Full text of Economic Indicators : March 1998

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105th Congress, 2d Session

Economic Indicators
MARCH 1998
(Includes data available as of March 31, 1998)

Prepared for the Joint Economic Committee by the
Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1998

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
JIM SAXTON, New Jersey, Chairman
CONNIE MACK, Florida, Vice Chairman
HOUSE OF REPRESENTATIVES
TOM EWING (Illinois)
MARK SANFORD (South Carolina)
MAC THORNBERRY (Texas)
JOHN T. DOOLITTLE (California)
JIM MCCRERY (Louisiana)
FORTNEY PETE STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)

SENATE
WILLIAM V. ROTH, JR. (Delaware)
ROBERT F. BENNETT (Utah)
ROD GRAMS (Minnesota)
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)

CHRISTOPHER FRENZE, Executive Director

COUNCIL OF ECONOMIC ADVISERS
JANET L. YELLEN, Chair
JEFFREY A. FRANKEL, Member
REBECCA M. BLANK, Member-Nominee
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ‘‘Economic Indicators’’
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that
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at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
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libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
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ISBN 0–16–056378–X

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 1997, according to revised estimates, current-dollar gross domestic product (GDP) rose
5.2 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 3.7 percent, and the implicit price deflator
rose 1.4 percent.

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

1989 .........................
1990 .........................
1991 .........................
1992 .........................
1993 .........................
1994 .........................
1995 .........................
1996 .........................
1997 r .......................
1994: I ....................
II ...................
III .................
IV ..................
1995: I ....................
II ...................
III .................
IV ..................
1996: I ....................
II ...................
III .................
IV ..................
1997: I ....................
II ...................
III .................
IV r ................
1 GDP

Personal Gross
Gross
conprivate
domestic sumption domestic
product expendi- investtures
ment
5,438.7
5,743.8
5,916.7
6,244.4
6,558.1
6,947.0
7,265.4
7,636.0
8,079.9
6,794.3
6,911.4
6,986.5
7,095.7
7,168.9
7,209.5
7,301.3
7,381.9
7,467.5
7,607.7
7,676.0
7,792.9
7,933.6
8,034.3
8,124.3
8,227.4

3,594.8
3,839.3
3,975.1
4,219.8
4,459.2
4,717.0
4,957.7
5,207.6
5,485.8
4,616.6
4,680.5
4,750.6
4,820.2
4,871.7
4,934.8
4,990.6
5,033.8
5,105.8
5,189.1
5,227.4
5,308.1
5,405.7
5,432.1
5,527.4
5,577.8

829.2
799.7
736.2
790.4
876.2
1,007.9
1,038.2
1,116.5
1,242.5
963.4
1,017.9
1,007.1
1,043.1
1,050.8
1,024.0
1,028.8
1,049.1
1,060.5
1,105.4
1,149.2
1,151.1
1,193.6
1,242.0
1,250.2
1,284.1

Exports and imports
of goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

¥80.4
¥71.3
¥20.5
¥29.5
¥60.7
¥90.9
¥86.0
¥94.8
¥101.1
¥76.6
¥87.9
¥103.4
¥95.6
¥98.3
¥105.4
¥80.4
¥60.1
¥83.0
¥93.8
¥114.0
¥88.6
¥98.8
¥88.7
¥111.3
¥105.3

less exports of goods and services plus imports of goods and services.

Imports

Total
Total

509.3
557.3
601.8
639.4
658.6
721.2
818.4
870.9
957.1
678.5
710.1
732.6
763.7
784.5
807.7
831.6
849.9
850.2
865.0
863.7
904.6
922.2
960.3
965.8
980.0

589.7
628.6
622.3
669.0
719.3
812.1
904.5
965.7
1,058.1
755.1
797.9
836.0
859.2
882.8
913.1
912.0
909.9
933.2
958.7
977.6
993.2
1,021.0
1,049.0
1,077.1
1,085.4

1,095.1
1,176.1
1,225.9
1,263.8
1,283.4
1,313.0
1,355.5
1,406.7
1,452.7
1,291.0
1,300.8
1,332.3
1,328.0
1,344.7
1,356.0
1,362.2
1,359.2
1,384.2
1,407.0
1,413.5
1,422.3
1,433.1
1,449.0
1,457.9
1,470.9

477.2
503.6
522.6
528.0
518.3
510.2
509.6
520.0
523.8
506.9
505.3
520.4
508.3
513.6
511.2
512.9
500.6
516.4
524.6
521.6
517.6
516.1
526.1
525.7
527.3

National
defense
360.6
373.1
383.5
375.8
360.7
349.2
344.6
352.8
350.3
344.9
348.5
359.7
343.6
346.3
348.1
347.3
336.5
348.4
357.3
354.8
350.6
343.3
350.6
352.1
355.2

Nondefense
116.7
130.4
139.1
152.2
157.7
161.0
165.0
167.3
173.5
162.0
156.8
160.7
164.7
167.3
163.0
165.5
164.1
168.0
167.3
166.8
167.0
172.8
175.5
173.6
172.0

State
and
local
617.9
672.6
703.4
735.8
765.0
802.8
846.0
886.7
928.9
784.1
795.5
811.9
819.6
831.1
844.8
849.3
858.6
867.8
882.4
891.9
904.7
917.0
923.0
932.3
943.6

Final
Gross
sales of domestic
domestic
purproduct chases 1

5,407.0
5,735.8
5,919.0
6,237.4
6,537.6
6,885.7
7,235.3
7,610.2
8,011.5
6,741.9
6,835.1
6,936.3
7,029.6
7,116.8
7,185.0
7,281.8
7,357.4
7,456.4
7,584.3
7,638.9
7,761.0
7,867.4
7,953.2
8,075.3
8,150.2

5,519.1
5,815.1
5,937.2
6,274.0
6,618.8
7,037.9
7,351.4
7,730.9
8,181.0
6,870.9
6,999.2
7,090.0
7,191.3
7,267.2
7,314.8
7,381.7
7,442.0
7,550.5
7,701.5
7,790.0
7,881.5
8,032.4
8,123.1
8,235.6
8,332.7

Addendum:
Gross
national
product
5,452.8
5,764.9
5,932.4
6,255.5
6,576.8
6,955.2
7,270.6
7,637.7
8,060.1
6,811.2
6,920.3
6,992.3
7,096.8
7,175.1
7,220.6
7,298.3
7,388.5
7,475.3
7,610.5
7,669.1
7,796.1
7,919.2
8,013.6
8,103.5
8,204.2

Source: Department of Commerce, Bureau of Economic Analysis.

1

REAL GROSS DOMESTIC PRODUCT
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]

Period

Gross
domestic
product

Personal
consumption
expenditures

Gross private
domestic investment
Nonresidential
fixed
investment

Residential
fixed
investment

Exports and imports of
goods and services

Change
in business
inventories

Government consumption expenditures
and gross investment
Federal

Net
exports

1989 ..................
1990 ..................
1991 ..................
1992 ..................
1993 ..................
1994 ..................
1995 ..................
1996 ..................
1997 r ................

6,062.0
6,136.3
6,079.4
6,244.4
6,389.6
6,610.7
6,742.1
6,928.4
7,188.8

4,064.6
4,132.2
4,105.8
4,219.8
4,343.6
4,486.0
4,595.3
4,714.1
4,867.5

588.8
585.2
547.7
557.9
600.2
648.4
706.5
771.7
848.3

243.2
220.6
193.4
225.6
242.6
267.0
257.0
272.1
279.5

33.3 ¥82.7
10.4 ¥61.9
¥3.0 ¥22.3
7.0 ¥29.5
22.1 ¥70.2
60.6 ¥104.6
27.3 ¥98.8
25.0 ¥114.4
65.7 ¥146.5

1994: I .............
II ............
III ..........
IV ...........

6,524.5
6,600.3
6,629.5
6,688.6

4,439.4
4,472.2
4,498.2
4,534.1

626.2
641.2
653.2
672.9

261.3
271.5
269.4
265.9

1995: I .............
II ............
III ..........
IV ...........
1996: I .............
II ............
III ..........
IV ...........
1997: I .............
II ............
III ..........
IV r .........

6,703.7
6.708.8
6,759.2
6,796.5
6,826.4
6,926.0
6,943.8
7,017.4
7,101.6
7,159.6
7,214.0
7,280.0

4,551.3
4,583.5
4,612.9
4,633.5
4,669.4
4,712.2
4,718.2
4,756.4
4,818.1
4,829.4
4,896.2
4,926.1

695.7
705.4
708.2
716.8
736.9
759.7
789.3
800.8
808.9
837.0
874.5
872.7

261.2
250.4
255.5
260.8
266.1
277.2
274.1
271.1
273.3
278.2
280.1
286.3

48.5
21.6
17.0
22.2
8.0
21.3
37.9
32.9
63.7
77.6
47.5
74.0

Exports

Imports

Total
Total

National
defense

Nondefense

State
and
local

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

520.2 603.0
564.4 626.3
599.9 622.2
639.4 669.0
658.2 728.4
712.4 817.0
791.2 890.1
857.0 971.5
962.7 1,109.2

1,213.9
1,250.4
1,258.0
1,263.8
1,252.1
1,252.3
1,251.9
1,257.9
1,269.6

531.5
541.9
539.4
528.0
505.7
486.6
470.3
464.2
457.0

401.6
401.5
397.5
375.8
354.4
336.9
322.6
317.8
308.6

130.1
140.5
142.0
152.2
151.2
149.5
147.5
146.1
147.9

682.6
708.6
718.7
735.8
746.4
765.7
781.6
793.7
812.7

6,028.7
6,126.7
6,082.6
6,237.4
6,368.9
6,551.2
6,712.7
6,901.0
7,118.3

6,147.8
6,199.8
6,101.6
6,274.0
6,459.0
6,712.7
6,837.5
7,037.7
7,324.6

6,075.7
6,157.0
6,094.9
6,255.5
6,408.0
6,619.1
6,748.7
6,932.0
7,174.4

53.1 ¥97.6
75.9 ¥103.9
49.7 ¥111.1
63.6 ¥105.9

676.0
704.1
722.1
747.3

773.6
808.0
833.2
853.2

1,241.9
1,243.3
1,268.1
1,255.8

487.2
481.2
496.4
481.7

335.1
335.9
347.0
329.6

151.9
145.1
149.4
151.7

754.7
762.2
771.7
774.1

6,473.0
6,526.7
6,580.4
6,624.8

6,620.2
6,701.8
6,737.5
6,791.3

6,540.5
6,609.3
6,635.6
6,691.2

¥113.5
¥112.8
¥92.9
¥76.1
¥100.8
¥112.6
¥138.9
¥105.6
¥126.3
¥136.6
¥164.1
¥159.1

760.4
777.4
802.4
824.6
828.2
847.4
851.4
901.1
922.7
962.5
973.0
992.7

873.9
890.3
895.4
900.7
929.0
960.0
990.2
1,006.6
1,048.9
1,099.1
1,137.1
1,151.8

1,257.7
1,257.3
1,255.0
1,237.7
1,243.2
1,265.1
1,261.5
1,261.8
1,260.5
1,270.1
1,273.4
1,274.4

480.4
474.9
473.4
452.6
460.9
470.7
465.7
459.6
452.8
460.1
458.8
456.1

328.7
327.4
324.0
310.3
314.9
323.2
319.4
313.6
303.9
309.4
310.3
311.1

151.4
147.3
149.1
142.1
145.7
147.2
146.0
145.7
148.5
150.2
148.0
144.8

777.3
782.3
781.5
785.1
782.4
794.4
795.9
802.3
807.7
810.1
814.7
818.3

6,654.3
6,685.3
6,739.3
6,771.9
6,815.0
6,902.3
6,905.0
6,981.7
7,034.1
7,077.7
7,160.3
7,201.1

6,813.2
6,817.3
6,848.9
6,870.4
6,923.2
7,033.6
7,075.3
7,118.4
7,220.9
7,286.9
7,364.6
7,426.1

6,711.3
6,721.0
6,758.3
6,804.2
6,834.7
6,930.1
6,940.2
7,023.1
7,091.8
7,144.4
7,198.8
7,262.6

1 GDP less exports of goods and services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Source: Department of Commerce, Bureau of Economic Analysis.

IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1992=100; quarterly data are seasonally adjusted]

Personal consumption
expenditures
Period

Gross
domestic
product

Total

Durable
goods

Nondurable goods

Gross private
domestic investment
Services

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Nonresidential
fixed

Residential fixed

Exports

Imports
Total

National
defense

Nondefense

State
and
local

1989 ..................
1990 ..................
1991 ..................
1992 ..................
1993 ..................
1994 ..................
1995 ..................
1996 ..................
1997 r ................

89.72
93.60
97.32
100.00
102.64
105.09
107.76
110.21
112.40

88.44
92.91
96.82
100.00
102.66
105.15
107.89
110.47
112.70

95.29
96.59
98.54
100.00
101.22
103.27
104.27
103.83
102.12

89.28
94.62
98.06
100.00
101.46
102.77
104.48
107.15
109.15

86.55
91.22
95.78
100.00
103.62
106.85
110.53
113.76
117.02

96.16
98.41
99.92
100.00
100.65
101.89
102.33
101.26
99.84

95.08
97.80
98.85
100.00
103.71
107.11
110.93
113.64
117.07

97.91
98.74
100.31
100.00
100.07
101.23
103.44
101.61
99.41

97.81
100.37
100.02
100.00
98.75
99.39
101.62
99.40
95.39

89.79
92.93
96.88
100.00
102.50
104.85
108.34
112.02
114.62

89.79
92.93
96.47
100.00
101.76
103.64
106.83
111.02
113.50

89.70
92.84
97.94
100.00
104.29
107.70
111.88
114.47
117.31

90.52
94.91
97.86
100.00
102.49
104.85
108.24
111.71
114.30

1994: I .............
II ...........
III ..........
IV ..........

104.13
104.71
105.39
106.09

103.99
104.66
105.61
106.31

102.28
102.99
103.84
103.94

101.89
102.20
103.32
103.65

105.50
106.35
107.24
108.27

101.35
101.83
102.19
102.17

105.77
106.35
107.46
108.84

100.36
100.84
101.45
102.19

97.61
98.75
100.33
100.71

104.03
105.01
104.83
105.53

102.91
103.73
103.68
104.26

106.68
108.04
107.56
108.53

103.89
104.37
105.20
105.89

1995: I .............
II ...........
III ..........
IV ..........

106.94
107.46
108.02
108.61

107.04
107.66
108.19
108.64

104.31
104.34
104.28
104.17

103.85
104.31
104.70
105.05

109.37
110.22
110.94
111.57

102.18
102.43
102.43
102.28

110.19
110.65
111.13
111.74

103.18
103.89
103.63
103.06

101.02
102.56
101.86
101.02

106.91
107.63
108.34
110.60

105.37
106.35
107.20
108.47

110.49
110.66
111.05
115.49

106.92
107.99
108.67
109.35

1996: I .............
II ...........
III ..........
IV ..........

109.39
109.84
110.54
111.05

109.35
110.12
110.79
111.60

104.34
103.88
103.69
103.41

106.02
107.03
107.28
108.25

112.26
113.19
114.28
115.25

101.87
101.26
101.18
100.80

112.29
112.80
114.36
115.10

102.66
102.07
101.44
110.39

100.46
99.87
98.73
98.66

112.04
111.46
111.99
112.62

110.64
110.56
111.07
111.80

115.34
113.66
114.23
114.66

110.93
111.07
112.07
112.76

1997: I .............
II ...........
III ..........
IV r .........

111.71
112.22
112.62
113.01

112.20
112.48
112.89
113.23

103.24
102.46
101.71
101.14

108.89
108.88
109.23
109.59

116.01
116.69
117.41
117.95

100.29
99.91
99.71
99.47

115.68
116.65
117.56
118.33

99.95
99.77
99.26
98.73

97.34
95.44
94.73
94.23

113.98
114.34
114.58
115.59

112.99
113.31
113.47
114.20

116.39
116.82
117.24
118.83

113.52
113.94
114.43
115.31

Source: Department of Commerce, Bureau of Economic Analysis.

2

GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
[Quarterly data are seasonally adjusted]
Percent change from preceding period 1

Index numbers, 1992=100
Period

1985 ...............................................................
1986 ...............................................................
1987 ...............................................................
1988 ...............................................................
1989 ...............................................................
1990 ...............................................................
1991 ...............................................................
1992 ...............................................................
1993 ...............................................................
1994 ...............................................................
1995 ...............................................................
1996 ...............................................................
1997 r ..............................................................
1993: I ..........................................................
II .........................................................
III .......................................................
IV ........................................................
1994: I ..........................................................
II .........................................................
III .......................................................
IV ........................................................
1995: I ..........................................................
II .........................................................
III .......................................................
IV ........................................................
1996: I ..........................................................
II .........................................................
III .......................................................
IV ........................................................
1997: I ..........................................................
II .........................................................
III .......................................................
IV r ......................................................
1 Percent

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

66.95
70.82
75.14
80.87
87.10
91.98
94.75
100.00
105.02
111.25
116.35
122.29
129.39
103.20
104.24
105.29
107.36
108.81
110.68
111.88
113.63
114.80
115.45
116.92
118.22
119.59
121.83
122.93
124.80
127.05
128.66
130.10
131.76

GDP
implicit
price
deflator

GDP
chain-type
price index

85.25
87.88
90.47
93.93
97.08
98.27
97.36
100.00
102.32
105.87
107.97
110.95
115.12
101.34
101.85
102.39
103.72
104.49
105.70
106.17
107.11
107.36
107.44
108.24
108.84
109.32
110.92
111.20
112.38
113.73
114.66
115.53
116.58

78.53
80.58
83.06
86.10
89.72
93.64
97.32
100.00
102.64
105.09
107.76
110.22
112.45
101.85
102.38
102.83
103.52
104.16
104.74
105.39
106.07
106.93
107.49
108.03
108.60
109.35
109.86
110.59
111.10
111.78
112.27
112.67
113.07

changes based on unrounded data. Quarterly percent changes are at annual rates.

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

78.53
80.58
83.06
86.09
89.72
93.60
97.32
100.00
102.64
105.09
107.76
110.21
112.40
101.84
102.35
102.83
103.51
104.13
104.71
105.39
106.09
106.94
107.46
108.02
108.61
109.39
109.84
110.54
111.05
111.71
112.22
112.62
113.01

7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
5.0
5.9
4.6
5.1
5.8
3.9
4.1
4.1
8.1
5.5
7.1
4.4
6.4
4.2
2.3
5.2
4.5
4.7
7.7
3.6
6.2
7.4
5.2
4.6
5.2

GDP
chain-type
price
index

3.6
3.1
2.9
3.8
3.4
1.2
¥.9
2.7
2.3
3.5
2.0
2.8
3.8
.1
2.0
2.1
5.3
3.0
4.7
1.8
3.6
.9
.3
3.0
2.2
1.8
6.0
1.0
4.3
4.9
3.3
3.1
3.7

GDP
implicit
price
deflator

3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.4
2.5
2.3
2.0
3.9
2.1
1.8
2.7
2.5
2.2
2.5
2.6
3.3
2.1
2.0
2.1
2.8
1.9
2.7
1.9
2.4
1.8
1.4
1.4

3.4
2.6
3.1
3.7
4.2
4.3
4.0
2.8
2.6
2.4
2.5
2.3
2.0
3.9
2.0
1.9
2.7
2.4
2.2
2.6
2.7
3.3
2.0
2.1
2.2
2.9
1.7
2.6
1.9
2.4
1.8
1.4
1.4

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

1989 .................................................................................
1990 .................................................................................
1991 .................................................................................
1992 .................................................................................
1993 .................................................................................
1994 .................................................................................
1995 .................................................................................
1996 .................................................................................
1997 .................................................................................
1994: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
1995: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
1996: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
1997: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

Current
dollars

Chained
(1992)
dollars

2,950.9
3,084.0
3,132.1
3,262.6
3,430.4
3,709.7
3,905.3
4,132.4
4,402.8
3,624.5
3,668.9
3,729.1
3,816.4
3,833.6
3,860.4
3,940.4
3,986.8
4,030.7
4,112.9
4,165.8
4,220.1
4,299.7
4,361.1
4,446.3
4,504.1

3,179.8
3,210.2
3,168.8
3,262.6
3,374.4
3,586.3
3,719.7
3,887.8
4,108.4
3,526.1
3,559.8
3,594.6
3,664.9
3,664.9
3,683.2
3,747.7
3,782.9
3,801.8
3,872.4
3,913.7
3,963.5
4,022.2
4,068.9
4,146.5
4,196.1

Total
cost and
profit 2

1 Output is measured by GDP of nonfinancial corporate business in chained (1992) dollars.
2 This is equal to the deflator for gross domestic product of nonfinancial corporate business
with the decimal point shifted two places to the left.

Consumption of
fixed
capital

0.928
.961
.988
1.000
1.017
1.034
1.050
1.063
1.072
1.028
1.031
1.037
1.041
1.046
1.048
1.051
1.054
1.060
1.062
1.064
1.065
1.069
1.072
1.072
1.073

0.094
.096
.101
.101
.101
.101
.100
.101
.101
.106
.099
.099
.098
.099
.101
.100
.101
.101
.101
.101
.101
.101
.101
.100
.100

Indirect
business
tax, etc.3

0.088
.092
.100
.103
.106
.108
.107
.108
.107
.108
.108
.109
.108
.108
.108
.107
.107
.109
.109
.108
.108
.107
.107
.107
.106

Compensation
of employees

0.613
.640
.660
.673
.679
.677
.687
.690
.698
.673
.677
.679
.678
.687
.689
.685
.686
.687
.689
.691
.693
.697
.698
.695
.702

Corporate profits with inventory
valuation and capital consumption
adjustments
Total

0.087
.086
.085
.091
.103
.122
.128
.140
.145
.115
.120
.124
.129
.123
.122
.132
.133
.138
.140
.141
.142
.143
.144
.149
.145

Profits
tax
liability

0.031
.030
.027
.028
.031
.036
.037
.040
.040
.034
.035
.036
.038
.038
.037
.037
.037
.039
.040
.040
.040
.040
.040
.042
.040

Profits
after
tax 4

0.056
.056
.058
.063
.072
.086
.090
.101
.105
.081
.085
.087
.090
.084
.086
.094
.096
.099
.100
.101
.102
.103
.104
.107
.105

Net
interest

0.046
.046
.042
.032
.028
.027
.027
.023
021
.026
.026
.027
.028
.029
.028
.027
.026
.025
.024
.022
.021
.021
.021
.021
.021

3 Indirect

business tax and nontax liability plus business transfer payments less subsidies.
inventory valuation and capital consumption adjustments.
Source: Department of Commerce, Bureau of Economic Analysis.
4 With

3

NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]

National
income

Period

1990 .........................................
1991 .........................................
1992 .........................................
1993 .........................................
1994 .........................................
1995 .........................................
1996 .........................................
1997 r .......................................
1994: I ....................................
II ..................................
III .................................
IV .................................
1995: I ....................................
II ..................................
III .................................
IV .................................
1996: I ....................................
II ..................................
III .................................
IV .................................
1997: I ....................................
II ..................................
III .................................
IV r ...............................
1 Includes

4,652.1
4,761.6
4,990.4
5,266.8
5,590.7
5,912.3
6,254.5
6,649.7
5,423.2
5,556.3
5,636.1
5,747.3
5,807.9
5,862.4
5,953.4
6,025.5
6,108.8
6,229.4
6,303.3
6,376.5
6,510.0
6,599.0
6,699.6
6,790.1

Compensation
of
employees1

Proprietors’ income
with inventory valuation and capital consumption adjustments

Farm

3,352.8
3,457.9
3,644.9
3,814.9
4,012.0
4,215.4
4,426.9
4,703.6
3,937.4
3,988.0
4,028.7
4,093.9
4,153.2
4,187.9
4,238.0
4,282.6
4,322.2
4,403.9
4,461.0
4,520.7
4,606.3
4,663.4
4,725.2
4,819.6

Nonfarm

35.4
29.3
37.1
32.4
36.9
23.4
37.2
40.7
46.4
38.8
33.2
29.1
20.6
21.3
22.9
28.9
31.9
36.5
40.1
40.4
40.2
43.6
40.9
38.2

338.6
347.2
386.7
418.4
434.7
465.5
483.1
503.8
417.5
435.9
438.4
447.0
457.6
463.1
468.7
472.6
477.4
483.5
483.7
487.9
494.4
500.0
506.3
514.3

employer contributions for social insurance. (See also p. 5.)

Rental
income
of
persons
with
capital
consumption
adjustment
61.0
67.9
79.4
105.7
124.4
132.8
146.3
147.9
112.7
126.0
130.1
128.9
130.5
132.3
131.5
137.1
143.4
144.6
148.0
149.2
149.0
148.7
148.0
145.7

Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total

397.1
411.3
428.0
492.8
570.5
650.0
735.9
805.0
512.0
562.0
590.1
617.7
613.2
628.0
672.8
685.7
717.7
738.5
739.6
747.8
779.6
795.1
827.3
818.1

358.2
378.2
398.9
456.9
519.1
598.4
674.1
735.3
470.8
510.2
535.0
560.3
560.4
577.2
621.4
634.5
659.8
676.8
676.4
683.4
711.9
725.7
757.1
746.5

Profits
before tax

Inventory
valuation
adjustment

371.7
374.2
406.4
465.4
535.1
622.6
676.6
729.8
475.1
525.3
556.2
583.9
610.7
615.0
630.6
634.1
664.9
682.2
679.1
680.0
708.4
719.8
753.4
737.3

¥13.5
4.0
¥7.5
¥8.5
¥16.1
¥24.3
¥2.5
5.5
¥4.3
¥15.1
¥21.2
¥23.6
¥50.3
¥37.8
¥9.3
.4
¥5.1
¥5.4
¥2.7
3.3
3.5
5.9
3.6
9.2

Capital
consumption
adjustment

Net
interest

38.9
33.1
29.1
36.0
51.4
51.6
61.8
69.7
41.2
51.8
55.1
57.4
52.9
50.8
51.5
51.1
57.9
61.6
63.2
64.4
67.7
69.4
70.3
71.6

467.3
448.0
414.3
402.5
412.3
425.1
425.1
448.7
397.2
405.6
415.6
430.7
432.7
429.7
419.5
418.6
416.2
422.5
430.9
430.6
440.5
448.1
451.8
454.2

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods

Period

1990 ...............................
1991 ...............................
1992 ...............................
1993 ...............................
1994 ...............................
1995 ...............................
1996 ...............................
1997 r .............................
1994: I ..........................
II .........................
III .......................
IV ........................
1995: I ..........................
II .........................
III .......................
IV ........................
1996: I ..........................
II .........................
III .......................
IV ........................
1997: I ..........................
II .........................
III .......................
IV r ......................

Total
personal
consumption
expenditures

Total
durable
goods

Motor
vehicles
and
parts

4,132.2
4,105.8
4,219.8
4,343.6
4,486.0
4,595.3
4,714.1
4,867.5
4,439.4
4,472.2
4,498.2
4,534.1
4,551.3
4,583.5
4,612.9
4,633.5
4,669.4
4,712.2
4,718.2
4,756.4
4,818.1
4,829.4
4,896.2
4,926.1

493.3
462.0
488.5
523.8
561.2
583.6
611.1
645.5
550.7
555.8
561.7
576.6
572.2
577.7
590.8
593.7
600.7
614.8
611.9
617.1
637.8
629.0
656.1
659.3

224.3
193.2
206.9
218.9
230.0
229.5
231.3
233.1
231.6
228.4
227.3
232.6
226.2
227.5
232.9
231.6
233.4
234.2
229.7
228.0
233.4
223.1
238.7
237.3

Furniture
and
household
equipment

173.5
177.0
189.4
207.8
229.4
248.4
269.5
296.4
219.1
226.1
232.2
240.3
241.4
244.6
251.5
256.2
259.2
269.9
272.3
276.8
287.4
292.3
301.1
304.9

Nondurable goods

Other

96.6
91.8
92.3
97.2
102.3
107.2
113.3
121.4
100.0
101.6
102.9
104.5
105.9
107.0
107.9
107.9
110.2
113.4
113.2
116.3
121.4
119.7
121.7
123.1

Total
nondurable
goods

1,316.1
1,302.9
1,321.8
1,351.0
1,389.9
1,412.6
1,432.3
1,458.5
1,378.4
1,385.5
1,393.2
1,402.5
1,408.4
1,411.6
1,413.9
1,416.3
1,422.5
1,431.6
1,433.9
1,441.2
1,457.8
1,450.0
1,465.5
1,460.9

1 Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

4

Food

662.9
659.6
660.0
675.3
687.9
690.5
689.7
689.7
684.3
689.8
687.9
689.5
690.8
690.2
690.6
690.6
692.4
690.3
687.3
689.0
694.6
688.2
689.5
686.6

Clothing Gasoline
and
and oil
shoes

217.9
215.9
225.5
234.2
247.1
257.5
267.7
278.0
243.1
242.7
248.1
254.7
255.3
257.0
259.1
258.7
261.6
268.4
270.8
270.0
277.1
273.8
281.3
279.6

107.3
103.4
106.6
108.7
109.8
113.1
114.1
116.0
109.2
109.6
109.9
110.7
112.7
113.2
113.0
113.6
112.9
114.5
114.1
114.8
114.7
116.1
116.2
117.0

Services

Fuel
oil
and
coal

11.2
10.8
10.9
10.7
10.7
10.5
10.6
10.0
11.9
10.2
10.7
10.2
10.0
10.6
10.4
11.1
11.1
10.4
10.6
10.3
9.4
10.1
10.4
9.9

Other

316.7
313.2
318.8
322.1
334.3
341.3
351.2
366.7
329.9
333.0
336.7
337.8
339.9
341.0
341.5
342.9
345.1
349.1
352.5
358.3
363.7
363.4
370.0
369.8

Total
services 1

Housing

Medical
care

2,321.3
2,341.0
2,409.4
2,468.9
2,535.5
2,599.6
2,671.0
2,764.1
2,510.9
2,531.4
2,543.8
2,555.9
2,571.2
2,594.5
2,608.7
2,623.8
2,646.5
2,666.5
2,672.8
2,698.2
2,723.9
2,749.8
2,776.1
2,806.4

627.2
635.2
646.8
654.7
674.3
688.2
700.2
713.8
666.8
672.2
677.0
681.1
683.7
686.7
689.7
692.8
695.6
698.7
701.7
704.8
708.3
712.0
715.6
719.3

602.8
621.6
646.6
655.3
662.1
674.9
688.1
711.1
658.1
661.1
663.2
666.0
669.5
672.9
677.0
680.4
679.4
686.2
689.8
697.1
704.4
708.8
714.2
716.9

Source: Department of Commerce, Bureau of Economic Analysis.

Retail sales
of new passenger cars
and light
trucks
(millions of
units)

13.9
12.3
12.8
13.9
15.0
14.7
15.0
15.0
14.9
14.9
14.9
15.3
14.7
14.4
14.9
15.0
15.0
15.1
15.1
14.9
15.3
14.5
15.3
15.0

SOURCES OF PERSONAL INCOME
Personal income rose $43.7 billion (annual rate) in February, following an increase of $40.9 billion in January.
Wages and salaries increased $34.6 billion in February, following an increase of $30.4 billion in January.

[Billions of dollars; monthly data at seasonally adjusted annual rates]

Period

Total
personal
income

Wage and
salary
disbursements 1

Proprietors’ income 3
Other labor
income 1 2

Farm

Nonfarm

Rental
income
of
persons 4

Personal
dividend
income

Personal
interest
income

Transfer
payments 5

Less: Personal contributions
for social
insurance

1989 ...................................................................
1990 ...................................................................
1991 ...................................................................
1992 ...................................................................
1993 ...................................................................
1994 ...................................................................
1995 ...................................................................
1996 ...................................................................
1997r ..................................................................
1997: Feb .........................................................
Mar .........................................................
Apr ..........................................................
May .........................................................
June ........................................................
July .........................................................
Aug .........................................................
Sept ........................................................
Octr .........................................................
Nov r .......................................................
Dec r ........................................................

4,501.0
4,804.2
4,981.6
5,277.2
5,519.2
5,791.8
6,150.8
6,495.2
6,873.9
6,750.3
6,788.2
6,800.9
6,822.8
6,863.5
6,873.1
6,912.2
6,935.5
6,970.4
7,019.8
7,050.4

2,598.1
2,757.5
2,827.6
2,986.4
3,089.6
3,240.7
3,429.5
3,632.5
3,877.4
3,799.1
3,821.3
3,822.1
3,835.1
3,867.6
3,870.0
3,902.3
3,916.1
3,943.6
3,989.9
4,007.9

273.1
300.6
322.7
351.3
385.1
405.0
406.8
407.6
416.6
412.5
413.9
414.4
415.3
415.6
416.6
417.6
418.9
420.1
421.4
422.6

36.3
35.4
29.3
37.1
32.4
36.9
23.4
37.2
40.7
39.9
41.4
43.0
43.8
44.0
43.0
40.8
39.0
38.5
38.1
38.1

321.1
338.6
347.2
386.7
418.4
434.7
465.5
483.1
503.8
494.6
495.8
497.9
499.8
502.4
503.9
505.3
509.6
513.1
514.1
515.8

51.7
61.0
67.9
79.4
105.7
124.4
132.8
146.3
147.9
149.3
149.2
149.3
148.9
147.8
147.4
148.5
148.2
146.6
145.5
145.0

130.9
142.9
153.6
159.4
185.3
204.8
251.9
291.2
321.5
312.5
314.4
316.3
318.3
320.3
322.4
324.5
326.6
328.6
330.7
332.8

674.5
704.4
699.2
667.2
651.0
668.1
718.9
735.7
768.6
757.0
760.4
763.4
766.0
768.9
771.0
772.5
774.3
776.3
778.3
780.5

626.0
687.8
769.9
858.2
912.0
954.7
1,015.0
1,068.0
1,121.1
1,104.1
1,111.9
1,114.6
1,116.6
1,119.7
1,122.1
1,125.9
1,129.0
1,131.5
1,132.9
1,140.0

210.8
223.9
235.8
248.4
260.3
277.5
293.1
306.3
323.7
318.7
320.1
320.1
320.9
323.0
323.1
325.2
326.1
327.9
331.0
332.2

1998: Jan r ........................................................
Feb p .......................................................

7,091.3
7,135.0

4,038.3
4,072.9

423.9
425.1

36.0
33.5

519.3
523.1

144.1
143.6

334.9
336.8

782.5
784.3

1,148.8
1,154.3

336.4
338.6

1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
2 Consists primarily of employer contributions to private pension and private welfare funds.

3 With

inventory valuation and capital consumption adjustments.
capital consumption adjustment.
mainly of social insurance benefits, direct relief, and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
4 With

5 Consists

5

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annual
rate of 3.4 percent in the fourth quarter of 1997.

Period

Personal
income

Less:
Personal
tax and
nontax
payments

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(1992)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1990 ...................
1991 ...................
1992 ...................
1993 ...................
1994 ...................
1995 ...................
1996 ...................
1997r ..................

4,804.2
4,981.6
5,277.2
5,519.2
5,791.8
6,150.8
6,495.2
6,873.9

624.8
624.8
650.5
690.0
739.1
795.1
886.9
988.7

4,179.4
4,356.8
4,626.7
4,829.2
5,052.7
5,355.7
5,608.3
5,885.2

Chained
(1992)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(1992)
dollars

Dollars

3,958.1
4,097.4
4,341.0
4,580.7
4,842.1
5,101.1
5,368.8
5,658.5

221.3
259.5
285.6
248.5
210.6
254.6
239.6
226.7

4,498.2
4,500.0
4,626.7
4,703.9
4,805.1
4,964.2
5,076.9
5,221.9

16,721
17,242
18,113
18,706
19,381
20,349
21,117
21,969

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

17,996
17,809
18,113
18,221
18,431
18,861
19,116
19,493

15,360
15,732
16,520
17,273
18,093
18,837
19,608
20,478

16,532
16,249
16,520
16,825
17,207
17,460
17,750
18,170

0.8
¥1.0
1.7
.6
1.2
2.3
1.4
2.0

5.3
6.0
6.2
5.1
4.2
4.8
4.3
3.9

249,956
252,680
255,432
258,161
260,705
263,194
265,579
267,889

18,154
18,409
18,493
18,667
18,834
18,798
18,871
18,942
19,071
19,081
19,161
19,152
19,331
19,439
19,518
19,681

17,774
17,978
18,199
18,419
18,578
18,774
18,938
19,055
19,291
19,562
19,660
19,919
20,247
20,303
20,612
20,747

17,092
17,178
17,232
17,326
17,356
17,438
17,505
17,540
17,642
17,765
17,745
17,848
18,046
18,051
18,258
18,323

¥5.5
5.7
1.8
3.8
3.6
¥.8
1.6
1.5
2.8
.2
1.7
¥.2
3.8
2.3
1.6
3.4

3.4
4.2
4.4
4.7
5.3
4.6
4.5
4.6
4.7
4.1
4.5
3.9
3.7
4.2
3.5
3.9

259,738
260,351
261,040
261,692
262,235
262,847
263,527
264,169
264,680
265,258
265,887
266,491
266,987
267,545
268,171
268,854

Seasonally adjusted annual rates
1994: I ..............
II ............
III ...........
IV ...........
1995: I ..............
II ............
III ...........
IV ...........
1996: I ..............
II ............
III ...........
IV ...........
1997: I ..............
II ............
III ...........
IV r .........

5,516.3
5,766.6
5,838.1
5,946.1
6,053.1
6,114.8
6,179.1
6,256.2
6,359.4
6,461.3
6,541.9
6,618.4
6,746.2
6,829.1
6,906.9
7,013.5

712.9
750.5
739.9
753.0
766.5
795.1
798.9
820.0
840.0
887.8
897.3
922.6
955.7
979.2
998.0
1,022.1

4,903.4
5,016.1
5,098.2
5,193.1
5,286.6
5,319.6
5,380.2
5,436.2
5,519.4
5,573.5
5,644.6
5,695.8
5,790.5
5,849.9
5,908.9
5,991.4

4,738.2
4,803.3
4,876.1
4,950.7
5,007.3
5,074.3
5,136.4
5,186.3
5,261.3
5,347.8
5,390.6
5,475.4
5,574.6
5,602.8
5,700.8
5,755.6

165.2
212.8
222.1
242.4
279.2
245.4
243.8
249.9
258.1
225.7
254.0
220.4
215.9
247.0
208.2
235.8

1 Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2 Annual data are averages of quarterly data, which are averages for the period.

6

4,715.3
4,792.8
4,827.3
4,884.9
4,938.9
4,940.9
4,973.0
5,003.9
5,047.6
5,061.3
5,094.8
5,103.8
5,161.1
5,200.9
5,234.1
5,291.4

18,878
19,267
19,530
19,844
20,160
20,239
20,416
20,579
20,853
21,012
21,229
21,373
21,689
21,865
22,034
22,285

Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
In the second quarter of 1997, according to preliminary estimates, gross farm income rose $4.8 billion (annual
rate) and net farm income rose $2.0 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period

Cash marketing receipts
Total 1
Total

1988
1989
1990
1991
1992
1993
1994
1995
1996
1995:

.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
I ....................................................
II ...................................................
III .................................................
IV .................................................
1996: I ....................................................
II ...................................................
III .................................................
IV .................................................
1997: I ....................................................
II p .................................................

177.9
191.9
198.1
191.9
200.5
203.6
215.7
210.9
233.5
208.7
206.8
219.2
209.0
239.4
238.8
230.8
225.0
240.4
245.2

151.2
160.8
169.5
167.9
171.4
177.7
181.2
187.7
202.3
182.5
183.0
201.9
183.4
203.7
206.0
206.3
193.3
204.1
212.1

1 Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.

Livestock and
products

79.6
83.9
89.2
85.8
85.6
90.2
88.2
87.0
92.9
83.4
81.8
96.3
86.6
90.1
90.6
96.7
94.2
91.9
95.2

Crops

71.6
76.9
80.3
82.1
85.7
87.5
93.1
100.7
109.4
99.2
101.2
105.6
96.8
113.6
115.4
109.6
99.1
112.2
116.9

Value of
inventory
changes 2

¥4.1
3.8
3.3
¥.2
4.2
¥4.5
8.2
¥3.9
2.7
¥4.8
¥4.5
¥3.5
¥2.8
3.3
3.1
2.5
2.0
1.6
1.6

Production
expenses

139.9
146.7
153.3
153.3
152.9
160.5
167.5
174.2
181.3
171.0
174.0
176.1
175.6
177.6
182.1
182.4
183.1
182.3
185.1

Net farm
income

38.0
45.3
44.8
38.6
47.5
43.1
48.3
36.7
52.2
37.7
32.8
43.1
33.4
61.9
56.6
48.4
41.9
58.1
60.1

NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to
annual data in table.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the fourth quarter of 1997, corporate profits before tax fell $16.1 billion (annual rate) and profits after tax fell
$11.5 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1

Profits after tax

Domestic industries
Period

Profits
before
tax

Nonfinancial

Total 2
Total

Financial

Total 3

Manufacturing

Wholesale

Tax
liability

Total

Dividends

Undistributed
profits

Inventory
valuation
adjustment

Retail

..................
..................
..................
..................
.................
.................
.................
.................
.................

330.6
358.2
378.2
398.9
456.9
519.1
598.4
674.1
735.3

272.6
292.5
309.5
334.0
383.0
445.7
511.7
578.2
636.7

53.1
68.6
87.4
83.7
82.9
69.4
97.6
103.5
119.5

219.6
223.8
222.1
250.3
300.1
376.3
414.1
474.7
517.2

109.3
112.3
92.7
96.3
116.7
151.6
181.3
205.5
224.7

20.4
17.2
20.6
23.0
24.3
29.4
26.9
38.3
51.1

20.7
20.6
26.1
32.2
38.9
46.0
41.9
48.9
55.8

348.1
371.7
374.2
406.4
465.4
535.1
622.6
676.6
729.8

141.3
140.5
133.4
143.0
165.2
186.6
213.2
229.0
249.4

206.8
231.2
240.8
263.4
300.2
348.5
409.4
447.6
480.3

138.9
151.9
163.1
169.5
195.8
216.2
264.4
304.8
336.1

67.9
79.4
77.7
93.9
104.5
132.3
145.0
142.8
144.2

¥17.5
¥13.5
4.0
¥7.5
¥8.5
¥16.1
¥24.3
¥2.5
r5.5

1994: I ............
II ..........
III .........
IV .........

470.8
510.2
535.0
560.3

398.9
437.9
460.7
485.2

44.1
72.3
81.3
80.0

354.7
365.6
379.5
405.3

149.7
138.8
151.6
166.2

28.1
33.8
27.3
28.6

41.6
47.4
47.2
47.8

475.1
525.3
556.2
583.9

163.0
182.8
194.6
206.2

312.1
342.5
361.6
377.7

203.2
211.6
220.0
230.2

108.9
131.0
141.6
147.5

¥4.3
¥15.1
¥21.2
¥23.6

1995: I ............
II ..........
III .........
IV .........

560.4
577.2
621.4
634.5

476.9
486.8
540.9
542.1

89.5
96.3
107.1
97.4

387.3
390.4
433.8
444.7

161.9
170.3
194.5
198.4

25.5
20.3
28.5
33.2

41.0
42.3
42.2
42.1

610.7
615.0
630.6
634.1

209.6
209.1
218.8
215.3

401.0
405.9
411.8
418.8

255.5
260.8
266.8
274.4

145.6
145.1
145.0
144.5

¥50.3
¥37.8
¥9.3
.4

1996: I ............
II ..........
III .........
IV .........

659.8
676.8
676.4
683.4

568.7
583.5
584.6
575.8

110.4
111.5
104.0
88.1

458.3
472.0
480.7
487.8

197.1
204.8
210.5
209.7

37.2
30.8
37.7
47.4

46.0
50.6
50.6
48.3

664.9
682.2
679.1
680.0

226.2
232.2
231.6
226.0

438.7
450.0
447.5
454.0

300.7
303.7
305.7
309.1

138.0
146.4
141.8
144.9

¥5.1
¥5.4
¥2.7
3.3

1997: I ............
II ...........
III ..........
IV .........

711.9
725.7
757.1
746.5

614.5
624.9
657.2
650.2

116.5
117.5
119.4
124.5

498.0
507.4
537.8
525.7

208.2
221.0
240.4
229.0

49.0
49.5
54.1
51.7

55.1
54.9
57.9
55.2

708.4
719.8
753.4
737.3

241.2
244.5
258.2
253.6

467.2
475.3
495.2
483.7

326.8
333.0
339.1
345.6

140.3
142.3
156.1
138.1

3.5
5.9
3.6
r9.2

1989
1990
1991
1992
1993
1994
1995
1996
1997

1 See

p. 4 for profits with inventory valuation and capital consumption adjustments.
rest of the world, not shown separately.
industries not shown separately.

2 Includes
3 Includes

8

Source: Department of Commerce, Bureau of Economic Analysis.

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 1997, according to revised estimates, nonresidential fixed investment in chained (1992)
dollars fell $1.8 billion (annual rate) and residential investment rose $6.2 billion. There was an increase of $74.0
billion in inventories following an increase of $47.5 billion in the third quarter.

[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

Gross
private
domestic
investment

Change in business
inventories

Nonresidential
Total
Total

Producers’
durable
equipment

Residential

Structures

Total

Nonfarm

1989 ....................................................................................
1990 ....................................................................................
1991 ....................................................................................
1992 ....................................................................................
1993 ....................................................................................
1994 ....................................................................................
1995 ....................................................................................
1996 ....................................................................................
1997 r ..................................................................................

863.5
815.0
738.1
790.4
863.6
975.7
991.5
1,069.1
1,197.0

832.0
805.8
741.3
783.4
842.8
915.5
962.1
1,041.7
1,123.6

588.8
585.2
547.7
557.9
600.2
648.4
706.5
771.7
848.3

201.2
203.3
181.6
169.2
170.8
172.5
179.9
188.7
195.4

387.6
381.9
366.2
388.7
429.6
476.8
528.3
586.0
659.0

243.2
220.6
193.4
225.6
242.6
267.0
257.0
272.1
279.5

33.3
10.4
¥3.0
7.0
22.1
60.6
27.3
25.0
65.7

33.5
7.8
¥1.2
2.0
29.5
49.0
35.7
22.5
57.8

1994: I ..............................................................................
II .............................................................................
III ............................................................................
IV ............................................................................

939.9
987.8
972.2
1,003.0

887.8
913.2
922.7
938.5

626.2
641.2
653.2
672.9

166.3
174.5
174.0
175.0

460.6
467.3
480.0
499.1

261.3
271.5
269.4
265.9

53.1
75.9
49.7
63.6

39.6
59.6
38.2
58.7

1995: I ..............................................................................
II .............................................................................
III ............................................................................
IV ............................................................................

1,005.8
977.5
982.0
1,000.8

955.8
954.0
962.3
976.3

695.7
705.4
708.2
716.8

179.0
180.9
181.2
178.6

518.1
525.9
528.5
540.5

261.2
250.4
255.5
260.8

48.5
21.6
17.0
22.2

54.7
34.0
29.6
24.4

1996: I ..............................................................................
II .............................................................................
III ............................................................................
IV ............................................................................

1,012.2
1,059.2
1,100.3
1,104.8

1,001.5
1,035.7
1,060.9
1,068.7

736.9
759.7
789.3
800.8

182.1
185.6
190.0
196.9

557.4
577.1
602.9
606.7

266.1
277.2
274.1
271.1

8.0
21.3
37.9
32.9

14.5
17.3
31.6
26.5

1997: I ..............................................................................
II .............................................................................
III ...........................................................................
IV r ..........................................................................

1,149.2
1,197.1
1,204.6
1,237.2

1,079.0
1,111.4
1,149.3
1,154.6

808.9
837.0
874.5
872.7

195.9
193.5
196.7
195.5

616.6
649.3
685.3
684.8

273.3
278.2
280.1
286.3

63.7
77.6
47.5
74.0

58.3
70.1
38.3
64.5

NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (1992) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermedi-

ate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.

9

REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Structures

Period

Total
nonresidential

1989 ...............
1990 ...............
1991 ...............
1992 ...............
1993 ...............
1994 ...............
1995 ...............
1996 ...............
1997 r .............
1994: I .........
II ........
III .......
IV .......
1995: I .........
II ........
III .......
IV .......
1996: I .........
II ........
III .......
IV .......
1997: I .........
II ........
III ......
IV r .....
1 Includes
2 Includes
3 Includes

588.8
585.2
547.7
557.9
600.2
648.4
706.5
771.7
848.3
626.2
641.2
653.2
672.9
695.7
705.4
708.2
716.8
736.9
759.7
789.3
800.8
808.9
837.0
874.5
872.7

Total 1

201.2
203.3
181.6
169.2
170.8
172.5
179.9
188.7
195.4
166.3
174.5
174.0
175.0
179.0
180.9
181.2
178.6
182.1
185.6
190.0
196.9
195.9
193.5
196.7
195.5

Structures

Producers’ durable equipment
Information processing
and related equipment

Nonresidential
buildings,
including
farm

Utilities

150.2
152.0
126.9
113.2
115.3
119.9
128.8
140.0
148.5
114.3
123.1
120.6
121.8
125.5
129.4
130.1
130.3
132.7
137.0
141.7
148.4
150.1
147.1
150.1
146.9

30.9
28.1
32.0
34.5
31.8
29.9
30.0
29.3
28.1
30.3
29.6
29.8
29.8
30.4
30.4
30.1
29.2
29.7
29.1
28.7
29.5
27.5
28.7
28.0
28.2

Mining
exploration,
shafts,
and
wells

Total 1

13.9
16.1
15.7
13.3
16.0
15.8
14.3
13.9
13.2
15.1
15.1
16.2
16.7
16.3
14.2
13.8
13.1
13.6
13.9
14.1
13.8
13.6
13.0
13.4
12.8

387.6
381.9
366.2
388.7
429.6
476.8
528.3
586.0
659.0
460.6
467.3
480.0
499.1
518.1
525.9
528.5
540.5
557.4
577.1
602.9
606.7
616.6
649.3
685.3
684.8

Total

116.2
116.2
117.8
134.2
147.9
165.1
201.8
253.1
306.2
158.1
160.8
166.1
175.6
184.5
199.3
205.2
218.2
232.8
244.8
264.3
270.4
281.4
296.9
320.5
325.9

Computers
and
peripheral
equipment 2

Other

Industrial
equipment

29.4
29.4
32.4
43.9
56.1
67.2
102.8
160.8
225.5
62.2
64.1
67.1
75.3
82.7
97.2
106.8
124.4
138.7
152.0
170.0
182.4
195.8
216.1
240.5
249.5

88.1
88.2
85.9
90.2
92.3
99.4
107.0
116.3
127.3
96.8
97.8
100.2
102.8
105.1
107.9
107.2
107.8
111.7
114.0
120.3
119.3
121.5
124.4
131.5
131.9

101.5
95.0
88.3
89.3
96.5
105.5
113.4
117.0
123.1
102.8
103.8
106.7
108.9
112.1
114.9
114.1
112.5
114.8
118.8
117.6
116.9
116.8
123.5
125.6
126.6

Transportation
and
related
equipment

Total
residential 3

78.9
81.2
81.7
86.2
98.3
113.2
118.9
125.0
138.3
108.8
110.0
113.5
120.5
124.0
117.3
115.7
118.6
119.2
121.8
129.5
129.7
127.5
136.0
146.8
143.1

243.2
220.6
193.4
225.6
242.6
267.0
257.0
272.1
279.5
261.3
271.5
269.4
265.9
261.2
250.4
255.5
260.8
266.1
277.2
274.1
271.1
273.3
278.2
280.1
286.3

Total

Single
family

Multifamily

Other

237.0
214.5
187.6
219.5
236.2
260.3
250.0
265.0
272.0
254.8
264.8
262.7
259.0
254.3
243.6
248.5
253.8
259.1
270.0
266.9
263.9
265.9
270.8
272.6
278.7

121.9
110.4
96.4
116.5
127.1
140.1
126.9
136.6
136.7
139.4
144.5
140.5
136.1
131.4
123.1
124.3
128.9
133.1
138.6
138.3
136.2
136.2
136.5
135.7
138.4

23.3
19.7
15.4
13.1
10.6
13.6
16.9
18.6
20.2
11.4
13.0
14.7
15.5
16.4
16.3
17.2
17.7
18.9
20.2
17.5
18.0
19.6
20.4
19.6
21.1

91.8
84.4
75.7
89.9
98.6
106.5
106.7
110.2
115.7
103.8
107.2
107.6
107.6
106.8
104.7
107.6
107.7
107.5
111.7
111.5
110.0
110.5
114.4
117.9
119.9

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.

other items, not shown separately.
new computers and peripheral equipment only.
producers’ durable equipment, not shown separately.

BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry

Period

Total
expenditures

Total

Mining
and
construction

Manufacturing

Total

Durable
goods

Nondurable
goods

Transportation

Communications

Utilities

Wholesale
and
retail
trade

Finance,
insurance,
and
real
estate

Services

Serving
multiple
industries

Not
distributed
by
industry

1993 1 ................................

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

1996 4 ................................

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 collected from the 1993 Annual Capital Expenditures Survey.
2 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 80,000 and unemployment fell by 16,000.

[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment

Period

Civilian
noninstitutional
population
NSA

Civilian
labor
force

Nonagricultural
Total

Agricultural

Total

Percent 2

Unemployment

Part time
for
economic
reasons 1

Total

15
weeks
and
over

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

1988 .....................................
1989 .....................................
1990 3 ...................................
1991 .....................................
1992 .....................................
1993 .....................................
1994 4 ...................................
1995 .....................................
1996 .....................................
1997 3 ...................................
1997: Feb ...........................
Mar ..........................
Apr ...........................
May ..........................
June ..........................
July ..........................
Aug ..........................
Sept ..........................
Oct ...........................
Nov ..........................
Dec ...........................

184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
200,591
203,133
202,389
202,513
202,674
202,832
203,000
203,166
203,364
203,570
203,767
203,941
204,098

121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
133,943
136,297
135,689
136,115
136,043
136,060
136,206
136,294
136,404
136,439
136,406
136,864
137,169

114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
126,708
129,558
128,515
129,035
129,275
129,494
129,392
129,661
129,747
129,761
129,910
130,575
130,777

3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,443
3,399
3,340
3,387
3,462
3,418
3,389
3,452
3,379
3,422
3,327
3,384
3,385

111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
123,264
126,159
125,175
125,648
125,813
126,076
126,003
126,209
126,368
126,339
126,583
127,191
127,392

4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,123
3,879
4,075
3,957
4,204
3,853
3,819
3,858
3,832
3,739
3,732
3,689
3,654

6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
6,739
7,174
7,080
6,768
6,566
6,814
6,633
6,657
6,678
6,496
6,289
6,392

1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
2,316
2,062
2,158
2,079
2,088
2,076
2,069
2,128
2,027
2,109
1,990
1,865
1,964

62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
66,647
66,837
66,700
66,398
66,631
66,772
66,794
66,872
66,960
67,131
67,361
67,077
66,929

65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.8
67.1
67.0
67.2
67.1
67.1
67.1
67.1
67.1
67.0
66.9
67.1
67.2

62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
63.2
63.8
63.5
63.7
63.8
63.8
63.7
63.8
63.8
63.7
63.8
64.0
64.1

5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
4.9
5.3
5.2
5.0
4.8
5.0
4.9
4.9
4.9
4.8
4.6
4.7

1998: Jan 3 .........................
Feb ...........................

204,238
204,400

137,493
137,557

131,083
131,163

3,319
3,335

127,764
127,829

3,865
3,743

6,409
6,393

1,811
1,830

66,745
66,844

67.3
67.3

64.2
64.2

4.7
4.6

1 Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
3 Not strictly comparable with earlier data.

4 Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
NOTE.—Data beginning January 1998 reflect new composite estimation procedures and revised population controls. See Employment and Earnings, February 1998, for details.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In February, the unemployment rate fell to 4.6 percent from 4.7 percent in January.

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period

1988 ...........................
1989 ...........................
1990 ...........................
1991 ...........................
1992 ...........................
1993 ...........................
1994 2 .........................
1995 ...........................
1996 ...........................
1997 ...........................
1997: Feb ..................
Mar .................
Apr ..................
May .................
June ................
July .................
Aug .................
Sept .................
Oct ..................
Nov .................
Dec ..................
1998: Jan ..................
Feb ..................
1 Revised
2 Data

12

All
civilian
workers

5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
4.9
5.3
5.2
5.0
4.8
5.0
4.9
4.9
4.9
4.8
4.6
4.7
4.7
4.6

Men
20 years
and over

Women
20 years
and over

4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.6
4.2
4.4
4.4
4.2
3.9
4.2
4.1
4.1
4.1
4.1
3.9
4.1
3.8
3.8

4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
4.8
4.4
4.7
4.7
4.4
4.5
4.4
4.3
4.3
4.3
4.1
4.0
4.0
4.4
4.3

By race
Both
sexes
16–19
years

White

15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
16.7
16.0
17.3
16.5
15.6
15.7
16.5
16.3
16.2
16.4
15.5
15.2
14.3
14.1
14.7

definition; for details, see Employment and Earnings, February 1994.
beginning January 1994 are not directly comparable with data for earlier periods.

4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.7
4.2
4.5
4.4
4.2
4.1
4.3
4.2
4.2
4.2
4.1
3.9
3.9
4.0
3.9

Black
and
other

10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.3
8.8
9.5
9.3
8.9
9.2
8.9
8.4
8.4
8.4
8.2
8.4
8.6
8.3
8.3

By selected groups

Black

11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.5
10.0
11.0
10.5
9.9
10.3
10.3
9.6
9.5
9.6
9.6
9.7
9.9
9.3
9.7

Experienced
wage
and
salary
workers

5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.2
4.7
5.0
4.9
4.7
4.7
4.8
4.6
4.7
4.7
4.5
4.4
4.5
4.5
4.4

Married
men,
spouse
present

3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.0
2.7
2.8
2.8
2.7
2.7
2.7
2.6
2.6
2.6
2.6
2.4
2.6
2.6
2.5

Women
who
maintain
families

Full-time
workers 1

Part-time
workers 1

8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
8.2
8.1
8.8
8.7
7.9
7.9
8.0
7.6
8.0
7.8
7.8
8.1
7.7
7.6
7.6

5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.3
4.8
5.1
5.1
4.8
4.8
4.9
4.8
4.7
4.7
4.7
4.4
4.6
4.5
4.5

6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
5.8
5.5
5.9
5.7
5.6
5.3
5.3
5.4
5.5
5.5
5.3
5.4
5.0
5.4
5.2

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 15–
26 weeks rose; the percentages for 5–14 weeks and for 27 weeks and over fell. The mean duration of unemployment
was unchanged at 15.6 weeks and the median duration fell to 7.2 weeks.

[Monthly data seasonally adjusted, except as noted]
Duration of unemployment

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

15–26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

Weekly average, thousands
1988 ...........................................
1989 ...........................................
1990 ...........................................
1991 ...........................................
1992 ...........................................
1993 ...........................................
1994 3 .........................................
1995 ...........................................
1996 ...........................................
1997 ...........................................
1997: Feb ..................................
Mar .................................
Apr ..................................
May .................................
June ................................
July .................................
Aug .................................
Sept .................................
Oct ..................................
Nov .................................
Dec ..................................
1998: Jan ..................................
Feb ..................................

6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
6,739
7,174
7,080
6,768
6,566
6,814
6,633
6,657
6,678
6,496
6,289
6,392
6,409
6,393

46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
36.4
37.7
36.4
37.3
36.7
38.0
37.4
36.7
38.2
37.0
39.6
38.2
39.4
39.7
41.2

30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.6
31.7
33.1
33.1
32.3
30.9
32.2
31.4
31.6
31.5
29.6
32.3
30.0
31.4
30.0

12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
14.6
14.8
14.6
14.3
15.3
15.8
15.2
15.9
14.2
15.4
14.2
14.2
14.6
12.3
13.4

12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
17.4
15.8
15.9
15.3
15.7
15.3
15.3
16.0
16.0
16.1
16.6
15.2
16.0
16.6
15.3

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.

13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.7
15.8
15.9
15.4
15.4
15.3
15.3
16.5
15.8
15.9
16.3
15.6
16.3
15.6
15.6

5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.3
8.0
8.2
7.9
8.1
7.8
7.9
8.2
7.9
8.1
7.7
7.8
7.7
7.4
7.2

46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
46.6
45.1
43.8
44.6
44.6
44.3
45.7
44.8
45.4
45.0
45.4
45.6
46.7
44.1
43.7

14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.7
11.8
11.2
11.3
11.4
12.1
12.2
12.3
13.5
12.8
11.3
10.3
10.8
12.7
12.3

27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
34.7
34.7
36.3
35.4
35.6
35.0
34.5
34.3
32.8
33.9
34.7
35.2
33.9
35.0
35.5

12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
8.0
8.4
8.7
8.7
8.4
8.6
7.5
8.6
8.4
8.4
8.6
8.8
8.6
8.1
8.5

2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,572
2,595
2,321
2,375
r 2,297
r2,276
r2,262
r2,305
r2,302
r2,300
r2,231
r2,230
r2,247
r2,283
r2,251
2,187

310
330
388
447
408
341
340
357
356
324
311
312
r332
r325
r339
r318
325
r310
r310
r319
r315
r318
309

2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,633
2,650
2,365
3,031
2,929
2,502
2,069
2,214
2,235
2,114
1,977
1,753
2,015
2,435
r2,758
2,777

3 Data beginning January 1994 are not directly comparable with data for earlier periods.
NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).
Seasonally adjusted State insured and initial claims data revised beginning 1985.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 310,000 in February.

[Thousands of wage and salary workers; 1 seasonally adjusted]

Goods-producing industries
Period

1988 .....................
1989 .....................
1990 .....................
1991 .....................
1992 .....................
1993 .....................
1994 .....................
1995 .....................
1996 .....................
1997 r ...................
1997: Feb ...........
Mar ...........
Apr ............
May ...........
June ..........
July ...........
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec r ..........
1998: Jan r ..........
Feb p .........

Total
nonagricultural
employment

105,209
107,884
109,403
108,249
108,601
110,713
114,163
117,191
119,523
122,259
121,162
121,344
121,671
121,834
122,056
122,440
122,492
122,792
123,083
123,512
123,866
124,241
124,551

Service-producing industries

Manufacturing
Total 2

25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,265
24,431
24,739
24,653
24,670
24,667
24,702
24,714
24,713
24,765
24,771
24,814
24,888
24,995
25,132
25,169

Construction

5,098
5,171
5,120
4,650
4,492
4,668
4,986
5,160
5,400
5,629
5,604
5,609
5,599
5,628
5,622
5,625
5,637
5,642
5,650
5,682
5,747
5,839
5,880

Total

19,314
19,391
19,076
18,406
18,104
18,075
18,321
18,524
18,457
18,537
18,475
18,489
18,495
18,498
18,518
18,514
18,555
18,553
18,590
18,634
18,674
18,719
18,717

Durable
goods

Nondurable
goods

11,363
11,394
11,109
10,569
10,277
10,221
10,448
10,683
10,766
10,915
10,836
10,848
10,856
10,864
10,891
10,910
10,957
10,952
10,985
11,020
11,048
11,092
11,100

7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,841
7,691
7,622
7,639
7,641
7,639
7,634
7,627
7,604
7,598
7,601
7,605
7,614
7,626
7,627
7,617

1 Includes all full- and part-time wage and salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample

14

Total

80,084
82,630
84,497
84,504
85,370
87,361
90,256
92,925
95,092
97,520
96,509
96,674
97,004
97,132
97,342
97,727
97,727
98,021
98,269
98,624
98,871
99,109
99,382

Transportation and
public
utilities

5,512
5,614
5,777
5,755
5,718
5,811
5,984
6,132
6,261
6,425
6,376
6,405
6,421
6,431
6,434
6,443
6,289
6,473
6,497
6,495
6,478
6,529
6,563

Wholesale
trade

6,030
6,187
6,173
6,081
5,997
5,981
6,162
6,378
6,483
6,657
6,593
6,611
6,622
6,630
6,634
6,664
6,675
6,687
6,712
6,729
6,746
6,779
6,794

Retail
trade

19,023
19,475
19,601
19,284
19,356
19,773
20,507
21,187
21,625
22,136
21,922
21,945
22,029
22,026
22,079
22,159
22,189
22,215
22,258
22,403
22,450
22,462
22,477

Finance,
insurance,
Services
and real
estate

6,630
6,668
6,709
6,646
6,602
6,757
6,896
6,806
6,899
7,053
6,980
6,992
7,019
7,029
7,034
7,058
7,068
7,082
7,108
7,132
7,151
7,163
7,190

25,504
26,907
27,934
28,336
29,052
30,197
31,579
33,117
34,377
35,595
35,091
35,176
35,334
35,451
35,522
35,684
35,702
35,850
35,945
36,102
36,276
36,401
36,547

Government
Total

17,386
17,779
18,304
18,402
18,645
18,841
19,128
19,305
19,447
19,654
19,547
19,545
19,579
19,565
19,639
19,719
19,804
19,714
19,749
19,763
19,770
19,775
19,811

Federal

2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,757
2,700
2,716
2,709
2,708
2,703
2,694
2,689
2,690
2,680
2,687
2,694
2,689
2,675
2,680

of the working-age population, whereas the estimates in this table are based on reports from
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted only once—as employed, unemployed, or not in the labor force.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.

AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours

Average gross hourly earnings

Manufacturing
Period

1988 ........................
1989 ........................
1990 ........................
1991 ........................
1992 ........................
1993 ........................
1994 ........................
1995 ........................
1996 ........................
1997 ........................
1997: Feb ..............
Mar .............
Apr .............
May .............
June ............
July .............
Aug ..............
Sept .............
Oct ..............
Nov ..............
Dec r ............
1998: Jan r ............
Feb p ............

Total
private
nonagricultural 1

34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
34.4
34.6
34.8
34.8
34.5
34.5
34.6
34.4
34.6
34.5
34.5
34.8
34.6
34.8
34.9

Total

41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.6
41.6
42.0
41.9
42.1
42.1
42.0
41.8
41.8
41.8
41.9
42.0
42.1
42.2
42.1
42.0

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
4.5
4.8
4.7
4.9
4.9
4.8
4.6
4.7
4.7
4.7
4.8
4.9
4.9
4.9
4.7

Current
dollars

$9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.43
11.81
12.26
12.10
12.14
12.14
12.19
12.23
12.24
12.31
12.35
12.40
12.48
12.48
12.52
12.60

1982
dollars 2

$7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.39
7.43
7.54
7.48
7.50
7.49
7.52
7.54
7.53
7.56
7.56
7.58
7.62
7.62
7.64
7.69

Total private
nonagricultural 1
Manufacturing

$10.19
10.48
10.83
11.18
11.46
11.74
12.07
12.37
12.78
13.17
13.03
13.07
13.07
13.11
13.12
13.11
13.20
13.22
13.35
13.37
13.39
13.37
13.43

1 Also

Percent change from
a year earlier, total
private nonagricultural 3

Current dollars

Current
dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

$322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.34
406.26
424.20
421.08
422.47
418.83
420.56
423.16
421.06
425.93
426.08
427.80
434.30
431.81
435.70
439.74

$266.79
264.22
259.47
255.40
254.99
254.87
256.73
255.07
255.51
260.89
260.25
260.95
258.54
259.44
260.73
259.11
261.47
260.92
261.49
265.30
263.62
266.00
268.46

$418.81
429.68
441.86
455.03
469.86
486.04
506.94
514.59
531.65
553.14
545.96
550.25
550.25
550.62
548.42
548.00
551.76
553.92
560.70
562.88
565.06
562.88
564.06

$495.73
513.17
526.01
533.40
537.70
553.63
573.00
587.00
602.94
622.40
612.65
614.62
616.95
626.85
617.27
622.44
618.76
625.51
625.46
617.98
634.77
644.73
642.16

$183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.47
230.11
241.03
238.91
240.08
238.71
239.29
239.87
239.62
243.28
242.50
244.49
245.65
245.94
248.24
249.97

Current
dollars

1982
dollars

¥0.9
¥1.0
¥1.8
¥1.6
¥.2
¥.0
.7
¥.6
.2
2.1
2.1
2.7
2.2
2.3
1.4
1.8
2.2
1.0
2.3
3.4
1.6
3.5
3.3

3.0
3.8
3.3
2.5
2.7
2.8
3.3
2.2
3.0
4.4
5.2
5.4
4.6
4.4
3.6
3.9
4.4
3.1
4.3
5.2
3.1
4.9
4.4

3 Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.

includes other private industry groups shown on p. 14.
dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI–W) (on a 1982=100 base).
2 Current

EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

....................................................................
....................................................................
....................................................................
....................................................................
....................................................................
....................................................................
....................................................................
...................................................................
....................................................................
....................................................................

97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.7
130.6
135.1

98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
127.3
132.3

1994: Mar ...................................................................
June ..................................................................
Sept ...................................................................
Dec ....................................................................
1995: Mar ...................................................................
June ..................................................................
Sept ...................................................................
Dec ....................................................................
1996: Mar ...................................................................
June ..................................................................
Sept ...................................................................
Dec ....................................................................
1997: Mar ...................................................................
June ..................................................................
Sept ...................................................................
Dec ....................................................................

120.8
121.8
122.8
123.6
124.4
125.2
126.0
126.9
127.7
128.8
129.7
130.6
131.4
132.5
133.6
135.2

117.1
118.1
119.0
119.8
120.6
121.5
122.4
123.2
124.4
125.5
126.4
127.4
128.5
129.7
130.9
132.5

Benefits 1

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.6
3.1
3.4

4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
3.4
3.9

Benefits 1

Not seasonally adjusted
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

96.7
102.6
109.4
116.2
122.2
128.3
133.0
135.9
138.6
141.8

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

0.5
.9
.8
.7
.7
.7
.7
.7
1.0
.9
.7
.8
.9
.9
.9
1.2

1.1
.9
1.0
.5
.3
.5
.5
.5
0
.7
.5
.7
0
.7
.5
1.1

Seasonally adjusted

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.

130.3
131.5
132.8
133.5
133.9
134.6
135.3
136.0
136.0
137.0
137.7
138.7
138.7
139.7
140.4
141.9

0.8
.8
.8
.7
.6
.6
.6
.7
.6
.9
.7
.7
.6
.8
.8
1.2

6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.2
2.0
2.3

Not seasonally adjusted
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.6
2.7
2.9
2.9
3.1
3.0
2.9
3.2
3.4

2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.2
3.4
3.3
3.4
3.4
3.3
3.6
3.9

4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.2
1.6
1.7
1.8
2.0
2.0
2.0
2.0
2.3

Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.

15

PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector

Nonfarm
business
sector

Output 1
Business
sector

Hours of all
persons 2

Nonfarm
business
sector

Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1989 ...........................
1990 ...........................
1991 ...........................
1992 ...........................
1993 ...........................
1994 ...........................
1995 ...........................
1996 ...........................
1997 r* .......................

95.4
96.1
96.7
100.0
100.2
100.6
100.5
102.6
104.5

95.7
96.2
96.9
100.0
100.1
100.5
100.7
102.6
104.3

97.8
98.6
96.9
100.0
102.7
107.0
109.5
113.3
118.4

98.1
98.8
97.1
100.0
103.0
107.0
109.8
113.6
118.7

102.5
102.6
100.2
100.0
102.6
106.3
108.9
110.4
113.3

102.5
102.7
100.2
100.0
102.8
106.4
109.0
110.7
113.7

85.8
90.7
95.1
100.0
102.6
104.3
106.9
111.1
115.4

85.8
90.6
95.1
100.0
102.3
104.1
106.7
110.8
115.0

1994: I ......................
II .....................
III ...................
IV ....................

100.7
100.7
100.5
100.7

100.6
100.7
100.4
100.7

105.2
106.9
107.3
108.5

105.2
106.9
107.3
108.6

104.5
106.1
106.7
107.7

104.6
106.1
106.8
107.8

104.1
104.0
104.4
105.0

103.8
103.9
104.2
104.9

1995: I .....................
II ....................
III ..................
IV ...................

100.1
100.3
100.6
101.2

100.3
100.5
100.8
101.4

108.7
108.7
109.8
110.7

108.9
108.9
110.2
111.0

108.6
108.3
109.2
109.3

108.6
108.4
109.3
109.5

105.7
106.5
107.3
108.3

105.5
106.3
107.1
108.1

1996: I .....................
II ....................
III ..................
IV ...................

102.0
102.8
102.6
103.1

102.1
102.8
102.6
103.1

111.4
113.2
113.5
115.0

111.7
113.5
113.8
115.3

109.2
110.1
110.6
111.5

109.4
110.4
110.9
111.9

109.3
110.8
111.8
112.7

109.1
110.5
111.4
112.3

1997: I .....................
II ....................
III ..................
IV r* ................

103.5
104.1
105.0
105.5

103.4
104.0
104.9
105.3

116.6
117.8
118.8
120.3

116.9
118.0
119.1
120.6

112.7
113.1
113.1
114.0

113.1
113.5
113.5
114.5

113.8
114.7
115.9
117.5

113.5
114.4
115.5
117.0

97.1
97.4
97.9
100.0
99.6
98.7
98.4
99.3
100.9

97.1
97.3
97.9
100.0
99.3
98.5
98.3
99.1
100.6

89.9
94.4
98.3
100.0
102.4
103.7
106.3
108.3
110.5

89.7
94.1
98.1
100.0
102.2
103.6
106.0
108.0
110.2

90.4
94.1
97.7
100.0
102.5
104.8
107.2
109.2
111.1

90.0
93.8
97.6
100.0
102.5
104.9
107.3
109.1
111.0

99.5

r 99.3

r 98.8

98.7
98.1
98.2

103.3
103.2
103.9
104.3

103.2
103.1
103.8
104.2

103.9
104.4
105.1
105.8

103.8
104.5
105.3
106.0

98.3
98.6

105.5
106.1
106.7
107.0

105.2
105.8
106.3
106.7

106.5
107.0
107.4
107.8

106.8
107.2
107.5
107.8

98.7
99.1
99.3
99.3

107.2
107.8
108.9
109.3

106.9
107.5
108.6
109.0

108.4
108.9
109.6
110.0

108.4
108.8
109.4
109.8

r 99.8
100.2
100.7
101.4

110.0
110.2
110.4
111.4

109.8
110.0
110.1
111.0

110.6
111.0
111.3
111.5

110.5
110.9
111.2
111.5

98.3
98.3
98.2
98.2
98.4
r 98.7
98.9
r 99.3

99.6
99.6
r 100.1

100.5
101.1
101.9

98.1
r 98.0

Percent change; quarterly data at seasonally adjusted annual rates
1989 ...........................
1990 ...........................
1991 ...........................
1992 ...........................
1993 ...........................
1994 ...........................
1995 ...........................
1996 ..........................
1997 * .........................

0.8
.7
.7
3.4
.2
.4
¥.0
2.0
1.9

0.6
.5
.7
3.2
.1
.4
.2
1.9
1.7

3.4
.8
¥1.7
3.2
2.7
4.1
2.3
3.5
4.5

3.2
.7
¥1.8
3.0
3.0
3.9
2.6
3.5
4.5

2.5
.1
¥2.3
¥.2
2.6
3.7
2.4
1.4
2.6

2.6
.2
¥2.5
¥.2
2.8
3.5
2.4
1.6
2.7

2.8
5.7
4.8
5.2
2.6
1.6
2.5
3.9
3.9

2.7
5.5
4.9
5.2
2.3
1.7
2.5
3.8
3.8

1993: I .....................
II ....................
III ..................
IV ...................

¥3.8
¥1.3
.8
4.3

¥4.0
¥1.8
1.7
3.3

¥1.2
2.7
2.8
7.1

¥.8
2.6
3.9
6.1

2.8
4.0
2.0
2.7

3.3
4.5
2.2
2.7

2.5
2.5
1.8
1.6

1.9
2.0
1.6
1.7

1994: I .....................
II ....................
III ..................
IV ...................

¥.9
0
¥.8
.6

¥1.0
.6
¥1.2
1.1

2.6
6.4
1.5
4.5

1.6
6.6
1.5
5.0

3.5
6.4
2.3
3.9

2.7
5.9
2.6
3.8

3.0
¥.2
1.6
2.4

3.3
.3
1.2
2.7

1995: I .....................
II ....................
III ..................
IV ...................

¥2.3
.9
1.0
2.6

¥1.8
.8
1.4
2.2

.8
.2
4.2
3.0

1.2
.2
4.6
3.0

3.1
¥.8
3.1
.4

3.1
¥.7
3.1
.7

2.4
3.2
3.0
3.9

2.3
3.1
3.1
3.7

1996: I .....................
II ....................
III ..................
IV ...................

3.1
3.1
¥.7
2.0

2.8
2.9
¥.7
1.9

2.8
6.6
.9
5.4

2.6
6.8
1.0
5.4

¥.3
3.4
1.6
3.3

¥.3
3.8
1.7
3.5

3.7
5.5
3.6
3.4

3.9
5.1
3.3
3.4

1997: I .....................
II ....................
III ..................
IV r* ................

1.6
2.2
3.5
1.8

1.1
2.3
3.6
1.6

5.9
3.9
3.6
5.0

5.6
3.8
3.7
5.1

4.2
1.6
.1
3.2

1 Output refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers
(CPI–U). Seasonally adjusted CPI–U data revised beginning 1993.
5 Current dollar gross domestic output divided by the output index.

16

4.5
1.5
.1
3.5

4.1
3.1
4.2
5.5

4.3
3.2
3.8
5.2

¥1.9
.3
.6
2.1
¥.4
¥.9
¥.3
.9
1.6

¥2.0
.1
.7
2.1
¥.7
¥.8
¥.3
.8
1.5

1.9
5.0
4.1
1.7
2.4
1.2
2.6
1.8
2.0

2.1
5.0
4.2
1.9
2.2
1.4
2.4
1.9
2.1

4.2
4.0
3.8
2.4
2.5
2.2
2.3
1.9
1.7

4.2
4.2
4.1
2.4
2.5
2.3
2.3
1.7
1.7

r ¥.4

r ¥.9

r ¥.5

¥.9
¥.3
¥1.5

6.6
3.9
1.0
¥2.6

6.1
3.9
¥.1
¥1.5

3.5
2.1
1.6
2.7

3.8
1.7
1.5
2.6

3.9
¥.2
2.4
1.8

4.4
¥.2
2.4
1.5

2.0
2.1
2.7
2.5

2.1
2.5
3.2
2.4

4.8
2.3
2.0
1.2

4.2
2.3
1.7
1.4

2.9
1.6
1.7
1.3

3.1
1.5
1.2
1.0

.7
2.3
4.4
1.4

1.0
2.2
4.0
1.5

2.3
2.1
2.4
1.7

2.3
1.7
2.0
1.7

2.5
.9
.7
3.7

3.1
.9
.2
3.5

2.0
1.5
1.1
.9

2.4
1.4
1.2
1.0

¥.1
¥1.6
r 1.1

r 1.3

r ¥2.7

r ¥2.2

¥2.1
¥.1

¥2.4
r .2

r ¥.2

r ¥.3

r ¥.1

r ¥.3

.9
1.4

1.0
1.2

r .6

r .7

r 1.7

r 1.3

r 1.2

r .8

0

.0

r 1.9

r 2.0

r 1.8

r 1.8

r 2.2

1.8
3.1

3.4

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released February 27, 1998. Other data for 1997: IV shown elsewhere in this issue were released March 26, 1998.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production was unchanged in February; capacity utilization fell.

[Monthly data seasonally adjusted]
Total industrial production
Percent
Period

1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

Index,
1992=100

From
preceding
month

Industry production indexes, 1992=100

change 1
From
year
earlier

Capacity utilization
rate, percent 2

Manufacturing

Total

Durable

Nondurable

Mining

Utilities

Total
industry

Manufacturing

...........................................
...........................................
...........................................
...........................................
...........................................
...........................................
...........................................
...........................................
...........................................
..........................................

97.4
99.1
98.9
97.0
100.0
103.6
109.2
114.5
118.5
124.5

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............

4.5
1.8
¥.2
¥2.0
3.1
3.6
5.4
4.9
3.5
5.0

97.1
99.0
98.5
96.2
100.0
103.8
110.0
116.0
120.2
127.0

98.1
100.5
99.0
95.5
100.0
105.7
114.4
123.9
131.7
142.3

96.0
97.3
97.9
97.0
100.0
101.7
105.2
107.4
108.0
r111.1

104.7
103.2
104.8
102.6
100.0
100.1
102.6
102.3
103.9
r106.0

93.9
97.1
98.3
100.4
100.0
103.9
105.3
109.0
112.5
112.6

84.0
84.1
82.3
79.3
80.2
81.3
83.1
83.4
82.4
82.7

83.8
83.6
81.4
77.9
79.4
80.5
82.5
82.8
81.4
81.7

1997: Feb .................................
Mar .................................
Apr .................................
May ................................
June ...............................
July ................................
Aug .................................
Sept ................................
Oct .................................
Nov r ...............................
Dec r ...............................

122.1
122.5
123.1
123.3
123.5
124.5
125.2
125.6
126.5
127.5
127.9

0.6
.3
.5
.2
.2
.8
.6
.3
.8
.8
.3

4.6
5.3
4.7
4.3
3.9
4.7
5.0
5.0
5.8
5.8
5.7

124.4
124.9
125.4
125.7
126.1
126.9
127.9
128.0
129.1
130.4
130.9

137.8
138.7
139.5
140.1
141.2
142.4
144.3
144.4
145.5
147.7
148.4

110.4
110.5
110.8
110.7
110.5
110.9
111.0
111.3
112.2
112.6
112.9

106.0
106.7
105.5
106.7
105.7
106.5
106.3
106.5
105.9
106.1
105.5

110.3
109.6
112.5
111.8
110.9
113.8
113.0
115.1
116.9
115.3
114.9

82.6
82.5
82.6
82.4
82.3
82.6
82.8
82.7
83.0
83.3
83.2

81.7
81.6
81.6
81.4
81.3
81.5
81.8
81.6
81.9
82.3
82.3

1998: Jan r ...............................
Feb p ...............................

128.0
128.1

.1
.0

5.6
4.9

131.3
131.3

148.8
148.9

113.4
113.2

107.1
106.8

111.3
112.3

83.0
82.7

82.2
81.8

1 Percent
2 Output

changes based on unrounded indexes.
as percent of capacity.

Source: Board of Governors of the Federal Reserve System.

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1992=100; monthly data seasonally adjusted]
Products

Materials

Final products

Intermediate products

Consumer goods

Equipment

Period
Total
Total

Durable
goods

Nondurable
goods

Total 1

Business

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total

Energy

1988 .................................................................
1989 .................................................................
1990 .................................................................
1991 .................................................................
1992 .................................................................
1993 .................................................................
1994 .................................................................
1995 .................................................................
1996 .................................................................
1997r ...............................................................

97.9
99.9
99.5
97.7
100.0
103.4
107.5
111.3
114.6
119.6

96.7
97.7
97.3
97.0
100.0
103.0
107.1
109.9
111.8
114.4

99.8
101.3
98.0
93.0
100.0
109.2
119.5
121.6
125.8
131.3

95.9
96.7
97.1
98.1
100.0
101.5
104.0
106.9
108.3
110.2

99.9
103.7
103.2
98.8
100.0
104.1
108.1
113.8
119.6
128.8

93.5
98.8
98.2
95.7
100.0
105.8
112.5
121.5
129.7
141.9

117.1
117.4
115.9
106.7
100.0
93.8
86.9
81.4
76.9
75.2

102.5
102.9
101.9
97.5
100.0
102.5
106.3
108.3
110.8
115.1

106.3
105.5
102.9
96.2
100.0
103.4
110.6
112.6
117.4
121.7

100.3
101.3
101.4
98.3
100.0
101.9
103.7
105.7
106.9
111.1

95.1
97.0
97.2
95.9
100.0
104.1
112.3
120.8
126.2
134.1

98.5
99.5
100.6
100.8
100.0
99.6
101.4
102.6
103.5
103.9

1997: Feb .......................................................
Mar .......................................................
Apr .......................................................
May ......................................................
June .....................................................
July ......................................................
Aug .......................................................
Sept .....................................................
Oct .......................................................
Nov r .....................................................
Dec r .....................................................

117.2
117.9
118.0
118.6
118.6
119.2
120.5
120.3
121.5
122.5
122.3

113.1
113.4
113.4
113.9
113.5
113.9
114.6
114.5
115.9
116.7
116.2

129.4
130.7
127.4
128.8
129.8
128.1
132.1
131.9
131.4
136.5
134.7

109.0
109.1
109.9
110.1
109.4
110.3
110.3
110.2
112.1
111.8
111.6

124.6
125.8
126.0
126.8
127.7
128.6
130.9
130.6
131.3
132.8
133.3

136.5
137.5
137.9
139.0
140.2
141.6
144.6
144.4
145.5
147.5
148.4

75.6
75.7
75.4
75.6
76.0
74.9
75.0
74.7
74.7
74.5
74.5

114.1
114.1
114.7
114.9
114.7
114.6
115.3
115.2
116.3
117.3
117.3

121.7
122.3
121.8
122.2
122.2
121.2
122.7
120.4
121.3
123.6
122.8

109.6
109.2
110.6
110.6
110.2
110.6
111.0
112.2
113.4
113.5
114.1

131.0
131.3
132.5
132.4
133.0
134.9
134.9
136.1
136.7
137.7
138.7

103.8
103.4
103.7
103.7
103.2
104.6
103.9
105.5
104.7
103.9
103.9

1998: Jan r .....................................................
Feb p .....................................................

122.7
122.6

116.8
116.5

135.9
135.3

112.1
111.9

133.2
133.5

147.5
147.3

75.4
76.4

116.9
117.4

123.8
124.3

112.9
113.3

138.9
139.0

103.5
103.3

1 Includes

oil and gas well drilling and manufactured homes, not shown separately.

[1992=100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total

Iron
and
steel

Fabricated
metal
products

Industrial
machinery and
equipment

Electrical
machinery

Nondurable manufactures
Transportation
equipment

Total

Motor
vehicles
and
parts

Lumber
and
products

Apparel
products

Printing
and
publishing

Chemicals
and
products

Foods

1988 ...............................................................
1989 ...............................................................
1990 ...............................................................
1991 ...............................................................
1992 ...............................................................
1993 ...............................................................
1994 ...............................................................
1995 ...............................................................
1996 ...............................................................
1997 r .............................................................

106.2
104.9
104.0
96.7
100.0
105.7
113.4
117.2
118.9
124.4

107.6
106.2
106.4
96.0
100.0
107.1
113.7
117.7
117.6
122.7

106.1
104.8
101.2
96.2
100.0
104.4
112.2
116.6
119.6
122.9

97.1
103.0
100.1
95.4
100.0
109.9
124.8
142.7
155.3
171.4

82.5
85.8
87.7
89.6
100.0
110.7
133.2
170.9
199.3
231.5

101.1
105.1
102.3
96.5
100.0
103.8
107.1
105.7
106.5
115.6

100.2
101.2
95.3
88.5
100.0
113.6
129.8
131.0
130.2
137.2

105.1
104.3
101.6
94.5
100.0
100.8
105.9
107.8
111.8
114.9

103.5
100.3
97.2
97.8
100.0
102.4
106.5
107.1
102.2
99.6

103.4
103.5
103.1
99.1
100.0
100.6
100.7
101.5
101.5
104.8

92.2
95.1
97.3
96.4
100.0
101.4
104.7
107.5
110.5
115.3

94.9
95.9
97.0
98.4
100.0
102.0
103.7
106.8
107.3
109.6

1997: Feb .....................................................
Mar .....................................................
Apr .....................................................
May ....................................................
June ...................................................
July ....................................................
Aug .....................................................
Sept ...................................................
Oct .....................................................
Nov r ...................................................
Dec r ...................................................

121.6
121.8
122.3
124.2
124.9
125.2
125.5
125.9
127.4
128.9
126.9

119.9
119.6
121.2
123.9
122.6
122.2
121.8
124.5
126.4
127.0
125.3

121.7
122.1
122.5
122.7
121.9
122.4
122.8
122.7
124.4
124.7
125.7

164.0
165.1
167.8
168.0
168.8
172.2
175.9
173.7
176.5
177.7
178.8

217.4
220.8
223.7
226.3
229.7
235.5
236.8
237.5
240.8
247.4
249.9

111.4
112.3
110.7
110.8
113.0
112.2
117.0
118.8
118.3
121.6
123.4

133.3
134.0
129.7
129.2
132.5
130.0
138.9
141.2
139.6
145.9
146.6

114.2
114.9
115.9
116.4
117.0
116.1
115.4
113.3
112.9
117.0
114.2

99.5
100.1
99.8
99.8
99.6
99.7
99.1
99.1
99.3
98.6
99.3

103.3
103.6
104.4
104.5
104.1
104.1
104.4
105.1
106.7
107.4
106.9

114.6
113.6
115.2
114.5
114.6
114.3
114.5
115.6
116.7
116.5
118.5

109.4
110.0
109.2
109.2
108.8
110.0
108.9
108.6
109.2
110.9
111.0

1998: Jan r ...................................................
Feb p ...................................................

128.4
127.8

127.5
127.1

125.6
125.4

180.1
180.6

252.1
254.4

123.0
121.6

144.9
141.8

113.4
114.4

98.9
98.0

106.2
105.9

119.0
119.6

112.5
112.2

Source: Board of Governors of the Federal Reserve System.

18

NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3

Private
Period

Total new
construction
expenditures

Residential
Total

New housing
units

Total 1

Commercial
and industrial 2

Other

Federal
and
State
and
local

Total value
index
(1992=100)

Commercial
and industrial
floor space
(millions of
square feet)

Billions of dollars
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................
........................................

455.6
469.8
468.5
424.2
452.1
478.6
519.9
534.1
568.6
600.9

360.9
371.6
361.1
314.1
336.2
362.7
399.4
406.8
437.1
462.1

198.1
196.6
182.9
157.8
187.8
210.5
238.9
230.7
247.2
260.1

1997: Jan ..............................
Feb ..............................
Mar ..............................
Apr ..............................
May .............................
June ............................
July .............................
Aug ..............................
Sept .............................
Oct ...............................
Nov ..............................
Dec ...............................

577.1
592.4
593.9
596.9
595.8
594.2
603.0
603.7
605.7
611.8
611.3
614.6

444.4
452.0
452.7
457.6
459.9
456.9
464.3
465.2
468.8
469.6
470.3
474.7

246.7
251.4
254.0
259.9
259.7
257.3
258.8
260.0
263.8
265.7
267.5
271.0

1998: Jan p .............................
Feb ...............................

619.1
....................

480.1
....................

273.8
....................

138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.9
179.4
185.5

109.6
118.0
119.4
93.7
82.2
84.4
93.3
107.9
118.8
124.5

53.2
57.1
58.8
62.6
66.2
67.8
67.2
68.2
71.1
77.5

94.7
98.2
107.5
110.1
115.8
116.0
120.5
127.3
131.5
138.7

104
108
98
92
100
108
118
121
131
r 139

178.3
183.4
184.1
185.2
185.3
182.8
182.9
183.8
186.7
189.9
190.0
193.3

126.8
128.2
124.5
118.3
122.3
123.4
127.8
126.1
124.6
124.3
123.6
123.7

70.9
72.5
74.2
79.4
77.9
76.3
77.7
79.1
80.5
79.6
79.2
80.0

132.7
140.3
141.2
139.3
135.9
137.3
138.7
138.4
136.9
142.2
141.1
139.9

134
137
r 138
144
145
143
140
139
139
r 138
r 140
r 140

771
843
772
834
853
......................
......................
......................
......................
......................
......................
......................

196.0
......................

124.6
....................

81.8
....................

139.0
..................

r 135

......................
......................

Annual rates

1 Includes

residential improvements, not shown separately.
hotels and motels.
Dodge series.

Annual rates

134

Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companies,
Inc., F.W. Dodge Division.

2 Includes
3 F.W.

973
961
783
577
556
589
744
862
875
961

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Period
Total
1988 ........................................
1989 ........................................
1990 ........................................
1991 ........................................
1992 ........................................
1993 ........................................
1994 ........................................
1995 ........................................
1996 ........................................
1997 r .......................................

New private homes

Units started, by type of structure

1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1,476.8
1,474.0

1 unit
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
1,160.9
1,133.7

2–4 units

5 or more
units

58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
45.2
44.5

348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
270.8
295.8

Units
authorized
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3 1,371.6
1,332.5
1,425.6
1,442.3

Units
completed

Homes
sold

Homes for
sale at end
of period 1

1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
1,412.9
1,400.8

676
650
534
509
610
666
670
667
757
804

368
365
321
284
265
293
336
370
322
281

Vacancy rate
for rental
housing units
(percent) 2
7.7
2 7.4

7.2
7.4
7.4
2 7.3
7.4
7.6
7.8
7.7

Seasonally adjusted annual rates
1997: Jan ...............................
Feb ...............................
Mar ..............................
Apr ...............................
May ..............................
June .............................
July ..............................
Aug ..............................
Sept ..............................
Oct ...............................
Nov ..............................
Dec r .............................

1,394
1,547
1,477
1,480
1,404
1,502
1,461
1,383
1,501
1,529
1,523
1,540

1,138
1,231
1,139
1,134
1,095
1,132
1,144
1,076
1,174
1,124
1,167
1,130

42
42
44
41
34
40
38
43
45
64
40
62

214
274
294
305
275
330
279
264
282
341
316
348

1,395
1,438
1,457
1,442
1,432
1,402
1,414
1,397
1,460
1,487
1,440
1,482

1,375
1,570
1,460
1,457
1,387
1,307
1,331
1,335
1,433
1,384
1,432
1,410

811
817
823
762
764
810
808
799
809
805
r 875
810

307
300
288
291
289
288
288
286
284
284
280
281

......................
......................
7.5
......................
......................
7.9
......................
......................
7.9
......................
......................
7.7

1998: Jan r .............................
Feb p ............................

1,543
1,636

1,218
1,270

52
68

273
298

1,526
1,625

1,288
....................

852
893

282
282

......................
......................

1 Seasonally adjusted.
2 Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3 The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.

NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, manufacturing and trade sales were about unchanged, while inventories rose $0.8 billion. According
to advance data, retail sales rose 0.5 percent in February, following a rise of 1.0 percent in January.

Manufacturing and
trade 1

Wholesale

Retail

Inventory-sales
ratio 4

Sales 2
Period
Sales 2

Inventories 3

Sales 2

Inventories 3

Total

Durable
goods
stores

Inventories 3
Nondurable goods
stores

Total

Durable
goods
stores

Nondurable goods
stores

Manufacturing
and
trade 1

Retail

Millions of dollars, seasonally adjusted, except as noted
1988 ...................................
1989 ...................................
1990 ...................................
1991 ...................................
1992 ...................................
1993 ..................................
1994 ..................................
1995 ..................................
1996 ..................................
1997 r .................................
1997: Jan r .......................
Feb .........................
Mar .........................
Apr .........................
May ........................
June .......................
July ........................
Aug .........................
Sept ........................
Oct .........................
Nov .........................
Dec r .......................

497,157
527,039
545,909
542,815
567,176
595,049
637,585
681,597
716,763
751,837

767,222
815,455
840,396
834,287
842,204
867,513
930,049
985,905
1,004,708
1,047,574

134,521
143,760
149,506
148,306
154,150
161,681
172,973
188,811
201,723
210,621

178,801
187,009
195,550
200,062
207,663
215,878
234,893
253,066
256,178
272,529

736,480

1,007,321
1,011,899
1,013,376
1,017,150
1,019,025
1,026,255
1,027,787
1,030,243
1,037,172
1,040,265
1,043,460
1,047,574

207,448
211,801
210,195
209,926
210,008
210,772
211,041
208,336
213,372
212,229
210,919
212,679

257,522
258,088
259,389
258,046
259,029
264,154
262,314
264,899
268,112
268,183
270,004
272,529

r 747,423

745,460
746,769
742,945
750,027
757,485
752,886
762,543
759,880
757,708
764,311

1998: Jan p .......................
764,182 1,048,391 213,341 271,231
Feb p ....................... ................ .................. ................ ................

138,017
146,581
153,718
154,661
162,632
172,732
185,610
193,670
203,775
212,155

85,587
91,818
97,981
100,497
103,999
108,055
112,826
116,585
120,997
125,423

219,047
237,234
239,773
243,275
251,994
267,497
290,128
303,750
314,096
321,454

112,453
121,347
121,105
119,039
122,948
133,624
149,840
159,767
166,152
171,794

106,594
115,887
118,668
124,236
129,046
133,873
140,288
143,983
147,944
149,660

1.49
1.52
1.52
1.53
1.48
1.44
1.41
1.42
1.39
1.37

314,056
315,938
315,427
317,596
316,536
317,278
318,871
316,897
319,908
319,943
319,274
321,454

165,919
167,380
167,444
168,701
167,928
168,696
169,863
168,855
170,573
171,376
170,805
171,794

148,137
148,558
147,983
148,895
148,608
148,582
149,008
148,042
149,335
148,567
148,469
149,660

1.37
1.35
1.36
1.36
1.37
1.37
1.36
1.37
1.36
1.37
1.38
1.37

209,307

85,061

124,246

r 212,655

r 87,813

r 124,842

212,342
209,934
209,370
210,940
213,549
214,372
213,805
213,517
213,834
214,898

87,042
85,472
84,759
85,762
87,228
88,014
87,025
86,863
87,610
89,031

125,300
124,462
124,611
125,178
126,321
126,358
126,780
126,654
126,224
125,867

r 216,955

r 90,228

r 126,727

218,051

90,708

1 See page 21 for manufacturing.
2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.

20

52,430
54,763
55,736
54,165
58,634
64,677
72,784
77,085
82,778
86,731

3 Seasonally

1.50
r 1.49

1.49
1.51
1.51
1.50
1.49
1.48
1.50
1.50
1.49
1.50

322,180 171,087 151,093
1.37
1.49
127,343 ................ ................ ................ ................ ................

adjusted, end of period.
data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
4 Annual

1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.55
1.52
1.50

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS
In January, manufacturers’ shipments fell; inventories and new and unfilled orders rose. In February, according
to advance data, durable goods shipments rose and new orders fell.

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
Nondurable
goods
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1988 ....................................
224,619
1989 ....................................
236,698
1990 ....................................
242,686
1991 ....................................
239,847
1992 ....................................
250,394
1993 ....................................
260,635
1994 ....................................
279,002
1995 ....................................
299,116
1996 ....................................
311,265
r
1997 ...................................
329,061
1997: Jan ..........................
319,725
Feb ..........................
322,967
Mar .........................
322,923
Apr ...........................
326,909
May ..........................
323,567
June .........................
328,315
July ..........................
332,895
Aug ...........................
330,178
Sept .........................
335,366
Oct ...........................
334,064
Nov ..........................
332,955
Dec r .........................
336,734
p
1998: Jan .........................
333,886
Feb p ......................... ................

118,458 106,161 369,374 242,468 126,906 228,270
123,158 113,540 391,212 257,513 133,699 239,572
123,776 118,910 405,073 263,209 141,864 244,507
121,000 118,847 390,950 250,019 140,931 238,805
128,489 121,905 382,547 238,166 144,381 248,212
135,886 124,749 384,138 239,404 144,734 257,698
149,131 129,870 405,028 253,691 151,337 279,733
160,101 139,015 429,089 265,915 163,174 300,353
167,166 144,099 434,434 271,329 163,105 314,197
180,176 148,885 453,591 283,912 169,679 330,989
171,403 148,322 435,743 272,652 163,091 323,864
174,862 148,105 437,873 274,170 163,703 326,537
176,224 146,699 438,560 274,633 163,927 321,146
178,482 148,427 441,508 276,992 164,516 325,544
175,900 147,667 443,460 278,084 165,376 324,042
180,687 147,628 444,823 279,166 165,657 329,554
183,827 149,068 446,602 280,800 165,802 331,138
181,131 149,047 448,447 281,878 166,569 335,040
185,496 149,870 449,152 281,762 167,390 336,264
183,602 150,462 452,139 283,477 168,662 336,631
182,847 150,108 454,182 284,649 169,533 344,833
185,337 151,397 453,591 283,912 169,679 335,807
r 183,005
150,881 454,980 284,950 170,030 337,739
187,104 ................ ................ ................ ................ ................

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.

122,076
126,055
125,583
119,849
126,308
133,081
149,542
161,469
169,963
182,061
175,803
178,872
173,944
177,112
176,443
181,584
181,679
186,195
186,210
186,028
194,741
184,456
r 187,192
184,024

31,108 106,194 474,154
1.57
32,988 113,516 508,849
1.63
33,331 118,924 531,131
1.65
30,471 118,957 519,199
1.65
31,524 121,905 493,184
1.54
31,694 124,617 458,245
1.48
35,697 130,191 467,369
1.41
40,561 138,885 482,605
1.41
43,913 144,234 517,647
1.39
47,600 148,928 541,449
1.35
45,094 148,061 521,786
1.36
46,264 147,665 525,356
1.36
44,505 147,202 523,579
1.36
43,751 148,432 522,214
1.35
44,211 147,599 522,689
1.37
47,211 147,970 523,928
1.35
47,412 149,459 522,171
1.34
47,987 148,845 527,033
1.36
48,625 150,054 527,931
1.34
49,930 150,603 530,498
1.35
58,728 150,092 542,376
1.36
45,924 151,351 541,449
1.35
r 51,954
150,547 545,302
1.36
49,170 ................ ................ ................

3 Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 0.1 percent in February. Prices of finished consumer foods
rose 0.4 percent, while prices of other finished consumer goods fell 0.3 percent. Capital equipment prices fell
0.1 percent.

[1982=100; monthly data seasonally adjusted]
Finished goods
Finished goods excluding consumer foods
Period

Total
finished
goods

Consumer
foods

Consumer goods
Total
Total

1988 ...............
1989 ...............
1990 ...............
1991 ...............
1992 ...............
1993 ...............
1994 ...............
1995 ...............
1996 ...............
1997 p .............
1997: Feb .....
Mar ....
Apr .....
May ....
June ...
July ....
Aug .....
Sept ....
Oct r ....
Nov .....
Dec .....
1998: Jan ......
Feb .....

108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
131.3
131.8
132.6
132.4
131.9
131.7
131.4
131.1
131.3
131.8
131.8
131.7
131.4
130.5
130.4

112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
133.6
134.5
134.3
135.5
134.9
135.4
134.3
133.9
133.8
133.8
134.7
134.2
134.1
133.5
134.1

106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
130.5
130.9
132.0
131.4
130.9
130.5
130.4
130.1
130.4
131.1
130.9
130.8
130.5
129.5
129.2

Durable

103.1
108.9
115.3
118.7
120.8
121.7
121.6
124.0
127.6
128.2
129.6
128.8
128.0
127.6
127.5
127.2
127.5
128.3
128.2
128.1
127.8
126.4
126.0

1 Intermediate materials for food manufacturing and feeds.
NOTE.—Beginning 1998, indexes are based on updated weight allocations.

22

113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.7
134.2
133.8
134.4
134.6
134.4
133.8
133.6
132.9
133.1
133.6
133.7
133.6
133.4
133.1
133.0

Nondurable

97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
123.3
124.3
125.9
124.8
123.8
123.4
123.3
123.2
123.6
124.6
124.3
124.2
123.9
122.1
121.5

Capital
equipment

114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
138.3
138.3
138.5
138.5
138.4
138.2
138.2
138.1
138.1
138.4
138.0
138.1
137.8
137.7
137.6

Total
finished
consumer
goods

106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
129.5
130.2
131.1
131.0
130.2
130.0
129.6
129.3
129.5
130.1
130.3
130.1
129.8
128.7
128.5

Intermediate materials

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

107.1
112.0
114.5
114.4
114.7
116.2
118.5
124.9
125.7
125.6
126.4
126.0
125.6
125.5
125.4
125.2
125.3
125.5
125.4
125.7
125.3
124.5
124.2

109.5
113.8
113.3
111.1
110.7
112.7
114.8
114.8
128.1
125.4
125.1
127.3
127.8
128.3
126.6
124.5
124.0
125.4
122.4
124.3
123.2
119.2
119.1

106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
125.6
125.7
126.5
125.9
125.5
125.4
125.4
125.3
125.4
125.6
125.6
125.8
125.4
124.8
124.5

96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.7
113.8
110.9
116.4
107.4
107.9
109.9
106.9
106.4
106.8
108.2
113.2
114.1
108.2
103.3
100.7

106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
121.5
112.2
112.2
114.1
117.5
116.4
110.9
110.2
109.8
109.5
110.7
110.4
110.4
106.8
106.0

85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
104.5
106.0
114.9
99.0
97.7
101.6
100.3
100.0
101.0
103.4
110.7
112.4
102.7
97.1
93.3

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted; it rose 0.2
percent not seasonally adjusted. The index was 1.4 percent above its year-earlier level.

[1982–84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items 1

Housing

Transportation

Shelter

Period

Rel. imp.3 ........
1988 ................
1989 ................
1990 ................
1991 ................
1992 ................
1993 ................
1994 ................
1995 ................
1996 ................
1997 ................
1997: Feb .....
Mar .....
Apr .....
May .....
June ....
July ....
Aug .....
Sept ....
Oct ......
Nov .....
Dec .....
1998: Jan ......
Feb ......
1 Includes

Not
seasonally
adjusted
(NSA)

Seasonally
adjusted

Food

100.0
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
160.5
159.6
160.0
160.2
160.1
160.3
160.5
160.8
161.2
161.6
161.5
161.3
161.6
161.9

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
159.7
159.8
160.0
160.1
160.4
160.6
160.9
161.3
161.6
161.8
161.9
161.9
162.0

15.3
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
153.3
157.3
156.6
156.4
156.4
156.9
157.2
157.6
158.1
158.3
158.7
158.9
158.9
159.4
159.4

Total 1

Rent
of primary
residence

Owners’
equivalent
rent
(12/
82=
100)

29.8
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
171.0
176.3
173.9
174.3
174.8
175.3
175.8
176.2
176.7
177.0
177.6
178.0
178.7
179.0
179.5

6.9
127.8
132.8
138.4
143.3
146.9
150.3
154.0
157.8
162.0
166.7
164.7
165.1
165.5
166.0
166.5
166.8
167.3
167.8
168.2
168.6
169.1
169.5
169.7

20.2
131.1
137.4
144.8
150.4
155.5
160.5
165.8
171.3
176.8
181.9
179.8
180.2
180.7
181.2
181.7
182.2
182.7
183.0
183.4
183.9
184.5
184.9
185.5

Total 1

39.6
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
152.8
156.8
155.5
155.6
155.8
156.1
156.5
156.8
156.9
157.3
157.7
158.2
158.3
158.4
158.6

items not shown separately.
2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
3 Relative importance, December 1997.

Fuels
and
utilities

4.9
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
127.5
130.8
131.4
130.8
130.1
129.7
130.4
130.6
130.1
130.7
131.0
132.1
130.7
129.1
127.9

Apparel

4.9
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
131.7
132.9
132.5
132.3
133.2
133.3
133.1
133.3
132.6
132.8
132.9
133.0
133.2
132.5
132.7

Total 1

17.6
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
143.0
144.3
145.1
145.1
144.7
143.9
143.6
143.5
144.3
144.7
144.7
143.9
143.5
143.0
142.4

New
cars

............
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
141.4
141.7
142.0
142.1
142.1
141.8
141.8
141.8
141.7
141.5
141.4
141.1
140.7
140.8
140.8

Motor
fuel

3.0
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
106.3
106.2
110.7
108.9
106.6
103.7
102.9
102.1
106.4
107.7
107.0
105.1
103.5
99.7
96.4

Medical
care

5.6
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
228.2
234.6
232.4
233.1
233.7
234.3
234.7
235.0
235.5
235.9
236.3
237.1
237.9
238.2
238.9

Energy 2

7.0
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
110.1
111.5
114.2
112.8
111.0
109.3
109.3
108.9
110.5
111.5
111.3
111.3
109.3
106.7
104.3

All
items
less
food
and
energy

77.7
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
165.6
169.5
168.3
168.6
169.2
169.4
169.7
170.0
170.1
170.4
170.8
171.0
171.4
171.7
172.2

NOTE.—Beginning 1998, the indexes are calculated on a revised basis, using 1993–95 expenditure patterns and updated population weights. In addition, changes have been made to
the item classification and structure. See Bureau of Labor Statistics news release Consumer
Price Index dated February 24, 1998 for details.
Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]

Period

Change from preceding period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Capital
equipment

Excluding
foods

Foods

Change
from year
earlier,
total
finished
goods
NSA

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
.4
¥.5

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.7
.4

Change, Dec. to Dec., NSA
1988 ..........................
1989 ..........................
1990 ..........................
1991 ..........................
1992 ..........................
1993 ..........................
1994 ..........................
1995 ..........................
1996 ..........................
1997 p ........................

4.0
4.9
5.7
¥.1
1.6
.2
1.7
2.3
2.8
¥1.2

5.7
5.2
2.6
¥1.5
1.6
2.4
1.1
1.9
3.4
¥1.0

3.1
5.3
8.7
¥.7
1.6
¥1.4
2.0
2.3
3.7
¥1.5

Change, month to month
1997: Feb .................
Mar ................
Apr ................
May ...............
June ..............
July ...............
Aug ................
Sept ...............
Oct r ...............
Nov ................
Dec ................

¥0.3
¥.2
¥.4
¥.2
¥.2
¥.2
.2
.4
0
r ¥.1
¥.2

¥0.4
.9
¥.4
.4
¥.8
¥.3
¥.1
0
.7
r ¥.4
¥.1

¥0.4
¥.6
¥.6
¥.3
¥.1
¥.2
.2
.6
¥.1
r ¥.1
¥.2

¥0.1
0
¥.1
¥.1
0
¥.1
0
.2
¥.3
r .1
¥.2

0.3
¥1.8
¥3.3
¥2.7
¥3.0
¥2.4
¥1.2
1.2
2.2
1.2
¥1.2

¥4.6
0
0
3.3
¥3.5
¥2.9
¥4.6
¥1.5
2.4
1.2
.9

2.5
¥3.0
¥6.3
¥6.0
¥4.0
¥2.5
¥.3
2.5
3.2
1.9
¥1.5

0.3
0
¥.6
¥.9
¥.9
¥.9
¥.3
.6
¥.3
0
¥1.7

1.7
.9
¥.6
¥1.2
¥2.4
¥2.8
¥2.0
¥.9
¥.2
0
0

0
1.0
¥1.8
¥.7
¥1.8
¥1.5
¥.7
¥2.5
¥.3
¥1.8
¥.3

3.3
1.6
¥.5
¥1.9
¥3.5
¥4.4
¥3.2
¥.8
.3
.8
.5

0
¥.1
0
¥.3
¥.4
¥.7
¥.6
¥.1
¥.6
¥.1
¥.6

2.2
1.5
.8
.4
¥.1
¥.2
¥.2
0
¥.3
¥.6
¥1.2

1998: Jan .................
Feb .................

¥.7
¥.1

¥.4
.4

¥1.1
¥.3

¥.1
¥.1

r ¥3.9

r ¥3.5

r ¥5.5

¥3.9

¥.3

¥6.4

r ¥.9
¥1.4

¥.9
¥1.4

¥.6
.4

¥1.3
¥2.3

¥.6
¥.7

¥1.8
¥1.6

Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent
of primary
residence

Owners’
equivalent
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

Addendum: All items,
percent change
(annual rate)
From
previous
quarter 3

From From From
3
6
year
months months earlier
earlier earlier NSA

Change, December to December, NSA
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

.............................
.............................
.............................
.............................
.............................
.............................
.............................
.............................
.............................
.............................

4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
3.3
1.7

5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
4.3
1.5

4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
2.9
2.4

4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
2.9
3.4

3.6
4.2
4.1
2.9
2.3
2.2
2.5
2.5
2.8
3.1

4.8
5.1
4.8
3.7
3.0
3.2
3.3
3.7
2.8
3.1

2.9
4.7
3.0
2.1 ¥2.1
3.2
1.0
4.0
2.3
6.8
4.0
5.1 10.4
1.4
36.5
2.9
3.4 ¥1.5
3.3 ¥16.0
2.3
1.4
3.0
2.3
1.8
2.5
.9
2.4
2.8 ¥5.4
.2 ¥1.6
3.8
3.2
5.9
1.4
.1
1.5
1.6 ¥4.0
4.6 ¥.2
4.4
1.6
12.7
.5
1.0 ¥1.4 ¥1.0 ¥6.2

6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
3.0
2.8

0.5
5.1
18.1
¥7.4
2.0
¥1.4
2.2
¥1.3
8.6
¥3.4

4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
2.6
2.2

..........
..........
..........
..........
..........
..........
..........
..........
..........
..........

..........
..........
..........
..........
..........
..........
..........
..........
..........
..........

..........
..........
..........
..........
..........
..........
..........
..........
..........
..........

4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
3.0
2.3

0.2
.2
.4
.1
.2
.2
.1
.2
.2
.1
.2

..........
2.0
..........
..........
1.5
..........
..........
1.8
..........
..........
2.3

2.3
1.5
1.5
1.0
1.5
1.5
2.0
2.3
2.5
2.3
1.5

2.9
2.6
2.2
1.6
1.5
1.5
1.5
1.9
2.0
2.1
1.9

3.0
2.8
2.5
2.2
2.3
2.2
2.2
2.2
2.1
1.8
1.7

.2 ..........
.3 ..........

.7
.5

1.6
1.4

1.6
1.4

Change, month to month
1997: Feb ..................
Mar ..................
Apr ..................
May ..................
June .................
July .................
Aug ..................
Sept .................
Oct ...................
Nov ..................
Dec ..................

0.2
.1
.1
.1
.2
.1
.2
.2
.2
.1
.1

1998: Jan ...................
Feb ...................

0
.1

0.4
¥.1
0
.3
.2
.3
.3
.1
.3
.1
0

0.2
.1
.1
.2
.3
.2
.1
.3
.3
.3
.1

0.2
.2
.3
.3
.3
.2
.3
.2
.3
.2
.4

0.2
.2
.2
.3
.3
.2
.3
.3
.2
.2
.3

0.2
0.2
.2 ¥.5
.3 ¥.5
.3 ¥.3
.3
.5
.3
.2
.3 ¥.4
.2
.5
.2
.2
.3
.8
.3 ¥1.1

.3

.1
.1

.2
.3

.2
.1

.2 ¥1.2
.3 ¥.9

0

1 Includes items not shown separately.
2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.

24

0.2 ¥0.1
¥.2
0
.7 ¥.3
.1 ¥.6
¥.2 ¥.2
.2 ¥.1
¥.5
.6
.2
.3
.1
0
.1 ¥.6
.2 ¥.3
¥.5
.2

¥.3
¥.4
3 Quarterly

0
.1
0
¥.2
0
0
¥.1
¥.1
¥.1
¥.2
¥.3

0
¥1.6
¥2.1
¥2.7
¥.8
¥.8
4.2
1.2
¥.6
¥1.8
¥1.5

0.2
.3
.3
.3
.2
.1
.2
.2
.2
.3
.3

0.1
¥1.2
¥1.6
¥1.5
0
¥.4
1.5
.9
¥.2
0
¥1.8

.1

¥3.7
¥3.3

.1
.3

¥2.4
¥2.2

0

changes are shown in the last month of the quarter.

Source: Department of Labor, Bureau of Labor Statistics.

PRICES RECEIVED AND PAID BY FARMERS
In March, prices received by farmers rose 2.0 percent and prices paid by farmers fell 0.9 percent. (Data are
not seasonally adjusted.)

[1990–92=100; not seasonally adjusted]
Prices received by farmers
Period

1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

All farm
products

Prices paid by farmers
Livestock and
products

Crops

All commodities,
services, interest,
taxes, and wage
rates 1

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

................................
................................
................................
................................
................................
................................
................................
................................
................................
................................

99
104
104
100
98
101
100
102
112
107

104
109
103
101
101
102
105
112
126
115

93
100
105
99
97
100
95
92
99
99

91
96
99
100
101
104
106
110
115
116

92
97
99
100
101
102
105
109
114
116

90
95
99
100
101
103
106
109
115
116

108
108
105
99
97
97
94
93
98
92

1997: Mar ......................
Apr ......................
May ......................
June .....................
July ......................
Aug ......................
Sept .....................
Oct .......................
Nov ......................
Dec ......................

108
107
108
108
107
108
107
107
107
105

118
116
117
119
114
116
114
114
115
111

99
100
100
98
100
99
99
97
98
97

117
117
117
117
116
116
116
116
116
116

117
117
117
116
116
115
116
115
115
115

116
117
117
117
116
116
116
115
115
115

92
91
92
92
92
93
92
92
92
91

1998: Jan ......................
Feb ......................
Mar ......................

103

110

94

116

r 101

r 110

r 94

r 116

103

112

95

115

115
115
114

114
113
112

89
87
90

1 Includes

items not shown separately.
2 Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.

NOTE.—The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 grew at a faster rate in February than in January, while M3 growth slowed.

[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
M1

M2

M3

Sum of currency,
demand deposits,
travelers’ checks,
and other
checkable deposits (OCDs)

M1 plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits

M2 plus large
time deposits,
RPs, Eurodollars, and
institutiononly MMMF
balances

.................................
.................................
.................................
.................................
.................................
.................................
.................................
.................................
.................................
.................................

787.0
794.2
825.8
897.3
1,025.0
1,129.9
1,150.7
1,128.7
1,082.8
1,076.0

2,996.4
3,161.0
3,279.6
3,379.9
3,434.7
3,487.5
3,503.0
3,651.2
3,826.1
4,040.2

3,913.1
4,066.3
4,126.8
4,182.1
4,193.5
4,258.9
4,333.6
4,595.6
4,935.5
r 5,375.7

1997: Jan .................................
Feb .................................
Mar .................................
Apr .................................
May ................................
June ...............................
July ................................
Aug .................................
Sept ................................
Oct ..................................
Nov .................................
Dec .................................

1,080.8
1,078.8
1,075.0
1,068.3
1,064.3
1,065.4
1,065.6
1,071.1
1,063.6
1,061.9
1,069.2
1,076.0

3,840.7
3,853.3
3,868.9
3,890.0
3,892.7
3,908.2
3,922.0
3,953.1
3,973.8
3,993.2
4,017.5
4,040.2

4,961.1
4,997.8
5,032.0
5,075.2
5,091.2
5,114.3
5,154.2
5,199.3
5,237.2
r 5,274.4
r 5,325.8
r 5,375.7

r 6,619.6

r 15,153.5

1998: Jan .................................
Feb .................................

1,073.3
1,075.8

r 4,064.6

r 5,423.7

p 6,694.4

p 15,228.1

4,096.1

5,462.2

....................

......................

Period

1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.

26

L

Debt

M3 plus
other liquid
assets

Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month-end
levels) 1

4,663.7
4,893.2
4,977.5
5,008.0
5,081.4
5,173.0
5,315.8
5,702.2
r 6,088.3
r 6,619.6

r 9,458.6
r 10,151.0
r 10,816.8
r 11,290.4
r 11,812.8
r 12,403.1
r 12,998.7
r 13,699.2
r 14,419.9
r 15,153.5

r 6,113.4

r 14,462.7

r 6,160.4

r 14,523.2

r 6,204.1

r 14,587.6

r 6,260.1

r 14,661.3

r 6,290.3

r 14,710.6

r 6,317.3

r 14,743.0

r 6,349.9

r 14,800.4

r 6,406.5

r 14,860.1

r 6,445.0

r 14,919.7

r 6,482.5

r 14,993.7

r 6,553.7

r 15,075.0

Percent change from year or 6
months earlier 2

M1

M2

M3

5.0
.9
4.0
8.7
14.2
10.2
1.8
¥1.9
¥4.1
¥.6

5.8
5.5
3.8
3.1
1.6
1.5
.4
4.2
4.8
5.6

6.5
3.9
1.5
1.3
.3
1.6
1.8
6.0
7.4
8.9

¥5.3
¥3.9
¥3.6
¥2.5
¥3.1
¥3.2
¥2.8
¥1.4
¥2.1
¥1.2
.9
2.0

4.6
4.8
5.0
5.5
4.6
4.3
4.2
5.2
5.4
5.3
6.4
6.8

7.4
8.2
8.3
8.6
8.1
7.2
7.8
8.1
8.2
r 7.8
9.2
10.2

1.4
.9

7.3
7.2

10.5
10.1

NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

Debt

r 9.1
r 7.3

6.6
4.4
r 4.6
r 5.0
r 4.8
r 5.4

5.3
r 5.1

4.5
r 4.6
r 4.8
r 5.0
r 4.7
r 4.5
r 4.7
r 4.6
r 4.6
r 4.5
r 5.0
r 5.6

5.8
............

COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]

Currency

Period

1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Other
Decheckmand
able
depos- deposits
its
(OCDs)

Money market
mutual fund
balances

Retail

Savings
deposits,
including
money
market
Instideposit
tution
accounts
only
(MMDAs)

Small
denomination
time
deposits 1

Large
denomination
time deposits 1

Overnight
and
term
repurchase
agreements
(RPs)
(net)

Overnight
and
term
Eurodollars
(net)

Shortterm
Treasury
securities

Savings
bonds

Bankers’
acceptances

Commercial
paper

.............................
.............................
.............................
.............................
.............................
.............................
.............................
.............................
.............................
.............................

212.3
222.7
246.8
267.3
292.9
322.2
354.3
372.4
394.9
425.5

286.8
279.3
277.4
289.6
339.5
385.2
384.0
391.0
403.6
397.1

280.9
285.3
293.9
332.5
384.4
414.5
403.9
356.4
275.9
245.1

245.9
321.7
357.2
372.2
354.0
355.6
385.0
454.9
522.8
601.6

92.5
110.7
138.8
186.8
209.8
212.6
203.1
253.9
310.3
376.2

926.3
893.7
923.8
1,045.2
1,187.4
1,219.5
1,149.9
1,134.7
1,271.7
1,397.5

1,037.1
1,151.4
1,172.7
1,065.3
868.3
782.6
817.4
933.0
948.8
965.2

518.3
541.5
481.0
416.6
353.5
333.6
363.4
419.6
491.3
581.1

189.0
158.0
138.8
119.5
128.6
158.8
183.3
182.4
194.2
r 234.8

117.0
95.2
88.7
79.3
66.9
66.3
80.8
88.6
113.7
r 143.4

109.4
117.5
126.0
137.9
156.6
171.5
180.2
184.7
186.9
186.4

266.8
324.0
334.1
328.8
344.7
340.6
382.8
469.1
r 455.0
r 439.1

40.2
40.7
36.2
23.9
21.0
14.9
14.1
11.4
12.4
12.1

334.3
344.6
354.4
335.2
365.7
387.1
405.0
441.3
498.5
606.3

1997: Jan .............................
Feb .............................
Mar ............................
Apr .............................
May ............................
June ...........................
July ............................
Aug ............................
Sept ............................
Oct .............................
Nov ............................
Dec .............................

396.9
399.6
401.6
403.5
406.0
408.0
410.5
412.6
415.6
418.3
421.9
425.5

402.2
402.4
402.4
397.3
396.6
398.3
398.4
401.9
391.9
389.6
394.5
397.1

273.2
268.2
262.5
259.1
253.4
251.1
248.4
248.2
247.8
245.8
244.6
245.1

528.4
534.5
541.9
551.4
551.2
556.4
562.5
575.9
587.1
592.1
599.2
601.6

309.9
319.8
325.9
328.5
331.8
338.3
342.7
348.4
356.6
363.4
365.7
376.2

1,281.4
1,288.8
1,300.4
1,317.2
1,320.6
1,325.8
1,331.4
1,343.0
1,359.7
1,374.7
1,384.5
1,397.5

950.1
951.2
951.6
953.1
956.6
960.6
962.5
963.1
963.5
964.4
964.7
965.2

496.6
505.4
516.8
528.8
531.0
538.6
550.5
552.3
559.7
562.3
572.1
581.1

197.2
200.0
198.9
202.4
204.1
199.8
207.4
210.0
209.2
r 218.8
r 233.0
r 234.8

116.8
119.3
121.4
125.5
131.5
129.3
131.7
135.5
137.9
136.8
137.5
r 143.4

186.7
186.6
186.5
186.4
186.3
186.4
186.4
186.4
186.4
186.4
186.4
186.4

r 442.9

12.2
12.8
13.3
12.8
13.0
12.8
12.7
13.0
12.9
13.4
13.0
12.1

510.5
518.7
526.1
534.5
541.1
553.2
563.6
563.2
563.9
571.3
581.3
606.3

1998: Jan .............................
Feb .............................

427.5
431.0

392.7
391.8

244.9
245.0

613.1
627.4

380.8
384.7

1,411.7
1,427.2

966.4
965.6

r 586.7

r 245.1

r 146.4

p 186.3

p 445.1

599.3

239.8

1 Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.

r 444.5
r 446.3
r 451.2
r 458.6
r 450.7
r 433.0
r 444.6
r 444.6
r 437.0
r 447.3
r 439.1

p 12.2
p 627.1
142.2 ............ ............ ............ ..............

NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Reserve System.

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Period
Total

1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Nonborrowed

Nonborrowed
plus
extended
credit

Required

Monetary
base

Total

Seasonal

Extended
credit

............................................................................
............................................................................
............................................................................
............................................................................
............................................................................
............................................................................
............................................................................
............................................................................
............................................................................
............................................................................

40,428
40,522
41,797
45,563
54,383
60,545
59,404
56,386
50,063
47,196

38,712
40,257
41,471
45,371
54,260
60,463
59,195
56,129
49,908
46,872

39,957
40,277
41,494
45,371
54,260
60,463
59,195
56,129
49,908
46,872

39,381
39,600
40,132
44,584
53,228
59,482
58,236
55,109
48,639
45,513

257,037
267,785
293,255
317,474
351,116
386,610
418,182
434,230
452,471
480,575

1,716
265
326
192
124
82
209
257
155
324

130
84
76
38
18
31
100
40
68
79

1,244
20
23
1
1
0
0
0
0
0

1997: Feb ............................................................................
Mar ............................................................................
Apr .............................................................................
May ............................................................................
June ...........................................................................
July ............................................................................
Aug .............................................................................
Sept ............................................................................
Oct .............................................................................
Nov .............................................................................
Dec ............................................................................

49,008
48,312
47,430
47,048
47,108
46,885
47,414
46,666
46,454
46,865
47,196

48,966
48,155
47,170
46,805
46,741
46,476
46,816
46,229
46,184
46,712
46,872

48,966
48,155
47,170
46,805
46,741
46,476
46,816
46,229
46,184
46,712
46,872

47,977
47,151
46,420
45,808
45,828
45,683
46,161
45,371
45,058
45,248
45,513

455,651
457,011
458,178
459,575
461,719
464,460
467,017
469,676
472,345
476,640
480,575

42
156
261
243
367
409
598
438
270
153
324

21
37
88
173
243
330
385
368
227
115
79

0
0
0
0
0
0
0
0
0
0
0

1998: Jan .............................................................................
Feb p ...........................................................................

46,364
45,815

46,154
45,757

46,154
45,757

r 44,584

482,912
484,317

210
58

18
12

0
0

1 Data

are prorated averages of biweekly (maintenance period) averages of daily figures.

44,297

Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.9 percent in February; commercial and industrial loans also rose
0.9 percent.

[Billions of dollars, seasonally adjusted 1]
Securities in bank credit
Period

1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:

Total
bank
credit

Total
securities

Loans and leases in bank credit

U.S.
Total loans CommerGovernOther
and
cial and
ment
securities
leases 2
industrial
securities

Real estate
Total

Revolving
home
equity

Consumer

Security

Other

Other

Dec ....................
Dec ...................
Dec ...................
Dec ....................
Dec ...................
Dec ...................
Dec ...................
Dec ...................
Dec ....................
Dec r ..................

2,435.5
2,609.2
2,754.6
2,858.9
2,958.4
3,118.3
3,332.5
r 3,616.4
3,770.2
4,111.9

562.2
585.1
634.9
745.7
843.0
917.6
951.9
996.0
989.8
1,101.9

367.4
401.0
457.0
566.0
666.2
732.7
730.6
707.9
705.4
752.3

194.9
184.2
177.9
179.7
176.8
184.9
221.2
288.1
284.4
349.7

1,873.3
2,024.1
2,119.7
2,113.2
2,115.4
2,200.7
2,380.6
r 2,620.4
2,780.4
3,010.0

607.6
638.8
641.1
619.6
596.2
586.6
646.0
718.2
782.2
856.6

675.2
770.3
856.3
880.6
901.5
941.5
1,003.4
r 1,079.8
1,129.0
1,227.8

40.0
50.2
62.3
69.6
73.5
73.0
75.3
79.1
84.8
98.3

635.2
720.1
794.0
811.0
828.0
868.4
928.1
r 1,000.7
1,044.2
1,129.6

357.2
377.7
383.2
366.4
358.9
391.2
452.4
r 496.8
521.0
508.6

40.7
41.5
45.4
55.4
65.6
90.3
79.1
86.6
78.5
97.2

192.6
195.7
193.9
191.3
193.3
191.3
199.7
239.0
269.8
319.8

1997: Feb ....................
Mar ...................
Apr ....................
May ...................
June ..................
July ...................
Aug ...................
Sept ...................
Oct ....................
Nov r ..................
Dec r .................

3,839.4
3,858.5
3,897.5
3,902.0
3,922.1
3,957.4
3,970.9
3,995.9
4,031.4
4,077.4
4,111.9

1,020.6
1,014.2
1,033.0
1,013.9
1,010.0
1,031.4
1,025.2
1,031.9
1,046.6
1,081.4
1,101.9

703.5
707.7
722.3
721.9
724.9
726.7
715.5
724.5
732.3
746.1
752.3

317.1
306.5
310.7
291.9
285.1
304.7
309.6
307.4
314.3
335.3
349.7

2,818.8
2,844.3
2,864.6
2,888.1
2,912.1
2,926.0
2,945.7
2,964.0
2,984.8
2,996.0
3,010.0

793.2
797.7
803.5
808.4
813.8
817.0
825.6
837.6
843.7
846.9
856.6

1,141.1
1,154.6
1,168.1
1,179.1
1,189.4
1,198.2
1,205.5
1,214.1
1,220.1
1,227.6
1,227.8

85.9
87.3
89.2
90.4
91.9
93.2
94.3
95.5
96.4
97.3
98.3

1,055.2
1,067.3
1,078.9
1,088.6
1,097.5
1,105.1
1,111.2
1,118.6
1,123.7
1,130.3
1,129.6

520.5
517.9
515.1
516.5
517.7
517.6
518.8
515.1
r 509.3
509.3
508.6

82.8
87.3
89.4
88.3
92.6
93.5
93.3
94.5
104.1
97.5
97.2

281.2
286.6
288.5
295.9
298.6
299.7
302.6
302.7
r 307.6
314.6
319.8

1998: Jan r ..................
Feb ....................

4,159.5
4,188.4

1,118.6
1,120.1

762.4
768.1

356.2
352.0

3,040.9
3,068.3

865.5
873.7

1,230.3
1,244.5

98.7
99.1

1,131.6
1,145.4

505.4
502.2

117.2
117.4

322.5
330.5

1 Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment
companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities.

28

2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses
External

Period

Credit market funds
Total

Internal 1

Total
Total
Total

1988 r
1989 r
1990 r
1991 r
1992 r
1993 r
1994 r
1995 r
1996 r
1997 p
1995:

........................
........................
........................
........................
........................
........................
........................
........................
........................
.......................
I r ...................
II r .................
III r ................
IV r ................
1996: I r ...................
II r .................
III r ................
IV r ................
1997: I r ...................
II r .................
III r ................
IV p ................

852.3
744.7
593.9
491.3
601.4
701.9
791.4
980.8
1,033.4
1,053.5
877.0
939.9
1,035.4
1,070.9
1,050.0
1,040.4
995.1
1,048.0
1,014.6
1,079.0
1,081.6
1,038.8

408.6
397.3
410.4
424.2
440.1
484.0
549.8
577.5
647.9
691.1
538.8
556.9
593.5
620.7
620.0
638.0
650.5
683.1
676.5
686.6
702.2
699.0

443.7
347.4
183.5
67.1
161.3
217.9
241.6
403.3
385.5
362.4
338.2
383.0
441.9
450.2
430.0
402.4
344.6
364.9
338.1
392.4
379.4
339.8

Securities
and mortgages

102.2
50.9
52.1
¥33.3
70.0
67.8
89.4
158.4
79.9
164.8
206.7
205.1
72.1
149.7
58.3
160.3
64.4
36.6
114.8
115.3
189.8
239.3

9.1
¥41.5
¥15.8
83.7
79.9
92.8
¥1.4
45.2
14.3
34.5
51.0
64.1
¥2.0
63.7
¥1.7
87.5
¥66.8
38.1
11.3
26.9
81.8
18.0

1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, and inventory valuation adjustment.
2 Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.

Loans and
short-term
paper

93.1
92.4
67.9
¥117.0
¥9.9
¥25.0
90.8
113.2
65.6
130.3
155.7
141.0
70.1
86.0
60.0
72.8
131.2
¥1.5
103.5
88.4
108.0
221.3

Other 2

341.5
296.4
131.4
100.4
91.4
150.1
152.3
244.9
305.6
197.6
131.5
177.9
369.8
300.4
371.7
242.2
280.2
328.3
223.3
277.0
189.6
100.6

Capital
expenditures 3

743.1
623.2
497.7
498.3
549.5
802.5
789.4
975.9
1,015.3
1,027.9
837.8
961.2
1,001.8
1,102.7
1,032.5
937.7
1,052.8
1,038.2
991.1
1,097.6
1,023.9
998.9

Increase in
financial
assets

360.2
389.7
382.4
368.5
382.0
445.2
511.1
567.7
592.5
675.7
570.7
560.6
583.8
555.8
559.0
574.4
609.6
627.0
647.3
704.3
674.4
676.6

382.9
233.5
115.3
129.8
167.5
357.3
278.3
408.2
422.8
352.2
267.1
400.6
418.0
546.9
473.5
363.3
443.2
411.2
343.8
393.3
349.5
322.3

Discrepancy
(sources
less
uses)

109.2
121.6
96.2
¥7.1
51.9
¥100.7
2.0
4.9
18.1
25.6
39.1
¥21.3
33.6
¥31.9
17.6
102.7
¥57.7
9.9
23.5
¥18.7
57.7
40.0

3 Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Net change in consumer credit outstanding 1

Consumer credit outstanding (end of period)
Period
Total

Dec 3 ..................................
Dec ....................................
Dec ....................................
Dec ....................................
Dec ....................................
Dec ....................................
Dec ....................................
Dec ....................................
Dec ....................................
Dec r ..................................
Jan ....................................
Feb ....................................
Mar ....................................
Apr ....................................
May ....................................
June ...................................
July ...................................
Aug r ..................................
Sept r .................................
Oct r ...................................
Nov r ..................................
Dec r ..................................
1998: Jan p ..................................
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
1997:
1997:

719.0
779.0
789.3
777.2
779.9
838.6
959.7
1,094.2
1,179.9
1,234.6
1,189.7
1,195.4
1,197.3
1,206.2
1,209.5
1,211.7
1,216.1
1,222.2
1,224.5
1,234.8
1,229.8
1,234.6
1,237.5

Automobile

Other 2

Revolving

285.3
290.8
283.5
263.4
262.7
288.0
327.9
364.2
392.4
415.3
393.4
393.8
392.6
396.5
397.5
399.8
403.2
403.2
406.2
410.4
408.6
415.3
417.7

1 For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2 Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus noninstallment credit.
3 Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.

184.6
211.2
238.6
263.7
278.2
309.9
365.5
443.0
499.2
530.8
505.3
509.3
509.5
512.4
514.3
516.2
520.2
523.7
526.4
530.7
529.8
530.8
533.5

249.2
277.0
267.2
250.1
239.1
240.7
266.4
287.0
288.3
288.4
291.0
292.3
295.2
297.3
297.7
295.8
292.6
295.4
291.9
293.6
291.4
288.4
286.2

Total

42.7
(4)
10.3
¥12.1
2.7
58.7
121.1
134.5
85.7
54.7
9.8
5.7
1.9
8.9
3.3
2.2
4.4
6.1
2.3
10.3
¥5.0
4.8
2.9

Automobile

19.2
( 4)
¥7.3
¥20.1
¥.7
25.3
39.9
36.3
28.2
22.9
1.0
.4
¥1.2
3.9
1.0
2.3
3.4
.0
3.0
4.2
¥1.8
6.7
2.4

Revolving

23.7
( 4)
27.4
25.1
14.5
31.7
55.6
77.5
56.2
31.6
6.1
4.0
.2
2.9
1.9
1.9
4.0
3.5
2.7
4.3
¥.9
1.0
2.7

Other 2

¥0.2
( 4)
¥9.8
¥17.1
¥11.0
1.6
25.7
20.6
1.3
.1
2.7
1.3
2.9
2.1
.4
¥1.9
¥3.2
2.8
¥3.5
1.7
¥2.2
¥3.0
¥2.2

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
Overall, interest rates rose in March.

[Percent per annum]
U.S. Treasury security yields
Constant
Period

1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1997:

...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
Mar .........
Apr ..........
May .........
June .......
July .........
Aug .........
Sept ........
Oct ..........
Nov ..........
Dec .........
1998: Jan ..........
Feb ..........
Mar p .......
Week ended:
1998: Mar 7 ....
14 ....
21 ....
28 ....
1 Bank-discount

3-month
bills (new
issues) 1

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

Prime
commercial
paper,
6
months 1

30

Prime rate
charged by
banks 4

Federal
funds
rate 5

Newhome
mortgage
yields
(FHFB) 6

6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.02
5.07
5.14
5.17
5.13
4.92
5.07
5.13
4.97
4.95
5.15
5.16
5.09
5.11
5.03

8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.99
6.10
6.38
6.61
6.42
6.24
6.00
6.06
5.98
5.84
5.76
5.74
5.38
5.43
5.57

8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
6.44
6.35
6.69
6.89
6.71
6.49
6.22
6.30
6.21
6.03
5.88
5.81
5.54
5.57
5.65

8.96
8.45
8.61
8.14
7.67
6.59
7.37
6.88
6.71
6.61
6.93
7.09
6.94
6.77
6.51
6.58
6.50
6.33
6.11
5.99
5.81
5.89
5.95

7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.75
5.55
5.78
5.88
5.71
5.60
5.41
5.47
5.38
5.37
5.38
5.22
5.07
5.16
5.30

9.71
9.26
9.32
8.77
8.14
7.22
7.96
7.59
7.37
7.27
7.55
7.73
7.58
7.41
7.14
7.22
7.15
7.00
6.87
6.76
6.61
6.67
6.71

7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.42
*
5.61
5.79
5.78
5.69
5.60
5.59
*
*
*
*
*
*
*

6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.02
5.00
5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00

9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.27
8.44
8.25–8.50
8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.50

7.57
9.21
8.10
5.69
3.52
3.02
4.21
5.83
5.30
5.46
5.39
5.51
5.50
5.56
5.52
5.54
5.54
5.50
5.52
5.50
5.56
5.51
5.50

9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.80
7.71
7.88
8.03
8.01
7.95
7.78
7.59
7.61
7.54
7.40
7.40
7.27
7.24
..............

5.12
4.97
4.99
5.03

5.62
5.53
5.50
5.59

5.75
5.62
5.57
5.63

6.05
5.93
5.89
5.92

5.32
5.30
5.30
5.28

6.81
6.70
6.66
6.69

*
*
*
*

5.00–5.00
5.00–5.00
5.00–5.00
5.00–5.00

8.50–8.50
8.50–8.50
8.50–8.50
8.50–8.50

5.60
5.45
5.47
5.43

..............
..............
..............
..............

basis.
on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
3 Weekly data are Wednesday figures.
4 Average effective rate for year; opening and closing rate for month and week.
5 Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates.
2 Yields

Discount
rate (N.Y.
F.R.
Bank) 4

6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
*Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest
Rates, May 12, 1997.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s.

COMMON STOCK PRICES AND YIELDS
Stock prices rose in March.

Common stock prices 1
Period

Composite
1988 .............................................
1989 .............................................
1990 .............................................
1991 .............................................
1992 .............................................
1993 .............................................
1994 .............................................
1995 .............................................
1996 .............................................
1997 .............................................
1997: Mar ...................................
Apr ....................................
May ...................................
June ..................................
July ...................................
Aug ...................................
Sept ...................................
Oct ....................................
Nov ...................................
Dec ....................................
1998: Jan ....................................
Feb ....................................
Mar p .................................
Week ended:
1998: Mar 7 ..............................
14 ..............................
21 ..............................
28 ..............................
1 Average

Industrial

Transportation

3 Dec.

Utility 3

Finance

Dow-Jones
industrial
average 4

Standard &
Poor’s composite index
(1941–
43=10) 5

Dividendprice ratio

Earningsprice ratio

149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
358.17
456.54
416.72
401.00
433.36
457.07
480.94
481.53
489.74
499.25
492.08
504.66
504.13
532.15
560.70

180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
453.98
574.52
523.08
506.69
549.65
578.57
610.42
609.54
617.94
625.22
615.57
623.57
624.61
660.91
693.13

134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
327.33
414.60
372.87
366.67
395.50
410.94
433.75
439.71
451.63
466.04
453.49
461.04
458.49
485.73
508.06

143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
249.77
283.82
264.78
253.18
268.18
280.48
288.51
287.63
291.87
302.83
307.52
325.60
332.50
341.91
367.48

127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
303.89
424.48
387.21
364.25
392.32
419.12
441.59
446.93
459.86
476.70
465.29
490.30
479.81
508.97
539.47

2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
5,742.89
7,441.15
6,901.12
6,657.50
7,242.36
7,599.60
7,990.65
7,948.43
7,866.59
7,875.82
7,677.36
7,909.82
7,808.35
8,323.61
8,709.47

265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
670.83
872.72
792.16
763.93
833.09
876.29
925.29
927.74
937.02
951.16
938.92
962.37
963.36
1,023.74
1,076.83

3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.19
1.77
1.91
1.98
1.85
1.77
1.66
1.65
1.65
1.61
1.65
1.62
1.62
1.55
1.48

8.01
7.42
6.47
4.79
4.22
4.46
5.83
6.09
5.24
4.57
5.31
..................
..................
4.58
..................
..................
4.29
..................
..................
4.10
..................
..................
..................

545.19
555.36
566.13
572.05

676.73
688.42
697.19
705.29

488.28
502.17
517.86
518.38

351.85
359.54
372.20
381.08

522.02
532.91
550.24
550.61

8,537.65
8,629.62
8,790.74
8,847.29

1,047.56
1,064.71
1,086.83
1,099.87

1.52
1.49
1.46
1.44

..................
..................
..................
..................

of daily closing prices.
all the stocks (more than 3,000) listed on the NYSE.
31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
4 Includes 30 stocks.
2 Includes

Common stock yields
(percent) 6

New York Stock Exchange indexes (Dec. 31, 1965=50,
except as noted) 2

5 Includes

500 stocks.
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.

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 5 months of fiscal 1998, there was a deficit of $56.0 billion, compared with a deficit of $89.8 billion
a year earlier.

[Billions of dollars]
Total
Fiscal year or period

1980 ..................................
1981 ..................................
1982 ..................................
1983 ..................................
1984 ..................................
1985 ..................................
1986 ..................................
1987 ..................................
1988 ..................................
1989 ..................................
1990 ..................................
1991 ..................................
1992 ..................................
1993 ..................................
1994 ..................................
1995 ..................................
1996 ..................................
1997 ..................................
1998 (estimates) ...............
Cumulative total, first 5
months: 1
Fiscal year 1997 ...........
Fiscal year 1998 ...........

Receipts

Outlays

517.1
599.3
617.8
600.6
666.5
734.1
769.2
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,657.9

590.9
678.2
745.8
808.4
851.9
946.4
990.5
1,004.1
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.5
1,601.2
1,667.8

587.0
646.9

676.8
703.0

On-budget
Surplus
or
deficit
(¥)

Federal debt (end of
period)

Receipts

Outlays

Surplus
or
deficit
(¥)

¥73.8
¥79.0
¥128.0
¥207.8
¥185.4
¥212.3
¥221.2
¥149.8
¥155.2
¥152.5
¥221.2
¥269.4
¥290.4
¥255.0
¥203.1
¥163.9
¥107.5
¥21.9
¥10.0

403.9
469.1
474.3
453.2
500.4
547.9
569.0
641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,187.3
1,241.9

476.6
543.1
594.4
661.3
686.1
769.6
807.0
810.3
861.8
932.8
1,028.1
1,082.7
1,129.3
1,142.8
1,182.4
1,227.1
1,259.6
1,290.6
1,348.1

¥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
¥300.4
¥258.8
¥226.3
¥174.0
¥103.3
¥106.3

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
367.5
392.0
416.0

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
300.9
310.6
319.7

¥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
66.6
81.4
96.3

909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,181.9
5,369.7
5,543.6

709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.1
3,603.4
3,733.0
3,771.1
3,796.8

¥89.8
¥56.0

436.7
484.5

555.9
580.1

¥119.2
¥95.5

150.3
162.4

121.0
122.9

29.3
39.5

5,306.7
5,474.3

3,800.9
3,810.5

1 Data from current issue Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1999, issued February 2, 1998.

32

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Gross
Federal

Sources: Department of the Treasury and Office of Management and Budget.

Held by
the public

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 1998, receipts were $59.9 billion higher than a year earlier and outlays were $26.2
billion higher.

[Billions of dollars]
On-budget and off-budget receipts

Fiscal year or period
Total

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total
Total

InterDepart- nationment of
al
Defense, affairs
military

Health

Medicare

Income Social
security security

Net
interest

Other

1980
1981
1982
1983
1984

......................................................
......................................................
......................................................
......................................................
......................................................

517.1
599.3
617.8
600.6
666.5

244.1
285.9
297.7
288.9
298.4

64.6
61.1
49.2
37.0
56.9

157.8
182.7
201.5
209.0
239.4

50.6
69.5
69.3
65.6
71.8

590.9
678.2
745.8
808.4
851.9

134.0
157.5
185.3
209.9
227.4

130.9
153.9
180.7
204.4
220.9

12.7
13.1
12.3
11.8
15.9

23.2
26.9
27.4
28.6
30.4

32.1
39.1
46.6
52.6
57.5

86.6
99.7
107.7
122.6
112.7

118.5
139.6
156.0
170.7
178.2

52.5
68.8
85.0
89.8
111.1

131.3
133.5
125.4
122.2
118.6

1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998

......................................................
......................................................
......................................................
......................................................
......................................................
......................................................
......................................................
......................................................
......................................................
......................................................
......................................................
......................................................
......................................................
(estimates) ...................................

734.1
769.2
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,657.9

334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
656.4
737.5
767.8

61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
171.8
182.3
190.8

265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
509.4
539.4
571.4

73.1
73.2
74.6
79.3
82.8
91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.2
127.9

946.4
990.5
1,004.1
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.5
1,601.2
1,667.8

252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.7
270.5
264.1

245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.4
253.2
258.3
251.4

16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
17.1
16.4
13.5
15.2
14.5

33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.8

65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
174.2
190.0
198.1

128.2
119.8
123.3
129.4
136.1
147.1
170.3
197.0
207.3
214.1
220.5
226.0
230.9
239.3

188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
381.5

129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
244.0
242.7

131.8
142.2
126.1
139.7
159.3
204.3
225.7
174.7
160.4
174.5
163.4
170.9
161.5
195.8

Cumulative total, first 5 months: 1
Fiscal year 1997 ...............................
Fiscal year 1998 ...............................

587.0
646.9

283.9
314.3

49.2
56.4

207.3
222.9

46.5
53.2

676.8
703.0

114.4
113.4

108.0
107.1

8.5
7.3

50.9
53.8

79.1
82.0

101.2
103.3

148.7
154.6

102.1
103.3

72.0
85.3

1 Data from current issue Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1999, issued February 2, 1998.

Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1997, according to revised estimates, Federal receipts rose $25.6 billion (annual rate)
and Federal current expenditures rose $26.9 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts

Period
Total

Personal
tax and
nontax
receipts

Corporate
profits
tax accruals

Indirect
business
tax and
nontax
accruals

Federal Government current expenditures

Contributions
for
social
insurance

Total

Consumption
expenditures

Transfer
payments

Grantsin-aid
to
Net
State interest
and
paid
local
governments

Subsidies less
current
surplus
of
Government
enterprises

Less:
Wage
accruals less
disbursements

Current
surplus
or
deficit
(¥),
national
income
and
product
accounts

Calendar year:
1990 ..................................
1991 ..................................
1992 ..................................
1993 .................................
1994 .................................
1995 .................................
1996 .................................
1997 r ................................

1,129.8
1,149.0
1,198.5
1,275.1
1,374.8
1,463.2
1,587.6
1,723.4

485.7
476.9
490.8
522.6
562.3
605.8
686.7
774.4

118.0
109.8
118.6
138.3
156.7
182.1
194.5
211.9

65.1
79.7
81.9
86.9
98.7
93.5
95.8
91.3

461.1
482.6
507.1
527.3
557.1
581.8
610.5
645.9

1,284.5
1,345.0
1,479.4
1,525.7
1,561.4
1,637.6
1,698.1
1,752.2

426.6
445.9
451.0
447.3
443.2
443.5
451.5
463.8

513.3
522.2
625.1
659.9
683.0
720.9
763.5
795.5

132.4
153.4
172.2
185.8
199.2
211.9
218.3
224.2

179.9
192.7
195.8
192.7
200.0
224.8
227.1
230.3

32.4
30.8
35.1
40.1
35.9
36.4
37.7
38.4

0.1
¥.1
.0
.0
.0
.0
.0
.0

¥154.7
¥196.0
¥280.9
¥250.7
¥186.7
¥174.4
¥110.5
¥28.8

1994: I ................................
II ..............................
III .............................
IV .............................

1,324.5
1,381.1
1,383.8
1,409.5

542.0
574.3
561.6
571.1

136.9
153.4
163.4
173.2

98.2
98.1
99.3
99.0

547.4
555.3
559.5
566.2

1,533.5
1,544.3
1,571.4
1,596.4

442.4
439.2
450.5
440.8

670.6
676.9
683.8
700.7

194.5
196.2
199.6
206.6

189.9
196.6
202.8
210.8

36.0
35.4
34.8
37.5

.0
.0
.0
.0

¥209.0
¥163.2
¥187.6
¥186.8

1995: I ................................
II ..............................
III .............................
IV .............................

1,429.0
1,459.0
1,472.8
1,491.9

581.4
608.2
607.5
626.0

179.0
178.7
186.9
183.8

94.3
93.8
93.7
92.2

574.3
578.3
584.7
589.9

1,620.6
1,638.5
1,649.3
1,642.0

444.8
444.0
449.0
436.3

709.5
718.0
725.1
731.1

212.2
216.5
210.6
208.5

218.8
223.9
227.5
229.0

35.3
36.1
37.0
37.2

.0
.0
.0
.0

¥191.5
¥179.5
¥176.5
¥150.2

1996: I ................................
II ..............................
III .............................
IV .............................

1,526.3
1,583.8
1,598.6
1,641.6

644.9
688.8
695.7
717.5

192.1
197.2
196.7
192.0

91.7
90.0
91.5
110.2

597.6
607.8
614.8
622.0

1,679.9
1,695.4
1,698.2
1,718.8

444.6
453.7
454.0
453.6

757.6
757.5
761.5
777.3

213.7
223.2
218.7
217.5

226.6
223.5
226.6
231.8

37.4
37.5
37.4
38.5

.0
.0
.0
.0

¥153.6
¥111.6
¥99.5
¥77.1

1997: I ................................
II ..............................
III .............................
IV r ............................

1,675.3
1,709.3
1,741.8
1,767.4

746.9
767.9
781.9
801.0

204.9
207.7
219.3
215.5

88.2
92.2
92.4
92.3

635.3
641.5
648.2
658.6

1,730.8
1,746.0
1,752.6
1,779.5

458.0
464.2
464.7
468.4

785.9
791.4
794.5
810.2

219.6
222.5
224.2
230.6

228.9
229.8
231.2
231.3

38.4
38.1
37.9
39.0

.0
.0
.0
.0

¥55.5
¥36.8
¥10.8
¥12.1

Source: Department of Commerce, Bureau of Economic Analysis.

34

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1992=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

1988 ..........................................
1989 ..........................................
1990 ..........................................
1991 ..........................................
1992 ..........................................
1993 ..........................................
1994 ..........................................
1995 ..........................................
1996 ..........................................
1997 p ........................................

97.4
99.1
98.9
97.0
100.0
103.6
109.2
114.5
118.5
124.5

106.9
106.8
103.2
98.9
100.0
105.1
111.4
116.0
117.7
123.4

95.3
99.9
104.2
106.1
100.0
95.8
97.0
100.2
102.9
107.1

97.3
100.9
102.4
101.2
100.0
96.2
100.0
102.0
102.2
106.1

1996: Dec ................................

120.9

119.5

105.2

1997: Jan ................................
Feb ................................
Mar ................................
Apr ................................
May ...............................
June ..............................
July ...............................
Aug ................................
Sept ...............................
Oct .................................
Nov ................................
Dec ................................

121.3
122.1
122.5
123.1
123.3
123.5
124.5
125.2
125.6
126.5
r 127.5
127.9

120.5
121.2
121.2
122.8
122.7
122.5
125.3
124.4
124.5
125.4
125.1
126.2

110.5
107.0
106.4
106.0
110.4
107.3
108.6
105.6
108.3
108.2
103.0
104.3

1998: Jan ................................
Feb p ..............................

r 128.0

1 Data

Germany

Consumer prices (1982–84=100; NSA)
United
Kingdom

Italy

United
States 1

Canada

90.3
94.6
99.5
102.4
100.0
92.7
96.2
98.1
98.6
102.9

99.1
103.0
102.2
101.3
100.0
97.9
104.0
110.3
107.2
109.8

101.2
103.4
103.1
99.6
100.0
102.2
107.6
110.0
111.2
112.8

118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
160.5

102.6

99.9

104.9

112.5

102.0
102.8
102.5
105.8
105.2
105.4
107.5
107.5
107.1
109.4
107.8
r 110.2

r 100.4

105.2
108.3
108.9
109.6
109.9
110.0
109.9
111.0
110.0
111.3
111.9
r 111.8

112.4
112.0
111.5
112.6
111.6
113.5
114.7
113.7
r 113.6
r 113.3
r 113.0
r 112.5

.............. 107.3 109.2 106.5
112.9
128.1 .............. ............ ............ ............ ..............

112.6
112.0

100.7
r 101.6
r 101.8
101.0
103.4
107.5
r 102.9
102.0
104.2
104.1
r 104.1

relate to all urban consumers.

Japan

France

Germany

Italy

United
Kingdom

141.1
150.4
159.5
169.8
178.8
186.3
193.6
204.0
212.0
215.7

125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
179.4
185.1

123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
153.7
156.2

105.6
108.1
111.4
115.0
116.9
118.4
119.3
119.1
119.3
121.3

124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
151.5
153.2

106.3
109.2
112.2
116.3
122.1
127.6
131.1
133.5
135.5
137.8

158.6

155.1

119.6

152.1

136.0

214.1

181.4

159.1
159.6
160.0
160.2
160.1
160.3
160.5
160.8
161.2
161.6
161.5
161.3

155.4
155.7
156.0
156.0
156.1
156.5
156.5
156.7
156.5
156.7
156.5
156.2

119.5
119.3
119.4
121.8
122.0
122.0
121.5
121.6
122.5
122.8
122.0
121.8

152.5
152.8
152.9
152.9
153.2
153.2
152.9
153.3
153.6
153.6
153.9
153.9

136.7
137.3
137.1
137.1
137.6
137.9
138.6
138.7
138.3
138.2
138.2
138.4

214.5
214.7
214.9
215.1
215.7
215.7
215.7
215.7
216.1
216.7
217.3
217.3

181.4
182.1
182.6
183.6
184.3
185.1
185.1
186.2
187.2
187.4
187.5
188.0

161.6
161.9

157.3
157.5

121.6
121.5

153.3
153.9

138.4
138.8

218.0
218.6

187.4
188.3

Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)

Goods: Imports (customs value)

Census basis (by end-use category) 1

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

BOP
basis

AutoInCap- moFoods, dusital
tive
trial
Total, feeds, sup- goods vehiCensus and
except cles,
plies
basis 2
bevauto- parts
and
erages matemoand
tive
enrials
gines

Consumer
goods
(nonfood)
except
automotive

BOP
basis

Total,
Census
basis 2

Auto- ConInCapmo- sumer
Foods, dusital
tive goods
trial
feeds, sup- goods vehi- (nonand
except cles, food)
plies
bevauto- parts except
and
erages matemoand
autotive
enmorials
gines
tive

Exports

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

1988 ................
1989 ................
1990 ................
1991 ................
1992 ................
1993 ................
1994 ................
1995 ................
1996 ................
1997 r ...............

320.2
362.1
389.3
416.9
440.4
456.8
502.4
575.9
612.1
678.2

322.4
363.8
393.6
421.7
448.2
465.1
512.6
584.7
625.1
688.7

32.3
37.2
35.1
35.7
40.3
40.6
42.0
50.5
55.5
51.4

85.1
99.3
104.4
109.7
109.1
111.8
121.4
146.2
147.7
158.0

109.2
138.8
152.7
166.7
175.9
181.7
205.0
233.0
252.9
294.0

29.3
34.8
37.4
40.0
47.0
52.4
57.8
61.8
65.0
73.4

23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.4
70.1
77.4

447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
803.2
877.1

441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.5
795.3
870.6

24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
35.7
39.7

118.3
132.3
143.2
131.6
138.6
145.6
162.1
181.8
204.5
213.5

101.4
113.3
116.4
120.7
134.3
152.4
184.4
221.4
229.1
254.3

87.7
86.1
87.3
85.7
91.8
102.4
118.3
123.8
128.9
140.8

95.9
102.9
105.7
108.0
122.7
134.0
146.3
159.9
171.0
192.9

111.0
127.1
147.8
164.2
177.2
186.7
197.2
218.7
236.8
253.2

100.0
104.2
120.0
121.2
120.3
126.4
135.5
147.0
156.6
167.9

¥118.5
¥109.4
¥101.7
¥66.7
¥84.5
¥115.6
¥150.6
¥158.8
¥170.2
¥181.9

¥127.0
¥115.2
¥109.0
¥74.1
¥96.1
¥132.6
¥166.2
¥173.6
¥191.2
¥199.0

11.1
23.0
27.8
43.0
56.9
60.3
61.8
71.7
80.1
85.3

¥115.9
¥92.3
¥81.2
¥31.0
¥39.2
¥72.3
¥104.4
¥101.9
¥111.0
¥113.7

1997: Jan r .....
Feb r .....
Mar r ....
Apr r .....
May r ....
June r ...
July r ....
Aug r .....
Sept r ....
Oct r .....
Nov r .....
Dec r .....

51.6
53.6
57.1
57.1
56.8
57.3
56.7
57.3
56.3
58.4
57.5
58.4

52.2
54.3
58.1
57.8
57.8
58.2
57.7
58.3
57.4
59.4
58.2
59.3

4.4
4.3
4.2
4.2
4.1
4.0
3.9
4.3
4.4
4.7
4.6
4.5

12.1
12.7
13.7
13.5
13.4
13.9
13.1
13.3
13.1
13.2
13.1
13.0

21.5
22.7
24.7
24.9
24.7
24.5
24.9
24.9
24.8
25.3
24.4
26.7

5.6
5.9
6.2
6.1
5.9
6.2
6.2
6.2
5.8
6.4
6.9
5.9

6.1
6.3
6.5
6.3
6.7
6.7
6.4
6.4
6.4
6.7
6.6
6.4

69.8
70.4
72.0
72.6
73.2
72.6
73.6
73.8
74.9
74.9
73.3
76.1

69.5
70.0
70.5
71.6
72.3
71.7
73.3
73.6
74.6
74.6
73.0
75.7

3.1
3.1
3.3
3.4
3.4
3.3
3.4
3.4
3.4
3.3
3.2
3.5

17.9
17.6
18.0
17.6
17.9
17.6
17.4
17.9
18.3
18.4
17.5
17.4

19.5
19.4
20.4
20.7
21.0
21.3
21.6
22.1
22.0
22.4
21.4
22.6

11.7
12.1
11.6
11.3
11.6
11.5
12.2
11.8
11.8
11.2
11.8
12.2

15.1
15.3
14.9
16.2
16.1
15.7
16.1
16.0
16.7
16.7
16.8
17.4

20.2
20.6
21.0
21.2
21.1
21.0
21.0
21.6
21.8
21.7
21.1
20.9

13.6
13.7
13.9
13.8
13.9
14.1
14.1
14.0
14.2
14.2
14.3
14.1

¥17.4
¥15.7
¥12.5
¥13.8
¥14.5
¥13.5
¥15.6
¥15.3
¥17.2
¥15.2
¥14.8
¥16.4

¥18.2
¥16.8
¥14.9
¥15.5
¥16.4
¥15.3
¥16.9
¥16.6
¥18.6
¥16.5
¥15.7
¥17.7

6.5
6.9
7.1
7.4
7.2
6.9
6.9
7.6
7.6
7.5
6.8
6.8

¥11.6
¥9.9
¥7.8
¥8.1
¥9.2
¥8.3
¥9.9
¥9.0
¥11.0
¥9.0
¥8.9
¥10.9

1998: Jan p .....

56.3

56.9

4.2

13.0

24.2

6.5

6.6

75.1

74.5

3.4

17.2

21.9

11.9

17.3

21.0

14.2

¥17.6

¥18.8

6.8

¥12.0

1 Includes

undocumented exports to Canada through 1988.
2 Total includes ‘‘other’’ exports or imports, not shown separately.

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 1997, the goods deficit fell to $49.9 billion, from $52.0 billion in the third quarter. The
current account deficit rose to $45.6 billion, from $43.1 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (¥)]
Goods 1

Imports

Net
balance

Net
military
transactions 2 3

Period
Exports

Services
Net
travel
and
transportation
receipts

Investment income

Other
services,
net

Balance
on
goods
and
services

Receipts
on U.S.
assets
abroad

Payments
on foreign
assets in
U.S.

Net

1988 ...............
1989 ...............
1990 ...............
1991 ...............
1992 ...............
1993 ...............
1994 ...............
1995 ...............
1996 ...............
1997 p .............

320,230
362,120
389,307
416,913
440,352
456,832
502,398
575,871
612,069
678,348

¥447,189
¥477,365
¥498,337
¥490,981
¥536,458
¥589,441
¥668,590
¥749,431
¥803,239
¥877,282

¥126,959
¥115,245
¥109,030
¥74,068
¥96,106
¥132,609
¥166,192
¥173,560
¥191,170
¥198,934

¥6,320
¥6,749
¥7,599
¥5,274
¥1,448
1,269
1,874
3,866
3,786
3,830

¥2,591
4,043
8,002
17,032
19,974
19,764
16,519
21,197
24,713
25,584

19,969
25,662
27,401
31,284
38,373
39,274
43,383
46,640
51,631
55,878

¥115,900
¥92,288
¥81,225
¥31,027
¥39,207
¥72,301
¥104,416
¥101,857
¥111,040
¥113,643

129,366
153,659
163,324
141,408
125,852
129,844
154,510
196,880
206,400
236,043

1995: I ..........
II ........
III .......
IV .......

138,389
143,181
145,360
148,941

¥182,790
¥190,739
¥188,180
¥187,722

¥44,401
¥47,558
¥42,820
¥38,781

722
984
1,289
871

4,312
4,333
5,755
6,796

11,062
11,442
11,892
12,240

¥28,305
¥30,799
¥23,884
¥18,874

47,218
50,303
49,130
50,230

¥45,171
¥47,080
¥49,531
¥48,290

2,047
3,223
¥401
1,940

1996: I ..........
II ........
III .......
IV .......

150,048
153,411
150,764
157,846

¥192,973
¥200,973
¥203,257
¥206,036

¥42,925
¥47,562
¥52,493
¥48,190

485
1,214
792
1,295

5,194
5,818
6,559
7,147

12,707
12,751
12,626
13,550

¥24,539
¥27,779
¥32,516
¥26,198

49,277
50,188
51,893
55,043

¥47,216
¥49,305
¥53,263
¥53,793

1997: I r .......
II r ......
III r ....
IV p .....

162,341
171,227
170,255
174,525

¥212,185
¥218,415
¥222,256
¥224,426

¥49,844
¥47,188
¥52,001
¥49,901

437
1,048
1,398
947

6,249
6,467
6,792
6,078

13,834
14,003
13,904
14,137

¥29,324
¥25,670
¥29,907
¥28,739

55,243
59,106
60,875
60,817

¥57,258
¥62,376
¥65,012
¥65,673

1 Adjusted

from Census data for differences in timing and coverage; excludes military.
under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
2 Transfers

36

3 Quarterly

Balance
on goods, Unilateral
services, transfers,
and
net 4
income

¥115,722
13,644 ¥102,256 ¥25,988
¥138,639
15,020 ¥77,268 ¥26,963
¥139,402
23,921 ¥57,304 ¥34,588
¥121,159
20,249 ¥10,779
5,122
¥107,836
18,016 ¥21,191 ¥35,192
¥110,176
19,668 ¥52,634 ¥38,137
¥144,787
9,723 ¥94,693 ¥38,845
¥190,072
6,808 ¥95,049 ¥34,046
¥203,577
2,824 ¥108,216 ¥39,968
¥250,320 ¥14,277 ¥127,920 ¥38,526
¥26,258
¥27,576
¥24,285
¥16,934

Balance
on
current
account

¥128,245
¥104,231
¥91,892
¥5,657
¥56,383
¥90,771
¥133,538
¥129,095
¥148,184
¥166,446

¥8,451
¥8,128
¥8,847
¥8,620

¥34,709
¥35,704
¥33,132
¥25,554

2,061
883
¥1,370
1,250

¥22,478 ¥10,406
¥26,896 ¥8,689
¥33,886 ¥8,947
¥24,948 ¥11,926

¥32,884
¥35,585
¥42,833
¥36,874

¥2,015
¥3,270
¥4,137
¥4,856

¥31,339 ¥8,577
¥28,940 ¥8,855
¥34,044 ¥9,070
¥33,595 ¥12,024

¥39,916
¥37,795
¥43,114
¥45,619

data are not seasonally adjusted.
4 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $30.5 billion in the fourth
quarter of 1997, following an increase of $30.6 billion in the third quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $87.0 billion in the fourth quarter, following an increase
of $10.1 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow (¥)]
Period
Total

1988 ...........
1989 ...........
1990 ...........
1991 ...........
1992 ...........
1993 ...........
1994 ...........
1995 ...........
1996 ...........
1997 p .........
1995: I ......
II ....
III ...
IV ...
1996: I ......
II ....
III ...
IV ...
1997: Ir .....
II r ..
IIIr ..
IVp ..

U.S.
official
reserve
assets 3 5

¥100,221 ¥3,912
¥168,744 ¥25,293
¥74,011 ¥2,158
¥57,881
5,763
¥68,774
3,901
¥194,537 ¥1,379
¥160,516
5,346
¥307,207 ¥9,742
¥352,444
6,668
¥426,938 ¥1,010
¥59,625 ¥5,318
¥110,548 ¥2,722
¥40,679 ¥1,893
¥96,356
191
¥70,768
17
¥49,698
¥523
¥77,542
7,489
¥154,436
¥315
¥128,297
4,480
¥91,264
¥236
¥110,696
¥730
¥96,678 ¥4,524

Other U.S.
Government
assets 3

2,967
1,259
2,307
2,911
¥1,657
¥342
¥352
¥549
¥690
177
¥158
¥184
266
¥473
¥210
¥358
162
¥284
¥21
¥268
461
5

Foreign assets in the U.S., net
[increase/capital inflow (+)]
U.S.
private
assets

¥99,275
¥144,710
¥74,160
¥66,555
¥71,018
¥192,817
¥165,510
¥296,916
¥358,422
¥426,105
¥54,149
¥107,642
¥39,052
¥96,074
¥70,575
¥48,817
¥85,193
¥153,837
¥132,756
¥90,760
¥110,427
¥92,159

Total

Foreign
official
assets 3

246,065
39,758
224,390
8,503
140,992
33,910
109,641
17,389
168,776
40,477
279,671
71,753
297,337
40,385
451,234 110,729
547,555 122,354
690,497
18,157
97,652
22,098
122,714
37,138
125,839
39,585
105,029
11,908
88,233
52,014
106,114
13,154
158,629
24,089
194,579
33,097
182,282
28,891
143,059 ¥5,374
183,292
21,867
181,863 ¥27,227

5 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the IMF.

Other
foreign
assets

Statistical discrepancy
Allocations
of special
Total (sum
Of which:
drawing
of the items
Seasonal
rights
with sign
adjustment
(SDRs)
reversed)
discrepancy

206,307
215,887
107,082
92,253
128,299
207,918
256,952
340,505
425,201
672,340
75,554
85,576
86,254
93,121
36,219
92,960
134,540
161,482
153,391
148,433
161,425
209,090

................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................
................

¥17,600
48,585
24,911
¥46,103
¥43,619
5,637
¥3,283
¥14,931
¥46,927
¥97,113
¥3,318
23,538
¥52,028
16,881
15,419
¥20,831
¥38,254
¥3,269
¥14,069
¥14,000
¥29,482
¥39,566

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
5,658
¥775
¥6,985
2,106
6,228
¥1,076
¥7,830
2,669
7,287
¥1,485
¥8,489
2,683

U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)

47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
75,089
69,954
86,761
90,063
87,152
85,832
84,212
83,455
75,509
75,089
67,222
67,813
67,148
69,954

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Output, Costs, and Profits ................................................................................................................................
National Income ......................................................................................................................................................................................................
Real Personal Consumption Expenditures ...............................................................................................................................................................
Sources of Personal Income ......................................................................................................................................................................................
Disposition of Personal Income ...............................................................................................................................................................................
Farm Income ............................................................................................................................................................................................................
Corporate Profits ......................................................................................................................................................................................................
Real Gross Private Domestic Investment ................................................................................................................................................................
Real Private Fixed Investment by Type ..................................................................................................................................................................
Business Investment and Plans ................................................................................................................................................................................

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .........................................................................................................................................................................................
Selected Unemployment Rates ................................................................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ......................................................................................................
Nonagricultural Employment ..................................................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries .................................................................
Employment Cost Index—Private Industry .............................................................................................................................................................
Productivity and Related Data, Business Sector ......................................................................................................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .......................................................................................................................................................
Industrial Production—Major Market Groups and Selected Manufactures ..............................................................................................................
New Construction ....................................................................................................................................................................................................
New Private Housing and Vacancy Rates ...............................................................................................................................................................
Business Sales and Inventories—Manufacturing and Trade .....................................................................................................................................
Manufacturers’ Shipments, Inventories, and Orders .................................................................................................................................................

17
18
19
19
20
21

PRICES
Producer Prices ........................................................................................................................................................................................................
Consumer Prices—All Urban Consumers ................................................................................................................................................................
Changes in Producer Prices for Finished Goods ......................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers .............................................................................................................................................
Prices Received and Paid by Farmers ......................................................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures ....................................................................................................................................................
Components of Money Stock and Liquid Assets ......................................................................................................................................................
Aggregate Reserves and Monetary Base ...................................................................................................................................................................
Bank Credit at All Commercial Banks ....................................................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..................................................................................................................
Consumer Credit ......................................................................................................................................................................................................
Interest Rates and Bond Yields ...............................................................................................................................................................................
Common Stock Prices and Yields ............................................................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .......................................................................................................................................................................
Federal Receipts by Source and Outlays by Function ..............................................................................................................................................
Federal Sector, National Income Accounts Basis .....................................................................................................................................................

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ...............................................................................................................
U.S. International Trade in Goods and Services ......................................................................................................................................................
U.S. International Transactions ................................................................................................................................................................................

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
… Not available (also, not applicable).
NSA not seasonally adjusted.

38

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