ill'
IV'
1995: IP
36
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $34.5 billion in the first quarter
of 1995, following an increase of $16.7 billion in the fourth quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $8.6 billion in the first quarter, following an increase of
$34.7 billion in the fourth quarter. (Series revised.)
BILLIONS OF DOLLARS *
100
BILLIONS OF DOLLARS*
100
I I
I I
/\ I
I
I
80
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
1
I
/
\
\
I
I
60
-t-f\/
V
I
40
20
20
-20
-20
-40
CHANGE IN
U.S. ASSETS
ABROAD, NET
-60
-f,0
1985
1988
1990
1989
1991
1992
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCK OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally a4justed, except as noted]
U.S. assets abroad, net
[increase/capit
)]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993'
1994''
1993:
I'
IP
IIP
IV
1994: I'
II'
IIP
IV
1995: IP
U.S.
official
reserve
assets3 5
-114,147 -5,175
-122,335 -4,960
-58,735 -1,196
-34,917
-3,131
-39,225 - 3,858
312
-104,818
9,149
-71,443
-99,360 -3,912
-168,744 -25,293
-70,363 -2,158
5,763
-51,512
-61,510
3,901
-184,589 -1,379
-125,851
5,346
-19,729
-983
822
-40,933
-545
-46,270
-673
-77,657
-59
-36,783
3,537
-5,973
-27,940
-165
2,033
-55,156
-63,951 -5,318
Other U.S.
Government
assets
-5,097
-6,131
-5,006
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,900
-1,652
-330
-322
467
-281
-197
-318
401
491
-283
-931
23
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S.
private
assets
-103,875
-111,239
-52,533
-26,298
-32,547
-103,109
-81,597
-98,414
-144,710
-70,512
-60,175
-63,759
-182,880
-130,875
-19,213
-41,474
-45,529
-76,666
-37,125
-10,001
-27,492
-56,258
-58,656
83,032
92,418
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
98,134
146,504
248,529
291,365
19,867
51,277
77,928
99,458
80,390
46,526
79,736
84,715
85,080
5
Consists of gold, special drawing- rights (SDRs), foreign currencies, and the U.S. reserve
position in the IMF.
Note.—Data revised beginning 1983. Revised data prior to 1993 are not yet available except
for current account balance annually. Revised data (in millions of dollars) for current account
balance arc: for 1983, -43,985; 1984, -98,951; 1985, -124,243; 1986, -350,859; 1987,
Foreign
official
assets3
Total
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,199
40,858
72,146
39,409
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
21,336
Other
foreign
assets
78,072
88,826
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
80,935
105,646
176,383
251,956
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
63,744
Statistical discrepancy
Allocations
of special Total (sum
Of which:
drawing
of the items Seasonal adrights
justment
with sign
(SDKs)
discrepancy
reversed)
1,093
24,992
41,359
19,815
20,758
23,415
29,908
-4,443
-12,712
53,075
39,919
-39,670
-17,108
35 985
-14,269
17,245
13,993
-4,626
9,375
-13,336
-2,567
-12,082
13,718
19,374
5,367
154
-6,353
834
5,274
587
-6,641
782
6,357
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
86,761
-166,338; 1988, -127,083; 1989, -103,839; 1990, -92,661; 1991, -7,424; and 1992,
-61,549.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury,
37
Page
TOTAL OUTPUT, INCOME, AND
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfmartcial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
,
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
,
,
EMPLOYMENT. UNEMPLOYMENT, AND
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricul rural Employment .,
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Piivate 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
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
,
.,
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
,
26
27
27
28
29
29
30
31
.,
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
,
,
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
,
U.S. International Transactions
.........,.,,,
„.
,
,
.,
,
,
,,
,
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise nosed, all dollar figures are in current dollars.
Symbols used:
f Preliminary,
r
Revised.
c
Corrected,
... Not available (also, not applicable).
NSA not seasonally adjusted.
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