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104th Congress, 2d Session
Economic Indicators
MARCH
1996
(Includes data available as of April 3, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
LIBRARY
APR 1 5 1998
f-tuhKAL RESERVE
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1996
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
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)
HOUSE OF REPRESENTATIVES
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)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAJDLY, Member
ALICIA H. MUNNELL, Member
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I S B N 0-16-052492-X
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 1995, according to revised estimates, current-dollar gross domestic product (GDP) rose
2.3 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 0.5 percent, and the implicit price deflator
rose 1.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE]
7,600
7,600
SEASONAliY AQJUSIH) ANNUAL RATES
7,200
""
6,800
^-
GDP
INCHAINEDf 1992) DOHARS
6,400
^/
„--•
— *~
7,200
6,800
6,400
- --,
---1
6,000
^x
5,600
^ —
6,000
^-
^~ ^
1'-"'
__^-'
5,600
/^
5,200
5,200
X
x
'
s\
X
4,800
4,800
/I
\
/ GDP
'
IN CURRENT DOLLARS
x
4,400
4,400
^
/
4,000
3,600
/
4,000
/S
3,600
3,200
3,200
1
1
1
1982
i i i
i it
i i i
i i i
1983
1984
1985
1986
1987
i i i
i i i
1988
1989
1
1
1
1990
I
I
1991
I
1992
i i i
i i i
t i i
1993
1994
1995
SOURCE: OBWTMB4TOF COMMBCE
COUNC& OF ECONOMIC ADVJSKS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
. .
1995r
1990- IV
1991- IV
1992: IV
1993:
I
II
in
rv
1994- I
II
in
IV
1995- I
II
in r
IV
1
Gross
Personal
private
conGross
domestic sumption domestic
product expendi- investment
tures
4,422.2
4,692.3
5,049.6
5,438.7
5,743.8
5,916.7
6,244.4
6,550.2
6,931.4
7,245.8
5,781.5
6,002.3
6,383.0
6,442.8
6,503.2
6,571.3
6,683.7
6,772.8
6,885.0
6,987.6
7,080.0
7,147.8
7,196.5
7,298.5
7,340.4
722.5
2,892.7
747.2
3,094.5
3,349.7
773.9
829.2
3,594.8
799.7
3,839.3
736.2
3,975.1
790.4
4,219.8
871.1
4,454.1
4,698.7 1,014.4
4,924.3 1,065.3
736.1
3,907.0
760.9
4,027.1
816.1
4,329.6
843.6
4,367.8
855.9
4,424.7
4,481.0
873.8
4,543.0
911.2
957.6
4,599.2
4,665.1 1,016.5
4,734.4 1,033.6
4,796.0 1,050.1
4,836.3 1,072.0
4,908.7 1,050.3
4,960.0 1,074.8
4,992.3 1,064.0
Exports and imports
of goods and services
Federal
Net
exports
Exports Imports
-131.5
-142.1
-106.1
-80.4
-71.3
-20.5
-29.5
-649
-96.4
-102.3
-72 0
-14.8
-42.7
-47.4
-620
-77.1
-73.2
-803
-97.4
-108.4
-99.7
-106.6
- 122.4
- 100.8
-79.3
GDP less exports of goods and services plus imports of goods and services.
Government consumption expenditures
and gross investment
Total
Total
320.7
365.7
447.2
509.3
557.3
601.8
639.4
660.0
722.0
804.5
577.3
624.4
649.1
649.4
662.5
648.5
679.4
681.5
708.6
734.2
763.6
778.6
796.9
812.5
829.9
452.2
507.9
553.2
589.7
628.6
622.3
669.0
724.9
818.4
906.7
649.2
639.3
691.8
696.8
724.6
725.6
752.6
761.7
806.0
842.6
863.3
885.1
919.3
913.3
909.2
938.5
992.8
1,032.0
1,095.1
1,176.1
1,225.9
1,263.8
1,289.9
1,314.7
1,358.5
1,210.4
1,229.2
1,280.0
1,278.8
1,284.6
1,293.6
1,302.7
1,296.4
1,300.8
1,328.0
1,333.5
1,346.0
1,359.9
1,364.5
1,363.5
435.2
455.7
457.3
477.2
503.6
522.6
528.0
522.1
516.3
516.7
516.7
515.5
535.0
525.0
519.6
520.8
522.9
511.3
509.4
523.6
520.9
519.9
522.6
516.7
507.8
National
defense
332.4
350.4
354.0
360.6
373.1
383.5
375.8
362.2
352.0
345.7
383.3
373.0
375.3
365.2
362.2
360.7
360.8
346.7
349.3
362.1
349.6
347.7
352.3
345.6
337.2
Nondefense
102.9
105.3
103.3
116.7
130.4
139.1
152.2
159.9
164.3
171.0
133.3
142.6
159.7
159.8
157.4
160.1
162.2
164.6
160.0
161.5
171.2
172.1
170.3
171.1
170.6
State
and
local
503.3
537.2
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
693.7
713.6
745.1
753.8
765.0
772.7
779.7
785.0
791.4
804.4
812.6
826.1
837.3
847.7
855.7
Gross
Final
sales of domestic
purdomestic
product chases'
Addendum:
Gross
national
product
4,553.7
4,834.5
5,155.6
5,519.1
5,815.1
5,937.2
6,274.0
6,615.2
7,027.8
7,348.1
5,853.5
6,017.1
6,425.7
6,490.1
6,565.2
6,648.4
6,756.9
6,853.1
6,982.5
7,096.0
7,179.6
7,254.3
7,318.9
7,399.3
7,419.7
4,435.1
4,701.3
5,062.6
5,452.8
5,764.9
5,932.4
6,255.5
6,560.0
6,922.4
7,237.5
5,813.6
6,016.6
6,390.5
6,458.4
6,512.3
6,584.8
6,684.5
6,773.6
6,876.3
6,977.6
7,062.2
7,140.5
7,187.0
7,283.0
7,339.6
4,412.6
4,668.1
5,038.7
5,407.0
5,735.8
5,919.0
6,237.4
6,529.7
6,871.8
7,208.8
5,812.9
5,980.9
6,376.6
6,422.9
6,481.6
6,549.3
6,664.9
6,732.6
6,810.5
6,922.9
7,021.3
7,089.7
7,162.5
7,260.3
7,322.6
Source: Department of Commerce, Bureau of Economic Analysis.
REAL GROSS DOMESTIC PRODUCT
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994 . .
1995 '
1990- IV
1991- IV
1992: IV
1993- I
n
m
IV
1994- I
II
in
IV
1995- I
n
m
IV
Gross
domestic
product
Personal
consumption
expenditures
5,489.9 3,708.7
5,648.4 3,822.3
5,862.9 3,972.7
6,060.4 4,064.6
6,138.7 4,132.2
6,079.0 4,105.8
6,244.4 4,219.8
6,383.8 4,339.7
6,604.2 4,471.1
6,739.0 4,578.5
6,081.0 4,116.4
6,104.4 4,109.1
6,327.3 4,282.3
6,327.0 4,290.0
6,353.7 4,319.0
6,390.4 4,359.7
6,463.9 4,390.0
6,504.6 4,418.8
6,581.5 4,457.7
6,639.5 4,485.8
6,691.3 4,522.3
6,701.6 4,530.9
6,709.4 4,568.8
6,768.3 4,600.4
6,776.5 4,614.1
Gross private
domestic investment
Nonresidential
fixed
investment
Change
in bustness
inventories
Residential
fixed
investment
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
704.4
710.6
719.7
725.3
10.9
26.2
11.6
33.3
10.4
-3.0
7.3
19.1
58.9
33.7
-28.2
21.4
5.8
18.5
20.8
19.5
17.4
40.1
74.1
64.0
57.3
54.5
30.6
33.2
16.5
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
200.3
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
266.4
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Net
exports
-163.9
1562
-114.4
-82.7
-61 9
-22.3
-29.5
-744
-108.1
-114.2
-42.5
-17.9
-40.0
-55.2
-67.0
-89.1
-86.2
-101.3
-112.2
-113.3
-105.8
-119.0
- 126.8
-114.3
-96.6
Exports
Imports
Total
Total
362.2
402.0
465.8
520.2
564.4
599.9
639.4
660.6
715.1
774.8
573.9
623.5
649.1
649.8
662.3
648.9
681.4
680.4
704.3
724.8
751.0
755.8
764.3
779.1
799.8
1
GDP less exports of goods and services plus imports of goods and services.
Note.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
526.1
558.2
580.2
603.0
626.3
622.2
669.0
735.0
823.3
888.9
616.4
641.4
689.1
705.1
729.4
738.1
767.6
781.7
816.5
838.1
856.8
874.9
891.2
893.4
896.4
1,135.0
1,165.9
1,180.9
1,213.9
1,250.4
1,258.0
1,263.8
1,260.5
1,259.9
1,260.7
1,259.9
1,250.7
1,272.5
1,257.2
1,257.9
1,261.1
1,265.7
1,252.3
1,249.7
1,271.0
1,266.6
1,263.0
1,265.8
1,263.6
1,250.4
518.4
534.4
524.6
531.5
541.9
539.4
528.0
508.7
489.7
472.7
543.5
526.9
534.0
515.7
509.2
505.4
5045
489.8
483.3
496.6
489.1
481.3
479.9
472.7
456.8
State
and
local
Nondefense
National
defense
393.4
409.2
405.5
401.6
401.5
397.5
375.8
354.9
336.9
320.0
403.1
381.7
376.8
361.2
356.4
351.2
350.8
334.8
335.5
346.1
331.3
325.3
326.1
319.3
309.3
125.2
125.3
119.1
130.1
140.5
142.0
152.2
153.8
152.6
152.4
140.5
145.3
157.1
154.5
152.7
154.2
153.7
154.8
147.7
150.5
157.5
155.6
153.6
153.1
147.2
616.9
631.8
656.6
682.6
708.6
718.7
735.8
751.8
770.5
788.6
716.5
723.8
738.5
741.6
748.8
755.7
761.3
762.7
766.8
774.7
777.7
782.2
786.3
791.5
794.4
Final
sales of
domestic
product
Gross
domestic
purchases '
Addendum:
Gross
national
product
5,480.9
5,626.0
5,855.1
6,028.7
6,126.7
6,082.6
6,237.4
6,362.9
6,546.3
6,704.7
6,108.1
6,083.8
6,320.7
6,307.7
6,331.6
6,368.2
6,444.1
6,464.0
6,509.0
6,576.8
6,635.2
6,647.5
6,677.4
6,733.3
6,760.5
5,666.1
5,815.7
5,983.9
6,146.1
6,202.1
6,101.1
6,274.0
6,457.3
6,709.7
6,849.7
6,124.3
6,122.3
6,367.3
6,382.0
6,420.2
6,478.3
6,548.7
6,603.9
6,691.0
6,749.7
6,794.0
6,816.9
6,832.0
6,879.4
6,870.5
5,503.4
5,657.2
5,87b.2
6,074.0
6,159.4
6,094.4
6,255.5
6,393.7
6,596.6
6,732.1
6,113.4
6,118.7
6,334.8
6,342.7
6,362.9
6,404.0
6,465.1
6,506.2
6,573.9
6,631.1
6,675.4
6,695.7
6,701.2
6,75*.6
6,776.7
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
(Index numbers, 1992=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990:
1991:
1992:
1993-
IV
IV
IV
I
II
in
IV
1994- I
n
in
IV
1995- I
n
in
IV
Gross
domestic
product
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.5
95.1
98.3
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.8
108.3
Total
78.0
81.0
84.3
88.4
92.9
96.8
100.0
102.6
105.1
107.6
94.9
98.0
101.1
101.8
102.4
102.8
103.5
104.1
104.7
105.5
106.1
106.7
107.4
107.8
108.2
Durable
goods
Nondurable goods
Services
88.9
91.6
93.3
95.3
96.6
98.5
100.0
101.3
103.4
104.4
97.0
99.1
100.2
100.5
101.1
101.5
101.9
102.4
103.2
104.0
103.9
104.6
104.7
104.4
103.8
78.7
81.8
84.8
89.3
94.6
98.1
100.0
101.5
102.8
104.5
97.4
98.7
100.7
101.3
101.5
101.3
101.9
102.0
102.4
103.3
103.6
75.3
78.2
82.2
86.6
91.2
95.8
100.0
103.6
106.7
109.9
93.1
97.4
101.5
102.4
103.3
103.9
104.7
105.6
106.2
107.1
107.9
108.8
109.7
110.3
110.9
103.9
104.5
104.6
105.0
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Nonresidential
fixed
Residential fixed
90.2
91.3
93.7
96.2
98.4
99.9
100.0
100.9
102.3
103.3
99.4
99.9
100.1
100.5
100.8
101.0
101.1
101.6
102.2
102.7
102.7
102.7
103.4
103.7
103.4
84.9
88.3
92.1
95.1
97.8
98.8
100.0
103.7
107.0
110.3
98.3
98.9
101.4
88.5
91.0
96.0
97.9
98.7
100.3
100.0
99.9
101.0
103.8
100.6
100.2
100.0
102.3
103.6
104.3
104.7
105.7
106.2
107.4
108.6
109.2
109.9
110.7
111.3
99.9
100.0
99.9
99.7
100.2
100.6
101.3
101.7
103.0
104.3
104.3
103.8
Exports
Imports
Total
86.0
91.0
95.3
97.8
100.4
100.0
100.0
98.6
99.4
102.0
105.3
99.7
100.4
98.8
99.3
98.3
98.0
97.4
98.7
100.5
100.8
101.2
103.2
102.2
101.4
84.0
85.3
87.2
89.8
92.9
96.9
100.0
102.6
105.4
109.3
95.1
97.8
100.2
101.8
102.0
103.0
103.6
104.4
105.4
105.4
106.5
108.0
108.9
109.3
111.2
National
defense
Nondefense
84.5
85.6
87.3
89.8
92.9
96.5
100.0
102.1
104.5
108.0
95.1
97.7
99.6
101.1
101.6
102.7
102.8
103.6
104.1
104.6
105.6
106.9
108.0
108.2
109.0
82.2
84.0
86.7
89.7
92.8
97.9
100.0
104.0
107.7
'112.3
94.9
98.1
101.6
103.4
103.1
103.9
105.5
106.3
108.3
107.3
108.7
110.6
110.9
111.8
115.9
State
and
local
81.6
85.0
87.5
90.5
94.9
97.9
100.0
102.1
103.6
106.7
96.8
98.6
100.9
101.6
102.2
102.3
102.4
102.9
103.2
103.8
104.5
105.6
106.5
107.1
107.7
QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT AND
PERCENT CHANGES
[Quarterly data are seasonally adjusted]
Index numbers, 1992=100
Chain-type
quantity
index
Current
dollars
51.9
56.3
62.5
67.0
70.8
75.1
80.9
87.1
92.0
94.8
100.0
104.9
111.0
116.0
93.2
94.4
95.3
96.1
98.0
99.3
100.4
102.2
103.2
104.1
105.2
107.0
108.5
110.3
111.9
113.4
114.5
115.2
116.9
117.6
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995'
1991: I
II ....
III ..
IV ...
1992: I
II ....
in ..
IV ...
1993: I
II ....
m ..
IV ...
1994: I
II ....
m ..
IV ...
1995: I
II ...
III ..
Percent change from preceding period'
Chain-type
price index
74.0
77.0
82.3
85.3
87.9
90.5
93.9
97.1
98.3
97.3
100.0
102.2
105.8
107.9
96.9
97.3
97.5
97.8
98.9
99.5
100.3
101.3
101.3
101.7
102.3
103.5
104.2
105.4
70.2
73.2
75.9
78.6
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.6
96.3
97.0
97.7
98.3
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.9
108.5
106.3
107.2
107.3
107.4
108.4
108.5
1
Percent changes shown here are calculated using unrounded data. Quarterly percent
changes are at annual rates.
Implicit
price
deflator
Chain-type
quantity
Current
dollars
70.1
73.1
75.9
78.4
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.5
96.3
97.0
97.7
98.3
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.8
108.3
4.1
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
4.9
5.8
4.5
2.8
4.9
4.0
3.6
8.2
5.3
4.6
7.3
3.8
3.8
4.3
7.0
5.4
6.8
6.1
5.4
3.9
2.8
5.8
2.3
Chain-type
price
index
Implicit
price
deflator
6.3
4.2
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.3
2.5
4.8
3.2
2.8
2.5
3.4
2.8
1.5
2.8
3.8
2.2
1.8
2.3
2.8
1.9
2.4
2.2
3.3
2.5
2.2
2.2
-2.1
4.0
6.8
3.7
3.0
2.9
3.8
3.4
1.3
-1.0
2.7
2.2
3.5
2.0
-2.2
1.7
1.0
1.0
4.7
2.5
3.0
4.3
.0
1.7
2.3
4.7
2.5
4.8
3.6
3.2
.6
.5
3.6
.5
6.3
4.2
3.9
3.3
2.7
3.1
3.7
4.2
4.3
4.0
2.7
2.6
2.3
2.4
5.1
3.1
2.9
2.5
3.3
2.7
1.5
2.9
3.8
2.1
1.9
2.2
2.8
1.9
2.4
2.2
3.2
2.3
2.2
1.8
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of real output (dollars)1
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990:
1991:
1992:
1993:
IV .
IV .
IV .
I ...
II..
Ill
IV.
1994: I ...
II ..
Ill
IV.
1995: I ...
II ..
in
IV .
Current
dollars
Chained
(1992)
dollars
2,416.3
2,589.6
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3,688.4
3,875.6
3,097.4
3,159.5
3,341.7
3,345.3
3,407.8
3,458.7
3,538.0
3,594.4
3,664.9
3,707.2
3,786.9
3,796.4
3,832.4
3,916.1
3,957.7
2,832.4
2,967.0
3,122.1
3,175.4
3,212.5
3,168.8
3,262.6
3,380.0
3,567.1
3,685.7
3,190.2
3,182.5
3,328.5
3,304.0
3,357.4
3,398.4
3,460.1
3,496.2
3,554.5
3,576.2
3,641.5
3,631.6
3,646.1
3,715.1
3,749.9
Total
cost and
profit2
'Output is measured by GDP of nonfinaneial corporate business in chained (1992) dollars.
2
This is equal to the deflator for gross domestic product of nonfinaneial corporate business
with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
0.853
.873
.898
.929
.960
.988
1.000
1.017
1.034
1.052
.971
.993
1.004
1.012
1.015
1.018
1.023
1.028
1.031
1.037
1.040
1.045
1.051
1.054
1.055
Consumption of
fixed
capital
0.100
.100
.101
.106
.110
.116
.115
.115
.116
.115
.112
.116
.113
.116
.115
.116
.114
.122
.114
.114
.113
.114
.116
.115
.115
Indirect
business
tax, etc.3
0.083
.083
.084
.088
.092
.100
.103
.105
.106
.109
.095
.103
.105
.105
.105
.105
.107
.107
.106
.107
.106
.109
.110
.108
.109
Compensation
of employees
0.566
.578
.591
.614
.640
.660
.673
.679
.682
.696
.649
.667
.672
.681
.679
.679
.676
.679
.681
.683
.686
.694
.698
.695
.696
Corporate profils with inventory
valuation and capital consumption
adjustments
Profits
tax
liability
0.069
.076
.082
.075
.072
.070
.077
.088
.102
.104
.068
.068
.085
.079
.085
.089
.098
.093
.103
.105
.108
.100
.100
.109
.108
0.027
.031
.033
.031
.030
.027
.028
.031
.036
.038
.030
.027
.030
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
.037
4
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce, Bureau of Economic Analysis.
Profits
after
tax4
0.042
.044
.050
.044
.042
.043
.049
.057
.066
.066
.039
.041
.055
.050
.055
.059
.065
.058
.067
.068
.070
.061
.062
.071
.070
Net
interest
0.035
.035
.039
.046
.046
.042
.032
.029
.027
.028
.046
.039
.030
.031
.030
.029
.028
.027
.028
.028
.027
.028
.028
.027
.027
NATIONAL INCOME
j Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
1989
1990
1991
1992
1993
1994
1995 '
1990- IV
1991- IV
1992- IV
1993- I
n
in
IV
1994- I
II
in
rv
1995- I
....
II
m
IV
1
Compensation
of
employees'
4,362.1
4,611.9
4,719.7
4,950.8
5,194.4
5,495.1
5,799.2
4,667.2
4,770.0
5,061.7
5,094.9
5,159.9
5,213.0
5,309.9
5,300.5
5,493.7
5,551.2
5,635.0
5,697.7
5,738.9
5,849.2
5,911.1
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
Nonfarm
36.8
36.3
30.2
38.0
32.0
35.0
29.0
33.9
31.0
37.3
31.5
35.8
26.1
34.4
40.8
35.1
31.9
32.3
28.5
27.6
28.1
31.8
3,151.6
3,352.8
3,457.9
3,644.9
3,809.4
4,008.3
4,209.1
3,395.9
3,511.0
3,707.0
3,744.1
3,787.8
3,834.8
3,871.0
3,933.6
3,993.3
4,022.7
4,083.7
4,141.6
4,178.9
4,235.9
4,280.2
308.2
324.6
332.7
371.5
388.1
415.9
449.3
327.1
341.1
385.1
382.0
381.8
388.1
400.5
380.3
419.3
426.8
437.1
443.5
447.1
451.5
454.9
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
52.4
61.4
68.4
80.6
102.5
116.6
122.2
67.3
73.0
92.3
98.4
102.9
104.1
104.5
101.1
121.0
122.2
121.9
120.6
121.6
120.9
125.8
356.4
369.5
382.5
401.4
464.5
526.5
588.6
365.5
379.6
427.7
426.4
449.0
469.6
512.8
455.9
531.5
549.8
568.9
559.6
561.1
614.9
618.6
330.6
358.2
378.2
398.9
457.7
514.9
572.7
356.5
375.2
420.5
421.4
443.2
465.9
500.4
467.8
513.4
531.0
547.6
542.2
546.1
600.3
602.2
Profits
before tax
Inventory
valuation
adjustment
348.1
371.7
374.2
406.4
464.3
528.2
600.8
376.7
382.8
420.3
436.0
458.8
458.0
504.5
471.7
523.2
547.5
570.4
594.1
588.4
609.6
611.0
-17.5
-13 5
4.0
-7.5
-66
-13.3
-28 1
-203
-7.6
.2
-146
-15.6
7.9
-4.0
-3 9
-9.8
-165
-22.8
-51.9
-42.3
-9.3
-8.8
Capital
consumption
adjustment
25.8
11.3
4.3
2.5
6.7
11.6
15.9
9.(T
4.5
7.2
5.0
5.8
3.8
12.3
-11.8
18.1
18.8
21.3
17.4
15.0
14.6
16.5
Net
interest
456.6
467.3
448.0
414.3
398.1
392.8
401.0
477.5
434.3
412.4
412.6
402.6
390.4
386.7
388.7
393.5
397.8
391.1
403.9
402.6
397.8
399.7
Source: Department of Commerce, Bureau of Economic Analysis.
REAL PERSONAL CONSUMPTION EXPENDITURES
j Bill ions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Period
1989
1990
1991
1992
1993
1994
1995 '
1990:
. .
IV
1991- IV
1992: IV
1993: I
n
m
IV
1994- I
II
in
IV
1995- I
n
in
rv
4,064.6
4,132.2
4,105.8
4,219.8
4,339.7
4,471.1
4,578.5
4,116.4
4,109.1
4,282.3
4,290.0
4,319.0
4,359.7
4,390.0
4,418.8
4,457.7
4,485.8
4,522.3
4,530.9
4,568.8
4,600.4
4,614.1
Total
durable
goods
496.2
493.3
462.0
488.5
524.1
562.0
580.8
476.3
461.5
505.0
506.0
519.6
528.9
541.9
549.6
555.4
563.0
579.9
566.9
576.6
589.7
590.1
Motor
vehicles
and
parts
230.3
224.3
193.2
206.9
218.6
228.2
221.0
210.0
194.6
213.9
210.8
219.0
219.1
225.4
230.3
226.7
226.4
229.4
216.2
220.7
225.9
220.9
Furniture
and
household
equipment
170.9
173.5
177.0
189.4
208.4
230.1
251.8
171.5
178.0
196.4
200.8
205.1
211.0
216.8
219.0
226.1
232.5
242.7
243.3
247.5
254.9
261.5
Other
96.4
96.6
91.8
92.3
97.2
104.2
109.8
95.5
88.9
94.6
94.5
95.5
98.9
99.9
100.4
103.0
104.7
108.8
108.9
109.9
110.5
109.9
Total
nondurable
goods
1,303.5
1,316.1
1,302.9
1,321.8
1,348.9
1,390.5
1,422.5
1,308.4
1,295.7
1,339.8
1,336.9
1,344.7
1,354.2
1,359.8
1,372.7
1,383.7
1,397.2
1,408.4
1,416.8
1,423.5
1,425.4
1,424.2
Food
650.1
662.9
659.6
660.0
674.3
689.1
702.4
662.9
656.5
668.6
670.5
672.9
675.7
677.9
682.2
688.5
690.6
695.1
700.7
701.6
703.9
703.3
1
Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not mid to the chained-dollar value of GDP or to any
intermediate aggregates.
Clothing Gasoline
and
and oil
shoes
220.7
217.9
215.9
225.5
233.3
247.2
257.2
215.1
213.1
230.9
227.4
232.3
235.0
238.6
241.1
243.3
249.0
255.5
254.6
258.0
258.9
257.3
108.1
107.3
103.4
106.6
109.1
110.4
113.3
104.9
102.5
107.3
108.2
108.0
110.9
109.3
108.8
109.5
111.6
111.6
113.4
113.6
112.5
113.7
Services
Fuel
oil
and
coal
Other
12.6
11.2
10.8
10.9
10.7
10.3
10.3
9.9
10.6
10.7
10.9
10.6
10.7
10.6
11.4
10.0
10.2
9.6
9.9
10.6
10.0
10.7
311.5
316.7
313.2
318.8
321.6
333.6
339.5
315.6
312.8
322.3
319.9
320.9
322.0
323.4
329.2
332.4
336.0
336.7
338.3
340.0
340.3
339.4
Total
services '
2,262.3
2,321.3
2,341.0
2,409.4
2,466.8
2,519.4
2,576.1
2,331.2
2,352.0
2,437.6
2,447.0
2,454.9
2,476.7
2,488.6
2,497.0
2,519.0
2,526.3
2,535.1
2,548.1
2,569.6
2,586.3
2,600.4
Housing
614.6
627.2
635.2
646.8
655.0
668.2
681.7
630.6
638.6
650.6
652.2
653.5
655.9
658.5
662.1
666.1
670.7
674.1
677.4
680.0
683.2
686.3
Retail sa es of new
passenger ears
(millions of units)
Mcdieal
care
575.8
602.8
621.6
646.6
658.8
668.8
684.1
610.6
630.8
652.2
656.6
657.5
659.7
661.4
663.2
667.6
670.4
674.2
677.8
681.3
686.1
691.3
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
7.1
6.9
6.1
6.3
6.7
7.3
7.1
6.6
6.1
6.4
6.3
6.9
6.7
7.1
7.3
7.2
7.2
7.3
7.0
6.9
7.5
7.3
Imports
2.7
2.4
2.0
1.9
1.8
1.7
1.5
2.2
2.0
1.9
1.8
1.9
1.8
1.7
1.8
1.8
1.8
1.6
1.6
1.6
1.5
1.4
SOURCES OF PERSONAL INCOME
Personal income rose $49.8 billion (annual rate) in February, following an increase of $6.4 billion in January. The
changes in both months were affected by the severe winter storms in early January. The January increase was
also affected by a number of special factors, including cost-of-living adjustments to several Federal transfer payment
programs and pay raises for Federal civilian and military employees.
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
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
'OTHER INCOME '
800
800
TRANSFER PAYMENTS
l I I II II I I I I
400
1988
1990
1989
l l l I I I I I I II
I I I M 1 1 I I I IM 1 M I I I I I I
1991
1994
1993
1992
I I I I I 1 I M M400
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995'
1995- Feb
May
July
Sept
Ocf
Nov
Dec'
1996- Jan'
Feb/>
.
.
. ..
3,647.5
3,877.3
4,172.8
4 489.3
4,791.6
4,968.5
5,264.2
5,479.2
5,750.2
6,101.7
5,993.7
6,015.9
6,053.9
6,046.2
6,085.5
6,123.1
6,125.9
6,157.9
6,187.9
6,207.3
6,246.4
6,252.8
6,302.6
Wage and
salaty
disbursements1
2,116.5
2,272.7
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,090.6
3,241.1
3,419.7
3,360.8
3,369.4
3,399.2
3,374.7
3,405.9
3,438.7
3,433.3
3,454.8
3,476.5
3,474.5
3,493.7
3,487.2
3,523.9
Proprietors' income3
Other labor
income 1 2
25.2
32.3
28.2
36.8
36.3
30.2
38.0
32.0
35.0
29.0
28.4
27.8
27.8
27.6
27.4
27.6
28.0
28.8
30.4
31.9
33.2
34.8
36.3
216.0
235.4
251.7
273.1
300.6
322.7
351.3
380.9
402.2
424.0
417.7
419.2
420.6
422.0
423.4
424.6
425.8
427.2
428.7
430.2
431.7
427.4
429.1
1
The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Farm
4
Nonfarm
242.6
260.6
294.7
308.2
324.6
332.7
371.5
388.1
415.9
449.3
443.0
444.7
445.5
446.2
449.7
448.4
451.9
454.2
452.9
455.0
456.9
456.4
459.5
Rental
income
of
persons4
42.3
45.5
55.7
52.4
61.4
68.4
80.6
102.5
116.6
122.2
120.5
119.1
120.4
122.1
122.3
122.0
120.6
120.2
119.5
127.4
130.7
131.0
131.2
Personal
dividend
income
105.1
101.1
109.9
130.9
142.9
153.6
159.4
186.8
199.6
214.8
209.4
210.4
211.5
212.1
212.9
214.3
215.6
217.4
219.5
221.9
223.8
225.3
226.5
Personal
interest
income
543.3
560.0
595.5
674.5
704.4
699.2
667.2
647.3
661.6
714.6
702.3
707.6
711.4
714.1
716.4
716.8
717.4
718.3
720.9
725.4
729.3
731.4
733.1
Transfer
payments 5
518.6
543.3
577.6
626.0
687.8
769.9
858.2
910.7
956.3
1,022.6
1,001.7
1,008.4
1,010.6
1,018.8
1,021.0
1,026.6
1,028.9
1,034.1
1,038.0
1,039.4
1,046.9
1,058.1
1,064.1
Less: Personal contributions
for social
insurance
162.1
173.7
194.2
210.8
223.9
235.8
248.4
259.6
278.1
294.5
290,1
290.9
293.0
291.4
293.6
295.9
295.6
297.2
298.4
298.4
299.7
298.7
301.2
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Note.—Data for February 1996 and revised data for October 1995 through January 1996
not plotted in chart.
Source; Department of Commerce, Bureau of Economic Analysis.
5
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1992) dollars rose in the fourth
quarter of 1995.
BILLIONS OF DOLLARS' (RATIO SCALE|
BIUKDNS OF DOLLARS' (RATIO SCALE)
6,000
2,000 13
J-J 2,000
DOLLARS'(RATIO SCALE)
22,000
20,000
DOLLARS' (RATIO SCALE)
22,000
PER CAPfTA DISPOSABLE PERSONAL INCOME
20,000
CHAINED (1992) DOLLARS
~ TL ^ ir
18,000
16,000
— — — —
r--"
1 4,000
^—-
12,000
X"
10,000
^.
—
.
•
•"•"^fS^
z.— *
'
16,000
14,000
CURRENT DOLLARS
12,000
"
L^
10,000
8,000
1982
1983
1984
i i i
I i i
1985
1986
E
1987
1988
1989
1
i i i
1
1990
1992
1991
t
1993
"SEASONAU.Y ADJUSTS AN MUAL RATES
SOURCE DEMRTMEKTOFCCWMStCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
3,877.3
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,479.2
5,750.2
6,101.7
514.2 3,363.1
532.0 3,640.8
594.9 3,894.5
624.8 4,166.8
624.8 4,343.7
650.5 4,613.7
689.9 4,789.3
731.4 5,018.8
794.3 5,307.4
1994
1
1
8,000
1995
COUNK3LOf ECONCIMC A0WSERS
Less:
Personal
outlays*
Equals:
Personal
saving
Disposable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1987
1988
1989
1990
1991
1992
1993
1994 r
1995
18,000
Chained
(1992)
dollars
Per capita persona!
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
Dollars
3,194,7
3,451.7
3,706.7
3,958.1
4,097.4
4,341.0
4,572.9
4,826.5
5,066.7
168.4
189.1
187.8
208.7
246.4
272.6
216.4
192.4
240.8
4,154.1
4,318.1
4,403.7
4,484.6
4,486.4
4,613.7
4,666.2
4,775.6
4,934.7
13,849
14,857
15,742
16,670
17,191
18,062
18,552
19,253
20,174
Percent
change
in real
per capita
disposable
persona]
income
Saving as
percent of
disposable
persona)
income
Population,
including
Armed
Forces
overseas
(thousands)2
Percent
17,106
17,621
17,801
17,941
17,756
18,062
18,075
18,320
18,757
12,743
13,669
14,531
15,360
15,732
16,520
17,253
18,025
18,717
15,740
16,211
16,430
16,532
16,249
16,520
16,810
17,152
17,403
0.7
3.0
1.0
.8
-1.0
1.7
.1
1.4
2.4
5.0
5.2
4.8
5.0
5.7
5.9
4.5
3.8
4.5
245,061
247,387
249,956
252,680
255,432
258,159
260,681
263,090
17,802
17,759
18,277
17,899
18,068
18,081
18,251
17,966
18,361
18,407
18,544
18,672
18,634
18,794
18,926
15,564
15,871
16,877
16,985
17,164
17,335
17,528
17,707
17,920
18,139
18,330
18,447
18,682
18,831
18,908
16,398
16,194
16,692
16,682
16,754
16,865
16,937
17,013
17,123
17,187
17,283
17,282
17,388
17,465
17,475
-3.8
-.0
6.7
-8.0
3.8
.3
3.8
-6.1
9.1
1.0
3.0
2.8
-.8
3.5
2.8
5.0
6.0
6.1
4.3
4.8
4.3
4.7
2.8
4.2
4.1
4.2
4.8
4.0
4.4
4.9
251,031
253,743
256,543
257,155
257,787
258,501
259,192
259,738
260,327
261,004
261,653
262,181
262,748
263,399
264,032
242,842
Seasonally adjusted annual rates
1990199119921993-
IV
IV ... .
IV
I
II
Ill
rv
1994- I
II . .
HI
IV
1995- I
II
Ill
W
4,868.6
5,048.9
5,415.3
5,348.7
5,458.4
5,500.5
5,609.1
5,562.4
5,743.0
5,801.7
5,893.9
5,995.5
6,061.9
6,135.6
6,213.9
627.1
632.5
674.8
662.4
686.9
696.4
713.8
705.5
740.8
731.3
748.1
770.0
801.5
798.4
807.2
4,241.5 4,027.9
4,416.4 4,149.8
4,740.5 4,450.0
4,686.3 4,486.6
4,771.6 4,542.6
4,804.1 4,599.3
4,895.3 4,663.2
4,856.9 4,723.0
5,002.2 4,791.9
5,070.4 4,863.0
5,145.8 4,927.9
5,225.5 4,972.2
5,260.4 5,049.0
5,337.2 5,104.6
5,406.7 5,140.9
213.5
266.6
290.5
199.6
228.9
204.9
232.1
133.9
210.3
207.4
217.8
253.3
211.4
232.6
265.8
4,468.8
4,506.3
4,688.7
4,602.8
4,657.6
4,674.0
4,730.4
4,666.4
4,779.8
4,804.2
4,852.0
4,895.5
4,896.1
4,950.3
4,997.1
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2
16,896
17,405
18,478
18,223
18,510
18,585
18,887
18,699
19,215
19,427
19,666
19,931
20,021
20,263
20,477
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 third quarter of 1995, according to preliminary estimates, gross farm income rose $15.2 billion (annual rate)
and net farm income rose $13.2 billion.
BILLIONS OF DOLLARS* (RATIO SCAIE)
BILUCINS OF DOLLARS' (RATO SCALE)
240
200
160
•V
^
/
"v^—'
—"X.
120
^N.
^
/T—'-~^
~^
—
•
~*~^~—r~^'
.—
240
200
160
\"
1 \
120
1
GROSS FARM INCOME
80
80
/in
60
40
40
20
20
10
10
* SEASONAUY ADJUSTS) ANNUAL RATES
SOURCE: DEPARTMENT Of AGRIOH.TURE
COUNQL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from fanning
Gross farm income
Period
Cash marketing receipts
Total'
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
HI
w
1994- I .
II
Ill
W
1995- I
II
HIP
1
.
156.1
168.3
177.3
191.9
198.5
191.8
200.5
203.0
213.5
203.9
203.4
198.9
205.6
218.8
206.1
211.8
217.1
210.4
203.8
219.0
135.4
141.8
151.2
160.8
169.4
167.8
171.3
177.1
179.7
174.3
177.2
187.7
169.4
178.8
169.7
185.8
184.4
183.6
179.6
202.1
0ash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoriey income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during; the year.
Livestock and
products
71.6
76.0
79.6
83.9
89.2
85.8
85.6
90.0
88.1
83.7
87.9
101.3
87.3
92.0
82.8
97.6
79.9
86.7
78.4
99.8
Crops
63.8
65.8
71.6
76.9
80.3
82.0
85.7
87.1
91.6
90.6
89.3
86.3
82.1
86.8
86.9
88.2
104.5
96.8
101.2
102.4
Value of
inventory2
changes
-2.2
-2.3
-4.1
3.8
3.5
-.2
4.2
-4.5
8.7
-8.0
-6.3
-7.4
3.7
10.6
10.0
7.8
6.3
-.6
-.5
-.5
Production
expenses
125.1
130.2
139.8
146.9
153.7
153.4
152.6
160.9
166.7
158.5
160.8
162.6
161.7
164.3
166.5
168.5
167.6
163.1
165.5
167.5
Net farm
income
31.1
38.0
37.5
45.0
44.8
38.4
47.9
42.1
46.7
45.4
42.7
36.3
43.9
54.5
39.6
43.3
49.5
47.3
38.3
51.5
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1992 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture.
CORPORATE PROFITS
In the fourth quarter of 1995, according to current estimates, corporate profits before tax rose $1.4 billion (annual
rate) and profits after tax rose $7.2 billion.
BILLIONS OF DOLLARS
650
BIWONS OF DOLIARS
650
i
SEASONAU.Y ADJUSTED AN>*JAL RATES
/~
600
550
500
450
/
PROFITS BEFORE TAX
400
350
300
250
200
r
[
„
r
[
/
^y
^
—•>
/
*---,
^
50
i^
./
\ \ i
1982
/
>
t
1
1
1983
t
1
1
1984
400
/
r~'*350
s
-
1
1
/
250
.**'"
TAXLLABILITY
s'~~'
..'
'\
V
\
X
v_ — *
^
*'
' V
*-»
..
/
200
/' . /
-
150
ff
- '
s\
• /
-
/
100
\ /
w
-
50
UNCH! TRIBLFTED 'ROFITS
i i t '-w^-r'
i i i
i i i
i i i
i i i
i i i
i i I
1 1 1
1 1 1
1
1985
1987
1988
1989
1990
1991
1992
1993
1994
1995
1986
300
'-
•• -— —*
\
ff
450
-
: • ^. . * ' -~"
X,
^". — ••s'
"
500
-
,"\ /
/
***.*t
/
550
-
/
s • '
s — ~
s ~~
A
^ >
^s ,/
_ /
100
"_.
1
1
PROF TS AFTER TAX
__ s
/"
—••--..
^\
j\
V
J\N/
^^ y hr^ V
/
-^~~\
-—^J
150
0
600
f"*
1
0
1
COUNO. Of ECONOMIC ADVISERS
SOURCE.- DHW!TM»ir Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment J
Profits after tax
Domestic industries
Period
Total*
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990:
1991:
1992:
1993:
..
.
IV
IV
IV
I
II
in
IV
1994: I
II
III
rv
1995: I
II
III
IV
1
2
234.0
272.9
325.0
330.6
358.2
378.2
398.9
457.7
514.9
572.7
356.5
375.2
420.5
421.4
443.2
465.9
500.4
199.3
231.3
274.3
272.6
292.5
309.5
334.0
388.1
453.7
494.1
282.5
303.6
361.2
347.0
375.7
393.1
436.8
467.8
513.4
531.0
547.6
407.0
452.4
469.9
485.5
542.2
546.1
600.3
602.2
467.5
468.2
527.1
513.7
Financial
36.4
37.1
43.0
53.1
68.6
87.4
83.7
91.0
94.4
119.1
70.5
87.6
83.1
85.7
88.1
88.8
101.3
64.9
97.8
108.4
106.4
114.3
112.6
130.4
119.3
Totals
162.9
194.2
231.2
219.6
223.8
222.1
250.3
297.2
359.3
375.0
212.1
216.1
278.1
261.2
287.6
304.3
335.4
342.1
354.6
361.5
379.0
353.2
355.6
396.7
394.4
Manufacturing
60.2
85.0
115.1
109.3
112.3
92.7
96.3
109.7
142.7
145.7
108.4
83.8
105.1
90.4
108.4
106.0
134.0
145.3
134.2
142.8
148.4
134.7
137.8
153.2
157.3
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before
tax
Nonfinancial
Wholesale
Tax
liability
Total
Dividends
Retail
23.7
23.9
19.6
20.7
20.6
26.1
32.2
39.2
42.2
38.7
22.8
28.6
37.3
36.3
38.1
42.4
39.8
38.3
43.2
43.7
43.6
36.0
36.6
42.5
39.6
22.9
16.7
19.3
20.4
17.2
20.6
23.0
25.5
34.5
29.6
16.9
17.0
28.3
17.9
28.6
27.0
28.7
28.8
39.5
34.3
35.4
29.7
26.4
31.2
31.2
3
222.S
293.6
354.3
348.1
371.7
374.2
406.4
464.3
528.2
600.8
376.7
382.8
420.3
106.5
127.1
137.0
141.3
140.5
133.4
143.0
163.8
195.3
218.7
139.7
135.2
149.7
436.0
458.8
458.0
504.5
151.5
162.6
159.3
181.7
471.7
523.2
547.5
570.4
594.1
588.4
609.6
611.0
171.4
192.8
203.4
213.5
217.3
214.2
224.5
218.7
116.1
166.5
217.3
206.8
231.2
240.8
263.4
300.5
332.9
382.1
237.1
247.6
270.6
284.6
296.2
298.6
322.7
300.3
330.4
344.1
356.8
376.8
374.1
385.1
392.3
110.2
107.0
116.8
138.9
151.9
163.1
169.5
197.3
211.0
227.4
152.0
165.3
180.4
190.2
195.8
200.2
202.9
204.4
208.8
212.5
218.5
221.7
224.6
228.5
234.7
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
5.8
59.5
100.5
67.9
79.4
77.7
93.9
103.3
121.9
154.7
85.0
82.2
90.3
94.4
100.4
98.4
119.8
95.9
121.7
131.6
138.3
155.1
149.6
156.6
157.6
Inventory
valuation
adjustment
11.4
-20.7
-29.3
-17.5
-13.5
4.0
-7.5
-13.3
-20.3
-7.6
.2
-14.6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
'-8.8
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 1995, according to revised estimates, nonresidential fixed investment in chained (1992)
dollars rose $5.6 billion (annual rate) and residential investment rose $4.1 billion. There was an increase of $16.5
billion in inventories, following an increase of $33.2 billion in the third quarter.
BILLIONS OF CHAINED (1992) DOLLARS
BILLIONS OF CHAINED (1992) DOLLARS
1,100
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
f
900
900
^/
/^>
800
1
1
'I
\
1
600
XJ
500
x
.. — — —
^^}
_---
s
800
^
700
,-''
^
"^~-
s
^~.
1
GROSS PRIVATE DOMESTIC
1 SVESTMEhff
1
700
\
600
V •*" "~ ""
\\
500
4ONRESID
s
F XED INVESTMENT
400
400
RESIDENTIAL
FIXED INVESTME NT
\
300
300
\
"
"
•"•• -•^.
. — .--'
200
200
s'
CHAN<3E IN BUS vIESS
VENTORIE
100
'
t
^
s
1982
VN
-
*.
1
1
\
\
1 1 1
-100
^t
, \.
0
100
f .» ^ _
v
i
i i
1983
1
1
1984
1
i i i
i i i
i i i
i i i
i i i
1 1 1
l l l
1 1 1
i i i
i ii
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1
0
-100
1995
COUNO. Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
813.8
820.5
826.0
861.9
817.3
737.7
790.4
857.3
979.6
1,011.3
748.1
762.4
812.4
834.8
843.2
857.6
893.4
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 r
1990:
199119921993-
IV ...„
IV
IV
I
. .
II
in
IV
1994- I
n
in
IV
....
1995- I
n
in
IV '
Gross
private
domestic
investment
. . .
933.5
984.6
994.1
1,006.3
1,024.2
998.3
1;016.2
1,006.7
Nonresidential
Total
Total
805.0
799.4
818.3
832.0
805.8
741.3
783.4
836.4
921.1
976.9
774.4
742.0
805.8
815.4
821.1
835.4
873.5
892.4
911.4
930.8
949.7
969.6
966.1
981.0
990.7
NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (1992) dollar estimates
for the detailed components do not adtl to the ehained-dollar value of GDP or to any intermediate aggregates.
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
704.4
710.6
719.7
725.3
Structures
203.3
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
196.0
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.7
183.1
Producers'
durable
equipment
Residential
345.9
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
535.2
377.9
368.1
403.5
410.5
421.7
428.2
449.8
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
200.3
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
266.4
466.5
471.2
492.4
506.4
527.1
531.9
538.2
543.5
Source: Department of Commerce, Bureau of Economic Analysis.
Total
10.9
26.2
11.6
33.3
10.4
-3.0
7.3
19.1
58.9
33.7
-28.2
21.4
5.8
18.5
20.8
19.5
17.4
40.1
74.1
64.0
57.3
54.5
30.6
33.2
16.5
Nonfarm
12.4
34.2
24.7
33.5
7.8
-1.2
1.9
26.4
46.8
37.4
-25.9
19.9
7.2
26.0
26.7
30.9
22.1
29.8
54.1
50.1
53.3
58.1
33.8
38.3
19.5
REAL FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Residential
Structures
Period
Total
nonresidential
Total '
Producers' durable equipment
Structures
Information processing
and related equipment
Nonresidential
buildings,
including
farm
Utilities
Mining
exploration,
shafts,
and
wells
Total i
Total
Computers
and
peripheral
equipment 2
Other
Industrial
equipment
Transportation
and
related
equipment
Total
residential 3
Total
Single
family
Multifamily
Other
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995'
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
203.3
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
144.5
142.4
145.3
150.2
152.0
126.9
113.2
112.8
117.7
127.9
36.5
30.7
30.0
30.9
28.1
32.0
34.5
31.1
31.7
35.1
15.8
15.5
15.8
13.9
16.1
15.7
13.3
14.8
12.6
11.2
345.9
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
535.2
94.1
97.5
106.6
116.2
116.2
117.8
134.2
147.1
170.4
201.8
- 16.7
21.0
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.6
84.6
80.2
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.2
93.5
91.1
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
85.6
82.1
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.0
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
251.3
251.6
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.8
119.3
128.3
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.7
35.9
28.3
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.6
95.8
94.8
96.8
91.8
84.4
75.7
89.9
98.8
108.1
110.9
1990:
19911992:
1993-
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
704.4
710.6
719.7
725.3
196.0
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.7
183.1
143.8
116.4
109.8
111.4
110.6
112.7
116.3
112.4
117.8
117.4
123.3
125.4
126.8
129.2
130.3
28.9
33.3
33.9
32.4
31.0
30.7
30.5
30.7
31.2
32.1
32.7
33.7
34.8
35.8
36.0
16.3
14.4
13.7
15.2
15.2
14.6
14.2
13.4
13.3
12.2
11.5
12.5
10.7
11.0
10.5
377.9
368.1
403.5
410.5
421.7
428.2
449.8
466.5
471.2
492.4
506.4
527.1
531.9
538.2
543.5
115.7
122.5
138.9
139.5
142.2
150.7
156.0
161.2
166.6
171.5
182.5
189.2
199.9
201.9
216.1
29.9
36.6
47.5
51.1
52.9
58.3
62.5
64.6
67.1
69.3
76.3
80.2
88.2
92.0
106.1
87.1
86.2
91.5
88.6
89.6
93.1
94.6
97.8
100.8
103.6
108.3
111.5
115.1
114.1
116.3
91.4
86.4
92.6
93.7
94.4
96.3
100.7
102.8
104.3
107.0
109.4
114.2
118.4
116.7
115.5
82.8
81.6
91.5
93.0
99.5
95.0
102.7
109.0
105.3
115.9
116.5
121.7
114.8
120.4
115.1
200.3
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
266.4
194.4
196.6
230.5
231.7
228.5
235.7
249.2
257.0
264.8
263.5
263.2
258.9
249.7
255.3
259.4
97.6
105.1
121.6
124.9
122.5
126.3
134.4
140.3
143.5
140.8
137.4
133.0
123.0
125.8
129.1
18.6
14.2
11.5
10.3
10.0
10.7
10.6
11.2
12.8
14.5
15.6
16.8
17.4
17.8
18.5
78.1
77.3
97.4
96.5
96.0
98.7
104.1
105.4
108.4
108.2
110.4
109.3
109.8
112.2
112.3
IV
IV
IV
I
II
Ill
IV
1994- I
II
in
rv
1995- I
II
.
in
IV'
1
Includes other items, not shown separately.
2
Includes new computers and peripheral equipment only.
3
Includes producers' durable equipment, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source; Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
Total
expenditures
Total
Manufacturing
Mining
and
construction
Total
Durable
goods
Nondurable
goods
Transportation
Comcations
Utilities
Wholesale
and
retail
trade
Pinance,
insurance,
and
real
estate
Services
Serving
multiple
industries
Not
distributed
by
industry
1993 !
489.7
488.2
31.2
134.1
66.4
67.7
30.6
37.1
41.3
60.3
40.2
111.8
1.7
1.4
1994 2
549.9
547.8
36.1
153.3
78.9
74.4
33.3
41.5
42.2
68.9
46.8
123.5
2.2
2.2
1995 3
594.5
591.7
36.0
172.3
91.4
80.9
37.0
46.0
42.8
75.1
57.3
123.7
1.5
2.8
19964
603.4
600.7
33.6
184.8
100.2
84.6
35.2
46.3
40.6
71.9
57.7
129.4
1.3
2.7
1
Estimates
2
collected from the 1993 Annual Capital Expenditures Survey.
Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are scheduled for release in summer 1996.
3
Revised estimates collected from the March 1996 Investment Plans Survey. Final data will
be available upon release of the 1995 Annual Capital Expenditures Survey.
4
Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.
10
NOTE.—Data for 1994-1996 from Business Investment and Plans released March 28, 1996.
Data for 1993 from Annual Capital Expenditures: 1993.
The Business Investment and Plans release has been discontinued effective with release of
the March 1996 survey estimates. Estimates of business investment and plans will be available
annually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In February, employment rose by 437,000 and unemployment fell by 322,000.
MILLIONS OF PERSONS*
134
MILLIONS OF PERSONS *
134
sEASONAUY ADJUSTED
IAN LABOR FO
130
r^~^
126
f~
130
V
'
r_^-
126
r-^-1
^_^
122
~S~
122
_^*
~^~
—.
— ^~.
118
\
—*^»^
— -*
118
CIVILIAN
EMPLOYMENT
ss"
114
s-~"
114
- 110
110
106
106
,
*.
UNEMPIOYM :NT
12 ^
8
12
_^
"
8
^
4
4
0 1 1 1 1 1 11 1 1 11 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 11 I I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 11
1991
1994
1988
1989
1990
1992
1995
1993
1996
0
* 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment
Period
19863
1987
1988
1989
19903
1991
1992
1993
1994 4
1995
Civilian
labor
force
Nonagricultural
Total
Agricultural
Total
Percent2
Unemployment
Part time
for
economic
reasons l
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
180,587
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
117,834
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
109,597
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
3,163
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
106,434
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
5,345
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
2,232
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
62,752
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
65.3
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.&
60.7
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
Sept
Get
Nov
Dec
197,886
198,007
198,148
198,286
198,453
198,615
198,801
199,005
199,192
199,355
199,508
132,078
132,391
132,529
132,058
131,962
132,342
132,298
132,501
132,473
132,471
132,352
124,881
125,106
124,973
124,598
124,566
124,832
124,859
125,036
125,244
125,062
124,981
3,596
3,636
3,528
3,360
3,435
3,409
3,376
3,335
3,434
3,323
3,325
121,285
121,470
121,445
121,238
121,131
121,423
121,483
121,701
121,810
121,739
121,656
4,225
4,292
4,211
4,273
4,263
4,256
4,291
4,355
4,274
4,283
4,306
7,197
7,285
7,556
7,460
7,396
7,510
•7,439
7,465
7,229
7,409
7,371
2,342
2,309
2,439
2,526
2,353
2,332
2,371
2,323
2,281
2,305
2,322
65,808
65,616
65,619
66,228
66,491
66,273
66,503
66,504
66,719
66,884
67,156
66.7
66.9
66.9
66.6
66.5
66.6
66.5
66.6
66.5
66.4
66.3
63.1
63.2
63.1
62.8
62.8
62.9
62.8
62.8
62.9
62.7
62.6
5.4
5.5
5.7
5.6
5.6
5.7
5.6
5.6
5.5
5.6
5.6
Jan
Feb
199,634
199,773
132,903
133,018
125,226
125,663
3,529
3,519
121,698
122,143
3,842
4,274
7,677
7,355
2,370
2,307
66,730
66,754
66.6
66.6
62.7
62.9
5.8
5.5
1995: Feb
Mar
1996:
Civilian
noninstitutional
population
NSA
.
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
ftilltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
3
Not strictly comparable with earlier data.
4
Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In February, the unemployment rate fell to 5.5 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
10
1992
1996
"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
1986
1987
1988
1989
1990
1991
1992
1993
19942
1995
1995: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct ..
Nov ...
Dec
1996: Jan
Peb
1
2
All
civilian
workers
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
5.5
5.7
5.6
5.6
5.7
5.6
5.6
5.5
5.6
5.6
5.8
5.5
Men
20 years
and over
Women
20 years
and over
6.1
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.6
4.7
4.9
5.0
4.8
4.8
4.8
4.8
4.5
4.9
4.8
4.9
4.9
6.2
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
4.9
4.9
5.1
4.9
5.0
5.0
4.9
4.9
5.0
4.8
4.7
5.1
4.8
By race
Both
16-19
years
White
18.3
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
17.1
16.5
17.2
17.3
16.9
17.8
17.6
17.7
17.1
17.8
18.0
18.2
16.6
Revised definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods.
12
6.0
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.7
4.8
4.9
5.0
4.9
4.9
4.8
4.9
4.8
5.0
4.9
5.0
4.9
Black
and
other
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.4
9.4
9.7
9.2
9.7
9.9
10.0
10.1
9.4
9.0
9.3
9.5
9.1
By selected groups
Black
Experienced
wage
and
salaiy
workers
14.5
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.3
10.1
10.7
10.0
10.5
10.8
11.0
11.1
10.0
9.6
10.2
10.6
10.3
6.6
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.2
5.3
5.5
5.6
5.4
5.5
5.4
5.5
5.4
5.4
5.4
5.4
5.3
Married
men,
spouse
present
Women
who
maintain
families
Pull-time
workersl
Part-time
workers *
9.8
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
8.3
7.9
8.7
8.2
8.3
8.2
7.2
8.0
7.9
7.7
6.8
8.2
7.5
6.9
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.3
5.4
5.6
5.5
5.5
5.5
5.5
5.5
5.4
5.5
5.5
5.7
5.4
7.4
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
6.0
5.9
6.1
6.1
6.2
6.4
6.0
5.9
5.9
5.9
5.9
6.0
6.2
4.4
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.1
3.2
3.3
3.4
3.4
3.4
3.3
3.4
3.2
3.3
3.2
3.3
3.0
NOTE.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In February, the percentages of the unemployed who had been out of work for less than 5 weeks and for 1526 weeks rose; the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of unemployment
rose to 16.6 weeks and the median duration fell to 8.0 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION
70
70
REASON FOR UNEMPLOYMENT
60
r^A
JOB LOSER S-^
\/\^*^\
v/
50
40
•c-
30
^~-v^f
-^•^v^*^^ /
REENTRANT!
s
•\ 1^,
20
20
JOI LEAVERS
10
-
•"^*™'*—^" i
_x ^—^
NEWE NTRANTS
mnlmu
IN, ,1,1,1,
1993
1992
Illllllllll
1994
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
mnlmu
1995
...Ml,...,
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Reason for unemployment:
percent distribution
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1986
1987
1988
1989
1990
1991
1992
1993
19943
1995
1995- Feb
Mar
July
Sept
Oct
Dec
1996- Jan .
Feb
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,197
7,285
7,556
7,460
7,396
7,510
7,439
7,465
7,229
7,409
7,371
7,677
7,355
41.9
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
36.6
36.0
35.4
35.3
36.5
35.3
36.4
37.5
37.2
37.1
36.4
36.8
37.8
31.0
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
30.8
31.9
31.8
31.0
31.7
33.8
31.8
31.2
31.8
32.0
32.5
31.9
30.9
12.7
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
15.8
13.6
14.4
16.4
15.6
13.9
15.1
14.2
13.7
14.2
14.5
14.8
15.3
14.4
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
16.9
18.5
18.4
17.3
16.3
17.0
16.7
17.1
17.2
16.7
16.6
16.5
16.0
1
Beginning January 1994, job losers and persons who completed temporary jobs.
2
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods.
15.0
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
17.1
17.3
17.6
16.8
16.0
16.5
16.3
16.3
16.2
16.3
16.2
16.0
16.6
6.9
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.2
8.2
8.4
8.9
7.7
8.7
8.4
8.1
8.1
8.0
8.1
8.3
8.0
48.9
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
46.9
46.9
46.3
47.4
47.0
47.0
46.5
45.9
47.5
46.9
46.9
47.6
48.1
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.7
10.9
10.7
11.5
11.3
11.2
11.6
11.7
10.5
11.5
11.9
11.5
10.0
26.2
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
34.4
34.0
35.1
33.7
34.3
34.3
34.0
34.2
34.4
33.7
33.2
32.5
33.7
12.5
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
8.0
8.2
7.9
7.4
7.4
7.6
7.8
8.1
7.7
7.9
8.1
8.5
8.2
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,574
2,508
2,494
2,496
2,558
2,636
2,683
2,634
2,632
2,678
2,652
2,625
2,655
2,660
378
328
310
330
388
447
408
341
340
357
336
342
352
373
376
373
346
357
365
375
363
374
371
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
3,173
2,949
2,721
2,476
2,398
2,635
2,461
2,197
'2,293
'2,422
'2,669
3,499
3,322
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTUB&L EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 705,000 in February.
MILLIONS"OF PERSONS*
120
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
32
34
30
100
28
26
90
24
SERVICE-PRODUCING
INDUSTRIES
80
22
70
. RETAIL TRADE
.^t~~~°
20
18
40
GOVERNMENT
II11IIIII MUM
16
so
20
18
40 GOODS-PRODUCING
INDUSTRIES
30
20
llllTTllll
1992
I III I
1993
A..
mull
1994
miilmi
1995
199<5
1992
1996
*SEASONAUY ADJUSTED
HX1KS: OEPAETMENr OF 1ABO«
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;J seasonally adjusted],
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Feb
Mar
May
July
Sept
Oct
Nov
Dec
1996- Jan
Feb^
Total
nonagricultural
employment
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
116,607
116,123
116,302
116,310
116,248
116,547
116,575
116,838
116,932
117,000
117,212
117,357
117,169
117,874
Service-producing industries
Goods-producing industries
Manufacturing
Con-
Total"
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
24,227
24,324
24,370
24,331
24,228
24,240
24,156
24,165
24,157
24,159
24,134
24,173
24,114
24,267
struction
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
5,246
5,213
5,256
5,242
5,190
5,230
5,226
5,233
5,262
5,287
5,295
5,297
5,314
5,435
Total
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,403
18,523
18,525
18,506
18,456
18,428
18,353
18,357
18,322
18,301
18,272
18,307
18,232
18,258
NonDurable durable
goods
goods
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,595
10,622
10,633
10,632
10,611
10,597
10,569
10,587
10,572
10,565
10,553
10,607
10,579
10,597
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,808
7,901
7,892
7,874
7,845
7,831
7,784
7,770
7,750
7,736
7,719
7,700
7,653
7,661
1
Includes ail full- and part-time wage and salary workers in nonagrieultural establishments
who received pay for any part of the pay period which includes the 13th of the month- Excludes
proprietors, sftlf-empioyttd persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment of the civilian labor
fort*, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they an; not at work because of industrial disputes,
had weather, etc., even if they art* not paid for the time off; and which are based on a sample
14
Total
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
92,380
91,799
91,932
91,979
92,020
92,307
92,419
92,673
92,775
92,841
93,078
93,184
93,055
93,607
Transporta- Wholetion and
sale
public
trade
utilities
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,192
6,156
6,175
6,184
6,177
6,192
6,195
6,217
6,206
6,217
6,240
6,231
6,230
6,246
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,324
6,275
6,287
6,300
6,298
6,320
6,333
6,340
6,346
6,359
6,373
6,395
6,398
6,414
Retail
trade
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,841
20,794
20,760
20,762
20,747
20,798
20,851
20,837
20,899
20,897
20,989
20,981
20,921
21,087
Finance,
insurance, Services
and real
estate
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,949
6,929
6,938
6,924
6,925
6,930
6,938
6,947
6,957
6,977
6,991
7,001
7,003
7,028
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,488
32,796
32,404
32,524
32,548
32,630
32,784
32,820
32,986
33,047
33,076
33,185
33,248
33,204
33,491
Government
Total
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,279
19,241
19,248
19,261
19,243
19,283
19,282
19,346
19,320
19,315
19,300
19,328
19,299
19,341
Federal
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,831
2,828
2,826
2,831
2,838
2,834
2,825
2,812
2,801
2,800
2,799
2,788
2,783
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 eaeh time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted oniy once—as employed, unemployed, or not in the labor fort*.
2
Includes mining;, not shown separately.
Source: Department of Labor, Bureau of ijabor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS. AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or mmsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Average gross hourly earnings
Manufacturing
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Feb
Mar
May
July
Sept
Get
Nov
Dec
1996- Jan
Feb?
Total
private
nonagrieultural '
Total
Average gross weekly earnings
Total private
nonagrieultural 1
Overtime
Current
dollars
Total private
nonagrieultural1
1982
dollars2
Manufacturing
Percent eh inge from
a year ear ier, total
private nonagrieul ural 3
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Construction
Retail
trade
Current
dollars
1982
dollars
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.5
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
$8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.13
11.46
$7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
7.41
$9.73
9,91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
12.35
$304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
386.21
395.37
$271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.96
255.74
$396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
512.53
$466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
572.61
583.55
$176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.76
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.4
2.4
0.3
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.8
-.5
34.6
34.6
34.6
34.2
34.4
34.6
34.4
34.5
34.6
34.4
34.3
33.7
34.5
42.1
42.0
41.5
41.4
41.5
41.3
41.5
41.7
41.5
41.5
41.2
39.9
41.6
4.8
4.7
4.5
4.4
4.2
4.3
4.3
4.5
4.4
4.4
4.3
4.1
4.5
11.32
11.34
11.40
11.37
11.43
11.50
11.48
11.54
11.59
11.58
11.61
11.66
11.65
7.40
7.39
7.40
7.36
7.39
7.43
7.41
7.44
7.44
7.43
7.44
7.44
7.42
12.24
12.25
12.28
12.28
12.32
12.40
12.41
12.43
12.45
12.47
12.49
12.63
12.58
391.67
392.36
394.44
388.85
393.19
397.90
394.91
398.13
401.01
398.35
398.22
392.94
401.93
255.99
255.61
256.13
251.85
254.16
257.21
254.78
256.53
257.55
255.68
255.11
250.60
255.84
515.30
514.50
509.62
508.39
511.28
512.12
515.02
518.33
516.68
517.51
514.59
503.94
523.33
575.86
578.12
566.61
563.62
582.86
590.02
583.98
588.95
593.49
588.60
577.95
573.30
592.86
218.88
219.17
222.03
219.56
220.90
223.11
222.14
223.49
224.26
224.06
224.43
221.65
226.98
3.3
2.6
2.5
1.1
2.4
3.0
2.5
2.5
2.0
2.3
2.2
.3
2.6
.3
-.4
-.7
-2.1
-.6
.2
-.0
.0
-.6
-.1
-.3
-2.4
-.1
1
Also
2
3
includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban waj
clerical workers (CPI-W) (on a 1982=100 base).
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.9
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
Benefits'
Total
compensation
Wages and
salaries
12 months earlier
Benefits l
Total
compensation
Wages and
salaries
Benefits i
Not seasonally adjusted
1986198719881989199019911992199319941995-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.8
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
136.6
Seasonally adjusted
1993- Mar
Sept
Dec
1994- Mar
Sept
Dec
1995- Mar
Sept
Dec
.
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.6
124.3
125.2
125.9
127.0
113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
120.6
121.5
122.3
123.1
1
Employer costs for employee benefits.
NOTE:—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0
134.7
135.4
137.2
1.0
.9
.8
.8
.8
.8
.8
.7
.6
.7
.6
.9
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.7
Not seasonally adjusted
0.8
.6
.9
.7
.8
.9
.7
.6
.7
.7
.7
.7
1.5
1.4
.9'
1.1
.9
1.0
1.0
.8
.1
.5
.5
1.3
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.8
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.7
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output1
Business
sector
Hours of 8ll
persons2
Nonfarm
business
sector
Business
sector
Compensation
per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business •
sector
Implicit price
deflator 5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Indexes, 1992=100; quarterly data seasonally adjusted
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995c*
94.2
94.1
94.6
95.4
96.2
96.7
100.0
100.2
101.0
101.9
94.9
94.7
95.3
95.8
96.3
96.9
100.0
100.2
100.7
101.8
88.6
91.1
94.6
97.8
98.7
96.9
100.0
102.6
106.9
109.6
88.7
91.4
95.1
98.1
98.8
97.1
100.0
102.9
106.9
109.8
94.0
96.8
100.0
102.5
102.6
100.3
100.0
102.4
105.9
107.6
93.5
96.5
99.8
102.4
102.7
100.2
100.0
102.7
106.2
107.9
76.9
79.9
83.5
85.8
90.8
95.1
100.0
102.6
104.8
108.5
77.3
80.2
83.6
85.8
90.6
95.1
100.0
102.3
104.5
108.2
98.4
98.6
99.0
97.1
97.4
97.9
100.0
99.6
99.2
99.9
98.9
99.0
99.2
97.1
97.3
97.9
100.0
99.3
98.9
99.6
81.6
84.9
88.2
89.9
94.3
98.3
100.0
102.4
103.8
106.5
81.4
84.7
87.8
89.6
94.1
98.1
100.0
102.1
103.8
106.3
81.6
83.8
86.8
90.5
94.0
97.7
100.0
102.5
104.8
107.1
81.4
83.5
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.2
1992- I
II
Ill
99.3
99.9
99.7
101.1
100.2
99.8
100.1
100.8
99.3
100.0
99.6
101.1
98.8
99.6
99.8
101.7
101.4
102.0
102.8
104.3
104.8
106.5
107.6
108.7
108.8
108.9
110.1
110.5
98.8
99.6
99.8
101.8
99.5
99.7
100.1
100.6
99.6
99.6
100.1
100.7
98.6
99.5
100.7
101.2
99.7
99.8
100.3
99.9
99.7
99.9
100.2
99.9
99.3
99.6
101.0
100.1
99.3
99.6
101.0
100.1
99.3
99.7
100.1
100.9
99.2
99.8
100.1
100.9
101.6
102.2
103.2
104.6
101.3
102.2
102.6
103.5
101.5
102.5
103.0
103.9
99.6
99.7
99.8
99.2
101.3
102.4
102.4
102.3
101.7
102.3
102.7
103.3
104.5
105.8
106.2
107.1
107.6
106.9
107.7
108.0
104.8
106.1
106.5
107.4
99.4
99.3
99.4
98.9
99.2
99.1
98.4
98.7
98.9
99,4
99.9
100.1
101.4
102.6
102.9
102.5
104.8
106.6
107.7
108.8
101.6
102.5
103.0
103.3
104.2
104.5
104.9
105.7
106.6
108.0
109.2
110.1
98.5
99.6
100.7
101.2
101.4
102.1
102.6
102.9
103.7
104.3
104.6
105.4
106.4
107.8
108.9
109.7
103.8
103.9
103.5
104.1
103.7
103.8
103.4
104.1
103.9
104.4
105.1
105.6
101.8
102.4
102.7
103.3
103.9
104.5
105.3
105.7
105.4
106.0
106.8
107.6
105.3
105.9
106.6
107.5
106.3
106.9
107.4
107.7
106.5
107.0
107.5
107.7
IV
1993- I
II
Ill
IV
1994- I
II
III
IV
1995- I
II
III
IV*
100.3
100.7
101.4
101.5
101.1
101.9
102.3
102.3
100.1
99.7
100.2
100.6
100.0
100.4
101.1
101.3
101.0
101.8
102.2
102.1
109.0
109.1
110.4
110.7
107.9
107.2
108.0
108.4
99.6
99.3
98.8
98.9
99.1
99.6
100.1
100.4
Percent change; quarterly data at seasonally adjusted annual rates
1986
1987
1988
1989
1990
1991
1992
1993
1994 .
1995 P*
2.6
-.1
.5
.8
.8
.5
3.4
.2
.7
.9
2.7
-.2
.6
.5
.5
.7
3.2
.2
.5
1.1
3.2
2.9
3.8
3.4
.9
-1.8
3.2
2.6
4.2
2.5
3.4
3.0
4.1
3.2
.7
-1.8
3.0
2.9
4.0
2.7
0.6
3.0
3.3
2.5
.1
-2.3
-.3
2.4
3.4
1.6
0.7
3.2
3.5
2.6
.2
-2.4
-.2
2.7
3.4
1.6
5.2
3.9
4.5
2.8
5.8
4.8
5.2
2.6
2.2
3.5
5.2
3.7
4.3
2.7
5.5
4.9
5.2
2.3
2.2
3.6
3.3
.2
.4
-1.9
.4
.5
2.1
-.4
-.4
.6
3.3
.1
.1
-2.1
.1
.7
2.1
-.7
-.4
.7
2.6
4.0
4.0
1.9
4.9
4.2
1.7
2.4
1.4
2.5
2.5
4.0
3.7
2.1
5.0
4.3
1.9
2.1
1.6
2.5
2.2
2.7
3.5
4.2
4.0
3.9
2.4
2.5
2.2
2.2
2.2
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.2
1992- I
II
III
8.1
2.5
6.2
3.2
.8
7.9
5.6
3.1
.7
8.4
-1.7
.7
1.6
2.2
-1.5
.3
2.0
2.2
7.8
3.7
4.8
2.1
5.0
.3
1.8
-1.4
4.9
.9
1.4
-1.4
3.1
4.2
2.0
3.6
1.6
3.4
2.2
1.1
-1.3
.4
.3
-2.0
-1.9
-.2
.1
-2.0
.4
1.4
5.7
-3.7
5.1
4.5
3.0
2.1
1.4
3.2
2.6
3.6
1.7
3.5
-.3
1.2
5.6
-3.3
5.4
4.8
.9
-1.6
2.8
1.9
1.5
3.0
-.9
2.4
4.1
5.3
.9
6.8
4.2
4.2
-.5
3.4
2.5
1.4
2.4
3.8
2.1
1.2
2.6
3.7
5.3
1.3
3.3
3.5
4.8
1.6
3.3
3.4
1.5
1.5
2.9
7.7
4.2
4.4
2.1
1.0
2.7
2.0
1.1
3.3
2.1
1.2
3.3
1.4
-1.0
-2.2
.7
1.2
-.4
-2.5
1.0
5.4
.1
-1.3
2.3
5.9
.2
-1.4
2.4
2.4
1.8
2.6
2.0
2.5
2.2
2.9
1.8
.8
.5
4.7
1.1
2.2
-2.5
2.8
1.2
1.9
-2.4
2.9
1.6
3.4
5.6
4.3
3.3
3.7
5.4
4.3
3.0
.5
2.1
2.3
.9
.8
2.0
2.2
.6
5.0
2.5
2.7
3.3
4.9
2.3
2.5
3.5
2.8
2.1
2.1
.9
2.9
1.9
rv
5.6
1993- I
II
III
IV
-3.7
-1.3
1.3
2.7
7.3
2.8
-1.2
6.1
-3.9
-1.7
2.1
1.6
1994- I
II
III
IV
-1.9
1.4
2.8
.7
-2.5
1.9
2.6
.9
-1.1
2.2
3.0
6.3
1.8
6.7
4.1
4.0
1995- I
II
III
IV*
-1.6
3.0
1.6
0
-1.1
3.0
1.7
-.5
.6
.3
4.4
1.2
1
<7
Output refers to real gross domestic product originating in the sector.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
2
16
1
1.8
.9
5
Current dollar gross domestic output divided by the output index
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.
* Fourth quarter 1995 data are based on GDP data released February 23, 1996. The GDP
data shown elsewhere in this issue of Economic Indicators were released on April 2, 1996.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in February.
INDEX, 1987 > 100- (RATIO SCALE)
INDEX, 1987= 100' (RATKDSCALE)
170
160
150
TOTAL INDUSTRIAL PRODUCTION
140
130
r—*~—'
'
130
110
100
x
BUSINESS
^
EQUIPMtN^^
140
-*
120
FINAL PRODUCTS
120
-•
1 1 1 1 1 11 1 1 1 1
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I! 1 1 M 11
|| |1 1 11 1 1| 1
1 11111 1 1 111
110
.'——'"
\
CONSUMER
GOODS
100
90
"x--.~-...
80
"'/ --.
s
70
AND SPACE
EQUIPMENT
*"'**•-•*
60
ISO
UTILITIES AND MINING
140
VI
130
.
120
no
100
90
'—
**
1 1 1 1 1 1 ,1 1 n
1992
\
1
~/v-
./
^^-^
| II 1 i 1 M | | |1
1993
1994
In,,,
In,,,
t ! 1 1 1 1, 1 1 1 1
x
*<.S"~--'r'~
.'~^'~—'
M I1 11 1 1 t M
PERCENT'
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
X
1 1 1 1 1 1 1 1 11 1 1 1 1 1 11 1 1 11
1996
1995
1992
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987=100
Industry production indexes, 1987=100
Capacity utilization
rate, percent 1
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
0.9
4.9
4.4
1.5
.0
-1.8
3.4
3.5
5.9
3.2
94.3
100.0
104.7
106.4
106.1
103.8
108.2
112.3
119.7
123.9
93.9
100.0
106.6
108.6
107.4
104.1
109.3
115.6
125.8
132.5
94.9
100.0
102.3
103.7
104.4
103.4
106.7
108.6
113.0
114.3
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.0
100.3
99.9
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.3
117.9
121.7
79.2
81.5
83.7
83.7
82.1
79.2
80.3
81.4
83.9
83.7
79.1
81.6
83.6
83.2
81.3
78.0
79.5
80.6
83.3
82.9
Novr
Decr
121.7
121.9
121.4
121.3
121.4
121.5
122.7
122.8
122.2
122.6
122.7
5.4
4.7
3.9
3.2
2.8
2.6
3.2
3.1
1.9
1.7
1.0
123.9
124.0
123.5
123.2
123.3
123.3
124.2
124.9
124.4
124.5
124.7
132.1
132.2
131.6
131.1
131.5
131.5
133.2
134.4
133.5
134.3
134.8
114.8
115.1
114.6
114.4
114.3
114.3
114.3
114.4
114.3
113.7
113.5
100.8
100.3
100.6
100.5
101.0
100.7
100.0
100.0
98.2
98.3
97.8
118.5
119.2
118.8
122.1
121.0
122.7
128.8
122.7
121.6
125.4
124.7
84.7
84.6
84.0
83.7
83.5
83.3
83.8
83.6
82.9
82.9
82.7
84.2
84.0
83.3
82.8
82.6
82.3
82.6
82.8
82.1
81.9
81.8
1996- Jan r
Feb''
122.1
123.7
.2
1.6
124.3
126.1
134.6
137.2
112.9
113.8
97.3
98.8
123.2
121.8
82.1
82.9
81.2
82.1
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995?
.
1995- Feb
Mar
Apr . .
....
July
Aug
Sept
Oct
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve Sj-stem.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
(1987 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
.
.
.
.
...
1995 P
1995- Feb
Mar
May .
..
...
July
Sept
Oct
Dec'
1996: Jan'
Feb''
1
95.7
100.0
104.8
106.8
107.0
105.4
108.7
112.7
118.3
121.3
121.1
121.5
120.9
120.6
121.1
121.2
122.4
122.6
121.3
121.9
121.8
121.4
123.3
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
115.0
114.9
115.3
114.4
114.1
114.8
114.6
115.9
116.0
114.9
115.9
115.2
113.7
115.1
Durable
goods
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
124.2
127.3
126.0
124.9
121.6
122.3
121.4
124.0
125.8
123.4
124.9
126.2
120.1
124.6
Nondurable
goods
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108.6
111.2
112.8
111.9
112.7
111.8
112.4
113.1
113.0
113.9
113.7
112.9
113.8
112.6
112.2
112.9
Total
1
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
131.4
131.0
131.4
131.3
130.8
131.2
131.6
132.9
133.1
131.5
131.4
132.2
133.9
136.4
Business
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
155.7
154.3
155.1
155.0
154.3
155.1
155.7
157.5
158.2
156.5
156.9
158.2
160.7
163.8
Defense
and
space
equipment
96.0
100.0
99.7
100.1
98.8
90.8
84.8
79.3
71.9
65.9
68.2
67.8
67.1
66.8
66.8
66.5
66.1
65.2
64.4
62.9
62.0
61.6
61.8
Total
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.0
109.5
109.2
108.2
108.2
108.2
108.5
109.4
109.5
109.2
109.3
110.1
109.0
110.1
Construction
supplies
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
108.2
109.5
109.2
108.0
106.6
107.2
107.3
107.0
108.4
108.3
108.7
110.4
108.0
110.5
Business
supplies
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
109.6
109.6
109.3
108.5
109.4
109.1
109.5
111.0
110.3
109.9
109.9
110.1
109.8
110.0
Total
Energy
95.9
100.0
105.0
106.7
106.8
105.5
109.7
113.8
122.0
127.4
127.1
127.2
127.0
127.2
126.8
126.8
128.1
128.1
128.1
128.4
128.4
128.0
129.3
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.5
105.3
106.5
106.4
106.4
106.6
107.2
107.2
107.5
108.5
105.8
105.5
105.7
105.9
105.1
105.0
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994 .
1995>>
...
..
1995- Feb
Mar ...
.
May
Sept
Oct
Nov
Dee'
1996: Jan'
Febc
..
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
119.2
120.8
121.3
120.2
119.5
117.5
118.3
115.4
121.0
115.7
120.8
120.1
121.5
123.2
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.9
119.3
122.4
124.9
125.8
123.5
123.0
119.2
119.3
117.7
127.0
115.1
126.1
123.1
127.1
127.9
Fabricated
metal
products
93.8
100.0
104.2
102.8
99.5
94.5
99.0
103.1
110.5
113.9
115.0
114.3
112.3
113.7
113.7
112.4
114.3
115.1
114.0
114.5
114.9
114.4
115.3
Industrial
machinery and
equipment
Electrical
machinery
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
177.7
171.8
172.4
174.3
174.6
174.4
176.0
179.5
181.3
183.8
186.5
190.0
191.6
194.8
94.3
100.0
108.5
111.0
111.4
113.9
123.5
134.1
154.3
174.9
167.7
169.4
169.6
171.1
173.0
175.7
178.7
180.8
182.4
183.6
182.8
181.2
186.4
Nondurable manufactures
Transportation
equipment
Total
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
113.4
118.5
118.0
115.7
113.2
113.4
111.6
114.1
114.1
109.3
108.6
109.6
108.9
112.1
Motor
vehicles
and
parts
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
141.9
148.4
147.6
143.0
138.8
139.7
136.7
142.1
143.3
139.7
140.7
141.2
135.7
140.8
Lumber
and
products
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
104.5
105.0
103.9
103.9
101.7
103.0
103.7
103.7
106.2
105.7
104.8
106.9
104.4
105.4
Apparel
products
96.3
100.0
98.1
95.0
92.2
92.7
95.0
97.1
100.1
95.8
99.8
99.3
97.4
97.5
95.5
94.8
94.5
94.5
93.3
92.4
91.6
89.2
91.1
Printing
and
publishing
Chemicals
and
products
90.6
100.0
100.9
101.1
100.8
97.0
98.1
98.8
100.1
99.4
100.3
99.3
99.2
99.0
98.6
99.0
100.5
99.8
98.9
99.3
99.0
98.5
99.0
94.6
100.0
106.0
109.2
111.8
110.5
114.4
115.4
121.3
124.9
124.7
125.0
123.5
124.0
124.4
124.0
124.4
125.3
126.7
126.0
126.1
97.4
100.0
101.5
102.5
103.7
105.3
106.9
109.5
113.2
115.3
114.2
115.0
115.1
115.9
116.1
115.3
115.5
115.5
115.4
114.8
114.8
126.2
126.4
115.0
115.7
Foods
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total1
Commercial
and industrial 2
Other
Federal
and
State
and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1986
1987 .
1988
1989
1990
1991
1992
1993 ...
1994
1995' .
407.7
419.4
432.3
443.7
442.2
403.4
435.0
464.5
506.9
526.6
323.1
328.7
337.5
345.5
334.7
293.3
315.7
339.2
376.6
383.9
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
238.9
236.1
1995- Feb
Mar
Sept
Oct'
Nov'
Dec'
521.4
523.5
522.1
514.5
518.9
528.7
528.4
535.1
534.5
531.7
535.1
383.7
383.3
382.2
376.1
377.5
384.3
385.7
387.0
388.9
386.7
390.3
240.2
237.9
234.1
231.3
228.4
231.0
234.0
237.6
237.7
239.4
242.0
1996- Jan'
FebP
539.8
534.9
392.2
390.6
241.5
241.4
84.4
84.0
88.0
94.3
-96.4
77.0
65.8
66.4
73.8
85.7
51.6
50.1
51.5
54.6
55.4
58.4
62.1
62.3
63.9
62.0
84.6
90.6
94.7
98.2
107.5
110.1
119.3
125.3
130.3
142.7
96
100
101
105
95
89
97
105
114
117
167.2
163.9
159.8
156.4
153.2
158.0
161.3
164.3
165.6
165.9
167.0
82.7
84.7
85.0
81.9
85.9
88.0
87.2
85.6
88.8
88.2
90.7
60.7
60.7
63.1
62.9
63.2
65.3
64.5
63.8
62.4
59.1
57.6
137.8
140.2
139.9
138.4
141.4
144.4
142.7
148.1
145.6
145.0
144.9
'116
'117
108
119
122
'119
123
'120
119
120
113
883
778
632
727
800
713
826
828
731
851
784
166.7
168.0
91.6
90.2
59.1
58.9
147.7
144.3
114
108
697
615
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.4
Annual rates
Annual rates
1
Includes
2
3
1,016
1,019
973
961
783
577
556
589
744
842
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information
Systems Company, P.W. Dodge Division.
residential improvements, not shown separately.
Includes hotels and motels.
F.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
1986
1987
1988
1989 .
1990
1991
1992
1993
1994
1995'
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
1,354.1
1 unit
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
2-4 units
5 or more
units
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
Units
authorized
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
1,333.0
Units
completed
Homes
sold
Homes for
sale at end
of period!
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
1,311.3
750
671
676
650
534
509
610
666
670
667
357
366
368
365
321
284
265
293
337
375
1,415
1,302
1,442
1,331
1,324
1,256
1,332
1,247
1,267
1,320
1,360
1,213
1,358
627
577
614
608
667
724
782
707
684
673
'679
685
709
700
342
346
346
349
347
347
344
349
350
360
'368
375
377
368
Vacancy rate
for rental
housing units
(percent) 2
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
2
7.3
7.4
7.6
Seasonally adjusted annual rates
1995- Jan
Feb
Mar
May
July
Sept
Oct
Nov
Dec'
1996: Jan'
Feb''
1
1,370
1,322
1,241
1,278
1,300
1,301
1,450
1,401
1,401
1,351
1,458
1,425
1,447
1,490
1,062
1,051
992
1,017
1,005
1,036
1,125
1,135
1,130
1,109
1,129
1,150
1,140
1,170
38
44
35
25
36
35
39
28
39
31
32
29
21
28
Seasonally adjusted.
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
2
270
227
214
236
259
230
286
238
232
211
297
246
286
292
1,293
1,282
1,235
1,243
1,243
1,275
1,355
1,368
1,405
1,384
1,448
1,478
1,372
1,411
7.4
7.7
7.7
7.7
NOTE.—Beginning 1994, units authorized are for 39,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, manufacturing and trade sales fell 0.8 percent and inventories rose $5.2 billion. According to advance
data, retail sales rose 0.8 percent in February following a decline of 0.1 percent in January. (Data for retail trade
revised.)
BILUONS OF DOLLARS' (RATIO SCALE)
400
BILLION S OF DOLLARS' (RATIO SCALE)
1,200
1,100
350
^---n
1,000
900
.
^--^
300
— — -—~T^"
800
MANUFACTURING AND
TRADE INVENTORIES
250
^~'~~
700
\'~~'~'\
600
^.*s
'
RETAIL INVENTOR ES
200
MANUFACTURING
AND TRADE SALES
-- '
_. ~,-"~"'
500
150
1 1 1 1 E i 1 II M i 1 1 E I 1 I 1 1 1 1
"\
RETAILS ALES
| ! 1 1 1 11 1 1 1 1
M M ill 1 1 1 1 ill nlmii
RATIO •
400
1.80
INVENTORY-SALES RATIO
1.70
1.50
1.40
200
RETAIL
1.60
300
E ! 1 1 1! 1 1 1 11
1992
1 1 M 1 1 1 1 1 1 1 1 1 1 M 1 1 1 I 11 1 1 1 1 1 1 M n i
1994
1993
1995
i null mi
1996
1.30
./^. A_
/v- /-
/v
MANUFACIURING V "V-V. ^^
1
AND TRADE
i u M 1 i n n i n n 1 1 j 1 1 1 1 1 1 1 1 t i n t in n! n 1 1 1
1995
1992
1993
1994
• SEASONAUY AH USTED
SOURCE: DEPARTM1ENTOfCOMMERCE
Manufacturing and
trade1
Period
Sales2
Inventories3
~-'\ .
1 1 1 II II M 1 1
1996
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Retail
Sales2
Inven- '
tones3
Total
Durable
goods
stores
Inventory-sales
ratio4
Inventories 3
Sales2
Nondurable
goods
stores
Total
Durable
goods
stores
Nondurable
goods
stores
Manufacturing
and
trade1
Retail
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989
1990
1991
1992
1993 r
1994 '
1995 r
1995- Jan r
Peb'
Mar'
Apr r
May'
July
Sepf
Octr
Nov r
Dec'
1996- JanP
Febc
1
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,521
186,676
153,574
163,903
178,801
187,009
195,550
200,062
207,663
215,878
235,701
255,641
673,528
674,726
674,630
672,315
678,067
682,264
675,171
686,940
689,227
687,108
692,349
699,209
662,753
709,814
765,270
811,154
834,391
829,685
838,895
861,219
918,113
977,047
928,852
935,848
942,576
951,952
956,367
960,340
964,524
968,863
973,539
979,793
980,300
977,047
182,641
185,056
183,207
184,597
186,244
187,472
186,232
187,203
188,303
188,517
190,709
194,198
238,399
240,365
243,462
246,867
247,702
249,813
253,060
253,017
254,063
256,134
255,449
255,641
693,271
982,266
192,997
257,548
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,125
639,292
681,664
120,803
128,442
138,017
146,581
153,718
154,661
162,632
172,924
185,936
195,068
193,097
191,114
192,986
192,425
194,730
196,080
195,465
196,716
196,644
196,193
197,914
199,104
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,042
78,018
76,544
75,644
76,864
76,046
77,413
78,329
78,006
79,527
78,711
79,160
80,296
80,852
75,746
80,453
85,587
91,818
97,981
100,497
103,999
108,129
112,894
117,050
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,916
290,602
302,879
116,553
115,470
116,122
116,379
117,317
117,751
117,459
117,189
117,933
117,033
117,618
118,252
198,857
200,506
80,295
81,450
118,562
119,056
294,349
295,757
297,033
299,407
300,376
300,516
299,041
302,700
303,299
306,224
307,265
302,879
303,401
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
3
Seasonally adjusted, end of period.
4
Annual data are averages of seasonally adjusted monthly ratios.
3
20
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,949
150,441
160,363
153,400
154,373
155,992
158,360
158,454
158,057
156,810
159,326
160,195
162,165
163,243
160,363
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,161
142,516
140,949
141,384
141,041
141,047
141,922
142,459
142,231
143,374
143,104
144,059
144,022
142,516
160,526
142,875
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.41
1.38
1.39
1.40
1.42
1.41
1.41
1.43
1.41
1.41
1.43
1.42
1.40
1.42
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.54
1.52
1.55
1.54
1.56
1.54
1.53
1.53
1.54
1.54
1.56
1.55
1.52
1.53
NOTE.—Seasonally adjusted retail sales and inventories (and therefore total manufacturing
and trade sales and inventories) revised beginning 1993 to reflect annual benchmarking and
other revisions^
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers' shipments, inventories, and unfilled orders rose; new orders fell.
BILLIONS Of DOUARS* (RATIO SCALE!
320
SHIPMENTS
TOTAL
\
280
240
BililONS OF DOLLARS' (RATIO SCALE)
480
440
400
360
320
y^"1
*^~'"
'
-1^^^-^
.
200
INVENIOWtb
. ——
%
\
1
280
DLJRABLEGOOC S
\
I
160
,V""
"
% rf
.. .***"•" \'°
240
\
200
1
RABLEGOOO
,,.,'-*
120
160
NONEHJRABLEGOC DS
""
(
\
•4OURABLEGC
120
80
BIIUONS OF DOUARS* (RATIO SCAl£)
320 _ NEWORDERR
280
_/
240
TOTAL
_^[-^— "
80
*
j
I
!
,_<>-
200
DURABLE GOODS
\
160
....
,-•'
...-.v'-'
,s<
120
^ +•*
ri<«. '•'••
'"~7"
NON DURABLE GO<DOS
1.40 80 M i n 1 1 1 M i
1992
1 | | I 1 i 1 1 ! | 1 II I! 1 1 1 1 1 1
1993
1 1 11 1i 11 M 1 1 1 11 1i 11 1 11
1995
1994
1.20
1992
1996
1996
•SEASONAUY ADJUSTED
SOURCE: DOWSTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
Manufacturers' shipments1
Manufacturers' new ordersl
Manufacturers' inventories2
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inven-
toryshipments
ratio3
Millions of dollars, secisonally adjusted, except as noted
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
280,835
299,920
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
151,060
162,053
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
137,867
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
418,527
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
263,916
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
154,611
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
281,953
300,719
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
151,878
163,054
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
43,398
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
137,665
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
467,045
1.68
1.59
1.58
1.64
1.65
1,67
1.57
1.47
1.37
1.37
1995: Peb
Mar
298,556
298,437
295,293
297,093
298,712
293,474
303,021
304,280
302,398
303,726
305,907
161,206
161,571
157,970
159,612
160,828
155,919
164,196
165,939
164,062
164,924
165,946
137,350
136,866
137,323
137,481
137,884
137,555
138,825
138,341
138,336
138,802
139,961
399,726
402,081
405,678
408,289
410,011
412,423
413,146
416,177
417,435
417,586
418,527
252,124
253,237
255,334
256,787
257,442
259,532
260,091
261,706
263,305
263,517
263,916
147,602
148,844
150,344
151,502
152,569
152,891
153,055
154,471
154,130
154,069
154,611
300,804
299,625
293,069
297,046
296,754
293,863
301,903
306,123
304,370
304,146
309,467
163,338
163,042
155,553
159,502
159,031
156,130
164,082
168,951
166,490
165,165
170,234
42,055
42,628
40,072
43,115
42,964
40,233
41,676
46,941
43,755
46,067
48,700
137,466
136,583
137,516
137,544
137,723
137,733
137,821
137,172
137,880
138,981
139,233
463,020
464,208
461,984
461,937
459,979
460,368
459,250
461,093
463,065
463,485
467,045
301,417
303,971
162,126
164,743
139,291
139,228
421,317
422,276
266,530
267,240
154,787
155,036
308,839
304,377
169,238
165,361
47,779
46,507
139,601
139,016
474,467
474,873
1.34
1.35
1.37
1.37
1.37
1.41
1.36
1.37
1.38
1.37
1.37
1.40
1.39
July
Oct
Dec
1996: Jan''
FebP
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Note,—Data for Febraary 1996 and revised data for January 1996 not plotted in chart.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In February, the producer price index for all finished goods fell 0.2 percent. Prices of finished consumer foods
fell 0.3 percent and prices of other finished consumer goods fell 0.1 percent. Capital equipment prices rose 0.1
percent.
INDEX, 1982 - 100 (RATIO SCALE)
INDEX, 1962 - 100 {RATO SCAIE)
150
CONSUMER GOODS
EXCLUDING FOODS
100
1988
COUNCIL Of ECONOMIC ADV1SB1S
SOURCE: OSVWMENTOF UBOR
[1982=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Total
Period
finished
goods
Consumer
foods
Consumer goods
Total
Total
5986
. ..
1987
1988
1989
1990
1991
1992
1993
1994
. .
118.7
124.4
124.1
123.3
124.7
125.7
125.5
126.8
129.0
128.2
1995?
127.9
1995: Peb
June
July
127.2
127.3
127.6
127.9
127.7
127.7
Aug
127.8
Sept
128.2
128.4
128.7
129.5
129.9
129.7
Mar
Apr
May
Ocf
Nov
Dec
1996: Jan
Feb
1
107.3
103.2
105.4
108.0
113.6
119.2
121.7
123.2
127.8
127.4
128.5
128.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
126.8
126.9
127.3
127.8
127.6
127.4
127.4
130.1
127.6
130.0
131.3
131.5
131.2
130.8
127.9
109.5
112.6
128.2
128.5
127.9
128.9
129.4
129.3
Intermediate materials for food manufacturing1 and feeds.
22
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
123.9
123.3
123.5
123.8
124.5
124.2
123.8
123.8
123.9
124.1
124.0
125.4
126.1
126.0
Durable
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.6
132.2
132.1
132.3
132.3
132.2
132.4
132.5
132.6
133.2
133.8
134.1
133.6
133.8
Nondurable
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
118.1
118.4
118.8
119.7
119.4
118.7
118.6
118.7
118.8
118.4
120.2
121.5
121.2
Capital
equipment
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
135.8
135.9
136.2
136.4
136.5
136.7
136.9
137.1
137.5
137.8
138.0
137.9
138.1
Total
finished
consumer
goods
Total
Foods
and
feeds1
Other
101.4
103.6
106.2
99.1
101.5
96.2
99.2
99.3
101.7
107.1
112.1
118.2
120.5
121.7
123.0
123.3
125.6
124.9
125.0
125.4
125.6
125.3
125.4
125.4
125.8
126.0
126.3
127.3
127.8
127.6
112.0
114.5
114.4
109.5
113.8
113.3
111.1
110.7
112.7
114.8
106.9
111.9
114.5
114.6
114,9
116.4
118.7
125.5
124.4
124.9
125.7
114.7
116.2
118.5
124.9
123.8
124.3
125.0
125.3
125.4
125.5
125.6
125.4
125.4
125.3
125.5
125.6
125.1
114.8
111.8
112.3
111.6
110.6
111.7
113.4
114.6
115.7
119.0
121.7
123.2
123.5
122.9
126.1
126.1
126.1
126.1
125.9
125.7
125.5
125.6
125.7
125.3
Crude materials
Total
Foodstuffs
and
feedstuffs
87.7
93.2
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.6
102.0
101.2
103.0
102.2
103.1
102.4
101.0
102.9
103.0
104.4
104.8
107.0
106.3
96.2
106.1
NOTE.—Beginning 193fi, indexes are based on updated value wdghts.
Source: Department of Ijabor, Bureau of I^abor Statistics.
111.2
113.1
105.5
105.1
108.4
106.5
105.8
102.7
100.8
100.7
98.6
101.8
105.6
106.0
109.7
112.3
115.3
114.9
114.4
113.8
Other
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.6
97.6
97.5
100.4
100.6
99.9
96.5
93.9
94.6
93.2
93.5
94.4
98.3
97.5
CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (it rose 0.3
percent not seasonally adjusted). The index was 2.7 percent above its year-earlier level.
INDEX, 1982-84 » 100 (RATIO SCALE)
INDEX, 1982-84 - 100 (RATO SCALE)
1 180
180 I
SEASONAUY ADJUSTED
170
170
160
160
150
150
CONSUMER PRICES—ALL ITEMS
140
140
130
130
120
120
110
110
100
100
1988
1990
1989
1991
1992
1993
1994
1996
1995
COUNCIL OF KONOWC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items l
Transportation
Housing
Shelter
Period
1986
1987
1988
1989
1990
1991 ...
1992
1993
1994
1995
1995- Feb
May
July
Sept
Get
Dec
1996- Jan
Feb
1
Not
seasonally
adjusted
(NSA)
100.0
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
150.9
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
153.6
153.5
154.4
154.9
Seasonally
adjusted
150.9
151.3
151.8
152.2
152.6
152.7
153.0
153.2
153.7
153.8
154.1
154.7
155.0
Food
Total1
Total
15.8
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
147.1
147.2
148.0
148.3
148.5
148.7
149.0
149.5
150.0
150.0
150.2
150.3
150.5
41.3
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
146.8
147.1
147.5
147.8
148.1
148.5
148.9
149.1
149.6
149.9
150.3
150.8
151.1
Renters'
costs
(Dec.
1982 =
100)
28.3
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
163.2
163.8
164.3
164.8
165.3
165.8
166.0
166.5
167.1
167.5
167.9
168.6
168.9
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
3
Relative importance, December 1995.
2
8.0
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
171.3
172.0
172.6
173.1
173.4
174.0
174.0
174.7
175.2
175.3
175.5
176.7
177.1
Home- Main- Fuel
ownand
tenance other
ers'
utiliand
costs
ties
re(Dec.
1982= pairs
100) (NSA)
SO. 1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
168.7
169.2
169.7
170.3
170.8
171.3
171.7
172.2
172.8
173.4
173.9
174.3
174.6
0.2
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
133.8
134.2
134.2
134.6
135.0
135.1
135.4
135.4
136.3
136.2
136.6
136.3
137.0
7.0
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
123.2
123.1
123.4
123.0
123.5
123.6
124.2
123.4
124.1
124.2
124.4
125.0
125.7
Apparel
and
up- Total'
keep
5.5
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
131.8
132.3
132.1
131.9
131.4
131.8
132.0
131.7
132.1
132.1
132.2
133.1
131.9
17.0
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
137.8
138.5
139.3
140.2
140.8
140.0
139.5
139.4
139.5
138.9
139.0
140.0
140.7
New
ears
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
4.0
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
138.1
138.2
138.8
138.9
139.2
139.1
139.2
139.6
139.6
139.8
139.8
140.0
140.4
2.9
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
100.8
100.6
101.0
103.5
103.7
101.3
99.3
97.9
97.4
95.4
97.5
101.2
101.0
7.4
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
217.5
218.2
218.9
219.6
220.3
221.0
221.8
222.6
223.1
223.8
224.6
225.4
225.8
6.7
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
105.2
105.0
105.4
106.1
106.5
105.4
105.0
103.6
103.9
103.0
104.1
106.1
106.5
77.5
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
159.5
160.1
160.6
160.9
161.3
161.7
162.0
162.4
162.9
163.1
163.3
163.8
164.2
NOTE.—Data incorporate a rental equivalence measure for hoineownership costs (beginning
1983).
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Consumer goods
Period
Total
finished
goods
Foods
Capital
equipment
Excluding
foods
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Capital
equipment
Total
finished
Excluding
foods
Poods
goods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.2
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995?
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.2
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
Change, month to month
Dec
0.2
.1
.2
.2
-.2
0
.1
.3
.2
'.2
.6
1996: Jan
Feb
.3
-.2
1995: Peb
Mar
May
July
.
Sept
Oct'
Nov
-.3
.9
.1
1.2
-.1
'1.0
.2
0.2
.2
.2
.6
-.2
-.3
0
.1
.2
'-.1
1.1
0.2
.1
.2
.1
.1
.1
.1
.1
.3
'.2
.1
3.2
1.6
1.9
2.2
1.3
.3
-.3
1.6
2.2
2.8
4.1
3.2
-2.5
1.3
-1.2
-2.5
0
2.5
8.8
4.8
8.7
4.4
2.6
3.3
2.3
4.0
2.3
0
-2.2
-1.0
1.0
.6
4.9
3.9
2.7
2.1
1.8
1.8
1.5
1.5
1.8
2.4
2.7
2.7
1.6
2.2
3.5
2.7
1.4
1.1
.9
1.4
1.3
1.3
2.8
2.9
3.0
3.7
.9
-2.5
.6
.6
3.0
2.3
5.6
6.5
1.0
2.3
3.8
3.3
2.8
1.1
.8
.6
.5
-.8
1.9
1.8
1.3
2.8
2.8
2.2
1.8
1.6
1.8
1.9
2.1
2.2
1.7
1.8
2.1
2.2
2.1
1.7
1.3
1.8
2.3
2.0
2.2
-.2
-.3
.6
-.1
-.1
.1
'4.8
3.1
••3.7
-1.5
'6.6
6.6
'1.2
.9
3.5
3.0
4.2
3.5
3.8
3.6
1.8
1.8
2.3
2.0
0.1
0
.2
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSAJ
Housing
Period
All
items1
Food
Total
1
Total"
Renters'
costs
Addendum: AH items,
percent change
(annual rate)
Transportation
Shelter
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
1
upkeep Total
New
ears
Medical
care
Motor
fuel
All
items
less
food
and
energy
Energy2
From
previous
quarter3
From
From
From
3
6
year
months months earlier
NSA
earlier earlier
Change, December to December, NSA
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
1.4
0.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6
.1
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
1.5
5.9
1.8
2.1
2.3
1.4
3.3
2.3
2.8
3.2
1.6
-30.7
18.7
-2.1
6.8
36.5
-160
1.8
-5.4
5.9
-40
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
-1.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
-0.5
_ _2
.4
2.5
.2
-2.3
-2.0
-1.4
— .5
-2.1
2.2
0.3
.3
.3
.3
.3
.3
.4
.4
.2
.3
.4
-0.2
-.2
.4
.7
.4
-1.0
-.4
-1.3
.3
1.1
0.3
.4
.3
.2
.2
.2
2
'.2
.3
.1
.1
3.8
.4
_2
1.9
.4
.3
.2
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
Change, month to month
0.2
.1
.5
.2
.1
.1
.2
.3
.3
0
.1
0.2
.2
.3
.2
,2
.3
.3
.1
.3
.2
.3
0.2
.4
.3
.3
.3
.3
.1
.3
.4
_2
.2
0.4
.4
.3
.3
.2
.3
0
.4
.3
.1
.1
0.2
.3
.3
.4
.3
.3
.2
.3
.3
.3
.3
0
-.1
.2
-.3
.4
.1
.5
-.6
.6
.1
.2
-0.5
.4
— _2
-2
-.4
.3
.2
— _2
.3
0
.1
0.3
.5
.6
.6
.4
-.6
-4
-.1
.1
-4
.1
0.1
.1
.4
.1
.2
Sept
Oct
Nov
Dec
0.2
.3
.3
.3
.3
.1
.2
.1
.3
.1
.2
1996- Jan
Feb
.4
_2
.1
.1
.3
.2
.4
.2
.7
_2
.2
.2
.5
.6
.7
-.9
.7
.5
.1
.3
1995- Feb
Mar
May
July
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
2
3
.1
.3
0
.1
0
C)
Q
.y
2J
3.5
2.1
2.4
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.7
3.0
3.2
3.5
3.5
2.4
2.1
1.6
2.6
2.1
2.4
2.4
2.6
3.1
3.1
3.2
2.8
2.8
2.5
2.5
2.1
2.0
2.9
2.9
3.1
3.2
3.0
2.8
2.6
2.5
2.8
2.6
2.5
2.6
3.2
2.6
2.6
2.7
2.7
PRICES RECEIVED AND PAID BY FARMERS
In March, prices received by farmers rose 1.9 percent from their February level. Prices paid by farmers in March
were unchanged from their February level. (Data are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92=100 (RATIO SCALE)
120
120
110
60
1988
1990
1989
1991
1992
1995
1993
1995
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
1996
COUNCIL OF ECONOMIC ADVISERS
[1990-92=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1986
1987
1988
1989
..
1990
1991
1992 ....
1993
1994
1995
1995: Mar
Apr
May .
June
July
Aue
Sept
Oct .
Nov
Dec
1996: Jan
Feb
Mar
J
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
87
89
99
104
104
100
98
101
100
102
87
86
104
109
103
101
101
102
105
112
88
91
93
100
105
99
97
100
95
92
85
87
91
96
99
100
101
103
106
109
85
87
92
97
99
100
101
102
106
108
86
87
90
95
99
100
101
103
106
108
103
102
108
108
105
99
98
98
94
94
99
99
101
100
101
102
105
104
106
108
108
106
108
107
113
117
113
114
114
115
114
117
118
122
'122
127
93
90
88
90
91
92
93
92
94
96
94
93
94
108
108
(3)
(3)
108
(3)
(3)
111
(3)
(3)
112
113
113
107
107
(3)
(3)
107
(3)
(3)
109
(3)
(3)
111
112
112
106
107
(3)
(3)
107
(33)
()
110
(3)
(3)
112
113
113
92
92
94
93
94
94
97
94
95
97
96
94
96
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates. Bee also footnote 3.
3
Beginning 1996, prices paid by farmers are available monthly and for same month a year
earlier. Other data are for first month in quarter, and for each month the prices received/paid
ratio is based on latest data available.
2
All commodities,
services, interest,
taxes, and wage
rates'
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990—92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In February, growth in M3 (accelerated, growth in M2 was about unchanged.
BILUONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,000
3,600
3,600
3,200
3,200
M2
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
600
400
400
1988
1989
1991
1990
1992
1994
COUNOl Of ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
198619871988:
19891990:
199119921993199419951995-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec'
Jan r
Pebr
Mar'
Apr r
Mayr
Julyr
AU£Tr
Sepf
Ocf
Decr
1996- Jan'
Feb
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMF balances,
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
RPs, Eurodollars, and
institutiononly MMMF
balances
724.4
749.8
786.9
794.2
825.8
897.2
1,024.4
1,128.6
1,148.7
1,124.8
2,734.6
2,834.4
2,997.9
3,164.0
3,282.2
3,383.7
3,438.7
3,494.1
3,509.4
3,660.2
3,514.2
3,514.1
3,519.1
3,529.2
3,543.5
3,574.0
3,592.8
3,612.7
3,625.8
3,632.8
3,643.6
3,660.2
3,675.0
3,690.2
1,149.2
1,147.8
1,148.7
1,151.2
1,146.2
1,144.5
1,145.4
1,143.8
1,140.2
1,131.8
1,129.0
1,124.8
1,119.0
1,117.0
1
Consists of outstanding credit market debt of tlie U.S. (jovcrnment, State and local governments, and private nonfinaneial sectors,- data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are-from 6 months
earlier at a simple annual rate-
26
3,486.4
3,673.3
3,912.4
4,065.5
4,124.1
4,178.4
4,187.3
4,249.6
-•4,319.7
4,572.7
4,342.4
4,352.5
4,369.8
4,391.8
4,420.0
4,458.4
4,486.3
4,513.9
4,534.2
4,549.1
4,559.0
4,572.7
4,601.3
4,638.9
L
Debt
M3 plus
other liquid
assets
Debt of
domestic
noufinaneial
sectors
(monthly
average of
adjacent
month-end
levels) '
4,122.4
4,328.5
4,664.2
4,894.2
4,975.8
5,004.4
5,075.8
5,164.5
5,303.7
5,683.2
5,330.0
5,361.4
5,396.2
5,429.0
5,456.2
5,495.4
5,544.7
5,580.6
5,626.8
5,653.1
5,658.2
5,683.2
'7,924.3
8,671.0
9,446.4
10,173.5
10,854.0
11,338.6
11,881.7
12,516.4
13,153.2
13,871.3
13,202.3
13,280.9
13,344.1
13,421.6
13,522.1
13,580.9
13,616.3
13,669.2
13,709.4
13,758.7
13,829.6
13,871.3
1-5,705.9
Pi 3, 897.1
Percent change from year
or 6
months earlier2
M2
Ml
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.8
-2.1
-.4
-.4
-.3
.4
-.4
-.7
rj
n
-1.5
-3.4
-30
-3.4
-4.6
-4.7
NOTE.—See p. 27 for components.
Source: Board of Governors of tire Federal Keserve System.
9.5
3.6
5.8
5.5
3.7
3.1
1.6
1.6
.4
4.3
.4
.6
.9
1.4
2.1
3.7
4.5
5.6
6.1
5.9
5.6
4.8
4.6
4.3
M3
9.0
5.4
6.5
3.9
1.4
1.3
.2
1.5
1.6
5.9
3.0
3.6
4.0
4.6
5.4
6.4
6.6
7.4
7.5
7.2
6.3
5.1
5.1
5.5
Debt
12.6
9.5
8.9
7.7
6.7
4.5
4.8
5.3
5.1
5.5
5.3
5.5
5.5
5.9
6.3
6.5
6.3
5.8
5.5
5.0
4.5
4.3
4.1
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency
Period
Demand
deposits
Other
checkable
deposits
(OCDs)
Money market
mutual fund
balances
Retail1
Institution
only2
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits :»
Large
denomination
time deposits3
Overnight
and
term
repurchase
agreements
(RPs)
(net)
Overnight
and
term
Eurodollars
(net)
Shortterm
BankTreas- ers' acury
ceptsecuri- ances
ties
Savings
bonds
Commercial
paper
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
180.7
196.8
212.3
222.6
246.9
267.4
292.9
322.4
354.9
373.2
302.1
286.8
286.8
279.3
277.4
289.5
339.1
384.3
382.4
389.8
235.6
259.5
280.9
285.3
293.9
332.5
384.2
414.0
402.9
353.0
210.3
224.5
246.0
322.5
358.1
373.7
356.0
358.7
388.1
'465.1
84.5
91.1
90.3
106.9
133.5
179.5
199.8
197.9
183.7
226.4
940.9
937.3
926.3
893.6
923.8
1,045.0
1,187.1
1,218.8
1,148.9
1,134.5
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.8
871.2
788.0
823.7
935.7
420.2
467.0
518.3
541.5
480.9
416.5
353.7
333.8
363.5
'417.4
143.3
172.6
189.0
158.0
138.8
119.4
128.1
157.5
180.8
177.3
103.9
108.2
117.0
95.2
88.7
79.3
66.9
66.3
82.3
'91.4
91.8
275.8
100.6
249.5
109.4
266.8
117.5
324.0
126.0
334.2
137.9 329.1
156.6
345.9
171.5
342.9
180.3
387.3
184.8 '476.7
37.1
44.5
40.2
40.7
36.1
23.9
20.9
14.9
14.2
11.9
231.3
260.6
335.4
346.5
355.3
335.2
365.0
385.6
402.4
437.1
1995: Jan
Feb
Mar
357.6
359.0
362.3
365.0
367.6
367.0
367.3
368.5
369.5
370.8
371.6
373.2
383.3
383.5
382.9
382.1
382.1
386.5
388.5
389.3
389.4
388.1
388.2
389.8
399.8
396.8
394.8
395.1
387.4
382.0
380.8
377.2
372.4
364.1
360.3
353.0
'391.2
'390.8
'390.2
'393.3
'401.6
'418.8
'431.7
'443.6
'450.3
'455.0
'460.1
'465.1
189.3
188.4
195.0
199.4
203.7
213.2
218.6
218.5
221.7
223.6
224.0
226.4
1,134.7
1,118.0
1,102.5
1,091.2
1,089.5
1,097.0
1,096.2
1,101.6
1,108.4
1,116.1
1,120.6
1,134.5
839.1
857.5
877.7
893.4
906.1
913.7
919.4
'923.7
927.0
'929.8
'933.8
935.7
364.2
371.8
377.6
381.0
384.5
387.7
394.0
'396.7
'400.5
'409.8
'415.5
'417.4
187.4
191.9
191.1
192.1
197.2
191.7
188.4
192.9
192.5
189.9
185.2
177.3
87.3
86.4
87.2
90.1
91.1
91.8
92.6
93.1
93.7
'92.9
'90.7
'91.4
180.5
180.5
180.7
181.2
181.7
182.4
183.0
183.5
183.9
184.2
184.5
184.8
387.3
400.2
411.1
412.0
405.5
414.7
'434.2
'437.5
'457.2
'465.7
'464.8
'476.7
13.6
13.5
13.7
13.4
12.0
11.0
12.1
12.4
12.8
13.4
12.6
11.9
406.3
414.9
420.9
430.6
437.0
428.9
429.0
433.3
438.6
440.7
437.3
437.1
373.6
373.3
393.5
397.4
343.0
337.5
468.6
474.7
229.7
243.1
1,151.8
1,164.7
935.5
933.8
416.5
421.8
184.6
187.6
95.5 P 185.0 P 470.6
96.2
'11.7
P 437.2
19861987:
1988:
19891990:
199119921993:
19941995:
May
July
Sept
Oct .
Nov
Dec
1996: Jan'
Peb
1
2
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Small denomination and large denomination deposits arc those issued in amounts of less
than $100,000 and more than $100,000, respectively.
NOTK.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
3
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures *; millions of dollars; seasonally a4justed, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
1986:
19871988:
19891990:
19911992:
1993:
1994-
38,940
38,856
40,399
40,498
41,771
45,536
54,354
60,502
59,342
Dec
Dec
Dec
Dec
Dec ..
Dec
Dec
Dee
Dec
1995: Dec'
1995: Feb' ..
.
Apr'
May'
July
Sept'
Oct'
Nov'
Dee'
1996- Jan'
Febf ...
1
.
Nonborrowed
plus
extended
credit
Required
38,113
38,078
38,683
40,232
41,445
45,343
54,230
60,420
59,133
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
37,570
37,809
39,352
39,575
40,106
44,557
53,199
59,440
58,174
Monetary
base
Total
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
827
777
1,716
265
326
192
124
82
209
Seasonal
Extended
credit
38
93
130
84
76
38
18
31
100
303
483
1,244
20
23
1
1
0
0
56,364
56,106
56,106
55,086
435,008
257
40
0
58,857
58,500
57,988
57,801
57,383
57,680
57,499
57,344
56,839
56,333
56,364
58,798
58,431
57,877
57,651
57,110
57,309
57,217
57,066
56,593
56,129
56,106
58,798
48,431
57,877
57,651
57,110
57,309
57,217
57,066
56,593
56,129
56,106
57,911
57,706
57,235
56,921
56,418
56,590
56,512
56,394
55,758
55,390
55,086
422,421
425,165
427,551
430,112
429,308
429,822
430,807
431,685
432,737
433,206
435,008
59
69
111
150
272
371
282
278
245
204
257
33
51
82
137
172
231
258
252
199
73
40
0
0
0
0
0
0
0
0
0
0
0
55,606
54,848
55,568
54,813
55,568
54,813
54,121
53,997
435,151
433,619
38
35
7
7
0
0
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
NOTE.—Series revised to reflect annual seasonal adjustment and other revisions. Data prior
to February 1995 are not yet available. For further details see, Aggregate Reserves of DfijiositoTy
Institutions and the Monetary Base, release issued March 28, 1996.
Source: Board of Governors of the Federal Reserve System.
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.2 percent in February; commercial and industrial loans rose 0.5
percent.
BILLIONS Of DOLLARS*
BILLIONS OF DOLLARS* (RATIO SCALE)
(RATIO SCALE)
4,000
4,000
400
200
200
160
1996
1988
•SEASONALLY ADJUSTS)
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted!
Loans and leases in bank credit
Securities in bank credit
Period
Total
bank
credit
Revolving
home
equity
608.0
639.3
640.8
619.5
596.2
585.9
645.2
718.4
675.1
770.2
855.3
880.0
901.3
940.5
1,001.7
1,077.2
40.1
50.3
62.3
69.6
73.5
73.0
75.3
79.2
3,367.5
3,393.1
3,472.6
3,494.0
3,515.0
3,528.3
3,543.5
3,566.3
3,578.2
3,588.5
3,599.4
724.8
712.0
708.7
710.8
709.9
703.9
708.5
708.4
713.8
715.8
712.7
214.5 2,428.2
230.1 2,450.9
289.4 2,474.5
277.2 2,506.0
277.5 2,527.6
274.0 2,550.4
271.7 2,563.3
275.9 2,582.0
273.2 2,591.2
273.2 2,599.6
278.7 2,608.1
670.2
673.9
680.9
687.9
692.2
697.9
702.0
708.6
710.7
715.1
718.4
1,021.8
1,029.0
1,036.6
1,043.9
1,053.0
1,062.3
1,068.1
1,072.1
1,075.5
1,076.8
1,077.2
3,625.0
3,635.2
990.5
995.9
704.5
717.0
286.0
278.9
2,634.5
2,639.3
725.1
728.6
1,083:8
1,086.7
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment
companies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifications of assets and liabilities.
28
Total
195.2 1,874.1
184.5 2,024.7
178.2 2,117.8
179.8 2,111.4
176.7 2,113.6
184.9 2,195.0
220.2 '2,373.9
278.7 2,608.1
1995- Febrr
Mar ..
Aprr
May
1996- Jan r
Peb
Real estate
366.8
400.0
455.6
565.2
666.8
733.9
732.0
712.7
2,436.1
2,609.1
2,751.6
2,856.4
2,957.0
3,113.8
3,326.2
3,599.4
Julvr ....
Auff r
Sept'
Ocf
NoV
Decr
U.S.
CommerTotal
Other
Governand cial and
securities loans
ment
2
industrial
leases
securities
562.0
584.5
633.7
745.0
843.4
918.8
952.3
991.3
939.3
942.2
998.1
988.0
987.4
977.9
980.2
984.3
987.1
988.9
991.3
Dec
Dec
Dec
Dec
Dec
Dee ....
Dec
Decr
19881989199019911992199319941995-
Total
securities
Consumer
Security
Other
Other
357.8
378.3
383.4
366.6
358.9
390.5
451.2
493.2
40.7
41.4
45.0
54.4
64.1
87.5
76.2
82.7
192.5
195.5
193.2
190.9
193.0
190.6
199.6
236.5
76.0
76.1
76.6
77.2
77.8
78.0
78.2
78.4
78.4
78.8
79.2
635.0
719.9
793.0
810.3
827.7
867.5
926.4
998.0
945.9
952.9
959.9
966.7
975.3
984.4
989.9
993.7
997.0
997.9
998.0
459.4
464.3
470.3
472.9
478.6
481.0
485.7
489.4
489.2
491.2
493.2
73.4
76.0
77.8
88.3
88.0
87.1
84.3
86.6
86.6
86.2
82.7
203.3
207.7
208.9
213.0
215.7
222.2
223.3
225.3
229.2
230.3
236.5
79.7
80.0
1,004.1
1,006.7
497.5
497.5
83.9
84.5
244.1
241.9
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Credit market funds
Period
Total
Internal '
Total
Total
533.6
648.5
852.2
744.5
592.8
489.3
599.9
619.4
785.7
885.2
783.1
538.8
550.7
605.0
659.7
792.3
697.2
993.6
813.3
951.5
920.2
855.9
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995/>
1993- I .
II
Ill
IV
1994: I
II
in
IV
1995- I
II
in
IV
343.6
374.6
408.5
397.1
409.3
422.2
438.6
480.1
521.6
538.1
453.4
465.3
495.0
506.6
513.1
521.8
521.2
530.4
517.5
526.5
561.5
547.0
190.0
273.9
443.7
347.4
183.5
67.1
161.3
139.3
264.1
347.1
329.7
73.5
55.7
98.4
146.6
270.5
176.0
463.2
295.8
425.0
358.7
308.9
Securities
and mortgages
58.9
29.1
-.2
-35.9
-26.6
75.9
67.1
85.7
-28.0
4.8
90.2
69.6
115.3
68.0
10.2
34.8
-42.8
-114.3
-10.9
41.5
-35.4
23.8
151.3
73.2
95.5
59.0
47.0
-34.8
61.1
73.3
84.4
135.1
21.1
92.7
99.7
79.8
128.2
119.7
68.8
21.1
196.2
204.7
45.3
94.3
1
Profits before tax (book) [ess profit tax accruals ami dividends plus consumption of fixed
capital, foreign earnings retained abroad, and inventory valuation adjustment.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Loans and
short-term
paper
92.4
44.1
95.7
94.9
73.6
-110.7
-6.0
-12.4
112.4
130.3
-69.2
23.1
-15.6
11.8
118.1
84.9
111.6
135.4
207.1
163.2
80.7
70.5
Total
Other2
38.7
200.8
348.1
288.4
136.5
101.9
100.1
66.0
179.7
212.0
308.7
-19.2
-44.0
' 18.6
18.5
150.8
107.2
442.1
99.6
220.3
313.4
214.7
519.4
592.0
756.2
632.9
509.8
500.7
554.4
612.0
768.7
838.2
764.0
542.3
532.4
609.2
660.7
729.2
702.1
982.9
735.6
928.0
885.4
804.0
Increase in
financial
assets
Capital
expenditures3
347.3
357.4
373.3
399.4
394.5
370.9
386.9
430.6
485.0
551.5
417.6
427.9
433.8
443.0
443.9
476.9
490.6
528.6
555.0
538.6
579.2
533.4
Discrepancy
(sources
less
uses)
172.1
234.6
382.9
233.5
115.3
129.8
167.5
181.4
283.7
286.7
346.4
114.4
98.6
166.2
216.8
252.3
211.5
454.3
180.6
389.4
306.2
270.6
14.3
56.6
96.0
111.6
83.1
-11.4
45.6
7.4
17.0
47.0
19.1
-3.5
18.4
-4.2
-.9
63.2
-4.9
10.7
77.8
23.5
34.9
51.9
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Billions of dollars; seasonally a^usted]
Total
19861987:
19881989:
1990:
19911992:
199319941995:
1995:
Dec
Dec 3
Dec
Dec
Dec
Dec
Dec
Dec
Dec ..
Dec
Jan
Feb
Mar ... .
Apr
Mav
.. .
July ...
Au£T
Sept
Oct
Dec
1996- Jan? .
. .
572.0
608.7
662.6
717.2
734.9
728.4
730.8
790.4
902.9
1,024.8
914.4
918.9
933.0
946.3
959.1
970.6
979.4
989.7
993.8
1,005.2
1,015.0
1,024.8
1,035.1
Automobile
Revolving
247.8
266.3
285.4
291.5
283.1
259.6
257.4
280.6
317.2
353.3
319.3
321.0
323.3
326.2
328.0
330.7
337.1
339.8
341.2
344.7
349.1
353.3
356.1
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.
Net change in installment credit outstanding '
Installment credit outstanding (end of period)
Period
135.8
153.1
174.3
199.2
223.5
245.3
258.1
286.6
334.5
395.2
340.2
345.1
351.5
358.7
366.1
372.3
375.3
379.7
382.1
387.2
390.1
395.2
400.5
Other 2
188.4
189.3
202.9
226.5
228.3
223.5
215.3
223.2
251.1
276.2
254.9
252.8
258.2
261.4
265.0
267.5
267.0
270.3
270.G
273.3
275.8
276.2
278.5
Total
54.3
36.7
53.9
(4)
17.7
-6.5
2.4
59.6
112.5
121.9
11.5
4.5
14.1
13.3
12.8
11.5
8.8
10.3
4.1
11.4
9.8
9.8
10.3
Automobile
37.6
18.5
19.1
(4)
-8.4
-23.5
-2.2
23.2
36.6
36.1
2.1
1.7
2.3
2.9
1.8
2.7
6.4
2.7
1.4
3.5
4.4
4.2
2.8
Revolving
14.0
17.3
21.2
(4)
24.3
21.8
12.8
28.5
47.9
60.7
5.7
4.9
6.4
7.2
7.4
6.2
3.0
4.4
2.4
5.1
2.9
5.1
5.3
Other2
2.7
.9
13.6
4
( )
1.8
-4.8
-8.2
7.9
27.9
25.1
3.8
-2.1
5.4
3.2
3.6
2.5
-.5
3.3
.3
2.7
2.5
.4
2.3
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rotes rose in March.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
12
10
^.s~\
s"'*--'
,.
\
CORPORATE Atra BONDS
(MOODY'Sl
TREASURY
/
"*"<s-~ ,,
RljIS
v
^
/ r~
DISCOUNT
X.
8
\
Vx
J
^S
J
^ \
,J
X
*-
vl
V
/
•-—-,,
FEDERAL
RESERVE
BANK OF
NEW YORK
J
-..
.-"'t
If ! I f f 1 f f f 1 1
1 H 1 1 1 M ii f 1 1 i 1 i
1988
1989
S i i i 1i H t ! 1 I 1 1 i t
f i i !i i t i : H i i i f ; i i n i s
1991
1990
4
/H
——^
1993
1992
! H 1 i 1 i 1 I IH
t 1 \\ I I ! ! i I i H i H H H ij2
1994
1995
1996
COUNCIl Of ECONOMIC ADV1SEBS
SOUKC& SEE TABLE BEIQW
[Percent per amiura]
U.S. Treasury security yields
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Mar
June
July
3-month bills
(new issues) '
... .
.....
Sept
Oct
Nov
Dec
1996- Jan
Feb
Mar
Week ended:
1996; Mar 9
16
23
30
.. ..
1
Constant maturities2
3-year
10-year
High-grade
municipal
bonds
(Standard
& Poor's)3
30
Prime
commercial
paper,
6 months J
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged by
banks"
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.73
5.67
5.70
5.50
5.47
5.41
5.26
5.30
5.35
5.16
5.02
4.87
4.96
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
6.89
6.68
6.27
5.80
5.89
6.10
5.89
5.77
5.57
5.39
5.20
5.14
5.79
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
7.20
7.06
6.63
6.17
6.28
6.49
6.20
6.04
5.93
5.71
5.65
5.81
6.27
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
6.10
6.01
5.90
5.83
5.98
6.07
5.88
5.77
5.61
5.42
5.42
5.45
5.82
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
8.12
8.03
7.65
7.30
7.41
7.57
7.32
7.12
7.02
6.82
6.81
6.99
7.35
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
6.30
6.19
6.07
5.79
5.68
5.75
5.66
5.71
5.59
5.43
5.23
4.99
5.26
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
525 500
5.00-5.00
5.00-5.00
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.25
8.25-8.25
4.89
4.95
5.02
4.99
5.07
5.52
5.90
5.91
5.89
6.08
6.37
6.36
6.32
5.62
5.86
5.91
5.87
7.21
7.42
7.41
7.39
5.12
5.31
5.33
5.32
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
3
Weekly data are Wednesday figures.
* Average effective rate For year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
New-home
mortgage
yields
(FHPB)»
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
8.21
8.15
7.99
7.73
7.78
7.75
7.69
7.58
7.46
7.40
7.32
7.20
5
Effective rate {m the primary market) on conventional mortgages, reflating fees and
charges as well as contract rate arid assumed, on the average, repayment at end of iO years.
H Sources; !>ep8rtment of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation,
COMMON STOCK PRICES AND YIELDS
Stock prices rose in March.
INDEX, DEC. 31,1965-50 (RATIO SCALE)
INDEX, DEC. 31,1965-50 (RATIO SCALE)
380
360
340
320
300
280
340
320
300
280
260
240
220
260
240
220
200
- COMPOSITE STOCK PRICE INDEX
(NYSE)
200
180
180
^7
160
160
140
140
ii 1 1
I i i i II
120
1990
1989
1988
120
JJJJ I I I I I
1991
1992
1994
1993
1995
1996
PERCENT
20
PERCENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
1988
1,989
1990
1994
1993
1992
1991
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATTON
Common stock prices1
Composite
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965=50,
except as noted) 2
Period
Industrial
1996
Transportation
Utility3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's composite index
(194143=10) 5
Dividendprice ratio
Earningsprice ratio
136.00
161.70
149.91
180.02
18346
206.33
229.01
249.58
254.12
291.15
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
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
4,493.76
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
6.09
266.81
274.37
281.81
289.52
298.18
300.05
310.41
311.78
317.58
327.90
337.96
347.69
357.01
366.75
379.13
379.79
390.42
389.63
398.66
412.11
244.45
254.36
254.69
256.80
279.15
285.63
295.54
291.16
300.06
303.53
204.16
208.93
211.58
216.27
219.18
221.99
229.64
236.43
238.98
247.59
213.29
219.38
228.55
236.26
240.50
245.27
260.72
265.12
266.12
273.36
4,062.78
4,230.66
4,391.57
4,510.76
4,684.76
4,639.27
4,746.76
4,760.46
4,935.81
5,136.10
493.15
507.91
523.81
539.35
557.37
559.11
578.77
582.92
595.53
614.57
2.76
2.68
2.60
2.55
2.50
2.49
2.42
2.41
2.37
2.30
6.51
1996- Jan
Feb
Mar
329.22
346.46
346.73
412.71
435.92
439.56
300.30
315.29
324.76
254.07
257.80
245.77
273.73
290.97
290.45
5,179.37
5,518.73
5,612.24
614.42
649.54
647.07
2.31
2.22
2.22
Week ended:
1996- Mar 9
16
23
30
347.80
342.56
348.47
348.42
439.21
436.19
442.35
441.46
321.18
324.01
330.92
324.38
249.17
239.99
246.01
247.13
294.47
283.50
290.59
292.60
5,596.90
5,580.93
5,654.41
5,631.87
649.15
639.59
650.83
649.27
2.21
2.25
2.21
2.21
.. . .
1995- Mar
July
Sept
Oct
Nov
Dec
....
1
Average
2
Includes
3
of daily closing prices.
alt 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.
1
6.32
6.01
5.53
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.-—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS. AND DEBT
In the first 5 months of fiscal 1996, there was a deficit of $80.9 billion, compared with a deficit of $96.1 billion
a year earlier.
Biuiot'JSOFDOUARS
BIUJONSOFDOUARS
1,600
1,600
RECEIPTS AND OUTLAYS ^
_ ^- - " "
1,500
1,500
__ _ — —""""
1,400
OUTLAYS-^
_,
•-
^
™
1,400
"
1,300
1,300
^--''
^-""'
1,200
1,200
~~~'"'
1,100
-~--~~~'
1,000
_•
900
-——-"""^
^—-—
1,100
~~~\~~~~
1,000
RECEIPTS-17
"*"
900
•—-
800
800
700
700
600 /I
1
1
1
1
1
1
1
1
1
V
0
N 600
N
SURPLUS OR DEFICIT (
)^
0
-100
-100
11
~"""* " --^
-200
^
-300
-400
_— — -
/I
' 1987
1
1
1988
1
_—----
1
1989 1990
1
1
1991 1992 1993
^INOUDESON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
-200
"^
1
-300
1
1
N -400
1994 1995 1996 ^
FISCAl YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
Off-budget
On-budget
Total
Surplus or
deficit ( - )
Keeeipts
Outlays
Surplus or
deficit ( - )
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus or
deficit
Total
(-)
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 r
1996 (estimates)
Cumulative total, first 5
months: '
Fiscal year 1995
Fiscal year 1996
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
1,355.2
1,426.8
521.9
556.1
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
••1,252.5
'1,323.6
1,380.9
1,408.7
'1,460.8
1,519.1
1,572.4
618.0
637.1
-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
r
-221.2
' -269.4
-290.4
-255.1
' -203.1
-163.9
-145.6
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
1,004.1
1,059.3
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
'1,027.5
'1,081.9
1,128.5
1,142.1
1,181.5
1,230.5
1,270.3
-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
'-277.8
'-321.6
-340.5
- 300.5
-258.8
-226.3
-211.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
302.1
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
65.3
706.4
549.1
607.1
776.6
829.5
640.3
709.8
909.1
785.3
994.8
919.8
1,137.3
1,131.6
1,371.7
1,300.5
1,564.7
1,817.5 1,499.9
1,736.7
2,120.6
2,346.1 1,888.7
2,601.3 2,050.8
2,868.0 2,189.9
3,206.6 2,410.7
2,688.1
3,598.5
4,002.1 2,998.8
4,351.4
3,247.5
4,643.7 '3,432.1
4,921.0 3,603.4
5,207.3 3,768.7
-96.1
-80.9
386.8
417.7
504.4
519.4
-117.6
-101.7
135.1
138.4
113.6
117.6
21.5
20.8
4,801.0
4,974.4
' Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
10<>7, issued March 19, 1996.
32
Held by
the public
Sources; Department of the Treasury and Office of Management and Budget.
3,544.2
3,678.9
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 1996, receipts were $34.2 billion higher than a year earlier and outlays were $19.1
billion higher.
BILLIONS OF [XDLLARS
700
BILIOvIS OF DOLLARS
700
RECEIPTS'17
600
INDIVIDUAL INCOME TAXES
600
•"' "
500
500
'
400
r~"
\
-"-
rnoPDRATiDM
INCOME TAXES
300
400
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
300
200
200
100
100
1
0
1
,
1
1
1
,
OTHER RECEIPTS
,
0
1,400
1,400
OUTLAYS^
1,300
1,300
——
___
1,200
1,200
1,100
1,100
^'*
1,000
900
1,000
900
-•"""
800
800
700
700
600
600
500
500
400
400
300
200
300
/I
1
!
1
1
1
1
1
1
-^ INCLUDES ON-BUDGET AND OFF-BUDGET FTEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
K
200
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget receipts
Fiscal year or period
Total
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
.
1992
1993
1994
1995'
1996 (estimates)
Cumulative total, first 5 months:]
Fiscal year 1995
Fiscal year 1996
. ...
Social
insurCorIndiance
poravidual
taxes
tion
irieome income
and
taxes
taxes contributions
399.6
463.3
517.1
599.3
617.8
600.6
666.5
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
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
1,355.2
1,426.8
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
630.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
167.1
265.2
283.9
303.3
334.3
359.4
380.0
396.0>
413.7
428.3
461.5
484.5
507.5
355.6
521.9 247.8
556.1 271.1
41.8 185.5
48.7 189.2
Ort-budgvt and off-budget outlays
National defense
Other
Total
Department of
Defense,
military
International
affairs
Health
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
Medicare
Income
security
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
946.4
73.0
990.3
73.1
74.3 1,003.9
78.9 1,064.1
82.3 1,143.2
90.9 '1,252.5
92.3 ' 1, 323.6
100.5 1,380.9
98.0 1,408.7
112.8 '1,460.8
123.5 1,519.1
121.3 1,572.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.6
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.4
254.3
16.2 33.5 65.8 128.2
14.2 35.9 70.2 119.8
11.6 40.0 75.1 123.3
10.5 44.5 78.9 129.3
9.6 48.4 85.0 136.0
13.8 57.7 98.1 147.0
15.9 71.2 104.5 170.3
16.1 89.5 119.0 196.9
17.2 99.4 130.6 207.3
17.1 107.1 144.7 214.0
16.4 115.4 159.9 220.4
14.8 121.2 177.6 228.3
109.5
106.9
104.1
101.4
10.0
6.8
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
46.7
47.1
1
Data from Monthly Trewtjtry Statement.
NOTE.—Data (cxeept as noted) are from Budget of the United States Government, Fiscal Year
1997, issued March 19, 1996.
Total
618.0
637.1
45.8
46.6
Social
security
Net
interest
19.3 61.0 85.1 29.9
22.8 61.5 93.9 35.5
26.5 66.4 104.1 42.6
32.1 86.5 118.5
52.5
39.1 99.7 139.6 68.8
46.6 107.7 156.0 85.0
52.6 122.6 170.7 89.8
57.5 112.7 178.2 111.1
61.6
69.7
Other
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
131.8
142.1
125.9
139.4
158.8
'203.7
'225.0
173.9
159.7
'173.7
166.9
172.9
87.7 135.9 93.8
93.4 142.0 100.1
73.7
71.6
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
350.9
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1995, Federal receipts rose $8.1 billion (annual rate) and Federal current expenditures
rose $1.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
,1,800
1,800
SEASONALLY ADJUSTED ANNUAL RATES
-
1,600
1,600
.--•'
-
•* **
„--'
y~
1,400
CURRENT EXPENDITURES
\
1,200
_„
''"
---"
•*"
1,000
-
„•--'
^
'
-
^
1,000
-
•-
— —. •
800
—
1,200
~—^
-"
S^
• •"*
800
,— -'
-
600
600
-
-
-
-
400
400
200
200
-
CURI £NT SURPL US OR DE
\
0
~\
—•—-
-200
-400
1,400
-
^^
•
^^
^-
1
1
1
1982
-^_,S- >
•N
*————'
\
1983
\
1
1984
i i i
i i i
1985
1986
1987
-
:
icrr ( - ]
0
~^-
^
i i t
1988
,—
-200
^ ^•v.
^—'
i i i
1989
1990
i i i
i i i
1
1991
1992
1993
1
1
i i i
t i i
1995
1994
-400
CA1£NDAR YEARS
SOURCE: OEMJtTMENTOfCCIMMERCE
COU>
OLOFECONC
3MICADV1SEK
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current expenditures
Federal Government receipts
Period
Total
Calendar year:
1989
1990
1991
1992
1993
1994 r
1995
1990: IV
1991- IV
1992: IV
1993: I
II
in
IV
1994: I
II
m
IV
1995: I
II
in
IV
1,079.3
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,478.4
1,135.2
1,160.9
1,230.5
1,225.2
1,271.3
1,280.3
1,324.4
1,321.9
1,382.8
1,387.1
1,416.3
1,449.3
1,483.2
1,486.6
1,494.7
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
463.4
485.7
476.9
490.8
523.6
561.4
614.9
484.9
479.0
510.0
501.0
521.0
529.1
543.4
539.3
571.3
560.4
574.5
594.6
624.4
617.3
623.3
117.1
118.0
109.8
118.6
137.5
164.4
184.3
117.4
111.1
123.7
127.5
136.5
133.7
152.2
144.3
162.2
171.3
180.0
183.1
180.7
189.1
184.3
61.7
65.1
79.7
81.9
88.2
92.6
91.2
67.4
82.8
86.5
84.3
87.5
87.2
93.7
92.8
91.3
93.3
93.2
91.7
93.5
88.4
91.3
437.1
461.1
482.6
507.1
526.0
558.6
588.0
465.6
488.1
510.3
512.4
526.2
530.3
535.1
545.5
558.1
562.1
568.6
Source: Department of Commerce, Bureau of Economic Analysis.
34
579.9
584.6
591.8
595.9
Total
1,192.7
1,284.5
1,345.0
1,479.4
1,530.0
1,566.9
1,641.0
1,313.0
1,399.8
1,509.5
1,508.9
1,520.5
1,533.8
1,556.8
1,534.7
1,552.7
1,573.5
1,606.8
1,622.6
1,643.8
1,648.1
1,649.7
Consumption
expenditures
Transfer
payments
405.2
426.6
445.9
451.0
451.4
450.6
454.0
437.7
440.5
457.7
450.8
447.9
453.0
453.8
446.7
445.1
455.5
455.3
454.8
456.1
453.5
451.4
471.7
513.3
522.2
625.1
658.7
682.6
720.4
526.1
565.8
643.3
645.6
654.3
660.4
674.6
671.2
676.6
681.5
701.2
708.6
715.2
727.0
731.0
Grantsin-aid
to
Net
State interest
and
paid
local
governments
118.2
132.4
153.4
172.2
185.7
195.9
206.1
137.1
162.7
176.3
177.3
181.5
187.2
197.0
192.2
197.5
196.9
196.9
205.8
211.3
203.8
203.3
166.7
179.9
192.7
195.8
192.3
201.4
229.3
177.8
200.0
191.8
190.4
193.2
192.7
192.9
188.2
198.2
204.4
214.9
221.2
229.2
232.7
234.1
Current
surplus
Subsior
dies less Less:
deficit
current Wage
(-),
surplus accru- national
als less income
of
disGovernand
burse- product
ment
ments accounts
enterprises
30.8
32.4
30.8
35.1
41.8
36.4
31.3
34.4
30.9
40.3
44.7
43.6
40.5
38.6
36.5
35.3
35.2
38.5
32.3
32.0
31.1
29.9
0.0
.1
1
.0
.0
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-113.4
-154.7
-196.0
-280.9
- 254.7
-189.9
-162.6
-177.7
-238.8
-279.0
-283.7
- 249.2
-253.5
-232.4
-212.9
-169.9
-186.3
-190.4
- 173.3
-160.5
-161.6
-154.9
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally adjusted)
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
United
States
Canada
Japan
France
95.4
100.0
105.3
105.2
101.7
97.4
98.5
102.9
109.6
113.9
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
115.8
98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
111.0
1995f
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
1994- Dec
121.5
114.3
115.3
1995- Jan
Feb
Mar
121.8
121.7
121.9
121.4
121.3
121.4
121.5
122.7
122.8
122.2
'114.7
'114.3
'113.6
114.0
116.3
118.1
117.0
116.4
115.4
112.8
116.5
113.4
115.0
116.6
117.7
..
May
July
Sept
Get
Nov
Dec
'122.6
'122.7
1996: Jan
Feb
122.1
123.7
1
113.7
114.1
113.1
'113.7
'114.0
'114.2
'113.7
'113.9
113.6
114.8
Germany
Consumer prices (1982-84=100; NSA)
United
Kingdom
Italy
99.6
100.0
103.9
108.8
114.5
118.7
116.3
107.4
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
'110.7
'111.0
United
States1
Canada
Japan
Germany
France
United
Kingdom
Italy
110.5
116.8
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.7
110.0
112.7
204.0
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
113.4
116.1
'119.4
111.4
149.7
149.2
119.4
146.5
129.4
197.2
171.5
113.9
109.8
111.1
110.6
111.3
112.2
111.2
113.3
114.3
115.0
116.4
117.4
115.9
116.3
117.1
124.1
118.7
'111.4
150.3
150.9
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
153.6
153.5
149.8
150.5
150.8
151.2
151.6
151.6
151.9
151.8
151.8
151.8
152.0
151.8
119.4
118.9
118.8
119.3
119.6
119.5
118.7
118.9
119.7
119.4
118.9
119.0
146.9
147.5
147.9
148.0
148.3
148.3
148.0
148.7
149.2
149.3
149.5
149.6
129.6
130.3
130.3
130.5
130.7
131.1
131.5
131.2
131.1
131.0
131.0
131.4
197.9
199.5
201.2
202.2
203.5
204.6
204.7
205.4
206.0
208.3
208.7
171.5
172.6
173.3
175.1
175.8
176.0
175.2
176.1
176.9
176.0
176.0
177.1
154.4
154.9
152.2
152.4
118.9
118.7
149.9
150.4
131.5
132.2
209.0
209.6
176.5
177.3
'112.4
114.8
113.0
'115.1
114.9
115.4
115.4
113.1
'111.1
111.7
110.9
117.7
1204
'109.8
'110.2
'107.9
'108.8
109.6
'118.1
118.0
122.0
112.0
113.0
'112.4
'112.6
'112.2
'112.9
'113.0
'113.7
'112.6
'113.0
113.4
112.9
111.5
Data relate to all urban consumers.
109.6
113.6
118.3
1 24.0
130.7
136.2
140.3
144.5
148.2
152.4
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
119.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
104.7
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
207.1
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Services
(BOP basis)
Goods: Imports (customs value)
Goods: Exports (f.a.8. value)
Census h
' \(hy enH-use ca t gory)1
oasis
P
h
' (th~y end-use
H
t
11
Census
Dasis
category)
Balance of trade
(expo minus impo
'
basis
ROP h
Period
BOP
basis
AutoCap- motive
ital
Foods,
goods vehiTotal, feeds,
except cles,
and
Census
auto- parts
bevbasis2
and
erages mate- motive
enrials
gines
Industrial
supplies
Consumer
goods
(nonfood)
ex-
BOP
basis
Total,
Census
basis2
autorootive
Auto- Conmo- sumer
Captive goods
ital
Foods
goods vehi- (nonfeeds,
cles, food)
except
and
plies auto- parts
bevexcept
autoand
moerages matemoentive
rials
tive
gines
Industrial
Imports
86.5
98.5
111.1
127.4
147.8
164.3
178.6
187.8
198.7
208.8
81.0
91.7
99.5
103.5
118.8
119.6
122.0
130.0
138.8
145.8
- 138.3
— 152.1
-118.5
- 109.4
-101.7
-66.7
— 84.5
- 115.6
- 150.6
-159.7
- 145.1
— 159.6
-127.0
- 115.2
- 109.0
— 74.1
-96.1
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
574.9
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
583.9
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
50.5
57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
146.1
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
233.0
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
60.6
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.5
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.5
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
180.8
71.8
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
221.6
1995: Jsn' ....
Feb' ....
Mar' ...
Apr' ...
May' ...
June' ..
July' ...
Aug' ...
Sept' ...
Get' ....
Nov' ...
Dec' ....
44.9
45.6
47.9
47.1
48.2
47.3
46.3
49.0
49.7
48.9
49.5
50.4
45.5
46.3
48.7
47.8
49.0
48.2
47.0
49.8
50.4
49.7
50.3
51.2
3.8
3.9
4.1
4.1
4.0
3.9
4.1
4.5
4.8
4.3
4.4
4.5
11.6
11.7
12.6
12.3
12.4
12.6
11.8
12.1
12.4
12.6
11.8
12.2
n.i
17.9
19.2
18.8
19.4
19.5
19.0
20.0
19.7
20.3
20.8
21.2
5.4
5.3
5.1
5.0
5.1
4.5
4.4
5.2
5.6
4.7
4.9
5.3
5.1
5.3
5.3
5.3
5.5
5.4
5.2
5.5
5.5
5.5
5.4
5.5
60.6
59,8
62.4
63.4
64.2
63.8
62.5
62.5
63.4
62.6
61.6
62.7
60.4
59.6
61.5
62.5
63.0
62.8
62.3
62.2
63.2
62.2
61.3
62.5
2.8
2.7
2.9
2.7
2.7
2.7
2.7
2.8
2.8
2.8
2.7
2.7
14.5
14.4
15.3
15.5
15.8
15.6
15.3
14.9
15.3
14.7
14.8
14.8
17.0
16.8
17.5
18.0
18.1
18.7
18.9
18.9
19.3
19.7
19.3
19.4
10.9
10.8
10.6
11.0
10.7
10.3
10.0
10.4
10.4
9.5
9.5
10.3
13.3
13.1
13.3
13.6
13.7
13.4
13.4
13.4
13.4
13.3
12.9
13.1
17.3
16.4
17.4
17.2
17.2
17.3
17.4
17.5
17.9
17.7
17.9
17.7
11.8
11.7
12.1
12.1
12.1
12.2
12.2
12.3
12.2
12.2
12.6
12.4
1996: Jan
48.9
49.6
4.7
11.9
20.0
5.4
5.4
64.3
64.0
2.8
15.7
19.3
10.8
13.5
17.7
12.6
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995'
1
Includes undocumented exports to Canada through 1988.
2
Total includes "other" exports or imports, not shown separately.
79.4
78.2
88.7
85.2
95.9
87.7
86.1 102.9
87.3 105.7
85.7 108.0
91.8 122.7
102.4 134.0
118.3 146.3
124.5 160.0
Goods,
Census
basis
Exports
Goods
Services
Goods
and
— 166.1
- 174.6
5.5
6.9
11.6
23.9
29.0
44.7
56.6
57.8
59.9
63.1
-139.6
-152.7
-115.3
-91.4
-80.0
-29.4
-39.5
-74.8
-106.2
-111.5
-14.8
-13.3
-12.8
-14.7
-14.0
-14.7
-15.2
-12.5
-12.8
-12.5
-11.0
-11.3
-15.7
-14.2
-14.5
-16.3
-15.9
-16.4
-16.2
-13.5
-13.7
-13.7
-12.1
-12.3
5.5
4.7
5.3
5.1
5.1
5.1
5.2
5.2
5.6
5.5
5.3
5.3
-10.2
-9.5
-9.2
-11.2
-10.8
-11.4
-11.0
-8.3
-8.1
-8.2
-6.8
-7.0
-14.4
-15.4
5.2
-10.3
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1995, the merchandise trade deficit fell to $38.0 billion, from $43.3 billion in the third
quarter. The current account deficit fell to $31.1 billion, from $40.3 billion in the third quarter.
BILLIONS OF DOLLARS •
BlUlONSOf DOUARS*
BALANCE ON GOODS
AND SERVICES
1985
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( — ) ]
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995P
1993: I
n
m
IV
1994: I
II
in
IV
1995: I
II
in
rv>
Net
travel
and
Other
trans- services,
portanet
tion
receipts
Exports
Imports
Net
balance
Net
military
transactions23
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,823
502,485
574,879
111,862
114,131
111,576
119,254
118,445
122,730
127,384
133,926
138,325
142,667
145,050
148,837
-368,425
-409,765
— 447,189
- 477,365
- 498,337
- 490,981
-536,458
- 589,441
- 668,584
- 749,348
- 140,821
- 147,718
- 148,181
- 152,721
- 154,935
-164,224
-172,011
-177,414
-182,784
-191,321
- 188,376
- 186,867
- 145,081
- 159,557
— 126,959
- 115,245
- 109,030
- 74,068
-96,106
- 132,618
- 166,099
- 174,469
-28,959
- 33,587
- 36,605
-33,467
-36,490
-41,494
-44,627
- 43,488
- 44,459
- 48,654
-43,326
-38,030
-5,181 - 8,484
-3,844 -7,613
6 320 -2,591
- 6,749
4,043
-7,599
8,002
-5,274 17,032
-2,142 20,484
448 19,885
2,148 19,330
2,810 18,658
401
5,302
90
5,389
283
5,062
4,131
-326
4,642
-31
376
4,647
4,792
1,124
679
5,247
5,017
542
587
4,347
4,480
889
792
4,812
Period
Investment income
Services
Merchandise '
19,194
18,319
20,546
26,558
28,633
32,907
38,284
37,444
38,410
41,584
9,683
9,315
9,272
9,172
8,863
9,548
9,904
10,095
9,996
10,379
10,650
10,557
Balance
on
goods
and
services
- 139,551
- 152,696
— 115,324
-91,392
- 79,994
-29,404
-39,480
- 74,841
- 106,212
-111,418
-13,573
- 18,793
-21,988
-20,490
-23,016
-26,923
-28,807
-27,467
-28,904
-33,341
-27,307
-21,869
1
3
2
4
Adjusted from Census data for differences in timing and coverage; excludes military.
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
36
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Net
Balance
on goods,
services,
and
income
Unilateral
transfers,
net4
- 79,095
12,881 -126,670 -24,189
91,976
-91,302
100,767
9,465 — 143,231 — 23,107
13,264 — 102,060 — 25,023
129,070 — 115,806
13,659
-77,733 -26,106
152,517 -138,858
- 59,268 -33,393
20,725
160,300 - 139,574
15,111 -14,293
6,869
137,003 - 121,892
10,079
-29,402 -32,148
118,425 - 108,346
- 65,841 -34,084
119,248 -110,248
9,000
137,619 - 146,891 -9,272 -115,484 -35,761
181,301 - 192,703 - 11,402 - 122,820 -30,095
-25,239
-9,862
3,711
28,950
-7,521
-27,893
-16,728 -7,609
29,958
2,065
-18,798
-26,741
29,931
-8,234
3,190
-30,376
-20,454 - 10,722
36
30,412
-30,826
-7,371
-22,900
116
30,942
-34,623
-29,208
-8,778
32,338
-2,285
-38,564
-31,340
-2,533
36,031
-8,374
-42,878
-4,571 -32,038 -11,239
38,307
-45,215
-7,520
-30,934
-2,030
43,185
-48,085
-36,025
-7,117
45,401
-2,684
-49,613
- 7,780
-5,163 -32,470
44,450
-23,396
48,264
-49,791 -1,527
-7,677
Quarterly data are not seasonally aiijusted.
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for i-ontinuation of table.
Balance
on
current
account
- 150,859
- 166,338
— 127,083
-103,839
-92,661
-7,424
-61,549
- 99,925
-151,245
-152,915
- 17,383
-24,337
-27,032
-31,176
-30,271
- 37,986
-39,714
-43,277
-38,454
- 43,142
-40,250
-31,073
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $4.4 billion in the fourth quarter
of 1995, in contrast to a decrease of $14.6 billion in the third quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $29.8 billion in the fourth quarter, in contrast to a decrease
of $21.6 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS'
120
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
-100
•SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit.
)]
Period
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 P
1993:
1994:
1995:
I
II
Ill
IV
I .
II
Ill
IV
I
II
Ill
rw
5
U.S.
official
reserve
assets35
-106,753
312
-72,617
9,149
- 100,087 -3,912
- 168,744 -25,293
-74,011 -2,158
5,763
-57,881
-65,875
3,901
-184,589 -1,379
5,346
-125,851
-280,096 -9,742
-19,729
-983
-40,933
822
-46,270
-545
-77,657
-673
-36,783
-59
-5,973
3,537
-27,940
-165
-55,156
2,033
- 75,455 -5,318
- 100,355 -2,722
-27,517 -1,893
-76,769
191
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S.
private
assets
-2,022
105 044
1,006
-82,771
2,967 -99,141
1,259
144 710
2,307 -74,160
-66,555
2,911
-1,661
68 115
-330 -182,880
-322 -130,875
-326
270 028
467 -19,213
-41,474
-281
-45,529
-197
-318
-76,666
401 -37,125
491 - 10,001
27 492
-283
-56,258
-931
-69,985
-152
-180 -97,453
246
-25,870
240 - 76,720
Total
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
291,365
426,325
19,867
51,277
77,928
99,458
80,390
46,526
79,736
84,715
94,841
124,332
116,544
90,609
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve
position in the IMP.
Foreign
official
assets3
Other
foreign
assets
35,648
45,387
39,758
8,503
33,910
17,389
40,466
72,146
39,409
110,483
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
22,308
37,836
39,346
10,993
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176,383
251,956
315,842
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
72,533
86,496
77,198
79,616
Statistical discrepancy
Allocations
of special Total (sum
which:
drawing of the items Of
Seasonal
rights
adjustment
with sign
(SDKs)
reversed) discrepancy
31,501
-4,028
- 13,095
54,094
44,480
-28 936
-26,399
35,985
-14,269
6,685
17,245
13,993
-4,626
9,375
-13,336
-2,567
- 12,082
13,718
19,068
19,165
-48,777
17,233
5,367
154
-6,353
834
5,274
587
-6,641
782
6,162
317
-7,076
600
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
86,761
90,063
87,152
85,832
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT. INCOME. AND SPENDING
***
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Ptoduct
Quantity and Price Indexes for GDP and Percent Changes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Fixed Investment by Type
Business Investment and Plans
<
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT. UNEMPLOYMENT. AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
,
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarrn Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
rtrt
38
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