Full text of Economic Indicators : May 1996
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
104th Congress, 2d Session
conomic Indicators
MAY 1996
(Includes data available as of June 4, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
LIBRARY
l 7 1996
i-tUtKAL RESERVE
BANK OF CHICAGO.
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1996
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
HOUSE OF REPRESENTATIVES
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member
{PUBLIC LAW 120—S!ST CONGRESS; CHAPTER 237—IST SESSION}
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Chans prepared by the An Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-052736-6
II
GROSS DOMESTIC PRODUCT
In the first quarter of 1996, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.5
percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 2.3 percent, and the implicit price deflator
rose 2.1 percent.
BILLIONS OF DOUARS (RATIO SCALE)
BILLIONS OF DOUARS (RATIO SCALE)
7,600
SEA5ONAUY ADJUSTED ANNUAL RATES
7,600
^^f-
7,200
7,200
„—
/\
6,800
^_--
GDP
AIMED ( 1992) DOLL
6,400
Jif*
"-|-
^-'1
5,600
6,400
^^
\
6,000
6,800
6,000
^
5,600
^
— ~"
/^
s-'
5,200
5,200
/
A
S
4,800
x-
4,800
/ GDP
/ IN CURRENT DOLLARS
/
4,400
4,400
/
4,000
/
3,600
3,200
4,000
/S
3,600
3,200
^
\
1
1
1982
!
1 1
1983
I I i
i i i
1984
1985
I f I
1986
I I I
1987
I
!
I
1 988
I I I .
1 989
i i I
1 990
1
1
!
1991
1
1
!
1992
i i i
1993
i i i
1994
i i I
1995
i I I
1996
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
19901991:
1992:
1993:
.
.
IV
IV
IV
1
11
III
IV
1994- I
II
in
rv
1995- I
II
III
IV
1996- 1'
1
Exports and imports
Gross
of goods and services
Personal
private
Gross
domestic sumption domestic
Net
product expendi- investment
exports Exports Imports
tures
4.422.2
4,692.3
5,049.6
5,438.7
5,743.8
5,916.7
6,244.4
6,550.2
6,931.4
7,245.8
5,781.5
6,002.3
6,383.0
6,442.8
6,503.2
6,571.3
6,683.7
6,772.8
6,885.0
6,987.6
7,080.0
7,147.8
7,196.5
7,298.5
7,340.4
7,421.4
2,892.7
3,094.5
3,349.7
3,594.8
3,839.3
3,975.1
4,219.8
4,454.1
4,698.7
4,924.3
3,907.0
4,027.1
4,329.6
4,367.8
4,424.7
4,481.0
4,543.0
4,599.2
4,665.1
4,734.4
4,796.0
4,836.3
4,908.7
4,960.0
4,992.3
5,063.0
722.5
747.2
773.9
8292
799.7
736.2
790.4
871.1
1,014.4
1,065.3
736.1
760.9
816.1
843.6
855.9
873.8
911.2
957.6
1,016.5
1,033.6
1,050.1
1,072.0
1,050.3
1,074.8
1,064.0
1,065.4
-131.5
- 142.1
-106.1
-80.4
71 3
-20.5
'9 5
-64.9
-96.4.
- 102.3
-72.0
-14.8
-42.7
-47.4
-62.0
-77.1
- 73.2
-80.3
-97.4
1084
-99.7
- 106.6
]•)•-> 4
-100.8
-79.3
-93.6
GDP less exports of goods and services plus imports of goods and services.
320.7
365.7
447.2
509.3
557.3
601.8
639.4
660.0
722.0
804.5
577.3
624.4
649.1
649.4
662.5
648.5
679.4
681.5
708.6
734.2
763.6
778.6
796.9
812.5
829.9
838.2
452.2
507.9
553.2
589.7
628.6
622.3
669.0
724.9
818.4
906.7
649.2
633.3
691.8
696.8
724.6
725.6
752.6
761.7
806.0
842.6
863.3
885.1
919.3
913.3
909.2
931.7
Government consumption expenditures
and gross investment
Federal
Total
Total
938.5
992.8
1,032.0
1,095.1
1,176.1
1,225.9
1,263.8
1,289.9
1,314.7
1,358.5
1,210.4
1,229.2
1,280.0
1,278.8
1,284.6
1,293.6
1,302.7
1,296.4
1,300.8
1.328.0
1,333.5
1,346.0
1,359.9
1,364.5
1,363.5
1,386.5
435.2
455.7
457.3
477.2
503.6
522.6
528.0
522.1
516.3
516.7
516.7
515.5
535.0
525.0
519.6
520.8
522.9
511.3
509.4
523.6
520.9
519.9
522.6
516.7
507.8
521.0
National
defense
332.4
350.4
354.0
360.6
373.1
383.5
375.8
362.2
352.0
345.7
383.3
373.0
375.3
365.2
362.2
360.7
360.8
346.7
349.3
362.1
349.6
347.7
352.3
345.6
337.2
346.3
Nondefense
102.9
105.3
103.3
116.7
130.4
139.1
152.2
159.9
164.3
-171 0
133.3
142.6
159.7
159.8
157.4
160.1
162.2
164.6
160.0
161.5
171.2
172.1
170.3
171.1
170.6
174.7
State
and
local
503.3
537.2
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
693.7
713.6
745.1
753.8
765.0
772.7
779.7
785.0
791.4
804.4
812.6
826.1
837.3
847.7
855.7
865.4
Final
Gross
sales of domestic
domestic
purproduct chases l
4,412.6
4,668.1
5,038.7
5,407.0
5,735.8
5,919.0
6,237.4
6,529.7
6,871.8
7,208.8
5,812.9
5,980.9
6,376.6
6,422.9
6,481.6
6,549.3
6,664.9
6,732.6
6,810.5
6,922.9
7,021.3
7,089.7
7,162.5
7,260.3
7,322.6
7,426.9
Source: Department of Commerce, Bureau of Economic Analysis.
4,553.7
4,834.5
5,155.6
5,519.1
5,815.1
5,937.2
6,274.0
6,615.2
7,027.8
7,348.1
5,853.5
6,017.1
6,425.7
6,490.1
6,565.2
6,648.4
6,756.9
6,853.1
6,982.5
7,096.0
7,179.6
7,254.3
7,318.9
7,399.3
7,419.7
7,514.9
Addendum:
Gross
national
product
4,435.1
4,701.3
5,062.6
5,452.8
5,764.9
5,932.4
6,255.5
6.560.0
6,922.4
7,237.5
5,813.6
6,016.6
6,390.5
6,458.4
6.512.3
6,584.8
6,684.5
6,773.6
6,876.3
6,977.6
7,062.2
7,140.5
7,187.0
7,283.0
7,339.6
7,416.1
HEAL GROSS DOMESTIC PRODUCT
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates)
Period
Gross
domestic
product
Personal
consumption
expenditures
Gross private
domestic investment
Nonresidential
fixed
investment
Exports and imports of
goods and services
Change
in business
inventories
Residential
fixed
invest^
ment
Federal
Net
exports
5,489.9
5,648.4
5,862.9
6,060.4
6,138.7
6,079.0
6,244.4
6,383.8
6,604.2
6,739.0
6,081.0
6,104.4
6,327.3
3,708.7
3,822.3
3,972.7
4,064.6
4,132.2
4,105.8
4,219.8
4,339.7
4,471.1
4,578.5
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
10.9
26.2
11.6
33.3
10.4
-3.0
7.3
19.1
58.9
33.7
-163.9
-156.2
-1144
-82.7
-61.9
— 223
-29.5
-744
-108.1
-114.2
4,116.4
4,109.1
4,282.3
573.9
539.5
569.1
200.3
202.4
236.7
-28.2
21.4
5.8
4,290.0
4,319.0
4,359.7
4,390.0
4,418.8
4,457.7
4,485.8
4,522.3
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
237.9
234.8
242.2
255.8
18.5
20.8
19.5
17.4
IV
6,327.0
6,353.7
6,390.4
6,463.9
6,504.6
6,581.5
6,639.5
6,691.3
263.6
271.6
270.3
270.3
40.1
74.1
64.0
57.3
1995: I
II
Ill
IV
1996: I'
6,701.6
6,709.4
6,768.3
6,776.5
6.815.5
4,530.9
4,568.8
4,600.4
4,614.1
4.655.1
704.4
710.6
719.7
725.3
746.6
265.9
256.6
262.3
266.4
270.7
54.5
30.6
33.2
16.5
-5.7
-42.5
-17.9
-40.0
-55.2
-67.0
-89.1
-86.2
-101.3
-112.2
-113.3
- 105.8
-119.0
- 126.8
-114.3
-96.6
-110.6
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990: IV
1991- IV
1992- IV
1993: I
II
III
rv
1994- I
II
in
Government consumption expenditures
and gross investment
Exports
Imports
Total
Total
Nondefense
National
defense
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases1
Addendum;
Gross
national
product
518.4
534.4
524.6
531.5
541.9
539.4
528.0
508.7
489.7
472.7
393.4
409.2
405.5
401.6
401.5
397.5
375.8
354.9
336.9
320.0
125.2
125.3
119.1
130.1
140.5
142.0
152.2
153.8
152.6
152.4
616.9
631.8
656.6
682.6
708.6
718.7
735.8
751.8
770.5
788.6
5,480.9
5,626.0
5,855.1
6,028.7
6,126.7
6,082.6
6,237.4
6,362.9
6,546.3
6,704.7
5,666.1
5,815.7
5,983.9
6,146.1
6,202.1
6,101.1
6,274.0
6,457.3
6,709.7
6,849.7
543.5
526.9
534.0
403.1
381.7
376.8
140.5 716.5
145.3 723.8
157.1 738.5
6,108.1
6,083.8
6,320.7
6,124.3
6,122.3
6,367.3
515.7
509.2
505.4
504.5
361.2
356.4
351.2
350.8
154.5
152.7
154.2
153.7
741.6
748.8
755.7
761.3
6,307.7
6,331.6
6,368.2
6,444.1
680.4
704.3
724.8
751.0
1,135.0
1,165.9
1,180.9
1,213.9
1,250.4
1,258.0
1,263.8
1,260.5
1,259.9
1,260.7
616.4 1,259.9
641.4 1,250.7
689.1 1,272.5
705.1 1,257.2
729.4 1,257.9
738.1 1,261.1
767.6 1,265.7
781.7 1,252.3
816.5 1,249.7
838.1 1,271.0
856.8 1,266.6
489.8
483.3
496.6
489.1
154.8
147.7
150.5
157.5
762.7
766.8
774.7
777.7
6,464.0
6,509.0
6,576.8
6,635.2
6,506.2
6,573.9
6,631.1
6,675.4
755.8
764.3
779.1
799.8
809.3
874.9
891.2
893.4
896.4
919.9
481.3
479.9
472.7
456.8
466.2
334.8
335.5
346.1
331.3
325.3
326.1
319.3
309.3
314.9
6,382.0
6,420.2
6,478.3
6,548.7
6,603.9
6,691.0
6,749.7
6,794.0
155.6 782.2
153.6 786.3
153.1 791.5
147.2 794.4
151.0 793.0
6,647.5
6,677.4
6,733.3
6,760.5
6,821.7
6,816.9
6,832.0
6,879.4
6,870.5
6.922.7
6,695.7
6,701.2
6,754.6
6,776.7
6.811.6
362.2
402.0
465.8
520.2
564.4
599.9
639.4
660.6
715.1
774.8
573.9
623.5
649.1
649.8
662.3
648.9
681.4
1
GOP less exports of goods and services plus imports of goods and services.
Note.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate i
526.1
558.2
580.2
603.0
626.3
622.2
669.0
735.0
823.3
888.9
1,263.0
1,265.8
1,263.6
1,250.4
1,258.6
5,503.4
5,657.2
5,876.2
6,074.0
6,159.4
6,094.4
6,255.5
6,393.7
6,596.6
6,732.1
6,113.4
6,118.7
6,334.8
6,342.7
6,362.9
6,404.0
6,465.1
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1992=100; quarterly data are seasonally adjusted)
Gross private
domestic investment
Persona! consumption
expenditures
Period
Gross
domestic
product
Total
Durable
goods
ble goods
Services
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and
local
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.5
78.0
81.0
84.3
88.4
92.9
96.8
100.0
102.6
105.1
107.6
88.9
91.6
93.3
95.3
96.6
98.5
100.0
101.3
103.4
104.4
78.7
81.8
84.8
89.3
94.6
98.1
100.0
101.5
102.8
104.5
75.3
78.2
82.2
86.6
91.2
95.8
100.0
103.6
106.7
109.9
90.2
91.3
93.7
96.2
98.4
99.9
100.0
100.9
102.3
103.3
84.9
88.3
92.1
95.1
97.8
98.8
100.0
103.7
107.0
110.3
88.5
91.0
96.0
97.9
98.7
100.3
100.0
99.9
101.0
103.8
86.0
91.0
95.3
97.8
100.4
100.0
100.0
98.6
99.4
102.0
84.0
85.3
87.2
89.8
92.9
96.9
100.0
102.6
105.4
109.3
84.5
85.6
87.3
89.8
92.9
96.5
100.0
102.1
104.5
108.0
82.2
84.0
86.7
89.7
92.8
97.9
100.0
104.0
107.7
112.3
81.6
85.0
87.5
90.5
94.9
97.9
100.0
102.1
103.6
106.7
1990: IV
1991: IV
1992- IV
95.1
98.3
100.9
94.9
98.0
101.1
97.0
99.1
100.2
97.4
98.7
100.7
93.1
97.4
101.5
99.4
99.9
100.1
98.3
98.9
101.4
100.6
100.2
100.0
105.3
99.7
100.4
95.1
97.8
100.2
95.1
97.7
99.6
94.9
98.1
101.6
96.8
98.6
100.9
1993- I
II
III
101.8
102.4
102.8
103.4
101.8
102.4
102.8
103.5
100.5
101.1
101.5
101.9
101.3
101.5
101.3
101.9
102.4
103.3
103.9
104.7
100.5
100.8
101.0
101.1
102.3
103.6
104.3
104.7
99.9
100.0
99.9
99.7
98.8
99.3
98.3
98.0
101.8
102.0
103.0
103.6
101.1
101.6
102.7
102.8
103.4
103.1
103.9
105.5
101.6
102.2
102.3
102.4
1994- I
II
III
104.1
104.6
105.2
105.8
104.1
104.7
105.5
106.1
102.4
103.2
104.0
103.9
102.0
102.4
103.3
103.6
105.6
106.2
107.1
107.9
101.6
102.2
102.7
102.7
105.7
106.2
107.4
108.6
100.2
100.6
101.3
101.7
97.4
98.7
100.5
100.8
104.4
105.4
105.4
106.5
103.6
104.1
104.6
105.6
106.3
108.3
107.3
108.7
102.9
103.2
103.8
104.5
1995: I
in
rv
106.7
107.3
107.8
108.3
106.7
107.4
107.8
108.2
104.6
104.7
104.4
103.8
103.9
104.5
104.6
105.0
108.8
109.7
110.3
110.9
102.7
103.4
103.7
103.4
109.2
109.9
110.7
111.3
103.0
104.3
104.3
103.8
101.2
103.2
102.2
101.4
108.0
108.9
109.3
111.2
106.9
108.0
108.2
109.0
110.6
110.9
111.8
115.9
105.6
106.5
107.1
107.7
1996: I'
108.9
108.8
103.8
106.0
111.4
103.0
111.5
103.6
101.3
111.8
110.0
115.7
109.1
rv
rv
II
Source: Department of Commerce, Bureau of Economic Analysis.
QUANTITY AND PRICE INDEXES FOB GROSS DOMESTIC PRODUCT AND
CHANGES
[Quarterly data are seasonally adjusted]
Index numbers, 1992=100
Chain-type
quantity
Current
dollars
1982
1983
1984
1985
1986
1987
1988 ........
1989
1990
1991
1992
1993
1994
1995
1991: I ...
II ..
51.9
56.3
82.5
67.0
70.8
75.1
80.9
87.1
92.0
94.8
100.0
104.9
111.0
116.0
93.2
94.4
95.3
96.1
98.0
99.3
100.4
102.2
103.2
104.1
105.2
107.0
108.5
110.3
111.9
113.4
114.5
115.2
116.9
117.6
118.8
in
rv .
1992: I ...
II ..
Ill
IV .
1993: I ...
II ..
Ill
IV .
1994: I ...
II ..
m
IV .
1995: I ...
II ..
Ill
IV .
1996: I' ..
Chain-type
price index
70.2
73.2
75.9
78.6
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.6
96.3
97.0
97.7
98.3
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.9
108.5
109.2
74.0
77.0
82.3
85.3
87.9
90.5
93.9
97.1
98.3
97.3
100.0
102.2
105.8
107.9
96.9
97.3
97.5
97.8
98.9
99.5
100.3
101.3
101.3
101.7
102.3
103.5
104.2
105.4
106.3
107.2
107.3
107.4
108.4
108.5
109.1
!
Percent changes based on unrounded indexes. Quarterly percent changes are at annual
rates.
Percent change from preceding period'
Implicit
price
deflator
Chain-type
quantity
index
Current
dollars
70.1
73.1
75.9
78.4
80.6
83.1
86.1
89.7
93.6
97.3
100.0
102.6
105.0
107.5
96.3
97.0
97.7
98.3
99.1
99.8
100.2
100.9
101.8
102.4
102.8
103.4
104.1
104.6
105.2
105.8
106.7
107.3
107.8
108.3
108.9
4.1
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
4.9
5.8
4.5
2.8
4.9
4.0
3.6
8.2
5.3
4.6
7.3
3.8
3.8
4.3
7.0
5.4
6.8
6.1
5.4
3.9
2.8
5.8
2.3
4.5
Chain-type
price
index
-2.1
4.0
6.8
3.7
3.0
2.9
3.8
3.4
1.3
-1.0
2.7
2.2
3.5
2.0
-2.2
1.7
1.0
1.0
4.7
2.5
3.0
4.3
.0
1.7
2.3
4.7
2.5
4.8
3.6
3.2
.6
.5
3.6
.5
2.3
Implicit
price
deflator
6.3
4.2
3.8
3.4
2.6
3.1
3.7
4,2
4.4
3.9
2.8
2.6
2.3
2.5
4.8
3.2
2.8
2.5
3.4
2.8
1.5
2.8
3.8
2.2
1.8
2.3
2.8
1.9
2.4
2.2
3.3
2.5
2.2
2.2
2.4
6.3
4.2
3.9
3.3
2.7
3.1
3.7
4.2
4.3
4.0
2.7
2.6
2.3
2.4
5.1
3.1
2.9
2.5
3.3
2,7
1.5
2.9
3.8
2.1
1.9
2.2
2.8
1.9
2.4
2.2
3.2
2.3
2.2
1.8
2.1
Source: Department of Commerce, Bureau of Economic Analysis.
NQNFINANCIAL CORPORATE BUSINESS-OUTPUT. COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of real output (dollars)1
Gross domestic product
of nonfinaneial
corporate business
(billions of dollars)
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993: I
II
Ill
IV
1994: I
II
Ill
IV
1995: I
II
IH
IV
1996: I"
1
,
Current
dollars
Chained
(1992)
dollars
2,416.3
2,589.6
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3.688.4
3,875.6
3,345.3
3,407.8
3,458.7
3,538.0
3,594.4
3,664,9
3,707.2
3,786.9
3,796.4
3,832.4
3,916.1
3,957.7
3,998.3
2.832.4
2,967.0
3,122.1
3,175.4
3,212.5
3,168.8
3,262.6
3,380.0
3,567.1
3,685.7
3.304.0
3,357.4
3,398.4
3,460.1
3,496.2
3,554.5
3.576.2
3,641.5
3,631.6
3,646.1
3,715.1
3,749.9 I
3,771.7
Total
cost and
profit 2
Output is measured by UDP of nonfinancial corpora!* business in chained (1992) dollars.
This is equal to the deflator for gross domestic product of nonSnaneial corporate business
with the decimal point, shifted twn places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
a
0.853
.873
.898
.929
.960
.988
1.000
1.017
1.034
1.052
1.012
1.015
1.018
1.023
1.028
1.031
1.037
1.040
1.045
1.051
1.054
1.055
1.060
Consumption of
fixed
capital
0.100
.100
.101
.106
.110
.116
.115
.115
.116
.115
.116
.115
.116
.114
.122
.114
.114
.113
.134
.116
,115
.115
.115
Indirect
business
tax, etc.3
0.083
.083
.084
.088
.092
.100
.103
.105
.106
.109
.105
.105
.105
.107
.107
.106
.107
.106
.109
.110
.108
.109
.108
Compensation
of employees
0.566
.578
.591
.614
.640
.660
.673
.679
.682
.696
.681
.679
.679
.676
.679
.681
.683
.686
.694
.698
.695
.696
.699
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.069
.076
.082
.075
.072
.070
.077
.088
.102
.104
.079
.085
.089
.098
.093
.103
.105
.108
.100
.100
.109
.108
.111
Profits
tax
liability
0.027
.031
.033
.031
.030
.027
.028
.031
.036
.038
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
.037
.039
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce, Bureau of Economic Analysis.
Profits
after
tax*
0.042
.044
.050
.044
.042
.043
.049
.057
.066
.066
.050
.055
,059
.065
.058
.067
.068
.070
.061
.062
.071
.070
.072
Net
interest
0.035
.035
.039
.046
.046
.042
.032
029
.027
.028
.031
.030
.029
.028
.027
,028
.028
.027
.028
.028
.027
.027
.027
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
CompenNational
income
Period
1989
1990
1991
1992
1993
1994
1995
1990:
19911992:
1993:
4,362.1
4,611.9
4,719.7
4,950.8
5,194.4
5,495.1
5,799.2
4,667.2
4,770.0
5,061.7
5,094.9
5,159.9
5,213.0
5,309.9
5,300.5
5,493.7
5,551.2
5,635.0
5,697.7
5,738.9
5,849.2
5,911.1
5,994.9
IV
IV
IV
I
II
III
IV
1994- I
II
III
IV
1995- I
II
III
IV
1996- I'
1
of
employees1
Proprietors' income
with inventory valuation and capital consumption adjustments
Farm
Nonfarm
36.8
36.3
30.2
38.0
32.0
35.0
29.0
33.9
31.0
37.3
31.5
35.8
26.1
34.4
40.8
35.1
31.9
32.3
28.5
27.6
28.1
31.8
38.5
3,151.6
3,352.8
3,457.9
3,644.9
3,809.4
4,008.3
4,209.1
3,395.9
3,511.0
3,707.0
3,744.1
3,787.8
3,834.8
3,871.0
3,933.6
3,993.3
4,022.7
4,083.7
4,141.6
4,178.9
4,235.9
4,280.2
4,322.4
Rental
income
of
persons
with
capital
consumption
adjustment
308.2
324.6
332.7
371.5
388.1
415.9
449.3
327.1
341.1
385.1
382.0
381.8
388.1
400.5
380.3
419.3
426.8
437.1
443.5
447.1
451.5
454.9
460.7
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
52.4
61.4
68.4
80.6
102.5
116.6
122.2
67.3
73.0
92.3
98.4
102.9
104.1
104.5
101.1
121.0
122.2
121.9
120.6
121.6
120.9
125.8
127.0
356.4
369.5
382.5
401.4
464.5
526.5
588.6
365.5
379.6
427.7
426.4
449.0
469.6
512.8
455.9
531.5
549.8
568.9
559.6
561.1
614.9
618.6
642.8
330.6
358.2
378.2
398.9
457.7
514.9
572.7
356.5
375.2
420.5
421.4
443.2
465.9
500.4
467.8
513.4
531.0
547.6
542.2
546.1
600.3
602.2
622.6
Profits
before tax
Inventory
valuation
adjustment
348.1
371.7
374.2
406.4
464.3
528.2
600.8
376.7
382.8
420.3
436.0
458.8
458.0
504.5
471.7
523.2
547.5
570.4
594.1
588.4
609.6
611.0
638.7
17.5
-13.5
4.0
-7.5
-6.6
-13.3
28.1
-20.3
-7.6
.2
-14.6
-15.6
7.9
-4.0
-3.9
-98
-16.5
-22.8
-51.9
42 3
-9.3
-8.8
-16.1
Capital
consumption
adjustment
25.8
11.3
4.3
2.5
6.7
11.6
15.9
9.0
4.5
7.2
5.0
5.8
3.8
12.3
-11 8
18.1
18.8
21.3
17.4
15.0
14.6
16.5
20.2
Net
interest
456.6
467.3
448.0
414.3
398.1
392.8
401.0
477.5
434.3
412.4
412.6
402.6
390,4
386.7
388.7
393.5
397.8
391.1
403.9
402.6
397.8
399.7
403.4
Source: Department of Commerce, Bureau of Economic Analysis.
REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
1989
1990
1991
1992
1993
1994
1995
1990:
19911992:
1993:
TV
FV
IV
I
II
in
rv
1994- I
II
in
rv
1995- I
II
Ill
rv
1996- lr
Total
personal
eonsumption
expenditures
4,064.6
4,132.2
4,105.8
4,219.8
4,339.7
4,471.1
4,578.5
4,116.4
4,109.1
4,282.3
4,290.0
4,319.0
4,359.7
4,390.0
4,418.8
4,457.7
4,485.8
4,522.3
4,530.9
4,568.8
4,600.4
4,614.1
4,655.1
Total
durable
goods
496.2
493.3
462.0
488.5
524.1
562.0
580.8
476.3
461.5
505.0
506.0
519.6
528.9
541.9
549.6
555.4
563.0
579.9
566.9
576.6
589.7
590.1
601.6
Motor
vehicles
and
parts
230.3
224.3
193.2
206.9
218.6
228.2
221.0
210.0
194.6
213.9
210.8
219.0
219.1
225.4
230.3
226.7
226.4
229.4
216.2
220.7
225.9
220.9
224.1
Furniture
and
household
equipment
170.9
173.5
177.0
189.4
208.4
230.1
251.8
171.5
178.0
196.4
200.8
205.1
211.0
216.8
219.0
226.1
232.5
242.7
243.3
247.5
254.9
261.5
266.0
Other
96.4
96.6
91.8
92.3
97.2
104.2
109.8
95.5
88.9
94.6
94.5
95.5
98.9
99.9
100.4
103.0
104.7
108.8
108.9
109.9
110.5
109.9
113.8
Total
nondurable
goods
1,303.5
1,316.1
1,302.9
1,321.8
1,348.9
1,390.5
1,422.5
1,308.4
1,295.7
1,339.8
1,336.9
1,344.7
1,354.2
1,359.8
1,372.7
1,383.7
1,397.2
1,408.4
1,416.8
1,423.5
1,425.4
1,424.2
1,437.3
Pood
650.1
662.9
659.6
660.0
674.3
689.1
702.4
662.9
656.5
668.6
670.5
672.9
675.7
677.9
682.2
688.5
690.6
695.1
700.7
701.6
703.9
703.3
710.0
1
Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Clothing
Gasoline
and
and oil
shoes
220.7
217.9
215.9
225.5
233.3
247.2
257.2
215.1
213.1
230.9
227.4
232.3
235.0
238.6
241.1
243.3
249.0
255.5
254.6
258.0
258.9
257.3
262.5
108.1
107.3
103.4
106.6
109.1
110.4
113.3
104.9
102.5
107.3
108.2
108.0
110.9
109.3
108.8
109.5
111.6
111.6
113.4
113.6
112.5
113.7
112.8
Retail sales of new
passenger cars
(millions of units)
Services
Fuel
oil
and
coal
12.6
11.2
10.8
10.9
10.7
10.3
10.3
9.9
10.6
10.7
10.9
10.6
10.7
10.6
11.4
10.0
10.2
9.6
9.9
10.6
10.0
10.7
10.7
Other
311.5
316.7
313.2
318.8
321.6
333.6
339.5
315.6
312.8
322.3
319.9
320.9
322.0
323.4
329.2
332.4
336.0
336.7
338.3
340.0
340.3
339.4
341.5
Total
services1
2,262.3
2,321.3
2,341.0
2,409.4
2,466.8
2,519.4
2,576.1
2,331.2
2,352.0
2,437.6
2,447.0
2,454.9
2,476.7
2,488.6
2,497.0
2,519.0
2,526.3
2,535.1
2,548.1
2,569.6
2,586.3
2,600.4
2,617.0
Housing
614.6
627.2
635.2
646.8
655.0
668.2
681.7
630.6
638.6
650.6
652.2
653.5
655.9
658.5
662.1
666.1
670.7
674.1
677.4
680.0
683.2
686.3
689.9
Medical
care
575.8
602.8
621.6
646.6
658.8
668.8
684.1
610.6
630.8
652.2
656.6
657.5
659.7
661.4
663.2
667.6
670.4
674.2
677.8
681.3
686.1
691.3
691.0
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
7.1
6.9
6.1
6.3
6.7
7.3
7.1
6.6
6.1
6.4
6.3
6.9
6.7
7.1
7.3
7.2
7.2
7.3
7.0
6.9
7.5
7.3
7.3
Imports
2.7
2.4
2.0
1.9
1.8
1.7
1.5
2.2
2.0
1.9
1.8
1.9
1.8
1.7
1.8
1.8
1.8
1.6
1.6
1.6
1.5
1.4
1.3
SOURCES OF PERSONAL INCOME
Personal income rose $29.9 billion (annual rate) in April, following an increase of $29.8 billion in March. The increases
reflect the effects of a strike in the motor vehicle industry, which reduced wages and salaries in that industry
by about $9 billion (annual rate) in March. Other effects of the strike cannot easily be quantified.
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
BILLIONS OF COLLARS* (RATIO SCALE)
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
•-\v
1,400
1,400
•OTHER INCOME
800
800
TRANSFER PAYMENTS
I IIIII I
I IMill
400
1988
1989
400
II II II
1992
1990
1994
1993
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- Apr
.
.
July
Sept
Get
Dec
1996- Jan'
Febr
Mar'
Total
personal
income
3,647.5
3,877.3
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,479.2
5,750.2
6,101.7
6,053.9
6,046.2
6,085.5
6.123.1
6,125.9
6,157.9
6 187 9
6,207.3
6,246.4
6,250.6
6,299.8
6,329.6
6,359.5
Wage and
salary
disbursements '
2,116.5
2,272.7
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,090.6
3,241.1
3,419.7
3,399.2
3,374.7
3,405.9
3.438.7
3,433.3
3,454.8
3,476.5
3,474.5
3,493.7
3,486.8
3,524.1
3,541.0
3,558.6
Proprietors' income3
Other labor
income 12
25.2
32.3
28.2
36.8
36.3
30.2
38.0
32.0
35.0
29.0
27.8
27.6
27.4
27.6
28.0
28.8
30.4
31.9
33.2
36.2
38.9
40.3
40.7
216.0
235.4
251.7
273.1
300.6
322.7
351.3
380.9
402.2
424.0
420.6
422.0
423.4
424.6
425.8
427.2
428.7
430.2
431.7
427.4
429.1
430.8
432,4
1
The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
Farm
3
Nonfarm
242.6
260.6
294.7
308.2
324.6
332.7
371.5
388.1
415.9
449.3
445.5
446.2
449.7
448.4
451.9
454.2
452.9
455.0
456.9
456.6
460.9
464.7
467.8
Rental
income
of
persons *
42.3
45.5
55.7
52.4
61.4
68.4
80.6
102.5
116.6
122 2
120.4
122.1
122.3
122.0
120.6
120.2
119.5
127.4
130.7
129.2
126.8
125.1
126.4
Personal
dividend
income
105.1
101.1
109.9
130.9
142.9
153.6
159.4
186.8
199.6
214.8
211.5
212.1
212.9
214.3
215.6
217.4
219.5
221.9
223.8
225.3
226.5
227.9
228.7
Personal
interest
income
543.3
560.0
595.5
674.5
704.4
699.2
667.2
647.3
661.6
714.6
711.4
714.1
716.4
716.8
717.4
718.3
720.9
725.4
729.3
729.9
730.8
731.7
733.7
Transfer
payments5
518.6
543.3
577.6
626.0
687.8
769.9
858.2
910.7
956.3
1,022.6
1,010.6
1,018.8
1,021.0
1,026.6
1,028.9
1,034.1
1,038.0
1,039.4
1,046.9
1,057.9
1.063.8
1,070.6
1,074.8
With inventory valuation and capital consumption adjustments.
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct- relief, and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
4
5
Less: Persona] contributions
for social
insurance
162.1
173.7
194.2
210.8
223.9
235.8
248.4
259.6
278.1
294.5
293.0
291.4
293.6
295.9
295.6
297.2
298.4
298.4
299.7
298.7
301.3
302.5
303.8
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1992) dollars rose in the first
quarter of 1996.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILUONS Of DOLLARS' (RATIO SCALE)
2,500
2,500
2,0001 i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i l i I i i i I i i i I i i i I i i i I 2,000
DOLLARS* [RATIO SCALE!
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
CHAINED (1992) DOUARS
18,000
16,000
r
--—-
12,000
,--
. H-"" - i
—T
^\
18,000
\^=-
r-"
--~
— •
p^=-^——T^'^"-
f
-1
14,000
DOLLARS* (RATIO SCALE|
22,000
_,
20,000
16,000
14,000
^\
CURRENT COUARS
12,000
^
10,000
8,000
10,000
^
!
i !
1982
i
1 !
1983
\
\
1984
!
1
i it
i i i
i I I
!
1985
1986
1987
1988
!989
1
!
1
I !
1 !
1990
i \ i
I I I
i i i
1
1991
1992
1993
1994
!
1
!
1 1
1995
i i i
8,000
1996
COUNCi. OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays1
Equals:
Personal
saving
Disposable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Billions of dollars
3,877.3
4,172.8
4,489.3
4,791.6
4,968.5
5,264.2
5,479.2
5,750.2
6,101.7
1987
1988
1989
1990
1991
1992
1993
1994
1995
514.2
532.0
594.9
624.8
624.8
650.5
689.9
731.4
794.3
3,363.1
3,640.8
3,894.5
4,166.8
4,343.7
4,613.7
4,789.3
5,018.8
5,307.4
Chained
(1992)
dollars
Per capita personal
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
Dollars
3,194,7
3,451.7
3,706.7
3,958.1
4,097.4
4,341.0
4,572.9
4,826.5
5,066.7
168.4
189.1
187.8
208.7
246.4
272.6
216.4
192.4
240.8
4,154.1 13,849
4,318.1 14,857
4,403.7 15,742
4,484.6 16,670
4,486.4 17,191
4,613.7 18,062
4,666.2 18,552
4,775.6 19,253
4,934.7 20,174
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands)2
Percent
17,621
17,801
17,941
17,756
18,062
18,075
18,320
18,757
12,743
13,669
14,531
15,360
15,732
16,520
17,253
18,025
18,717
16,211
16,430
16,532
16,249
16,520
16,810
17,152
17,403
0.7
3.0
1.0
.8
-1.0
1.7
.1
1.4
2.4
5.0
5.2
4.8
5.0
5.7
5.9
4.5
3.8
4.5
245,061
247,387
249,956
252,680
255,432
258,159
260,681
263,090
17,802
17,759
18,277
17,899
18,068
18,081
18,251
17,966
18,361
18,407
18,544
18,672
18,634
18,794
18,926
19,006
15,564
15,871
16,877
16,985
17,164
17,335
17,528
17,707
17,920
18,139
18,330
18,447
18,682
18,831
18,908
19,137
16,398
16,194
16,692
16,682
16,754
16,865
16,937
17,013
17,123
17,187
17,283
17,282
17,388
17,465
17,475
17,595
-3.8
-.0
6.7
-8.0
3.8
.3
3.8
-6.1
9.1
1.0
3.0
2.8
-.8
3.5
2.8
1.7
5.0
6.0
6.1
4.3
4.8
4.3
4.7
2.8
4.2
4.1
4.2
4.8
4.0
4.4
4.9
4.6
251,031
253,743
256,543
257,155
257,787
258,501
259,192
259,738
260,327
261,004
261,653
262,181
262,748
263,399
264,032
264,561
17,106
15,740
242,842
Seasonally acjjusted annual rates
1990: IV
1991: IV
1992: IV
1993: I
II
Ill
IV
1994: I
II
III
IV ...
1995: I . .
H
Ill
rv
1996: lr
4,868.6
5,048.9
5,415.3
5,348.7
5,458.4
5,500.5
5,609.1
5,562.4
5,743.0
5,801.7
5,893.9
5,995.5
6,061.9
6,135.6
6,213.9
6,293.4
627.1 4.241.5
632.5 4,416.4
674.8 4,740.5
662.4 4,686.3
686.9 4,771.6
696.4 4.804.1
713.8 4,895.3
705.5 4,856.9
740.8 5,002.2
731.3 5,070.4
748.1 5,145.8
770.0 5,225.5
801.5 5,260.4
798.4 5,337.2
807.2 5,406.7
824.4 5,468.9
4,027.9
4,149.8
4,450.0
4,486.6
4,542.6
4,599.3
4,663.2
4,723.0
4,791.9
4,863.0
4,927.9
4,972.2
5,049.0
5,104.6
5,140.9
5,215.9
213.5
266.6
290.5
199.6
228.9
204.9
232.1
133.9
210.3
207.4
217.8
253.3
211.4
232.6
265.8
253.0
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
4,468.8
4,506.3
4,688.7
4,602.8
4,657.6
4,674.0
4,730.4
4,666.4
4,779.8
4,804.2
4,852.0
4,895.5
4,896.1
4,950.3
4,997.1
5,028.2
2
16,896
17,405
18,478
18,223
18,510
18,585
18,887
18,699
19,215
19,427
19,666
19,931
20,021
20,263
20,477
20,672
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter of 1995, according to preliminary estimates, gross farm income rose $15.2 billion (annual rate)
and net farm income rose $13,2 biSiion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
160
^
^
/~ p—-~^
\~
^
'
^x
120
*" *
240
200
I*"*——~-~^
• **
160
120
\
GRO! >S FARM IS(COME
80
80
40
20
l\
\r
\j
,V" \'
i
1
^
,v
A
1
\ 1
I 'W
\_;
\
*
' '— \ ' '"•*'
\ /
\/
f •N
V
^/
/*
,\
'^-^
^N
/
»-,
\'
/
\'
\xX" \/
40
ET FARM IrCOME
20
1
i
i
H i
»\i
I ' U
10
10
I ' '
i'
\>
i
i ii
I
1982
1
1983
1
1
!
1
1984
\
1
i i i
I
1985
1986
1987
1
i i
i i i
1988
i i i
1989
1
1
t
1
1990
!
i i i
1992
f
1991
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
I
1 1
1993
i i i
1994
1
i
1
1995
COUNOl OF ECONOMIC ADVISERS
(Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Cash marketing receipts
Total1
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
III
IV
1994- I
II
III
IV
1995- I
II
Hip
.
156.1
168.3
177.3
191.9
198.5
191.8
200.5
203.0
213.5
203.9
203.4
198.9
205.6
218.8
206.1
211.8
217.1
210.4
203.8
219.0
135.4
141.8
151.2
160.8
169.4
167.8
171.3
177.1
179.7
174.3
177.2
187.7
169.4
178.8
169.7
185.8
184.4
183.6
179.6
202.1
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.
Livestock and
products
71.6
76.0
79.6
83.9
89.2
85.8
85.6
90.0
88.1
83.7
87.9
101.3
87.3
92.0
82.8
97.6
79.9
86.7
78.4
99.8
Crops
63.8
65.8
71.6
76.9
80.3
82.0
85.7
87.1
91.6
90.6
89.3
86.3
82.1
86.8
86.9
88.2
104.5
96.8
101.2
102.4
Value of
inventory
changes2
-2.2
-2.3
-4,1
3.8
3.5
2
4.2
-4.5
8.7
-8.0
-6.3
-7.4
3.7
10.6
10.0
7.8
6.3
-.6
-.5
-.5
Production
expenses
125.1
130.2
139.8
146.9
153.7
153.4
152.6
160.9
166.7
158.5
160.8
162.6
161.7
164.3
166.5
168.5
167.6
163.1
165.5
167.5
Net farm
income
31.1
38.0
37.5
45.0
44.8
38.4
47.9
42.1
46.7
45.4
42.7
36.3
43.9
54.5
39.6
43.3
49.5
47.3
38.3
51.5
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1992 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture.
CORPORATE PROFITS
In the first quarter of 1996, according to preliminary estimates, corporate profits before tax rose $27.7 billion (annual
rate) and profits after tax rose $13,5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
650
600
/
550
450
PROFITS BEFORE TAX
400
350
/
/
550
-
r
^/
/• "*
/
_ ^
150
s "~ '
~_ — _
_ —^
50
*
/
/
_--!
V. —
,•"•'
','--
1
1
!
1982
•*'.—
./
„*
*• —^
_y
0
/
\
I I i
1
1983
1984
1
1
1
/
!_.]_ VL-,''
1985
1986
/
-'•''
•'\
s ~~
N\
/^ /
'•«•
\
s
400
s
350
300
250
/•
'
/
^
200
„
S"*
150
^/
r \/
----''
\
X
/
-
*f
—s
TAXIJABIUTY
\
\
.^'
***•
•**—^ J
450
— — •* ''*,'
. PRC1FITSAFTE RTAX
S~\
500
-
s
s
/
V
-
J
y
^
\S
^1
300
too
J\
r^ M
/-
200
600
^
r
.(
7
500
250
660
/
SEASONAliY ADJUSTED ANNUAL RATES
y\
\\ / ,
j-
/
-
/
. /
100
-
V
^
50
UN 3ISTRIBUT 0 PROFIT i
I I I
1987
i i i
1
1988
1989
1
I
!
I i
1990
i i i
1991
1 1 1
f
1992
1993
1
1
i i i
1994
1 1 1
1995
I I I
1996
0
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 5
Profits after tax
Domestic industries
Period
Total2
Total
1986
1987
1988
1989
1990 ...
1991
1992
1993
1994 ..
1995
1990: IV
1991- IV
1992: IV
1993: I
II
Ill
IV
1994: I ...
II
234,0
272.9
325.0
330.6
358.2
378.2
398.9
457.7
514.9
572.7
356.5
375.2
420.5
421.4
443.2
465.9
500.4
IV
467.8
513.4
531.0
547.6
542.2
'546.1
600.3
602.2
1996: IP
622.6
in
IV
1995: I
II
in
1
199.3
231.3
274.3
272.6
292.5
309.5
334.0
388.1
453.7
494.1
282.5
303.6
361.2
347.0
375.7
393.1
436.8
407.0
452.4
469.9
485.5
467.5
468.2
527.1
513.7
541.8
Financial
3
Total
36.4
37.1
43.0
53.1
68.6
87.4
83.7
91.0
94.4
119.1
70.5
87.6
83.1
85.7
88.1
88.8
101.3
64.9
97.8
108.4
106.4
114.3
112.6
130.4
119.3
162.9
194.2
231.2
219.6
223.8
222.1
250.3
297.2
359.3
375.0
212.1
216.1
278.1
261.2
287.6
304.3
335.4
342.1
354.6
361.5
379.0
353.2
355.6
396.7
394.4
135.5
406.3
Manufacturing
60.2
85.0
115.1
109.3
112.3
92.7
96.3
109.7
142.7
145.7
108.4
83.8
105.1
90.4
108.4
106.0
134.0
145.3
134.2
142.8
148.4
134.7
137.8
153.2
157.3
See p. 4 for profits with inventory valuation and capital consumption adjustments.
2
Includes rest of the world, not shown separately.
Profits
before
tax
Nonfinancial
Wholesale
Tax
liability
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
Retail
22.9
16.7
19.3
20.4
17.2
20.6
23.0
25.5
34.5
29.6
16.9
17.0
28.3
17.9
28.6
27.0
28.7
28.8
39.5
34.3
35.4
29.7
26.4
31.2
31.2
23.7
23.9
19.6
20.7
20.6
26.1
32.2
39.2
42.2
38.7
228
28.6
37.3
36.3
38.1
42.4
39.8
38.3
43.2
43.7
43.6
36.0
36.6
42.5
39.6
222.6
293.6
354.3
348.1
371.7
374.2
406.4
464.3
528.2
600.8
376.7
382.8
420.3
106.5
127.1
137.0
141.3
140.5
133.4
143.0
163.8
195.3
218.7
139.7
135.2
149.7
436.0
458.8
458.0
504.5
151.5
162.6
159.3
181.7
171.4
192.8
203.4
213.5
217.3
214.2
224.5
218.7
233.0
471.7
523.2
547.5
570.4
594.1
588.4
609.6
611.0
638.7
3
116.1
166.5
217.3
206.8
231.2
240.8
263.4
300.5
332.9
382.1
237.1
247.6
270.6
284.6
296.2
298.6
322.7
300.3
330.4
344.1
356.8
376.8
374.1
385.1
392.3
405.8
110.2
107.0
116.8
138.9
151.9
163.1
169.5
197.3
211.0
227.4
152.0
165.3
180.4
190.2
195.8
200.2
202.9
204.4
208.8
212.5
218.5
221.7
224.6
228.5
234.7
239.9
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
5.8
59.5
100.5
67.9
79.4
77.7
93.9
103.3
121.9
154.7
85.0
82.2
90.3
94.4
100.4
98.4
119.8
95.9
121.7
131.6
138.3
155.1
149.6
156.6
157.6
165.9
11.4
-20.7
-29.3
-17.5
-13.5
4.0
-7.5
-6.6
-13.3
-28.1
-20.3
-7.6
2
-14.6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
'-16.1
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 1996, according to revised estimates, nonresidentia! fixed investment in chained (1992) dollars
rose §21.3 billion (annual rate) and residential investment rose $4.3 billion. There was a decrease of $5.7 billion
in inventories following an increase of $16.5 billion in the fourth quarter.
BILLIONS OF CHAINED (1992) DOLLARS
BILLIONS OF CHAINED (1992) DOLLARS
1,100
1,100
SEASONAU.Y ADJUSTED ANNUAL RATES
1,000
1,000
f
900
800
//^
700
600
^~s
r\ _/w^r\ . S_^
\^s
- ^ _ ^ ^s~- .---~ ""
. —— —
s
_—
'
700
S
S
<* 1
600
500
vIONRESIC
s
*l»
r~^1
'V' •--_ --"'
INVES MENT
^
J/
\,
**.
800
I V
1 \ 1
GROSS PRIVATE DOMESTIC
/
500
900
fS
F XEDINVESTMENT
— *"*
400
400
RESIDENTLiU.
FIXED INVEST*AENT
\
300
300
\
•—*•«
200
^• • '
^.^
^•""
""•x
200
S
CHANGE IN BUS INESS
IN VENTORII S
— .—•**
100
s
0
''
-100
1
\
1 1
1982
i
,-%
100
\
\
—-^
\
/
.'\
'-,/
#
"%
0
V
\ \
111
1 1 1
1 1 1
1983
1984
1985
1986
\
"* "
i i i
1987
i i i
1988
i i i
1989
1 1 1
i ii
1 1 1
i i i
i
1990
1991
1992
1993
1994
1
I
i ii
1995
i i i
1996
-100
COUNCI1 OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1990199119921993-
.
IV
IV
IV
I
II
III
IV
1994- I
II
...
...
in
rv
1995- I
II
Ill
rv
1996- I'
....
....
. ...
.
.
.
Nonresidential
Total
Total
Producers'
durable
equipment
Residential
Structures
813.8
820.5
826.0
861.9
817.3
737.7
790.4
857.3
979.6
1,011.3
748.1
762.4
812.4
805.0
799.4
818.3
832.0
805.8
741.3
783.4
836.4
921.1
976.9
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
203.3
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
345.9
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
535.2
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
774.4
742.0
805.8
573.9
539.5
569.1
377.9
368.1
403.5
834.8
843.2
857.6
893.4
815.4
821.1
835.4
873.5
577.5
586.4
593.1
617.6
933.5
984.6
994.1
1,006.3
1.024.2
998.3
1.016.2
1.006.7
892.4
911.4
930.8
949.7
969.6
966.1
981.0
990.7
628.6
639.5
660.4
679.7
1,009.7
1,016.2
196.0
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.7
183.1
187.3
410.5
421.7
428.2
449.8
466.5
471.2
492.4
506.4
527.1
531.9
538.2
543.5
560.6
NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used f«>r calwilating real GDP, the chained (1392) dollar estimates
for the detailed components do not add to the ehained-doHar value of GDP or to any intermedi-
Change in business
inventories
704.4
710.6
719.7
725.3
746.6
Total
Nonfarm
200.3
202.4
236.7
10.9
26.2
11.6
33.3
10.4
-3.0
7.3
19.1
58.9
33.7
-282
21.4
5.8
-25.9
19.9
7.2
237.9
234.8
242,2
255.8
18.5
20.8
19.5
17.4
26.0
26.7
30.9
22.1
263.6
271.6
270.3
270.3
40.1
74.1
64.0
57.3
54.5
30.6
33.2
16.5
-5.7
29.8
54.1
50.1
53.3
58.1
33.8
38.3
19.5
265.9
256.6
262.3
266.4
270.7
ate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
12.4
34.2
24.7
33.5
7.8
12
1.9
26.4
46.8
37.4
-.1
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Structures
Total
nonresidential
Total1
dential
buildings,
including
farm
Structures
Information processing
and related equipment
NonPeriod
Residential
Producers' durable equipment
Utilities
Mining
exploration,
shafts,
and
wells
Total1
Total
Computers
and
peripheral
equipment2
Other
Industrial
equipment
Transportation
and
related
equipment
Total
residential 3
Total
Single
family
Multifamily
Other
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
548.5
542.4
566.0
588.8
585.2
547.7
557.9
593.6
652.1
715.0
203.3
195.9
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
144.5
142.4
145.3
150.2
152.0
126.9
113.2
112.8
117.7
127.9
36.5
30.7
30.0
30.9
28.1
32.0
34.5
31.1
31.7
35.1
15.8
15.5
15.8
13.9
16.1
15.7
13.3
14.8
12.6
11.2
345.9
346.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
535.2
94.1
97.5
106.6
116.2
116.2
117.8
134.2
147.1
170.4
201.8
16.7
21.0
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.6
84.6
80.2
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.2
93.5
91.1
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
85.6
82.1
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.0
257.0
257.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
251.3
251.6
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.8
119.3
128.3
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.7
35.9
28.3
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.6
95.8
94.8
96.8
91.8
84.4
75.7
89.9
98.8
108.1
110.9
199019911992:
1993-
573.9
539.5
569.1
577.5
586.4
593.1
617.6
628.6
639.5
660.4
679.7
704.4
710.6
719.7
725.3
746.6
196.0
171.4
165.6
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.7
183.1
187.3
143.8
116.4
109.8
111.4
110.6
112.7
116.3
112.4
117.8
117.4
123.3
125.4
126.8
129.2
130.3
131.9
28.9
33.3
33.9
32.4
31.0
30.7
30.5
30.7
31.2
32.1
32.7
33.7
34.8
35.8
36.0
36.9
16.3
14.4
13.7
15.2
15.2
14.6
14.2
13.4
13.3
12.2
11.5
12.5
10.7
11.0
10.5
12.5
377.9
368.1
403.5
410.5
421.7
428.2
449.8
466.5
471.2
492.4
506.4
527.1
531.9
538.2
543.5
560.6
115.7
122.5
138.9
139.5
142.2
150.7
156.0
161.2
166.6
171.5
182.5
189.2
199.9
201.9
216.1
227.7
29.9
36.6
47.5
51.1
52.9
58.3
62.5
64.6
67.1
69.3
76.3
80.2
88.2
92.0
106.1
117.6
87.1
86.2
91.5
88.6
89.6
93.1
94.6
97.8
100.8
103.6
108.3
111.5
115.1
114.1
116.3
118.0
91.4
86.4
92.6
93.7
94.4
96.3
100.7
102.8
104.3
107.0
109.4
114.2
118.4
116.7
115.5
117.8
82.8
81.6
91.5
93.0
99.5
95.0
102.7
109.0
105.3
115.9
116.5
121.7
114.8
120.4
115.1
116.9
200.3
202.4
236.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.6
262.3
266.4
270.7
194.4
196.6
230.5
231.7
228.5
235.7
249.2
257.0
264.8
263.5
263.2
258.9
249.7
255.3
259.4
263.7
97.6
105.1
121.6
124.9
122.5
126.3
134.4
140.3
143.5
140.8
137.4
133.0
123.0
125.8
129.1
132.2
18.6
14.2
11.5
10.3
10.0
10.7
10.6
11.2
12.8
14.5
15.6
16.8
17.4
17.8
18.5
18.9
78.1
77.3
97.4
96.5
96.0
98.7
104.1
105.4
108.4
108.2
110.4
109.3
109.8
112.2
112.3
113.0
IV
IV
IV
I
II
Ill
IV
1994- I
II
Ill
IV
1995- I
II
Ill
IV
1996- I r
1
2
3
Includes other items, not shown separately.
Includes new computers and peripheral equipment only.
Includes producers' durable equipment, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the ehained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
Total
expenditures
Total
Mining
and
construction
Manufacturing
Total
Durable
goods
Nondurable
goods
Transportation
Communications
Utilities
Wholesale
and
retail
trade
Finance,
insurance,
and
real
estate
Services
Serving
multiple
industries
Not
distributed
by
industry
1993 !
489.7
488.2
31.2
134.1
66.4
67.7
30.6
37.1
41.3
60.3
40.2
111.8
1.7
1.4
19942
549.9
547.8
36.1
153.3
78.9 ,
74.4
33.3
41.5
42.2
68.9
46.8
123.5
2.2
2.2
19953
594.5
591.7
36.0
172.3
91.4
80.9
37.0
46.0
42.8
75.1
57.3
123.7
1.5
2.8
19964
603.4
600.7
33.6
184.8
100.2
84.6
35.2
46.3
40.6
71.9
57.7
129.4
1.3
2.7
1
Estimates collected from the 1993 Annual Capital Expenditures Survey.
2
Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are scheduled for release in summer 1996.
3
Revised estimates collected from the March 1996 Investment Plans Survey. Final data will
be available upon release of the 1995 Annual Capital Expenditures Survey,
4
Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.
10
NOTE.—Data for 1994-1996 from Business Investment and Plans released March 28, 1996.
Data for 1993 from Annual Capital Expenditures: 1993.
The Business Investment and Plans release has been discontinued effective with release of
the March 1996 survey estimates. Estimates of business investment and plans will be available
annually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
in April, employment fail by 56,000 and unemployment fell by 238,000.
MILL ONS OF PERSONS *
MILLIONS OF PERSONS*
134
sEASONALLY
ADJUSTED
130
IAN LABOR FO
126
_^A—-^~^
—»~^~——
134
^f*
^^
130
-^
126
,'•
^'
122
^^_^
^—
• —..—--„
'
118
--,
-T"
- 118
CIVILIAN
EMPLOYMENT
'"
114 _/•-"
122
---''
^m*
114
110 -
- 110
106
106
'
s
1988
1995
* 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
1996
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSAJ
Civilian employment
Civilian
noninstitutionai
population
NSA
Period
Civilian
labor
force
Nonagricultural
Total
Agricultural
Total
Percent2
Unemployment
Part time
for
economic
reasonsl
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
Unemployment
rate
19863
1987
1988
1989
19903
1991
1992
1993
1994 4
1995
180,587
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
117,834
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
109,597
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
3,163
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
106,434
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
5,345
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
8,237
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
2,232
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
62,752
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
65.3
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
60.7
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
1995: Apr
198,148
198,286
198,453
198,615
198,801
199,005
199,192
199,355
199,508
132,529
132,058
131,962
132,342
132,298
132,501
132,473
132,471
132,352
124,973
124,598
124,566
124,832
124,859
125,036
125,244
125,062
124,981
3,528
3,360
3,435
3,409
3,376
3,335
3,434
3,323
3,325
121,445
121,238
121,131
121,423
121,483
121,701
121,810
121,739
121,656
4,211
4.273
4,263
4,256
4,291
4,355
4,274
4,283
4,306
7,556
7,460
7,396
7,510
7,439
7,465
7,229
7,409
7,371
2,439
2,526
2,353
2,332
2,371
2,323
2,281
2,305
2,322
65,619
66,228
66,491
66,273
66,503
66,504
66,719
66,884
67,156
66.9
66.6
66.5
66.6
66.5
66.6
66.5
66.4
66.3
63.1
62.8
62.8
62.9
62.8
62.8
62.9
62.7
62.6
5.7
5.6
5.6
5.7
5.6
5.6
5.5
5.6
5.6
199,634
199,772
199,921
200,101
132,903
133,018
133,655
133,361
125,226
125,663
126,151
126,095
3,529
3,519
3,487
3,368
121,698
122,143
122,664
122,726
3,842
4,274
4,223
4,287
7,677
7,355
7,504
7.266
2,370
2,307
2,479
2,388
66,730
66,754
66,266
66,741
66.6
66.6
66.9
66.6
62.7
62.9
63.1
63.0
5.8
5,5
5.6
5.4
July
Sept
Oct
Dec
1996- Jan
Feb
Apr
1
,
Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force,
3
Not strictly comparable with earlier data.
4
Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In April, ttie unemployment rote fell to 5.4 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
1992
1992
1996
1996
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally actuated]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
1986
1987
1988
1989
1990
1991
1992
1993 2
1994
1995
1995: Apr
May
July
Aue .
Sept
Oct
Nov
Dec
1996- Jan
Feb
Mar
Apr
1
2
All
civilian
woriters
7.0
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.7
5.6
5.6
5.7
5.6
5.6
5.5
5.6
5.6
5.8
5.5
5.6
5.4
Men
20 years
and over
Women
20 years
and over
6.1
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.9
5.0
4.8
4.8
4.8
4.8
4.5
4.9
4.8
4.9
4.9
5.0
4.8
6.2
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
5.1
4.9
5.0
5.0
4.9
4.9
5.0
4.8
4.7
5.1
4.8
4.8
4.7
Both
sexes
16-19
years
White
18.3
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
17.2
17.3
16.9
17.8
17.6
17.7
17.1
17.8
18.0
18.2
16.6
17.5
16.7
Revised definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods.
12
By selected groups
By race
6.0
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.9
5.0
4.9
4.9
4.8
4.9
4.8
5.0
4.9
5.0
4.9
4.8
4.7
Black
and
other
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.7
9.2
9.7
9.9
10.0
10.1
9.4
9.0
9.3
9.5
9.1
9.8
9.4
Black
14.5
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.7
10.0
10.5
10.8
11.0
11.1
10.0
9.6
10.2
10.6
10.3
11.1
10.5
Experienced
wage
and
salary
workers
8.6
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.5
5.6
5.4
5.5
5.4
5.5
5.4
5.4
5.4
5.4
5.3
5.4
5.3
Married
men,
spouse
present
4.4
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.3
3.4
3.4
3.4
3.3
3.4
3.2
3.3
3.2
3.3
3.0
3.1
3.0
Women
who
maintain
families
Full-time
workers1
Part-time
workers J
9.8
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
8.7
8.2
8.3
8.2
7.2
8.0
7.9
7.7
6.8
8.2
7.5
7.7
6.8
6.9
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.6
5.5
5.5
5.5
5.5
5.5
5.4
5.5
5.5
5.7
5.4
5.5
5.4
7,4
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
6.1
6.1
6.2
6.4
6.0
5.9
5.9
5.9
5.9
6.0
6.2
6.0
5.8
NOTE.—Data relate to persons age 16 years and over.
Source: Department of l*abor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In April, the percentages of the unemployed who had been out of work for less than 5 weeks and for 1526 weeks fell; the percentages for 5-14 weeks and for 27 weeks and over rose. The mean duration of unemployment
rose to 17.4 weeks and the median duration rose to 8.8 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION '
70
70
REASON FOR UNEMPLOYMENT
JOB LOSERS-^
/\
REENTRANTS
20
JOB LEAVERS
X
NEW ENTRANTS
1993
1996
1996
,
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Season for unemployment:
percent distribution
Duration of unemployment
Unemployment
(thousands)
Period
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of weeks
27
weeks
and
over
~ Average
(mean)
Median
Job
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unem-
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1986
1987
1988
1989
1990
1991
1992
1993
19943
1995
1995- Apr
.
8,237
7,425
6,701
6,528
7.047
8,628
9,613
8,940
7,996
7,404
...
July
Sept
Oet
Dec
1996- Jan
Feb
MaiAm1
.
.
7,556
7,460
7,396
7,510
7,439
7,465
7,229
7,409
7,371
7,677
7,355
7,504
7.266
41.9
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
35.4
35.3
36.5
35.3
36.4
37.5
37.2
37.1
36.4
36.8
37.8
35.4
33.8
31.0
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.8
31.0
31.7
33.8
31.8
31.2
31.8
32.0
32.5
31.9
30.9
31.1
32.7
12.7
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
14.4
16.4
15.6
13.9
15.1
14.2
13.7
14.2
14.5
14.8
15.3
15.7
15.5
14.4
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
18.4
17.3
16.3
17.0
16.7
17.1
17.2
16.7
16.6
16.5
16.0
17.8
18.0
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (BE) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods.
2
15.0
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
17.6
16.8
16.0
16.5
16.3
16.3
16.2
16.3
16.2
16.0
16.6
17.3
17.4
6.9
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.4
8.9
7.7
8.7
8.4
8.1
8.1
8.0
8.1
8.3
8.0
8.3
8.8
48.9
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
46.3
47.4
47.0
47.0
46.5
45.9
47.5
46.9
46.9
47.6
48.1
47.4
50.0
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.7
11.5
11.3
11.2
11.6
11.7
10.5
11.5
11.9
11.5
10.0
10.4
9.7
26.2
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
35.1
33.7
34.3
34.3
34.0
34.2
34.4
33.7
33.2
32.5
33.7
34.4
32.8
12.5
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
7.9
7.4
7.4
7.6
7.8
8.1
7.7
7.9
8.1
8.5
8.2
7.9
7.6
2,643
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,574
2,496
2,558
2,636
2,683
2,634
2,632
2,678
2,652
2,625
2,655
2,660
2,641
2.576
378
328
310
330
388
447
408
341
340
357
352
373
376
373
346
357
365
375
363
374
371
393
••356
2,739
2,369
2.135
2.205
2,575
3,406
3^348
2,845
2,739
2,636
2,721
2,476
2.398
2.635
2,461
2,197
2,293
2,422
2,669
3,499
3,333
3,161
2.934
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration) ,
13
NONAGRICULTURAL EMPLOYMENT
Total nonagriculturai employment as measured by the payroll survey rose by 2,000 in April.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE]
120
34
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
90
SERVICE-PRODUCING
INDUSTRIES
80
70
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
11111II11
20
1992
CONSTRUCTION
.V.
1993
1995
1994
1996
1993
1992
1994
1995
1996
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers;1 seasonally adjusted]
Goods-producing industries
Total
nonagricultural
employment
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1996: Jan
Peb
Mar/ 7
Apr''
,
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
116,607
116,310
116,248
116,547
116,575
116,838
116,932
117,000
117,212
117,357
117,211
117,842
118,020
118,022
Service-producing industries
Manufacturing
Total 2
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
24,227
24,331
24,228
24,240
24,156
24,165
24,157
24,159
24,134
24,173
24,116
24,264
24,210
24,139
Construction
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
5,246
5,242
5,190
5,230
5,226
5,233
5,262
5,287
5,295
5,297
5,314
5,426
5,431
5,378
Total
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,403
18,506
18,456
18,428
18,353
18,357
18,322
18,301
18,272
18,307
18,235
18,265
18,204
18,187
Durable
goods
Nondurable
goods
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,595
10,632
10,611
10,597
10,569
10,587
10,572
10,565
10,553
10,607
10,581
10,602
10,558
10,573
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,808
7,874
7,845
7,831
7,784
7,770
7,750
7,736
7,719
7,700
7,654
7,663
7,646
7,614
1
Includes all full- and part-time wage and salary workers in nonagriculturai establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagrieultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample
14
Total
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
92,380
91,979
92,020
92,307
92,419
92,673
92,775
92,841
93,078
93,184
93,095
93,578
93,810
93,883
Transportation and
public
utilities
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,192
6,184
6,177
6,192
6,195
6,217
6,206
6,217
6,240
6,231
6,231
6,244
6,253
6,262
Wholesale
trade
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,324
6,300
6,298
6,320
6.333
6,340
6,346
6,359
6,373
6,395
6,401
6,422
6,439
6,444
Retail
trade
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,841
20,762
20,747
20,798
20,851
20,837
20,899
20,897
20,989
20,981
20,933
21,040
21,080
21,100
Finance,
insurance,
Services
and real
estate
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,949
6,924
6,925
6,930
6,938
6,947
6,957
6,977
6,991
7,001
7,007
7,033
7,043
7,060
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,488
32,796
32,548
32,630
32,784
32,820
32,986
33,047
33,076
33,185
33,248
33,232
33,505
33,622
33,642
Government
Total
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,279
19,261
19,243
19,283
19,282
19,346
19,320
19,315
19,300
19,328
19,291
19,334
19,373
19,375
Federal
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,826
2,831
2,838
2,834
2,825
2,812
2,801
2,800
2,799
2,780
2,779
2,776
2,775
of the working-age population, whereas the estimates in this table are based on reports from
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, in contrast to the series shown on p. 11, where
persons are counted only once—as employed, unemployed, or not in the labor force.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS. HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICOLTUHAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Total private
nonagriculturai *
Manufacturing
Period
Total
private
nonagricultural *
Total
Average gross weekly earnings
Average gross hourly earnings
Overtime
Current
dollars
Total private
nonagriculturai1
1982
dollars2
Manufacturing
Percent change from
a year earlier, total
private nonagricuitaral 3
Current dollars
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Current
dollars
1982
dollars
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.5
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
$8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.13
11.46
$7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
7.41
$9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
12.35
$304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
386.21
395.37
$271.94
269.16
266.79
26422
259.47
255.40
254.99
254.87
256.96
255.74
$396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
512.53
$466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
572.61
583.55
$176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.76
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.4
2.4
0.3
-1.0
-.9
-1.0
-1.8
-1.6
1995- Apr
34.6
34.2
34.4
34.6
34.4
34.5
34.6
34.4
34.3
33.8
34.5
34.5
34.3
41.5
41.4
41.5
41.3
41.5
41.7
41.5
41.5
41.2
39.9
41.6
41.4
41.5
4.5
4.4
4.2
4.3
4.3
4.5
4.4
4.4
4.3
4.2
4.5
4.3
4.4
11.40
11.37
11.43
11.50
11.48
11.54
11.59
11.58
11.61
11.65
11.66
11.68
11.75
7.40
7.36
7.39
7.43
7.41
7.44
7.44
7.43
7.44
7.43
7.42
7.40
7.42
12.28
12.28
12.32
12.40
12.41
12.43
12.45
12.47
12.49
12.61
12.56
12.52
12.69
394.44
388.85
393.19
397.90
394.91
398.13
401.01
398.35
398.22
393.77
402.27
402.96
403.03
256.13
251.85
254.16
257.21
254.78
256.53
257.55
255.68
255.11
251.13
256.06
255.36
254.44
509.62
508.39
511.28
512.12
515.02
518.33
516.68
517.51
514.59
503.14
522.50
518.33
526.64
566.61
563.62
582.86
590.02
583.98
588.95
593.49
588.60
577.95
583.70
605.28
586.69
595.10
222.03
219.56
220.90
223.11
222.14
223.49
224.26
224.06
224.43
222.44
227.65
228.81
227.02
2.5
1.1
2.4
3.0
2.5
2.5
2.0
2.3
2.2
.5
3.0
2.7
2.8
-.7
-2.1
-.6
.2
-.0
.0
-.6
-.1
-.3
-2.2
.3
-.1
-.1
July
Sept
Oct
Nov
Dec
1996- Jan
Feb
Mar^
AorP
—- 9
-.0
.8
-.5
3
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982=100 base).
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Total
compensation
Period
Wages and
salaries
Benefits l
Total
compensation
Wages and
salaries
12 months earlier
Benefits!
Total
compensation
Wages and
salaries
Benefits1
Not seasonally adjusted
1986198719881989199019911992199319941995-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
...
....
....
.
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.9
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
136.6
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.8
Sept
Dec
1994- Mar
Sept
Dec
1995- Mar
Sept
Dec
1996- Mar
1
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.5
124.4
125.3
126.1
127.1
128.0
113.9
114.6
115.6
116.5
H7.2
118.1
119.0
119.7
120.6
121.5
122.4
123.2
124.6
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
124.8
126.5
127.7
128.9
130.3
131.5
132.9
133.6
133.8
134.6
135.4
136.8
136.5
1.0
.9
.8
.8
.8
.8
.8
.6
.7
.7
.6
.8
.7
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.7
Not seasonally adjusted
Seasonally adjusted
1993- Mar
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
0.8
.6
.9
.8
.6
.8
.8
.6
.8
.7
.7
.7
1.1
'1.6
1.4
.9
.9
1.1
.9
1.1
.5
.1
.6
.6
1.0
_2
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.8
3.0
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
29
2.8
2.8
3.3
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.7
2.0
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistic;
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output1
Business
sector
Hours of all
pel-sons 2
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator s
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Indexes, 1992 = 100; quarterly data seasonally adjusted
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993- 1
II
Ill
IV ...
1994- I
II
Ill
W
1995:
I
II
III
rv
..
1996- IP*
94.2
94.1
94.6
95.4
96.2
96.7
100.0
100.2
101.0
101.9
94.9
94.7
95.3
95.8
96.3
96.9
100.0
100.2
100.7
101.8
•88.6
91.1
94.6
97.8
98.7
96.9
100.0
102.6
106.9
109.6
88.7
91.4
95.1
98.1
98.8
97.1
100.0
102.9
106.9
109.8
94.0
96.8
100.0
102.5
102.6
100.3
100.0
102.4
105.9
107.6
93.5
96.5
99.8
102.4
102.7
100.2
100.0
102.7
106.2
107.9
76.9
79.9
83.5
85.8
90.8
95.1
100.0
102.6
104.8
108.5
77.3
80.2
83.6
85.8
90.6
95.1
100.0
102.3
104.5
108.2
98.4
98.6
99.0
97.1
97.4
97.9
100.0
99.6
99.2
99.9
100.2
99.8
100.1
100.8
100.1
99.7
100.2
100.6
101.4
102.0
102.8
104.3
101.6
102.2
103.2
104.6
101.5
102.5
103.0
103.9
101.6
102.5
103.0
103.3
100.0
100.4
101.1
101.3
104.8
106.5
107.6
108.7
104.8
106.6
107.7
108.8
104.8
106.1
106.5
107.4
104.2
104.5
104.9
105.7
101.4
102.1
102.6
102.9
103.7
104.3
104.6
105.4
99.6
99.7
99.8
99.2
100.3
100.7
101.4
101.5
101.1
101.9
102.3
102.1
101.0
101.8
102.2
102.0
102.6
108.8
108.9
110.1
110.3
111.4
109.0
109.1
110.4
110.6
101.3
102.2
102.6
103.5
104.5
105.8
106.2
107.1
107.6
106.9
107.7
108.0
107.9
107.2
108.0
108.4
106.6
108.0
109.2
110.0
111.6
108.3
108.7
110.8
102.8
81.6
84.9
88.2
89.9
94.3
98.3
100.0
102.4
103.8
106.5
81.4
84.7
87.8
89.6
94.1
98.1
100.0
102.1
103.8
106.3
81.6
83.8
86.8
90.5
94.0
97.7
100.0
102.5
104.8
107.1
101.4
102.6
102.9
102.5
103.8
103.9
103.5
104.1
101.3
102.4
102.4
102.3
103.7
103.8
103.4
104.1
101.7
102.3
102.7
103.3
103.9
104.4
105.1
105.6
98.9
99.4
99.9
100.0
105.4
106.0
106.8
107.7
105.3
105.9
106.6
107.6
106.3
106.9
107.4
107.7
103.9
104.5
105.3
105.7
106.5
107.0
107.5
107.7
100.0
107.8
107.7
108.1
108.1
2.2
2.7
3.5
4.2
4.0
3.9
2.4
2.5
2.2
2.2
2.2
2.6
3.4
4.2
4.2
4.1
2.4
2.5
5.0
2.5
2.7
3.7
2.5
4.0
3.7
2.1
5.0
4.3
1.9
2.1
1.6
2.5
5.1
4.5
-.1
-.5
5.9
.2
-1.4
2.4
4.9
2.3
2.5
3.8
2.8
2.1
2.1
.8
.2
.6
1.6
106.4
107.8
108.9
109.7
99.6
99.3
98.8
98.9
99.1
99.6
100.1
100.3
98.9
99.0
99.2
97.1
97.3
97.9
100.0
99.3
98.9
99.6
99.4
99.3
99.4
98.9
99.2
99.1
98.4
98.7
110.6
100.3
81.4
83.5
86.4
90.0
93.8
37.6
100.0
102.5
104.9
107.2
101.8
102.4
102.7
103.3
Percent change; quarterly data at seasonally adjusted annual rates
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1993- I
II
Ill
IV
1994:
. .
.
I
II
III
IV
1995- I
II
III
IV
1996:
IP*
1
2.6
-.1
.5
.8
.8
.5
3.4
.2
.7
.9
2.7
-.2
.6
.5
.5
.7
3.2
.2
.5
1.1
3.2
2.9
3.8
3.4
.9
-1.8
3.2
2.6
4.2
2.5
3.4
3.0
4.1
3.2
,7
-1.8
3.0
2.9
4.0
2.7
-3.7
-1.3
1.3
2.7
-1.9
1.4
2.8
.7
-1.6
3.0
1.6
-3.9
-1.7
2.1
1.6
-2.5
1.9
2.6
.9
-1.1
2.2
3.0
6.3
-.9
2.4
4.1
5.3
1.8
6.7
4.1
4.0
.9
6.8
4.2
4.2
-1.1
3.0
1.7
-1,0
2.6
.6
.3
4.4
.7
4.0
C
2.8
0.6
3.0
3.3
2.5
.1
-2.3
O
0.7
3.2
3.5
2.6
.2
-2.4
-.2
2.7
3.4
1.6
5.2
3.9
4.5
2.8
5.8
4.8
5.2
2.6
2.2
3.5
5.2
3.7
4.3
2.7
5.5
4.9
5.2
2.3
2.2
3.6
3.3
.2
.4
-1.9
.4
.5
2.1
-.4
-.4
.6
3.3
.1
.1
-2.1
.1
.7
2.1
-.7
-.4
.7
3.1
4.2
2.0
3.6
3.5
4.8
1.6
3.3
1.6
3.4
2.2
1.1
-1.3
.4
.3
-2.0
1.4
-1.0
-2.2
.7
-1.9
3.4
1.5
1.5
2.9
3.4
5.6
4.3
3.1
1.0
2.7
2.0
1.1
3.3
2.1
1.2
3.3
3.7
5.4
4.3
2.8
3.0
3.3
.8
.5
4.7
.6
2A
3.4
1.6
2.6
3.6
1.7
3.5
3.7
5.3
1.3
3.3
2.2
-2.5
2.8
1.3
1.9
-2.4
2.9
1.6
3.7
1.1
1.0
Output refers to real gross domestic product originating in the sector.
2
Hours of a!! persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-em ployed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
16
5
.5
2.1
2.3
.7
_^2
O
'.1
-2.0
1.2
-.4
-2.5
1.0
.8
2.0
2.2
.4
0
2.6
4.0
4.0
1.9
4.9
4.2
1.7
2.4
1.4
2.6
5.4
4.8
.9
-1.6
5.4
.1
— 1.3
2.3
3.4
2.5
1.4
2.4
2.4
1.8
2.6
2.0
0 Q
&.O
2.2
3.8
2.1
1.2
2.6
2.5
2.2
29
1.8
2.9
1.9
1.8
.7
1.4
Current dollar gross domestic output divided by the output index.
*Based on GDP data released May 2, 1996. GDP data shown elsewhere in this issue of Economic Indicators were released May 30, 1996.
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.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in April.
INDEX, 1987= 100' (RATIO SCALE]
ISO
TOTAL INDUSTRIAL PRODUCTION
140
130
INDEX, 1987= 100* (RATIOSCALE)
170
FINAL PRODUCTS
160
BUSINESS
150
EQUIPMENT
140
'
130
r~ —^
^^
120
^T——-—-r"
120
^-—100
mil inn
m i l inn i n ;i
Imiilnm
110
100
r
/*/
jS"
^—^
\
CONSUMES
GOODS
— -'—ih'
i
n
90
~'~-~—~.
80
**'•»
/
no
"x
70
AND SPACE
EQUIPMENT
100
x
s'~
60
UTILITIES AND MINING
140
50
1 11 1 1 n i n
inn inn
I 1 1 1 1 1 1 M ! 1
Mill
HIM
in iiE iin|
130
--.
120
^
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY]
N. --~r'
x''
110
*v__—^—
100
90
1 ( 1 1 1 1 1 1 1 i!
1992
U 1 1 1 1 1 1 1 1 !
1993
^^yv
^~^n•
1994
1995
^
1996
1992
•—-•—
i n 1 1 !i 1 1 n i i i i 1 1 i n n i i ! n 1 i 1 1 i j
1994
1993
1995
! 1 M i 1 1 1 11 |
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total industrial production
Industry production indexes, 1987=100
Percent change ]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
....
Index,
1987=100
.
. ..
..
1995: Apr
May
June ...
Aug
Sept
Oct
Nov
Dec
1996: Jan'
Feb'r
Mar
Apr'3 ...
1
Percent changes based on unrounded indexes.
Prom
preceding
month
95.3
100.0
104.4
106.0
106.0
104.2
1.07.7
111.5
118.1
121.9
From
year
earlier
Total
Durable
Nondurable
Mining
Utilities
Total
industry
Manufacturing
0.9
4.9
4.4
1.5
.0
-1.8
3.4
3.5
5.9
3.2
94.3
100.0
104.7
106.4
106.1
103.8
108.2
112.3
119.7
123.9
93.9
100.0
106.6
108.6
107.4
104.1
109.3
115.6
125.8
132.5
94.9
100.0
102.3
103.7
104.4
103.4
106.7
108.6
113.0
114.3
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.0
100.3
99.9
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.3
117.9
122.0
79.2
81.5
83.7
83.7
82.1
79.2
80.3
81.4
83.9
'83.8
79.1
81.6
83.6
83.2
81.3
78.0
79.5
80.6
83.3
'83.0
123.5
123.2
123.3
123.3
124.2
124.9
124.4
124.5
124.8
131.6
131.1
131.5
131.5
133.2
134.4
133.5
134.3
134.8
114.6
114.4
114.3
114.3
114.3
114.4
114.3
113.7
113.8
100.6
100.5
101.0
100.7
100.0
100.0
98.2
98.3
98.1
118.8
122.1
121.0
122.7
128.8
122.7
121.6
125.4
125.1
84.0
83.7
83.5
83.3
'83.9
r
83.7
'83.0
'83.0
'82.9
'83.4
82.8
'82.7
'82.4
'82.7
82.8
'82.2
'82.0
81.9
124.5
126.2
125.1
126.8
134.9
137.6
135.8
138.9
113.1
113.6
113.4
113.4
97.1
97.6
100.3
99.5
125.6
125.7
126.5
124.3
82.4
83.1
82.5
83.0
81.4
82.2
81.2
82.0
121.4
121.3
121.4
121.5
122.7
122.8
122.2
122.6
122.8
-0.4
.0
.1
.1
1.0
-.5
.3
.2
3.9
3.2
2.8
2.6
3.2
3.1
1.9
1.7
1.1
122.5
123.9
123.4
124.5
-.2
1.2
— ,o
.9
.6
1.8
i.2
2.6
.1
Capacity utilization
rate, percent2
Manufacturing
a
Output as percent of capacity.
Note.—Capacity utilization series revised beginning 1995.
Source: Board of Governors of the Federal Keserve 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
1986 ..
1987
1988
1989
1990
1991
1992
1993 ..
1994
1995
1995: Apr
May
95.7
100.0
104.8
106.8
107.0
105.4
108.7
112.7
118.3
121.4
120.9
120.6
121.1
121.2
122.4
122.6
121.3
121.9
122.1
121.9
124.2
123.3
125.0
July ....
Sept
Oct
Nov
Dee
1996: Jan'
Feb'
Mar'
Apr?
96.8
100.0
102.9
104.0
103.4
103.0
106.0
109.5
113.7
115.1
114.4
114.1
114.8
114.6
115.9
116.0
114.9
115.9
115.7
114.6
116.1
115.0
116.3
Durable
goods
94.5
100.0
104.6
106.6
102.3
96.0
103.0
113.3
124.2
124.2
124.9
121.6
122.3
121.4
124.0
125.8
123.4
124.9
126.3
120.3
125.0
119.7
127.3
Nondurable
goods
97.6
100.0
102.4
103.2
103.8
105.0
106.9
108.6
111.2
112.9
111.8
112.4
113.1
113.0
113.9
113.7
112.9
113.8
113.2
113.3
114.0
114.0
113.7
Total »
94.5
100.0
107.6
110.9
112.1
108.8
112.5
117.5
125.3
131.4
131.3
130.8
131.2
131.6
132.9
133.1
131.5
131.4
132.3
133.7
137.3
136.6
138.9
Business
93.1
100.0
110.7
115.5
116.9
115.9
123.4
131.8
144.9
155.7
155.0
154.3
155.1
155.7
157.5
158.2
156.5
156.9
158.4
160.5
164.9
163.0
166.0
Defense
and
space
equipment
96.0
100.0
99.7
100.1
98.8
90.8
84.8
79.3
71.9
65.9
67.1
66.8
66.8
66.5
66.1
65.2
64.4
62.9
62.0
61.6
62.9
63.7
63.9
Total
91.9
100.0
101.8
102.0
101.2
96.8
99.3
101.8
107.3
109.0
108.2
108.2
108.2
108.5
109.4
109.5
109.2
109.3
110.1
108.5
108.9
109.6
109.9
Construction
supplies
Business
supplies
Total
93.8
100.0
101.5
100.5
98.2
91.6
95.2
98.4
106.2
108.2
108.0
106.6
107.2
107.3
107.0
108.4
108.3
108.7
110.5
107.2
108.6
110.4
111.3
90.7
100.0
102.0
103.0
103.2
100.2
102.0
104.1
108.2
109.6
108.5
109.4
109.1
109.5
111.0
110.3
109.9
109.9
110.0
109.6
109.2
109.3
109.1
95.9
100.0
105.0
106.7
106.8
105.5
109.7
113.8
122.0
127.4
127.0
127.2
126.8
126.8
128.1
128.1
128.1
128.4
128.4
128.5
129.3
128.7
129.6
Energy
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.5
105.3
106.6
106.6
107.2
107.2
107.5
108.5
105.8
105.5
105.7
106.0
105.9
105.6
107.0
105.6
i Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1986
1987 .. .
1988
1989
1990
1991
1992
1993
1994
1995 .
1995: Apr
July
Sept
Oct
Nov
Dec
1996: Jan'
Feb'
Mar'
93.7
100.0
108.7
107.2
106.5
98.6
101.9
107.7
116.4
119.2
120.2
119.5
117.5
118.3
115.4
121.0
115.7
120.8
120.0
121.5
117.1
117.0
118.4
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.9
119.3
122.4
123.5
123.0
119.2
119.3
117.7
127.0
115.1
126.1
122.7
128.1
119.5
119.5
120.3
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
93.8
100.0
104.2
102.8
99.5
94.5
99.0
103.1
110.5
113.9
112.3
113.7
113.7
112.4
114.3
115.1
114.0
114.5
115.0
115.6
117.0
116.5
117.0
90.3
100.0
113.0
117.3
117.6
114.7
124.0
138.1
157.7
177.8
174.3
174.6
174.4
176.0
179.5
181.3
183.8
186.5
190.1
191.9
196.3
198.3
199.8
94.3
100.0
108.5
111.0
111.4
113.9
123.5
134.1
154.3
174.9
169.6
171.1
173.0
175.7
178.7
180.8
182.4
183.6
182.8
182.4
188.9
188.2
188.7
Nondurable manufactures
Transportation
equipment
Total
96.9
100.0
105.2
109.6
107.0
101.1
104.8
109.2
115.3
113.3
115.7
113.2
113.4
111.6
114.1
114.1
109.3
108.6
109.7
108.3
112.2
103.0
114.9
Motor
vehicles
and
parts
98.5
100.0
105.7
106.9
101.0
94.4
107.4
122.9
141.2
141.9
143.0
138.8
139.7
136.7
142.1
143.3
139.7
140.7
141.2
135.5
141.2
121.4
144.7
Lumber
and
products
95.1
100.0
100.1
99.4
97.1
90.2
95.2
97.1
104.0
104.5
103.9
101.7
103.0
103.7
103.7
106.2
105.7
104.8
106.9
103.1
103.6
107.2
108.9
Apparel
products
96.3
100.0
98.1
95.0
92.2
92.7
95.0
97.1
100.1
95.7
97.4
97.5
95.5
94.8
94.5
94.5
93.3
92.4
91.5
89.2
91.2
89.8
90.4
Printing
and
publishing
Chemicals
and
products
Foods
90.6
100.0
100.9
101.1
100.8
97.0
98.1
98.8
100.1
99.4
99.2
99.0
98.6
99.0
100.5
99.8
98.9
99.3
98.8
97.9
98.6
97.4
97.7
94.6
100.0
106,0
109.2
111.8
110.5
114.4
115.4
121.3
125.0
123.5
124.0
124.4
124.0
124.4
125.3
126.7
126.0
126.5
127.1
126.2
125.3
125.4
97.4
100.0
101.5
102.5
103.7
105.3
106.9
109.5
113.2
115.3
115.1
115.9
116.1
115.3
115.5
115.5
115.4
114.8
114.8
114.8
116.3
116.0
116.2
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contrafits 3
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total i
Commercial
and industrial3
Other
Federal
and
State
and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
. . . .
407.7
419.4
432.3
443.7
442.2
403.4
435.0
464.5
506.9
526.6
323.1
328.7
337.5
345.5
334.7
293.3
315.7
339.2
376.6
383.9
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
73.8
85.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.4
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
238.9
236.1
51.6
50.1
51.5
54.6
55.4
58.4
62.1.
62.3
63.9
62.0
84.6
90.6
94.7
98.2
107.5
110.1
119.3
125.3
130.3
142.7
96
100
101
105
95
89
97
105
114
117
Annual rates
1995: Apr .
Sept
Oct .
Nov
Dec
1996: Jan .. . .
Febr
Mar' .. .
1,016
1,019
973
961
783
577
556
589
744
842
Annual rates
522.1
514.5
518.9
528.7
528.4
535.1
534.5
531.7
535.1
382.2
376.1
377.5
384.3
385.7
387.0
388.9
386.7
390.3
234.1
231.3
228.4
231.0
234.0
237.6
237.7
239.4
242.0
159.8
156.4
153.2
158.0
161.3
164.3
165.6
165.9
167.0
85.0
81.9
85.9
88.0
87.2
85.6
88.8
88.2
90.7
63.1
62.9
63.2
65.3
64.5
63.8
62.4
59.1
57.6
139.9
138.4
141.4
144.4
142.7
148.1
145.6
145.0
144.9
108
119
122
119
'124
120
'120
'121
'115
632
727
800
713
826
828
731
851
784
540.6
531.3
544.0
551.7
392.7
390.4
397.8
403.5
241.6
242.0
247.9
251.3
166.7
168.6
175.8
178.0
91.6
88.8
89.8
91.4
59.6
59.6
60.2
60.7
147.8
140.9
146.2
148.3
'118
112
121
123
697
615
750
708
1
Includes residential improvements, not shown separately.
Includes hotels and motels.
3F.W. Dodge series.
Sources; Department of Commerce (Bureau of the Census) and McGraw-Hill Information
Systems Company, P.W. Dodge Division.
2
NEW PRIVATE HOUSING AND VACANCY RATES
(Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1 unit
2-A units
5 or more
units
1986
1987 . .
1988
1989
1990
1991
1992
1993 ..
1994
3995
1.805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
1995- Mar
1,241
1,278
1,300
1,301
1,450
1,401
1,401
1,351
1,458
1,425
992
1,017
1,005
1,036
1,125
1,135
1,130
1,109
1,129
1,150
35
25
36
35
39
28
39
31
32
29
214
236
259
230
286
238
232
211
297
246
1,453
1,514
1,435
1,519
1,146
1,183
1,165
1,214
20
33
24
48
287
298
246
257
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
Units
authorized
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
1,333.0
Units
completed
Homes
sold
Homes for
sale at end
of period *
Vacancy rate
for rental
housing units
(percent) 2
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
750
671
676
650
534
509
610
666
670
667
357
366
368
365
321
284
265
293
337
372
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
2
7.3
7.4
7.6
1,235
1,243
1,243
1,275
1,355
1,368
1,405
1,384
1,448
1,478
1,442
1,331
1,324
1,256
1,332
1,247
1,267
1,320
1,360
1,225
614
608
667
724
782
707
684
673
679
683
346
349
347
347
344
349
350
360
368
372
7.4
1,372
1,411
1,415
1,458
1,403
1,322
1,390
'743
786
727
776
'370
357
368
370
Seasonally adjusted annual rates
May
July ...
Sept
Oct
Nov
Dec
1996- Jan
Peb'
Mar'
1
.
.
Seasonally adjusted.
2
Bevised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
7.7
7.7
7.7
7.9
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES .AND INVENTORIES—Manufacturing and Trade
In March, manufacturing and trade sales rose 0.4 percent and inventories fel! $2.9 billion. According to advance
data, retail sales fell 0.3 percent in April following a rise of 05 percent in March.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
1,200
400
1,100
350
1,000
300
900
800
MANUFACTURING AND
TRADE INVENTORIES
700
600
MANUFACTURING
AND TRADE SALES
500
RATIO'
1.80
400
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
300
/.
1.50
X
\'
v» x/C
A
/ ^-^ ~
™
^
MAN UFACTURINC
A •« TRADE
1.40
/
N
^/Vn /" — '\
1992
1993
1994
1995
1996
I 1 1 1 1
1992
1994
1993
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
Period
Sales 2
Inventories3
\
fv
v~v\ s
1.30
200
V
\/
1995
1 1 1 1 1
1996
COUNCIL Of ECONOMIC ADVISERS
Wholesale
Sales2
Inventories3
Inventory-sales
ratio4
Retail
Inventories3
Sales 2
Durable
goods
stores
Total
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,161
142,516
141,245
141,047
14,1,922
142,459
142,231
143,374
143,104
144,059
144,022
142,516
143,054
143,249
142,633
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.40
1.40
1.41
1.41
1.40
1.42
1.41
1.41
1.42
1.41
1.39
1,42
1.40
1.39
Retail
Millions of dollars, seasonally adjusted, except as noted
1986
1987
.
1988
1989
1990
1991
1992
1993
1994
1995
1995- Mar'
July
Sept
Oct
Nov
Dec
1996- Jan
Feb'
Mar''
Apr''
1
. ...
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,125
639,744
682,375
674,839
' 672,909
678,682
683,082
676,094
687,690
689,798
688,234
693,214
699,912
693,424
701,257
704,059
662,753
709,814
765,270
811,154
834,391
829,685
838,895
861,219
917,305
976,022
942,642
951,338
955,683
959,452
963,361
968,055
972,587
978,397
979,578
976,022
981,945
982,596
979,706
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
187,387
183,828
185,279
186,859
188,290
187,155
187,953
188,874
189,643
191,574
194,901
192,878
194,053
194.907
See page 21 for manufacturing,
Annual ilata arc averages of monthly not seasonally adjusted figures; monthly data are s
sonally adjusted totals for month.
3
Seasonally adjusted, end of period.
2
20
45,057
75,746
47,989
80,453
52,430
85,587
54,763
91,818
55,736
97,981
54.165
100,497
58,634 103,999
64,795 108,129
73,042 112,894
78,018 117,050
76,454 116,120
'76,110 '116,227
77,413 117,317
78,329 117,751
78,006 117,459
79,527 117,189
78,711 117,933
79,160 117,033
80,296 117,618
80,852 118,252
80,623 118,506
83,285 120,107
'84,302 '120,190
82,569 121,308
153,574 120,803
163,903 128,442
178,801 138,017
187,009 146,581
153,718
195,550
200,062 154,661
207,663 162,632
215,878 172,924
234,893 185,936
254,616 195,068
243,169 192,574
246,253 '192,337
247,018 194,730
248,925 196,080
251,897 195,465
252,209 196,716
253,111 196,644
254,738 196,193
254,727 197,914
254,616 199,104
256,258 199,129
255,569 203,392
255,297 '204,492
203,877
4
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,916
290,602
302,879
297,392
299,407
300,376
300,516
299,041
302JOO
303,299
306,224
307,265
302,879
304,370
304,824
302,888
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,949
150,441
160,363
156,147
158,360
158,454
158,057
156,810
159,326
160,195
162,165
163,243
160,363
161,316
161,575
160,255
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.54
1.54
1.56
1.54
1.53
1.53
1.54
1.54
1.56
1.55
1.52
1.53
1,50
1.48
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments, inventories, and orders rose.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
320
440
400
360
INVENTORIES
^—==
1
%
\
320
280
240
200
RABLE GOOC
160
_.--.---
\
NDURABLE «XiDS
120
80
BILLIONS OF DOLLARS" (RATIO SCALE)
__]
320 I- NEW ORDERS
TOTAL
^ —^—«^~
280
r-^-1
240
200
80
1
1
c URABLE GOC DS
\ -
160,
.- .\_
-'
», ft'*
'
120
'/"
NONDURABLE GCH DOS
80
1 1 11 1
Mill
1992
1993
n M i iiit ii •'ii-'mi'
1994
1995
1996
1996
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
Manufacturers' shipments1
Manufacturers' inventories2
Manufacturers' new orders 3
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory—
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1986
1987
1988
1989
1990
1991
3992
1993 .
1994
1995
.
1995: Apr
May
July
Sept
Oct
Dec
1996: Jan
Feb
Am-*"
1
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
280,835
299,920
103,238
108,128
117.993
121^703
122,387
119,151
125,553
135,981
151,060
162,053
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
137,867
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
418,527
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
263,916
110.663
117^299
126,020
130,846
139,080
137.231
141,521
141,122
144,166
154,611
195,204
209,389
227,026
235,932
240,646
234.354
241,545
255,701
281,953
300,719
103,647
110,809
121,445
124,933
123,556
117,878
122.614
133,273
151,878
163,054
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
43,398
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
137,665
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
467,045
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
1.37
295,293
297,093
298,712
293,474
303,021
304,280
302,398
303,726
305,907
157,970
159,612
160,828
155,919
164,196
165,939
164,062
164,924
165,946
137,323
137,481
137,884
137,555
138,825
138,341
138,336
138,802
139,961
405,678
408,289
410,011
412,423
413,146
416.177
417,435
417.586
418,527
255,334
256,787
257,442
259,532
260,091
261,706
263,305
263,517
263,916
150,344
151,502
152,569
152,891
153,055
154,471
154,130
154,069
154,611
293,069
297,046
296,754
293,863
301,903
306,123
304,370
304,146
309,467
155,553
159,502
159,031
156,130
164,082
168,951
166,490
165,165
170,234
40,072
43,115
42,964
40,233
41,676
46,941
43.755
46^067
48,700
137,516
137,544
137,723
137,733
137,821
137,172
137,880
138,381
139,233
461,984
461,937
459,979
460,368
459,250
461,093
463,065
463,485
467,045
1.37
1.37
1.37
1.41
1.36
1.37
1.38
1.37
1.37
301,417
303,812
304,660
309.854
162,126
164,254
163,867
166.904
139,291
139,558
140,793
142.950
421,317
422,203
421,521
421.705
266,530
267,264
267,190
267.511
154,787
154,939
154,331
154.194
308,839
304,281
309,485
309.053
169,238
164,980
169,278
166.006
47,779
46.605
48,782
42.606
139,601
139,301
140,207
143.047
474,467
474,936
479,760
478.959
1.40
1.39
1.38
1.36
Annua! data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
z
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ration.
Source: Department of Commerce, Bureau o*' the Census.
21
PRODUCER PRICES
in April, the producer price index for all finished goods ros© 0.4 percent. Prices of finished consumer foods fell
0.3 percent and prices of other finished consumer goods rose 0.7 percent. Capita! equipment prices rose 0.2
percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
CONSUMER GOODS
EXCLUDING FOODS
110
110
100
100
1996
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Crude materials
Finished goods excluding consumer foods
Period
Total
finished
goods
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec'
1996: Jan
Feb
Mar
Apr
1
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
127.6
127.9
127.7
127.7
127.8
128.2
128.4
128.8
129.6
129.9
129.7
130.4
130.9
Consumer
foods
Tntil
OLal
Consumer goods
Total
107.3
101.9
109.5
112.6
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
127.3
127.8
127.6
127.4
127.4
127.6
127.9
128.0
129.0
129.4
129.3
130.0
130.7
118.7
124.4
124.1
123.3
125.7
126.8
129.0
128.5
127.8
127.4
128.5
128.6
130.1
130.0
131.4
131.5
131.2
130.8
131.6
131.2
Intermediate materials for food manufacturing and feeds.
22
Total
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
123.9
123.8
124.5
124.2
123.8
123.8
123.9
124.1
124.1
125.4
126.1
126.0
127.0
127.9
Durable
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.7
132.3
132.3
132.2
132.4
132.5
132.6
133.2
134.0
134.2
133.6
133.8
.134.0
134.1
Nondurable
93 3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
118.8
119.7
119.4
118.7
118.6
118.7
118.8
118.4
120.2
121.5
121.2
122.5
123.8
Capital
equipment
finished
consumer
goods
109.7
111.7
114.3
118.8
122.9
101.4
103.6
106.2
112.1
126.7
129.1
131.4
134.1
136.7
136.2
136.4
136.5
136.7
136.9
137.1
137.5
138.1
138.1
137.9
138.1
138.0
138.3
118.2
120.5
121.7
123.0
123.3
125.6
125.4
125.6
125.3
125.4
125.4
125.8
126.0
126.4
127.4
127.8
127.6
128.5
129.0
Total
Foods
and
feeds 1
99.1
101.5
107.1
96.2
99.2
109.5
113.8
112.0
114.5
114.4
114.7
116.2
118.5
124.9
125.0
125.3
125.4
125.5
125.6
125.4
125.4
125.3
125.5
125.6
125.1
125.3
125.7
113.3
111.1
110.7
112.7
114.8
114.8
111.6
110.6
111.7
113.4
114.6
115.7
119.0
121.5
123.3
123.5
122.9
123.1
125.5
Other
Total
99.3
101.7
87.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
125.7
126.1
126.1
126.1
126.1
125.9
125.7
125.5
125.7
125.7
125.3
125.4
125.8
96.0
103.1
108.9
101.2
100.4
102.4
101.8
r
!02.7
103.0
102.2
103.1
102.4
101.0
102.9
103.0
104.6
106.3
107.0
106.3
108.0
113.7
93.7
NOTE.—Beginning-1996, indexes are based on updated value weights.
Source: Department of Labor, Bureau of Labor Statistics.
Foodstuffs
and
feedstuffs
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
100.7
98.6
101.8
105.6
106.0
109.7
112.3
115.5
115.0
114.4
113.8
113.9
118.4
Other
81.6
87,9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
r
96.8
100.4
100.6
99.9
96.5
93.9
94.6
93.2
93.6
96.7
98.3
97.5
100.2
106.5
CONSUMER PRICES—ALL URBAN CONSUMERS
In April, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted and not seasonally
adjusted. The index was 2.9 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE]
INDEX, 1982-84 . 100 (RATIO SCALE)
180
180
SEASONALLY AG1USIK>
170
170
160
160
150
CONSUMER PRICES—ALL ITEMS
V
140
140
130
130
120
120
110
110
100
100
1988
1989
1991
1990
1993
1992
1996
1995
COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All items1
Transportation
Housing
Shelter
Period
Rd imp3
1986
1987
1988
1989
1990 ..
1991
1992
1993
1994
1995
1995- Apr
July
Aug
Sept
Oct
Dec
1996- Jan
Feb
1
Not
season- Seasonally
ally
adjust- adjusted
ed
(NSA)
100.0
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
153.6
153.5
154.4
154.9
155.7
156.3
Food
1S.8
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
151.8 148.0
152.2 148.3
i52.6 148.5
152.7 148.7
153.0 149.0
153.2 149.5
153.7 150.0
153.8 150.0
154.1 150.2
154.7 150.3
155.0 150.5
155.6 151.4
156.2 151.9
Total
Renters'
costs
(Dec.
1982 =
100)
28.3
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
164.3
164.8
165.3
165.8
166.0
166.5
167.1
167.5
167.9
168.6
168.9
169.3
169.7
8.0
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
172.6
173.1
173.4
174.0
174.0
174.7
175.2
175.3
J75.5
176.7
177.1
177.7
178.1
Total1
41.3
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
147.5
147.8
148.1
148.5
148.9
149.1
149.6
149.9
150.3
150.8
151.1
151.5
151.9
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
3
Relative importance, December 1995.
2
Home- Main- Fuel
ownteand
nance other
ers'
and
costs
utili(Dec.
reties
1982 = pairs
100) (NSA)
20.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
169.7
170.3
170.8
171.3
171.7
172.2
172.8
173.4
173.9
174.3
174.6
175.0
175.4
0.2
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
134.2
134.6
135.0
135.1
135.4
135.4
136.3
136.2
136.6
136.3
137.0
137.5
138.0
7.0
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
123.4
123.0
123.5
123.6
124.2
123.4
124.1
124.2
124.4
125.0
125.7
126.0
126.8
parel
and
up- Total1
keep
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
5.5
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
132.1
131.9
131.4
131.8
132.0
131.7
132.1
132.1
132.2
133.1
131.9
132.7
132.2
4.0
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
138.8
138.9
139.2
139.1
139.2
139.6
139.6
139.8
139.8
140.0
140.4
140.6
140.7
2.9
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
101.0
103.5
103.7
101.3
99.3
97.9
97.4
95.4
97.5
101.2
101.0
104.6
110.3
7.4
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
218.9
219.6
220.3
221.0
221.8
222.6
223.1
223.8
224.6
225.4
225.8
226.4
227.0
6.7
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
105.4
106.1
106.5
105.4
105.0
103.6
103.9
103.0
104.1
106.1
106.5
108.0
111.5
77.5
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
160.6
160.9
161.3
161.7
162.0
162.4
162.9
163.1
163.3
163.8
164.2
164.7
164,9
17.0
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
139.3
140.2
140.8
140.0
139.5
139.4
139.5
138.9
139.0
140.0
140.7
141.7
143.3
NOTE.—Data incorporate a rental equivalence measure for homeownership costs (beginning
1983).
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
Capital
equipment
Excluding
foods
Foods
goods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
'2.3
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
-6.6
4.1
3.1
5.3
8.7
fj
1.6
-1.4
2.0
••2.3
2.8
-.2
5.7
5.2
2.6
1.6
2.4
1.1
1.9
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
'
Change, month to month
1995- Apr
July
Sept
Oct
Nov
Dec'
1996: Jan
Feb
Mar
0.2
.2
-.2
0
.1
.3
.2
.3
.6
0.2
-.5
-.3
.9
.1
1.2
-.1
1.1
.1
0.2
.6
-.2
-.3
0
.1
.2
0
1.0
0.2
.1
.1
.1
.1
.1
.3
.4
0
1.9
2.2
1.3
.3
-.3
1.6
2.2
3.2
4.4
1.3
--1.2
-2.5
0
2.5
8.8
4.8
9.0
4.4
2.3
4.0
2.3
0
-2.2
-1.0
1.0
1.0
4.9
2.1
1.8
1.8
1.5
1.5
1.8
2.4
3.6
2.9
3.5
2.7
1.4
1.1
.9
1.4
1.3
1.4
3.0
3.7
.9
-2.5
.6
.6
3.0
2.3
5.7
6.5
3.8
3.3
2.8
1.1
.8
.6
.5
-.6
1.9
2.8
2.8
2.2
1.8
1.6
1.8
1.9
2.5
2.4
2.1
2.2
2.1
1.7
1.3
1.8
2.3
2.1
2.3
'2
-.2
.5
.4
-.2
.6
0
-1
-.1
.1
-.1
.2
4.8
2.8
'2.5
3.1
3.7
-1.8
.3
0
6.6
6.3
5.2
5.8
1.2
0
'-.3
1.2
3.5
3.0
3.5
3.9
4.2
3.5
2.3
1.9
3.8
3.6
5.1
6.2
1.8
1.8
1.3
1.2
2.3
2.0
2.4
2.5
.6
-.3
'.8
.1
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Period
AH
items1
Food
Total"
1
Total
Renters'
costs
Addendum: All items,
percent change
(annual rate)
Transportation
Shelter
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
1
upkeep Total
New
ears
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
From
previous
(Juar3
ter
From From
From
3
year
6
months months earlier
earlier earlier NSA
Change, December to December, NSA
1986
....
1987
1988
1989
1990
1991
1992
1993
1994
1995
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
25
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
-5.6
1,6
2.9
3.2
4.0
2.9
2.3
2.5
.2
1.4
5.9 -30.7
18.7
1.8
-2.1
2.1
6.8
2.3
36.5
1.4
3.3 -16.0
2.3
1.8
-5.4
2.8
3.2
5.9
1.6
-4.0
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
-1.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
0.6
.6
.4
-.6
-.4
0.4
.1
.2
.1
-.4
.1
0
0.4
2.5
.2
-2.3
-2.0
-1.4
-.5
-2.1
2.2
0.3
.3
.3
.3
.4
.4
.2
.3
.4
0.4
.7
.4
-1.0
-.4
-1.3
.3
-.9
1.1
0.3
.2
.2
.2
.2
2
.3
.1
.1
3.8
~._2
3.6
5.4
.4
.2
.3
.3
1.9
.4
1.4
3.2
.3
.2
^3
.1
0.9 -5.9
4.8
6.1
4.7
3.0
1.0
4.0
5.1 10.4
3.4 -1.5
1.4
3.0
.9
2.4
-1.6
3.8
.1
1.5
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
26
2.8
Change, month to month
0.5
.2
.1
.1
.2
.3
.3
0
.1
0.3
.2
.2
.3
.3
.1
.3
.2
.3
0.3
.3
.3
.3
.1
.3
.4
.2
0.3
.3
.2
.3
0
.4
.3
.1
.1
0.3
.4
.3
.3
.2
.3
.3
.3
.3
0.2
-.3
.4
.1
.5
-.6
.6
.1
2
-0.2
-.2
-.4
.3
Dec
0.3
.3
.3
.1
.2
.1
.3
.1
.2
1996: Jan
Feb
Mar
Apr
.4
.2
^4
.4
.1
.1
.6
.3
.3
.2
.3
.3
.4
.2
.2
.2
.7
.2
.3
.2
.2
2
'.2
.2
.5
.6
.2
.6
.7
-.9
.6
-.4
1995- Apr
May
July
Sept
Oct
1
Includes items not shown separately.
Household ftjeis—gas (piped), electricity, fuel i , etc.—and motor fiiei. Motor oil, coolant,
etc., excluded beginning 1983.
2
24
o
-.2
.3
0
.1
.7
.5
.7
1.1
3
-t
.1
.3
.1
0
.1
.3
.1
.1
3.5
2.1
2.4
33
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.2
3.5
3.5
2.4
2.1
1.6
2.6
2.1
2.4
2.8
2.8
2.5
25
2.1
2.0
3.1
3.2
3.0
2.8
2.6
2.5
2.8
2.6
2.5
2.6
3.2
4.0
3.9
2.6
2.6
3.2
3.3
2.7
2.7
2.8
2.9
3.1
3.1
3.2
PRICES RECEIVED AND PAID BY FARMERS
in May, prices received by farmers rose 3.7 percent and prices paid by farmers rose 0.9 percent. (Data are
not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE!
INDEX, "i 990-92-100 (RATIO SCALE!
80
RATIO-^
!40
RATIO-^
M40
- RATIO
120
120
100
100
60
60
LLLU I M I i
1988
i IIIIIIIIi I IIIIIhIIII
1989
I
IIIIi i
II
1992
1993
1991
1990
1995
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[1990-92 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by fanners
Period
Ail farm
products
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
.
1995- May
June
July
Get
Dee
1996- Jan
Feb
Mar
Apr'
... .
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
87
89
99
104
104
100
98
101
100
102
87
86
104
109
103
101
101
102
105
112
88
91
93
100
105
99
97
100
95
92
85
87
91
96
99
100
101
103
106
110
85
87
,92
97
99
100
101
102
106
109
86
87
90
95
99
100
101
103
106
109
103
102
108
108
105
99
'97
98
94
'92
100
100
101
102
105
104
106
108
108
106
109
108
112
117
113
114
114
115
114
117
118
122
122
128
128
132
88
90
91
92
94
92
94
96
94
93
93
93
96
109
'110
110
'110
110
'111
111
112
'113
113
114
114
115
'109
109
109
109
109
'110
'111
'112
'113
'113
114
114
114
'108
'109
109
'109
109
'110
'111
'112
'113
113
'114
114
116
92
'91
92
'93
95
'94
95
96
96
94
96
95
97
' Includes items not shown separately.
Percentage ratio of index of prices received by fanners to index of prices paid, interest,
taxes, arid wage rates.
2
Ml commodities,
services, interest,
taxes, and wage
rates1
NOTK.—The official, indexes ant published on a 1910-34 base as required l>y law. The indexes have been converted to a 1990-92=100 base U> facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In April, growth slowed in M2 and M3.
BILLIONS OF DOLLARS* (RATIO SCALE!
1 4,800
4,400
BILLIONS OF DOLLARS" (RATIO SCALE)
4,800
4,400
4,000
M3
3,600
3,200 2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
-Ml-
600
600
1989
1991
1994
1992
I I I I II I LL
1995
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1996
COUNCIL OF ECONOMIC ADVISERS
[Averages ol daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1986198719881989:
1990199119921993:
19941995:
1995-
Dee
Dec
Dec
Dee
Dec
Dec
Dec
Dee
Dec
Dec
Mar
July
Sept
Oct
Dec
1996: Jan
Feb'
Mar'
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMF balances,
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
RPs, Eurodollars, and
institutiononly MMMP
balances
724.4
749.8
786.9
794.2
825.8
897.2
1,024.4
1,128.6
1,148.7
1,124.9
1,148.7
1,151.2
1,146.2
1,144.5
1,145.4
1,143.8
1,140.2
1,131.8
1,129.0
1,124.9
'1,119.2
1,117.3
1,126.6
1,123.7
2,734.6
2,834.4
2,997.9
3,164.0
3,282.2
3,383.7
3,438.7
3,494.1
3,509.4
3,660.3
3,519.1
3,529.2
3,543.5
3,574.0
3,592.8
3,612.7
3,625.8
3,632.8
3,643.6
3,660.3
3,675.0
3,690.3
3,724.4
3,728.0
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
26
3,486.4
3,673.3
3,912.4
4,065.5
4,124.1
4,178.4
4,187.3
4,249.6
4,319.7
'4,573.7
4,369.8
4,391.8
4,420.0
4,458.4
4,486.3
4,513.8
4,534.2
4,549.1
'4,559.8
'4,573.7
4,602.3
4,640.0
4,680.8
4,685.9
L
Debt
MSplus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average of
adjacent
month-end
levels)1
4,122.4
4,328.5
4,664.2
4,894.2
4,975.8
5,004.4
5,075.8
5,164.5
5,303.7
'5,684.4
5,396.2
5,429.0
.-5 4563
'5,495.4
'5,544.7
5,580.6
5,626.8
'5,653.4
'5,659.3
'5,684.4
5,704.0
5,724.4
P 5,782.4
7,913.9
8,671.0
9,446.4
10,173.5
10,854.0
11,338.6
11,881.7
12,516.4
13,153.2
13,871.3
13,344.1
13,421.6
13,522.1
13,580.9
13,616.3
13,669.2
13,709.4
13,758.7
13,829.7
13,871.3
'13,903.2
13,966.8
P 14,047.0
Percent change from year
or 6
months earlier2
Ml
M2
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.8
-2 1
O
A
4
n
-7
n
-1.5
-3.4
-3.0
34
-4.6
-4.6
-24
-1.4
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
9.5
3.6
5.8
5.5
3.7
3.1
1.6
1.6
.4
4.3
.9
1.4
2.1
3.7
4.5
5.6
6.1
5.9
5.6
4.8
4.6
4.3
5.4
5.2
M3
9.0
5.4
6.5
3.9
1.4
1.3
.2
1.5
1.6
5.9
4.0
4.6
5.4
6.4
6.6
7.4
7.5
7.2
6.3
5.2
5.2
5.6
6.5
6.0
Debt
12.6
9.6
8.9
7.7
6.7
4.5
4.8
5.3
5.1
5.5
5.5
5.9
6.3
6.5
6.3
5.8
5.5
5.0
4.5
4.3
4.2
4.4
4.9
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Other
Currency
Period
Demand
deposits
able
deposits
(OCDs)
Money market
mutual fund
balances
Retail 1
Institution
only2
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
ination
time
deposits3
Large
denomination
time deposits 3
Overnight
and
term
repurchase
agreements
(EPs)
(net)
Overnight
and
term
Eurodollars
(net)
Savings
bonds
Shortterm
BankTreas- ers' acury
ceptsecuri- ances
ties
Commercial
paper
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
180.7
196.8
212.3
222.6
246.9
267.4
292.9
322.4
354.9
373.2
302.1
286.8
286.8
279.3
277.4
289.5
339.1
384.3
382.4
389.8
235.6
259.5
280.9
285.3
293.9
332.5
384.2
414.0
402.9
353.0
210.3
224.5
246.0
322.5
358.1
373.7
356.0
358.7
388.1
465.1
84.5
91.1
90.3
106.9
133.5
179.5
199.8
197.9
183.7
227.2
940.9
937.3
926.3
893.6
923.8
1,045.0
1,187.1
1,218.8
1,148.9
1,134.6
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.8
871.2
788.0
823.7
935.7
420.2
143.3
467.0
172.6
189.0
518.3
158.0
541.5
480.9
138.8
416.5
119.4
353.7 128.1
333.8
157.5
363.5
180.8
417.5 ••177.6
103.9
108.2
117.0
95.2
88.7
79.3
66.9
66.3
82.3
'91.2
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.5
180.3
184.8
275.8
249.5
266.8
324.0
334.2
329.1
345.9
342.8
387.3
476.9
37.1
44.5
40.2
40.7
36.1
23.9
20.9
14.9
14.2
11.9
231.3
260.6
335.4
346.5
355.3
335.2
365.0
385.6
402.4
437.1
1995- Mar
362.3
365.0
367.6
367.0
367.3
368.5
369.5
370.8
371.6
373.2
382.9
382.1
382.1
386.5
388.5
389.3
389.4
388.1
388.2
389.8
394.8
395.1
387.4
382.0
380.8
377.2
372.4
364.1
360.4
353.0
390.2
393.3
401.6
418.8
431.7
443.6
450.3
455.0
460.1
465.1
195.0
199.4
203.7
213.2
218.6
218.5
221.7
223.7
224.8
227.2
1,102.5
1,091.2
1,089.5
1,097.0
1,096.2
1,101.6
1,108.4
1,116.1
1,120.6
1,134.6
877.7
893.4
906.1
913.7
919.4
923.7
927.0
929.8
933.8
935.7
377.6
191.1
381.0
192.1
384.5
197.2
387.6
191.7
393.9
188.4
396.7
192.9
192.5
400.5
409.8 '190.0
415.5 '185.3
417.5 '177.6
87.2
90.1
91.1
91.8
92.6
93.1
93.7
92.9
'90.6
'91.2
180.7
411.1
181.2
412.0
181.7
405.5
182.4
414.7
183.0 '434.3
183.5
437.5
457.2
183.9
184.2 '466.2
184.5 '465.3
184.8
476.9
13.7
13.4
12.0
11.0
12.1
12.4
12.8
13.4
12.6
11.9
420.9
430.6
437.0
428.9
429.0
433.3
438.6
'440.5
'437.1
437.1
373.6
373.3
375.2
375.9
393.5
397.4
407.1
406.3
••343.2
337.8
335.4
332.6
468.6
474.7
487.6
488.7
230.6
243.9
248.3
245.6
1,151.8
1,164.5
1,183.0
1,193.3
935.5
933.8
927.2
922.3
'416.6 '184.4
422.4
186.2
429.7
184.1
183.4
432.5
'95.8
185.0
467.7
97.1
185.0
446.9
94.3 P 185.2 M61.6
96.4
11.7
10.2
PlO.O
437.2
442.3
M44.8
198619871988:
1989199019911992:
1993:
19941995-
July
, !
Sept
Oct
Nov
Dec
1996: Jan
Feb'
Mar-"
1
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
3
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
Nonborrowed
Nonborrowed
plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
38,950
38,866
40,410
40,508
41,780
45,547
54,367
60,519
59,364
56,364
38,123
38,089
38,694
40,242
41,455
45,355
54,243
60,437
59,156
56,106
38,426
38,572
39,938
40,262
41,478
45,356
54,244
60,437
59,156
56,106
37,580
37,820
39,362
39,585
40,116
44,569
53,212
59,456
58,196
55,086
223,571
239,784
256,920
267,723
293,332
317,502
351,244
386,877
418,723
435,008
827
777
1,716
265
326
192
124
82
209
257
38
93
130
84
76
38
18
31
100
40
303
483
1,244
20
23
1
1
0
0
0
1995- Apr
57,988
57,801
57,383
57,680
57,499
57,344
56,839
56,333
56,364
57,877
57,651
57,110
57,309
57,217
57,066
56,593
56,129
56,106
57,877
57,651
57,110
57,309
57,217
57,066
56,593
56,129
56,106
57,235
56,921
56,418
56,590
56,512
56,394
55,758
55,390
55,086
427,551
430,112
429,308
429,822
430,807
431,685
432,737
433,206
435,008
111
150
272
371
282
278
245
204
257
82
137
172
231
258
252
199
73
40
0
0
0
0
0
0
0
0
0
55,606
54,848
55,727
55,182
55,568
54,813
55,706
55,092
55,568
54,813
55,706
55,092
54,121
53,997
54,590
54,062
'435,169
'433,665
436,862
436,603
38
35
21
91
7
7
10
34
0
0
0
0
1986:
19871988:
19891990:
19911992:
199319941995:
July .
Sept
Oct
Dec
1996: Jan
Peb
Mar'
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
27
BANE CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.6 percent in April; commercial and industrial loans rose 0,8 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATiO SCAIE)
4,000
3,600
3,200
4,000
3,600
2,800
2,400
2,000
1,600
1,200
400
200
200 _
160
160
1988
1996
*SEASONAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted1
Securities in bank credit
Period
1988:
1989:
1990:
19911992:
19931994:
1995:
Dec
Dec
Dec
Dee
Dee
Dec
Dee
Dec'
Total
bank
credit
Total
securities
Loans and leases in bank credit
U.S.
CommerTotal
Other
Governcial and
and
ment
2
securities loans
industrial
leases
securities
Real estate
Total
Revolving
home
equity
Consumer Security
Other
Other
2,436.1
2,609.1
2,751.6
2,856.4
2,957.0
3,113.8
3,326.2
3,605.0
562.0
584.5
633.7
745.0
843.4
918.8
952,2
990.6
366.8
400.0
455.6
565.2
666.8
733.9
732.0
710.8
195.2
184.5
178.2
179.8
176.7
184.9
220.2
279.8
1,874.1
2,024.7
2,117.8
2,111.4
2,113.6
2,195.0
2,373.9
2,614.4
608.0
639.3
640.8
619.5
596.2
585.9
645.2
716.6
675.1
770.2
855.3
880.0
901.3
940.5
1,001.7
1,079.3
40.1
50.3
62.3
69.6
73.5
73.0
75.3
79.1
635.0
719.9
793.0
810.3
827.7
867.5
926.4
1,000.2
357.8
378.3
383.4
366.6
358.9
390.5
451.2
495.7
40.7
41.4
45.0
54.4
64.1
87.5
76.2
83.7
192.5
195.5
193.2
190.9
193.0
190.6
199.6
239.2
1995: Apr r
Mav r
June'
Julvr
Ausr r
Sept'
Oct'
Nov
Dec'
3,467.8
3,491.2
3,514.0
3,529.5
3,544.8
3,567.9
3,580.9
3.592.9
3,605.0
993.5
985.5
986.8
979.2
981.7
985.9
987.9
988.8
990.6
708.7
710.6
709.8
703.8
708.4
708,3
713.3
714.5
710.8
284.9
274.8
277.0
275.4
273.3
277.6
274.6
274.2
279.8
2,474.2
2,505.7
2,527.2
2,550.3
2,563.2
2,581.9
2,593.0
2,604,1
2,614.4
680.8
687.8
692.1
697.6
701.3
707.5
709.4
713.6
716.6
1,036.5
1,043.8
1,052,9
1,062.3
1,068.1
1,072.1
1,076.0
1,078.1
1,079.3
76.6
77.2
77.8
78.0
78.2
78.4
78.5
78.8
79.1
959.9
966.6
975.2
984.3
989.8
993.7
997.5
999.3
1,000.2
470.3
472.9
478.6
481.0
485.6
489.4
489.9
492.9
495.7
77.8
88.3
88.0
87.1
84.3
86.6
86.9
86.9
83.7
208.8
213.0
215.7
222.4
223.9
226.3
230.8
232.6
239.2
1996: Jan'
Fob'
Mar'
Am1
3,632.4
3,642.3
3,633.6
3,649.7
990.9
995.5
979.4
978.4
702.9
715.8
705.1
704.9
288.0
279.7
274.4
273.5
2,641.6
2,646.9
2,654.1
2,671.2
722.6
725.7
723.4
729.1
1,086.2
1,089.3
1,094,2
1,095.7
79.7
79.9
79.8
80.0
1,006,6
1.009.4
1,014.3
1,015.8
500.4
500.5
503.5
506.1
84.9
85.6
85.0
85.4
247.5
245.8
248.0
254.9
2
Excludes Federal funds sold to. reverse repurchase agreements (RPs) with, ami loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
28
SOURCES AND
OF
MONFABM
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Credit market funds
Period
Total
Total
Internal *
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995P
1993- I
533.6
648.5
852.2
744.5
592.8
489.3
599.9
619.4
785.7
885.2
783.1
538.8
550.7
605.0
659.7
792.3
697.2
993.6
813.3
951.5
920.2
855.9
II
III
IV
1994- I
II
Ill
IV
1995:
I
II
III
rv
343.6
374.6
408.5
397.1
409.3
422.2
438.6
480.1
521.6
538.1
453.4
465.3
495.0
506.6
513.1
521.8
521.2
530.4
517.5
526.5
561.5
547.0
190.0
273.9
443.7
347.4
183.5
67.1
161.3
139.3
264.1
347.1
329.7
73.5
55.7
98.4
146.6
270.5
176.0
463.2
295.8
425.0
358.7
308.9
Securities
and mortgages
58.9
29.1
2
-35.9
-26.6
75.9
67.1
85.7
-28.0
4.8
90.2
69.6
115.3
68.0
10.2
34.8
42 8
-114.3
-10.9
41.5
-35.4
23.8
151.3
73.2
95.5
59.0
47.0
-34.8
61.1
73.3
84.4
135.1
21.1
92.7
99.7
79.8
128.2
119.7
68.8
21.1
196.2
204.7
45.3
94.3
1
Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, and inventory valuation adjustment.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Loans and
short-term
paper
92.4
44.1
95.7
94.9
73.6
-110.7
-6.0
12 4
112.4
130.3
-69.2
23.1
-15.6
11.8
118.1
84.9
111.6
135.4
207.1
163.2
80.7
70.5
Other2
38.7
200.8
348.1
288.4
136.5
101.9
100.1
66.0
179.7
212.0
308.7
-19.2
-44.0
18.6
18.5
150.8
107.2
442.1
99.6
220.3
313.4
214.7
Increase in
financial
assets
Capita!
expenditures3
519.4
592.0
756.2
632.9
509.8
500.7
554.4
612.0
768.7
838.2
764.0
542.3
532.4
609.2
660.7
729.2
702.1
982.9
735.6
928.0
885.4
804.0
347.3
357.4
373.3
399.4
394.5
370.9
386.9
430.6
485.0
551.5
417.6
427.9
433.8
443.0
443.9
476.9
490.6
528.6
555.0
538.6
579.2
533.4
Discrepancy
(sources
less
uses)
172.1
234.6
382.9
233.5
115.3
129.8
167.5
181.4
283.7
286.7
346.4
114.4
98.6
166.2
216.8
252.3
211.5
454.3
180.6
389.4
306.2
270.6
14.3
56.6
96.0
111.6
83.1
-11.4
45.6
7.4
17.0
47.0
19.1
-3.5
18.4
-4.2
n
63.2
-4.9
10.7
77.8
23.5
34.9
51.9
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. GovernmentSource: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Billions of dollars; seasonally adjusted]
Net change in installment credit outstanding1
Installment credit outstanding (end of period)
Period
Total
19861987:
19881989199019911992:
199319941995:
1995-
Dec
Dec 3
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
May
June
July
Aug
Sept
Get
Dec
1996 Jan
Feb 7
Mar/
572.0
608.7
662.6
717.2
734.9
728:4
730.8
790.4
902.9
1,024.8
933.0
946.3
959.1
970.6
979.4
989.7
993.8
1,005.2
1,015.0
1,024.8
1,035.6
1,047.8
1,054.2
Automobile
Revolving
247.8
266.3
285.4
291.5
283.1
259.6
257.4
280.6
317.2
353.3
323.3
326.2
328.0
330.7
337.1
339.8
341.2
344.7
349.1
353.3
356.2
360.0
360.0
1
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
135.8
153.1
174.3
199.2
223.5
245.3
258.1
286.6
334.5
395.2
351.5
358.7
366.1
372.3
375.3
379.7
382.1
387.2
390.1
395.2
400.8
406.1
410.9
Other
2
188.4
189.3
202.9
226.5
228.3
223.5
215.3
223.2
251.1
276.2
258.2
261.4
265.0
267.5
267.0
270.3
270.6
273.3
275.8
276.2
278.6
281.7
283.2
Total
54.3
36.7
53.9
(4)
17.7
-6.5
2.4
59.6
112.5
121.9
14.1
13.3
12.8
11.5
8.8
10.3
4.1
11.4
9.8
9.8
10.8
12.2
6.4
Automobile
37.6
18.5
19.1
(4)
84
-23.5
-2.2
23.2
36.6
36.1
2.3
2.9
1.8
2.7
6.4
2.7
1.4
3.5
4.4
4.2
2.9
3.8
.0
Revolving
14.0
17.3
21.2
(4)
24.3
21.8
12.8
28.5
47.9
60.7
6.4
7.2
7.4
6.2
3.0
4.4
2.4
5.1
2.9
5.1
5.6
5.3
4.8
Other2
2.7
.9
13.6
4
( )
1.8
48
-8.2
7.9
27.9
25.1
5.4
3.2
3.6
2.5
r
3,3
.3
2.7
2.5
.4
2.4
3.1
1.5
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
JLWD
lRter@sf rotas rose in May.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
!2
10
CORPORATE Aaa BONDS
{MOODY'S}
S*~\.s'~'\
/•-.
V
"^~
X.
8
\
X
--^
/ r~
6
n
J
/
\
TREASURY
BILLS
\
4
/
>f"r
\
/
---...^
J
'••
/r1
-r\ .-
DISC:OUNT
RATE
2
X
RESERVE
BANK OF
NEW YORK
0
1 1 11 1 i M 1 M
1 1 1 1 1
1 1 1 I 1
1989
1988
i ! I i r1 i i i M 1
1 1 t 1 1 1 1 M
1990
1
1 1 M
1
Mill
1 1 M 1
1992
1991
Mill
M M M M 1 M
1 1!11 i 1 1111
1994
1995
1993
5OUSCE; 5E£ TAU£ SHOW
M
1 1 1 1 1 1 II
^
1996
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) *
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- May
July
Auff
Sept
Get
Nov
Dec
1996- Jan
Feb
Mar
Apr
May
Week ended:
1996- May 4
11
18
25
. ..
....
1
Constant maturities2
3-year
10-year
High-grade
municipal
bonds
(Standard
& Poor's) 3
30
Prime
commercial
paper,
6 months l
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged by
banks4
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.70
5.50
5.47
5.41
5.26
5.30
5.35
5.16
5.02
4.87
4.96
4.99
5.02
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
6.27
5.80
5.89
6.10
5.89
5.77
5.57
5.39
5.20
5.14
5.79
6.11
6.27
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
6.63
6.17
6.28
6.49
6.20
6.04
5.93
5.71
5.65
5.81
6,27
6.51
6.74
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.90
5.83
5.98
6.07
5.88
5.77
5.61
5.42
5.42
5.45
5.82
5.93
5.98
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
7.65
7.30
7.41
7.57
7.32
7.12
7.02
6.82
6.81
6.99
7.35
7.50
7.62
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
6.07
5.79
5.68
5.75
5.66
5.71
5.59
5.43
5.23
4.99
5.26
5.38
5.42
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
9.00-9.00
9 00 9 00
9.00-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.25
8.25-8.25
8.25-8.25
8.25-8.25
5.00
5.02
5.02
5.03
5.03
6.24
6.33
6.21
6.20
6.34
6.74
6.82
6.68
6.65
6.77
6.00
6.14
5.95
5.87
5.93
7.65
7.72
7.57
7.53
7.61
5.41
5.44
5.40
5.40
5.41
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
New-home
mortgage
yields
(FHFB) 5
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.99
7.73
7.78
7.75
7.69
7.58
7.46
7.40
7.32
7.20
7.49
7.76
^ 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, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in May.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
INDEX, DEC. 31,1965=50 (RATIO SCALE}
380
360
340
320
300
280
260
JHU
s^
\^.~^~^~~^
,.
220
/~^
^y
240
220
/
>
1
\
- COMPOSITE STOCK PRICE INDEX
(NYSE)
/
200
160
/I
/
240
180
360
340
320
300
280
260
r~^
J
200
180
^\
V1
160
l/^^
140
120
1 M 1I
140
Mill
M IM
I 1 1 1 1 IM M 1
HIM
1989
1988
M i l l
I I I ! !
1991
1990
i iiii 1 M 11
1992
M i l l
1 M M
! i 1 11
1 M M I
1 I 1 ! 1
1993
1994
1 I 1 ! 1
1 M M
120
1996
1995
PER :ENT
20
PERCE NT
20
15
15
EARNINGS-F RICE RATIO ON COMMON STOCKS
(S&P)
10
-s.
"
-~^~~~~
5
i
0
i
1
1
I
i
/
"--->~^
1989
1988
rTT~
^1
i
i
1991
I I
1990
10
|
•
1
1992
1993
I
I I
1994
5
1
..
!
1995
Common stock prices '
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1995- May
July
Sept .
Oct
Nov
Dec
1996- Jan
Peb
Mar
May
Week ended:
1996: May 4
11
18
25
Common stock6yields
(percent)
New York Stock Exchange indexes a(Dec. 31, 1965
except as noted)
Composite
.
Industrial
0
i i
1996
COUNCIl Of ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD 4 POOR'S CORPORATION
Period
i
Transportation
Utility
3
Finance
Dow-Jones
industrial
average4
Standard &
Poor's composite index
(194143=10) r >
Dividendprice ratio
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
281.81
289.52
298.18
300.05
310.41
311.78
317.58
327.90
329.22
346.46
346.73
347.50
354.84
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
357.01
366.75
379.13
379.79
390.42
389.63
398.66
412.11
412.71
435.92
439.56
441.99
452.63
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
254.69
256.80
279.15
285.63
295.54
291.16
300.06
303.53
300.30
315.29
324.76
326.42
334.66
142.72
148.59
143.53
174.87
181.20
185,32
198.91
228.90
209.06
220.30
211.58
216.27
219.18
221.99
229.64
236.43
238.98
247.59
254.07
257.80
245.77
244.87
249.73
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
228.55
236.26
240.50
245.27
260.72
265.12
266.12
273.36
273.73
290.97
290.45
287.92
290.43
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
4,391.57
4,510.76
4,684.76
4,639.27
4,746.76
4,760.46
4,935.81
5,136.10
5,179.37
5,518.73
5,612.24
5,579.86
5,616.71
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
523.81
539.35
557.37
559.11
578.77
582.92
595.53
614.57
614.42
649.54
647.07
647.17
661.23
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.60
2.55
2.50
2.49
2.42
2.41
2.37
2.30
349.12
346.14
356.54
362.40
359.51
444.84
440.81
454.48
462.86
459.32
332.81
328.45
337.14
339.35
335.22
246.60
246.21
251.50
253.19
250.91
286.07
283.00
292.15
296.71
294.26
5,538.80
5,470.52
5,631.06
5,757.61
5,680.02
649.58
644.27
665.26
675.77
670.25
2.21
2.26
2.20
2.17
2.22
2.31
2.22
2.22
2.24
2.21
Earningspriee ratio
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
6.09
6.32
'6.02
••'sib'i
5.27
6
'Average of daily dosing prices.
Standard & Poor's series. Dividend-price ratios based on Wednesday Hosing prices. EarnIncludes all the stocks (more than 2,000 in 1992) listw on the NYSE.
ings-price ratios based on prices at end of quarter.
"Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
„.
....
, ,.
'
index to facilitate trading of options a™ futon* on the index. All indexes shown here
reflect
NOTE.— All data relate to stocks listed on the New York Stuck hxchange (NYSh).
tlie doubling.
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
2
31
FEDERAL FINANCE
FEDERAL RECEIPTS. OUTLAYS, AND DEBT
In the first 7 months of fiscal 1996, there was a deficit of $55.8 billion, compared with a deficit of $96.9 billion
a year earlier.
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS J
1,500
BILLIONS OF DOUARS
1,600
1,500
1,400
1,400
OUTLAYSJ/-
1,300
1,300
1,200
1,200
1,100
1,100
1,000
1,000
\
RECEIPTS-"'
900
900
800
800
700
700
600
600
SURPLUS OR DEFICIT (
)^
-100
-100
'— -— —
"---^
-200
^^
-200
—-^-"^
-300
-300
-400
A
1
' 1987
1
1988
1
1989
1
1990
1
1991
1
1992
1
1993
1
1994
SOURCES: DtPARTMENI Of THE TREASURY AM) OFFICE Cf MANAGEMENT AND tUDOET
1
K -400
N
1995
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars)
Total
Fiscal year or period
Receipts
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996 (estimates) ....
Cumulative total, first 7
months: 1
Fiscal year 1995
Fiscal year 1996
1
Outlays
On-budget
Surplus
or
deficit
(-)
Receipts
or
deficit
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,519.1
1,572.4
-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
-221.2
-269.4
-290.4
-255.1
-203.1
-163.9
-145.6
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
1,004.1
1,059.3
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.5
1,081.9
1,128.5
1,142.1
1,181.5
1,230.5
1,270.3
779.8
848.5
876.7
904.4
-96.9
-55.8
574.9
635.2
712.1
732.9
Gross Federal debt
(end of period)
Surplus
Receipts
Outlays
or
deficit
Total
Held by
the public
(-)
(-)
Data from Monthly Treasury Statement.
32
Outlays
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,355.2
1,426.8
NOTE.—Data (except as noted) are from Budget oflht United Staffs
997, issued March 39, 1996.
Off-budget
Surplus
-211.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
302.1
39
-4.3
-2.0
1i
-5.0
79
2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
65.3
706.4
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
4,921.0
5,207.3
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
3,432.1
3,603.4
3,768.7
- 137.2
-97.8
204.9
213.4
164.6
171.4
40.3
42.0
4,799.2
5,059.3
3,530.2
3,681.7
-49.8
-54.9
-38.7
-72.7
-74.0
-120.1
- 208.0
-185.7
-221.7
2380
-169.3
-194.0
-205.2
-277.8
-321.6
-340.5
3005
258 8
99 g 3
Sources; Department of the Treasury and Office of Management and Budget.
Govfrnment, Fiscal Year
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 7 months of fiscal 1996, receipts were $68.7 billion higher than a year earlier and outlays were $27.7
billion higher.
BlWOf -IS OF DOLLARS
700
RECEIPTS -"
600
BILLIONS OF CKDLLARS
700
INDIVIDUAL INCOME TAXES
600
•"• "
500
500
r~"
\
400
rnppnpATinN
INCOME TAXES
300
400
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
300
200
200
100
100
1
0
1
1
1
1
1
i OTHERRECEIPTS
,
0
1,400
1,400
OUTLAYS ^
1,300
__
1,300
____—
1,200
1,200
1,100
1,100
^.3-
1,000
1,000
^^^~
900
900
-*"
800
800
700
700
600
600
500
500
400
400
300
200 /I
300
1
* 1987
1
1988
1
1989
1
1
1990
1991
-I' INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND CfKJE OF MANAGEMENT AND BUDGET
1
1992
1
1
1993
1
1994
1995
K 200
1996 ^
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget receipts
Fiscal year or period
Total
1977
1978
1979
1980
1981 .
1982
1983
1984
.
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996 (estimates)
Cumulative total, first 7 months:1
Fiscal year 1995
Fiscal year 1996
Social
insurCorIndiance
vidual poration
income income taxes
and
taxes taxes contributions
On-budget and off-budget outlays
National defense
Other
Total
Department of
Defense,
military
InternationHealth
al
affairs
Medicare
Income
security
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,355.2
1,426.8
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
630.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
167.1
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
507.5
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
112.8
123.5
121.3
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.5
1,323.6
1,380.9
1,408.7
1,460.8
1,519.1
1,572.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.6
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.4
254.3
16.2 33.5 65.8 128.2
14.2
70.2 119.8
35.9
40.0
11.6
75.1 123.3
10.5 44.5 78.9 129.3
9.6 48.4 85.0 136.0
98.1 147.0
13.8 57.7
15.9 71.2 104.5 170.3
16.1 89.5 119.0 196.9
17.2
99.4 130.6 207.3
17.1 107.1 144.7 214.0
16.4 115.4 159.9 220.4
14.8 121.2 177.6 228.3
80.1 278.7
89.1 291.6
69.8
66.7
876.7
904.4
154.4
152.1
146.9
144.7
10.5
9.2
779.8 351.1
848.5 401.1
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1997, issued March 19, 1996.
Total
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
65.8
67.5
Social
security
Net
interest
19.3 61.0 85.1 29.9
61.5 93.9 35.5
22.8
66.4 104.1 42.6
26.5
32.1 86.5 118.5
52.5
39.1 99.7 139.6 68.8
46.6 107.7 156.0 85.0
52.6 122.6 170.7 89.8
57.5 112.7 178.2 111.1
Other
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
131.8
142.1
125.9
139.4
158.8
203.7
225.0
173.9
159.7
173.7
166.9
172.9
88.5 131.1 191.7 133.5
99.0 140.6 200.2 140.8
101.2
95.1
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
350.9
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1996, according to preliminary estimates, Federal current expenditures rose $27.7 billion (annual
rate); receipts rose $27.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,800
1,800
SEASONAHY ADJUSTED ANNUM. RATES
.
*• — •**
1,600
1,600
-
^-
-'"'
s *"
'
1,400
1,400
S
CURRENT EXPENDITURES
\
_,
s-
1,200
'
1,000
-
.--,-"''
800
-~
-^
1,200
^
^
-
s-—'
^ — •*
r^
-
— •** ^ /
s~~
—'
1,000
-
RECEIPTS
800
^—'^
-
600
600
-
-
-
-
400
200
200
i
-
-200
^v. —•—_--'
!
400
1
1
1982
1
i
'-——^
!
1983
!
! 1
1984
•\~~~
111
-
CURRENTS URPtUS OR DEFICIT ( - 1
0
—-—s- ^
-\.
—~>v
'
,
%
-200
^~^
1
1985
1 1
1986
!
!
1
1987
!
!
1
1988
i
!
1
1989
at kiENDARYE
!
i
1
1990
1
1
1
1991
—»-\ 1 \
1
1992
1993
1
!
i i i
1
1994
1995
1
!
!
1
-400
1
1996
ARS
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
{Billions of dollars; quarterly data at seasonally adjusted annual rates)
Federal Government receipts
Federal Government current expenditures
Contributions
for
social
insurance
Persona!
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
1,079.3
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,478.4
463.4
485.7
476.9
490.8
523.6
561.4
614.9
117.1
118.0
109.8
118.6
137.5
164.4
184.3
61.7
65.1
79.7
81.9
88.2
92.6
91.2
437.1 '
461.1
482.6
507.1
526.0
558.6
588.0
1992- IV
1,135.2
1,160.9
1,230.5
484.9
479.0
510.0
117.4
111.1
123.7
67.4
82.8
86.5
1993: 1
II
III
W
1,225.2
1,271.3
1,280.3
1,324.4
501.0
521.0
529.1
543.4
127.5
136.5
133.7
152.2
1994: I
II
III
IV
1,321.9
1,382.8
1,387.1
1,416.3
539.3
571.3
560.4
574.5
1995: I
II
Ill
IV
1,449.3
1,483.2
1,486.6
1,494.7
1996- I'
1,521.8
Period
Total
Calendar year:
1989 .
1990
1991
1992
1993
1994
1995
1990: IV
1991: W
Consumption
expenditures
Transfer
payments
1,192.7
1.284.5
1,345.0
1,479.4
1,530.0
1,566.9
1,641.0
405.2
426.6
445.9
451.0
451.4
450.6
454.0
471.7
513.3
522.2
625.1
658.7
682.6
720.4
118.2
132.4
153.4
172.2
185.7
195.9
206.1
166.7
179.9
192.7
195.8
192.3
201.4
229.3
30.8
32.4
30.8
35.1
41.8
36.4
31.3
465.6
488.1
510.3
1,313.0
1,399.8
1,509.5
437.7
440.5
457.7
526.1
565.8
643.3
137.1
162.7
176.3
177.8
200.0
191.8
34.4
30.9
40.3
84.3
87.5
87.2
93.7
512.4
526.2
530.3
535.1
1,508.9
1,520.5
1,533.8
1,556.8
450.8
447.9
453.0
453.8
645.6
654.3
660.4
674.6
177.3
181.5
187.2
197.0
190.4
193.2
192.7
192.9
144.3
162.2
171.3
180.0
92.8
91.3
93.3
93.2
545.5
558.1
562.1
568.6
1.534.7
1,552.7
1,573.5
1,606.8
446.7
445.1
455.5
455.3
671.2
676.6
681.5
701.2
192.2
197.5
196.9
196.9
594.6
624.4
617.3
623.3
183.1
180.7
189.1
184.3
91.7
93.5
88.4
91.3
579.9
584.6
591.8
595.9
1,622.6
1,643.8
1,648.1
1.649.7
454.8
456.1
453.5
451.4
708.6
715.2
727.0
731.0
639.3
196.1
84.4
602.0
1,677.4
457.2
756.3
Source: Department of Commerce, Bureau of Economic Analyst
34
Grantsin-aid
to
Net
State interest
and
paid
local
governments
Subsidies less
current
surplus
of
Government
enterprises
Total
Less;
Wage
accruals less
disbursements
0.0
.1
1
.0
.0
.0
,0
2
Current
surplus
or
deficit
(-),
national
income
and
product
accounts
- 113.4
-154.7
-196.0
-280.9
-254.7
-189.9
- 162.6
!o
.0
-177.7
-238.8
-279.0
44.7
43.6
40.5
38.6
.0
.0
.0
.0
- 283.7
-249.2
- 253.5
-232.4
188.2
198.2
204.4
214.9
36.5
35.3
35.2
38.5
.0
.0
.0
.0
-212.9
-189.9
- 186.3
-190.4
205.8
211.3
203.8
203.3
221.2
229.2
232.7
234.1
32.3
32-0
31.1
29.9
.0
.0
0
.0
-173.3
-160,5
-161,6
-154.9
204.0
230.8
29.1
.0
- ir.5,7
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOB
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987=100; seasonally adjusted)
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
United
States
. ..
1995'"
1995- Mar
July
Sept
Oct
Nov
Dec
France
Italy
United
States'
Canada
Japan
Germany
Prance
'107.5
'103.4
'107.3
'109.0
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
111.0
116.8
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.7
110.0
112.7
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
119.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
104.7
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
'110.2
'108.7
'109.6
'110.0
'110.1
'110.1
'108.1
'107.2
'107.5
'108.5
110.7
111.2
112.2
110.9
112.7
109.6
110.2
108.0
108.9
109.6
116.4
'113.6
'113.7
'113.3
118.1
117.0
116.4
115.4
112.8
116.5
113.4
115.0
116.6
117.7
122.0
113.0
112.4
112.6
112.2
112.9
113.0
113.7
112.6
113.0
113.4
151.4
151.9
152.2
152.5
152.5
152.9
153.2
153.7
153.6
153.5
150.8
151.2
151.6
151.6
151.9
151.8
151.8
151.8
152.0
151.8
118.8
119.3
119.6
119.5
118.7
118.9
119.7
119.4
118.9
119.0
147.9
148.0
148.3
148.3
148.0
148.7
149.2
149.3
149.5
149.6
130.3
130.5
130.7
131.1
131.5
131.2
131.1
131.0
131.0
131.4
'114.6
'114.1
117.7
121.0
'112.8
'113.6
110.4
108.8
109.9
'116.4
113.7
108.7
109.1
110.9
114.5
117.3
113.3
113.7
154.4
154.9
155.7
156.3
152.2
152.4
153.0
153.4
118.9
118.7
118.9
149.9
150.4
151.3
151.5
131.5
132.2
132.2
132.4
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
112.3
115.8
121.9
121.4
121.3
121.4
121.5
122.7
122.8
122.2
122.6
122.8
113.7
-•123.9
'123.4
United
Kingdom
99.6
100.0
103.9
108.8
114.5
118.7
116.3
107.4
110.7
110.5
95.4
100.0
105.3
105.2
101.7
97.4
98.5
102.9
109.6
113.8
r
l!3.7
114.1
113.1
113.7
114.0
114.1
124.5
1
Japan
95.3
100.0
104.4
106.0
106.0
104.2
107.7
111.5
118.1
121.9
122.5
1996- Jan
Feb
Mar
Canada
Germany
'98.8
100.0
104.6
'108.5
'110.1
' 108.7
'117.4
'115.9
'116.3
'117.1
'124.1
118.7
'118.1
'118.0
117.9
United
Kingdom
Italy
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
175.2
204.0
201.2
173.3
175.1
175.8
176.0
175.2
176.1
176.9
176.0
176.0
177.1
202.2
203.5
204.6
204.7
205.4
206.0
207.1
208.3
208.7
176.5
177.3
178.0
179.3
209.0
209.6
210.2
211.4
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
Data relate to all urban consumers.
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
Census basis (by end-use category) l
Balance of trade
(expo minus imp
Services
(BOP basis)
t
Census basis (by end-use eategoiy)
RAP h
'
basis
AutomoCaptive
ital
Poods, trial
Total, feeds, sup- goods vehicles,
except
Census and
plies
bevauto- parts
basis2
and
and
erages mate- moentive
rials
gines
Consumer
goods
(nonfood)
except
automotive
57.3
75.8
86.2
66.7
85.1 109.2
99.3 138.8
104.4 152.7
109.7 166.7
109.1 175.9
111.8 181.7
121.4 205.2
146.1 233.0
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
60.6
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.5
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.5
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
180.8
71.8
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
221.6
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
124.5
In-
Period
BOP
basis
BOP
basis
Total,
Census
basis2
Auto- ConInmo- sumer
Captive goods
ital
Poods trial
feeds, sup- goods vehi- (noncles,
food)
except
and
plies
bevauto- parts except
and
autoand
erages mate^ moenmotive
rials
gines
tive
Goods,
Census
basis
Exports
Imports
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
160.0
86.5
98.5
111.1
127.4
147.8
164.3
178.6
187.8
198.7
208.8
81.0
91.7
99.5
103.5
118.8
119.6
122.0
130.0
138.8
145.8
-138.3
-152.1
-118.5
-109.4
-101.7
-66.7
-84.5
-115.6
- 150.6
-159.7
-145.1
-159.6
- 127.0
-115.2
- 109.0
-74.1
-96.1
- 132.6
-166.1
-174.6
5.5
6.9
11.6
23.9
29.0
44.7
56.6
57.8
59.9
63.1
-139.6
- 152.7
-115.3
-91.4
-80.0
-29.4
-39.5
-74.8
-106.2
-111.5
Goods
Services
Goods
and
services
223.3
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
574.9
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
583.9
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
50.5
1995: Mar
Apr ....
May ....
June ....
July ....
Aug ....
Sept ....
Oct
Nov ....
Dee
47.9
47.1
48.2
47.3
46.3
49.0
49.7
48.9
49.5
50.4
48.7
47.8
49.0
48.2
47.0
49.8
50.4
49.7
50.3
51.2
4.1
4.1
4.0
3.9
4.1
4.5
4.8
4.3
4.4
4.5
12.6
12.3
12.4
12.6
11.8
12.1
12.4
12.6
11.8
12.2
19.2
18.8
19.4
19.5
19.0
20.0
19.7
20.3
20.8
21.2
5.1
5.0
5.1
4.5
4.4
5.2
5.6
4.7
4.9
5.3
5.3
5.3
5.5
5.4
5.2
5.5
5.5
5.5
5.4
5.5
62.4
63.4
64.2
63.8
62.5
62.5
63.4
62.6
61.6
62.7
61.5
62.5
63.0
62.8
62.3
62.2
63.2
62.2
61.3
62.5
2.9
2.7
2.7
2.7
2.7
2.8
2.8
2.8
2.7
2.7
15.3
15.5
15.8
15.6
15.3
14.9
15.3
14.7
14.8
14.8
17.5
18.0
18.1
18.7
18.9
18.9
19.3
19.7
19.3
19.4
10.6
11.0
10.7
10.3
10.0
10.4
10.4
9.5
9.5
10.3
13.3
13.6
13.7
13.4
13.4
13.4
13.4
13.3
12.9
13.1
17.4
17.2
17.2
17.3
17.4
17.5
17.9
17.7
17.9
17.7
12.1
12.1
12.1
12.2
12.2
12.3
12.2
12.2
12.6
12.4
-12.8
-14.7
-14.0
-14.7
-15.2
-12.5
-12.8
-12.5
-11.0
-11.3
-14.5
-16.3
-15.9
-16.4
-16.2
-13.5
-13.7
-13.7
-12.1
-12.3
5.3
5.1
5.1
5.1
5.2
5.2
5.6
5.5
5.3
5.3
-9.2
-11.2
-10.8
-11.4
-11.0
-8.3
-8.1
-8.2
-6.8
-7.0
1996: Jan
Peb' ...
Mar ....
49.0
51.0
49.9
49.7
51.8
50.9
4.7
4.4
4.7
11.9
12.3
12.3
20.0
21.2
20.9
5.4
5.5
4.8
5.5
5.8
5.6
64.1
63.6
64.7
63.8
63.2
63.5
2.8
2.8
3.0
15.6
14.7
15.3
19.2
19.1
19.3
10.8
10.8
10.0
13.5
13.8
13.7
17.8
18.4
18.9
12.6
12.8
13.0
-14.1
-11.4
-12.6
-15.1
-12.6
-14.8
5.2
5.6
5.9
-9.9
-7.0
-8.9
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1
2
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.
Source; Department of Commerce {Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1995, the merchandise trade deficit f@ii to $33.0 billion, from $43.3 billion in the third
quarter. The current account deficit fell to $31.1 bitiion, from $40.3 billion In the third quarter.
BILUONSOFDOUARS'
BILUONS OF DOLIARS «
* SEASONAUY ADJUSTS)
SOURCE: DEWRTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (-)]
Merchandise1
Period
1986
1987
1988
1989
1990
1991
1999
1993
1994
1995''
1993: I
II
HI
IV
1994: I
11
Ill
IV
1995:
I
II
Ill
rvc
Exports
Imports
Net
balance
223,344
250,208
320,230
362,120
389,307
416,913
440,352
456,823
502,485
574,879
111,862
114,131
111,576
119,254
118,445
122,730
127,384
133,926
138,325
142,667
145,050
148,837
-368,425
-409,765
-447,189
- 477,365
-498,337
-490,981
- 536,458
- 589,441
-668,584
— 749,348
- 140,821
-147,718
-148,181
- 152,721
- 154,935
- 164,224
-172,011
-177,414
-182,784
-191,321
- 188,376
-186,867
- 145,081
- 159,557
— 126,959
-115,245
- 109,030
- 74,068
— 96,106
- 132,618
- 166,099
174469
- 28,959
-33,587
- 36,605
- 33,467
- 36,490
- 41,494
-44,627
-43,488
-44,459
- 48,654
- 43,326
-38,030
1
Investment income
Services
Net
military
transactions23
Net
travel
Other
and
trans- services,
net
portation
receipts
-5,181 - 8,484
-3,844 -7,613
— 6,320 — 2,591
4,043
6 749
8,002
- 7,599
- 5,274 17,032
9
20,484
2 14
448 19.885
2,148 19,330
2,810 18,658
5,302
401
5,389
90
5,062
283
4,131
-326
4,642
-31
4,647
376
4,792
1,124
5,247
679
5,017
542
4,347
587
4,480
889
4,812
792
19,194
18,319
20.546
26,558
28,633
32,907
38,284
37,444
38,410
41,584
9,683
9,315
9,272
9,172
8,863
9,548
9,904
10,095
9,996
10,379
10,650
10,557
Adjusted from Census data for differences :n timing and coverage; excludes military.
2
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
36
Balance
on
geods
and
services
Receipts
on U.S.
assets
abroad
- 139,551
- 152.696
— 115,324
— 91,392
-79.994
- 29,404
— 39,480
- 74,841
-106,212
-111,418
- 13,573
-18,793
-21,988
-20,490
91,976
100,767
129,070
152,517
160,300
137,003
118,425
119,248
137,619
181,301
28,950
29,958
29,931
30,412
-23,016
- 26,923
-28,807
-27,467
-28,904
-33,341
-27,307
-21,869
30,942
32,338
36,031
38,307
3
4
43,185
45,401
44,450
48,264
Payments
on foreign
assets in
U.S.
Net
12,881
- 79,095
9,465
-91,302
— 115,806
13,264
13,659
— 138,858
20,725
- 139,574
15,111
-121,892
— 108,346
10,079
9,000
-110,248
- 146,891 -9,272
— 192,703 — 11,402
3,711
-25,239
2,065
-27,893
-26,741
3,190
36
-30,376
116
-30,826
-2,285
-34,623
-38,564
-2,533
-4,571
-42,878
-45,215 - 2,030
- 2,684
-48,085
-5,163
-49,613
-1,527
-49,791
Balance
oh goods,
services,
and
income
Unilateral
transfers,
net 4
on
current
account
-126,670
- 143,231
— 102,060
— 77,733
-59,268
- 14,293
— 29,402
-65,841
-115,484
— 122,820
- 9,862
-16,728
-18,798
-20,454
-22,900
-29,208
-31,340
-32,038
-30,934
- 36,025
-32,470
-23,396
-24,189
-23,107
— 25,023
-26.106
- 33,393
6,869
- 32,148
- 34,084
-35,761
- 30,095
-7,521
- 7,609
- 8.234
- 10,722
-7,371
-8,778
-8,374
-11,239
- 7,520
-7,117
-7,780
-7.677
— 150,859
-166,338
- 127,083
— 103,839
-92,661
- 7,424
— 61,549
- 99,925
-151,245
— 152,915
Quarterly data are not seasonally adjusted.
Includes transfere of goods and services under U.S. military grant programs.
See p. 37 for coniinuation of table.
-17,383
-24,337
- 27,032
-31,176
-30,271
-37,986
-39.714
- 43,277
-38,454
-43,142
-40,250
-31,073
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $4.4 billion in the fourth quarter
of 1995, in contrast to a decrease of $14.6 billion in the third quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $29.8 billion in the fourth quarter, in contrast to a decrease
of $21.6 billion in the third quarter.
BUUONSOF DOUARS*
BILUONS OF DOUARS •
120
-100
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC AOVISER5
[Millions of dollars; quarterly data seasonally atjjusted, except as noted ]
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S. assets abroad, net
[inerease/eapit.
)]
Period
Total
1986
1987
1988 . .
1989
1990
1991
1992
1993
1994 .. .
1995P
1993:
I
II
Ill
IV
1994: I
II
Ill
IV
1995: I
II
Ill
T\'P
U.S.
official
reserve
assets35
- 106,753
312
-72,617
9,149
- 100,087 -3,912
-168,744 -25,293
-74,011 -2,158
-57,881
5,763
-65,875
3.901
-184,589 -1,379
-125,851
5,346
-280,096 -9,742
-19,729
-983
-40,933
822
-46,270
-545
-77,657
-673
-36,783
-59
-5,973
3,537
-27,940
-165
-55,156
2,033
-75,455 -5,318
-100,355 -2,722
-27,517 -1,893
-76,769
191
Other U.S.
Government
assets
-2,022
1,006
2,967
1,259
2,307
2,911
1 661
-330
-322
326
467
-281
-197
-318
401
491
-283
-931
-152
-180
246
-240
U.S.
private
assets
- 105,044
-82,771
-99.141
-144,710
-74,160
-66.555
-68,115
- 182,880
- 130,875
-270,028
-19,213
-41,474
-45,529
-76,666
37 125
-10,001
-27,492
-56,258
-69,985
-97,453
25 870
76 720
Total
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
291,365
426,325
19.867
51.277
77,928
99,458
80,390
46,526
79,736
84,715
94,841
124,332
116,544
90,609
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets3
Other
foreign
assets
35,648
45,387
39,758
8,503
33,910
17,389
40,466
72,146
39,409
110,483
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
22,308
37,836
39,346
10,993
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176.383
251,956
315,842
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
72,533
86,496
77,198
79,616
Statistical discrepancy
Allocations
of special
Of which:
Total (sum
drawing
Seasonal
of the items
rights
with sign
adjustment
(SDKs)
reversed)
discrepancy
31,501
-4,028
-13,095
54,094
44,480
-28,936
-26,399
35,985
- 14,269
6,685
17,245
13,993
-4,626
9,375
-13,336
-2,567
- 12,082
13,718
19,068
19,165
-48,777
17,233
5,367
154
-6,353
834
5,274
587
-6,641
782
6,162
317
-7,076
600
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
48,511
45,798
47,802
74,609
83,316
77,721
71.323
73^442
74,335
85,832
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
86,761
90.063
87,152
85,832
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Pagc
TOTAL OUTPUT. INCOME, AND SPENDING
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Quantity and Price Indexes for GDP and Percent Changes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment and Plans
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT. UNEMPLOYMENT. AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
~
.,.„.....
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
nn
38
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, B.C. 20402. Price $3.00 (single copy) ($3.75 foreign).
Subscription price: $33.00 per year: $41.25 for foreign mailing.
U.S. GOVERNMENT PRINTING OFFICE : 1996 24H939
@FedFRASER