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104th Congress, 1st Session
Economic Indicators
MAY 1995
(Includes data available as of June 6, 1995)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
LIBRARY
JUN 2 2 1995
FEDERAL
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1995
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
DAVID R. OBEY (Wisconsin)
LEE H. HAMILTON (Indiana)
KWEISI MFUME (Maryland)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Member
MARTIN N. BAILY, Member-Nominee
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
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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.
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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 0-16-047233-4
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1995, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.9
percent (annual rate), real GDP (GDP in 1987 dollars) rose 2.7 percent, and the implicit price deflator rose 2.2
percent.
BILLIONS OF DOUARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
7,200
7,200
SEASOPMliY .ADJUSTED ANNUAl RA1ES
-X
6,800
s
6,400
6,800
/
6,400
s
""^
6,000
5,600
GDP
IN CUR RENTDOU-ARS
\
5,200
-
^"
5,200
""
—-
4,800
"•-, _
4,800
.-XK"
4,400
x,---
4,000
/
3,600
./-
s
''/
'^
'
,N
4,400
GDP
987 DOLLARS
4,000
/"
3,600
/
3,200
2,800
5,600
1
f
/"
/>
6,000
^
3,200
!
1
1
1982
I r I
1983
i i I
1984
i i i
\
1985
1986
\
1
!
t
1
1987
1
!
1
1988
i i i
1989
i i 1
1990
i i>
!
1991
1992
!
1
SOURCE DEfiASTMENT OF COMMERCE
i : !
i [ t
1993
1994
2,800
1995
COUNCtt OF ECONOMIC ADY6ERS
[Billions of current dollars; quarterly data at seasonally adjusted animal rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
198219831984198519861987:
198819891990199119921993-
.
IV
IV
IV
IV
IV
W
IV
IV
IV
IV
IV
I
II
III
IV
1994- I
II
III
IV
1995- I'
1
. .
Exports and imports of
Personal Gross
goods and services
private
conGross
domestic sumption domestic
Net
product expendi- investexports Exports Imports
ment
tures
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
6,738.4
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
55979
5,796.6
6,169.3
6,235.9
62999
6,359.2
6,478.1
6,574.7
6,689.9
6,791.7
6,897.2
6,979.7
717.6
2,850.6
749.3
3,052.2
793.6
3,296.1
832.3
3,523.1
808.9
3,761.2
744.8
3,902.4
788.3
4,136.9
882.0
4,378.2
4,628.4 1,032.9
464.2
2,128.7
614.8
2,346.8
722.8
2,526.4
737.0
2,739.8
697.1
2,923.1
800.2
3,124.6
814.8
3,398.2
825.2
3,599.1
756.4
3,836.6
756.8
3,955.7
822.0
4,251.3
853.8
4,294.6
869.7
4,347.3
882.2
4,401.2
922.5
4,469.6
966.6
4,535.0
4,586.4 1,034.4
4,657.5 1,055.1
4,734.8 1,075.6
4,785.8 1,110.1
GOP less exports of goods and services pins imports of f
- 132.5
-143.1
-108.0
-79.7
-71.4
-19.9
-30.3
- 65.3
- 98.2
-29.5
71 8
-107.1
- 135.5
-133.2
- 143.2
- 106.0
-73.9
-71.6
-13.7
-42.2
-49.6
-63.3
-77.0
-71.2
-86.7
-97.6
-109.6
-98.9
-113.1
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
718.7
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
649.2
646.8
660.1
649.0
680.3
674.2
704.5
730.5
765.5
775.8
451.7
507.1
552.2
587.7
628.5
620.9
668.4
724.3
816.9
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
637.5
691.4
696.4
723.5
726.0
751.4
760.9
802.1
840.1
864.4
888.9
Government purchases
Federal
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,097.4
1,125.3
1.148.4
1,175.3
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,097.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,166.7
1,188,8
1,185.8
1,196.9
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
437.3
281.4
289.7
324,7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
433.6
National Nondefense defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
292.3
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
311.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
285.3
283.8
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
145.0
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
126.6
138.7
139.9
139.4
143.6
140.7
148.1
143.5
143.8
146.6
149.8
State
sisd
local
465.3
496.6
531.7
573.6
6209
651.6
676.3
704.7
738.0
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
659.7
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.5
753.8
763.3
AddenGross
Final
dum:
sales of domestic
Gross
domestic
purproduct chases * national
product
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
6,686.2
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
6,160.0
6,215.8
6,281,4
6,345.4
6,469.2
6,550.6
6,622.5
6,729.1
6,842.4
6,924.4
Source: Department of ('omniem*, Hmvaii of Ewnoniur Analysis.
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
6,836.6
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
6,211.4
6,285.5
6,363,3
6,436.3
6,549.3
6,661.4
6,787.5
6,901.3
6,996.1
7,092.8
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
6,726.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,810.7
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,779.6
6,871.3
6,957.9
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
{Billions of 1987 dollars; quarterly data at seasonally adjusted annual ratesj
Gross
domestic
product
Period
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
5,344.0
1986
1987
1988
1989
1990
1991
1992
1993
1994
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
...
IV
IV
IV
TV
IV
IV
IV
IV
W
....
....
....
....
....
....
....
....
....
IV
....
1992: IV ....
1993:
1
II
Ill ....
rv
1994:
I
II
in ....
rv
1995: I'
1
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
5,060.7
5,075.3
5,105.4
5,139.4
5,218.0
5,261.1
5,314.1
5,367.0
5,433.8
5,470.0
Personal
consumption
expenditures
Exports arid imports of
froods and services
Gross private
domestic investment
Government purchases
Federal
Nonresidcntial
fixed
investment
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3,646.1
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
560.3
581.0
597.9
627.2
643.6
657.9
680.0
708.2
742.3
Residential
fixed
investment
Change
in business
inventories
Net
exports
8.5 -155.1
225.2
26.3 - 143.1
19.9 - 104.0
222.7
214.2
29.8
-73.7
194.5
5 7 -54.7
J69.5 -1.1
-19.5
196.9
2.5
-32.3
-73.9
213.0
15.3
231.3
47.8 -110.0
131.2 -44.9
-19.0
190.6
29.3
-83.7
198.8
47.9 -131.4
207.4
30.2 -155.4
230.5 -20.1 - 156.0
223.3
59.9 - 136.0
20.9 -102.7
225.3
208.0
24.9
-67.4
176.3 -20.9
-36.8
177.5
13.5
-16.9
207.7
6.6
-38.5
210.4
18.5
-57.6
206.3
18.9
-69.3
211.0
13.0
-86.3
224.5
10.8
-82.2
229.9
25.4 -104.0
59.2 -111.8
233.8
57.1 -117.0
230.2
49.4 -107.1
231.5
230.0
52.3 -120.0
226.2
Exports
Imports
329.6
364.0
421.6
471.8
5105
542.6
578.8
602.5
657.0
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
590.7
589.2
600.2
595.3
625.2
619.6
643.9
666.5
697.9
702.2
484.7
507.1
525.7
545.4
565 1
562.1
611.2
676.3
766.9
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
629.3
646.8
669.6
681.6
707.4
723.6
755.6
783.5
805.0
822.2
Total
Total
National
defense
Nondefense
State
and
local
855.4
373.0
280.6
92.4
482.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
922.8
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
940.6
926.5
929.3
931.8
931.5
919.9
917.1
932.0
922.2
919.4
384.9
377.3
376.1
384.1
386.7
373.5
356.6
337.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
377.0
361.6
358.3
355.6
351.1
341.7
334.7
343.5
330.4
326.9
292.1
287.0
281.4
283.6
281.4
261.4
243.7
226.7
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
262.4
248.2
246.8
240.9
238.7
228.5
226.1
233.0
219.1
215.0
92.9
90.2
94.8
100.4
105.3
112.2
113.0
110.9
496.6
509.6
528.3
548.5
557.2
563.3
573.1
585.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
563.6
564.9
571.0
576.2
580.4
578.3
582.4
588.5
591.8
592.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
114.6
113.3
111.5
114.7
112.4
113.2
108.7
110.5
111.3
111.8
Final
sales of
domestic
product
Gross
domestic
purchases '
4,395.9
4',513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
5,296.2
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
5,054.1
5,056.8
5,086.5
5,126.5
5,207.2
5,235.7
5,254.9
5,310.0
5,384.4
5,417.7
4,559.6
4',683.0
4,822.6
4,911.7
4',951 .9
4,887.2
5,011.6
5^208.4
5,454.0
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
5,099.2
5,132.9
5,174.7
5,225.8
5,300.2
5,365.1
5,425.8
5,484.0
5,540.9
5,590.0
Addendum:
Gross
national
product
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
5,337.3
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
5,061.0
5,083.9
5,110.1
5,148.4
5,218.7
5,262.7
5,310.5
5,359.9
5,416.0
5,455.3
Source: Department of Commerce, Bureau of Economic Analysis.
GDP less exports of goods and services plus imports of goods am! services.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
|1987 = 100; quarterly data are seasonally adjusted!
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993-
Gross
domestic
product
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
rv
1994: I
II
III
rv
1995:
lr
Total
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
126.1
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.8
121.9
122.9
123.4
123.7
124.1
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
129.3
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
121.1
124.9
125.0
125.9
126.5
126.9
127.6
127.9
128.9
129.9
130.5
131.3
125.7
126.4
126.8
127.5
Durable
goods
Nondurable goods
Services
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
111.2
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.8
109.1
109.2
109.8
110.0
110.2
110.5
111.1
111.7
111.3
112.0
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
125.7
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.8
.123.3
124.0
124.2
123.9
124.6
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
136.4
79.0
83.7
87.7
92 9
97.3
101.9
107.1
112.7
119.2
124.5
129.8
130.8
131.9
132.7
133.8
124.6
125.1
126.3
126.6
134.4
135.9
137.0
138.1
139.1
126.9
Source: Department of Commerce, Bureau of Economic Analysis,
Gross private
domestic investment
Persona! consumption
expenditures
Government purchases
Exports and imports of
goods and services
Federal
Nonresidential
fixed
Residential fixed
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
103.8
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.3
106.0
105.3
104.9
103.5
103.0
103.4
103.9
104.3
103.5
103.3
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
122.3
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.9
115.1
115.9
117.2
118.2
119.0
120.5
121.3
123.1
124.4
125.2
Exports
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
109.4
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
110.9
109.9
109.8
110.0
109.0
108.8
108.8
109.4
109.6
109.7
110.5
Imports
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
106.5
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
110.0
109.9
107.7
108.1
106.5
106.2
105.2
106.1
107.2
107.4
108.1
Total
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
129.5
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
117.2
120.6
123.6
124.2
124.5
125.3
128.1
130.0
129.3
130.7
132.7
National
defense
Nondefense
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
129.0
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
117.2
120.4
123.7
123.9
124.1
125.3
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
130.7
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.0
121.1
123.5
125.0
125.2
125.1
129.1
132.0
130.1
131.7
134.0
127.7
129.0
129.0
130.2
132.0
State
and
local
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
126.1
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117.7
121.2
122.2
122.8
123.3
123.6
124.9
125.6
126.5
127.4
128.8
CHANGES IN GDP. PERSONAL CONSUMPTION EXPENDITURES. AND RELATED
IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
| Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Personal consul iption expenditun
Gross do nestic product
Period
Current
dollars
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1991- I
II
Ill
IV
1992- I
II
11.9
3.9
in
IV
1993- I
II
1994-
in
rv
I
n
m
. . . .
IV
1995- I'
8.1
109
6.9
5.7
6.4
7.9
72
5.6
3.2
5.2
5.4
6.2
2.8
5.0
3.8
2.6
7.1
5.2
4.9
8.6
4.4
42
3.8
7.7
6.1
72
6.2
64
4.9
Fixed- weighted
price index
(1987 weights)
Implicit price
deflator
Constant
(1987) dollars
100
62
4.1
44
37
2.6
32
39
4.4
44
38
2.8
22
2.1
50
28
2.8
27
3.8
27
13
27
33
16
10
13
29
29
19
13
22
18
-22
39
62
32
29
31
39
2.5
12
-6
2.3
31
41
-2 1
22
1.0
1
31
24
35
57
12
24
27
63
33
41
40
51
27
Current
dollars
Constant
(1987) dollars
12
11
4.6
48
44
3.6
28
36
1.9
15
-4
2.8
33
3.5
-2 8
2.1
1.3
-5
5.8
17
3.9
56
1.6
26
3.9
40
4.7
13
3.1
51
18
102
6.9
9.6
90
8.4
6.9
71
8.0
6.9
68
3.8
6.0
5.8
5.7
5
4.7
4.3
3.0
9.3
54
5.6
97
4.1
50
5.1
64
6.0
46
6.3
68
4.4
39
34
35
28
31
40
4.5
46
40
3.2
30
27
51
31
3.3
27
3.9
33
27
28
42
24
20
24
31
29
30
26
33
Implicit price
deflator
Fixed-weighted
price index
(1987 weights)
90
57
4.9
39
39
31
42
42
49
51
42
3.2
25
21
34
24
3.1
34
33
37
16
39
26
22
13
22
13
32
31
19
25
86
54
43
37
38
30
41
43
50
53
44
35
28
25
36
28
33
36
37
38
35
30
29
26
14
28
19
28
36
25
27
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS. AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
Current -doiiar cost and profit >er unit of output (dollars) '
Total
cost arid
profit 2
Consumption of
fixed
capital
Indirect
business
taxes :t
Current
dollars
1987
dollars
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
3,121.9
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,740.9
2,870.2
2,868.4
2,920.5
2,963.3
3,019.5
3,062.6
3,098.9
3,131.2
3,195.0
0.978
1.000
1.030
1.072
1.109
1.137
1.150
1.159
1.171
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.152
1.159
1.159
1.157
1.159
1.165
1.170
1.175
1.175
0.111
.110
rv
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3222 9
3,409.7
3,656.9
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,125.9
3,307.8
3 324 4
3,386.3
3,428.7
3,499.3
3,568.6
3,626.7
3,679.4
3,752.8
.117
.120
.126
.126
.123
.122
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.123
.124
.123
.124
.120
.125
.121
.122
.121
0.095
.095
.096
.101
.106
.115
.117
.117
.117
.086
.088
.091
.093
.095
.094
.097
.102
.109
.117
.118
.117
.117
.116
.117
.117
.117
.118
.117
1,995- If
3,798.9
3,230.7
1.176
.122
.116
1986
1987
1988
1989
1990
1991
1992
1993
1994
1982:
19831984:
198519861987:
19881989:
1990:
199119921993-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
HI
IV
1994- I
II
Ill
.111
Corporate profits with inventory
valuation and capital consumption
adjustments
Compensation
of employees
Net
interest
0.648
.658
.676
.706
.736
.756
.767
.768
.766
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.768
.776
.770
.766
.760
.763
.766
.768
.768
0.040
.042
.045
.054
.054
.049
.041
.039
.039
.040
.036
.041
.038
.042
.042
.047
.055
.054
.047
.038
.039
.039
.039
.038
.038
.039
.040
.041
0.084
.096
.102
.094
.093
.092
.099
.112
.126
.051
.079
.091
.092
.081
.099
.102
.088
.085
.092
.107
.102
.111
.113
.123
.122
.127
.127
.128
0.031
.037
.038
.037
.034
.031
.031
.040
.046
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.033
.037
.040
.038
.043
.043
.046
.047
.049
0.053
.059
.064
.057
.059
.061
.067
.073
.080
.030
.050
.064
.063
.045
.060
.063
.055
.052
.061
.073
.065
.071
.075
.080
.078
.081
.080
.079
.771
.042
.125
.049
.077
Total
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
employees
(19S7
dollars)
ComjHnisation
per hour
of all
employees
(dollars)
22.733
23.127
23.572
23.189
23.446
23.926
24.648
25.379
26.047
21.070
21.893
22.055
22.346
22.891
23.356
23.521
23.146
23.549
24.211
25.085
24.962
25.239
25.516
25.810
26.018
25.923
26.054
26.249
14.739
15.207
15.833
16.377
17.246
18.081
18.916
19.483
19.957
12.791
13.186
13.732
14.359
14.975
15.517
16.069
16.616
17.623
18.400
19.254
19.365
19.432
19.539
19.608
19.855
19.852
20.012
20.148
NATIONAL INCOME
llViltions of dollars; quarterly data at seasonally adjusted annual rates]
Compensation
of employees'
National
income
Period
Proprietors' income
with inventor}' valuation and capital consumption adjustments
Farm
1989
1990
1991
1992
1993
1994
19821983198419851986198719881989199019911992:
1993-
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
5,458.4
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
5,494.9
5,599.4
5,687.8
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
11
III
rv
1994- I
II
in
IV
1995- I'
1
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
4,004.6
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.7
4,095.3
4,158.2
Nonfarm
40.2
41.9
36.7
44.4
37.3
39.5
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
36.6
46.0
49.6
39.4
15.8
44.4
47.2
39.3
29.8
41.7
43.5
307.0
321.4
339.5
374.4
404.3
434.2
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
349.8
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
444.0
449.2
Includes employer contributions for social insurance. (See also p. 5.)
Rental
income
of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and
capita] consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
-13.5
-14.2
-10.5
-5.5
24.1
27.7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21 6
-11.1
-8.1
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.6
29.0
25.1
362.8
380.6
390.3
405.1
485.8
542.7
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
394.7
432.5
442.5
473.1
493.5
533.9
508.2
546.4
556.0
560.3
568.8
Profits
before tax
Inventory
valuation
adjustment
342.9
365.7
365.2
395.9
462.4
524.5
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
569.5
-17.5
-11 0
5.8
-6.4
-6.2
-19.5
-8.6
-7 6
3.5
-3 8
-10.7
-17.8
-31.7
-13.5
-19.5
-.8
2.1
-11.2
10 0
3.0
-6.5
-12.3
14 1
-19.6
-32.1
-38.7
325.4
354.7
370.9
389.4
456.2
505.0
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
530.8
Capital
consumption
adjustment
37.4
25.9
19.4
15.7
29.5
37.7
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
38.8
38.0
Net
interest
452.7
463.7
447.4
420.0
399.5
409.7
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.0
414.6
397.6
396.7
389.1
394.2
399.7
415.7
429.2
443.1
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
(Billions of 1987 dollars, except as noted; quarterly data at seasonally a<£justed annual rates)
Durable goods
Period
Total
personal
consumption
expenditures
1989
1990
1991
1992
1993
1994
1982198319841985:
19861987:
198819891990:
199119921993-
IV
IV
IV
IV
IV
IV
TV
IV
IV
IV
IV
I
II
III
rv
1994: I
II
Ill
rv
1995: I'
!
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3,646.1
Total
durable
Roods
440.7
443.1
425.3
452.6
489.9
532.1
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
468.8
472.5
483.7
492.7
510.8
521.7
522.2
529.6
554.8
549.1
Includes other items, not shown separately.
Motor
vehicles
arid
parts
196.4
192.7
170.0
181.8
196.1
208.2
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.0
211.9
202.7
Furniture
and
household
equipment
165.8
171.6
179.2
193.3
214.1
238.7
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.7
254.5
256.2
Services
Nondurable goods
Other
78.5
78.7
76.1
77.5
79.7
85.2
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
88.4
90.1
Total
nondurable
goods
Food
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
1,109.5
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.4
1,121.9
1,129.0
515.0
523.9
518.8
514.7
524.0
535.6
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
522.0
520.7
522.3
525.1
528.1
531.9
536.1
535.7
538.5
541.2
Clothing
Gasoline oilKuol
and
and
arid oil
shoes
coal
187.8
186.2
184.7
193.2
197.8
208.8
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
198.7
194.0
196.1
198.6
202.4
203.8
204.9
210.2
216,4
216.9
87.3
86.4
83.1
85.6
86.5
87.2
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.0
86.1
85.7
87.5
86.6
86.1
86.7
88.0
88.2
90.3
11.4
10.5
10.7
11.2
12.1
11.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.7
11.1
11.6
Other
250.2
253.8
250.5
253.0
258.2
265.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.8
267.6
269.1
Total
services '
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
1,938.1
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,797.3
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,941.8
1,952.9
1,968.0
Housing
469.2
474.6
479.0
485.2
492.6
501.3
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.6
505.0
507.4
Retail sa cs of new
passenger cars
(millions of units)
Mcilieal
care
408.6
424.6
437.7
454.3
466.4
479.0
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.0
484.4
486.8
*: Department of Commerce, Bureau of Economic Analysis.
Dornesties
7.1
6.9
6.1
6.3
6.7
7.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
7.4
7.0
Imports
2.8
2.6
2.3
2.1
20
2.0
2.5
26
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
1.8
1.8
SOURCES OF PERSONAL INCOME
Personal income rose $17.3 billion (annual rate) in April, following an increase of $31.4 billion in March. The changes
were affected by decreases in subsidy payments to farm proprietors and in bonus payments to employees in
the motor vehicle industry.
BILLIONS OF DOLLARS* (RATIO SCALE!
7,000
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
OTHER INCOME
800
800
TRANSFER PAYMENTS
400
I I I I I M I i II
400
1987
1988
1989
1991
1990
1992
1993
1994
* SEASONAHY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of COMMERCE
1995
COUNOi OF ECONOMIC ADV5SERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
.•
1991
1992
1993
1994
1994- Apr
May
July
Sept
Oct
Dec
1995- Jan'
Pebr
Apr?
personal
income
3 5904
3 8020
4,075 9
43803
4,673 8
4,860.3
5 1543
5 375 1
5,701 7
5 639 4
5 6654
5,674 9
5 704 4
5,730 6
5 7684
5 8447
5 841 8
5 883 5
5 932 2
5,962 9
5 9943
6011 6
Wa{>p am]
salary
disbursements '
2 1054
2 261 2
24430
2 5864
2 7450
2,816.1
2,9748
3 080 8
32790
3241 4
3263 4
3,267 0
3 282 6
32890
33102
3351 6
3 3493
33683
3 393 4
3,406 9
3 412 3
34322
Proprietors' income'1
Other labor
income 1 2
2007
2104
2305
251 9
2743
299.0
3287
3553
381 0
376 7
3784
380.1
381 9
383 7
3855
3871
388 7
3903
398 1
399.6
401 1
4025
Farm
dividend
income
22 3
261 5
87
1047
31 3
309
402
41 9
36.7
444
37 3
395
46 9
388
32 3
300
296
30 0
490
35 1
41 1
352
41 2
54 1
393
2790
2934
307 0
321 4
339.5
3744
404 3
4342
430 2
432 1
433 5
4344
4376
4394
441 4
443 5
447 0
448 5
449 5
449 5
448 9
32
43
100 4
1084
126 5
1444
150.5
161 0
181 3
1943
189 9
191 8
1934
195 1
1970
198 8
200 8
202 8
2044
2048
2054
2064
2075
1
The total of wage and salary disbursements and other labor income differs from compensation of employees (see j). 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 ant! private welfare funds.
:i
With inventory valuation and capital consumption adjustments.
Nonfarm
Less: Percome of
pel-sons4
4
-135
-142
-10.5
-55
24 1
27 7
350
346
32 6
324
32 6
32 7
31 4
29 5
26 1
267
252
23 3
22 1
interest
income
Transfer
payments r>
531 7
548 1
517 8
542 2
5832
668 2
6982
695.1
6652
637 9
6640
642 0
649 3
6569
665 1
6740
683 6
692 5
701 2
709 6
7177
725 4
732 8
7400
576 7
625 0
687 6
770.1
8602
915 4
963 4
955 9
957 1
9600
964 9
9698
972 3
977 1
977 7
9842
1 000 8
1 003 7
1 009 5
1 015 1
tribtitions
for social
insurance
162 1
173 6
194 5
211 4
224 9
236.2
248 7
261 3
281 4
278 5
280 2
280 9
282 0
282 6
284 1
286 2
286 1
287 4
293 0
2940
294 5
2960
With capital consumption adjustment.
r
'Consists mainly of social insurance Iwnefits, direct relief, and veterans payments.
'* Persona! income exclusive of farm proprietors' income, farm wages, farm other
ome, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
persona]
income''
3 545 6
3 749 4
4 023 9
4 318 0
4 608 6
4,801.8
5 089 4
5 316 6
5 639 4
5 570 1
5 604 0
5 619 9
5 678 1
5 715 5
5 772 5
5 783 3
5 818 7
5 873 3
5 897 9
5 916 3
5 948 2
DISPOSITION OF PEBSONAL INCOME
According to revised estimates, per capita disposable personal income in 198? dollars rose in the first quarter
of 1995.
BILLIONS OF DOUARS' (RATIO SCALEI
BIUJONS QE DOLLARS' (RATIO SCALE)
J_J 2,000
2,000
DOLLARS* (RATIO SCALE]
22,000
20,000
•—
18,000
DOUARS* (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
18,000
CURRENT DOLLARS
\
16,000
'
- - - - -~-^
^^
10,000
^^
U,000
987 DOLL/
12,000
^
10,000
8,000
1
1
1
1
!
!
!
1
1982
16,000
-
r\
U.OOO
12,000
1r——^
—.
^r^—~"
1983
1984
1986
1985
1987
1988
1989
'
1
\
1
'
1990
1991
\ \
1992
f i i
!
f
1994
1993
t
1
!
1
8,000
1995
COUNCIL OF ECONOMIC ADVISERS
U«K
Period
Personal
income
Personal
tax and
nontax
payments
Kquals:
Disposable
personal
income
Less:
Personal
outlays •
Equals:
Personal
saving
Disposable
personal
income in
1987
Per capita
disposable personal
income
Current
dollars
dollars
(billions)
Billions of dollars
1987
1988
1989
1990
1991
1992
1993
1994
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
512.5
527.7
593.3
623.3
623.7
648.6
686.4
742.1
3,289.5
3,548.2
3,787.0
4,050.5
4,236.6
4,505.8
4,688.7
4,959.6
1!)87
dollars
Per eapit d personal
eonsu liptimi
expen itures
Current
dollars
1987
dollars
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
4,756.5
142.0
155.7
152.1
170.0
211.6
247.9
192.6
203.1
3,289.5
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3,704.1
3,835.7
13,545
14,477
15,307
16,205
16,766
17,636
18,153
19,003
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of"
disposable
personal
i ncomt*
Population,
including
Armed
Forces
overseas
(thousands) -
Percent
13,545
13,890
14,005
14,101
14,003
14,279
14,341
14,696
12,568
13,448
14,241
15,048
15,444
16,192
16,951
17,734
12,568
12,903
13,029
13,093
12,899
13,110
13,391
13,716
-0.1
2.5
.8
.7
-.7
2.0
.4
2.5
4.3
4.4
4.0
4.2
5.0
5.5
4.1
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
260,991
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
14,533
14,222
14,351
14,338
14,451
14,535
14,625
14,697
14,927
15,061
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
16,566
16,693
16,856
17,017
17,233
1 7,443
17,598
17,821
18,072
18,230
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,717
13,853
13,888
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
9.3
-8.3
3.7
-.4
3.2
2.3
2.5
2.0
6.4
3.6
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
5.2
6.2
4.0
4.6
3.9
4.0
3.6
4.1
4.1
4.6
5.1
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,758
256,626
257,262
257,908
258,635
259,356
259,997
260,627
261,340
261,999
262,527
Seasonally adjusted annual rates
1982:
1983:
19841985:
1986:
19871988:
1989:
1990-
IV
IV
IV
IV
IV
IV
IV
IV
IV
1991:
IV
1992: IV
1993: I
II
Ill
IV
1994- I
II
Ill
IV
1995:
1'
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,934.2
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,734.5
5,856.6
5,963.2
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
631.2
676.2
657.3
685.9
695.4
707.0
723.0
746.4
744.1
754.7
773.4
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,303.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,990.3
5,101.9
5,189.8
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,787.0
4,869.3
4,924.3
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
224.6
287.4
184.6
214.0
182.3
189.4
175.5
201.1
203.3
232.6
265.5
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,840.9
3,911.0
3,953.9
2
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,957
18,154
17,874
18,141
18,174
18,421
18,588
18,853
19,095
19,473
19,769
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Kconomic Analysis and Bureau of the Census]
FARM INCOME
In the fourth quarter of 1994, according to preliminary estimates, gross farm income rose $16.8 billion (annual
rate) and net farm income rose $17.8 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
160
^
^~.
r\,
/-,.
/•
—
^S]
^^
—
~
•~^^s'
.
240
200
160
120
<3ROSS^
FARIVI INCOME
80
60
'-x/
\
f
\ I
1 \f
/I
/ \
20
\
V
'v
\
' ^
>
/
\—
1
l\ '
I '
1
^J
\!
\l
V
'
\
^*
/
\
s^
\
t
V
'"*•-••«.
\ '
*
.
NET FARM INCOME
20
i ft ;
i Mi
i » \i
i i *
i/
11
i
i [ i
1982
2
10
i
1983
40
V
i i
1984
i
1985
i i
1986
i
i
i
i
1987
i i
1988
i
i i
1989
i i i
1990
i
i i
1991
' SEASONAL ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
i
i i
i
i
1 1 1
i
1994
1993
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Net farm income
Period
Cash marketing receipts
Total >
Total
168.0
161.2
156.1
168.5
175.8
192.8
198.2
192.3
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
200.2
201.4
212.0
1994?
1993- I
II
Ill
IV
203.0
202.2
lr
215.0
201.0
1994:
II r
III'
IV
1
('ash nia
ncome^ iirid on money LI
* Physical
f*v prices <h ring tht! yea
:
Mncon
198.0
202.5
.
.. .
207.7
224.5
Livestock and
products
Crops
Value of
inventory
changes2
Production
expenses
Current
doJJars
1987 dollars3
142.8
144.1
135.4
141.8
151.2
161.1
170.0
168.8
171.2
175.1
179.7
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.7
86.4
90.6
87.8
69.9
74.3
63.8
65.9
71.7
77.0
80.1
82.1
84.9
84.5
91.9
6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.4
-.3
4.3
-3.6
7.1
141.9
132.4
125.1
128.8
137.8
144.9
151.3
151.2
150.1
158.0
162.7
26.1
28.8
31.1
39.7
38.0
47.9
46.9
41.1
50.1
43.4
49.3
28.7
30.5
32.0
39.7
36.6
44.1
41.4
35.0
41.4
35.1
39.1
172.2
175.1
185.7
167.3
177.1
166.8
183.0
191.8
84.2
88.4
101.9
87.8
88.0
86.7
83.8
79.5
85.1
84.2
85.8
112.3
-6.5
-5.1
-6.0
3.0
8.4
7.7
6.2
6.2
155.1
157.6
159.5
160.0
160.2
162.5
164.5
163.6
47.9
44.7
38.6
42.4
54.8
38.5
43.1
60.9
39.0
36.2
31.2
34.2
43.8
30.6
34.1
48.0
92.0
82.5
97.2
79.5
NOTK.—Data iridnde not Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1991 in cihart do not ntflw-t previous revision:
annual data in table.
Kourms: Department, of Agrif-nltim- arid Department of Commerce.
CORPORATE PROFITS
In the first quarter of 1995, according to preliminary estimates, corporate profits before tax rose $16.0 billion (annual
rate) and profits after tax rose $11.5 billion.
BIUJONS OF DOUARS
BILUONS OF DOUARS
600
600
SEASONAUY ADJUSIED ANNUAL RATES
550
550
f
500
J
450
500
-
^
450
-
/
P ROFITS
400
BEF"RE TAX
A
350
1
^
/
.
300
1
400
V
^
-v
350
X
300
_ /
^y
/"-^.
250
/
200
v,
*~
S
^ _
t
--'',
^.
s._
^' ""
,'''
*" ""**•».
^
v
•'
1
1982
1
1
j
N
1 1 1
1
1983
/
\
0
1
•*.
L
-'-
\
^
^
.^'
1984
1
1
1985
1
'\
\
.
200
-
"'
TAX UABIIJTY
v-#"
100
50
^.^
s
150
~
\
250
'
s
s
J
\-
^
s\ f*
OFITS AFTi
V1—^^
-
x'
150
"\/
„
,- — '
•
100
*• \
\
"'
V
50
UND ISTRIBUTEC PROFITS
,'
Ti i
i i i
i
1986
1987
1988
0
i i
i
i
i
1989
i
I ;
1990
1
1
1
1991
1
1
!
1992
SOURCE: DEPARThtfNTOFCCIMMERCE
1
i
1
i
1993
COUN
1
i
1994
f
1 I
1995
raLOFECONC >MIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted animal rates]
Profits {before tax) with inventory valuation adjustment ]
Profits after tax
Domestic industries
Period
Nonfinancial
Total2
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1982:
1983:
19841985:
19861987:
1988:
198919901991:
19921993-
W
IV
IV
W
IV
W
W
IV
IV
IV
IV
I
II
III
IV
1994- I
II .
in
IV
1995- IP
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
505.0
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
530.8
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
444.6
130.8
182.6
192.9
193.5
192,5
246.3
285.9
254.8
273.8
301.4
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.1
461.7
463.6
Financial
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
104.0
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.6
86.7
95.9
100.1
103.9
114.6
89.6
106.4
112.6
107.2
114.2
Total3
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
340.6
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
345.5
354.5
349.4
1
Sw p. 4 for profits witli inventory valuation and capital consumption adjustments.
'-Includes rest of tli<> world, not shown separately.
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
145.6
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
85.3
101.3
96.2
114.2
112.4
134.2
145.1
143.0
143.3
150.9
46,3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
67.6
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
47.4
64.6
56.0
63.3
62.0
63.7
59.0
72.0
70.1
69.2
;!
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
524.5
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
569.5
Tax
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
202.5
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
133.1
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.6
215.6
220.2
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
322.0
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
240.0
264.8
273.0
284.8
288.9
310.2
299.4
321.4
329.5
337.9
349.4
Dividends
Undistributed
profits
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
205.2
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
160.9
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
213.9
217.1
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
116.9
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
82.7
84.7
94.1
95.6
115.6
103.0
118.9
121.6
124.0
132.2
Includes industries riot shown separately.
Souiw; Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
ment
9.7
-14.5
-27.3
-17.5
-11.0
5.8
-6.4
62
-19.5
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
-.8
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
-19.6
-32.1
'-38.7
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the first quarter of 1995, according to revised estimates, nonresidenfial fixed investment in 1987 dollars rose
$34.1 billion (annual rate) and residential investment fell $1.5 billion. There was a $52.3 billion increase in inventories,
following an increase of $494 billion in the fourth quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,100
1,100
SEASONAUY ADJUSTED ANNUAL RATES
1,000
y
900
800
700
/
600
500
/
"X
^^
^r\
"VX \
GROSS PRIVATE DOMESTIC
INVESTMENT
^
—»
— °~
-»
^:
^
f
s
f
1,000
900
800
»
f
700
s
s
„_'
N. _
600
s
500
S*
S
"""' •** _^
_ *••
400
NC>NRESIDEr-mAL
s
400
D INVESTA
RESIDENTW L
FIXF 3
300
200
,*»'
__,
s
s'
*• •• — '
x
/
s'
\
\
1
-100
1
1982
i
\
1
—-j
300
200
'"' •*. — • — '*
CHANC;E IN BUSI NESS
IN /ENTORIE.
100
0
INVESTO FNT
I
/^
\
100
t
\
1
1
1983
!
1
1
1
1
1984
1
!
1
!
1
1986
1985
0
\
' -. /
f
***
i i i
1987
i
1
1
I
1988
! 1
1989
1
!
1
1990
i i i
1
1991
1992
1
!
i i i
i i i
i ii
1993
1994
1995
-100
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
Change in business
inventories
Nonresidential
Producers'
durable
equipment
Residential
Structures
Total
Total
Total
Nonfarm
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
951.5
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
903.8
500.3
497.8
530.8
540.0
546.5
5J5.4
525.9
591.6
672.4
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
47.8
10.6
32.7
26.9
29.9
3.2
-1.3
-2.0
18.5
40.7
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
697.9
755.2
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
684.4
748.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
355.5
394.6
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.6
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
14.6
6.3
789.2
806.2
821.8
862.5
770.7
787.3
808.8
851.7
560.3
581.0
597.9
627.2
147.2
147.3
147.5
148.7
413.0
433.7
450.3
478.5
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
19.7
22.8
20.9
10.7
1994- I
II
III
IV
898.9
950.9
967.3
989.1
873.4
891.7
910.2
939.7
643.6
657.9
680.0
708.2
144.1
151.0
151.6
155.6
499.4
506.9
528.4
552.6
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
22.1
51.7
47.4
41.7
1995- lr
1,024.6
972.3
742.3
160.9
581.4
230.0
52.3
49.8
1986
1987
1988
1989
1990
1991
1992
1993
1994
19821983198419851986198719881989199019911992-
IV
IV*
IV
IV
IV
IV
IV
IV
IV
IV
IV
1993- I
I I
Ill
IV
. . . .
.
.
.
.
Sourw: Dopartmtmt of (.'omnium', Bureau of Economic Analysis.
.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1994 survey, business spending for new plant and equipment
was expected to rise 8.8 percent in 1994, following a rise of 7.3 percent in 1993.
BILLIONS OF DOLLARS (RATIO SCALE)
700
BILLIONS OF DOLLARS (RATIO SCALE]700
SEASONAU.Y ADJUSTED ANNUAl RATES
600
600
500
500
400
300
300
NONMANUFACTUWNG17
200
''' \
MANUFACTURING
100
if U
I
1988
1985
I I
1992
^SURVEYED QUARTERLY
^SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
COUNOl OF ECONOWC ADVCBtS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Nonmaimfaeturing
Manufacturing
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 "
1992- I
II
Ill
IV
1993- I
II
III
IV
1994- I
II
Ill-"
rv
All
industries
Total
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
586.73
638.37
534.23
541.29
547.82
559.39
563.48
578.95
594.56
604.51
619.34
637.08
651.92
645.13
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
1 74.02
179.47
192.56
173.14
172.52
173.05
176.74
173.99
177.55
182.48
182.15
185.04
193.99
197.36
193.83
1
Durable
goods
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.45
92.78
73.26
73.74
72.63
73.64
78.19
80.33
82.74
83.64
86.03
91.71
98.97
94.44
Addenda
Nondurable
goods
Total '
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.02
99.77
99.87
98.78
100.42
103.09
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
361.09
368.77
374.77
382.65
95.80
97.22
99.74
98.51
99.02
102.28
98.39
99.39
389.49
401.40
412.09
422.36
434.29
443.09
454.56
451.30
Mining
Transportation
Public
utilities
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.08
11.24
8.99
9.20
8.96
8.43
8.98
9.10
11.09
10.92
11.43
10.70
11.57
11.27
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.77
21.19
21.82
23.32
23.66
21.66
22.38
21.50
21.32
21.84
22.47
19.59
20.73
21.98
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.98
76.44
69.09
72.56
72.48
73.79
73.78
74.45
75.94
78.87
73.20
76.51
78.50
77.57
Excludes forestry, fisheries, and agricultural services; professional services; social services
and membership organizations; and real estate, which, effective with the, April-May 1984 survey,
ifjer surveyed quarterly. See last column ("nomnaiiufacturin^ surveyed annually") for
Nonmanufacturing
Commercial
and
other
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
299.44
336.93
261.19
263.69
269.67
278.77
284.35
296.35
303.74
310.73
327.20
336.28
343.76
340.48
Manufacturing
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
650.41
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
173.14
172.52
173.05
176.74
17399
177.55
182 48
182.15
185.04
193.99
197.36
193 83
Total
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.95
Surveyed
quarterly
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
361 09
368.77
374.77
382 65
389 49
401.40
412 09
422.36
43429
443.09
45456
451 30
Surveyed
annually3
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
4
Piaim ttl capital expenditures as reported by business in July—August 1994, correc.twl for
biases.
N'oTB.—The quarterly Plant arid Equipment Sm-vey has been discontinued and replaced by
a new semi-annual indicator survey: Itusincss Invpxtnwnt and Pinna. The first new survey results
for 1993-9;") were released February 23, 1995. The new survey tlata may be incorporated into
Kwmomic I-rul-imtors at a later date. See I'ltint rind KyuipnifrAt Kx-fwmlitunx ami /V/r/w release
of Septemlx-r 8, 1994 for<letails.
Source: Department of Comm
10
Total
nonfarm
business -
, Hureauof th.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In May, employment fell by 753,000 and unemployment fell by 173,000.
MILLIONS OF PERSC NS*
MILLI ONS OF PERSONS *
134
134
r^
SEASONALLY ADJUSTED
.
130
130
CIVILIAN LABOR FORCE
v^
126
122
118
r~~"^
/s*'^
*.'
126
^'''
xH
122
X
^"**
-~^~\
114
no
r^~~*^~
,f**^
118
__ x" f ^ ^™
'~^V~~
"*•
114
CIVILIAN
EMPLOYMENT
-./•'''
-
106
v
,
12
1987
1988
I I I I 11 I I I I I I I I I I I I I i II
1989
1990
106
12
UNEMPLOYMENT
I M I 1 I I I I I I I I I I I I I I I II
110
l l l l l I I I I II l l l l l I I l l l
1991
1992
1994
1993
1995
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment
Period
Civilian
noninstitutional
population
NSA
Chilian
labor
force
Nonagri cultural
Total
Agricultural
Total
Percent2
Unemployment
Part time
for
economic
reasons '
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
1985
1986:i
1987
1988
1989
1990
1991
1992
1993
19944
178,206
180,587
182,753
184,613
186,393
188,049
189,765
191,576
193,550
196,814
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
131,056
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
123,060
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
3,409
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
119,651
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
4,414
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
2,860
62,744
62,752
62,888
62,944
62,523
63,262
64,462
64,593
65,509
65,758
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
66.6
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
62.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
1994- May
196,510
196,693
196,859
197,043
197,248
197,430
197,607
197,765
130,699
130,538
130,774
131,086
131,291
131,646
131,718
131,725
122,703
122,635
122,781
123,197
123,644
124,141
124,403
124,570
3,413
3,294
3,333
3,436
3,411
3,494
3,500
3,532
119,290
119,341
119,448
119,761
120,233
120,647
120,903
121,038
4,583
4,510
4,273
4,173
4,154
4,226
4,246
4,254
7,996
7,903
7,993
7,889
7,647
7,505
7,315
7,155
2,853
2,740
2,823
2,773
2,768
2,934
2,661
2,456
65,811
66,155
66,085
65,957
65,957
65,784
65,889
66,040
66.5
66.4
66.4
66.5
66.6
66.7
66.7
66.6
62.4
62.3
62.4
62.5
62.7
62.9
63.0
63.0
6.1
6.1
6.1
6.0
5.8
5.7
5.6
5.4
197,753
197,886
198,007
198,148
198,286
132,136
132,308
132,511
132,737
131,811
124,639
125,125
125,274
125,072
124,319
3,575
3,656
3,698
3,594
3,357
121,064
121,469
121,576
121,478
120,962
4,430
4,187
4,347
4,171
4,289
7,498
7,183
7,237
7,665
7,492
2,386
2,298
2,266
2,505
2,585
65,617
65,578
65,496
65,412
66,476
66.8
66.9
66.9
67.0
66.5
63.0
63.2
63.3
63.1
62.7
5.7
5.4
5.5
5.8
5.7
July
Sept
Oct
Dec
1995- Jan
Feb
Mar
May
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fuUtime work, etc.
'-Civilian !alx>r force (or employment) as [XTcent of civilian noriiristitutiorial population; arid
unemployment as percent of civilian labor force.
lier periods. See
11
SELECTED UNEMPLOYMENT RATES
In May, the unemployment rate fell to 5.7 percent from 5.8 percent in April.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
10
1991
1991
1995
*UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994*
1994- May
July
Aue ..
Sept
Oct
Nov
Dec
1995- Jan
Peb
Mar
May
1
All
civilian
workers
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
6.1
6.1
6.1
6.0
5.8
5.7
5.6
5.4
5.7
5.4
5.5
5.8
5.7
Men
20 years
and over
Women
20 years
and over
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
5.4
5.4
5.3
5.5
5.3
5.1
5.0
4.9
4.7
5.0
4.6
4.7
4.9
5.1
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6,3
5.9
5.4
5.4
5.4
5.3
5.3
5.2
5.0
5.0
4.7
4.9
4.8
4.9
5.2
4.8
Bo til
sexes
16-19
years
White
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.6
18.1
17.1
17.7
17.5
17.2
17.1
15.8
17.2
16.7
17.6
16.1
17.5
17.6
llevised definition; for details, sot* Kinpltryimnt ami En-mini)*, February 1994-.
-Data beginning January 1994 are not directly comparable; with data for earlier periods.
Employment and Earnings, February 1994.
12
By selected groups
By race
By sex and age
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.3
5.3
5.3
5.3
5.2
5.1
5.0
4.8
4.8
4.9
4.7
4.7
5.0
5.0
Black
and
other
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
10.6
10.4
10.3
10.6
10.2
10.4
9.8
9.2
9.5
9.4
9.2
9.8
9.1
Black
Experienced
wage
and salary
workers
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14,1
12.9
11.5
11.7
11.3
11.2
11.3
10.7
11.1
10.5
9.8
10.2
10.1
9.8
10.7
9.9
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
5.9
5.9
5.9
6.0
5.8
5.7
5.5
5.4
5.3
5.4
5.1
5.2
5.6
5.6
Married
men,
spouse
present
Women
who
maintain
families
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
3.7
3.7
3.6
3.6
3.5
3.4
3.3
3.2
3.2
3.4
3.0
3.2
3.4
3.4
Note.—Data reiat*1 to persons ape I B years and over.
Source: Department of Laljor, Bureau of Labor Statistics.
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
8.9
8.9
8.8
7.9
8.8
8.9
8.9
8.7
8.8
8.9
8.1
7.6
9.0
8.0
Full-time
workers '
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.1
6.1
6.1
6.1
6.0
5.8
5.8
5.6
5.3
5.5
5.3
5.4
5.6
5.6
Part-timel
workers
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.0
6.2
5.9
6.0
6.2
5.8
5.6
5.4
5.9
6.2
6.0
5.8
6.3
6.1
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In May, there were decreases in the percentages of the unemployed who had been out of work for less than
5 weeks, for 5-14 weeks, and for 27 weeks and over, and an increase in the percentage for 15-26 weeks.
The mean duration of unemployment fell to 16.9 weeks and the median duration rose to 9.0 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION
70
70
30
-
10 -
._0i£
* SEASONALLY ADJUSTED
1/BEGfNNJNG JANUARY I 9?4, JOB IO5ER5 AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment '
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Reason for unemployment:
)ereent distribution
State
programs
Numlx.'r of weeks
27
weeks
and
over
Job
los
Average
(mean)
Median
ers'
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
linemplovment,
' all
rejjular
programs
(unadjusted) 2
Weekly average. thousands
1985
1986
1987
1988
1989
1990
1991
1992
1 993
1994-»
1994: Mav
July
Sept
Oft
Mov
Dec
1995- Jan
Fob
Mar
Apr
May
1
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9.384
8,734
7,996
7,996
7.903
7,993
7,889
7,647
7,505
7,315
7,155
7,498
7,183
7,237
7,665
7,492
42.1
41.9
43.7
46.0
48.fi
46.1
40.1
34.9
36.2
34.1
33.3
34.7
34.8
33.2
34.6
31.9
35.0
36.0
39.4
36.8
35.5
34.8
34.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
30.1
30.9
30.9
29.7
32.1
29.6
29.6
29.1
29.9
28.5
30.7
32.6
32.1
30.8
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.5
14.6
15.0
1 5.5
15.0
15.7
17.6
16.0
15.1
13.9
15.4
12.9
14.7
17.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.3
21.3
1 9.5
20.0
19.7
20.1
20.9
1 9.9
19.0
18.2
17.1
18.9
18.4
17.4
15.6
15.0
14.5
13.5
11.9
12.1
1 3.8
17.9
18.1
18.8
19.4
18.4
19.0
18.9
18.8
19.3
18.2
17.8
16.7
16.9
1 7.5
17.7
16.9
Beginning January 1994, job lasers and persons who completed temporary jobs.
Includes .Stale iaO Stales, District of Culuni )ia, Puerto Rim. ant Virgin Is amis), ex-servicemen (Ul'X). and Federal (UOFK). Railroad (RR) programs included through 1993. Also ineludes Federal and State extent ed benefit programs. Does not include Federal supplemental
compensation or Emergency f 'nernployment ('ompensaikm pni^r-ams.
3
Data beginning January 1994 are not directly comparable with data for ear er periods. See
Kmphjymnt tind Earnirujs. February 1994.
2
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
9.2
9.2
9.1
9.2
9.2
9.5
10.1
9.1
8.7
79
7.8
7.9
8.5
9.0
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
47.7
46.0
47.8
48.3
47.1
46.6
46.8
47.5
47.6
49.2
46.6
46.6
45.5
48.4
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.9
10.1
10.1
9.6
10.0
11.4
10.1
9.6
9.7
9.3
10.8
11.3
10.5
11.7
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
34.8
3B.2
35.7
34.6
35.0
34.2
35.0
35.0
34.9
33.4
34.5
33.8
35.8
32.9
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
7.6
7.7
6.4
7.4
7.9
7.8
8.2
7.9
7.7
8.0
8.1
8.4
8.2
7.0
2,617
2J143
2.300
2.081
2,158
2.522
3.342
3.245
2.751
2,671
2,743
2.745
2,717
2.667
2,614
2,569
2.531
2,533
2,515
2.518
2,498
2,488
397
378
328
310
330
388
447
408
341
340
365
350
348
328
323
328
329
326
335
338
342
352
f376
2,699
2,739
2,369
2,135
2,205
2,575
3,406
3.348
2,845
2,740
2,626
2,635
2.578
2,573
2.179
2,201
2,340
2.510
3,277
3,176
'2.951
2.723
NoTK, — Data relate to persons age 16 years of age and over (exec ti for insured uriemployrnent and initial clairasl.
Source: Department of Lnlxir (Bureau of Labor Statist ics and Employment and Training Administration),
-
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 101,000 in May. (Series revised.)
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
120
34
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
90
80
SERVICE-PRODUCING
INDUSTRIES
70
60
50
GOODS-PRODUCING
INDUSTRIES
30
\
III II
20
1991
1992
inn
1993
1994
1995
1991
1992
1993
1994
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1995
COUNCIL OF ECONOMIC ADVISERS
iis of wage and salary workers;' seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1 985
1986 .
1987
1988
1989
1990
1991
1992
1993 r
1994 r
1994: Mav r
June'"
.July
Aug r
Sept r
Ocf
Nov r
Dee'
1995- .!anr
Feb r
Mai"A\n-P
May''
Total
noiiiigrieultural
employment.
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
113,638
113,943
114,171
114,510
114,762
114,935
115,427
115,624
115,810
116,123
116,302
116,295
116,194
Total ~
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
23,837
23,905
23,922
23,981
24,030
24,081
24,175
24,230
24,293
24,324
24,370
24,320
24,205
1
Includes all full- and part-lime wage and salary w<
who received pay for any part of the pay period which in
proprietors, self-employed persons, domestic servants, a
in this table riot comparable with estimates of nonagric
fora1, shown on p. 11, whie,h include proprietors, se!f-en
which count persons as employed when they are not ;
bad weather, etc., even ii' they are not paid i'nr the tinii
of the working-age population, whereas the estimates i
employing establishments. In Use scvies shown here, pt.
14
Trans-
Manufacturing
Construction
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
4,981
5,006
5,029
5,038
5,077
5,088
5,144
5,166
5,201
5,213
5,2.56
5,237
5,180
Total
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,257
18,297
18,297
18,346
18,355
18,398
18,439
18,472
18,502
18,523
18,525
18,500
18,444
Durable
goods
Nondurable
^oods
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,388
10,426
10,422
10,465
10,481
10,513
10,550
10,574
10,596
10,622
10,633
10,629
10,600
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,869
7,871
7,875
7,881
7,874
7,885
7,889
7,898
7,906
7,901
7,892
7,871
7,844
i\ers in nonajiri cultural establishments
hides the 12th of the month. Excludes
personnel of the Armed Forces. Total
Utra! empl' merit of the civilian labor
is, and domestic servarit-s;
se of industrial disputes.
uh are based on a sample
•k ;U more limn one job
Total
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
89,801
90,038
90,249
90,529
90,732
90,854
91,252
91,394
91,517
91,799
91,932
91.975
91.989
tion and
public
utilities
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
5,994
6,008
6,022
6,045
6,048
6,061
6,092
6,121
6,129
6,156
6,175
6,186
6,182
Wholesale
trade
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,118
6,131
6,138
6,163
6,181
6,195
6,210
6,229
6,251
6,275
6,287
6,301
6,292
Retail
trade
Finance,
insurance,
Services
and real
estate
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,356
20,408
20,459
20,497
20,565
20,580
20,703
20,759
20,760
20,794
20,760
20,763
20,755
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,935
6,946
6,947
6,948
6,942
6,935
6,937
6,931
6,927
6,929
6,938
6,919
6,916
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,488
31,305
31,442
31,573
31,693
31,789
31,888
32,035
32,135
32,228
32,404
32,524
32,559
32,619
Government
Total
16,394
16,693
17.010
1 7,386
17,779
18,304
18,402
18,645
18,841
19,118
1 9,093
19,103
19,110
19,183
19,207
19,195
19,275
19,219
1 9 222
19^241
19,248
19,247
19,225
Fwleral
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,873
2,866
2,864
2,861
2,863
2,858
2,854
2,853
2,838
2,831
2,828
2,808
2,802
are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are wmiUnl only once-—as employed, unemployed, or not in the labor force.
-Includes mining, not shown separately.
Note.—Series revised to reflect, annual benchmarking and updated seasonal adjustment factors. Seasonally adjusted data revised bediming 1990; unadjusted data revised beginning April
1993.
Source: Department of La!x»r, Bureau of Labor Ht
AVERAGE WEEKLY HOURS. HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
I For
Average weekly hours
Average gross hourly earnings
Total irivat*
nonagricultural l
Manufacturing
Period
Total
private
nonagricultural l
Total
Overtime
1982
dollars 2
(Current
dollars
Total >rivate
nonagrieultural!
Manufacturing
Percent change from
a year earlier, total
private nonagricultural 3
Current dollars
Current
dollars
1882
dollars -
Manufacturing
Construction
Retail
trade
Current
dollars
1982
dollars
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
3.3
$8.57
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.13
$7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
$9.54
9.73
9.91
10.19
10.48
10.83
11.18
1 1 .46
11.74
12.06
$299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
386.21
$'_71.1H
-71.94
-69.16
166.79
164.22
159.47
155.40
154.99
L54.87
156.96
$386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
$464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
'553.63
572.61
$174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.4
- 1 .3
.3
-1.0
-.9
-1.0
-1.8
-1.6
— 2
-'.0
.8
July '
Aug r
Sept r
Oct '
Nov
Dec'
34.7
34.7
34.7
34.6
34.7
349
34.fi
34.7
42.0
42.0
42.0
42.0
42.1
42.1
42.1
42.1
4.6
4.7
4.7
4.7
4.8
4.7
4.8
4.8
1 1 .08
11.09
11.13
11.14
11.18
11.25
11.24
11.27
7.41
7.39
7.39
7.37
7.38
7.42
7.40
7.40
12.00
12.03
12.06
12.09
12.12
12.14
12.17
12.18
384.48
384.82
386.21
385.44
387.95
392.63
388.90
391.07
157.18
156.55
156.45
155.09
156.24
158.99
156.02
156.94
504.00
505.26
506.52
507.78
510.25
511.09
512.36
512.78
571.35
571.83
574.16
571.91
577.98
578.12
575.79
579.07
215.88
216.92
217.50
217.04
217.62
220.75
218.48
219.64
2.8
3.1
3.3
22
3.7
4.3
3.1
3.1
.7
.6
.6
-.6
.7
1.7
.4
.4
1995: Jan'
Feb'
Mar'
Apr''
May
34.8
34.6
34.6
34.6
34.3
42.2
42.1
42.0
41.5
41.5
4.9
4.8
4.7
4.5
4.3
11.29
11.32
1 1 .34
11.40
11.38
7.39
7.39
7.38
7.40
12.21
12.24
12.25
12.28
12.27
392.89
391.67
392.36
394.44
390.33
157.30
155.83
155.44
155.96
515.26
515.30
514.50
509.62
509.21
579.28
575.8(i
578.12
568.10
565.88
220.11
218.88
219.17
222.03
220.42
2.7
3.3
2.6
2.5
1.2
_ 9
1985
..
1986
1987 ..
1988
1989
1990
1991
1992 ..
1993
1994'
1994- May'
.3
-.4
-.7
;i
1
Also includes other private industry groups shown on p. 14.
-Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982 = 100 base).
Based on seasonally unadjusted data.
Note.—Series revised. See Mute, p 14.
Source: Department of Labor, Bureau of Labor .Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages arid
salaries
Benefits i
Total
comjwnsation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
3.9
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
Benefits '
Not seasonally adjusted
Dec
Dee
Dee
Dee
Dee
Dee
Dec
Dee
Dec
Dec
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
1992- Sept
Dee
114.6
115.7
112.1
113.0
121.2
122.9
.7
1.0
.4
.8
1.4
1.4
3.4
3.5
2.7
2.6
5.2
5.2
1993: Mar
116.9
117.9
118.9
1 1 9.9
120.8
121.8
122.8
1 23.6
124.3
113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
120.6
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0
1.0
.9
.8
.6
.9
.7
.8
.9
.7
.6
.7
1.5
1.4
.9
1.1
.9
1.0
1.0
.8
.1
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
198519861987198819891990:
1991199219931994-
84.6
87.5
90 5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
Sept
Dec
1 995- Mar
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.
.8
.8
.8
.8
.8
.7
.6
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
Not seasonally adjusted
Seasonally adjusted
Sept
Dec
1994- Mar
3.5
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
Nun farm
nisi ness
sector
Hours of all
persons 2
Onlpnt '
Business
sector
Nonfarm
business
sector
Business
sector
Oompensa -ion per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
R*ral compensation per
hour 4
Nonfarm
business
sector
Business
sector
Unit, axtr
costs
Business
sect< ir
Implici price
defla or 5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982=100; quarterly data seasonally adjusted
1985
1986
1987
1988 ...
1989
1990
1991
1992
1993 r
1994 ...
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.2
120.1
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.4
118.1
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
148.4
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
148.5
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.0
123.5
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.2
12o'.7
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.5
165.6
112.8
118.4
122,5
127.7
132.0
139.2
146.2
153.7
158.7
163.6
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
107.2
107.8
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.0
106.6
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
137.9
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
138.6
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
143.9
19821983:
19841985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
1990:
IV
101.1
103.1
105.4
107.0
108.3
110.6
110.8
109.7
110.5
1 1 3.0
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
111.5
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
132.6
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
132.8
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
117.4
98.9
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
119.2
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
150.1
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
142.2
148.8
100.6
100,5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
105.1
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
104.2
10.1.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
132.9
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
136.9
115.9
116.8
113.9
115.0
114.4
114.5
115.6
117.0
117.9
117.2
118.2
119.3
119.5
136.1
137.9
135.9
137.9
119.3
120.0
156.0
157.7
154.7
156.4
106.9
107.1
106.0
106.2
134.7
135.1
138.3
140.1
139.5
141.2
138.1
139.6
140.9
143.9
145.8
147.2
148.8
151.6
152.8
138.3
139.9
141.5
144.3
117.4
118.1
118.9
119.9
120.1
121.0
121.7
123.5
123.7
124.8
125.7
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
133.5
135.9
136.1
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
145.2
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
137.9
120.9
122.1
122.4
123.3
158.8
160.0
161.2
162.1
157.2
158.2
159.3
160.2
106.0
105.8
106.1
105.9
164.6
164.7
166.2
167.4
169.0
162.6
162.9
164.1
165.5
167.2
136.6
137,5
137.4
136,3
137.4
138.2
138.1
137.8
139.0
137.5
138.1
137.7
136.9
137.9
137.9
138.9
138.7
139.9
140.8
141.4
141.6
142.1
124.0
125.6
126.0
127.1
127.9
107.0
107.0
107.4
107.2
108.2
107.6
107.6
107.8
108.1
142.6
143.8
144,5
144.8
145.4
142.0
142.5
142.8
143.1
143,5
145.1
145.9
146.1
146.7
3.0
2.8
2,5
3.4
4.3
5.0
3,5
2.1
2.0
.7
3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
.8
3.3
2.2
2.6
3.6
4.4
4.1
3,5
2.2
1.9
1.7
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
1.8
.3
2.8
2.4
1.2
3.3
2.2
-1.3
5.1
3.2
2,5
-1.2
5.1
2.3
1.7
.6
1.2
2.2
1.6
.7
.8
1,5
3,5
2.0
.7
1.8
1.2
4.5
2,3
.5
1.7
1991- FV
1992:
III
IV
1993: I
II ...
Ill
IV
1994:
I
II
III
W
1995: IP* ....
116.2
116.4
117.3
119.0
119.8
119.2
120.3
121.5
121.6
146.1
147.3
148.8
151.6
152.9
106.9
106.4
106.3
106.6
106.9
Percent change; quarterly data at seasonally adjusted annual rates
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994r
1992:
I
II
III ..
IV
1993:
I
II
Ill ..
IV
1994: I
II
Ill
IV
1995:
IP*
1
1.4
2.1
1.0
1.0
-7
.7
1.3
3.0
1.5
25
0.8
2.0
.8
1.0
-9
.4
1.5
2.7
1.5
23
3.6
2.8
4.1
4.3
1.7
.7
-1.0
2.7
3.8
5.5
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
5.3
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.3
2.2
2.9
2.5
.8
3.2
3.4
2.6
2
-2'4
-.3
2.5
2.9
4.5
5.0
3.6
4.4
3.5
5.7
4.8
5.1
3.6
3.2
4.1
5.0
3.5
4.2
3,3
5,5
5.0
5.1
3.3
3.1
0.9
3.1
-.1
9.
-1.3
.3
.6
2.0
.6
.6
5.5
1.1
3.7
3.2
4.2
1.9
2.8
3.8
3.4
2.2
4.9
5.6
2.4
2.5
4.4
6.2
-1.9
1.1
1.2
2.3
-1.8
.6
1.6
2.3
5.8
4.0
6.1
4.4
5.7
4.6
5.8
4,5
3.0
.9
3.0
1.0
-1.9
.6
3.3
5.7
-2.0
.4
4.0
4.9
.6
4.2
4.0
8.6
1.0
4.7
4.9
7.9
2.5
3.6
.7
2.8
3.0
4.3
.9
2.9
2.6
3.1
3.0
2.4
2.1
2.4
2.8
2.4
.1
1.3
2.9
-2.0
3.7
4.1
.4
2.9
-2.1
3.2
4.0
.7
5.5
3.7
4.5
7.8
3.2
5.2
3.2
4.3
7.7
3.3
2.5
5.9
.8
3.6
2.8
2.3
5.5
1.1
3.5
2.6
6.3
2
3.6
3.1
3.9
6.1
.7
3.1
3,5
4.1
4.1
— 2.3
0
.9
.8
Output refers to gross domestic product originating in the sector in 1987 dollars.
3
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 insurant* and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
•* Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
A
Q
0.6
3.1
f)
A
-1.4
.1
.8
2.0
2
.6
2.9
1.4
2.6
1.0
-.9
-.6
1.1
-.9
4.6
2.5
-.3
-3.1
1.4
2.6
2.9
.6
4.1
2.0
-1.2
-2.4
3.9
-1.8
-.4
1.2
1.0
3.3
2.3
— 2
-J
3.5
3.1
2.9
-.1
-.6
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.
'First quarter 1995 data are based on GDP data released April 28, 1995. GDP data shown
elsewhere in this issue of Ec*)m)mjic Indicators were released May 31, 1995.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in April.
INDEX, 1987. 100- (RATIOSCALE)
INDEX, 1987 = 100' (RATIO SCALE]
140
160
150
TOTAL INDUSTRIAL PRODUCTION
130
\
110
100
BUSINESS
fn IIPMPMT
140
j>*1r™^.
120
,—
FINAL PRODUaS
^^—
^S^
120
•v^
1 1 1 1 1 1 1 1 11
1
11111 11111
lm
'/
130
— ^^•—
"
^^
^s^
inn inn
'-
-
X
_x'
--..
110
s- ''*"'*
x-"-'~' ^-\
**•»/
,'
"\
GOODS
•~ 's.^
>•- ,
AND SPACE
EQUIPMENT
"" '% .
\i
X
70
Mill
140
UTILITIES AND MINING
130
UTILITIES
.
120
\
» r-\ .^-'"
L'-V'--
110
100
90
v* x — .'V
84
MINING
/
^^
1
1 11i 1
M 1 1 1 1 1 1 II
,,,,,!
1
! 1 1 1 i 1 1 1 1 1 1
PER ^IN88
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY!
86
//^
r^-—'
82
-~Ar\
80
Mill
11 1 11
1991
1 1 1 1 1 1 1 1 1 LL
1 ! i 1 1 1 1 i 1 1 1
1992
1993
1995
1994
78
\w\ 1 1 1 1 1 [ i 1 1 1 1 1 1 1 1 1 1
1991
|
1992
! 1 1 II ! 1 1 1 1 1
1993
11111 11111
1994
HIM
M i l t
1995
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally actjustedf
Industry production indexes, 1987=100
Total
industrial
production
Period
Index,
1987 = 100
Capacity utilization
rate, percent '
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
1985
1986
94.4
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
1.7
.9
4.9
4.4
1.5
.0
-1.7
3.2
4.1
5.4
91.6
94.3
100.0
104.7
106.4
106.1
103.9
108.0
112.9
119.7
91.8
93.9
100.0
106.6
108.6
107.4
104.2
109.3
116.1
125.5
91.5
94.9
100.0
102.3
103.7
104.4
103.6
106.5
109.3
113.3
109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.2
99.8
99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.2
118.1
80.3
79.2
81.5
83.7
83.7
82.1
79.2
80.2
81.7
84.0
79.5
79.1
81.6
83.6
83.2
81.3
78.0
79.2
80.9
83.4
1994- Apr
116.7
117.4
118.0
118.2
119.1
119.0
119.5
120.3
121.7
4.8
5.7
5.8
5.5
6.1
5.8
6.0
5.8
6.1
118.4
119.0
119.3
119.8
120.9
120.9
121.5
122.6
124.2
123.7
124.0
124.6
125.2
127.0
127.2
128.0
129.1
131.2
112.4
113.4
113.4
113.6
114.0
113.7
114.2
115.4
116.4
100.7
100.7
100.6
100.1
100.0
100.1
99.2
98.3
100.1
114.7
115.8
121.1
119.0
118.8
116.5
117.2
116.5
115.2
83.6
83.8
84.1
84.1
84.5
84.2
84.4
84.8
85.5
83.0
83.2
83.2
83.3
83.8
83.6
83.8
84.4
85.2
122.0
122.0
121.6
121.1
6.4
5.5
4.3
3.8
124.5
124.2
124.0
123.3
131.6
131.5
131.4
130.3
116.5
116.1
115.8
115.6
100.0
100.6
100.0
100.2
116.5
118.3
115.5
117.3
85.5
85.2
84.7
84.1
85.2
84.7
84.3
83.5
1987
1988 •
1989
1990
1991
1992
1993
1994
July
Auff
..
Sept
Oct
Nov
Dec
1995- Janrr
Feb
Mar'
Apr^
1
...
0utput as pereent of rapacity.
Soun*: Hoard of Governors of t\u>. Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted)
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
'
1994- Apr
May
July
Sept
Oct
Nov
Dec ..
1995- Jan'
Feb'
Mar'
1
Durable
goods
Nondurable
goods
Total'
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
94.2
95.7
100.0
104.8
106.8
107.0
105.6
109.0
113.4
118.4
93.7
96.8
100.0
102.9
104.0
103.4
103.0
105.9
109.4
113.2
91.6
94.5
100.0
104.6
106.6
102.3
95.5
102.6
110.7
119.4
94.4
97.6
100.0
102.4
103.2
103.8
105.2
106.9
109.2
111.8
94.8
94.5
100.0
107.6
110.9
112.1
109.4
113.4
119.3
126.5
91.1
93.1
100.0
110.7
115.5
116.9
116.5
124.1
134.6
146.7
89.4
96.0
100.0
99.7
100.1
98.8
91.3
86.5
78.5
71.0
88.3
91.9
100.0
101.8
102.0
101.2
96.9
98.8
102.4
108.1
89.1
93.8
100.0
101.5
100.5
98.2
91.8
95.0
98.9
106.8
87.7
90.7
100.0
102.0
103.0
103.2
100.3
101.3
104.9
109.1
96.6
95.9
100.0
105.0
106.7
106.8
105.4
109.2
114.1
121.5
103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.6
105.2
117.3
117.8
118.4
118.5
119.2
118.9
119.2
119.8
121.2
112.3
112.8
113.5
113.3
113.8
113.0
113.0
113.9
115.5
117.8
116.4
118.0
118.0
120.7
119.1
119.4
120.5
123.4
111.0
112.0
112.5
112.2
112.2
111.7
111.5
112.4
113.7
124.9
125.4
125.8
126.4
127.5
128.0
128.8
128.9
130.1
143.5
144.5
145.5
146.9
148.9
149.5
150.9
151.0
152.6
73.6
72.4
71.3
69.9
69.2
68.8
68.7
69.0
68.7
106.9
107.7
108.5
109.1
109.2
108.6
109.9
110.6
110.9
104.7
106.1
106.4
107.9
108.2
108.6
109.7
109.8
111.6
108.5
108.8
110.1
110.0
109.9
108.7
110.1
111.3
110.7
119.7
120.5
121.2
121.4
122.8
122.9
123.4
124.6
126.3
104.8
104.6
106.7
105.2
106.1
105.6
105.2
104.9
105.3
121.6
121.7
121.2
120.7
115.7
115.7
114.7
114.1
124.5
123.8
121.3
118.0
113.6
113.8
113.2
113.3
130.9
131.0
131.3
131.0
153.7
154.1
154.7
154.1
68.6
68.0
68.0
67.9
111.3
110.8
110.5
109.8
112.2
111.3
111.4
109.7
110.9
110.6
110.2
110.0
126.5
126.5
126.2
126.0
105.6
106.4
105.1
105.7
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; montlily data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
... .
1994- Apr
May
July
Sept
Oct
Nov
Dec
1995- Jan'
Feb'
Mar'
Iron
and
steel
metal
products
Industrial machinery
and
equipment
Electrical
machinery
Transportation
equipment
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing
and
publisliing
Chemicals
and
products
Foods
101.8
93.7
100.0
108.7
107.2
106.5
98.7
101.9
106.9
114.5
104.5
90.8
100.0
112.7
111.2
111.5
100.5
105.1
111.4
118.3
94.5
93.8
100.0
104.2
102.8
99.5
95.3
98.8
103.7
110.8
86.8
90.3
100.0
113.0
117.3
117.6
115.0
124.6
141.1
159.9
93.1
94.3
100.0
108.5
111.0
111.4
113.4
121.9
139.3
160.0
91.8
96.9
100.0
105.2
109.6
107.0
101.3
105.1
105.5
109.7
99.0
98.5
100.0
105.7
106.9
101.0
94.3
107.4
121.1
137.9
88.0
95.1
100.0
100.1
99.4
97.1
90.5
95.8
100.2
106.0
92.6
96.3
100.0
98.1
95.0
92.2
92.9
95.0
94.9
96.3
87.6
90.6
100.0
100.9
101.1
100.8
97.0
97.2
99.3
101.1
91.4
94.6
100.0
106.0
109.2
111.8
111.1
114.7
119.1
124.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.0
109.4
112.8
114.8
114.8
113.7
112.7
113.5
116.0
115.9
119.1
123.0
121.5
120.9
118.2
116.1
113.0
118.2
118.8
121.9
129.3
109.6
110.0
110.2
111.7
112.4
111.6
112.2
113.3
115.3
156.1
157.7
158.9
160.6
162.6
164.6
166.5
167.5
168.5
154.3
156.5
159.5
161.5
164.1
165.0
166.9
168.8
172.5
109.5
107.6
107.5
105.7
109.5
108.8
109.0
110.5
111.9
136.2
131.6
132.2
129.6
138.1
137.4
138.4
141.4
144.6
103.9
106.0
106.2
106.8
105.5
107.6
106.7
106.7
110.4
96.2
97.1
97.0
97.0
96.8
96.8
96.9
96.8
97.0
101.7
101.6
102.4
102.1
101.5
100.9
101.4
102.0
101.6
122.4
124.0
124.4
124.7
124.7
123.7
123.8
126.2
128.0
111.9
112.8
112.8
113.4
113.7
114.6
113.4
113.9
114.7
120.9
119.2
120.0
118.9
125.9
124.2
126.0
124.7
115.3
114.9
114.0
112.5
171.4
171.2
172.0
172.5
172.9
173.8
174.7
174.9
112.6
113.2
112.1
109.0
146.1
147.3
145.1
138.8
110.2
108.3
107.9
105.9
96.6
95.7
94.8
93.3
101.3
100.8
100.7
101.0
130.4
129.0
128.6
128.5
115.9
115.6
115.4
114.6
Source: Iloanl of Governors of the Federal Reserve Systen
18
Fabricated
Nondurable manufactures
NEW CONSTRUCTION
(Monthly data seasonally adjusted!
Const met ion contracts 3
PrivaU'
Period
lies entiai
Total new
construction
expenditures
Total
New housing
units
Total '
Commercial
and industrial 2
Oilier
Federal
and
State
and
local
Total value
index
(1%7 = 100)
Commercial
and industrial
floor space
(millions of
square feel)
Billions of dollars
377.4
407.7
419.4
432.3
443.7
442.2
403.6
435.4
466.4
506.3
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 .
299.5
323.1
328.7
337.5
345.5
334.7
293.5
316.1
341.1
377.1
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
237.8
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
74.0
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.5
51.3
51.6
50.1
51.5
54.6
55.4
58.7
62.5
64.2
65.4
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.2
125.3
129.2
91
96
100
101
105
95
89
97
105
114
Annual rates
1994- Apr
May
Jiilv
Aug
Sent
Dot
Dec
1995- Jan
Fch '
Mar'
1,097
1.016
1.019
973
961
783
577
556
589
715
Annual ra/fts
497.0
504.4
506.1
505.4
505.5
514.2
519.3
522.1
528.6
374.1
378.2
379.3
376.5
376.2
382.3
383.0
390.7
393.2
238.0
241.2
240.7
237.8
236.9
238.5
239.1
241.3
243.8
168.4
170.1
168.9
168.8
167.9
168.9
168.2
169.4
171.1
73.3
73.7
73.5
73.4
74.0
76.4
76.6
81.4
81.1
62.8
63.4
65.1
65.3
65.4
67.4
67.3
68.0
68.3
22.9
26.1
26.8
29.0
29.3
131.9
136.3
131.4
135.4
'110
114
114
'114
122
117
'115
115
108
625
658
631
719
688
710
707
771
688
527.3
526.7
524.4
526.6
394.0
392.2
388.0
388.5
244.6
243.6
238.4
233.7
169.9
170.8
164.6
159.8
82.8
85.4
86.1
87.6
66.6
63.2
63.6
67.2
133.3
134.6
136.3
138.1
'108
112
111
99
786
883
778
632
1
Includes residential improvements, not shown separately.
- Includes hotels and motels.
F.W. Dodge series.
Sources: Department of Common* (Bureau of the Census} and McGraw-Hill Information.
Systems Company, F.W. Dodgt* Division.
:i
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except us noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1985
1986 .
1987
1988
1989
1990
1991
1992
1993
1994 ...
1,741.8
1,805.4
,620.5
,488.1
.376.1
,192.7
,013.9
.199.7
,287.6
1,457.0
1 unit
1,072.4
1.179.4
1,146.4
1.081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
2-4 units
5 or more
units
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
Units
authorized
1,733.3
1,769.4
1 ,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
'"1,371.6
Units
completed
Homes
sold
Homes for
sale at end
of period l
.703.3
,756.4
,668.8
.529.8
.422.8
,308.0
,090.8
,157.5
,192.7
,346.9
688
750
671
676
650
534
509
610
666
670
346
357
366
368
365
321
284
265
293
338
Vaeaney rate
for rental
housing units
(percent) 6.5
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
^7.3
7.4
Seasonally adjusted annual rates
1994- Apr
Mav
Julv
Aug
Sept
Oct
Dec
1995- Jan
Feh'
Mar'
Apr*7
1,463
1,489
1,370
1,440
1,463
1,511
1,451
1,536
1,545
,209
,197
.174
.219
,174
1,235
1,164
1,186
1,250
31
36
18
32
40
42
39
62
33
223
256
178
189
249
234
248
288
262
'1.375
'1.377
'1,350
1,347
'1.386
'1,426
'1.401
'1.358
'1,420
1.363
1,438
1,333
1,280
1.337
1,400
1,376
1,371
1,388
672
689
632
630
672
691
707
642
627
298
302
313
317
322
328
330
335
338
1,366
1,319
1.231
1,236
1.055
1,048
984
983
38
42
36
27
273
229
211
226
'1,293
1.282
1.235
1.243
'1,436
1,302
1,439
1,338
'643
567
596
580
342
347
347
350
1
Seasonally adjusted.
-Revised series beginning 1989 and 1994; not coin larable with ear ier data, except 199:i
data have been revised ui be comparable with rew series beginning in 1994.
Quarterly data entered in last, mont i of quarter.
:I
TV 1994 total based on 17,000 >ermit-issuing places is 1,333.7 thousand units (revised).
7.4
7.2
7.4
7.4
NOTE. — Beginning 1994, units authorizef are for 19,000 places. For other data shown, units
authorize< arc for 1 7,000 places,
Seasonally adjusted housinf units autho • zed revised beginning Januaiy 993; unadjusted
,'. ' ^ j beinnninir 1<)94
utvimn t • • •
Source: Department of Commerce, Burea of the t'ensus.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In March, manufacturing and trade sales fell 0.1 percent and inventories rose $6.6 billion. According to advance
data, retail sales fell 0.4 percent in April after rising 0.8 percent in March.
BILLIONS Of DOLLARS* (RATIO SCALE)
300
BILLIONS OF DOLLARS* (RATIO SCALE)
,ouu
^-
900
•""
' y
~\—\
•— *.—
800
250
RETAIL INVENTORIES
MAI--IUFACTURINCSAND
TR/\DE INVENTCJRIES
^/-^
700
— •—
200
600
__
\
\
500
RETAIL SALES
150
M>\NUFACTURII1«K5
Al>4D TRADE SA .ES
400
100
300
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
/V /
1.50 ^^Ax/^
1.40
1.30
1991
1992
1993
1994
) 1 i 1 1 111) 1
1991
1995
Period
Sales2
Inventories 3
N>X
MANUFACTl
^* s*>
ANDTFW DE
1 1 1 1 i 1 1 1 1 1 1 1 1 n i ! 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 \ 1 I! 1 1 | 1 1 1 1
1994
1995
1992
1993
* SEASONA11Y ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
- ^
^
|D|Kir:
COUNCIL OF ECONOMIC ADVISERS
Who esale
Inventories3
Sales 2
Inventory-sales
ratio4
ttetail
Inventories3
Sales2
Total
Durable
goods
stores
Nondurable
goods
stores
Total
Durable
goods
stores
Nondurable
goods
stores
Manufacturing
and
trade 1
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994-
....
..
....
Mar'
Apr r
May
July
Sept
Oet
Dec
1995: Jan
Feb'
MarP
Aprf
1
. .
410,124
422,583
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,076
639,770
627,790
'626.492
628,705
634,569
631,785
652,889
651,401
653,124
661,904
671,275
673,918
675,480
674,976
672,333
649,780
664,089
662,753
709,814
765,270
811,154
834,391
829,685
838.895
860,979
916,550
112,199
113,459
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,521
142,452
147,409
153,574
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234 722
107,243
114,586
120,803
128,442
138,017
146,581
153,718
154,661
162,632
172,875
186,414
866,214
870,485
880,514
884,892
889,411
897,787
902,120
.908,570
913,833
916,550
928,672
936,091
942,718
169,411
168,757
169,432
170,880
171,175
176,948
175,960
177,657
178,593
182,830
217,295
219,270
222,963
222,832
226,279
227,257
228,341
231,837
233,858
234,722
182,829
185,056
183,207
184,120
238,272
240,365
243,462
246,365
183,882
183,492
183,041
185,123
185,125
187,861
189,307
191,492
192,120
192,392
37,873
41,510
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,369
71,953
72,077
71,493
72,453
72,058
74,113
74,973
76,865
77,098
77,047
69,369
73,075
75,746
80,453
85,587
91,818
97,981
100,487
103,999
108,080
113,045
111,929
111,415
111,548
112,670
113,067
113,748
114,334
114,627
115,022
115,345
167,812
181,881
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,676
290,018
269,147
270,570
275,169
278,954
276,487
283,518
287,248
288,670
289,987
290,018
79,074
88,315
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,709
149,071
135,377
136,779
138,829
140,797
139,479
145,033
147,434
148,030
149,081
149,071
193,299
191,868
'193,332
192,576
76,775
76,138
'76,998
75,848
116,524
115,730
'116,334
116,728
294,296
296,000
297,175
152,754
153,826
155,362
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
2
20
88,738
93,566
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,947
133,770
133,791
136,340
138,157
137,008
138,485
139,814
140,640
140,906
140,947
141,542
142,174
141,813
3
Seasonally adjusted, end of period.
•' Anmial data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.53
1.56
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.38
1.39
1.40
1.39
1.41
1.38
1.38
1.39
1.38
1.37
1.38
1.39
1.40
1.49
1.52
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.46
1.47
1.50
1.51
1.49
1.51
1.52
1.51
1.51
1.51
1.52
1.54
1.54
MANUFACTURERS' SHIPMENTS. INVENTORIES, AND ORDERS
Manufacturers' shipments and new and unfilled orders fell in April; inventories rose.
BILLIONS OF DOLLARS' |RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE)
320 - SHIPMENT 5
180 ~ INVENTO•cits
480
140
440
too
400
>==
60
360
"V
20
320
TOTAL
TOTAL
/
280
240
-^
•>/
.,
t~~r
_^_-"r^-"
200
=~—
\
!80
280
[ 1URABLE GOC OS
..
-'-
40
240
160
.>
\
00
200
--
^
RABLE GOOC
120
60
160
NO MDURABLE GCX3D5
80
Mill
1M M
1 1 1 11 i M M 1
M 1 1 1 i M 1 / 1 Mill
" \
Mill
1 1 1 M f 1 M 11
20
120
---
"
NDURABLE GC
BILLIONS OF DOLLARS' (RATIO SCALE)
320 _ NEW ORDERS .
80
1 1 1 M 1 J II 1 1
1 1 M 1
HIM
| | 1 | | 1M M 1
1 M M IM 1 M
M II 1 1 M M |
TOTAL
280
240
RATIO*
2.20
200
2.00
DURABLE GOODS
160
120
NONDURABLE GOODS
80
1991
1992
1994
1993
1991
1995
1995
•SEASONAU.Y ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' inventories2
Manufacturers' new orders ]
Durable goods
Period
Total
Durable
gOOdK
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
Nondurable
goods
goods
industries,
nondefense
Manufacturers'
unfilled2
orders
Manufacturers'
inventory —
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994:
Apr
Sept
Get
..
Dec
1995- Jan
Febr
Mar
..
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
280,835
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
151,060
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
339,516
334,799
322,669
338,075
367,422
386,91 1
399,068
386,348
379,238
377,425
391,810
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
281,953
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
151,878
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
373,529
387,095
393,412
430,288
471,951
510,439
524,846
511,122
475,304
441,947
456,838
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
274,243
276,232
278,566
275,485
288,080
286,134
283,975
291,191
296,053
146,932
148,510
150,010
146,472
155,619
154,350
152,586
157,292
159,299
127,311
127,722
128,556
129,013
132,461
131,784
131,389
133,899
136,754
380,645
382,382
383,106
386,645
387,012
386,531
388,063
389,988
391,810
239,164
240,539
241,039
243,392
244,116
243,814
244,925
246,374
247,644
141,481
141,843
142,067
143,253
142,896
142,717
143,138
143,614
144,166
275,182
277,441
279,788
274,305
287 222
287,248
285,985
293,716
299,514
147,345
149,412
151,212
145,251
154,675
1 55,433
154,150
159,321
162,310
35,815
35,498
38,055
36,310
37,595
39,056
38,276
40,781
37,759
127,837
128,029
128,576
129,054
132,547
131,815
131,835
134,395
137,204
447,337
448,546
449,767
448,587
447,729
448,843
450,853
453,378
456,838
1.39
1.38
1.38
1.40
1.34
1.35
1.37
1.34
1.32
297,790
298,556
298,437
295,637
161,079
161,206
'161,571
158,259
136,711
137,350
136,866
137,378
396,104
399,726
402,081
404,621
250,251
252,124
253,237
254,731
145,853
147,602
148,844
149,890
301,724
300,804
299,625
293,957
164,507
163,338
'163,042
156,478
41,785
42,055
'42,628
40,255
137,217
137,466
136,583
137,479
460,772
463,020
464,208
462,528
1.33
1.34
1.35
1.37
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual dat-a are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In April, the producer price index for all finished goods rose 0.5 percent. Prices of finished consumer foods fell
0.2 percent while prices of other finished consumer goods rose 0.7 percent. Capital equipment prices rose 0.3
percent.
INDEX, 1982=100 (RATIO S(:ALE)
INDEX, 1982= 100 (RATIO SCALE)
150
150
SEASONAaY ADJUSTED
FINISHED GOODS PRICES
140
140
CAPITAL EQUIPMENT
___ -
_ ^ — 'r —
130
130
CONSUM ER FOODS
\
•"•^•s.
y^ ,-,^>
-
f-^
^
'~~
^js^r*— ^"^
"'"^\
J~
120
•
r
/./
~T
TOTAL
/
/
120
.*"
V
1
I
/•^1
110
/
"\
-
CONSUMER G<DODS
EXCLUDING FCX5DS
no
'y/
^
-
.** •**'
100
100
I I I II
i i I Ii
1 1 1 1 1
1988
1987
i i i ii
1 i i i ii
1992
1991
1990
1989
I i III I I i ii
1993
1 1 1 1 1 MI I I i i i I
1994
M i l l
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982 = 100; monthly data seasonally adjusted]
Finished gowls
Intermediate materials
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Apr
May
June
July
Aue;
Sept
Get
Nov
Dec r
1995- Jan
Feb
Mar
1
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125 5
125^2
125.1
125.2
125.5
126.2
125.8
125.3
126.1
126.5
126.9
127.3
127.3
127 9
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
126.8
126.1
125.6
126.1
126.4
126.2
126.1
127.3
129.0
128.2
128.6
128.4
128.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
124.7
124.8
125.0
125.2
126.0
125.6
125.0
125.6
125.7
126.4
126.8
126. .9
127.7
Intermediate materials for food manufacturing and feeds.
22
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
121.2
121.2
121.4
121.7
122.7
122.0
121.4
122.2
122.2
123.0
123.4
123.5
124.4
Durable
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
130.3
131.0
131.1
131.3
131.8
131.9
131.0
131.4
131.6
132.0
132.0
132.0
132.3
Nondurable
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
115.9
115.6
115.8
116.2
117.4
116.3
115.8
116.9
116.7
117.7
118.3
118.4
119.6
Capital
equipment
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
133.7
134.1
134.3
134.4
134.7
135.0
134.3
134.5
134.9
135.4
135.8
135.7
136.1
Total
finished
consumer
goods
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
123.0
122.8
122.8
123.2
123.9
123.4
122.9
123.9
124.3
124.7
125.1
125.1
125.7
Total
Fowls
and
feeds '
Other
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
117.2
117.4
117.8
118.2
119.0
119.5
119.9
120.9
121.4
122.7
123.8
124.2
125.1
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
117.2
116.3
115.3
112.6
112.9
113.5
112.5
112.5
111.9
112.6
112.4
112.7
111.5
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
117.2
117.4
118.0
1 1 8.5
119.3
119.8
120.3
121.4
121.9
123.2
124.4
124.8
125.8
Source: Department of Lalxir, Bureau of Labor Statistics.
Cnu e materials
Total
Foodstuffs
and
feedstuffs
Other
96.9
95.8
94.8
93.2
81.6
87.7
96.2
93.7
87.9
96.0 106.1
85.5
111.2
93.4
103.1
108.9 113.1 101.5
101.2 105.5
94.6
100.4 105.1
93.5
102.4 108.4
94.7
r
94.8
101.8 106.5
94.6
103.5 111.2
94.7
101.9 106.9
103.0 106.4
96.8
102.6 103.9
97.8
102.8
98.5
102.6
94.7
100.1 102.6
99.5 . 101.5 94.4
94.7
100.1 102.4
100.6 102.3
95.6
96.2
101.0 102.3
97.9
102.5 103.5
101.2 101.0
97.3
103.3 100.1 101.3
CONSUMER PRICES—ALL URBAN CONSUMERS
In April, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (it rose 0.3 percent
not seasonally adjusted). The index was 3.1 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE]
INDEX, 1982-84 - 100 (RATIO SCALE)
160
120
110
100
90
90
COUNCIL OF ECONOMIC ADVISERS
[ 1982-84~100, except as noted; monthly data seasonally adjijsted, except as noted]
1
All items
Transportation
Housing
Shelter
Period
Seasonally
adjusted
100.0
107.fi
109.6
113.6
118.3
1240
130.7
136.2
140.3
144.5
148 2
1985
1986
1987
1988
198'}
1990
1991
1992
1993
1994
1994:
May
July
Aug
Sept
Oct
Dec
1995:
Jan
Fob
Mar
Apr
Not.
seasonally
adjusted
(NSA)
..
Food
Total ]
Total
Renters'
costs
(Dee.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100}
Maintenance
and
repairs
(NSA)
parel
ami
upkeep
Total '
New
cars
Motor
fuel
Medical
care
er
EnKV'2
All
items
less
food
and
energy
15.8
105.6
109.0
1 1 3.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
4t,2
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
2&0
109.8
115.8
121.3
127.1
132.8
140.0
1 46.3
151.2
155.7
160.5
8.0
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
!9.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155,3
160.2
165.5
0.2
106.5
107.9
111.8
114.7
1J8.0
1 2'^ 2
126.3
128.6
130.6
130.8
7.1
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
5.7
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
17.1
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
4.1
106.1
110.6
1 1 4.6
1 1 6.9
119.2
121.0
125.3
128.4
131.5
136.0
3.1
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
7.3
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
7.1)
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
77.2
109.1
1.13.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
147.4
147.5
148.0
148.4
149,0
149.4
149.5
149.7
149.7
147.4
1 47.6
148.1
148.5
149.1
149.4
149.6
149.8
150.1
143.2
1 43,5
143.9
144.7
145.4
145.7
145.8
146.0
147.1
144.0
144.3
144.4
144.7
145.1
145.4
145.7
145.9
14,5.9
159.3
159.7
15!).,8
160.2
lfi().9
161.3
161.8
162.2
162.3
167.6
168.1
168.5
168.5
169.2
169.1
169.7
1 70.2
170.1
164.4
164.8
1 64.9
165.3
166.1
166.8
167.3
167.7
167.8
130.2
131.0
131.5
131.3
131.2
131.6
130.8
131.2
132.7
122.9
122.6
122.6
1 22.8
123.0
122.6
122.6
122.9
122.7
133.6
133.9
134.7
134.2
133.0
133.1
132.8
132.4
132.1
133.2
132.8
133.7
134.7
136.0
136.2
136.1
136.3
136.6
135.0
135.4
135.9
136.5
136.9
137.5
137.6
137.4
137.6
96.7
95,4
96.1
98.8
101.8
101.1
100.4
101.1
101,3
209.2
209.9
210.7
211.5
212.4
213.3
214.3
215.2
216.2
103.6
102.7
103.0
104.4
105.9
105.3
105.0
105.5
105,4
155.8
156.2
156.7
157.0
157.4
157.7
158.0
158.3
158.5
150.3
1509
151.4
151.9
150.6
151.0
151.3
151.9
146.7
147,1
147.1
148.2
146.5
146.9
147.2
147.6
162.8
163.3
163.8
164.4
1 70.5
171.0
172.0
172.7
168.4
168.9
1 69.2
169.8
133.1
133.8
134.2
134.2
123.3
123.3
123.1
123.4
133.0
132,2
132.2
132.1
137.4
137.9
138.7
139.7
137.7
138.1
138.1
138.9
101.7
101.3
100.9
101.5
216.9
217.6
218,2
218.8
105.7
105.6
105.1
105.5
159.2
159.6
160.1
160.7
weliold fuels—<*as (piped), elod.ridtv, ftiel nil, etc,—and motor fuel. Mot
•'Relative importance, December 1994.
Fuel
and
other
utilities
NOTE.—Data incorporate a rental equivalence measure for bnmeowriership costs (beginning;
1983).
Source: Department of Labor, Bureau of Labor- Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
1 Percent change fntm preceding period; monthly data seasonally adjusted, except as noted by N'SAJ
1
Chariot fmm preeedirig period
Changv rom o months earlier, annual raU1
Change Vom (i months earlier, annual rate
Consumer Broods
Consumer [roods
Consumer floods
Period
Total
finished
guilds
Capital
einiip-
Total
finished
fiwds
Capital
equipment
fcmds
Total
finished
goods
Capital
equipment
Kxduditiy:
foods
Foods
Charifre
from year
earlier,
total
finished
yofMis
"ixxis
NSA
(.'hangp, !>«-. to Dec., NSA
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994'
1.8
- 2.3
'2 2
4.0
4.9
5.7
-.1
1.6
9
1.7
0.6
2.8
2.1
-6.fi
4.1
3.1
5.3
8.7
— .7
1.6
-1.4
2.0
_ 9
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
2.7
2.1
13
3.6
3.8
3.4
25
1.7
1.8
2.0
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
Change, month to month
1994- Apr
Mav
0
-.1
.1
9
.6
-.3
-.4
.6
.3
.3
.3
0
.5
July
Ang
Sept
Got
Nov
Dec'
1995: Jan
Feb
Mar
Apr
-0.5
-.6
-.4
.4
0.1
0
9
_ 9
.8
-.6
— .5
.7
0
.7
.3
.1
.7
0.3
.3
.1
.1
9
9
-.1
1.0
1.3
-.(»
.3
_ 9
_ 9
1.0
-.3
0
1.0
3.6
1.9
-.6
-.3
2.2
5.2
3.9
2.6
3.2
9
9
— .5
.1
.3
'A
.3
-.1
.3
-1.9
-2.8
— 5.5
—2 2
2.0
-.3
1.0
1.7
5.0
20
-1.0
-1.6
.7
5.4
4.0
r
4.3
4.6
T'.o
1.9
0
2.9
9.2
6.8
4.1
-1.8
0
2.4
3.0
3.0
2.1
l.S
2.1
-.3
-.6
-.3
3.3
3.9
'2.4
2.1
2.1
-l.fi
-3.3
-2.0
-.9
-1.9
-1.1
1.9
5.5
3.4
3.5
3.5
3.4
1.8
1.1
1.5
1.0
1.6
1.0
9
1.6
2.1
9 9
l'.8
2.4
4.2
1.2
1.7
2.7
1.8
2.3
1.5
.3
1.7
1.3
2.1
1.1
2.5
5.0
3.1
29
2.9
2.3
2.4
2.6
.9
.6
.9
1.5
1.6
1.0
2.7
-.4
-.4
.1
.6
1.9
1.5
1.0
1 .3
1.7
1.6
1.7
1.6
2.1
Swim*.- 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]
Shelter
Period
All
iUmis '
Food
Total '
Total '
Home-
Hunters'
cost.s
Addeni urn: All ite! is, percent change
{anrina rate)
Transportation
Housing
ers'
Fuel
and
other
utilities
Apparel
and
upkeep
Total l
Newears
Medical
care
Motor
fuel
Energy 2
All
items
less
food
and
energy
From
previous
quarter-'
From 3
months
earlier
From 6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1985
1986 .
1987
1988
1989
1990
1991
1992
1993
1994
38
11
4.4
44
46
6.1
31
29
27
27
26
3.8
3.5
5.2
56
5.3
19
1.5
29
2.9
43
1 7
3.7
40
39
4.5
3.4
26
2.7
9 9
60
46
4.8
45
49
5.2
3.9
29
3.0
30
63
50
3.9
39
4.5
6.7
4.2
28
2.6
23
59
46
5.3
4.7
5.1
4.7
3.7
29
3.2
33
('
1994: Apr ....
Mav ...
Juno ..
July ...
Aug ....
Sept ...
Oct. ....
Nov ....
Dec ....
1995: Jan ...
Feh ....
Mar ...
Apr ....
1
0.2
.1
.3
.3
.4
9
.1
.1
9
.3
.3
2
.4
0.2
0.1
2
.1
9
'.3
.6
9
.5
.3
9
9
9
,1
.1
.1
.8
-.3
.3
0
.7
0
0.2
.3
.1
.3
.4
9
'.3
9
.1
.4
.3
9
'.3
.3
.3
.3
.4
0
0.2
1.8
-56
1.6
2.9
3.2
4.0
2.9
2.3
2.5
9
- 0.2
-0.1
„ 9
9
9
.1
9
.4
-.1
.4
.3
-.1
.5
.4
.3
-.3
0
9
9
.1
_ 9
9
'3
.4
.3
.5
.6
.4
9
.4
o'"9
9
0
_ _9
9
9
'(i
-.4
-.9
.1
„ 9
__ o
24
0.3
-.3
.7
.7
1.0
.1
-.1
.1
9
.7
-.6
0
-.1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel < il, t'tc.—and r»ot/»r fuel. M«>t«r oil,
etc., excluded beErinning 1983.
2
2.6
-5 9
6.1
3.0
4.0
10.4
- 1 .5
3.0
2.4
38
3.4
59
1.8
2.1
2.3
1.4
3.3
2.3
2.8
3''
3.1
-30 7
18.7
-2.1
6.8
36.5
-16.0
1.8
-5.4
59
6.8
0.1
-1.3
.7
2.8
3.0
-.7
— .7
.7
0.5
.3
.4
.4
.4
.4
.5
.4
.5
.3
.3
.3
.3
5.8
6.9
8.5
9.6
7.9
6.6
5.4
49
1.8
-19 7
8.2
.5
5.1
IK.]
-7.4
2.0
-1.4
9 9
4.3
38
4.2
4.7
4.4
5.2
4.4
3.3
3.2
26
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
tangre, month to month
.3
0
2.8
9
4.8
4.7
1.0
5.1
3.4
1.4
.9
-I 6
.6
.4
.6
.7
0.4
.3
.4
.4
.3
.4
.1
-.1
.1
.1
.3
0
.6
9
.4
-.4
.K
-0.2
-.9
.3
1.4
1.4
-.6
-.3
.5
-.1
0.2
.3
.3
.:!
-.1
.4
.3
.3
.4
— .5
.4
2.5
9
.3
9
9
3.6
9
.1
2 ''
3.2
:i
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Lalxir Statistics.
2.8
22
2.7
3.0
4.1
3.6
3.0
1.9
1.9
2.7
3.2
3.2
3.5
2.3
9 9
2.5
2.9
3.2
3.2
3.0
3.0
2.7
2.8
2.6
2.6
3.1
2.4
2.3
2.5
2.8
2.9
3.0
2.6
2.7
2.7
28
2.9
2.9
3.1
PRICES RECEIVED AND PAID BY FARMERS
In May, prices received by farmers were unchanged from their April level. Prices paid by farmers in April were
unchanged from their January level. (Data are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92-100 (RATIO SCALE]
]20(
120
110
no
PRICES PAID
100
100
PRICES RECEIVED
90
90
80
RATIO U
RATIO U
140
140
120
120
100
100
80
80
60
60
1987
1988
1989
1990
1993
1992
1991
1994
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE: DEPARTMENT OF AGRICULTURE
1995
COUNCIL OF ECONOMIC ADVISERS
[1990-92 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by fanners
Period
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and wage
rates '
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
91
87
89
99
104
104
100
98
101
100
98
87
86
104
109
103
101
101
102
105
86
88
91
93
100
105
99
97
100
95
86
85
87
91
96
99
100
101
103
106
87
85
87
92
97
99
100
101
103
106
91
86
87
90
95
99
100
101
103
106
106
103
102
108
108
105
99
98
98
94
Sept
Oct
Nov
Dee
101
100
97
97
97
95
95
99
107
108
101
101
102
99
100
106
97
94
93
94
91
90
90
90
(:!)
( :i )
106
( :( )
( :i )
106
( :i )
(:i)
( :i )
(:!)
105
( :i )
(a)
104
(:!)
( :< )
(:1)
P)
105
( :i )
( :l )
105
( ;i )
(:i)
94
93
92
92
92
90
90
93
1995- Jan
Feb
Mar
Apr r
May
98
98
100
100
100
103
102
109
114
117
93
94
93
90
88
108
( :i )
(:!)
108
P)
107
( :i )
P)
107
( :i )
106
(a)
(:i)
106
( :i )
91
91
93
93
93
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Mav
June
July
Au£
1
: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In April, growth accelerated in M2 and was unchanged in M3.
BILLIONS OF DOLLARS' (RATIO SCALE)
4,800
4,400
4,000
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
A-
3,600
3,600
3,200
3,200
M2.
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
ill
1987
1988
1989
1990
1991
1993
' AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
I 400
1994
COUNCIL Of ECONOMIC ADVISERS
iAverages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Pericxl
1985:
198619871988-
Dec
DecDee
Dec-
1989: Dee
19901991199219931994-
Dec
Dee
Dec
Dee
Dec'
1994- Mar'
Apr r
May'
July'
Atig'
Sept r
Oet'
Nov
Dee'
1995: Jan'
Feb'
Mar'
Am
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' cheeks,
and other
checkable deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution -onlv
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
noiifmanc-ia!
sectors
(monthly
average) '
619.9
724.4
749.8
786.9
794.2
825.9
897.3
1,024.4
1,128.6
1,147.8
2,576.1
2,820.3
2,922.3
3,083.6
3,243.1
3,355.9
3,457.9
3,515.3
3,583.6
3,615.1
3,200.2
3,488.7
3,675.8
3,915.7
4,066.1
4,123.0
4,176.0
4.182.9
4.242.5
4,304.5
3,827.5
4,129.1
4,334.8
4,670.1
4.896.5
4,973.5
4,990.9
5,061.1
5,150.3
5,294.0
6.902.1
7,785.2
8,544.6
9,315.0
10,045.1
10,690.2
11,171.1
11.706.1
12.335.3
12,965.0
12.3
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.7
8.3
9.5
3.6
5.5
5.2
3.5
3.0
1.7
- 1.9
.9
7.3
9.0
5.4
6.5
3.8
1.4
1.3
2
1.4
1.5
14.8
12.8
9.8
9.0
7.8
6.4
4.5
4.8
5.4
5.1
1.141.1
1,142.8
1,143.5
1,147.0
1,152.2
1,150.8
1,151.0
1.148.1
1.147.5
1,147.8
3.597.4
3,605.4
3,608.5
3,605.3
3,616.2
3,614.2
3,613.3
3,609.0
3,610.3
3,615.1
4,240.6
4,250.8
4.251.4
4,256.6
4,273.8
4.272.7
4,278.4
4,284.9
4.291.4
4,304.5
,165.5
.181.2
,188.4
,185.1
,208.4
,208.1
,211.9
,231.6
,244.9
,294.0
12,498.1
12.546.3
2,591.6
2,641 .4
2,681.1
2,738.5
2,800.0
2,856.5
12,919.2
12,965.0
6.6
5.3
3.8
3.3
3.5
2.4
1.7
.9
.7
.1
22
2.3
1.8
1.2
1.5
1.6
.9
o
.1
.5
1.3
1.3
.8
.7
1.3
1.9
1.8
1.6
1.9
2.3
5.3
5.5
5.3
5.0
4.7
4.7
4.8
4.9
5.2
5.1
1,148.8
1,147.1
1,147.9
1,149,7
3,626.9
3,622.7
3.630.3
3,642.9
4,327.7
4.335.8
4,356.8
4 377 9
,327.0
,375.8
,426.0
13,021.9
13,096.8
f 13, 154.9
-.6
-.6
— .5
.3
.6
.5
.9
1.9
2.5
3.0
3.7
4.3
5.4
5.6
5.5
1
Consists uf outstanding credit (tiarket debt of the U.S. Government, Slate and local governments, and private nonfmancia! sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly chants are from ti months
earlier at a simple annual rate.
26
f
Percent change from year or 6
months earlier 2
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
OverMoney market
mutual fund
night
repurbalances
chase
Other
DeGenagreemas K! checkable
eral
ments
depos- deposits
purInsti(RPs),
its
(OCDs)
pose
tution
net, phis
overnight
and
only
Eurobroker/
dollars ' dealer
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Large
denomination
time
deposits -
Small
denomination
time deposits -
NSA
19851986198719881989199019911992199319941994-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec'
Mar
Apr
July
Sept
Oct
Dee'
1995- Jan'
Feb'
Mar'
167.9
180.7
196.8
212.2
222.6
246.8
267.4
292.8
322.1
354.5
332.0
334.5
337.3
340.0
342.8
345.1
347.2
350.0
353.0
354.5
266.6
302.1
286.8
286.8
279.3
277.4
289.5
338.9
383.9
382.0
388.6
388.1
385.6
386.3
388.0
386.6
386.5
384.4
382.3
382.0
179.8
235.6
259.5
280.9
285.4
293.9
332.7
384.6
414.7
402.9
412.5
412.0
412.4
412.5
413.1
410.8
408.9
405.4
403.8
402.9
76.3
84.9
87.3
85.1
81.5
77.7
79.9
83.1
96.5
116.7
100.0
98.9
'102.6
'106.9
'109.6
'110.9
111.8
'113.8
'113.1
116.7
357.7
358.8
362.5
365.7
383.4
384.0
383.2
381.2
399.3
395.9
393.3
393.6
123.4
117.7
117.5
114.8
178.0
210.6
224.5
245.9
322.4
358.2
374.2
356.9
360.1
389.0
361.9
370.5
373.5
370.7
376.1
377.0
377.4
379.5
383.3
389.0
64.1
84.5
91.1
90.5
107.2
134.0
180.0
200.2
198.1
180.8
183.8
183.1
177.5
177.9
178.7
177.4
176.3
180.8
180.5
180.8
815.4
941.0
937.7
926.7
891.0
920.5
1,041.2
1,183.6
1,215.7
1,144.2
1,222.0
1,220.0
1,214.8
1,206.8
1,201.2
1,192.6
1,183.7
1,171.0
1,157.8
1,144.2
885.7
859.0
922.7
1,038.6
1,153.7
1,174.0
1,066.6
869.2
785.1
819.8
772.0
770.1
770.8
772.9
776.0
782.2
789.0
799.0
809.8
819.8
392.1
391.5
390.9
396.0
186.3
180.4
189.0
192.9
1,129.8
1,111.9
1,094.9
1,082.4
835.3
855.3
878.2
896.8
1
Includes continuing contract RPs.
Small denomination and large denomination depos
than $1(10,000 ami more than $100,000, respectively.
2
• issued in amounts of less
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
XSA
NSA
422.4
62.5
420.2
81.1
107.3
467.0
123.2
518.3
100.4
541.5
480.9
90.9
416.6
73,3
82.0
353.8
332.7
97.6
105.2
362.7
'95.4
330.3
'98.8
329.8
'97.8
332.4
335.0 '102.4
'103.0
338.2
341.5 '101.2
101.9
347.3
353.0 101.9
357.7 102.9
105.2
362.7
363.0
371.4
377.8
379.0
109.1
112.8
112.5
115.7
Savings
bonds
76.9
85.1
91.6
106.3
83.8
71.6
59.4
45.9
46.5
53.8
46.2
46.5
47.7
50.3
51.0
51.2
52.1
53.0
55.3
53.8
79.5
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.5
180.3
173.9
174.8
175.7
176.7
177.7
178.5
179.1
179.5
179.9
180.3
ShortBankterm
ComTreas- ers'
ac- mercial
ury
securi- cept- paper
ances
ties
298.3
42.1
280.1
37.1
253.2 44.5
269.5 40.2
326.0 40.6
333.4
35.9
318.5
23.8
336.2 20.8
334.2 14.9
372.6
10.2
'344.7
15.5
'354.6 14.0
'357.1 11.6
'348.4 10.8
'353.2 10.9
'357.7 11.4
'350.7 11.9
'351.1 '11.8
'358.6 '11.0
372.6
10.2
207.5
231.3
260.6
335.4
346.4
355.2
334.8
364.5
387.1
426.5
390.8
387.1
392.6
392.7
392.8
387.7
391.7
404.2
404.0
426.5
54.9
180.5
380.3
9.8 428.6
57.7
180.4
404.0
9.9 445.7
58.8 P 180.5 p 424.5 PlOA P453.9
60.5
NOTE.—Travelers cheeks of nonbarik issuers are a component of money stock but, are not
shown here.
Source: Board of Governors of the Federal Iteserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures'; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository institutions from the Federal
Reserve (XSA)
Reserves of depository institutions
Nonborrowed
plus
extended
credit
Period
Total
19851986198719881989199019911992199319941994-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
July
Sept
Get
Nov
Dec
1995- Jan
Feb
Mar
1
31,452
38,940
38,856
40,399
40,498
41,771
45,536
54,354
60,502
59,342
60,480
60,105
59,989
60,105
59,839
59,794
59,496
59,401
59,342
59,124
58,919
58,552
57,957
Data are prorated aw rages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
30,133
38,113
38,078
38,683
40,232
41,445
45,343
54,230
60,420
59,133
60,356
59,905
59,656
59,647
59,370
59,307
59,116
59,152
59,133
58,988
58,860
58,483
57,846
30,633
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
60,356
59,905
59,656
59,647
59,370
59,307
59,116
59,152
59,133
58,992
58,860
58,483
57,846
Source: Boa
Required
30,415
37,570
37,809
39,352
39,575
40,106
44,557
53,199
59,440
58,174
59,329
59,190
58,885
58,998
58,835
58,734
58,693
58,394
58,174
57,785
57,973
57,757
57,205
Monetary
base
Total
203,539
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
399,229
401,680
404,213
407,175
409,243
411,337
413,854
416,788
418,223
421,054
422,312
'425,349
428,121
1,318
827
777
1,716
265
326
192
124
82
209
124
200
333
458
469
487
380
249
209
136
59
69
111
Seasonal
56
38
93
130
84
76
38
18
31
100
57
134
226
364
445
444
339
164
100
46
33
51
82
Extended
credit
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
4
0
0
0
m-rnoi-s of the Federal Keserve Nystw
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose I.I percent In April; commercial and industrial loans rose 1.3 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200 - ALL COMMERCIAL BANKS
3,600
3,200
2,800
2,800
2,400
2,400
2,000
2,000
- LOANS AND LEASES -
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
\
400
400
OTHER SECURITIES
200
200
160
160
i li l l Il l ill
i iiiIii ii
120
1988
1989
1991
1990
1992
i i M i [ i i t i i I 120
1993
1994
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted'
Loans and leases in bank credit
Securities in bank credit
Period
Total
bank
credit
Real estate
U.S.
Total
securities
Government
securities
Other
securities
Total
loans and
leases 2
Commercial and
industrial
Total
Revolving
home
equity
Consumer
Security
Other
Other
Dee
Dee
Dec
Dec
Dec
Dec'
Dec'
2,434.8
'2,607.5
'2,748.6
2,854.4
2,949.0
3,105.6
3,316.0
562.3
584.6
634.0
'744.9
841.1
915.1
946.9
367.1
400.2
455.9
'565.1
664.8
730.2
720.2
195.3
184.4
178.1
'179.8
176.4
184.9
226.7
1,872.4
2,022.9
2,114.7
2,109.4
2,107.9
2,190.5
2,369.1
607.6
'638.7
639.9
'619.0
594.6
584.5
644.6
674.5
769.5
854.2
878.6
898.5
938.3
999.8
40.1
50.3
62.3
69.8
73.7
73.4
76.2
634.5
719.1
791.9
808.8
824.8
864.9
923.6
357.8
378.3
383.3
366.7
358.8
390.8
452.2
40.3
40.9
44.4
54.0
63.2
85.8
70.9
192.2
195.5
192.9
191.1
192.7
191.1
201.6
1994: Apr'
Sept' .
Octr
Nov r
Dec'
3,203.2
3,209.1
3,220.7
3,255.6
3,268.7
3,281.4
3,289.4
3,297.6
3,316.0
967.9
965.7
969.2
975.2
969.7
967.6
959.0
951.3
946.9
756.7
751.6
752.1
751.5
746.1
741.4
731.8
724.3
720.2
211.2
214.1
217.1
223.7
223.5
226.2
227.1
227.1
226.7
2,235.3
2,243.4
2,251.5
2,280.4
2,299.1
2,313.9
2,330.5
2,346.2
2,369.1
603.2
608.0
611.3
618.8
623.4
627.8
633.9
639.6
644.6
948.5
951.2
957.3
965.6
973.2
981.0
985.9
991.6
999.8
73.3
73.5
73.8
74.0
74.4
74.9
75.1
75.7
76.2
875.2
877.7
883.5
891.6
898.8
906.2
910.8
915.8
923.6
408.2
412.2
416.1
423.1
429.3
434.4
441.6
445.8
452.2
79.0
78.1
76.2
77.2
75.0
69.7
70.4
69.7
70.9
196.4
193.9
190.6
195.7
198.1
200.9
198.6
199.6
201.6
1995: Jan'"
Feb'
Mar' .
Apr
3,348.0
3,360.9
3,381.4
3,420.4
944.8
935.7
936.7
949.3
721.2
715.9
702.8
703.2
223.5
219.8
233.9
246.1
2,403.3
2,425.2
2,444.7
2,471.1
657.4
669.4
672.8
681.7
1,015.1
1,022.6
1,027.8
1,034.8
76.7
77.0
77.2
78.0
938.4
945.6
950.6
956.8
457.6
459.5
464.9
470.7
68.7
67.8
69.8
73.3
204.6
205.9
209.5
210.7
1988.1989:
1990:
1991:
1992"
1993:
1994:
May
June '
July
1
Data are Wednesday values or prorated averages of Wednesday values tor domestically chartered commercial hanks, brandies and agencies of foreign banks, New York State investment
companies, and foreign-related institutions. Data are adjusted for breaks caused by recUiswifications of assets and liabilities.
28
-Excludes Federal funds sold to, reverse repurchase agreements (Ill's) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Ifcsei
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual ratesl
Uses
Sources
External
Credit market funds
Period
Total
Total
Total
1985
1986
1987 .
1988
1989
1990
1991
1992
1993
1994P
1992- I
II
Ill
IV
1993- I
II
III
IV
1994- I
II
III
IV
„
.
493.8
538.8
564.7
634.2
567.9
535.5
471.7
560.5
557.4
661.4
541.3
570.7
531.2
598.9
443.4
548.8
600.6
636.8
663.7
679.7
686.5
616.0
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
501.9
434.3
432.9
440.7
445.6
436.4
450.7
476.4
485.7
502.9
500.5
502.0
502.4
142.0
202.1
188.8
229.9
168.2
123.9
45.7
122.2
95.1
159.5
107.0
137.8
90.5
153.3
7.0
98.1
124.1
151.1
160.8
179.2
184.5
113.6
Securities
and mortgages
Loans and
short-term
paper
13.2
65.1
39.9
-4.7
-37.6
-20.1
96.1
67.0
81.2
-21.4
94.3
95.3
31.0
47.2
83.9
68.0
101.9
71.1
17.2
34.6
39 2
-98.0
84.7
148.1
89.3
95.0
68.0
48.3
8.7
67.9
67.1
80.3
81.6
78.4
39.4
72.2
27.5
80.6
78.6
81.7
115.1
111.2
66.2
28.7
Increase in
financial
assets
Capital
Total
Internal '
71.5
83.0
49.4
99.8
105.6
68.3
-87.4
.9
-14.1
101.7
-12.7
-16.9
8.3
25.0
-56.4
12.7
-23.3
10.6
97.9
76.6
105.4
126.7
tures3
Other*
57.3
54.0
99.4
134.9
100.2
75.6
37.0
54.3
28.0
79.2
25.5
59.4
51.1
81.1
-20.6
17.5
45.6
69.4
45.7
68.0
118.3
84.9
467.2
501.7
492.3
575.8
509.4
488.7
435.3
527.8
523.4
648.3
512.8
528.7
522.6
547.0
426.1
530.4
550.0
587.2
646.3
655.4
682.3
608.9
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
521.5
362.1
389.2
394.1
398.7
424.7
441.5
444.1
451.2
475.5
522.4
537.9
550.1
Discrepancy
(sources
less
uses)
26.7
37.1
72.4
58.4
58.4
46.7
36.4
32.8
34.0
13.2
28.4
42.0
8.6
51.9
17.3
18.4
50.5
49.5
17.4
24.3
4.2
7.1
97.0
157.5
130.9
184.8
108.3
85.9
55.6
141.8
83.0
126.8
150.7
139.5
128.5
148.3
1.4
88.9
105.9
136.0
170.8
133.0
144.4
58.8
1
:i
Undistributed profits (after inventory valuation and capita! consumption a^ustments),
rapPlant and equipment, residential structures, inventory investment, and mineral rights from
ital consumption allowances, and foreign branch profits, dividends, and siil>sidiaries' earnings
U.K. Government.
retained
abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
Source: Hoard of Governors of the Federal Keserve System.
in the U.S.
CONSUMER INSTALLMENT CREDIT
(Millions of dollars; seasonally as\j\ist«il
Net change in installment credit outstanding '
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Other
2
53,878
(4)
17,698
-6,509
2,709
63,202
117,011
228,376
229,064
233,130
234,717
235,685
238,542
241,976
245,860
246,467
249,098
11,030
9,592
13,594
10,779
6,753
15,159
10,333
11,642
13,154
6,554
4,216
4,355
5,260
5,248
1,666
4,528
5,441
2,875
5,411
1,072
4,106
4,550
4,268
3,944
4,119
7,773
1,459
4,883
7,136
2,851
2,708
688
4,066
1,587
968
2,857
3,434
3,884
607
2,631
252,299
250,803
255,250
9,027
7,672
13,806
336
2,865
2,684
5,490
6,303
6,673
3,200
-1,496
4,448
121,758
135,825
153,064
174,269
199,162
223,517
245,281
257,304
287,875
337,694
185,664
188,408
189,316
202,921
226,508
228,309
223,514
216,117
224,389
249,098
1994- Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
813,750
823,342
836,936
847,715
854,469
869,628
879,961
891,603
904,757
911,311
288,663
293,018
298,278
303,526
305,193
309,721
315,162
318,036
323,447
324,519
296,710
301,260
305,528
309,472
313,591
321,365
322,823
327,707
334,843
337,694
1995- Jmir
Peb'
MarP
920,338
928,010
941,815
324,855
327,720
330,405
343,184
349,487
356,161
Other 2
16,906
2,744
908
13,605
(4)
1,801
-4,795
-7,397
8,272
24,709
210,238
247,772
266,295
285,364
291,531
283,072
259,594
257,678
282,036
324,519
4
Revolving
21,478
14,067
17,239
21,205
(4)
24,355
21,764
12,023
30,571
49,819
517,659
572,006
608,675
662,553
717,200
734,898
728,389
731,098
794,300
911,311
1
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
-Outstanding loans for mobile homes, education, lx>ats, trailers, vacations, ete.
;i
Data newly available in -January 1989 result in breaks in many series between Deeemlxir
1988 and sul>se<jiient months.
Automobile
36,674
37,534
18,523
19,069
(4)
- 8,459
-23,478
-1,916
24,358
42,483
Dee
Dec
Dec 3
Dec
Dec
Dec
Dee
Dec
Dec
Dec
1985:
19861987:
19881989:
19901991199219931994-
Total
75,057
54,347
36,669
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Interest rotes fell in May.
PERCENT PER ANNUM
1
PERCENT PER ANNUM
CORPORATE Aaa BONDS
A
/ \
/
r
/
,
(MOODY'S)
\ /-' \
>\-J '
V-
/
x
\
/'-^'~\
V
TREASURY
81115
A -~••' \
"v~
\/"'
/r
U-J- \ j
—'
,,^-v^
p
.
.
" \.
t
DISCOUNT
RATE
r\
/
V
\/-
1
FEDERAL
RESERVE
SANK OF
^\
,/H
NEW YORK
~
1
- ,
^1 1 II
1
Mill
1987
SOURCE.-
i. 111111
1988
1 1 i 1 1
i i t i i 1 InI1
1 1111111111
1990
1991
1989
1 1 1 1 1 1 1 M
1 1
r~
i n i i ! i i i ii I L
1993
1992
1995
1994
COUNCIL OF ECONOMIC ADVISERS
SEE TABLE BEtOW
[Percent per aimum]
U.S. Treasury security yields
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
3-month bills
(new issues) '
. ..
..
1994- May
July
Au<*
Sept
Get
Nov
Dec
1995- Jan
Feb
Mar
Apr
Week ended:
1995- May 6
13
20
27
June 3
..
Constant maturities2
3-year
10-year
High-grade
municipal
bonds (Standard &
Poor's) 3
Prime commercial
paper,
6 months '
Discount rate
(N.Y. F.R.
Bank)"
Prime rate
charged 4by
banks
New-home
mortgage
yields
(FHFB)r-
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
4.19
4.18
4.39
4.50
4.64
4.96
5.25
5.64
6.34
6.27
6.48
6.50
6.69
7.04
7.44
7.71
7.18
7.10
7.30
7.24
7.46
7.74
7.96
7.81
6.26
6.14
6.19
6.19
6.33
6.50
6.96
6.76
7.99
7.97
8.11
8.07
8.34
8.57
8.68
8.46
4.92
4.86
5.13
5.19
5.32
5.70
6.01
6.62
3.00-3.50
3.50-3.50
3.50-3.50
3.50-4.00
4.00-4.00
4.00-4.00
4.00-4.75
4.75-4.75
6.75-7.25
7.25-7.25
7.25-7.25
7.25-7.75
7.75-7.75
7.75-7.75
7.75-8.50
8.50-8.50
7.43
7.62
7.71
7.67
7.70
7.76
7.81
7.83
5.81
5.80
5.73
5.67
5.70
7.66
7.25
6.89
6.68
6.27
7.78
7.47
7.20
7.06
6.63
6.53
6.24
6.10
6.01
5.90
8.46
8.26
8.12
8.03
7.65
6.63
6.38
6.30
6.19
6.07
4.75-4.75
4.75-5.25
5.25-5.25
5.25-5.25
5.25-5.25
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
8.18
8.28
8.21
8.15
5.74
5.63
5.71
5.72
5.64
6.54
6.27
6.25
6.14
5.83
6.93
6.66
6.59
6.49
6.23
6.14
5.93
5.85
5.80
5.79
7.89
7.69
7.60
7.51
7.33
6.16
6.06
6.06
6.02
5.92
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
1
Hank-discount basis.
-Yields on (he more activity traded issues adjusted to constant maturities by the Trva.sn/y
Department.
;f
Weekly data are Wednesday figures.
4
Average effective rate for year; opening am) closing rate for month and week.
30
Corporate
Aaa bonds
(Moody's)
fl
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.
Sources: Department of the Treasury, Hoard of Governors of the Federal Reserve System,
Federal Housing? Finance Boat-d, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in May.
INDEX, DEC. 31,1965=50 (RATIO SCALE)
300
280
260
240
220
200
INDEX, DEC. 31,1965=50 (RATIO SCALE)
300
280
260
240
220
200
180
180
160
160
COMPOSITE STOCK PRICE INDEX
(NYSE)
140
140
120
120
100
100
80
1987
1989
1988
1990
1991
1992
1993
1995
1994
PERCENT
20
PERCENT
20
15
15
10
EARNINGS-PRICE RATIO ON COM/vtON STOCKS
(S&P)
^~~-—_
_
10
'
—"~-^"~
5
1
5
/^
i
0
i
1987
i
i
i i
1988
i
i
i i
1989
i
i
i
1990
1992
1991
i i
1993
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
i
i i
1994
Industrial
0
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965
except as noted) 2
Composite
i i
1995
COUNCIL OF ECONOMIC ADVISERS
Common stock prices '
Period
i
Transportation
Utility 3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's composite index
(194143 = 10)-'"'
Dividendprice ratio
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2 99
2.78
2.82
1994- May
249.56
251.21
249.29
256.08
257.61
255.22
252.48
248.65
307.58
308.66
307.34
316.55
322.19
321.53
319.33
313.92
244.75
246.64
244.21
244.67
239.10
230.71
227.45
218.93
205.77
206.54
205.46
211.26
204.60
203.35
200.13
200.02
211.30
215.89
210.91
214.77
211.90
203.33
198.38
195.25
3,707.99
3,737.58
3,718.30
3,797.48
3,880.60
3,868.10
3,792.43
3,770.31
450.90
454.83
451.40
464.24
466.96
463.81
461.01
455.19
2.89
2.84
2.87
2.78
2.80
2.82
2.86
2.91
253.56
261.86
266.81
274.37
281.81
319.93
328.98
337.96
347.69
357.01
230.25
237.29
244.45
254.36
254.69
201.16
207.73
204.16
208.93
211.58
201.05
211.76
213.29
219.38
228.55
3,872.46
3,953.72
4,062.78
4,230.66
4,391.57
465.25
481.92
493.15
507.91
523.81
2.87
2.81
2.76
2.68
2.60
278.86
282.24
282.22
282.96
285.39
353.96
357.32
357.40
358.51
360.57
255.30
254.11
256.14
253.58
253.20
211.07
212.79
210.91
210.49
214.86
222.65
229.00
229.89
231.12
234.28
4,344.23
4,404.20
4,395.42
4,410.29
4.440.24
518.05
524.36
524.35
526.62
530.75
2.63
2.61
2.60
2.60
2.58
July
Sept
Get
Nov
Dec
1995: Jan
Feb
Mar
May
Week ended:
1995- May 6
13
20
27
June 3
1
Average of daily dosing prices.
Includes all the stocks (more than 2,000 in 1992) listed on tin* NYSE.
l)ec. 31, 19(if>=100. Effective April 27, 19fW the NYSE doubled the valiu
index to facilitate trading: of options and futures on the index. All indexes sliov
the doubling.
••Includes
30 stocks.
fl
2
;i
Includes 500 stocks.
Earningspriee ratio
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.84
5.67
5.91
6.67
6.52
''Standard & Poor's series. Dividend-price ratios based on Wednesday dosing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.--All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 7 months of fiscal 1995, there was a deficit of $94.3 billion, compared with a deficit of $132.7 billion
a year earlier.
BILLIONS OF DC)LLARS
1,600
BILLIOr-•IS OF DOUARS
1,600
RECEIPTS AND OUTLAYSJ
1,500
1,400
-
"
-
OUTLAYS ^
1,500
1,400
__ _ .
1,300
1,300
^-''~~
1,200
^-"""
--'''"
1,100
-'--"'
1,200
^-"""^
_____--
—
1,100
""""
1,000
1,000
^^^
900
RECEIPTS-17
,
900
^-^~^~~~
800
800
"
700
700
600 A
V
1
1
1
1
1
1
1
1
N 600
Nl
0
0
-100
-100
^—-"""""''"
-200
""
-300
-400
^^^--—
/]
^ 1986
-200
^
1
1
1987
1
1988
1
1989
1
1990
•
1991
1992
1
1
1993
1
1994
1995
\ -400
N
FISCAL YEARS
-^ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES- DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
.
1994
1995 (estimates)
Cumulative total, first 7
months: '
Fiscal year 1994
Fiscal year 1995 ..
Ou-budget
Receipts
Outlays
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,346.4
371.8
409.2
458.7
504.0
590.9
678.2
745.8
8C8.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,538.9
-73.7
-53.7
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.4
-269.2
-290.4
-255.1
-203.2
-192.5
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
995.2
302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.6
1,081.8
1,128.5
1,142.1
1,181.5
1,246.9
705
-49.8
-54.9
-38.7
-72.7
-74.0
-120.1
-208.0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.4
-340.5
-300.5
-258.8
-251.8
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.3
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
292.0
717.7
779.8
850.4
874.1
-132.7
-94.3
524.8
574.9
691.9
709.5
-167.2
-134.6
193.0
204.9
158.5
164.6
Receipts
' Data from Monthly Tmixury Statement.
NOTE.—Data (except as noted) are from Ruilijt'.t of the, United Stntrut Government, Fimil
1996, issued February 6, 1995.
32
Off-budget
Surplus
or deficit
(-)
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
Total
Held by
tile public
-3.2
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
59.3
629.0
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,961.5
477.4
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.2
3,640.1
34.5
40.3
4,521.5
4,799.2
3,365.8
3,530.2
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 7 months of fiscal 1995, receipts were $62.1 billion higher than a year earlier and outlays were $23.7
billion higher.
BILLIONS OF DC3LLARS
BILLIOf •JS OF DOLLARS
700
700
RECEIPTS^
600
600
500
500
— —
400
300
~ n™.T,^,
INCOME JAXES
200
OTHER RECEIPTS
400
_A..
300
TAXES AND CONTRIBUTIONS
200
\
100
100
I
0
I
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS ^
1,200
_„---"""
1,100
1,100
NONDEFENSE
\
1,000
1,200
-~"~~
"_.
-----
1,000
>--""
900
900
__-'-'
800
800
"
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 SI
V
1
1986
1
1987
300
1
1988
1
1989
1990
1
1991
1
1
1992
|\ 200
1993
1995 N
1994
FISCAL YEARS
J
INCLUDES ON-ftUDGET AND OFF-BUDGET ITEMS.
OURCES- DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budgct arid off-budget rece its
Fiscal year or period
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
... .
1987
1988
1989
1990
1991
1992
1993
1994
1995 (estimates)
Cumulative total, first 7 months:1
Fiscal year 1994
Fiscal year 1995
Individual
income
taxes
Social
insurCorance
porataxes
tion
arid
income
taxes contributions
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
6.1.1
49.2
37.0
56.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,346.4
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
588.5
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
150.9
717.7 322.0
779.8 351.1
National defense
Other
Total
Department of
Defense,
military
Internation-
al
affairs
Health
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
265.2
73.0
73.1
283.9
303.3 74.3
334.3 78.9
359.4
82.3
90.9
380.0
396.0 92.3
413.7 100.5
428.3
98.0
461.5 112.8
484.4 122.7
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,538.9
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
271.6
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
260.2
16.2 33.5
14.2 35.9
40.0
11.6
10.5
44.5
9.6 48.4
13.8
57.7
15.9
71.2
16.1
89.5
17.2 99.4
17.1 107.1
18.7 115.1
850.4
874.1
164.2
151.8
156.7
144.3
11.5
10.5
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
74.3 259.7
80.1 278.7
61.7
69.8
1
Data from Monthly Tnmtury Statement.
NOTE.—Data (except as noted) are from Jiwlget of the United States Govfirnment, Fixtnl Year
l.Wd, issued February 6, 1995.
Total
61.3
65.7
Medicare
Income
security
60.8
15.8
61.0
19.3
22.8 61.5
26.5 66.4
32.1 86.5
39.1
99.7
46.6 107.7
52.6 122.6
57.5 112.7
Social
security
Net
inter-
Other
est
73.9 26.7
85.1
29.9
93.9 35.5
42.6
104.1
118.5
52.5
139.6 68.8
156.0 85.0
170.7 89.8
178.2 111.1
82.8
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
157.3
128.2
119.8
123.3
129.3
136.0
147.0
170.3
196.9
207.3
214.0
223.0
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
336.1
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
234.2
131.8
142.1
125.9
139.4
158.8
203.9
224.8
173.9
159.7
173.8
182.8
81.9
88.5
134.1
131.3
182.6 116.2
191.7 133.5
98.6
101.1
Sources: Department of the Treasury and Office of Management and
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
in the first quarter of 1995, according to preliminary estimates, Federal receipts rose $28.3 billion (annual rate)
and Federal expenditures rose $17.5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,800
1,800
,600
1,400
1995
CALENDAR YEARS
SOURCE: DEPARTMENTpf COMMERCE
COUNCJl OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted animal rates]
Federal Government expenditures
Federal Government receipts
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
1,161.2
1,241.0
1,349.4
484.6
511.8
552.1
112.4
134.6
161.2
81.1
82.9
93.3
483.1
511.7
542.8
1,178.3
1,265.7
1,379.0
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,140.5
1,219.9
1,212.7
1,263.7
1,272.7
1,313.6
1,337.4
1,380.7
1,388.8
1,408.8
1,437.1
489.5
520.3
565.6
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
477.3
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.9
574.2
590.6
115.6
143.0
167.1
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.6
122.6
132.1
141.8
140.2
157.8
151.8
166.3
172.4
178.1
182.1
81.3
84.6
91.2
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91.9
91.9
89.1
491.9
517.8
555.1
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
501.9
501.6
518.C
522.7
528.3
545.1
553.0
557.6
564.6
575.3
Period
Total
Fiscal year:
1992
1993
1994
Calendar vear:
1992
1993
1994
1982- TV7
1983- IV
1984- IV
1985- TV
1986: IV
1987- IV
1988- IV
1989: IV
1990- IV
1991- IV
1992: IV
1993- I
II
III
rv
1994:
I
I I
Ill
IV
1995- I'
34
.
.
.
.
Net interest
paid
Subsidies less
current
surplus
of
Government
enterprises
Less:
Wage
accruals less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
Purchases
Transfer
payments
Grantsin-aid
to
State
and
local
governments
1,435.9
1,495.5
1,521.9
445.2
446.3
435.1
607.4
651.5
674.4
168.2
180.7
197.9
188.9
183.5
187.0
26.1
33.4
27.6
0.0
.0
.0
-274.7
-254.4
-172.5
1,460.9
1,507.0
1,538.1
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
1,492.0
1,496.2
1,500.6
1,497.6
1,533.7
1,513.7
1,525.9
1,542.8
1,589.9
1,587.4
449.0
443.6
437.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
433.6
625.3
658.0
682.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
566.2
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.0
699.2
705.7
172.2
186.1
197.6
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.6
176.6
176.7
182.9
187.8
197.0
190.0
194.4
200.3
205.5
211.0
186.8
183.6
191.5
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.6
183.1
182.5
184.8
183.6
183.5
179.3
188.8
194.4
203.5
210.0
27.6
35.7
29.2
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
29.8
27.1
.0
.0
.0
.0
.0
.6
.0
.0
_ 2
-282.7
-241.4
- 159.1
-183.4
-184.6
-186.8
- 187.2
-177.5
-152.7
-134.9
-141.5
-191.0
-245.8
-272.1
-283.5
-237.0
- 224.9
-220.1
- 176.2
-145.1
-154.0
-161.1
-150.3
Total
'o
.0
_2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (19S2-84=IOO; NSA)
Industrial production (1987=100; .seasonally adjusted)
Period
United
States
Japan
Canada
1986
1987
1988
1989
1990
1991
1992
1993
1994
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
95.4
100.0
105.3
105.2
101.7
97.5
98.4
103.2
109.7
96.7
100.0
109.4
115.7
1994- Jan
Feb
Mar
Anr
114.7
115.6
116.6
116.7
117.4
118.0
118.2
119.1
119.0
1 19.5
120.3
121.7
'105.1
'104.9
'106.4
'107.7
'122 0
'115.4
-122.0
'121.6
114.8
May
July
Auir
Sept
Oft
Nov
Dec
1995:
Jan
Feb
Mar
108.6
'109.8
110.4
111.8
111.6
'112.0
113.9
'114.5
France
Germany
Italy
122.9
115.8
111.0
112.3
98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
111.0
99.6
100.0
103.9
108.8
114.5
117.9
115.6
107.2
110.6
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
110.7
108.8
108.3
113.0
110.5
109.4
1 1 2.3
111.2
115.7
113.5
112.5
115.7
1 1 5.3
107.3
107.4
107.!
110.2
110.7
110.
112.
112.
112.
HI.
1 1 2.4
113.4
105.6
107.5
108.1
109.9
109.8
111.6
113.3
110.3
111.5
112.5
112.7
115.3
104.1
106.3
1 06.5
111.3
108.4
110.1
112.2
114.3
112.4
1 12.5
112.5
119.1
120.fi
113.6
'114.0
'116.3
United
States 1
96.2
100.0
104.8
107.0
106.7
'102.6
'102.3
'104.7
'110.2
107.4
107.9
107.5
109.5
'110.0
110.1
110.8
111.0
112.2
'112.9
111.2
'111.8
113.9
'115.0
'111.5
'111.7
115.9
112.8
118.7
191 1
United
Kingdom
Japan
Canada
France
Germany
Italy
United
Kingdom
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
1 1 9.3
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
1 45.9
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
129.4
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
146.2
146.7
147.2
147.4
147.5
148.0
148.4
149.0
149.4
149.5
149.7
149.7
148.8
147.7
147.6
147.6
147.3
147.6
148.2
148.3
148.4
148.2
149.0
149.2
118.7
118.7
119.3
119.5
119.6
119.2
118.6
119.2
119.5
120.0
119.7
119.4
144.5
144.9
145.2
145.6
145.9
145.9
1 45.9
145.9
146.3
146.7
146.7
146.5
128.0
128.5
128.7
129.0
129.3
129.5
129.6
129.7
129.8
129.9
130.1
130.4
190.6
191.3
191.7
1 92.2
192.9
193.3
193.6
1 94.2
194.7
195.8
1 96.5
197.2
166.0
167.0
167.4
169.4
170.0
170.0
169.2
1 70.0
170.4
170.
170.
171.
150.3
150.9
151.4
151 9
149.8
150.5
150.8
151 2
119.4
118.9
118.8
146.9
147.5
147.9
148.0
131.0
131.5
197.9
199.5
201 .2
171.
172.
173.3
175.1
'131.6
131.9
Source: Nation; sources as reported by- Department, of Commerce (Bureau of Economic
Analysis and Inter lational Trade Administration, Office of Trade and Economic Analvsis).
' Data relate to all urban consumers.
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data st-n>>omilly adjusted 1
<er
1 nal*
- M/,>
n
.
LIU -UOL Lnl, .f, I _ V )i i
Balance of trade
(exports minus imports)
Serviees
)asis)
Goof s: Imports (customs va ue)
Goo{ s: Exports (f.a.s. value)
•ensus )asis ( yy tnt-use category
BOP b'isis
Period
BOP
basis
223.3
250.2
320.2
1986
1987
1988
1989
1990
1991
1992
1993
1994
Apr
May
June
July
Avig
Sept
Get
Nov
Dec
1995: Jan
Feb'
Mar"
227.2
254.1
IndusPoods, trial Capital
feeds, sup- goods
plies except
and
bevand
autoerages mate- motive
rials
22.3
24.3
57.3
322.4
363.8
393.6
416.9
421.7
440.4
456.9
502.6
448.2
465.1
512.5
32.3
37.2
35.1
35.7
40.3
40.6
41.9
42.0
40.3
40.2
42.0
40.1
44.1
43.5
43.3
44.8
46.5
42.8
41.0
41.0
42.8
40.9
45.0
44.4
44.3
45.6
47.5
3.4
3.1
3.3
3.1
3.1
3.7
3.7
3.9
4.1
4.2
10.6
9.6
9.9
9.8
10.2
10.7
10.3
10.6
10.7
11.2
44.3
45.4
48.2
45.0
46.1
49.0
3.8
3.9
4.1
11.5
11.8
12.7
sumer
g«Kls
(nori- BOP
food) basis
except
auto
Foods Industrial Capital
Total, feeds, su p- goods
Census and
plies
except
bevand
basis 2
autoermatemotive
ages
rials
Auto- Conmotive sumer
vehi- goods
(noncles,
parts food)
and except
an toengmes
Exports
Imports
Goods,
Census
basis
- 1 38.3 -145.1
G.jods
Services
Goods
and
services
tive
79.4
86.1
101.4
113.3
116.4
120.7
134.3
152.4
184.6
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.7
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
978
110.0
126.8
147.2
163.2
1 76.6
184.8
195.3
79.8
90.2
97.9
101.9
117.0
1 1 7.6
120.9
128.0
135.3
29.3
34.8
37.4
40.0
47.0
52.4
57.2
14.2
17 7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
17.3
16.7
16.6
17.7
16.3
17.7
17.8
16.9
18.1
18.9
4.7
4.7
4.5
4.7
4.2
5.2
5.0
5.0
4.9
5.6
4.9
4.7
4.8
5.1
4.9
5.3
5.2
5.4
5.5
5.3
53.5
53.7
54.5
56.0
56.1
58.2
58.0
58,4
60.0
59.4
52.4
53.1
54.0
55.8
55.8
57.8
57.8
58.1
59.7
59.1
2.5
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.6
2.7
12.6
12.8
13.1
14.0
14.4
14.7
14.3
13.9
14.5
14.1
14.5
14.7
14.9
15.1
15.2
15.3
16.5
16.6
17.0
16.8
9.5
9.5
9.5
10.2
9.9
11.1
9.9
10.2
10.7
10.7
11.3
11.8
12.1
12.1
12.0
12.5
12.6
12.8
12.9
12.9
16.3
15.6
16.0
16.3
16.4
16.2
17.0
16.6
17.1
17.1
11.8
10.8
10.9
11.1
11.2
11.2
11.4
11.5
11.6
11.5
- 9.6
-12.1
-12.9
-13.1
-14.9
-12.8
-13.4
-13.8
-14.1
-11.6
-11.5
-13.4
- 14.3
-14.1
-16.0
-14.1
-14.5
-15.1
- 1 5.2
-12.9
4.6
4.8
5.1
5.2
52
5.0
5.6
5.1
5.5
5.6
-6.9
-8.6
-9.2
-8.8
-10.7
-9.1
-8.9
-10.0
- 9.6
-7.3
16.9
17.8
19.3
5.4
5.2
5.0
5.0
5.2
5.4
61 .2
59.7
62.5
60.9
59.5
61.6
2.9
2.8
2.9
14.5
14.4
15.5
17.2
16.9
17.4
11.1
10.7
10.8
13.4
13.1
13.2
16.7
16.8
17.1
11.8
11.7
12.0
-15.9
- 13.4
-12.6
-16.9
-14.3
-14.2
4.9
5.2
5.1
-12.0
-9.2
-9.1
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.3 205.3
389.3
362.1
1994: Mar
Total,
Census
basis2
Automotive
vehicles,
parts
and
engines
21.7
246
368.4
409 8
447.2
477.4
498.3
491.0
536.5
589.4
669.2
365.4 24.4
406.2 24.8
101.3
111.0
71.8
84.5
441.0 24.8
473.2 25.1
495.3 26.6
488.5 26.5
532.7 27.5
580.7 27.9
663.8 31.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
-152.1
-118.5
-109.4
-101.7
-159.6
-127.0
-115.2
-109.0
- 66.7
- 84.5
-74.1
-96.1
-115.6 -132.6
-151.3 -166.6
6.3
76
12.1
24.9
30.2
45.6
55.7
56.9
60.0
-138.8
- 152.0
-114.8
- 90.3
-78.8
-28.5
-40.4
-75.7
-106.6
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1994, the merchandise trade deficit fell to $43.0 billion, from $44.6 billion in the third
quarter. The current account deficit rose to $44.8 billion, from $40.8 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS •
BALANCE ON GOODS
AND SERVICES
/
/
1984
1993
• SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1994
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( — )1
Investment income
Services
Merchandise '
Net
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994*"
1993:
I
II
Ill
IV
1994:
I
II
Ill
IV
Imports
Net
balance
Net
military
transactions 2 :i
-844
237,044
211,157
201,799
219,926
213,915
223,344
250,208
320,230
362,116
389,303
416,913
440,361
456,866
502,729
-28,023
-265,067
-36,485
-247,642
-268,901
-67,102
-332,418 -112,492
-338,088 -122,173
- 368,425 - 145,081
-409,765 -159,557
-447,189 - 126,959
-477,365 - 115,249
-498,336 -109,033
-74,068
- 490,981
- 96,097
-536,458
-589,441 -132,575
-669,093 -166,364
111,664
113,787
111,736
119,679
-140,855
-147,514
- 148,224
- 152,848
-29,191
-33,727
- 36,488
-33,169
-105
-128
117,848
122,510
127,632
134,739
-154,900
- 164,231
-172,247
-177,715
-37,052
-41,721
-44,615
-42,976
-337
travel
and
transportation
receipts
144
177
230
199
Net
Balance
on goods,
services,
and
income
Unilateral
transfers,
net 4
on
current
account
86,529
86,200
84,778
104,075
92,760
90,858
99,239
127,414
152,517
160,300
136,914
114,449
113,856
134,855
-53,626
-56,412
-53,700
- 74,036
-73,087
-79,095
-91,302
-115,806
-138,858
-139,574
-122,081
- 109,909
-109,910
- 150,036
32,903
29,788
31,078
30,038
19,673
11,763
7,937
11,607
13,659
20,725
14,833
4,540
3,946
-15,181
16,732
5,632
-26,719
-79,161
- 102,422
-127,026
- 144,045
-103,217
-76,686
- 58,085
- 13,639
-35,844
-71,779
-121,551
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,977
-26,134
-33,663
6,687
-32,042
-32,117
-34,121
5,030
-11,443
-44,460
- 99,773
-125,372
-151,201
-167,097
-128,194
-102,820
-91,748
-6,952
-67,886
-103,896
-155,673
5,307
5,565
5,230
4,740
9,567
9,221
9,087
8,897
-14,422
- 19,070
-22,258
-19,976
27,727
28,801
28,513
28,816
-25,872
-28,133
-26,498
-29,406
1,855
2,015
-590
-12,567
- 18,402
-20,243
-20,566
-7,283
-7,200
-7,613
- 10,021
- 19,850
-25,602
-27,856
- 30,587
4,195
5,440
5,646
5,769
8,875
9,467
10,001
10,333
- 24,320
-26,637
-28,738
-26,675
29,879
31,868
35,626
37,483
-30,699
-34,687
-39,663
-44,987
-820
-2,819
-4,037
-7,504
-25,140
- 29,456
-32,775
-34,179
- 7,098
-8,371
-8,073
-10,579
-32,238
-37,827
- 40,848
-44,758
1
Adjusted from Census data for differences in timing and coverage; excludes military.
-Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures {imports).
36
Payments
on foreign
assets in
U.S.
-16,172
-24,156
-57,796
- 109,200
- 122,095
-138,789
-151,981
-114,824
- 90,345
-78,810
-28,472
-40,384
-75,725
- 106,370
-992
-563 -4,227
-2,547 -8,438
- 4,390 -9,798
-5,181 -7,382
-3,844 -6,481
-6,315 -1,511
5,071
-6,726
8,978
-7,567
-5,485 17,957
-3,034 20,885
20,840
-763
268 21,050
-87
net
Receipts
on U.S.
assets
abroad
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
28,811
33,124
37,862
36,773
38,678
112
-444
Other
services,
Balance
on
goods
arid
services
668
•'* Quarterly data are not seasonally adjusted.
4
Includes transfers of goods and services under U.S. military grant programs.
iSfifi p. 37 for wntinutition of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $17.3 billion in the fourth
quarter of 1994, in contrast to a decrease of $1.3 billion in the third quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $27.1 billion in the fourth quarter, following an
increase of $18.4 billion in the third quarter.
BILUONSOF DOUARS*
BILLIONS OF DOLLARS'
100
I
l\
I \
I
I
I
I
I
1
I
/
I
/
1 I
-H-
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
i;
/
\/
60
I
40
\L
20
-20
-20
A
-40
CHANGE IN
U.S. ASSETS
ABROAD, NET
-60
-60
-80
1989
1992
1990
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
1993
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S. assets abroad, net
[increase/capit
)]
Period
U.S.
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994*1
1993: I
II
Ill
IV
1994- I
II
III
WP
official
reserve
assets :t 5
Other U.S.
Government
assets
Total
Other
foreign
assets
-114,147
- 122,335
-58,735
-34,917
-39,225
-104,818
-71,443
-99,360
- 168,744
-70,363
-51,512
-61,510
-147,898
-125,687
-5,175
- 4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
5,763
3,901
-1,379
5,346
-5,097
-6,131
-5,006
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,900
-1,652
-306
-278
-103,875
-111,239
-52,533
-26,298
-32,547
-103,109
-81,597
-98,414
-144 710
-70,512
-60,175
-63,759
-146,213
-130,755
83,032
92,418
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
98,134
146,504
230,698
314,614
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,199
40,858
71,681
38,912
78,072
88,826
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
80,935
105,646
159,017
275,702
-12,659
-35,966
-35,651
-63,622
-48,456
-7,251
-25,849
-44,136
-983
822
-545
-673
-59
3,537
-165
2,033
488
-281
-192
-321
490
462
-270
-961
-12,164
-36,507
34 915
-62^628
-48,887
-11,250
-25,414
-45,208
16,772
51,829
71,934
90,162
95,130
49,309
80,254
89,921
10,968
17,492
19,259
23,962
11,530
8,925
19,460
-1,003
5,804
34,337
52,675
66,200
83,600
40,384
60,794
90,924
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets3
U.S.
private
assets
Statistical discrepancy
Allocations
of special Total (sum
Of which:
drawing of the items Seasonal
adrights
justment
with sign
(SDKs)
discrepancy
reversed)
1,093
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
24,992
41,359
19,815
20,758
23,415
29,908
- 4,443
-12,712
53,075
39,919
-39,670
-17,108
21,096
-33,255
15,737
9,739
-8,427
4,047
-14,436
-4,231
-13,557
-1,027
U.S. official
reserve
assets, net r>
(unadjusted,
6,105
435
-6,643
103
5,899
728
-6,686
62
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
Sources: Department of Oornmerc i (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Pa e
TOTAL OUTPUT. INCOME, AND SPENDING
*
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
:
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of" Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagriculrural 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 Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
,
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
,
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
f Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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