Full text of Economic Indicators : May 1997
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105th Congress, 1st Session
Economic Indicators
MAY
mrmmm, fa
(Includes data available as of June 4, 1997)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1997
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
JIM SAXTON, New Jersey, Chairman
CONNIE MACK, Florida, Vice Chairman
HOUSE OF REPRESENTATIVES
DONALD A. MANZULLO (Illinois)
MARK SANFORD (South Carolina)
MAC THORNBERRY (Texas)
JOHN T. DOOLITTLE (California)
JIM McCRERY (Louisiana)
FORTNEY PETE STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
ROBERT F. BENNETT (Utah)
ROD GRAMS (Minnesota)
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
CHRISTOPHER FRENZE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JANET L. YELLEN, Chair
ALICIA H. MUNNELL, Member
JEFFREY A. FRANKEL, Member
[PUBLIC LAW 120—SlST 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 Vnited States of America in Congress assembled, That the
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at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
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libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949Chans prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
from:
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ISBN 0-16-055088-2
11
TOTAL
AND
GROSS DOMESTIC PRODUCT
In the first quarter of 1997, according to revised estimates, current-dollar gross domestic product (GDP) rose 8.1
percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 5.8 percent, and the implicit pric© deflator
rose 2.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE|
BILLIONS OF DOLLARS (RATIO SCALE)
8,000
SEASCNAilY ADJUSTED ANNUAIRATK
8,000
/
.
7,600
7,600
/
7,200
7,200
/-
'
—• **
6,800
• —
^--^
GDP
IN CHAINED (1992) DOLLARS
6,400
6,000
_,
^"
6,800
>-r- -, _ _ _ r^~
^<
6,400
6,000
-/"
X~ '
5,600
5,600
,-~~ "
x
5,200
—'
/\
/ GDP
/IN CURRENT DOLLARS
X
X
4,800
5,200
X
--._
x
/*
4,400
4,000
/
3,600
s
4,800
X
4,400
/
4,000
3,600
/
3,200
^
1 i 1
3,200
I
1
I
1982 1 1983 |
1
!
1
1984
I
!
1985
\ 1 1
1986
1
!
1987
1
i I
1988
1 I 1
1989
I i i
1
1990
1991
1
1
i i
1992
1993
!
i_
1 I l
1994
SOURCE: DEPARTMENT OF COMMERCE
\ \ I
1
1995
1996
i
1
\ i i
1997
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1988
1989
,
1990
1991
1992
1993
1994
1995
1996
1993- I
H
m
IV
1994- I
TJ
III
IV
1995- I
II
1996-
in
rv
I
n
Ill
IV
1997- I'
1
Exports and imports
Personal Gross
of goods and services
private
eonGross
domestic sumption domestic
product expendi- investNet
exports Exports Imports
ment
tures
5,049.6
5,438.7
5,743.8
5,916.7
6,244.4
6,553.0
6,935.7
7,253.8
7,576.1
6,442.6
6,506.2
6,574.3
6,688.7
6,776.1
6,890.5
6,993.1
7,083.2
7,149.8
7,204.9
7,309.8
7,350.6
7,426.8
7,545.1
7,616.3
7,716.1
7,867.7
3,349.7
3,594.8
3,839.3
3,975.1
4,219.8
4,454.1
4,700.9
4,924.9
5,151.4
4,367.6
4,424.8
4,481.0
4,543.1
4,600.9
4,666.2
4,738.3
4,798.2
4,840.6
4,910.5
4,957.9
4,990.5
5,060.5
5,139.4
5,165.4
5,240.3
5,337.3
773.9 -106.1
-80.4
829.2
-71.3
799.7
-20.5
736.2
-29.5
790.4
-62.7
871.1
-94.4
1,014.4
-94.7
1,065.3
-98.7
1,117.0
-47.9
843.6
-59.6
855.9
-74.5
873.8
911.2
-68.8
-78.8
957.6
-93.0
1,016.5
1,033.6 -107.0
1,050.1
-98.7
1,072.0 -108.7
1,050.3 -115.3
-87.6
1,074.8
-67.2
1,064.0
1,068.9
-86.3
-99.2
1,096.0
1,156.2 -120.2
-89.1
1,146,6
1,207.3 -106.7
GDP less exports of goods and services plus imports of goods and services.
447.2
509.3
557.3
601.8
639.4
657.8
719.1
807.4
855.2
646.9
660.4
645.3
678.7
678.9
707.4
729.2
761.0
776.1
797.3
819.0
837.0
839.5
850.0
844.3
887.0
904.8
553.2
589.7
628.6
622.3
669.0
720.5
813.5
902.0
953.9
694.8
720.0
719.8
747.5
757.6
800.4
836.1
859.6
884.8
912.6
906.6
904.2
925.8
949.2
964.5
976.0
1,011.5
Government consumption expenditures
and gross investment
Federal
Total
1,032.0
1,095.1
1,176.1
1,225.9
1,263.8
1,290.4
1,314.7
1,358.3
1,406.4
1,279.3
1,285.1
1,294.1
1,303.2
1,296.4
1,300.8
1,328.2
1,333.5
1,345.8
1,359.4
1,364.6
1,363.4
1,383.7
1,408.8
1,414.8
1,418.3
1,429.9
Total
457.3
477.2
503.6
522.6
528.0
522.6
516.4
516.6
523.1
525.5
520.1
521.3
523.5
511.3
509.4
523.8
520.9
519.7
522.0
516.8
507.7
518.6
529.6
525.5
518.5
520.5
National Nondefense defense
354.0
360.6
373.1
383.5
375.8
362.7
352.0
345.5
347.1
365.7
362.7
361.2
361.3
346.7
349.3
362.3
349.7
347.6
351.7
345.7
337.1
343.9
353.7
348.8
341.9
336.5-
103.3
116.7
130.4
139.1
152.2
159.9
184.3
171.0
176.0
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
175.8
176.7
176.7
184.0
State
and
local
574.7
617.9
672.6
703.4
735.8
767.8
798.4
841.7
883.3
753.8
765.0
772.7
779.7
785.0
791.4
804.4
812.6
826.1
837.3
847.7
855.7
865.1
879.2
889.3
899.8
909.4
Final
Gross
sales of domestic
purdomestic
product chases '
Addendum:
Gross
national
product
5,155.6
5,519.1
5,815.1
5,937.2
6,274.0
6,615.7
7,030.1
7,348.4
7,674.8
6,490.5
6,565.8
6,648.8
6,757.4
6,854.8
6,983.5
7,100.1
7,181.9
7,258.4
7.320.2
7J397.3
7,417.8
7,513.2
7,644.3
7,736.5
7,805.2
7,974.4
5,062.6
5,452.8
5,764.9
5,932.4
6,255.5
6,563.5
6,931.9
7,246.7
7,567,1
6,458.6
6,516.5
6,587.1
6,691.9
6,781.0
6,888.3
6,986.9
7,071.4
7,146.8
7,202.4
7,293.4
7,344.3
7,426.6
7,537.5
7,598.9
7,705.6
7,849.3
5,038.7
5,407.0
5,735.8
5,919.0
6,237.4
6,532.4
6,876.2
7,216.7
7,560.7
6,422.8
6,484.6
6,552.3
6,669.8
6,735.9
6,816.0
6,928.5
7,024.6
7,091.7
7,170.9
7,271.5
7,332.8
7,428.6
7,537.1
7,579.6
7,697.4
7,810.4
Source: Department of Commerce, Bureau of Economic Analysis.
REAL GROSS DOMESTIC PRODUCT
(Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Period
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993- I
n
HI
IV...
1994- I
n
m
IV
1995- I .. .
n
in ...
IV
1996- I
n
m.
IV
1997- I'
Gross
domestic
product
5,865.2
6,062.0
6,136.3
6,079.4
6,244.4
6,386.1
6,608.4
6,742.2
6,906.8
6,326.2
6,356.3
6,393.2
6,468.7
6,508.5
6,587.4
6,644.8
6,692.9
6,700.2
6,712.7
6,775.8
6,780.2
6,813.8
6,892.1
6,928.1
6,993.3
7,092.1
Personal
consumption
expenditures
Gross private
domestic investment
Nonresidential
fixed
investment
3,972.7
4,064.6
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
4,690.7
4,289.7
4,318.8
4,359.5
4,390.0
4,420.5
4,458.7
4,489.4
4,524.0
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
4,693.5
4,732.5
4,798.7
Residential
fixed
investment
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
766.8
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
781.4
792.0
813.8
Change
in business
inventories
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
276.7
Exports and imports of
goods and services
Federal
Net
exports
11.7
33.3
10.4
-3.0
7.0
19.0
58.9
32.7
13.6
-114.4
-82.7
-61.9
-22.3
-29.5
-72.0
-1057
-107.6
-113.6
18.5
-56.0
20.7
-64.4
19.4
-86.2
17.5
-81.5
40.8
-99.3
74.7 -107.3
64.6 -111.7
55.6 -104.4
53,7 -122.5
29.9 -121.4
33.5 -101.6
13.7
-84.9
-3.5 - 104.0
6.7 -114.7
34.1 -137.4
17.1
-98.4
51.4 -126.8
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.8
276.6
280.6
Government consumption expenditures
and gross investment
Exports
Imports
Total
Total
465.8 580.2
520.2 603.0
564.4 626.3
599.9 622.2
639.4 669.0
658.2 730.2
712.0
817.6
775.4 883.0
825.9 939.5
647.1 703.1
660.0 724.4
645.5 731.7
680,3 761.8
677.6 777.0
703.1 810.4
719.6 831.3
747.6 851.9
752.3 874.9
763.2 884.6
783.0 884.5
803.1
888.0
806.7 910.7
817.9 932.6
816.1
953.5
862.9 961.3
886.0 1,012.9
1
GIM* Iftss exports of goods and services plus imports i>f goods and services.
Note.—Because of the formula used for calculating real GDP, the chained (1992) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
1,180.9
1,213.9
1,250.4
1,258.0
1,263.8
1,261.0
1,260.0
1,260.2
1,270.6
1,257.7
1,258.4
1,261.6
1,266.2
1,252.4
1,249.8
1,271.2
1,266.6
1,262.7
1,265.1
1,263.4
1,249.6
1,254.7
1,278.2
1,276.1
1,273.4
1,273.6
National
defense
524.6
531.5
541.9
539.4
528.0
509.2
489.8
472.3
467.1
516.1
509.7
505.9
505.0
489.9
483.3
496.7
489.2
481.0
479.4
472.5
456.2
462.9
473.4
469.3
462.9
459.3
405.5
401.6
401.5
397.5
375.8
355.4
337.0
319.6
313.9
361.6
356.9
351.6
351.2
334^8
335.5
346.2
331.3
325.0
325.5
319.1
308.8
311.9
319.4
314.9
309.4
301.3
Nondefense
119.1
130.1
140.5
142.0
152.2
153.8
152.6
152.3
152.8
154.4
152.7
154.2
153.7
154.9
147.8
150.4
157.5
155.6
153.5
153.1
147.0
150.6
153.7
153.9
153.1
157.4
State
and
local
656.6
682.6
708.6
718.7
735.8
751.8
770.5
788.6
804.3
741.6
748.8
755.7
761.3
762.7
766.8
774.7
777.7
782.2
786.3
791.5
794.4
792.6
805.5
807.7
811.4
815.3
Final
sales of
domestic
product
Gross
domestic
purchases'
Addendum:
Gross
national
product
5,855.1
6,028.7
6,126.7
6,082.6
6,237.4
6,365.5
6,550.7
6,708.9
6,892.1
5,986.1
6,147.8
6,199.8
6,101.6
6,274.0
6,457.4
6,711.5
6,846.4
7,016.2
6,382.0
6,420.2
6,478.3
6,549.0
6,605.8
6,692.2
6,753.6
6,794.3
6,818.9
6,830.2
6,874.2
6,862.4
6,914.1
7,002.6
7,060.3
7,087.7
7,213.4
5,878.5
6,075.7
6,157.0
6,094.9
6,255.5
6,396.8
6,605.6
6,736.4
6,899.7
6,342.3
6,366.7
6,406.0
6,472.2
6,514.0
6,586.1
6,640.0
6,682.5
6,698.2
6,711.0
6,761.3
6,775.0
6,814.4
6,886.1
6,913.3
6,985.0
7,076.9
6,307.1
6,334.5
6,371.3
6,449.2
6,467.7
6,514.9
6,582.1
6,638.1
6,647.4
6,682.4
6,741.4
6,764.2
6,815.2
6,884.7
6,892.7
6,975.9
7,040.8
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1992 = 100; quarterly data are seasonally adjusted)
Personal consumption
expenditures
Period
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993 I
n
m
IV
1994- I ..
H
in
IV
1995: I
n
in .
IV
1996: I
n
in
IV
1997: I'
Gross
domestic
product
86.09
89.72
93.60
97.32
100.00
102.61
104.95
107.59
109.69
101.84
102.36
102.83
103.40
104.11
104.60
105.24
105.83
106.71
107.33
107.88
108.41
109.00
109.47
109.93
110.34
110.94
Total
84.32
88.44
92.91
96.82
100.00
102.64
105.09
107.58
109.82
101.82
102.45
102.79
103.49
104.08
104.65
105.54
106.06
106.74
107.45
107.84
108.27
108.85
109.64
110.06
110.73
111.22
Durable
goods
Nondurable goods
93.28
95.29
96.59
98.54
100.00
101.25
103.37
104.58
103.39
100.46
101.08
101.49
101.93
102.37
103.19
103.94
103.95
104.68
104.83
104.54
104.30
104.34
103.57
103.08
102.59
101.91
84.83
89.28
94.62
98.06
100.00
101.49
102.82
104.50
107.15
101.29
101.46
101.28
101.93
101.95
102.36
103.33
103.61
103.87
104.48
104.67
104.99
105.99
107.21
107.23
108.16
108.79
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
Services
82.16
86.55
91.22
95.78
100.00
103.56
106.70
109.92
112.73
102.39
103.28
103.88
104.67
105.61
106.22
107.10
107.85
108.76
109.65
110.31
110.93
111.42
112.34
113.17
113.98
114.72
Government consumption expenditures
and gross investment
Federal
Nonresidential
fixed
Residential fixed
93.74
96.16
98.41
99.92
100.00
100.87
102.32
103.39
103.16
100.49
100.80
101.02
101.14
101.63
102.19
102.73
102.68
102.71
103.37
103.80
103.64
92.06
95.08
97.80
98.85
100.00
103.73
106.99
110.28
112.18
102.32
103.58
104.28
104.67
105.67
106.23
107.42
108.60
109.20
109.90
110.70
111.31
111.28
111.62
112.53
113.28
113.53
103.43
103.10
103.28
102.85
102.16
Exports and imports of
goods and services
Exports
Imports
Total
96.00
97.91
98.74
100.31
100.00
99.94
101.00
104.12
103.55
99.96
100.06
99.98
98.78
100.18
100.61
101.34
101.79
103.16
104.47
104.61
104.22
104.06
103.93
103.46
102.79
102.12
95.35
97.81
100.37
100.02
100.00
98.67
99.49
102.16
101.53
98.82
99.39
98.38
98.13
97.51
98.77
100.59
100.91
101.13
103.17
102.50
101.82
101.66
101.78
101.15
101.53
99.87
87.18
89.79
92.93
96.88
100.00
102.63
105.43
109.38
111.97
101.81
102.05
103.05
103.65
104.37
105.39
105.47
106.49
108.05
108.91
109.37
111.30
112.03
111.86
111.98
112.01
113.32
National
defense
Nondefense
87.30
89.79
92.93
96.47
100.00
102.07
104.47
108.11
110.57
101.12
101.63
102.72
102.85
103.55
104.14
104.65
105.54
106.94
108.06
108.34
109.17
110.25
110.75
110.76
110.52
111.70
86.75
89.70
92.84
97.94
100.00
103.98
107.67
112.29
115.15
103.46
103.06
103.87
105.53
106.29
108.28
107.38
108.73
110.62
110.92
111.79
116.02
116.00
114.42
114.80
115.39
116.90
State
and
local
87.52
90.52
94.91
97.86
100.00
102.13
103.62
106.74
109.83
101.65
102.17
102.25
102.42
102.93
103.21
103.84
104.49
105.62
106.49
107.11
107.72
109.15
109.15
110.11
110.89
111.53
GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
I Quarterly data are seasonally adjusted!
Index numbers, 1992=100
Real GDP
(chain-type
quantity
index)
ODP
(current
dollars)
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993: I ...
II ..
HI
IV .
1994: I ...
H ..
73.99
76.93
82.32
85.25
87.88
90.47
93.93
97.08
98.27
97.36
100.00
102.27
105.83
107.97
110.61
101.31
101.79
102.38
103.59
104.23
105.49
106.41
107.18
107.30
107.50
108.51
108.58
109.12
110.37
110.95
111.99
113.58
51.92
5S.28
62.49
66.95
70.82
75.14
80.87
87.10
91.98
94.75
100.00
104.94
111.07
116.16
121.33
103.17
104.19
105.28
107.11
108.51
110.35
111.99
113.43
114.50
115.38
117.06
117.71
118.94
120.83
121.97
123.57
126.00
in
iv.
1995: I ...
n ..
ra
rv.
1996: I ...
n ..
m
iv .
1997: I' ..
ODP
chain-type
price index
70.18
73.16
75.92
78.53
80.58
83.06
86.10
89.72
93.64
97.32
100.00
102.62
104.96
107.57
109.88
101.83
102.39
102.83
103.42
104.15
104.63
105.25
105.80
106.68
107.31
107.86
108.42
109.03
109,62
110.17
110.69
111.44
1
Percent changes based on indexes to 3 decimal places. Quarterly percent changes are at
annual rates.
Percent change from preceding period'
GDP
implicit
price
deflator
Real GDP
(chain-type
quantity
index)
ODP
(current
dollars)
70.17
73.16
75.92
78.53
80.58
83.06
86.09
•89.72
93.60
97.32
100.00
102.61
104.95
107.59
109.69
101.84
102.36
102.83
103.40
104.11
104.60
105.24
105.83
106.71
107.33
107.88
108.41
109.00
109.47
109.93
110.34
110.94
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
4.6
4.4
3.8
4.0
4.3
7.1
5.3
6.9
6.1
5.3
3.8
3.1
6.0
2.3
4.2
6.5
3.8
5.4
8.1
GDP
chain-type
price
index
-2.1
4.0
7.0
3.6
3.1
2.9
3.8
3.4
1.2
-.9
2.7
2.3
3.5
2.0
2.4
GDP
implicit
price
deflator
6.3
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.3
2.5
2.1
3.8
2.2
1.8
2.3
2.9
1.9
2.4
2.1
3.3
2.4
2.1
2.1
2.3
2.2
2.0
1.9
2.8
I
1.9
2.3
4.8
2.5
4.9
3.5
2.9
.4
.7
3.8
.3
2.0
4.7
2.1
3.8
5.8
6.3
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.3
4.0
2.8
2.6
2.3
2.5
2.0
3.8
2.1
1.9
2.2
2.8
1.9
2.5
2.3
3.4
2.4
2.1
2.0
2.2
1.8
1.7
1.5
2.2
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
(Quarterly data at seasonally adjusted annual rates!
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Poriod
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993: I
II
m ....
iv
1994: I
II
III ....
IV
1995: I
H
ni ....
iv
1996: I
n
m ....
iv
1997: If
Current
dollars
Chained
(1992)
dollars
2,805.2
2,950.9
3,084.0
3,132.1
3,262.6
3,437.5
3,689.4
3,885.8
4,107.8
3,344.2
3,407.3
3,459.7
3,538.7
3,601.7
3,663.0
3,709.5
3,783.2
3,803.3
3,841.9
3,924.8
3,973.2
4,011.6
4,081.6
4,143.1
4,194.8
4,295.3
3,130.1
3,179.8
3,210.2
3,168.8
3,262.6
3,379.7
3,567.4
3,691.2
3,858.7
3,302.6
3,356.3
3,398.9
3,460.9
3,503.7
3,552.9
3,577.5
3,635.3
3,632.9
3,654.7
3,718.7
3,758.6
3,779.2
3,831.4
3,888.4
3,935.8
4,019.6
'Output is measured by (JDP of nonfinancial corporate business in chained (1992) dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business
with the decimal point shifted two places to the left.
a
Current-dollar cost and profit per unit of real output (dollars)'
Total
cost and
profit2
0.896
.928
.961
.988
1.000
1.017
1.034
1.053
1.065
1.013
1.015
1.018
1.022
1.028
1.031
1.037
1.041
1.047
1.051
1.055
1.057
1.062
1.065
1.066
1.066
1.069
Consumption of
fixed
capital
0.089
.094
.096
.101
.101
.101
.102
.102
.102
.102
.101
.102
.100
.108
.100
.100
.100
.101
.103
.102
.103
.103
.103
.102
.102
.101
Indirect
business
tax, etc.3
0.084
.088
.092
.100
.103
.105
.106
.109
.106
.105
.105
.105
.107
.106
.106
.107
.107
.108
.110
.108
.108
.107
.105
.105
.105
.106
Compensation
of employees
0.590
.613
.640
.660
.673
.679
.683
.698
.705
.682
.679
.679
.675
.680
.681
.684
.686
.696
.699
.697
.699
.702
.706
.706
.708
.709
Corporate profits with inventory
valuation and capital consumption
adjustments
Profits
tax
liability
0.094
.087
.086
.085
.091
.103
.116
.117
.125
.093
.100
.103
.113
.107
.117
.118
.121
.113
.112
.121
.120
.123
.126
.126
.123
.126
0.033
.031
.030
.027
.028
.031
.036
.038
.038
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
.037
.039
.039
.038
.038
.038
Profits
after
tax4
0.062
.056
.056
.058
.063
.072
.080
.079
.086
.065
.069
.074
.079
.072
.082
.082
.083
.074
.074
.083
.082
.084
.087
.088
.085
.089
.Vet
interest
0.039
.046
.046
.042
.032
,029
.027
.027
.027
.031
.030
.029
.028
.027
.027
.028
.027
.028
.028
.027
.027
.026
.026
.027
.027
.027
•s Indirect business tux and nontax liability plus business transfer payments less subsidies.
With inventory X'aluation and capita! consumption ai^justments.
Sources: Department of Commerce, Bureau of Economic Analysis.
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
1990
1991
1992
1993
1994
1995
1996
1993: m .
IV
1994- I
n
m
IV
1995- I
II
m
rv
1996- I
ii
m
IV
1997- I'
1
... .
4,652.1
4,761.6
4,990.4
5,238.5
5,535.2
5,828.9
6,164.2
5,258.0
5,351.9
5,363.6
5,524.6
5,587.5
5,665.1
5,728.3
5,771.8
5,876.0
5,939.7
6,027.5
6,132.2
6,216.6
6,280.6
6,435.0
Compensation
of
employees'
Proprietors' income
with inventory valuation and capital consumption adjustments
Nonfarm
Farm
35.4
29.3
37.1
31.1
34.3
27.9
44.7
25.2
33.6
40.1
34.4
31.2
31.6
27.7
26.6
27.1
30.1
36.6
44.1
50.1
47.9
45.6
3,352.8
3,457.9
3,644.9
3,809.5
4,009.8
4,222.7
4,448.5
3,834.9
3,871.1
3,932.6
3,988.0
4,027.5
4,091.0
4,150.5
4,191.6
4,247.7
4,301.1
4,344.3
4,420.9
4,482.9
4,546.0
4,638.1
338.6
347.2
386.7
404.8
430.0
458.2
482.6
404.8
416.0
409.3
430.8
436.1
444.0
451.7
455.6
460.7
464.8
471.5
480.5
485.5
493.1
502.9
Rental
income
of
persons
with
capital
consumption
adjustment
61.0
67.9
79.4
102.2
112.1
111.7
115.0
103.8
103.3
104.1
115.9
115.3
113.0
111.6
111.9
109.9
113.5
114.5
112.4
115.2
117.9
116.8
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
397.1
411.3
428.0
492.1
554.1
604.8
670.2
498.0
539.9
487.3
560.1
577.3
591.8
580.0
580.8
630.0
628.3
661.2
672. 1
677.3
670.1
716.8
Profits
before tax
Inventory
valuation
adjustment
371.7
374.2
406.4
464.3
531.2
598.9
639.9
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604.2
642.2
644.6
635.6
637.1
672.3
-13.5
4.0
-7.5
-6.6
-13.3
-28.1
-8.9
7.9
-40
-3.9
-98
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-17.4
-11.0
2.0
-9.2
.0
358.2
378.2
398.9
457.7
517.9
570.8
631.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
637.6
627.9
672.3
Capital
consumption
adjustment
38.9
33.1
29.1
34.4
36.2
34.0
39.2
32.1
39.4
15.7
43.9
43.0
42.2
37.4
33.5
32.1
32.9
36.4
38.6
39.7
42.2
44.6
Net
interest
467.3
448.0
414.3
398.9
394.9
403.6
403.3
391.4
388.0
390.2
395.5
400.1
393.8
406.9
405.2
400.7
401.9
399.5
402.3
405.6
405.7
414.9
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. {See also p. 5.)
REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates!
Durable goods
Period
1990
1991
1992
1993
1994
1995
1996
1993: m
IV
1994- I
n
in
rv
1995- I
n
m
IV
1996: I
n
in
rv
1997:
I'
1
Total
personal
consumption
expenditures
4,132.2
4,105.8
4,219.8
4,339.5
4,473.2
4,577.8
4,690.7
4,359.5
4,390.0
4,420.5
4,458.7
4,489.4
4,524.0
4,534.8
4,569.9
4,597.3
4,609.4
4,649.1
4,687.6
4,693.5
4,732.5
4.798.7
Total
durable
goods
Motor
vehicles
and
parts
493.3
462.0
488.5
524.1
562.0
579.8
611.4
528.9
541.9
549.6
555.4
563.1
579.8
566.5
576.2
589.1
587.5
599.2
615.6
611.6
619.1
647.1
224.3
193.2
206.9
218.6
228.2
221.1
222.4
219.1
225.3
230.3
226.6
226.5
229.4
216.3
220.9
226.4
220.6
224.2
225.9
220.0
219.4
227.7
Furniture
and
household
equipment
173.5
177.0
189.4
208.4
230.1
251.1
275.8
211.0
216.8
219.0
226.1
232.6
242.6
243.1
247.1
254.1
259.9
264.1
276.0
279.0
284.2
298.3
Nondurable goods
Other
Total
nondurable
goods
Food
96.6
91.8
92.3
97.2
104.2
109.8
117.1
98.9
99.9
100.3
103.0
104.7
108.8
108.9
109.9
110.5
109.9
113.9
117.4
116.9
120.3
126.3
1,316.1
1,302.9
1,321.8
1,348.8
1,390.5
1,421.9
1,442.0
1,354.0
1,359.9
1,372.9
1,383.9
1,397.0
1,408.1
1,416.6
1,422.9
1,424.7
1,423.2
1,436.1
1,440.9
1,442.2
1,448.6
1.466.0
662.9
659.6
660.0
674.3
689.1
702.1
704.6
675.7
677.9
682.3
688.6
690.5
694.9
700.5
701.3
703.6
703.0
709.2
704.9
701.6
702.8
708.6
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
217.9
215.9
225.5
233.3
247.2
257.2
268.2
235.0
238.6
241.1
243.3
249.0
255.5
254.6
257.9
258.8
257.3
262.5
268.9
271.0
270.3
278.0
107.3
103.4
106.6
109.1
110.4
113.3
113.8
110.9
109.3
108.8
109.5
111.6
111.6
113.4
113.6
112.5
113.7
112.6
114.3
113.4
114.9
115.1
Services
Fuel
oil
and
eoal
11.2
10.8
10.9
10.7
10.3
10.3
10.2
10.7
10.6
11.4
10.0
10.2
9.6
9.9
10.6
10.0
10.7
10.7
10.1
10.1
10.0
9.0
Other
Total
services *
Housing
316.7
313.2
318.8
321.5
333.5
339.3
345.9
321.8
323.4
329.3
332.3
335.8
336.7
338.4
339.9
340.0
338.8
341.6
343.5
347.0
351.4
356.4
2,321.3
2,341.0
2,409.4
2,466.7
2,521.4
2,577.0
2,638.3
2,476.7
2,488.5
2,498.5
2,519.9
2,530.0
2,537.3
2,552.5
2,571.6
2,584.6
2,599.3
2,614.7
2,632.3
2,640.6
2,665.6
2.687.2
627.2
635.2
646.8
655.0
668.2
681.7
692.9
655.9
658.5
662.1
666.1
670.7
674.1
677.4
680.0
683.2
686.3
689.0
691.6
693.9
697.2
700.6
Source: Department of Commerce, Bureau of Economic Analysis.
Medical
eare
602.8
621.6
646.6
658.8
668.8
684.1
698.3
659.7
661.4
663.2
667.6
670.4
674.2
677.8
681.3
686.0
691.2
691.1
696.1
699.7
706.5
712.3
Retail sales
of new passenger cars
and light
trucks
(millions of
units)
13.9
12.3
12.8
13.9
15.0
14.7
15.0
13.8
14.6
15.0
14.8
14.9
15.2
14.9
14.4
14.9
15.0
15.2
15.0
15.1
14.8
15.4
SOURCES OF PERSONAL INCOME
Personal income rose $6.7 billion (annual rate) in April, following an increase of $39.0 billion in March. Wages
and salaries fell $2.9 billion In April, compared to an increase of $27.7 billion in March. In April, declines in
private-sector average weekly hours and hourly earnings more than offset an increase in employment.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
TOTAL PERSONAL INCOME
4,000
4,000
3,000
3,000
\
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
\
OTHER INCOME
1,400
1,400
800
800
TRANSFER PAYMENTS
400
I I l l l III
1989
linn
1990
1991
1992
mill
400
1994
1993
1995
1996
1997
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1988
1989
1990
1991
1992
1993
1994
1995 ...
1996
1996- Apr
May
July ..
Sept
Oct
Nov
Dec ...
1997: Jan r ..
Feb'
Maf
Apr*7
.
,
Total
personal
income
4,184.6
4,501.0
4,804.2
4,981.6
5,277.2
5,495.6
5,762.0
6,112.4
6,449.5
6,368.6
6,402.6
6,457.6
6,460.4
6,499.9
6,536.4
6,541.8
6,583.5
6,629.4
6,653.3
6,706.9
6,745.9
6,752.6
Wage and
salary
disbursements J
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,090.7
3,241.8
3,430.6
3,630.1
3,579.1
3,597.2
3,643.1
3,630.8
3,660.9
3,687.2
3,682.3
3,713.5
3,752.5
3,750.4
3,800.5
3,828.2
3,825.3
Proprietors' income3
Other labor
income 1 2
27.5
36.3
35.4
29.3
37.1
31.1
34.3
27.9
44.7
41.5
44.5
46.3
48.3
50.6
51.5
49.5
47.9
46.3
45.9
45.6
45.3
45.4
251.7
273.1
300.6
322.7
351.3
380.9
402.2
424.0
436.2
432.4
434.0
435.6
437.1
438.6
440.1
441.5
442.9
444.3
445.2
446.1
447.0
447.9
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
307.8
321.1
338.6
347.2
386.7
404.8
430.0
458.2
482.6
478.3
481.0
482.1
483.7
484.6
488.1
490.7
493.1
495.4
499.5
503.7
505.3
506.3
Rental
income
of
persons 4
55.1
51.7
61.0
67.9
79.4
102.2
112.1
111.7
115.0
111.9
112.7
112.5
114.3
114.9
116.4
117.7
118.0
118.1
117.8
116.8
115.9
116.2
Personal
dividend
income
109.9
130.9
142.9
153.6
159.4
186.8
199.6
214.8
230.6
228.7
229.4
229.9
230.8
231.5
232.3
233.3
234.7
236.5
238.2
239.9
241.7
243.6
Personal
interest
income
595.5
674.5
704.4
699.2
667.2
648.1
663.7
717.1
738.2
728.1
733.6
737.5
740.6
743.0
745.1
747.7
750.5
753.4
756.0
758.4
760.5
762.6
Transfer
payments5
577.6
626.0
687.8
769.9
858.2
910.7
956.3
1,022.6
1,079.7
1,072.5
1,075.4
1,078.9
1,082.5
1,085.6
1,087.3
1,090.2
1,096.1
1,098.8
1,118.3
1,117.4
1,125.2
1,128.8
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: Personal contributions
for social
insurance
194.2
210.8
223.9
235.8
248.4
259.6
278.1
294.5
307.5
303.9
305.2
308.4
307.7
309.8
311.7
311.0
313.2
315.9
317.9
321.4
323.4
323.3
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annual
rate of 3.5 percent in the first quarter of 1997.
BILLIONS OF DOLLARS' (RATIO SCALE)
BIWONS OF DOLLARS' (RATIO SCALE)
6,000
5,500
6,000
5,500
2,500
2,500
2,000
I I
DOLLARS* (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
CHAINED (1 992) DOLLARS
18,000
1
"
.- — —
16,000
.
-"\
14,000
1
1'
I
^— '
12,000
-—' ---
~p^*~^
c~
-_~_^Jj
•
18,000
Z—=-
16,000
—'"
\
14,000
C URRENT XDLLARS
12,000
S^
10,000 __,
•
10,000
^
\
I ! 1
8,000
1982
1983
1
1
1
1984
!
1
1985
t
1
!
1986
I
1
!
1987
i i i
1988
i i i
1
1989
1990
1
1
1
!
!
1991
i l I
!
1992
1993
j
1
i
I >
1994
•SEASONAU y ADJUSTED ANNUAL RAHES
SOURCE: DE ARTMENIOf COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
4,501.0
4,804.2
4,981.6
5,277.2
5,495.6
5,762.0
6,112.4
6,449.5
594.9
624.8
624.8
650.5
689.9
731.4
794.3
863.8
1
1
!
1995
i
1
8,000
1
1996
1997
COUNCIL OFECONOM1C ADVISERS
Equals:
Disposable
personal
income
Less:
Personal
outlays *
Equals:
Personal
saving1
Disposable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
3,906.1
4,179.4
4,356.8
4,626.7
4,805.7
5,030.6
5,318.1
5,585.7
Chained
(1992)
dollars
Per capita personal
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
Dollars
Billions of dollars
1989
1990
1991
1992
1993
1994
1995
1996
2,000
DOLLARS* (RATIO SCALE)
22,000
20,000
3,706.7
3,958.1
4,097.4
4,341.0
4,575.8
4,832.3
5,071.5
5,314.0
4,416.8 15,790 17,854
4,498.2 16,721 17,996
4,500.0 17,242 17,809
4,626.7 18,113 18,113
4,682.0 18,615 18,136
4,786.7 19,298 18,362
4,943.3 20,214 18,789
5,086.0 21,040 19,158
199.4
221.3
259.5
285.6
229.9
198.3
246.6
271.6
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
14,531
15,360
15,732
16,520
17,253
18,033
18,719
19,404
16,430
16,532
16,249
16,520
16,809
17,159
17,400
17,669
1.0
.8
-1.0
1.7
.1
1.2
2.3
2.0
5.1
5.3
6.0
6.2
4.8
3.9
4.6
4.9
249,956
252,680
255,432
258,159
260,681
263,090
265,482
16,984
17,164
17,335
17,528
17,714
17,924
18,154
18,338
18,463
18,689
18,823
18,901
19,128
19,383
19,433
19,670
19,997
16,681
16,754
16,864
16,937
17,019
17,127
17,200
17,290
17,296
17,393
17,454
17,458
17,573
17,679
17,657
17,764
17,979
-7.8
3.8
.2
3.6
-4.8
6.5
1.5
2.8
2.9
-.6
3.3
3.3
1.2
.5
3.8
1.7
3.5
4.5
5.1
4.5
5.0
3.3
4.2
4.1
4.2
4.8
4.1
4.5
5.1
4.8
4.3
5.3
5.1
4.8
257,155
257,787
258,501
259,192
259,738
260,327
261,004
261,653
262,181
262,748
263,399
264,032
264,563
265,155
265,806
266,405
266,901
247,387
Seasonally adjusted annual rates
1993- I ...
II
Ill
IV .
1994- I ....
II
Ill
IV
1995- I
II
Ill
rv
1996- I
II
III
IV
1997- I-
5,365.5
5,475.7
5,517.1
5,624.1
5,593.6
5,744.6
5,809.8
5,900.1
6,002.9
6,072.2
6,144.1
6,230.2
6,304.5
6,409.6
6,498.9
6,584.9
6,702.1
662.4
686.9
696.4
713.8
705.5
740.8
731.3
748.1
770.0
801.5
798.4
807.2
824.9
870.6
872.5
887.2
919.1
4,703.1
4,788.9
4,820.7
4,910.3
4,888.1
5,003.8
5,078.6
5,151.9
5,232.9
5,270.7
5,345.7
5,423.1
5,479.6
5,539.0
5,626.4
5,697.7
5,783.0
4,489.2
4,545.5
4,602.2
4,666.3
4,728.0
4,796.1
4,870.8
4,934.2
4,980.3
5,054.4
5,106.6
5,144.7
5,218.1
5,300.7
5,329.8
5,407.5
5,506.3
213.9
243.4
218.5
244.0
160.1
207.7
207.8
217.8
252.6
216.3
239.1
278.4
261.5
238.3
296.6
290.2
276.7
4,619.2
4,674.2
4,690.0
4,744.8
4,696.5
4,781.3
4,811.8
4,857.4
4,902.3
4,905.1
4,956.9
5,009.0
5,034.0
5,052.0
5,112.3
5,145.7
5,199.4
1
Includes persona! consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
18,289
18,577
18,649
18,944
18,819
19,221
19,458
19,690
19,959
20,060
20,295
20,539
20,712
20,890
21,167
21,387
21,667
17,963
18,132
18,143
18,306
18,082
18,367
18,436
18,564
18,698
18,668
18,819
18,971
19,028
19,053
19,233
19,315
19,481
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
in the third quarter of 1996, according to preliminary estimates, gross farm income feli $11.0 billion (annual rate)
and net farm income fell $11.2 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
280
/-
V_^
s
_.
r^__/~i-~~"'
r "\
^.r"^-—-f^-s^S f~^
~"
•~—~~
200
'
160
1
120
80
60
\
/
40
l\ /"
\
\
1 \f
1
f
^
I
1
\ '
/v
x
\/
1
^
'\i
i \*
*
t
/
\j \l
\
'-/
\/'
/-
"--„
*• v
/
'•~.
/
\ x"*,
40
N
\'
v'V
'
NETFAFtM INCO^AE
20
I
'
A 1
1
1
1 U
1 V
| 10
>l
4
1
1
1982
!
i i i
1983
1 1 1
1984
1
1
1
!
1985
!
1
1987
1986
i
i i
!
1
1
1989
1988
i i i
1990
i i i
1991
i i i
1992
i I t
1993
1 1 1
1994
i i i
!
1995
1996
!
i
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from fanning
Gross farm income
Period
Cash marketing receipts
Total'
Total
1987
1988 .
1989
1990
1991
1992
1993 .
1994
1995
1994- I
II
Ill
IV .
1995:
I
II
Ill
IV
1996:
I
II ...
HI?
168.4
177.9
191.9
198.2
191.9
200.6
204.2
215,8
210.4
221.2
208.6
214.1
219.4
208.3
206.4
218.5
208.4
233.6
237.4
226.4
141.8
151.2
160.8
169.5
167.9
171.3
177.6
180.8
185.8
179.9
170.8
186.9
185.5
180.6
181.0
199.8
181.5
197.7
204.5
202.0
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, arsd nonrnoney income furnished by farms.
2
Pliysieai changes in end-of-year inventory of crop and livestock commodities valued at average prices during the y«ar.
Livestock and
products
76.0
79.6
83.9
89.2
85.8
85.6
90.2
88.1
86.8
92.1
82.9
97.7
79.9
83.2
81.6
96.1
86.5
85.2
89.6
92.8
Crops
65.8
71.6
76.9
80.3
82.1
85.7
87.5
92.6
98.9
87.9
88.0
89.2
105.5
97.4
99.4
103.7
95.1
312.5
114.9
109.2
Production
expenses
Value of
inventory
changes2
23
-4.1
3.8
3.3
f)
42
-4.5
8.2
-3.4
10.2
9.6
7.3
5.8
-4.1
-3.9
-3.0
24
4.7
4.4
3.4
131.0
139.9
146.7
153.4
153.3
152.5
160.5
167.4
175.6
164.5
166.8
168.8
169.6
172.4
175.4
177.5
177.0
179.0
184.2
184.4
Net farm
income
37.4
38.0
45.3
44.8
38.5
48.0
43.6
48.4
34.8
56.7
41.8
45.3
49.8
35.9
30.9
41.0
31.4
54.7
53.2
42.0
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1993 in chart do riot reflect previous revisions to
annua) data in tableSources: Department of Agriculture.
CORPORATE PROFITS
In the first quarter of 1997, according to preliminary estimates, corporate profits before tax rose $35.2 billion (annual
rate) and profits after tax rose $18.3 billion. Financial profits had been reduced $18.0 billion in the fourth quarter
of 1996 to reflect a special assessment on thrift institutions to recapitalize the Savings Association Insurance Fund.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
/oo
/OO
SEASONAU.Y ADJUSTED ANNUAL RATES
.
650
650
,
600
r~s
/
550
450
PROFITS BEFORE TAX
f\
350
300
250
V._^-\
/^
PROF
TS AFTER TAX
J
^
,
400
.--•'
\~^
200
v_J
150
s —
'"
100
•
x
"">
1
,S''~
-"""
,--'
/, — '
l l l
1982
l l l
1983
1 1 1
1 1 l
1984 •
1985
^S
/UNOISTRIBUTE[
i i i i i i
1986
1987
1988
\
/
•v
-- — -'
__.
300
250
,. -.'—•
._/'
A
\
~-
/
' AXIIABIL TY
\
— '"" ^'
\'
/-'
~_—.
,-x /
350
/
s — ~~ ™~ —
\
,~"
450
_
/
I
500
-
J
1r
^
\
A
/-\~^ \/
400
0
550
-
./
500
50
600
1
f
..•
200
•'''
/•-^
•
150
~
t
100
V
50
PROFITS
l l i
1989
!
1 1
1990
i i i
1 1 1
1
1991
1992
1993
1
1
l l l
i i i
l i i
1
1994
1995
1996
1997
SOURCE: DEPARTMENT OF COMMERCE
!
0
1
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment '
Profits after tax
Domestic industries
Period
Nonfinancial
Total2
Total
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993:
I
n
III
IV
1994- I
II
ni
IV
1995: I
II
Ill
IV
1996:
I
II
in
IV
1997: I"
!
2
:t
325.0
330.6
358.2
378.2
398.9
457.7
517.9
570.8
631.0
422.4
442.0
465.9
500.5
471.6
516.2
534.3
549.6
542.6
547.3
597.9
595.3
624.8
633.5
637.6
627.9
672.3
274.3
272.6
292.5
309.5
334.0
388.1
453.7
494.1
548.9
347.0
375.7
393.1
436.8
407.0
452.4
469.9
485.5
467.5
468.2
527.1
513.7
541.6
555.1
561.0
538.0
587.5
Financial
43.0
53.1
68.6
87.4
83.7
91.0
94.4
119.1
131.9
85.7
88.1
88.8
101.3
64.9
97.8
108.4
106.4
114,3
112.6
130.4
119.3
134.9
136.6
135.0
121.3
150.6
Total"
231.2
219.6
223.8
222.1
250.3
297.2
359.3
375.0
417.0
261.2
287.6
304.3
335.4
342.1
354.6
361.5
379.0
353.2
355.6
396.7
394.4
406.7
418.5
426.1
416.7
437.0
Manufacturing
115.1
109.3
112.3
92.7
96.3
109.7
142.7
145.7
166.5
90.4
108.4
106.0
134.0
145.3
134.2
142.8
148.4
134.7
137.8
153.2
157.3
161.3
164.7
170.6
169.4
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Profits
before
tax
Wholesale
19.3
20.4
17.2
20.6
23.0
25.5
34.5
29.6
36.6
17.9
28.6
27.0
28.7
28.8
39.5
34.3
35.4
29.7
26.4
31.2
31.2
37.5
32.8
34.5
41.5
Tax
liability
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
116.8
138.9
151.9
163.1
169.5
197.3
211.0
227.4
244.2
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
243.1
245.2
248.7
254.2
100.5
67.9
79.4
77.7
93.9
103.2
124.8
152.8
162.6
95.3
99.2
98.4
119.9
99.7
124.5
134.9
149.3
155.5
150.8
154.3
150.8
168.9
165.1
156.9
159.5
172.4
-29.3
-17.5
-13.5
4.0
-7.5
-6.6
-13.3
-28.1
-8.9
-14.6
-15.6
7.9
-4.0
-3.9
-9.8
-16.5
-22.8
-51.9
-42.3
-9.3
-8.8
-17.4
-11.0
2.0
-9.2
'.0
Retail
19.6
20.7
20.6
26.1
32.2
39.2
42.2
38.7
41.8
36.3
38.1
42.4
39.8
38.3
43.2
43.7
43.6
36.0
36.6
42.5
39.6
41.7
44.3
44.5
36.7
354.3
348.1
371.7
374.2
406.4
464.3
531.2
598.9
639.9
437.0
457.6
458.0
504.5
475.5
526.0
550.8
572.4
594.5
589.6
607.2
604.2
642.2
644.6
635.6
637.1
672.3
137.0
141.3
140.5
133.4
143.0
163.8
195.3
218.7
233.0
151.5
162.6
159.3
181.7
171.4
192.8
203.4
213.5
217.3
214.2
224.5
218.7
233.4
236.4
233.4
228.9
245.7
217.3
206.8
231.2
240.8
263.4
300.5
335.9
380.2
406.8
285.6
295.0
298.6
322,8
304.1
333.3
347.4
358.8
377.2
375.3
382.8
385.5
408.8
408.1
402.2
408.2
426.5
Source: Department of Commerce, Bureau of Economic Analysis.
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 1997, according to revised estimates, nonresidentiai fixed investment in chained (1992) dollars
rose $21.8 billion (annual rate) and residential investment rose $4.0 billion. There was an increase of $51.4 billion
in inventories following an increase of $17.1 billion in the fourth quarter.
BILLIONS OF CHAINED (1992) DOLLARS
BILLIONS OF CHAINED |! 992] DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
/
1,100
1,100
S
r"v—
1,000
1,000
/"
900
900
|
S^
800
S
/
~\
"X.
"-*•**
s
^
y
GROSS PRIVATE [JOMESTK:
1 SVESTME NT
s
N,
! \
\
J
500
—/ r—T*^ 1
L
/
700
600
\
~~^~-
,,"•"
„
800
^.s
r~^
^
s
\*
s
^
*. _^
** —
700
s
600
•*"
500
Nl.3NRESIDE NTIAL
FIX ED INVES TMENT
400
400
RESIDENTIAL
FIXED INVESTMENT
\
i
300
-.-.._
...^
200
^.^
,— •*"
._.-•-
f
300
.*-•—••
200
s'
_^.S
CHANCX !N BUSINESS
/ENTORIE
100
N
s
0
*
-100
I
\
1
1982
I
1
•-.,• •\ X
,.
/
_ ^
f
\ \ 1
1
1983
1984
!
1
-U
100
•
N —
s
"*
0
v
\ 11
1
1
i i i
I
1985
1986
1987
1988
!
/~-~
»' \
!
1
>
I I
1989
!
1
1
1990
1
!
!
1991
i i t
1
1992
1993
!
!
SOURCE: DEPARTMENT OF COMMERCE
1
1
1994
1
I
1
1995
I
1
1
!
1996
!
1
1
-100
1997
COUNCIL OF ECONOMIC ADVISERS
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment
Period
1988
1989
1990
1991
1992
1993 .
1994
1995 .
1996
1993- I
II
Ill
.
.
IV
1994- I
...
II
III
TV
1995: I
II
in
IV
1996- I
II
in
IV
1997:
,
I'
.
.
828.2
863.5
815.0
738.1
790.4
857.0
979.3
1,009.4
1,056.6
834.6
843.0
857.4
893.2
933.5
984.7
994.2
1,004.9
1,022.8
996.1
1,014.6
1,004.3
1,011.4
1,038.1
1,093.1
1,083.9
1.144.0
Total
Total
818.3
832.0
805.8
741.3
783.4
836.4
921.1
975.9
1,042.1
815.4
821.1
835.4
873.5
892.4
911.4
930.8
949.7
969.5
965.7
980.0
988.5
1,013.3
1,031.1
1,057.5
1,066.6
1.092.2
NOTE.—S«e p. 10 for further detail on fixed investment by tyjw.
Bemus« of the formula used for calculating ruai GJ")P, the chained (1992) dollar estimates
for the detailed comjiHsients do not, add to the ehained-doliar value of GDP or to any intermedi-
Change in business
inventories
Nonresidentiai
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
766.8
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
781.4
792.0
813.8
Producers'
durable
equipment
Residential
Structures
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
190.0
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.8
183.2
186.6
184.9
188.6
199.8
202.9
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
578.6
410.5
421.7
428.2
449.8
466.4
471.1
492.5
506.5
527.2
531.7
537.4
541.4
558.3
567.5
595.0
593.7
612.6
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
276.7
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.8
276.6
280.6
ate aggregates.
Source: Department of O0mm«rfie, Bureau of Economic Analysis.
Total
11.7
33.3
10.4
-3.0
7.0
19.0
58.9
32.7
13.6
18.5
20.7
19.4
17.5
40.8
74.7
64.6
55.6
53.7
29.9
33.5
13.7
-3.5
6.7
34.1
17.1
51.4
Nonfarm
24.7
33.5
7.8
-1.2
2.0
26.4
46.8
37.2
17.1
26.0
26.7
30.9
22.1
29.7
54.0
50.5
53.0
57.4
33.7
38.5
19.0
2.9
11.7
34.6
19.3
52.0
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Period
566.0
588.8
585.2
547.7
557.9
593.6
652.1
714.3
766.8
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993: I
n
m
rv
577.5
586.4
593.1
617.6
628.5
639.5
660.5
679.7
704.4
710.5
719.0
723.3
743.5
750.5
781.4
792.0
I'
813.8
n
m
IV
1994: I
n
m
IV
1995:
I
n
m
IV
1996: I
1997:
Total
nonresidential
Total'
196.8
201.2
203.3
181.6
169.2
166.3
168.8
181.1
190.0
167.0
164.8
165.1
168.2
163.0
169.0
169.1
174.3
178.5
180.0
182.8
183.2
186.6
184.9
188.6
199.8
202.9
Residential
Producers' durable equipment
Structures
Structures
Information processing
and related equipment
Nonresidential
buildings,
including
farm
Utilities
Mining
exploration,
shafts,
and
wells
30.0
30.S
28.1
32.0
34.5
31.1
31.7
35.1
36.7
32.4
31.0
30.7
30.5
30.7
31.2
32.1
32.7
33.7
34.8
35.8
36.0
36.4
36.8
36.4
37.4
36.4
145.3
150.2
152.0
126.9
113.2
112.8
117.7
127.9
134.2
111.4
110.6
112.7
116.3
112.4
117.8
117.4
123.3
125.4
126.8
129.2
130.3
131.4
129.7
133.0
142.8
146.1
Total
Computers
and
peripheral
equipment 2
Other
Industrial
equipment
106.6
116.2
116.2
117.8
134.2
147.1
170.4
201.1
241.9
139.5
142.2
150.7
156.0
161.2
166.6
171.6
182.4
189.1
199.7
201.4
214.4
225.5
234.1
250.5
257.4
269.8
24.0
29.4
29.4
32.4
43.9
56.2
69.3
91.5
132.8
51.1
52.9
58.3
62.5
64.5
67.1
69.3
76.3
80.2
88.2
91.9
105.6
117.2
126.3
138.9
148.9
159.9
85.7
88.1
88.2
85.9
90.2
91.5
102.6
114.2
122.0
88.6
89.6
93.1
94.6
97.8
100.8
103.6
108.3
111.5
115.1
114.0
116.2
118.1
119.7
125.5
124.9
128.3
95.3
101.5
95.0
88.3
89.3
96.3
105.9
116.2
118.4
93.7
94.4
96.3
100.7
102.8
104.3
107.0
109.4
114.2
118.4
116.6
115.4
117.8
120.6
118.0
117.1
118.1
Total1
15.8
13.9
16.1
15.7
13.3
14.8
12.6
11.2
13.0
15.2
15.2
14.6
14.2
13.4
13.3
12.2
11.5
12.5
10.7
11.0
10.5
12.8
12.9
13.5
12.9
13.5
369.2
387.6
381.9
366.2
388.7
427.6
484.1
534.5
578.6
410.5
421.7
428.2
449.8
466.4
471.1
492.5
506.5
527.2
531.7
537.4
541.4
558.3
567.5
595.0
593.7
612.6
1
Includes other items, not shown separately.
2
Includes new computers and peripheral equipment only.
3
Includes producers' durable equipment, not shown separately.
portation
and
related
equipment
87.1
78.9
81.2
81.7
86.2
97.5
111.7
118.1
120.0
93.0
99.5
95.0
102.7
109.0
105.3
115.8
116.6
121.9
114.9
120.3
115.4
117.5
114.9
126.5
121.1
123.4
Total
residential a
Total
252.5
243.2
220.6
193.4
225.6
242.7
268.9
262.8
276.7
246.3
237.0
214.5
187.6
219.5
236.3
262.1
255.8
269.6
237.9
234.8
242.2
255.8
263.6
271.6
270.3
270.3
265.9
256.5
262.2
266.3
271.1
281.5
277.8
276.6
231.7
228.5
235.7
249.2
257.0
264.8
263.5
263.2
258.9
249.6
255.3
259.3
264.1
274.3
270.6
269.4
273.2
280.6
Single
family
126.1
121.9
110.4
96.4
116.5
127.1
140.5
127.7
135.4
124.9
122.5
126.3
134.4
140.3
143.5
140.8
137.4
133.0
123.0
125.8
129.1
132.5
137.6
136.7
134.7
135.9
Multifamily
Other
23.4
23.3
19.7
15.4
13.1
10.4
13.5
17.6
19.3
10.3
10.0
10.7
10.6
11.2
12.8
14.5
15.6
16.8
17.4
17.8
18.5
19.2
21.0
17.9
19.1
21.2
968
91.8
84.4
75.7
89.9
98.8
108.1
110.9
115.5
96.5
96.0
98.7
104.1
105.4
108.4
108.2
110.4
109.3
109.8
112.2
112.4
113.0
116.3
116.6
116.2
116.8
NOTK.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993 !
Total
expenditures
Total
19942
489.7
549.9
488.2
547.8
19953
594.5
19964
603.4
591.7
600.7
Mining
and
construction
31.2
36.1
36.0
33.6
Manufacturing
Total
134.1
153.3
172.3
184.8
Durable
goods
Nondurable
goods
66.4
78.9
91.4
100.2
67.7
74.4
80.9
84.6
Estimates collected from the 1993 Annual Capital Expenditures Survey.
2
Revised estimates collected from the 1994 Annual Capita* Expenditures Survey. Finai data
are scheduled for release in summer 1996.
3
Revised estimates collected from the March 1996 Investment Plans Survey. P^nal 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
Transportation
Communications
30.6
33.3
37.0
35.2
37.1
41.5
46.0
46.3
Utilities
41.3
42.2
42.8
40.6
Wholesale
and
retail
trade
Finance,
insurance,
and
real
estate
60.3
68.9
75.1
71.9
40.2
46.8
57.3
57.7
Services
111.8
123.5
123.7
129.4
Serving
multiple
industries
Not
distributed
by
industry
1.7
2.2
1.5
1.3
1.4
2.2
2.8
2.7
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 iavestment and plans will be available
annually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
in April, employment rose by 209,000 and unemployment fell by 430,000.
MILLIONS OF PERSONS*
4
MILUONS OF PERSONS '
_
1997
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA)
Civilian employment
Period
Civilian
noninstitutional
population
NSA
Civilian
labor
force
Nonagricultural
Total
Agricultural
Total
Percent a
Unemployment
Part time
for
economic
reasons!
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
ployment
rate
1987
1988
1989
19903
1991
1992
1993 4
1994
1995
1996
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
200,591
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
133,943
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
126,708
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,443
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
123,264
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,123
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
1,983
1,610
1,375
1,525
2,357
3,408
3,094
2,860
2,363
2,316
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
66,647
65.6
65.9
66.5
66.5
66.2
66.4
66.3
66.6
66.6
66.8
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
63.2
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
1996: Apr .
200,101
200,278
200,459
200,641
200,847
201,060
201,273
201,463
201,636
202,285
202,388
202,513
202,674
133,427
133,759
133,709
134,165
133,898
134,291
134,636
134,831
135,022
135,848
135,634
136,319
136,098
126,125
126,428
126,590
126,889
126,988
127,248
127,617
127,644
127,855
128,580
128,430
129,175
129,384
3,412
3,474
3,408
3,470
3,418
3,480
3,450
3,354
3,426
3,468
3,292
3,386
3,497
122,713
122,954
123,182
123,419
123,570
123,768
124,167
124,290
124,429
125,112
125,138
125,789
125,887
4,251
4,109
4,161
4,150
4,182
4,130
4,118
3,815
4,162
4,163
4,098
3,937
4,235
7,302
7,331
7,119
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
2,387
2,354
2,353
2,326
2,273
2,277
2,294
2,184
2,179
2,155
2,163
2,064
2,092
66,674
66,519
66,750
66,476
66,949
66,770
66,637
66,632
66,614
66,437
66,754
66,194
66,577
66.7
66.8
66.7
66.9
66.7
66.8
66.9
66.9
67.0
67.2
67.0
67.3
67.2
63.0
63.1
63.2
63.2
63.2
63.3
63.4
63.4
63.4
63.6
83.5
63.8
63.8
5.5
5.5
5.3
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
July
Aug
Sept
Oct
Nov
Dec
1997: Jan;!
Peb
Mar
* Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
2
Civilian labor force (or employment) an percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
•"'Not strietiy comparable with earlier data.
4
Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
NOTE.—Data beginning January 1997 reflect revised population controls. S«e Employment
d'nd Earnings, February 1997, for details.
Source: Department of Labor, Bureau of Labor Statistics.
ii
SELECTED UNEMPLOYMENT RATES
In April, the unemployment rate fell to 4.9 percent, from 5.2 percent in March.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
25
TEENAGERS
(16-19)
20
15
10
10
MEN 20 YEARS
AND OVER
1993
1997
1994
1995
1996
"UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE. DEPARTMENT OF LABOR
1997
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
All
civilian
workers
Period
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
1987 .
1988
1989
1990 ..
1991
1992
1993
19942
1995
1996
1996- Apr
May
July
Aug
Sept
Oct
Nov
Dec
1997: Jan
Peb
Mar
Apr
..
1
2
5.5
5.5
5.3
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
Men
20 years
and over
Women
20 years
and over
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.6
4.8
4.7
4.6
4.6
4.2
4.5
4.4
4.4
4.4
4.6
4.4
4.4
4.2
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
4.8
4.7
4.9
4.7
4.9
4.7
4.6
4.7
4.8
4.9
4.6
4.7
4.7
4.4
By race
Both
sexes
16-19
years
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
16.7
16.8
16.6
16.2
16.7
17.0
16.0
16.3
16.8
16.5
17.0
17.5
16.4
15.4
Revised definition; for details, see Employment and Earnings, February 1994.
Data
Data beginning January !„„
1994
. are —
not directly
._, comparable
with data for earlier perioc
r _.
NOTE.—Data relate to persons age 16 years and over.
12
White
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.7
4.8
4.8
4.6
4.7
4.5
4.5
4.5
4.6
4.6
4.6
4.5
4.5
4.2
Black
and
other
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.3
9.4
9.3
9.1
9.3
8.9
9.2
9.3
9.1
9.2
9.4
9.7
9.5
9.0
By selected groups
Black
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.5
10.5
10.3
10.2
10.5
10.4
10.7
10.7
10.6
10.5
10.8
11.3
10.7
9.8
Experienced
wage
and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fall-time
workers '
Part-time
workers '
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.2
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.0
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
8.2
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.3
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
5.8
5.3
5.4
5.1
5.2
5.0
5.1
5.0
5.2
5.1
5.1
5.0
5.0
4.7
3.0
3.0
3.0
3.0
2.9
3.0
3.0
3.0
3.0
2.8
2.8
2.8
2.7
7.3
8.5
7.8
8.8
8.5
8.3
8.5
8.8
8.4
9.1
9.0
9.1
7.5
5.4
5.4
5.2
5.3
5.0
5.1
5.1
5.3
5.2
5.2
5.1
5.1
4.8
5.9
5.9
5.6
6.0
5.9
5.6
5.6
5.6
5.8
5.7
6.0
5.7
5.7
Source: Department of Labor, 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 5-14
weeks fell; the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of unemployment
fell to 15.2 weeks and the median duration rose to 8.3 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION "
70
70
10
-
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY ^ 99A, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE- DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers l
Job
leavers
Iteentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1987
1988
1989 .
1990
1991 ..
1992
1993 . .
1994"
1995 .
1996
1996: Apr
July
Sept
Oct
Nov
Dec .
1997: Jan
Feb
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
7,302
7,331
7,119
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
36.4
34.2
37.1
35.8
36.0
36.2
35.8
35.9
38.9
37.1
39.0
36.3
37.4
35.7
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.6
32.5
31.1
31.0
31.9
31.4
31.9
31.8
31.0
32.7
31.0
33.4
33.6
32.7
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
14.6
15.3
14.1
14.8
13.7
14.3
14.8
14.9
14.0
13.5
13.1
14.4
14.1
16.0
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
17.4
18.0
17.6
18.3
18.4
18.1
17.6
17.3
16.1
16.7
16.9
15.9
15.0
15.7
1
Beginning January 1994, job losers and persons who completed temporary jobs.
2
Includes State (50 States, District of Columbia, Puerto Kieo, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (Rlt) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
;J
Data beginning January 1994 are riot directly comparable with data for earlier periods.
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.7
17.3
16.9
17.2
16.9
17.2
16.9
16.7
16.0
15.8
16.0
16.0
15.3
15.2
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.3
8.6
8.4
8.1
8.5
8.5
8.6
8.3
7.7
7.8
7.7
8.4
7.9
8.3
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
46.6
48.3
46.4
48.0
46.4
44.9
46.0
45.1
45.3
44.4
44.8
43.7
44.6
44.3
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.7
9.9
9.4
9.9
10.5
11.2
11.4
11.3
11.5
11.7
12.3
10.9
11.0
11.2
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
34.7
34.0
36.8
34.4
35.0
35.8
34.7
35.4
35.1
35.3
34.6
36.6
35.4
36.0
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
8.0
7.8
7.4
7.7
8.2
8.0
7.9
8.2
8.1
8.6
8.3
8.9
9.0
8.6
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,575
2,594
2,584
2,554
2,572
2,535
2,524
2,468
2,470
2,444
2,518
2,453
2,375
2,294
2,274
328
310
330
388
447
408
341
340
357
356
356
349
355
334
325
335
334
338
355
334
311
312
333
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,649
2,934
2,351
2,382
2,550
2,254
2,184
2,045
2,104
2,744
3,032
3,036
2,950
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 nonagricultural employment as measured by the payroll survey rose by 142,000 in April.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
130
36
ALL NONAGRICULTURAL
ESTABLISHMENTS
120
34
\
32
SERVICES
110
30
28
26
90
24
SERVICE-PRODUCING
INDUSTRIES
RETAIL TRADE
22
-
80
20
70
18
40
20
16
MANUFACTURING
18
GOCJDS-PRODUC NG
INDUSTRIES
30 —
20
,
l,,m
^ 1993
—
\
6
CONSTRUCTION
4
iimlimi m i i i n m i i m l i m i i m i l m n
1994
1995
1996
1997
'
1993
1995
1994
1996
1997
COUNCIL Of ECONOMIC ADVISERS
[Thousands of wage and salaiy workers;' seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1987
1988
1989
1990
1991 .
1992
1993
1994
1995
1996
1996: Apr
June
July
Sept .
Oct
Dec
1997: Jan .
Feb
MarP
Aor^
Total
nonagricultural
employment
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,172
117,203
119,554
118,922
119,332
119,537
119,772
120,052
120,050
120,311
120,492
120,723
120,982
121,296
121,435
121,577
Manufacturing
ConTotal2
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,206
24,259
24,209
24,263
24,274
24,264
24,298
24,257
24,284
24,319
24,356
24,399
24,508
24,499
24,442
struction
4,958
5,098
5,171
5,120
4,650
4,492
4,668
4,986
5,158
5,407
5,353
5,384
5,401
5,427
5,437
5,449
5,464
5,491
5,520
5,535
5,639
5,614
5,570
Total
Durable
goods
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,321
18,468
18,282
18,283
18,303
18,298
18,267
18,291
18,241
18,254
18,262
18,270
18,296
18,299
18,316
18,302
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,448
10,654
10,676
10,654
10,679
10,696
10,680
10,711
10,675
10,684
10,694
10,710
10,734
10,746
10,764
10,761
Nondurable
goods
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,814
7,606
7,629
7,624
7,602
7,587
7,580
7,566
7,570
7,568
7,560
7,562
7,553
7,552
7,541
1
Includes all ftill- and part-time wage and salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from
14
Total
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,264
92,997
95,296
94,713
95,069
95,263
95,508
95,754
95,793
96,027
96,173
96,367
96,583
96,788
96,936
97,135
Transportation and
public
utilities
5,362
5,514
5,625
5,793
5,762
5,721
5,829
5,993
6,165
6,316
6,294
6,309
6,329
6,333
6,342
6,337
6,338
6,350
6,340
6,378
6,403
6,416
6,434
Wholesale
trade
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,162
6,412
6,587
6,550
6,567
6,575
6,585
6,603
6,619
6,643
6,651
6,655
6,662
6,690
6,709
6,710
Retail
trade
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,507
21,173
21,597
21,415
21,485
21,568
21,671
21,672
21,702
21,803
21,857
21,931
21,922
21,940
21,993
22,025
Finance,
insurance,
Services
and real
estate
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,896
6,830
6,977
6,942
6,964
6,967
6,987
6,999
7,009
7,026
7,038
7,052
7,062
7,077
7,095
7,118
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,579
33,107
34,359
34,117
34,285
34,378
34,448
34,532
34,607
34,709
34,780
34,865
35,015
35,101
35,173
35,266
Government
Total
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,128
19,310
19,461
19,395
19,459
19,446
19,484
19,606
19,519
19,508
19,497
19,524
19,544
19,577
19,550
19,582
Federal
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,757
2,776
2,776
2,756
2,752
2,739
2,739
2,731
2,733
2,729
2,725
2,714
2,709
2,709
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, hi 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.
NOTE.—Data for March 1996-Angust 1996 were revised in October 1996 to reflect revised
seasonal adjustment factors.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICUITURAL INDUSTRIES
|For production or nonsupervisory workers; monthly data seasonally adjusted, except as rioted]
Average weekly hours
Total wivate
iionagrieultural '
Manufacturing
Total
private
nonagricultura! '
Period
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
34.4
34.3
34.2
34.7
34.2
34.4
34.7
34.3
34.6
34.8
34.2
34.9
34.9
34.6
1987
1988
1989
1990
1991
1992
1993 .
1994
1995
1996
1996: Apr
June
July
Sept
Oct
Dec
1997: Jan
Peb .
MarP
Total
Overtime
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.6
41.6
41.5
41.7
41.8
41.6
41.7
41.7
41.7
41.7
42.0
41.7
41.9
42.1
42.2
Average gross weekly earnings
Average gross hourly earnings
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
4.5
4.6
4.6
4.6
4.4
4.5
4.5
4.4
4.5
4.6
4.7
4.7
4.9
5.0
Current
dollars
$8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.44
11.82
11.72
11.74
11.83
11.81
11.87
11.91
11.90
11.99
12.04
12.05
12.10
12.15
12.14
1982
dollars2
Total private
rionagrieultural '
Manufacturing
$7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.40
7.43
7.40
7.40
7.45
7.42
7.45
7.45
7.41
7.45
7.46
7.46
7.47
7.50
7.49
$9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.07
12.37
12.78
12.74
12.73
12.77
12.79
12.89
12.87
12.88
12.94
12.99
13.03
13.02
13.08
13.09
Percent change from
a year ear ier, total
private nonagricultural -!
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Construction
Retail
trade
$312.50
$269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.73
255.29
255.73
253.95
253.00
258.50
253.71
258.17
258.46
254.31
257.67
259.60
255.02
260.83
261.75
259.28
$406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.94
514.59
531.65
528.71
530.84
533.79
532.06
537.51
536.68
537.10
539.60
545.58
543.35
545.54
550.67
552.40
$480.44
495.73
513.17
526.01
533.40
537.70
553.63
573.00
585.10
600.23
594.39
581.78
595.98
598.30
599.46
599.46
603.34
604.90
607.61
594.22
614.64
613.45
616.18
$178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.47
229.82
225.94
228.38
232.00
227.66
230.69
231.49
232.18
235.77
235.82
234.77
241.08
240.61
238.71
322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.68
406.61
402.00
401.51
410.50
403.90
408.33
413.28
408.17
414.85
418.99
412.11
422.29
424.04
420.04
Current
dollars
1982
dollars
-1.0
-.9
-1.0
-1.8
-1.6
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.3
2.3
3.0
2.6
3.6
4.6
2.5
3.5
4.4
2.5
3.9
5.1
5.1
5.1
5.3
4.6
n
-.0
.7
-.6
.2
-.3
.6
1.8
-.4
.7
1.4
-.5
.6
1.7
2.0
2.0
2.6
2.2
-1 Based on seasonally unadjusted data.
NOTE.— See Note, p. 14.
Source: Department of Labor, Bureau of Labor Statistics.
1
Also ineJu<k's other private industry groups shown on p. 14,
Current dollar earnings divided by the consumer price index for urbai wage earners and
clerical workers (CPI-W) (on a 1982=100 base).
2
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 138.9 = 100)
Pel-cent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.7
130.6
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
127.3
120.8
121.8
122.8
123.6
124.4
125.2
126.0
126.9
127.7
128.8
129.7
130.6
131.4
117.1
118.1
119.0
119.8
120.6
121.5
122.4
123.2
124.4
125.5
126.4
127.4
128.5
Benefits '
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1987:
19881989:
1990199119921993199419951996:
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
.
.
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
135.9
138.6
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.6
3.1
Seasonally adjusted
1994: M a r .
Sept .
Dec
1995: Mar
Sept
Dec
1996- Mar
Sept
Dec
1997- Mar
.
.
.
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries-
130.3
131.5
132.8
133.5
133.9
134.6
135.3
136.0
136.0
137.0
137.7
138.7
138.7
0.8
.8
.8
.7
.6
.6
.6
.7
.6
.9
.7
.7
.6
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.2
2.0
Not seasonally adjusted
0.5
.9
.8
.7
.7
.7
.7
.7
1.0
.9
.7
.8
.9
1.1
.9
1.0
.5
.3
.5
.5
.5
0
.7
.5
.7
0
3.3
3.4
3.3
3.1
2.9
2.8
2.6
2.6
2.7
2.9
2.9
3.1
3.0
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.2
3.4
3.3
3.4
3.4
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.2
1.6
1.7
1.8
2.0
2.0
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of all
persons
Period
Business
sector
Nonfarni
business
sector
Output '
Business
sector
Compensation per
hoiir :t
Hours of all
persons -
Xonf'arm
business
sector
Business
seetor
Nonfann
business
seetor
Business
sector
Nonfarrn
business
sector
Real compensation
per lour 4
Business
sector
t'rii labor
costs
Nonfann
business
sector
Business
sector
Implicit price
deflator 5
\onfarin
business
sector
Business
sector
Xonfann
business
sector
Indexes, 1992 = 100; quarterly data seasonally adjusted
94.1
94.6
95.4
96.1
96.7
100.0
100.2
100.7
100.8
101.8
94.6
95.2
95.7
96.2
96.9
100.0
100.2
100.6
100.9
101.6
91.1
94.6
97.8
98.6
96.9
100.0
102.7
107.0
109.6
112.9
91.3
95.1
98.1
98.8
97.1
100.0
102.9
107.0
109.9
113.0
96.8
100.0
102.5
102.6
100.2
100.0
102.5
106.2
108.8
110.9
96.5
99.9
102.5
102.7
100.2
100.0
102.8
106.3
108.9
111.2
79.9
83.5
85.8
90.7
95.1
100.0
102.5
104.5
107.8
111.8
80.2
83.6
85.9
90.6
95.1
100.0
102.3
104.3
107.7
111.6
98.7
99.0
97.1
97.4
97.9
100.0
99.5
99.0
99.2
100.0
99.1
99.2
97.1
97.3
97.9
100.0
99.3
98.8
99.1
99.8
84.9
88.2
89.9
94.4
98.3
100.0
102.3
103.8
106.9
109.9
84.8
87.8
89.7
94.1
98.1
100.0
102.1
103.7
106.7
109.8
83.8
86.8
90.4
94.1
97.7
100.0
102.5
104.8
107.2
108.9
83.6
86.4
90.0
93.8
97.6
100.0
102.5
104.9
107.2
108.8
100.1
99.7
99.9
100.9
100.1
99.7
100.1
100.8
101.4
102.1
102.8
104.4
101.6
102.2
103.3
104.7
101.3
102.3
102.9
103.5
101.4
102.6
103.2
103.9
101.7
102.3
102.8
103.3
101.5
102.0
102.5
103.0
99.6
99.5
99.6
99.3
99.5
99.3
99.3
99.0
101.5
102.6
102.9
102.4
101.4
102.4
102.4
102.2
101.7
102.4
102.7
103.3
101.8
102.4
102.6
103.3
100.4
100.6
101.0
101.1
100.3
100.6
101.0
101.1
104.9
106.6
107.7
108.7
104.9
106.7
107.8
108.8
104.4
106.0
106.6
107.6
104.6
106.1
106.7
107.6
104.0
104.2
104.7
105.5
103.8
104.1
104.5
105.4
99.4
99.0
98.6
98.7
99.2
98.9
98.4
98.6
103.6
103.6
103.7
104.4
103.4
103.5
103.5
104.3
103.9
104.4
105.1
105.6
103.9
104.5
105.3
105.7
100.4
100.8
101.1
101.0
100.5
100.9
101.3
101.0
108.8
109.0
110.3
110.4
109.0
109.2
110.6
110.7
108.4
108.2
109.0
109.3
108.4
108.3
109.1
109.5
106.2
107.3
108.3
109.4
106.2
107.2
108.2
109.3
98.7
99.0
99.3
99.8
98.7
98.9
99.3
99.6
105.8
106.5
107.1
108.4
105.6
106.3
106.8
108.1
106.4
107.0
107.5
107.8
106.5
107.1
107.5
107.8
m
IV
101.5
101.8
101.9
102.2
101.5
101.7
1.01.7
101.9
111.2
112.6
113.2
114.5
111.4
112.7
113.3
114.6
109.6
110.6
111.1
112.1
109.8
110.9
111.4
112.5
110.3
111.4
112.5
113.5
110.2
111.3
112.2
113.2
99.7
99.9
100.2
100.3
99.6
99.8
99.9
100.0
108.7
109.5
110.4
111.1
108.5
109.4
110.3
111.0
108.2
108.8
109.2
109.5
108.1
108.7
109.0
109.3
1997: IP
102.7
102.5
116.4
116.5
113.3
113.8
114.7
114.5
100.8
100.6
111.7
111.7
110.0
109.9
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993- I
II
III
IV
1994- I
II
Ill
IV
1995:
I
II
in
IV
1996:
I ..
II
Percent change; quarterly data at seasonally adjusted annual rates
1987
1988
1989
1990
1991
1992
-0.1
.5
.8
.7
.7
3.4
.2
.5
.1
1.0
-0.3
.6
.6
.5
.7
3.2
.2
.5
.3
.7
2.9
3.8
3.4
.8
-1.7
3.2
2.7
4.2
2.5
3.0
-3.5
-1.6
.8
3.8
-3.8
-1.8
1.7
2.8
-1.7
.5
1.9
.1
3.0
2.9
4.0
2.7
2.9
3.0
3.3
2.5
.1
23
2
2^5
3.7
2.4
2.0
3.2
3.5
2.6
.2
25
-.2
2.8
3.5
2.4
2.2
3.8
4.5
2.8
5.7
4.8
5.2
2.5
1.9
3.1
3.8
3.7
4.3
2.7
5.5
4.9
5.2
2.3
2.1
3.2
3.6
0.2
.3
-2.0
.3
.6
2.1
-.5
-.6
.3
.8
0.1
.1
-2.1
.1
.7
2.1
-1.2
2.5
3.0
6.5
-.9
2.7
4.1
5.4
2.4
4.2
2.2
2.6
3:0
4.6
2.4
2.6
1.9
2.6
2.0
2.0
1.3
2.1
1.8
2.0
-1.0
-1.3
-1.8
1.0
1.7
.4
1.7
6.9
4.1
3.7
.8
7.0
4.2
4.0
3.5
6.4
2.1
3.6
2.7
6.0
2.4
3.6
2.8
.7
2.0
2.9
-2.6
1.4
1.4
-.6
-2.2
1.5
1.7
1
f>
\..Ci
.4
.7
4.7
.5
.6
.9
5.0
.4
3.0
7
3.3
1.1
2.9
6
3.2
1.5
rv
2.1
1.2
.3
1.2
1.9
.6
0
1.1
3.0
5.0
2.2
4.8
2.7
4.8
1.9
4.9
.8
3.8
1.9
3.5
.8
4.1
1.9
3.8
1997. IP
2.1
2.0
. 6.8
6.8
4.5
4.7
.
1993
1994
1995
1996 . .
1993: I
II
III
rv
1994:
I
II
III
rv
1995:
I
II
III
rv
1996: I
H
III . .
1
3.0
4.1
3.2
.7
1
Q
-L.O
Output refers to real gross domestic product originating in the sector.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for soeial insurance arid private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided bv the consumer price index for all urban consumers (CPIU).
5
Current dollar gross domestic output divided by the output index.
16
-.5
.3
.7
3.9
3.9
1.9
5.0
4.1
1.7
2.3
1.4
3.0
2.8
4.0
3.6
2.1
5.0
4.2
1.9
2.1
1.6
2.9
2.9
2.6
3.5
4.2
4.0
3.8
2.4
2.5
2.2
2.3
1.6
2.6
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.2
1.5
'l
-1.6
-.8
-.1
-1.2
5.6
4.3
1.2
-1.8
5.2
4.0
.1
-.7
3.5
2.5
1.4
2.4
3.8
2.1
1.2
2.6
2.9
1.3
1.8
3.3
.7
-1.6
-1.7
.4
.9
-1.1
-1.9
.8
4.6
.2
.1
2.8
4.9
.3
.1
2.9
2.4
1.8
2.7
2.1
2.5
2.2
2.9
1.9
2.8
4.1
3.6
4.3
2.9
4.0
3.7
4.0
.1
.9
1.5
1.8
.2
.9
1.5
1.5
5.5
2.6
2.2
5.0
5.3
2.5
1.9
5.2
3.0
2.1
2.0
1.0
3.0
2.0
1.7
.9
3.2
4.3
3.8
3.7
3.4
3.9
3.3
3.6
-.1
.9
1.1
.3
.1
.5
.7
.2
1.0
3.1
3.4
2.4
1.5
3.3
3.3
2.5
1.5
2.4
1.3
1.1
1.4
2.1
1.2
1.2
4.5
4.7
2.0
2.3
2.3
2.7
1.8
2.0
0
>J
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
Data based on (JDP data released April 30, 1997. Data for 1997: I shown elsewhere in this
issue were released May 30, 1997.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production was unchanged in April. Capacity utilization fell to 83.4 percent.
INDEX, 1992 . 100' (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
130
INDEX, 1992 = 100' (RATIO SCALE|
120
130
BUSiNFSS
EQUIPMENT
120
,
150
FINAL PRODUCTS
110
140
s-
V .ss^
^y
110
100
^
rcrr^
,,, ..
"*
„-"-
\
100
MANUFACTURING
GOODS
"--....
130
\
120
"\
110
DEFENSE
AND SPACE
EQUIPMENT
100
.-
7
\
*\
,"'""'•*..
.S' "
70
_LL 1 1 1 1 1 1 i 1 1
140
UTILITIES AND MINING
I,,,,,
1 II 1 1 1
i
Mll|
1 || ||
PERCENT'
130
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY]
120
UTILITIES
'—^"^
110
^-^
-~x_y100
|m|| 1 1 n i 1 1 1 1 1
1995
1993
1993
1996
1 1 1 II 1 II 1 I!
M i l l
1995
1994
m|
1 1 1 1 1
1996
1997
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Percent change
Period
Index,
1992 = 100
1989
1990
1991
1992
1993
1994
1995
1996
1996- Apr
May ...
June
July ...
Aufir ....
Sept
Oct
Nov
. ...
Dee
1997- Jan'r
Feb1
Mar " ..
1
Percent changes based on unrounded indexes.
Output as percent of capacity.
l
Manufacturing
Prom
year
earlier
Durable
Total
Nondurable
Mining
Utilities
Total
industry
Manufacturing
-2.0
3.2
3.4
5.0
3.3
2.8
92.8
97.1
99.0
98.5
96.2
100.0
103.7
109.4
113.2
116.3
92.0
98.1
100.5
99.0
95.5
100.0
105.5
113.4
119.7
125.7
93.8
96.0
97.3
97.9
97.0
100.0
101.7
105.0
106.2
106.3
101.5
102.9
101.5
103.7
101.6
100.0
98.9
101.5
100.9
102.9
89.4
93.9
97.1
98.3
100.4
100.0
103.9
105.3
109.1
112.8
81.3
83.9
84.0
82.3
79.2
80.4
81.6
83.7
83.8
83.1
81.3
83.8
83.6
81.4
78.0
79.5
80.8
83.1
83.1
82.1
4.6
4.4
1.8
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
1987
1988
2
From
preceding
month
Capacity utilization
rate, percent2
Industry production indexes, 1992 = 100
Total industrial production
~~ .J&
114.3
114.8
115.5
115.5
115.8
116.0
116.2
117.2
117.7
0.9
.4
.6
.0
.3
.1
.2
.8
.4
2.6
2.9
3.3
3.4
2.9
2.6
3.3
4.0
4.4
115.2
115.7
116.4
117.0
117.2
117.4
117.6
118.5
119.2
124.6
125.2
126.3
126.9
127.5
127.2
127.1
128.4
128.8
105.2
105.5
105.9
106.4
106.2
106.9
107.4
107.9
108.8
102.9
103.2
104.4
103.1
104.5
103.4
103.4
103.5
104.5
113.5
114.6
114.0
109.4
110.8
111.1
111.9
114.5
112.6
83.1
83.2
83.5
83.2
83.2
83.1
83.0
83.4
83.5
82.0
82.0
82.3
82.4
82.3
82.1
82.0
82.4
82.5
117.8
118.4
119.0
119.0
.1
.5
.6
.0
4.8
4.0
5.1
4.1
119.3
120.1
120.8
120.5
129.5
130.9
131.9
131.5
108.5
108.7
108.9
108.8
103.6
105.7
106.6
106.1
112.7
109.8
110.8
113.0
83.3
83.5
83.7
83.4
82.4
82.7
82.8
82.4
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1992 = 100; monthly data seasonally actuated]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total
1
Business
Defense
and
space
equipment
Business
supplies
Total
Total
Construction
supplies
Energy
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
93.2
97.6
99.7
99.4
97.5
100.0
103.2
107.1
109.9
112.8
93.7
96.7
97.7
97.3
97.0
100.0
103.2
107.4
108.9
110.5
93.9
99.8
101.3
98.0
93.0
100.0
110.1
120.4
122.8
126.2
93.6
95.9
96.7
97.1
98.1
100.0
101.5
104.1
105.3
106.5
92.7
99.1
103.0
102.7
98.4
100.0
103.0
106.6
111.6
116.8
85.1
93.5
98.8
98.2
95.7
100.0
105.1
111.3
119.4
126.6
117.5
117.1
117.4
115.9
106.7
100.0
93.5
86.2
80.7
77.0
100.7
102.5
102.9
101.9
97.5
100.0
102.5
106.1
107.5
109.4
104.7
106.3
105.5
102.9
96.2
100.0
103.3
110.3
111.6
116.8
98.4
100.3
101.3
101.4
98.3
100.0
102.0
103.6
105.0
105.1
90.4
95.1
97.0
97.2
95.9
100.0
103.9
111.3
116.6
120.3
96.2
98.5
99.5
100.6
100.8
100.0
99.6
101.4
102.7
103.9
1996- Apr
May
112.1
112.2
113.1
113.4
113.0
113.3
113.6
114.8
115.3
109.8
110.0
110.8
110.7
110.1
110.5
110.8
112.3
112.7
125.7
126.9
129.9
129.7
128.0
127.1
124.5
127.1
128.4
105.9
105.8
106.0
106.0
105.6
106.3
107.3
108.5
108.7
115.9
116.0
117.1
118.1
117.9
118.1
118.4
119.0
119.6
125.1
125.0
126.6
128.1
127.7
128.3
128.8
129.8
130.7
77.4
77.9
77.0
77.7
77.9
77.7
77.0
76.1
76.2
107.7
108.9
109.7
108.9
110.0
110.6
110.2
111.9
111.3
114.2
116.1
118.3
117.5
119.2
119.8
117.7
120.7
117.8
103.9
104.6
104.6
103.9
104.6
105.3
105.8
106.8
107.4
119.5
120.1
120.5
120.5
121.5
121.2
121.7
122.2
123.1
104.2
104.6
104.8
102.4
104.0
103.9
103.9
104.0
103.9
115.1
115.7
116.7
116.3
111.7
111.7
112.5
111.8
127.3
129.4
131.7
127.0
107.8
107.3
107.8
108.0
120.8
122.7
123.9
124.0
132.1
133.8
134.9
135.0
74.7
75.5
75.7
75.7
111.6
112.0
112.0
112.5
117.0
119.5
120.1
120.1
108.4
107.6
107.3
108.0
123.4
124.0
124.6
124.7
103.8
103.6
103.6
104.2
July
Sept
Oct
Nov
Dec
1997: Jan'
Pebr
Mar'
AorP
1
. .
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1992 = 100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1987
1988
1989
1990
1991
1992 ....
1993
1994 .. .
1995
1996
1996: Apr
May
" *
July
Sept
Oct
Nov
Dec
1997- Jan'
Febr
Mar'
AprP
..
.
Industrial
machinery and
equipment
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
97.8
106.2
104.9
104.0
96.7
100.0
105.5
113.0
115.7
117.2
95.4
107.6
106.2
106.4
96.0
100.0
107.1
113.2
116.3
116.4
101.9
106.1
104.8
101.2
96.2
100.0
104.4
112.0
115.7
118.6
86.0
97.0
103.0
100.1
95.4
100.0
109.9
125.3
141.4
156.4
75.6
82.5
85.8
87.7
89.6
100.0
110.0
126.3
148.2
163.3
96.1
101.1
105.1
102.3
96.5
100.0
103.7
107.4
105.0
106.1
94.9
100.2
101.2
95.3
88.5
100.0
113.7
129.7
128.5
126.9
104.9
105.1
104.3
101.6
94.5
100.0
100.9
105.9
106.2
109.7
105.5
103.6
100.3
97.2
97.8
100.0
102.4
106.5
103.3
98.2
102.5
103.4
103.5
103.1
99.1
100.0
100.8
100.5
99.8
98.4
87.0
92.2
95.1
97.3
96.4
100.0
101.0
104.1
106.5
108.9
93.5
94.9
95.9
97.0
98.4
100.0
102.1
103.7
105.7
106.3
116.1
116.3
117.0
118.0
118.3
119.5
122.1
118.5
118.8
114.6
115.7
117.1
118.0
118.2
117.4
123.2
115.9
116.7
117.8
118.4
118.9
119.1
119.4
119.3
119.3
119.1
119.5
153.3
154.3
156.1
157.7
159.6
159.4
159.9
161.7
162.9
161.1
161.8
164.0
163.8
164.6
165.2
165.6
167.2
168.8
106.4
106.8
107.1
109.5
109.3
107.3
105.3
109.5
109.6
130.3
130.5
130.4
134.1
132.8
127.0
121.2
128.9
127.9
110.3
110.4
112.4
109.3
111.4
110.7
109.2
113.1
108.0
99.0
99.0
99.0
98.3
98.5
98.2
97.8
97.3
91.2
96.9
97.9
97.1
97.6
97.9
99.1
99.7
100.0
99.8
106.9
107.2
107.9
109.0
108.7
109.7
111.3
111.8
114.0
105.9
105.6
106.1
106.5
105.5
106.2
107.1
107.6
108.2
117.8
120.0
119.8
119.4
118.0
118.2
116.8
116.2
119.2
119.6
120.4
120.5
164.7
166.8
168.0
169.4
168.6
172.8
176.4
178.4
111.9
111.6
112.5
108.3
132.0
129.8
129.9
121.1
108.6
112.1
112.6
113.0
96.2
95.8
96.4
95.4
100.5
100.7
100.5
101.0
113.7
112.9
112.4
112.8
108.2
108.6
108.9
108.3
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
Fabricated
metal
products
Nondurable manufactures
Transportation
equipment
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total1
Commercial
and industrial 2
Other
Federal
and
State
and
local
Total value
index
(1992=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
441.6
455.6
469.8
468.5
424.2
452.1
482.7
527.1
547.1
568.9
351.0
360.9
371.6
361.1
314.1
336.2
362.6
400.0
410.2
427.8
194.7
198.1
196.6
182.9
157.8
187.8
210.5
238.9
236.6
246.9
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.9
176.4
104.4
109.6
118.0
119.4
93.7
82.2
84.4
93.3
107.0
111.4
52.0
53.2
57.1
58.8
62.6
66.2
67.7
67.8
66.6
69.5
90.6
94.7
98.2
107.5
110.1
115.8
120.2
127.1
136.9
141.1
103
104
108
98
92
100
108
117
122
130
Annual rates
1996: Apr
May
July
Sept .
Oct
Nov
Dec
1997: Jan
Feb' ..
Mar'
Apr*
1,019
973
961
783
577
556
589
744
862
829
Annual rates
564.6
558.5
563.1
559.3
564.7
572.3
582.5
594.0
588.1
424.2
418.1
423.1
419.3
426.7
428.4
437.0
446.1
445.4
248.0
247.5
246.9
244.9
246.0
246.4
246.9
249.2
250.3
179.3
178.2
177.7
175.6
176.5
176.2
176.6
177.4
176.7
108.1
103.1
109.2
107.7
110.9
112.4
119.7
121.8
117.4
68.2
67.5
67.0
66.7
69.7
69.6
70.4
75.1
77.8
140.4
140.4
140.0
140.0
138.0
143.9
145.5
148.0
142.7
'135
133
'131
135
138
133
126
'132
'128
'719
'832
719
'640
'706
'777
'680
'775
786
588.9
602.7
603.1
596.9
446.6
455.6
453.7
450.2
250.1
255.4
257.8
258.2
176.5
182.3
182.5
182.1
120.9
122.7
120.0
115.3
75.6
77.5
75.9
76.7
142.2
147.1
149.4
146.7
'128
129
129
131
'769
837
763
1
Includes
2
Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companie
Inc., F.W. Dodge Division.
residential improvements, not shown separately.
Includes hotels and motels.
P.W. Dodge series.
3
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
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1 unit
2-4 units
5 or more
units
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
1,476.8
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
1,160.9
1,429
1,522
1,476
1,488
1,492
1,515
1,470
1,407
1,486
1,353
1,156
1,215
1,142
1,214
1,164
1,222
1,148
1,104
1,133
1,024
24
55
48
46
44
37
45
58
60
48
249
252
286
228
284
256
277
245
293
281
1,375
1,554
1,435
1,473
1,125
1,237
1,115
1,118
43
44
40
41
207
273
280
314
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
45.2
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
270.8
Units
authorized
Units
completed
Homes
sold
Homes for
sale at end
of period J
for rental
housing units
(percent)2
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
1,412.9
671
676
650
534
509
610
666
670
667
757
366
368
365
321
284
265
293
336
370
322
7.7
7.7
27.4
7.2
7.4
7.4
2
7.3
7.4
7.6
7.8
'1,438
'1,486
' 1,457
'1,432
'1,454
'1,405
'1,391
'1,349
'1,391
'1,405
1,382
1,351
1,409
1,426
1,463
1,449
1,356
1,375
1,431
1,484
711
741
732
732
782
814
768
706
788
794
367
368
362
355
352
343
331
330
327
322
7.9
'1,395
1,438
1,457
1,442
1,362
1,563
1,400
'822
820
836
772
'308
300
287
286
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
31,371.6
1,332.5
'1,425.6
Seasonally adjusted annual rates
1996: Mar
May
July
Sept
Oct
Nov
Dec
1997: Jan
Feb'
Mar'
Apr*
1
Seasonally adjusted,
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
2
7.8
8.0
7.7
7.5
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places. Seasonally adjusted data revised beginning 1995; unadjusted
revised for 1996.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In March, manufacturing and trade sales fell 0.2 percent and inventories rose $3.3 billion. According to advance
data, retail sales fell 0.3 percent in April following no change in March.
BILLIONS OF DOLLARS' (RATIO SCALE)
,200
BILLIONS OF DOLLARS* (RATIO SCALE)
400
,100
350
,000
900
_-
^r-^
300
MA MUFACTURING AND
TRADE INVENT DRIES
800
RETAIL INVENTORIES
_,-— —
1
700
250
,-
__/•— ^
•x~" MA •4UFACTURIN
AN 3 TRADE SALE S
600
200
RETAIL SALES
500
150
RATIO*
I. BO
400
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
300
. _/-<'-\*\
1.50
V
^—
./
x-—^^X
1.40
200
1993
1
1994
1.30
1995
1997
1996
fcMANUFACTURING "^^^
|m||
1993
Inn,
1994
AND TRADE
1 M 1 1 1 II 1 1 !
INN
1 1 1 t 1
1996
i 1 M
1
1997
COUNCIL OF ECONOMIC ADVISERS
Manufacturing
and
trade1
Sales2
1 M I!
1995
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Period
•— ^
Inventories ;i
Inventories3
Sales2
Sales*
Inventories3
Inventory-sales
ratio4
Retail
Wholesale
Durable
goods
stores
Total
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
Retail
Millions of dollars, seasonally adjusted, except as noted
1987
1988
1989
1990
1991 .
1992
1993
1994
1995
1996 . ..
457,735 709,846
497,157 767,226
527,039 815,486
545,909 840,428
542,815
834,281
567,176 842,137
595,049 874,096
637,236 931,228
679,725 989,160
715,435 1,007,913
May
July
Sept
Get
Nov
Dec
1997: Jan
Feb'
Mar?
Apr''
*
207,836
219,047
237,234
239,773
243,275
251,994
267,497
290,128
303,750
314,183
105,481
112,453
121,347
121,105
119,039
122,948
133,624
149,840
159,767
165,997
102,355
106,594
115,887
118,668
124,236
129,046
133,873
140,288
143,983
148,186
1.50
1.49
1.52
1.52
1.53
1.48
1.45
1.41
1.43
1.40
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.55
1.52
254,151 201,685
257,329 '202,375
256,601 203,865
256,739 202,789
256,467 203,291
256,598 203,036
254,788 204,713
255,671 206,277
255,850 205,789
255,808 206,894
82,641 119,044
'81,580 '120,795
83,011 120,854
82,394 120,395
82,531 120,760
82,487 120,549
83,091 121,622
83,871 122,406
122,304
83,485
83,785
123,109
303,737
304,656
305,214
305,677
309,786
311,112
312,969
315,281
313,490
314,183
159,306
160,029
160,631
161,138
163,433
164,862
166,530
168,146
165,865
165,997
144,431
144,627
144,583
144,539
146,353
146,250
146,439
147,135
147,625
148,186
1.42
1.41
1.39
1.40
1.39
1.40
1.39
1.39
1.38
1.39
1.51
1.51
1.50
1.51
1.52
1.53
1.53
1.53
1.52
1.52
257,895 210,233
258,088 213,022
259,887 '212,965
212,241
85,344
124,889
87,786 125,236
'87,500 '125,465
87,090 125,151
313,980
315,938
316,507
165,441
167,380
168,564
148,539
148,558
147,943
1.37
1.36
1.37
1.49
1.48
1.49
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234,893
253,066
255,808
993,301
997,426
996,035
996,284
1,000,699
1,003,397
1,004,457
1,009,086
1,008,711
1,007,913
197,334
199,431
200,038
200,078
204,254
201,892
203,419
204,987
205,561
205,560
736,237 1,011,894
746,242 1,015,934
744,628 1,019,200
207,506
211,801
209,876
699,665
'709,809
715,106
711,718
719,945
717,775
723,292
726,774
728,898
727,732
1996- Mar'
80,453
85,587
91,818
97,981
100,497
103,999
108,055
112,826
116,585
120,997
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
188,811
201,723
47,989
52,430
54,763
55,736
54,165
58,634
64.677
72,784
77,085
82,778
128,442
138,017
146,581
153,718
154,661
162,632
172,732
185,610
193,670
203,775
1
:!
2
4
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seamaliy adjusted totals for month.
20
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratic
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In April, manufacturers' shipments, inventories, and new orders rose; unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
320 - SHIPMENTS -
480
440
400
360
320
280
TOTAL
240
200
• INVENTORIES
-TOTAL
280
DURABLE GOODS
240
160
DURABLE GOODS
200
120
160
NONDURABLE GOODS
"\
NONDURABLE GOODS
120
80
BILLIONS OF DOLLARS' (RATIO SCALE)
320
80
280
TOTAL
240
RATIO*
2.00
200
INVENTORY-SHIPMENTS RATIO
DURABLE GOODS1.80
160
1.60
/
120
NONDURABLE GOODS
-~^^--^p^^_
^
,
"*V
1,40
80
1.20
1993
1994
1995
1996
M 1 I1 1 1 1 1 11
1 1 1!
1 1 1 1 1 11
1994
1993
1997
1 1111 11 111
1995
1 t 1 1 1 1 1 1 1 1 1 Mil! 1 1 1 11
1996
1997
COUNCIL Of ECONOMIC ADVISERS
Manufacturers' shipments1
Manufacturers' inventories2
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondcfense
Nondurable
goods
Manufacturers'
unfilled
orders2
Manufacturers'
inventory—
shipments
ratio3
Millions of dollars, se isonally adjusted, except as noted
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
...
...
...
...
1996: Mar
May
July
Aug
Sept
Oct
Nov
Dec
1997: Jan . .
Feb
Mar'
Apr' .
206,326
224,619
236,698
242,686
239,847
250,394
260,635
278,652
297,244
309,937
300,646
308,003
311,203
308,851
312,400
312,847
315,160
315,510
317,548
315,278
318,498
321,419
321,787
325,633
108,128
118,458
123,158
123,776
121,000
128,489
135,886
148,916
159,215
166,347
160,377
164,615
167,487
166,902
167,774
168,471
170,705
168,824
170,144
168,719
170,313
173,741
175,397
177,457
98,198
106,161
113,540
118,910
118,847
121,905
124,749
129,736
138,029
143,590
140,269
143,388
143,716
141,949
144,626
144,376
144,455
146,686
147,404
146,559
148,185
147,678
146,390
148,176
338,107
369,378
391,243
405,105
390,944
382,480
390,721
406,207
432,344
437,922
435,413
435,441
434,220
433,868
434,446
435,687
436,700
438,134
439,371
437,922
440,019
441,908
442,806
445,677
'Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
117,329
126,928
133,730
141,892
140,938
144,384
147,245
151,409
161,988
161,483
161,878
161,571
160,363
160,219
159,639
159,761
160,353
160,806
161,454
161,483
161,629
162,224
162,333
162,436
220,778
242,450
257,513
263,213
250,006
238,096
243,476
254,798
270,356
276,439
273,535
273,870
273,857
273,649
274,807
275,926
276,347
277,328
277,917
276,439
278,390
279,684
280,473
283,241
:J
209,389
228,270
239,572
244,507
238,805
248,212
257,698
279,560
298,092
312,794
305,091
307,001
314,194
312,139
317,304
310,575
318,515
321,887
320,244
315,415
323,210
324,369
320,063
323,874
110,809
122,076
126,055
125,583
119,849
126,308
133,081
149,505
160,214
169,072
165,519
163,472
170,287
169,994
172,402
166,267
173,811
174,900
171,888
168,886
175,370
177,075
173,223
175,511
26,094
31,108
32,988
33,331
30,471
31,525
31,693
35,847
41,302
44,779
46,613
40,487
44,979
42,921
45,935
41,172
47,515
47,482
43,885
43,869
45,819
46,911
45,527
44,623
98,579
106,194
113,516
118,924
118,957
121,905
124,617
130,055
137,877
143,722
139,572
143,529
143,907
142,145
144,902
144,308
144,704
146,987
148,356
146,529
147,840
147,294
146,840
148,363
430,468
474,192
508,853
531,115
519,143
493,104
458,161
469,450
480,128
514,398
493,924
492,922
495,913
499,201
504,105
501,833
505,188
511,565
514,261
514,398
519,110
522,060
520,336
518,577
1.59
1.58
1.63
1.65
1.65
1.54
1.49
1.43
1.43
1.41
1.45
1.41
1.40
1.40
1.39
1.39
1.39
1.39
1.38
1.39
1.38
1.37
1.38
1.37
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 0.6 percent in April. Prices of finished consumer foods fell
0.4 percent, while prices of other finished consumer goods fell 0.7 percent. Capital equipment prices fell 0.4 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
110
100
1989
1990
1996
SOURCE; DEPARTMENT OF LABOR
1997
COUNCIL Of ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Finished goods
Intermediate materials
Crude materials
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Total
Total
1987
1988
1989 ..
105.4
.
1990
1991
1992
1993
1994
1995
1996r
1996: Apr
May
June
July
Aug
Sept
Oct
Nov
Decr
1997: Jan
Feb
Mar
Apr
108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
131.3
130.6
130.8
131.2
131.2
131.6
132.0
132.5
132.7
133.4
133.0
132.5
132.4
131.6
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
133.6
131.5
131.7
133.6
133.7
134.6
135.1
136.2
136.2
135.9
134.5
134.1
135.3
134.7
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
130.6
130.3
130.4
130.3
130.4
130.6
131.0
131.3
131.5
132.5
132.5
132.0
131.5
130.6
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
124.0
127.6
127.3
127.5
127.3
127.4
127.7
128.1
128.6
129.0
130.3
130.3
129.6
128.7
127.8
1
Intermediate materials for food manufacturing and feeds.
NOTE.—Beginning; 1096, indexes are based on updated value weights.
22
Pood-
T ntnl
Olal
Consumer goods
Durable
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.7
134.2
133.9
134.2
134.5
134.2
134.4
134.8
134.3
134.5
134.5
134.4
134.4
134.6
134.4
N
We
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
123.3
123.0
123.1
122.8
123.0
123.3
123.7
124.7
125.1
127.0
126.9
126.1
124.6
123.4
finished
Capital
equipment
consumer
goods
111.7
114.3
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
125.6
129.5
128.7
128.9
129.4
129.4
129.9
130.3
131.0
131.3
132.1
131.7
131.1
130.8
129.9
118.8
122.9
126.7
129.1
131.4
134.1
136.7
138.3
138.1
138.1
138.3
138.3
138.5
138.7
138.5
138.5
138.5
138.6
138.5
138.9
138.3
Total
Foods
and
feeds'
101.5
107.1
112.0
99.2
109.5
113.8
114.5
114.4
114.7
116.2
118.5
124.9
125.8
125.6
126.1
125.7
125.5
125.7
126.2
126.0
125.8
126.4
126.7
126.6
125.9
125.5
113.3
111.1
110.7
112.7
114.8
114.8
128.1
125.6
130.4
131.3
131.8
132.2
133.2
130.5
126.3
125.6
126,6
125.6
127.3
127.8
stuffs
and
feedstuffs
Other
Total
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
125.5
125.6
125.6
125.9
125.5
125.2
125.4
125.8
125.8
125.8
126.5
126.7
126.6
125.8
125.4
93.7
96.0
103.1
108.9
101.2
96.2
106.1
111.2
113.1
105.5
100.4
102.4
101.8
102.7
113.8
114.2
115.4
112.6
115.1
115.8
112.8
112.0
115.0
122.1
125.6
118.2
110.0
109.0
105.1
108.4
106.5
105.8
121.5
119.8
126.7
127.6
129.8
129.0
124.5
120.7
117.7
114.5
113.4
111.3
113.6
117.3
Source: Department of Labor, Bureau of Latx>r Statistit-s.
Other
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
104.5
106.4
103.7
98.5
101.1
102.8
100.9
102.1
109.1
122.7
129.2
118.5
103.7
99.5
CONSUMER PRICES—ALL URBAN CONSUMERS
In April, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted and not seasonally
adjusted. The index was 2.5 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
INDEX, 1982-84 = 100 (RATIO SCALE)
180
180
SEASONAUY ADJUSTED
170
170
160
150
150
140
140
130
120
120
110
110
100
100
1989
1990
1991
1992
1994
1993
1997
1995
COUNCIL Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items '
Transportation
Housing
Shelter
Period
Rel. imp.-*
1987
1988
1989
1990
1991
1992
1993
1994 .. .
1995
1996
1996: Apr
May
June
July
Aug
Sept .. .
Oct
Nov
Dec
1997: Jan
Feb
Mar
Apr
1
Not
season- Seasonally
ally
adjust- adjusted
ed
(NSA)
100.0
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
156.3
156.6
156.7
157.0
157.3
157.8
158.3
158.6
158.6
159.1
159.6
160.0
160.2
156.1
156.5
156.7
157.1
157.4
157.9
158.3
158.8
159.2
159.4
159.8
159.9
160.0
Food
Total'
Total
15.9
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
148.4
153.3
151.8
152.1
153.1
153.8
154.4
155.1
155.8
156.4
156.4
156.0
156.5
156.5
156.2
41.2
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
152.8
151.8
152.2
152.3
152.9
153.2
153.5
153.9
154.4
154.7
155.2
155.6
155.6
155.9
Main- Fuel
Rent- Homeand
teowners'
nance other
ers'
costs
utiliand
costs
(Dec.
ties
re(Dec.
1982 = 1982
= pairs
100)
100) (NSA)
28.2
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
171.0
169.7
170.1
170.4
171.2
171.4
171.7
172.2
172.6
172.9
173.4
174.0
174.3
174.9
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
ete. excluded beginning 1983.
3
Relative importance, December 1996,
2
8.0
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
180.2
178.0
178.4
178.9
180.0
180.1
180.5
181.1
181.5
181.7
182.8
183.4
183.9
184.5
20.0
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
176.5
175.4
175.9
176.2
176.8
177.1
177.4
177.8
178.3
178.6
179.0
179.5
179.8
180.4
0.2
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
139.0
138.0
138.8
138.8
139.4
139.7
139.9
140.2
141.1
141.5
141.5
142.3
142.4
142.5
7.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
127.5
126.7
127.1
126.8
127.4
128.0
128.4
129.0
129.6
130.3
131.2
131.6
130.5
130.2
Apparel
and
up- Total1
keep
5.3
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
131.7
132.2
132.1
131.7
131.5
130.3
131.0
131.3
131.7
131.8
132.3
132.6
132.2
133.4
17.1
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
143.0
143.1
143.6
143.1
143.1
143.1
143.8
144.3
144.8
145.7
145.4
145.3
USA
144.8
New
cars
Medical
Motor care
fuel
Energy2
All
items
less
food
and
energy
4.0
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
139.0
141.4
140.8
140.9
141.4
141.7
142.0
142.7
142.4
142.1
142.2
141.9
141.9
142.0
142.0
3.2
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
100.0
106.3
109.3
110.2
106.5
106.0
105.0
104.9
106.6
108.4
111.1
111.8
111.8
109.5
106.8
7.3
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
220.5
228.2
227.0
227.7
228.3
228.9
229.3
229.9
230.4
231.0
231.5
231.9
232.3
233.2
233.8
7.0
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.2
110.1
111.1
111.4
109.2
109.5
109.3
109.5
110.7
112.0
113.7
114.6
114.9
112.9
111.2
77.0
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
165.6
164.9
165.3
165.6
166.0
166.2
166.7
167.0
167.4
167.7
167.9
168.3
168.7
169.2
NOTE.—Data ineorporate 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
goods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Excluding
foods
Poods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
-0.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
3.4
2.2
4.0
4.9
5.7
1987
1988
1989
1990
1991
1992
1993
1994 .
1995
1996 .
—
1
L6
.2
1.7
2.3
2.8
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.3
3.7
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
'A
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.7
Change, month to month
1996: Apr
May
July
Sept
Oct
Nov
Dec
1997: Jan
Feb
Mar
-0.3
.2
1.4
.1
.7
.4
.8
0
-.2
-1.0
-.3
.9
-.4
0.2
.2
.3
0
.3
.3
.4
.2
.5
-.3
-.4
1
-'.6
0.5
.2
-.2
.1
.2
.3
.4
.3
1.0
0
-.5
-.7
rj
2.8
3.4
2.5
1.9
2.5
2.5
4.0
3.4
4.3
1.5
g
-3.0
-4.1
0
0
.1
0
.1
.1
-.1
0
'0
'.I•»
.3
-.4
4.5
5.2
1.9
.3
.6
2.5
3.8
4.1
7.0
5.4
1.9
-4.8
-7.5
1.2
2.8
5.3
6.9
9.1
4.6
7.7
4.8
2.4
-4.9
-6.0
-1.8
.6
0.3
.3
.6
.6
1.2
1.2
.6
0
'-.6
.3
0
'1.2
-.9
3.3
3.1
2.5
2.3
3.0
2.5
2.9
2.9
3.4
2.8
1.4
.6
-1.4
2.6
.8
3.4
4.0
5.9
4.9
7.3
7.0
3.5
1.2
-.7
.3
-2.2
0.7
0
.4
.4
.7
.9
.6
.6
•-.3
.4
0
.3
-.3
4.9
5.6
2.9
2.4
2.9
2.2
2.1
2.4
4.8
4.6
3.0
.9
-1.2
2.4
2.3
2.7
2.6
3.0
3.0
3.1
3.0
2.8
2.5
2.2
1.6
.8
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|
Transportation
Housing
Shelter
Period
All
items1
Food
Total
1
Total
1
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Appare!
and
Total1
upkeep
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
Addendum: All items,
percent change
(annual rate)
From
previous
quarter 3
From
From
From
6
year
3
months months earlier
earlier earlier
NSA
Change, December to December, NSA
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
3.3
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
4.3
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
2.9
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
2.9
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
3.4
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
2.8
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
1.4
4.6
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
1.5
4.4
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6
.1
-.2
18.7
1.8
2.1 -2.1
6.8
2.3
36.5
1.4
3.3 -16.0
1.8
2.3
2.8 -5.4
5.9
3.2
-4.0
1.6
12.7
1.6
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
3.0
-7.4
2.0
-1.4
2.2
-1.3
8.6
4.2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
2.6
4.7
.8
-3.4
-.5
-.9
0.3
.3
.3
.3
.2
.3
.2
.3
.1
.2
.2
.4
.3
3.0
.3
-2.0
.3
-.2
.2
1.1
1.2
1.5
.8
.3
-1.7
-1.5
0.2
.2
.2
.2
.1
.3
.2
.2
.2
.1
.2
.2
.3
8.2
.5
5.1
18.1
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
2.8
3.0
Change, month to month
1996: Apr
May
July
Sept
Get
Nov
Dec
1997- Jan
Feb
Mar
1
0.3
.3
.1
.3
.2
.3
.3
.3
.3
.1
.3
.1
.1
0.2
.2
.7
.5
.4
.5
.5
.4
0
-.3
.3
0
2
0,3
.3
.1
.4
.2
.2
.3
.3
.2
.3
.3
0
.2
0.2
.2
.2
.5
.1
.2
.3
.2
.2
.3
.3
.2
.3
0.2
.2
.3
.6
.1
.2
.3
.2
.1
.6
.3
.3
.3
0.2
.3
.2
.3
.2
.2
.2
.3
.2
.2
.3
.2
.3
0.6
.3
-.2
.5
.5
.3
.5
.5
.5
.7
.3
-.8
-.2
Includes items not shown separately.
Household fiiels—gas (piped), electricity, fiiei oil, etc.- and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
2
24
1.0
.3
-0.2
-.1
O
g
0
0
-.2
-.9
.5
.2
.3
.1
.5
.3
.3
.6
.4
.2
-.3
.9
—
2
1
'.1
— 4
:l
0.1
.1
.4
.2
.2
.5
-.2
-.2
.1
-.2
0
.1
0
1
1.6
1.7
2.5
.6
0
-2.1
-2.5
3.4
2.'8
3.3
2.3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Ijabor, Bureau of Labor Statistics.
3.7
3.7
2.9
2.6
2.3
3.1
3.1
3.6
3.3
2.8
2.5
1.8
1.5
3.1
3.5
3.4
3.1
3.0
3.0
2.8
3.0
3.2
2.9
2.9
2.8
3.0
2.9
3.0
3.0
3.3
3.3
2.9
3.1
2.5
2.2
3.0
3.0
2.8
2.5
PRICES RECEIVED AND PAID BY FARMERS
In May, prices received by farmers rose 0.9 percent and prices paid by farmers were unchanged. (Data are
not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92=100 (RATIO SCALE)
120
110
100
80
RAT 0-^
RATI D-!'
140
140
120
120
r
100
^
1
**
^ •
"H
|^/ '«
• •*
•*
_~——
100
s
~^^
80
60
1 111111111I
1989
-
1 1111111111
1 1 11 1 11 1 1 11 1 1 1 1 11 1 1 111 1 11 1 11 1 1 1 11
1991
1990
1993
1992
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I I I I 1 II 1 1 1 1 1 1 1 1 II 1 1 1 1 II II 1
1995
1996
1997
1994
U RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
80
60
COUNCIL OF ECONOMIC ADVISERS
[1990-92-100; not seasonally adjusted]
Prices paid by fanners
Prices received by farmers
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
..
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and wage
rates l
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
89
99
104
104
100
98
101
100
102
112
86
104
109
103
101
101
102
105
112
127
91
93
100
105
99
97
100
95
92
99
87
91
96
99
100
101
104
106
109
115
87
92
97
99
100
101
102
105
108
114
87
90
95
99
100
101
103
106
108
115
102
108
108
105
99
97
97
94
93
98
1996: May .. .
June
July
Auer
Sept
Oct
Nov
Dec
112
118
119
118
116
112
111
110
131
140
136
133
125
119
118
116
97
100
102
104
105
103
102
103
115
115
115
115
116
115
115
115
115
115
115
115
115
115
114
114
115
115
116
116
116
115
114
115
97
103
103
103
100
97
97
96
1997: Jan
Peb
Mar
Apr
May .
108
105
107
106
107
116
113
117
115
117
98
98
98
99
100
116
116
117
117
117
115
116
117
117
117
115
115
116
117
117
93
91
91
91
91
..
.
..
..
..
1
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.
2
XOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK. LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 and in M3 accelerated slightiy in Aprif.
BILLIONS OF DOLLARS* (RATIO SCALE]
5,200
4,800
BILLIONS OF DOLLARS* (RATIO SCALE)
5,200
^. ,
4,800
r-"~
4,400
,
4,000
4,000
\
~
3,600
3,200
4,400
»
_______
M3
3,600
\
—
3,200
\
M2
"
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
^^
^^
800
600
—,—
—^\
Ml
1 ! 1 1 M M I 1 1
1989
M 1 11 11 M
M
M
1990
1 M I 1 1 1 11
800
1 1 1 1 1 1 'I M
1991
M
1992
M
1 1 1 1 1 1 1 1 1
1 M II
1993
1 1 M
1 1 1 1 M
1994
1
1 1 1 1 1 1 [
M i l l
1995
M M !
1996
AVERAGES OF DAILY FGURES; SEASONALLY ADJUSTED
jOURCE: BOARD OF QDVERNOfiS OF THE FEDERA1 RESERVE SYSTEM
1 1 1 II
( M M 1
600
1997
COUNCIL Of ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1987198819891990:
199119921993199419951996-
Dec .
Dec
Dec
Dec
Dec .
Dec
Dec
Dec .
Dec
Dec
.
1996- Mar
May
July'
Sept'
Ocf
Dec'
1997- Jan r
Feb'
Mar'
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits
M2 plus large
time deposits,
KPs, Eurodollars, and
institutiononly MMMF
balances
749.7
787.0
794.2
825.8
897.3
1,025.0
1,129.8
1,150.7
1,129.0
1,081.0
2,832.7
2,996.3
3,160.9
3,279.5
3,379.6
3,434.0
3,486.6
3,502.1
3,655.0
3,833.1
3,672.5
3,912.9
4,065.9
4,125.9
4,180.4
4,190.4
4,254.4
4,328.7
4,594.8
'4,927.7
4,339.9
4,663.5
4,892.8
4,976.6
5,006.2
5,078.0
5,167.8
5,309.8
'5,699.8
'6,058.1
8,664.1
9,441.6
10,171.6
10,853.0
11,341.3
11,885.6
12,514.6
13,156.4
13,875.3
'14,622.0
3.5
5.0
.9
4.0
8.7
14.2
10.2
1.8
-1.9
-4.3
3.6
5.8
5.5
3.8
3.1
1.6
1.5
.4
4.4
4.9
5.3
6.5
3.9
1.5
1.3
.2
1.5
1.7
6.1
7.2
9.6
9.0
7.7
6.7
4.5
4.8
5.3
5.1
5.5
5.4
1,126.2
1,123.5
1,117.1
1,115.5
1,108.8
1,099.8
1,093.2
1,080.2
1,080.0
1,081.0
3,713.9
3,724.5
3,725.6
3,741.9
3,750.0
3,762.8
3,775.3
3,787.8
3,809.3
3,833.1
4,691.9
4,708.7
'4,731.3
'4,753.6
4,771.2
4,791.5
4,822.6
4,857.7
4,885.0
4,927.7
'5,791.9
'5,824.0
'5,835.7
'5,869.8
5,889.9
5,920.3
5,961.4
5,984.1
6,021.8
6,058.1
14,075.6
14,145.7
14,205.5
14,265.6
14,338.7
14,395.9
14,444.9
14,507.4
14,572.5
14,622.0
-2.7
-2.1
-2.8
-2.4
-2.4
-3.6
-5.9
-7.7
-6.6
-6.2
5.2
5.2
4.7
4.8
4.4
4.2
3.3
3.4
4.5
4.9
6.2
6.2
6.6
6.9
6.4
5.9
5.6
6.3
6.5
7.3
5.3
5.4
5.4
5.6
5.9
5.7
5.2
5.1
5.2
5.0
1,079.7
1,080.6
1,075.2
1,065.1
3,849.7
3,866.0
3,882.4
3,901.8
4,950.1
4,987.3
5,015.7
5,050.5
6,073.7
6,124.6
f 6,167.7
14,663.3
14,722.9
" 14,786.3
-5.2
35
-3.3
-2.8
5.3
5.5
5.7
6.0
7.5
8.2
8.0
7.9
4.5
4.5
4.7
1
Consists of outstanding credit market debt of the I US. Government, State am! local governments, and private nonfinancial sectors; data from flow of funds amnints.
2
Annual changes are from Deceniixsr to Decemljer and monthly ehanges are from fj months
earlier at a simple annual rate.
26
L
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
{monthly
average of
adjacent
month -end
levels) '
Percent change from year or 6
months earlier2
Ml
NOTE.—See p- 21 for w>mjK>nent-s.
Soim«: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency
Period
Other
Decheckmand
able
depos- deposits
its
(OCDs)
Money market
mutual fund
balances
Retail i
Institution
only2
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits3
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
196.8
212.3
222.7
246.8
267.3
292.9
322.2
354.4
372.6
395.2
286.8
286.8
279.3
277.4
289.6
339.5
385.2
384.1
391.1
402.5
259.5
280.9
285.3
293.9
332.5
384.4
414.5
403.8
356.5
274.8
224.6
245.9
321.7
357.1
371.9
353.5
354.9
384.3
455.2
536.6
92.0
92.3
110.3
138.0
185.5
207.5
209.5
198.5
246.9
299.3
937.4
926.3
893.7
923.8
1,045.0
1,187.3
1,219.2
1,149.6
1,137.1
'1,271.0
921.0
1,037.1
1,151.4
1,172.8
1,065.4
868.3
782.6
817.5
933.7
944.4
1996- Mar
375.4
376.4
377.7
379.9
382.8
385.2
387.6
390.2
392.5
395.2
404.5
404.5
407.1
410.6
408.7
405.8
404.9
398.2
402.1
402.5
337.3
333.9
323.5
316.4
308.7
300.4
292.2
283.2
276.8
274.8
476.8
481.4
484.5
493.6
499.6
506.1
513.2
520.5
527.1
536.6
263.7
263.4
263.6
269.7
274.0
278.8
285.2
288.1
292.0
299.3
1,180.2
1,190.1
1,195.6
1,204.1
1,211.0
1,222.7
1,231.5
1,246.3
1,259.0
'1,271.0
930.8
929.5
928.4
928.8
930.5
934.1
937.5
940.8
943.2
944.4
397.0
400.5
402.4
403.7
401.7
404.2
402.8
395.3
272.5
267.3
261.6
257.8
542.4
548.7
557.8
569.2
296.3
305.4
311.8
311.6
1,282.5
1,290.5
1,304.3
1,321.1
945.0
946.2
945.1
946.4
1987:
19881989:
19901991:
1992199319941995:
1996-
July
. ..
Sept
Oct
Dec
1997- 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 issueti in amounts of less
than $100,000 and more than $100,000, respectively.
2
;i
Large
denom(ination
time deposits ;J
Overnight
and
term
repurchase
agreements
(RPs)
(net)
Overnight
and
term
Eurodollars
(net)
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
467.0 172.6
108.2
189.0
117.0
518.3
158.0
95.2
541.5
138.8
480.9
88.7
119.5
79.3
416.5
128.6
353.4
67.0
333.4 158.6
66.4
363.1
182.9
82.1
419.8
182.1
91.0
489.6 '193.0 '112.7
100.6
109.4
117.5
126.0
137.9
156.6
171.5
180.2
184.8
187.0
249.5
266.8
324.0
334.1
328.8
344.7
340.5
383.0
469.7
435.7
44.5
40.2
40.7
36.1
23.8
20.8
14.8
14.0
'11.2
'12.2
272.7
334.3
344.6
354.4
335.2
365.5
386.6
403.9
439.3
495.5
187.8
94.0
188.9
96.5
202.7
97.0
'195.3
97.8
'194.1
97.9
'192.3
98.4
'194.1 101.2
'195.5 107.1
'194.6 '107.6
'193.0 '112.7
185.4
185.8
186.1
186.4
186.7
186.9
187.1
187.1
187.0
187.0
458.4
460.0
439.6
448.5
447.6
452.4
457.7
447.6
454.3
435.7
'9.9
'10.2
'10.7
'11.1
'11.5
'11.7
'12.0
'12.1
'12.2
'12.2
446.3
459.3
468.0
470.1
473.0
477.7
482.0
479.6
483.2
495.5
491.4 '196.4 '116.4 186.7
415.8
420.6
497.9 '200.3 '117.8
186.4
'506.7 '198.7 '116.1 f 186.3 P 426.3
200.3
518.8
117.9
'11.9
'12.7
P13.5
509.1
517.5
P 525.9
432.5
435.4
442.5
448.9
455.2
459.3
466.8
479.2
481.7
489.6
NOTE.—Travelers checks of nonbank issuers'are a component of money stock bi,
shown here.
See Note, p. 26.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures'; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
Nonborrowed
Nonborrowed
plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
38,895
40,428
40,522
41,797
45,563
54,383
60,545
59,404
56,386
50,063
38,118
38,712
40,257
41,471
45,371
54,260
60,463
59,195
56,129
49,908
38,601
39,957
40,277
41,494
45,371
54,260
60,463
59,195
56,129
49,908
37,849
39,381
39,600
40,132
44,584
53,228
59,482
58,236
55,108
48,639
239,799
256,905
267,625
293,190
317,403
351,347
386,880
418,484
434,523
452,669
777
1,716
265
326
192
124
82
209
257
155
93
130
84
76
38
18
31
100
40
68
483
1,244
20
23
1
1
0
0
0
0
1996: Apr
Sept
Oct
Nov
Dec
55,155
54,168
54,038
53,221
52,181
51,280
50,076
49,811
50,063
55,064
54,040
53,652
52,854
51,847
50,912
49,789
49,597
49,908
55,064
54,040
53,652
52,854
51,847
50,912
49,789
49,597
49,908
54,035
53,308
52,888
52,156
51,221
50,242
49,082
48,776
48,639
437,075
437,881
439,686
442,262
443,999
445,812
447,077
449,365
452,669
91
127
386
368
334
368
287
214
155
34
105
192
284
309
306
212
109
68
0
0
0
0
0
0
0
0
0
1997- Jan
Feb
Mar
Apr
49,517
49,008
48.312
47,431
49,472
48,966
48,155
47,170
49,472
48,966
48,155
47,170
48,293
47,977
'47,151
46,420
'454,137
'456,284
'457,623
458,269
45
42
156
261
19
21
37
88
0
0
0
0
19871988:
19891990:
1991199219931994:
19951996:
July
, •*
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
27
BANK 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 SCALE)
3,200
4,000
3,600
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
4,000
3,600 _ ALL COMMERCIAL BANKS
U.S. GOVERNMENT SECURITIES
-V
800
800
400
400
OTHER SECURITIES
200
200
I I 1 M I I I I I I
M II i I I I I I I
160
1989
1990
1992
1991
1994
1993
1995
l l l IIi l l 1 ll I I l l I I l I I I I I
160
1997
1996
COUNCR OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted'
Securities in bank credit
Period
19881989:
1990:
1991:
1992:
1993:
1994:
1995:
1996-
Dec
Dee
Dee
Dec
Dee
Dee
Dec ...
Dee
Dee'
1996- Apr
May
July
Aug
Sept
Oct'
Nov ...
Dee'
1997: Jan r
Feb'
Mar'
Apr
Total
bank
credit
Total
securities
Loans and leases in bank credit
U.S.
Total loans CommerOther
Governcial and
and
securities
ment
industrial
leases 2
securities
Total
Bevolving
home
equity
Consumer
Security
Other
Other
2,435.4
2,609.1
2,754.6
2,859.1
2,958.5
3,118.4
3,332.5
3,612.4
3,772.5
562.2
585.1
634.9
745.8
843.0
917.6
951.9
998.6
989.4
367.4
401.0
457.0
566.1
666.2
732.7
730.6
709.5
706.5
194.9
184.2
177.9
179.7
176.8
184.9
221.2
289.1
282.9
1,873.2
2,024.0
2,119.7
2,113.2
2,115.5
2,200.7
2,380.6
2,613.8
2,783.2
607.6
638.8
641.1
619.6
596.2
586.6
646.1
717.3
783.9
676.0
771.2
857.3
881.6
902.5
942.6
1,004.6
1,079.6
1,127.8
40.0
50.2
62.2
69.6
73.4
73.0
75.3
79.1
85.3
636.0
721.0
795.0
812.1
829.1
869.6
929.3
1,000.5
1,042.5
356.3
376.7
'382.2
365.4
357.9
390.1
451.2
492.8
522.7
40.7
41.5
45.4
55.4
65.6
90.3
79.1
85.6
79.7
192.6
195.7
193.9
191.3
193.3
191.3
199.7
238.5
269.0
3,667.6
3,664.6
3,671.3
3,682.5
3,674.5
3,692.9
3,718.2
3,744.5
3,772.5
990.4
990.9
982.1
982.1
972.1
968.8
969.2
980.1
989.4
707.8
711.6
707.5
707.6
702.2
'703.3
703.4
707.2
706.5
282.6
279.3
274.5
274.5
269.9
-•265.5
265.9
272.9
282.9
2,677.2
2,673.7
2,689.3
2,700.4
2,702.4
'2,724.1
2,748.9
2,764.4
2,783.2
732.1
735.0
738.8
744.7
746.8
761.1
770.6
774.7
783.9
1,100.1
1,103.2
1,105.6
1,105.2
1,109.4
1,112.0
1,115.6
1,121.5
1,127.8
80.1
79.7
79.2
79.9
80.5
81.2
83.3
84.3
85.3
1,020.0
1,023.4
1,026.4
1,025.3
1,028.9
1,030.8
1,032.2
1,037.3
1,042.5
504.7
502.7
507.0
'510.8
512.8
515.9
519.5
521.7
522.7
85.0
77.3
79.8
78.1
72.3
73.8
76.9
77.9
79.7
255.3
255.5
258.0
261.6
261.0
261.3
266.4
268.6
269.0
3,808.0
3,847.1
3,869.0
3,905.0
1,005.0
1.020.8
i;0!4.6
1,033.7
"706.7
704.1
708.3
722.5
298.3
316.7
306.4
311.2
2,803.0
2,826.3
2,854.4
2,871.3
787.1
796.6
802.1
808.9
1,134.4
1,140.4
1,153.8
1,162.6
85.7
86.5
87.9
89.2
1,048.7
1,053.8
1,065.9
1,073.4
523.2
523.0
521.7
519.5
83.4
84.7
88.8
89.5
275.0
281.7
288.0
290.9
1
D'lia arc Wednesday values or prorated averages of Wednesday values for domestically charters! wxnniereial banks, branches ami agencies of foreign banks, New York State investment
companies (through September 1998), and Edge Act and agreement corporations. Data are adjiiwtej for breaks casist.'d by reehissiftcations of assets and lifibilities.
Real estate
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONHNANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Credit market funds
Internal!
Total
1987
1988
1989 .
1990
1991
1992 .
1993
1994
1995
1996?
1995:
..
I
II
Ill
IV ... .
1996:
I
II .
Ill
WP
648.4
851.9
744.3
592.6
489.3
599.9
698.1
758.9
882.0
953.8
754.7
910.0
906.4
956.9
995.1
838.6
1,063.9
917.6
374.5
408.2
396.9
409.1
422.2
438.6
480.2
524.9
543.8
592.8
517.7
527.5
559.1
571.0
578.4
585.7
597.5
609.6
Total
273.9
443.7
347.4
183.5
67.1
161.3
217.9
234.0
338.2
361.0
237.0
382.5
347.3
385.9
416.7
252.9
466.4
308.0
Securities
and mortgages
29.1
-.2
-35.9
-26.6
75.1
66.9
85.4
37.6
2.0
16.4
20.3
36.5
45.6
21.0
47.2
59.0
-93.5
16.4
73.2
95.5
59.0
47.0
35.6
60.9
68.9
73.2
123.3
64.7
160.9
189.0
40.7
102.5
38.1
122.0
75.7
23.2
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
44.1
95.7
94.9
73.6
-110.7
-6.0
16.5
110.8
125.3
81.1
181.2
152.5
86.3
81.5
85.3
63.0
169.2
6.8
Total
Other2
200.8
348.1
288.4
136.5
102.7
100.4
149.0
160.9
214.9
296.2
76.2
193.5
306.7
283.4
378.7
130.9
390.7
284.8
592.0
756.2
632.9
509.8
500.7
554.4
787.9
761.7
889.0
973.4
726.4
916.8
881.6
1,031.1
973.4
928.2
1,099.1
892.8
Increase in
financial
assets
Capital
expenditures ;i
357.4
373.3
399.4
394.5
370.9
386.9
430.6
483.6
546.6
555.7
552.9
534.1
572.9
526.5
523.4
534.7
580.9
583.7
Discrepancy
(sources
less
uses)
56.5
95.7
111.4
82.9
-11.4
45.6
-89.8
-2.9
-7.0
-19.6
28.4
-6.8
24.8
-74.4
21.7
-89.6
-35.1
24.8
234.6
382.9
233.5
115.3
129.8
167.5
357.3
278.1
342.4
417.7
173.5
382.7
308.7
504.6
450.0
393.5
518.2
309.1
:t
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER CREDIT
[Billions of dollars; seasonally adjusted)
Total
1987:
19881989:
19901991:
1992:
1993:
1994:
19951996:
1996:
Dec .
Dec3
Dec
Dec
Dec .
Dec
Dec
Dec
Dee
Dec .. .
Mar
May ....
June
July
Aug
Sept
Oct .
Nov
Dec
1997: Jan
Peb .
MarP
....
671.7
729.9
781.9
796.4
781.1
784.9
844.1
966.5
1,103.3
1,193.2
1,133.3
1,141.8
1,148.3
1,155.1
1,168.7
1,176.8
1,177.6
1,185.3
1,190.2
1,193.2
1,203.5
1,210.2
1,212.2
Automobile
Revolving
266.1
285.5
291.0
282.4
259.3
257.1
279.8
317.2
350.8
375.2
358.6
361.2
362.3
367.7
373.2
372.8
373.4
375.2
374.6
375.2
376.1
376.4
375.3
1
For year-end data, change from preceding year-eml; for monthly data, change from preceding month.
2
Outstanding loans far mobile homes, education, boats, trailers, vacations, etc., plus noniristanment credit.
Net change in consumer credit outstanding l
Consumer credit outstanding (end of period)
Period
153.3
174.5
198.6
223.3
245.8
257.8
287.0
339.3
413.9
467.9
431.3
437.9
443.5
445.4
451.1
454.4
454.0
458.4
464.3
467.9
476.3
481.3
482.8
Other *
252.4
269.9
292.3
290.7
276.1
269.9
277.3
309.9
338.6
350.2
343.4
342.8
345.2
341.9
344.5
349.6
350.2
351.7
351.3
350.2
351.0
352.5
354.1
Total
32.8
58.2
(4)
14.5
-15.3
3.8
59.2
122.4
136.8
89.9
11.2
8.5
6.5
6.8
13.6
8.1
.8
7.7
4.9
3.0
10.3
6.7
2.0
Automobile
18.9
19.4
(4)
-8.6
23 1
-2.2
22.7
37.4
33.6
24.4
2.8
2.6
1.1
5.4
5.5
-.4
.6
1.8
-.6
.6
.9
.3
-1.1
Revolving
17.3
21.2
(4)
24.7
22.5
12.0
29.2
52.3
74.6
54.0
5.6
6.6
5.6
1.9
5.7
3.3
4
4.4
5.9
3.6
8.4
5.0
1.5
Other2
-3.3
17.5
(4)
-1.6
-14.6
-6.2
7.4
32.6
28.7
11.6
2.8
6
-.3
-.6
2.6
5.1
.6
1.5
-.4
11
.8
1.5
1.6
"'Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
4
Becaii.se of breaks in series, net change not available.
Source: lioard of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rotes fell in May.
PERCENT PER ANNUM
PERCENT PER ANNUM
—
14 r
— '—
-~\
\^_
—
—
—
—
-
U
CORPORATE Aaa BONDS
(MOODY'S)
x-^'\
*---^
"^~^
r"— x
/
../
\
x^
N
J
\^/-
q
j
-./
r
I
~ •%
V
\ *
•*
\
•s
/"""M
^
TREASURY
BILLS /
J
^
•L
1
/r"^
~T\
DISC OUNT
R/ME
RESERVE
BANK OF
NEW YORK
I I I I I I I I I t I I I I I l I I I II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i
IM,,,|
1990
1989
1991
1992
1 1 1 1 1 1 1 1 1 1 |f
1997
EMM
1994
1993
1996
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996 .
1996: May
June
July
Aug ....
Sept
Get
Nov
Dec
1997- Jan
Peb
Mar
Apr
May
3-month
bills (new
issues) '
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard
& Poor's) '•<
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months '
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4,29
5.51
5.02
5.02
5.11
5.17
5.09
5.15
5.01
5.03
4.87
5.05
5.00
5.14
5.17
5.13
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.99
6.27
6.49
6.45
6.21
6.41
6.08
5.82
5.91
6.16
6.03
6.38
6.61
6.42
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
6.44
6.74
6.91
6.87
6.64
6.83
6.53
6.20
6.30
6.58
6.42
6.69
6.89
6.71
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.75
5.98
6.03
5.91
5.72
5.86
5.71
5.59
5.62
5.72
5.63
5.78
5.88
5.71
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
7.37
7.62
7.71
7.65
7.46
7.66
7.39
7.10
7.20
7.42
7.31
7.55
7.73
7.58
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.42
5.42
5.57
5.67
5.51
5.66
5.45
5.40
5.44
5.48
5.42
5.60
5.79
5.78
5.22
5.14
5.08
5.17
5.03
6.48
6.44
6.40
6.41
6.44
6.76
6.70
6.68
6.73
6.75
5.82
5.77
5.70
5.65
5.70
7.64
7.56
7.55
7.60
7.64
5.81
5.79
5.78
5.77
5.75
Discount rate
(N.Y. P.R.
Bank)
4
Prime rate
charged by
banks4
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.02
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.27
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
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
8.25-8.50
8.50-8.50
8.50-8.50
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
New-home
mortgage
yields
(FHPB) •'
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.80
7.80
8.05
8.01
8.08
7.98
7.95
7.80
7.79
7.81
7.78
7.88
8.03
Week ended:
1997: May 3 ....
10
17
24
31
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
•'Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rat*1 for month and week.
2
30
5
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,
FederaJ 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)
/
/"V
f^
/
^/*^
^
jT,J
INDEX, DEC. 31,1965=50 (RATIO SCALE)
440
/
r-~~s^-^S
y
140
I!
S^
1 1 1 1 1 ! 1 1 1
A
h^
M i l l
r
V
~N—"/~~^1/
^•~—-—^
\
a3MPOSITE STOC K PRICE
'
240
OOft
NDEX
(NYSE
160
11111
MM!
INI!
M
| | 1 1 1 1 1 ! 1
19-91
1990
1989
^
r
s'
i IIiI
1994
1 t I 1 1 I ! 1 i 1 1
HIM
1993
1992
M
1 1 1 it 1 M 1
j 1 1 M
M i l l
M i l !
19196
1995
i M i i 140
1997
PER :ENT
20
PERCE NT
20
15
15
EARNINGS-PRICE RATIO ON COMMC)N STOCKS
(S&P)
10
-\
~~~"
5
0
!
1
1989
1
!
1
~~1
|
10
•—'
!
1
1
1
1991
1990
1
1
I
1992
1
i
!
1993
5
i I
1994
i
i i
1995
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
!
1
1
1996
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996: May
June
July
Aug
Sept
Oct
Nov
Dec
1997: Jan .
Feb
Mar
.
May
Week ended:
1997: May 3 ...
10
17
24 ...
31
1
Average
2
Includes
:J
Industrial
Transportation
Utility
3
Finance
Dow-Jones
industrial
average4
Standard &
Poor's composite index
(194143 = 10)5
Dividendprice ratio
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
358.17
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
453.98
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
327.33
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
249.77
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
303.89
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
5,742.89
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
670.83
354.84
358.32
345.52
354.59
360.96
373.54
388.75
391.61
452.63
458.30
438.58
449.41
459.69
473.98
490.60
494.38
334.66
331.57
316.66
321.61
323.12
332.93
348.32
352.28
249.73
247.20
245.31
244.74
242.25
249.61
258.85
257.09
290.43
294.42
287.89
302.95
308.16
324.42
345.30
350.01
5,616.71
5,671.51
5,496.26
5,685.50
5,804.01
5,996.21
6,318.36
6,435.87
661.23
668.50
644.07
662.68
674.88
701.46
735.67
743.25
403.58
418.57
416.72
401.00
433.36
509.64
524.30
523.08
506.69
549.65
359.40
364.15
372.87
366.67
395.50
263.91
271.36
264.78
253.18
268.18
361.45
388.75
387.21
364.25
392.32
6,707.03
6,917.48
6,901.12
6,657.50
7,242.36
766.22
798.39
792.16
763.93
833.09
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.19
2.21
2.21
2.28
2.22
2.20
2.11
2.01
2.01
1.95
1.89
1.91
1.98
1.85
414.59
428.66
435.05
436.50
440.24
523.31
542.12
551.86
554.73
560.23
379.75
390.64
395.14
400.45
402.50
260.13
267.73
268.42
267.83
271.65
379.11
390.33
394.40
393.78
394.21
6,960.34
7,166.32
7,276.27
7,285.41
7,350.46
795.97
823.73
835.69
839.39
847.32
1.91
1.88
1.84
1.83
1.83
of dailv closing prices.
all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. A!! indexes shown here reflect
the4 doubling;.
Includes 30 stocks.
5
Includes 500 stocks.
0
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dee. 31, 1965
except as noted) a
Composite
I i
1997
COUNCIL OF ECONOMIC ADVISERS
Common stock prices l
Period
i
Earningsprice ratio
5.48
8.01
7.42
6.47
4.79
4.22
4.46
5.83
6.09
5.24
5.21
5.24
5.23
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
XOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS. OUTLAYS, AND DEBT
In the first 7 months of fiscal 1997, there was a deficit of $16.9 billion, compared with a deficit of $55.3 billion
a year earlier.
BILLIOf •JS OF DOLLARS
1/00
RECEIPTS AND OUTLAYS -^
1,600
BILUONS OF CXDLLARS
1,700
__ .
1,600
__---"
1,500
1,500
1,400
1,400
1,300
1,300
** ~~
^
1,200
1,200
---''
1,100
^-^r^
1,100
1,000
1,000
900
900
800
800
700 A
\
1
1
1
1
1
1
1
1
N 700
N
V
SURPLUS OR DEFICIT (
0
1-^
0
-100
-100
^—^"
'
-~-_^
-200
^
-300
-400 A
1
V
1988
^~
1
1989
—-—_-—-—^
1
1990
1
1991
1
1992
-300
1
1993
1
1994
1
1995
^ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1996
N
1997 ^
-400
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
1978
1979 .
1980
1981
1982
1983
1984
1985 .
1986
1987
1988
1989
1990
1991 .
1992
1993
1994
1995
1996
1997 (estimates)
Cumulative total, first 7
months: '
Fiscal year 1996 ...
Fiscal year 1997 ...
Receipts
Outlays
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.2
769.3
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,505.4
458.7
504.0
590.9
678.2
745.8
808.4
851.9
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,631.0
849.1
923.7
904.4
940.6
Surplus
or
deficit
<-)
Surplus
or
deficit
('-)
Receipts
Outlays
Surplus
or
deficit
(-)
-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
-255.0
-203.1
-163.9
-107.3
-125.6
314.2
365.3
403.9
469.1
474.3
453.2
500.4
548.0
569.0
641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,116.5
369.1
404.1
476.6
543.1
594.4
661.3
686.1
769.7
807.0
810.3
861.8
932.8
1,028.1
1,082.7
1,129.3
1,142.8
1,182.4
1,227.1
1,259.9
1,316.0
-54.9
-38.7
-72.7
-74.0
-120.1
-208.0
185 7
221 7
-238.0
-169.3
-194.0
-205.2
-277.8
321 6
-340.5
-300.4
-258.8
-226.3
-174.3
-199.5
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
367.5
388.9
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
300.5
315.0
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
-55.3
-16.9
635.7
698.6
733.0
763.8
-97.3
-65.3
213.4
225.1
171.4
176.8
1
Data from Monthly Treasury Statement.
\OTE.~-Data {except as rioted) are from Bwtyet of the- United States Government, fiscal Yet
1998, issued February 6; 1997.
32
Federal debt (end of
period)
Off-budget
On-budget
Total
Receipts
Outlays
Gross
Federal
Held by
the public
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
67.0
73.9
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
5,181.9
5,453.7
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
3,733.0
3,875.8
42.0
48.4
5,059.3
5,311.6
3,681.7
3,790.7
Sources; Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 7 months of fiscal 1997, receipts were $74.6 billion higher than a year earlier and outlays were $36.2
billion higher.
BILLIONS OF DOLLARS
/oo
BILLIONS OF DOLLARS
700
RECEIPTS'17
500
"_
—
400
~"
—
500
\
400
SOCIAL INSURANCE
lAXbb AND CON IRIBUI IONS
CORPORATION
INCOME TAXES
30
°
\
i
0
i
i
\
i
i
!
OTHER RECEIPTS
]
{
™
(
I,4UU
1,400
OUTLAYS ^
1,300
_-- "
~~
1,100
^.--^
^f**
— — """"
•""""
600
500
300
200 x|
V
1
1988
1
1989
1
1990
1
1991
1
1992
f INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
!!
1993
1
1994
1995
300
l\ 200
1
1997 ^
1996
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars)
On-budgt,*t and off-budfjet outlays
On-budget and off-budget receipts
Individ-
Fiscal year or period
Total
1978
1979
1980
1981
1982
1983
1984
„.
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997 (estimates)
Cumulative total, first 7 months: '
Fiscal year 1996
Fiscal year 1997
1
ual income
taxes
Corporation
income
taxes
Social
insurance
taxes
National defense
Other
Total
and
contributions
Total
Department of
Defense,
military
Internation-
al
affairs
Health
Medicare
Social
Income
security security
Net
inter-
Other
est
399.6
463.3
517.1
599.3
617.8
600.6
666.5
181.0
217.8
244.1
285.9
297.7
288.9
298.4
60.0
65.7
64.6
61.1
49.2
37.0
56.9
121.0
138.9
157.8
182.7
201.5
209.0
239.4
37.7
40.8
50.6
69.5
69.3
65.6
71.8
458.7
504.0
590.9
678.2
745.8
808.4
851.9
104.5
116.3
134.0
157.5
185.3
209.9
227.4
102.3
113.6
130.9
153.9
180.7
204.4
220.9
7.5
7.5
12.7
13.1
12.3
11.8
15.9
18.5
20.5
23.2
26.9
27.4
28.6
30.4
22.8
26.5
32.1
39.1
46.6
52.6
57.5
61.5
66.4
86.6
99.7
107.7
122.6
112.7
93.9
104.1
118.5
139.6
156.0
170.7
178.2
35.5
42.6
52.5
68.8
85.0
89.8
111.1
114.7
120.2
131.3
133.5
125.4
122.2
118.6
734.2
769.3
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,505.4
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
656.4
672.7
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
171.8
176.2
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
509.4
535.8
73.1
73.3
74.6
79.3
82.8
91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.8
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,631.0
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
272.1
265.7
267.2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
259.4
253.2
254.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
17.1
16.4
13.5
14.8
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
107.1
115.4
119.4
127.6
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
174.2
194.3
128.2
119.8
123.3
129.4
136.1
147.1
170.3
197.0
207.3
214.1
220.5
226.0
238.9
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
335.8
349.7
367.7
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
232.2
241.1
247.4
131.9
142.3
126.1
139.7
159.3
204.3
225.7
174.7
160.4
174.5
163.4
170.7
173.2
849.1
923.7
401.1
454.7
89.1
95.3
291.6
306.2
67.3
67.5
904.4
940.6
151.4
155.0
144.2
147.9
9.2
11.3
67.5
71.8
99.0
109.3
140.7
145.4
200.2
209.2
140.8
143.6
95.5
94.9
Data from Monthly Treasury Statement.
Sources: Department of the Treasury and Office of Management and Budget.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1998, issued February 6, 1997.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1997, according to preliminary estimates, Federal receipts rose $34.6 billion (annual rate)
and Federal current expenditures rose $10.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,800
1,800
SEASONALLY ADJUSTED ANNUAL RATES
__
„
1,600
1,600
^
--^
-
/— ^
/
1,400
1,400
CURRENT EXPENDITURf S
\
1,200
/ ^
- - ' ^ •/
„
—/^"
.
^^~~
_ ff
1,000
*s
/
1,200
^
-"
1,000
" "*"
.,-~
J
-- — *"
800
s
-"
—.1
S~*
_-•"
^
-
RECEIPT 5
800
r^
600
600
400
400
200
200
-
CURRESIT SURPLl SORDE =IOT(-)
0
-200
~V.-~—*-^** •-—_^.-\
-400
I < )
I t I
1982
1983
-~—/"•
y —-
^
.~\.
„
^
^•—^-
f/i
1 1i
) I i
j\\
I l i
1
1984
1985
1986
1987
1988
1989
]
>
!
i 1
^-—'-
^
1 J \
1990
1991
!
i
)
1992
.x~^
i i )
!
1993
1994
1
1
1
!
i
1995
!
1
!
1996
i i
-400
1997
CALEND ^R YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data, at seasonally adjusted annual rates}
Feder.il Government current expenditures
Federal Government receipts
Period
Calendar vear:
1990
1991
1992
1993
1994
1995
1996
1993: I
II
in
IV
1994: I
II
III
IV
1995: I
II
Ill
TV
1996- I
II
III
IV
1997: I'
Total
1,129.8
1,149.0
1,198.5
1,275.3
1,377.0
1,478.4
1 575 0
1,225.2
1,271.3
1,280.3
1,324.4
1,321.9
1,382.8
1,387.1
1,416.3
J ,449.3
1,483.2
1,486.6
1,494.7
1 523 1
1,575.6
1,581.9
1,619.3
1.653.9
Personal
tax and
nontax
receipts
485.7
476.9
490.8
523.6
561.4
614.9
673.1
501.0
521.0
529.1
543.4
539.3
571.3
560.4
574.5
594.6
624.4
817.3
623.3
639.6
681.4
680.2
691.1
719.2
tax accruals
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
118.0
109.8
118.6
137.5
164,4
184.3
196.2
127.5
136.5
133.7
152.2
144.3
102.2
171.3
180.0
183.1
180.7
189.1
184.3
196.4
199.0
196.5
192.8
206.9
65.1
79.7
81.9
88.2
92.6
91.2
90.5
84.3
87.5
87.2
93.7
92.8
91.3
93.3
93.2
91.7
93.5
88.4
91.3
84.4
83.2
85.7
108.7
86.2
461.1
482.6
507.1
526.0
558.6
588.0
615.2
512.4
526.2
530.3
535.1
545.5
558.1
562.1
568.6
579.9
584.6
591.8
595.9
602.6
612.0
619.4
626.7
641.6
Corporate
profits
Sowce: Department of Commerce, Bureau of Economic Analysis.
34
Total
1,284.5
1,345.0
1,479.4
1,530.9
1,567.3
1,640.1
1,702.1
1,509.7
1,521.5
1,534.7
1,557.7
1,534.6
1,552.5
1,575.7
1,606.4
I,fi2i.9
1,644.3
1,645.0
1,649.3
1,678.3
1,702.3
1.702.6
1,725.2
1.735.8
Consumption
expenditures
Transfer
Payments
426.6
445.9
451.0
451.9
450.7
453.8
459.0
451.3
448.5
453.5
454.3
446.7
445.1
455.7
455.3
454.6
455.6
453.6
451.4
453.6
463.5
461.3
457.7
462.8
513.3
522.2
625.1
659.1
682.9
719.9
764.2
645.9
654.7
660.8
675.0
670.9
676.4
683.5
700.9
708.3
716.2
724.2
730.9
756.2
757.9
762.9
779.8
786.7
Grantsin-aid
to
Net
State interest
and
paid
local
governments
132.4
153.4
172.2
185.7
195.9
206.1
214.6
177.3
181.5
187.2
197.0
192.2
197.5
196.9
196.9
205.8
211.3
203.8
203.3
207.6
219.3
214.5
216.8
219.4
179.9
192.7
195.8
192.3
201.4
229.1
233.4
190.5
193.2
192.7
192.8
188.3
198.3
204.3
214.8
220.9
229.3
232.3
233.9
230.5
230.8
233.7
238.8
235.2
Current
Subsidies less
current
surplus
of
Government
enterprises
Less:
Wage
accruals less
disbursements
32.4
30.8
35.1
41.8
36.4
31.3
30.9
44.7
43.6
40.5
38.6
36.5
35.3
35.2
38.5
32.3
32.0
31.1
29.9
30.4
30.8
30.3
32.0
31.5
0.1
-.1
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
surplus
or
deficit
(->,
national
income
and
product
accounts
-154.7
- 196.0
- 280.9
-255.6
-190.2
-161.7
-127.1
-284.5
- 250.2
- 254.4
-233.3
-212.7
-169.6
-188.5
-190,1
-172.6
-161.1
- 158.5
-154.5
- 1 55.2
-126.7
- 120.8
-105.9
-81.8
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NBA)
Industrial production (1992=100; seasonally adjusted)
Period
United
States
Canada
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
113.2
114.3
114.8
115.5
115.5
115.8
116.0
116.2
117.2
117.7
117.8
'118.4
'119.0
119.0
101.6
86.4
93.0
106.9
94.5
97.3
106.8
99.9 100.9
103.2 104.2 102.4
98.9 106.1 101.1
100.0
100.0
100.0
104.5
96.2
95.8
111.8
99.8
97.0
115.6
100.2 101.4
117.6
102.9 102.1
'115.6
98.1 101.9
'116.2 101.2
101.3
'116.3 103.5 102.1
'116.8
99.3 101.5
118.6
103.7 103.6
118.7
103.6
101.5
118.9
102.8 102.1
119.0
106.8 102.0
'120.2 104.9 102.0
'118.7 105.4 '103.0
'120.1 110.9 '101.8
'120.3 '107.3 ' 103.6
119.8 '106.4 102.9
106.0
1987
1988
1989
1990
1991 ... .
1992
1993
1994
1995
1996
1996: Mar
Apr
May
July
Sept
Oct
Nov
Dec
1997- Jan
Feb
Mar . .
Apr'
1
Japan
France
United
Kingdom
Germany
Italy
86.4
89.8
94.0
98.9
101.7
100.0
92.5
95.3
96.5
96.5
'95.8
'95.6
96.3
'96.7
'97.5
97.4
96.7
'96.4
97.5
'SI. 5
'98.6
'98.9
98.8
92.4
97.9
100.9
101.1
100.2
100.0
97.6
102.6
108.2
106.4
108.4
104.8
105.9
108.3
105.0
106.9
106.0
105.2
105.7
103.7
104.0
'107.1
107.8
Data relate to all urban consumers.
United
States'
97.4
102.1
104.3
104.0
100.1
100.0
102.2
107.3
110.1
111.4
111.4
110.6
111.9
110.9
111.7
111.3
111.7
111.6
112.3
112.9
'112.9
'112.1
112.1
Canada
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
155.7
156.3
156.6
156.7
157.0
157.3
157.8
158.3
158.6
158.6
159.1
159.6
160.0
160.2
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
153.7
153.0
153.4
153.9
153.7
153.7
153.9
154.1
154.4
155.1
155.1
155.4
155.7
156.0
156.0
Japan
104.8
105.6
108.1
111.4
115.0
116.9
118.4
119.3
119.1
119.3
118.8
119.5
119.7
119.4
119.3
119.1
119.6
119.9
119.5
119.6
119.5
119.3
119.4
France
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
148.4
151.5
151.3
151.6
151.9
151.7
151.5
151.1
151.6
152.0
151.9
152.1
152.5
152.8
152.9
152.9
Germany
Italy
104.9
106.3
109.2
112.2
116.2
120.9
125.2
128.6
130.8
132.6
132.2
132.3
132.6
132.8
133.2
133.1
133.0
133.0
132.9
133.2
133.9
134.4
134.3
134.0
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
204.0
212.0
210.2
211.4
212.2
212.7
212.2
212.4
213.1
213.3
213.9
214.1
214.5
214.7
214.9
215.1
United
Kingdom
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
179.4
178.0
179.3
179.6
179.8
179.1
179.9
180.7
180.7
180.8
181.4
181.4
182.1
182.6
183.6
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally acftusted]
Services
(BOP basis)
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
Census basis (by end-use category) J
Balance of trade
(expo s minus impo s)
Census basis {by end-use category)
BOP basis
Period
BOP
basis
InFoods, dustrial
Total, feeds, supand
Census
plies
bevbasis3
erages and
materials
AutomoCapital
tive
goods vehiexcept cles,
auto- parts
moand
entive
gines
Consumer
goods
(nonfood)
ex-
BOP
basis
Total,
Census
basis2
automotive
InCapdusital
Foods, trial
feeds, sup- goods
except
and
plies
autobevand
erages mate- motive
rials
Auto- Conmo- sumer
tive
goods
vehi- (noncles, food)
parts except
and
automoengines
tive
Exports
Imports
Goods,
Census
basis
Goods
Services
Goods
and
services
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.5
575.9
611.5
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
584.7
624.5
24.3
32.3
37.2
35.1
35.7
40.3
40.6
41.9
50.5
55.5
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
146.3
147.4
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
233.0
252.6
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
61.8
64.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.4
70.2
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
799.3
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.4
791.3
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
35.7
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
180.7
199.3
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
221.4
229.0
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
124.8
130.1
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
160.0
171.1
98.3
110.9
127.0
147.5
163.8
177.3
186.1
195.8
210.6
223.9
91.7
99.5
103.5
118.8
119.6
119.5
125.5
134.1
142.2
150.4
-152.1
-118.5
-109.4
-101.7
-66.7
-84.5
-115.6
-150.6
— 158.7
-166.8
-159.6
-127.0
-115.2
-109.0
-74.1
-96.1
-132.6
-166.1
-173.4
-187.8
6.6
11.4
23.5
28.7
44.2
57.8
60.6
61.7
68.4
73.5
-152.9
-115.5
-91.8
- 80.3
-29.9
-38.3
-72.0
-104.4
- 105.1
-114.3
1996: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
50.5
50.7
51.4
51.0
48.8
51.1
50.3
52.9
53.3
51.9
51.4
51.6
52.5
51.9
50.2
52.5
51.6
54.0
54.6
53.2
4.9
4.7
4.7
4.5
4.7
4.7
4.4
4.5
5.0
4.4
12.6
12.8
12.5
12.3
11.5
12.2
12.1
12.8
12.2
12.5
20.8
21.1
21.1
20.7
19.9
21.0
20.1
22.4
22.3
22.0
4.9
4.9
5.4
5.5
5.2
5.4
6.1
5.2
5.8
5.3
5.7
5.8
5.9
5.9
5.5
5.8
5.9
6.2
6.1
6.0
65.1
66.5
68.3
65.7
66.4
67.7
68.0
67.1
67.7
68.8
63.9
64.8
67.1
64.9
66.0
66.9
67.6
66.8
67.4
68.6
3.0
3.0
3.0
2.9
2.9
3.0
3.0
3.0
3.0
3.2
15.4
16.6
17.1
16.4
17.0
16.9
17.5
17.6
1S.9
17.6
19.6
18.9
19.0
18.7
18.7
18.8
18.9
18.7
19.1
19.6
10.0
10.5
11.5
10.8
11.1
11.6
11.2
10.3
11.3
10.6
13.7
13.6
14.3
13.9
14.0
14.5
14.9
15.0
14.8
15.3
18.8
18.4
18.7
18.7
18.5
18.6
18.5
18.9
19.3
19.3
12.3
12.3
12.6
12.5
12.8
12.7
12.5
12.7
12.8
12.9
- 12.5
-13.2
-14.5
-13.0
-15.7
-14.4
-16.0
-12.8
-12.8
-15.3
-14.6
- 15.7
-16.9
-14.7
-17.6
-16.5
-17.6
-14.2
-14.4
-16.9
6.6
6.1
6.1
6.2
5.7
5.9
6.0
6.1
6.4
6.4
-8.0
-9.7
-10.8
-8.5
- 12.0
- 10.6
-11.6
-8.1
-8.0
- 10.5
1997: Jan
Fob'
Mar" ....
51.4
54.1
56.6
52.2
54.7
57.6
4.3
4.3
4.2
12.2
12.8
13.7
21.4
22.7
24.4
5.7
6.1
6.1
6.0
6.3
6.4
70.0
71.1
71.7
69.7
70.6
70.2
3.1
3.1
3.3
17.9
17.7
17.8
19.6
19.9
20.5
12.0
12.3
11.1
15.0
15.2
15.1
19.3
19.4
19.9
13.0
12.9
13.3
-17.6
-15.9
-!2.6
-18.6
-17.0
-15.1
6.3
6.5
6.6
- 12.3
-10.5
-8.5
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
'Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
2
N'OTK.—HOP 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 1996, the goods deficit fell to $45.3 billion, from $51.9 billion in the third quarter. The
current account deficit fell to $41.4 billion, from $47.9 billion in the third quarter.
BILLIONS OF DOLLARS *
-45
BILLIONS OF DOLLARS «
-
-50
-50
-55
-55
1986
* SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( — ) ]
Investment income
Services
Goods'
Net
Period
Exports
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996? .
1994: I
II
in
IV
1995: I
II
Ill
IV
1996: I
II
Ill
IV
Imports
Net
balance
Net
military
transactions '** 3
250,208
320,230
362,120
389,307
416,913
440,352
456,832
502,463
575,940
611,669
-409,765
-447,189
-477,365
— 498,337
-490,981
-536,458
-589,441
-668,584
-749,364
— 799.343
-159,557
— 126,959
-115,245
— 109,030
-74,068
-96,106
-132,609
-166,121
-173,424
— 187,674
-3,844
-6,320
-6,749
— 7,599
-5,274
- 1,448
118,462
122,909
127,237
133,855
-155,301
-163,993
-171,652
-177,638
-36,839
-41,084
-44,415
-43,783
-38
367
138,551
142,983
144,984
149,422
- 183,474
-190,910
- 187,532
- 187,448
-44,923
-47,927
-42,548
-38,026
150,032
153,120
150,144
158,373
-193,159
-200,490
-202,013
-203,681
-43,127
-47,370
-51,869
-45,308
880
1,963
3,585
2,809
1,171
463
628
859
1,120
978
489
725
515
1,080
travel
and
transportation
receipts
Other
services,
net
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Net
Balance
on goods, Unilateral
services, transfers,
and
net 4
income
Balance
on
current
account
-23,939
— 26,266
-27,696
— 35,219
4,510
-35,514
-37,640
-39,866
-35,075
— 42,472
- 167,392
-128,436
-105,575
— 94,657
-9,518
- 62,583
-99,936
- 148,405
-148,154
-165,095
1,163
-636
-1,589
-3,094
-8,169
-21,539
-9,507
-26,518
-9,975
-30,036
-30,440 -12,215
-29,708
-36,025
-40,011
-42,655
-45,000
-47,641
-49,630
-48,403
-900
-862
-4,361
-1,890
-30,415
-32,686
-28,696
-21,281
-8,639
-8,290
- 8,992
-9,154
-39,054
-40,976
- 37,688
-30,435
-47,238
- 50,277
-52,794
-55,008
-2,215
-4,098
-2,414
-24,319 -10,955
-9,420
-31,173
-38,377
- 9,476
-28,759 -12,621
-35,274
-40,593
-47,853
-41,380
-7,613
-2,591
4,043
8,002
17,032
20,484
20,026
16,711
18,361
21,094
18,097
20,352
26,192
28,291
32!440
38,805
39,665
43,068
46,415
49,564
-152,918
— 115,518
-91,758
— 80,336
-29,872
-38,264
-72,039
- 104,379
- 105,064
— 114,207
100,767
129,070
152,517
160,300
137,003
119,046
119,900
141,704
182,659
196,902
-91,302
-115,722
-138,639
-139,402
-121,159
-107,851
-110,158
-145,863
-190,674
-205,318
9,465
13,348
13,878
20,897
15,844
11,195
9,742
-4,159
-8,016
-8,416
4,016
4.221
3,758
4,717
10,159
10,614
11,039
11,257
-22,702
-25,882
-28,447
-27,346
31,841
33,287
37,212
39,368
-30,678
-33,923
-38,801
-42,462
3,770
3,834
5,087
5,670
11.010
11,410
12,006
11,987
-29,515
-31,824
-24,335
-19,391
44,100
46,779
45,269
46,513
5,358
5,346
4,956
5,430
12,650
12,341
12,119
12,453
-24,630
-28,958
-34,279
-26,345
47,549
48,062
48,696
52,594
'Adjusted from Census data for differences in timing and coverage; exdudes military,
2
Transfers under U.S. military agency sales contracts (exports) minus direet defense expenditures (imports),
36
Balance
on
goods
and
services
311
- 143,4S3
— 102,170
-77,880
— 59,439
- 14,028
-27,069
-62,297
- 108,539
-113,079
— 122,623
•s Quarterly data are not .seasonally adjusted.
4
Includes transfers of floods and serviees under U.S. military fjrant programs.
See p. 37 for (Continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $56.7 billion in the fourth
quarter of 1996, following an increase of $33.2 billion in the third quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $33.2 billion in the fourth quarter, following a decrease
of $1.2 billion in the third quarter.
BILUONS OF DOLLARS *
BILUONS OF DOLLARS •
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S. assets abroad, net
[increase/eapit
)]
Period
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996^
1994- I
II
Ill
rv
1995- I
II
Ill
rv
1996- I
II
Ill
WP
U.S.
official
reserve
assets 3 r>
9,149
-72,617
- 100,087 -3,912
- 168,744 -25,293
-74,011 -2,158
-57,881
5,763
-68,622
3,901
-194,609 -1,379
5,346
-150,695
-307,856 -9,742
6,668
-306,830
-36,897
59
3,537
-28,627
-25,569
-165
2,033
-59,603
-61,747 -5,318
-108,299 -2,722
-39,595 -1,893
-98,214
191
-68,723
17
-50,699
-523
-73,313
7,489
-114,095
-315
Other U.S.
Government
assets
1,006
2,967
1,259
2,307
2,911
-1,657
-342
-341
-280
-665
399
491
-288
-943
154
-179
252
-199
-152
353
166
-326
U.S.
private
assets
-82,771
-99,141
-144,710
-74,160
— 66 555
-70,866
-192,889
-155,700
-297,834
-312,833
-37,237
-32,655
-25,116
-60,693
-56,275
-105,398
-37,954
- 98,206
-68,588
49 823
-80,968
-113,454
Total
242,983
240,265
218,490
122,192
94,241
154,285
250,996
285,376
424,462
525,046
83,235
45,889
83,619
72,632
90,995
115,421
118,816
99,229
99,475
100,553
142,970
182,048
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets :i
Other
foreign
assets
45,387
39,758
8,503
33,910
17,389
40,477
72,153
40,253
109,757
122,778
11,036
9,166
19,785
266
21,822
37,380
39,186
11,369
52,021
13,566
24,235
32,956
197,596
200,507
209,987
88,282
76,853
113,808
178,843
245,123
314,705
402,268
72,199
36,723
63,834
72,366
69,173
78,041
79,630
87,860
47,454
86,987
118,735
149,092
Statistical discrepancy
Allocations
of special Total (sum
Of which:
drawing of the items
Seasonal
rights
adjustment
with sign
(SDEs)
discrepancy
reversed)
-2,974
-11,743
55,830
46,476
-26,843
-23,080
43,550
13,724
31,548
-53,122
-16,630
18,763
-18,039
29,626
9,806
33,854
-41,533
29,420
4,522
-9,261
-21,804
-26,573
5,105
274
-6,490
1,107
6,519
-266
-7,407
1,153
6,653
-449
-8,318
2,119
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
75,089
76,809
75,732
76,532
74,335
86,761
90,063
87,152
85,832
84,212
83,455
75,509
75,089
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Pa e
TOTAL OUTPUT, INCOME. AND SPENDING
«
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
,
Corporate Profits
Real Gross Private Domestic Investment
,
Real Private Fixed Investment by Type
Business Investment and Plans
1
2
2
3
3
4
4
5
6
7
8
9
10
10
,
EMPLOYMENT, UNEMPLOYMENT. AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
,
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
nn
38
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