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104th Congress, 1st Session
Economic Indicators
SEPTEMBER 1995
(Includes data available as of October 3, 1995)
LIBRARY
OCT 2 3 1995
rEDERAL RESEKvt.
.BANK OF CHICAGO
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1995
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, Chairman
JIM SAXTON, New Jersey, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
WILLIAM V. ROTH, JR. (Delaware)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK SANTORUM (Pennsylvania)
RODNEY D. GRAMS (Minnesota)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
THOMAS W. EWING (Illinois)
JACK QUINN (New York)
DONALD A. MANZULLO (Illinois)
MARSHALL (MARK) SANFORD (South Carolina)
WILLIAM M. (MAC) THORNBERRY (Texas)
FORTNEY H. (PETE) STARK (California)
DAVID R. OBEY (Wisconsin)
LEE H. HAMILTON (Indiana)
KWEISI MFUME (Maryland)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, Chairman
MARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member-Nominee
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ISBN 0-16-047690-9
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 1995, according to revised estimates, current-dollar gross domestic product (GDP) rose
3.0 percent (annual rate), real GDP (GDP in 1987 dollars) rose 1.3 percent, and the implicit price deflator rose
1.6 percent.
BILLIONS OF DOLLARS (RATIO SCALE]
7,200
BIUIONS Of DOLLARS (RATIO SCALE)
7,200
SEASONALLY ACUUSTED ANNUAL RATES
S\f
6,800
6,800
/
X"
6,400
6,400
[-""
6,000
6,000
^
GDP
INCUR *ENTDOLLARS
5,600
\
5,200
^
f
f
'—
5,200
-—
^_
4,800
5,600
^_-
^
.--'
4,800
^>
;(•
4,400
K
4,400
GDP
IN 987 DOLLARS
'
;
;
X
4,000
s
S'
4,000
^
/
/
3,600
3,200
2,800
1
1
1
1982
3,600
^
3,200
1 1 1
1 1 1
i i i
i i i
i i i
i i i
I I I
i i i
i i i
i i i
i i i
I I i
i i i
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
2,800
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1984:
19851986198719881989:
199019911992:
IV
IV
IV
IV
IV
IV
IV
IV
IV
1993:
I
II
m
rv
1994:
I
II
m
rv
1995- I r
II
1
Exports and imports
Gross
Personal
of goods and services
private
conGross
domestic sumption domestic
Net
product expendi- investexports Exports Imports
ment
tures
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
6,738.4
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,796.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,689.9
6,791.7
6,897.2
6,977.4
7,030.0
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,902.4
4,136.9
4,378.2
4,628.4
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,955.7
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,586.4
4,657.5
4,734.8
4,782.1
4,851.0
717.6 -132.5
749.3 -143.1
793.6 -108.0
-79.7
832.3
-71.4
808.9
-19.9
744.8
-30.3
788.3
-653
882.0
1,032.9
-98.2
722.8 -107.1
135 5
737.0
697.1 -133.2
800.2 -143.2
814.8 -106.0
825.2
-73.9
-71 6
756.4
-13 7
756.8
-42.2
822.0
-49.6
853.8
633
869.7
-77.0
882.2
-71.2
922.5
-86.7
966.6
97 6
1,034.4
1,055.1 -109.6
-98.9
1,075.6
1,107.8 -111 1
1,094.1 -124.7
GDI* less exports of goods and services plus iiri|M>rts of goods and services.
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
718.7
308.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
649.2
646.8
660.1
649.0
680.3
674.2
704.5
730.5
765.5
778.8
797.5
451.7
507.1
552.2
587.7
628.5
6209
668.4
724.3
816.9
415.7
440.2
467.1
535.6
573.1
597.7
649.2
637.5
691.4
696.4
723.5
726.0
751.4
760.9
802.1
840.1
864.4
889.9
922.2
Government purchases
Federal
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,097.4
1,125.3
1,148.4
1,175.3
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,097.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,166.7
1,188.8
1,185.8
1,198.7
1,209.6
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
437.3
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
434.7
National
defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
292.3
242.9
268.6
278.6
295.8
296.8
302.5
322.5
311.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
285.3
283.7
286.7
Nondefense
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
145.0
81.9
88.3
94.5
96.7
95.2
102.6
114.0
126.6
138.7
139.9
139.4
143.6
140.7
146.1
143.5
143.8
146.6
150.6
148.1
State
and
local
465.3
496.6
531.7
573.6
620.9
651.6
676.3
704.7
738.0
402.2
442.4
476.6
509.0
545.7
589.3
640.0
659.7
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.5
753.8
764.3
774.8
Gross
Final
sales of domestic
purdomestic
product chases '
Addendum:
Gross
national
product
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
6,836.6
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
6,787.5
6,901.3
6,996.1
7,088.5
7,154.7
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
6,726.9
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,810.7
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,779.6
6,871.3
6,959.5
7,008.6
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
6,686.2
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,729.1
6,842.4
6,922.9
6,992.8
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
| Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates)
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
TV
1991: IV
1992: IV
1993- I
II
in
rv
1994- I
II
in
rv
1995. i
ii'
1
Gross
domestic
product
consumption
expenditures
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
5,344.0
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
5,060.7
5,075.3
5,105.4
5,139.4
5,218.0
5,261.1
5,314.1
5,367.0
5,433.8
5,470.1
5,487.8
Exports and imports of
goods and services
Gross private
domestic investment
Personal
Government purchases
Federal
Nonresidential
fixed
investment
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3,643.9
3,674.3
Residential
fixed
investment
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
560.3
581.0
597.9
627.2
643.6
657.9
680.0
708.2
743.6
763.7
Oh«ng»
in business
inventories
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
210.4
206.3
211.0
224.5
229.9
233.8
230.2
231.5
229.5
221.2
State
Net
exports
-155.1
-143 1
- 104.0
-73.7
547
-19.5
-32.3
-73.9
-110.0
-19.0
-83.7
-131.4
-155.4
-156.0
-136.0
- 102.7
-67.4
-36.8
-16.9
-38.5
-57.6
-69.3
-86.3
-82.2
- 104.0
-111.8
-117.0
-107.1
-118.5
- 126.7
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
47.8
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
6.6
18.5
18.9
13.0
10.8
25.4
59.2
57.1
49.4
51.1
34.3
Ex[>orts
329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
657.0
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
590.7
589.2
600.2
595.3
625.2
619.6
643.9
666.5
697.9
706.2
717.6
GDP less cx|M>rts of goods and services plus imports of goods arid services.
I mports
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
766.9
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
629.3
646.8
669.6
681.6
707.4
723.6
755.6
783.5
805.0
824.6
844.3
Total
Total
855.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
922.8
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
940.6
926.5
929.3
931.8
931.5
919.9
917.1
932.0
922.2
920.5
921.0
National
defense
373.0
384.9
377.3
376.1
384.1
386.7
373.5
356.6
337.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
377.0
361.6
358.3
355.6
351.1
341.7
334.7
343.5
330.4
327.2
324.8
280.6
292.1
287.0
281.4
283.6
281.4
261.4
243.7
226.7
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
262.4
248.2
246.8
240.9
238.7
228.5
226.1
233.0
219.1
214.9
215.0
Nondefense
92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
110.9
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
114.6
113.3
111.5
114.7
112.4
113.2
108.7
110.5
111.3
112.3
109.8
and
local
482.4
496.6
509.6
528.3
548.5
557.2
563.3
573.1
585.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
563.6
564.9
571.0
576.2
580.4
578.3
582.4
588.5
591.8
593.3
596.2
Final
sales of
domestic
product
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
5,296.2
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
5,054.1
5,056.8
5,086.5
5,126.5
5,207.2
5,235.7
5,254.9
5,310.0
5,384.4
5,419.0
5,453.5
Gross
domestic
Adden-
dum:
chases '
Gross
national
product
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
5,454.0
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
5,099.2
5,132.9
5,174.7
5,225.8
5,300.2
5,365.1
5,425.8
5,484.0
5,540.9
5,588.6
5,614.5
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
5,337.3
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
5,061.0
5,083.9
5,110.1
5,148.4
5,218.7
5,262.7
5,310.5
5,359.9
5,416.0
5,458.3
5,473.4
pur-
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
J1987-100; quarterly data arc seasonally a(^li
Period
Gross
domestic
product
1986
1987
1988
1989
1990
1991
1992
1993
1994
1984:
1985:
1986:
1987:
1988:
1989:
1990:
19911992:
1993-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
in
rv
1994. i
n
in
rv
1995- I
ii'
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
126.1
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.8
121.9
122.9
123.4
123.7
124.1
125.0
125.9
126.5
126.9
127.6
128.1
Total
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
129.3
90.7
94.6
97.0
101.6
106.1
111.0
117.5
121.1
124.9
125.7
126.4
126.8
127.5
127.9
128.9
129.9
130.5
131.2
132.0
Exports and imports of
goods and services
Government purchases
Federal
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
111.2
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.8
109.1
109.2
109.8
110.0
110.2
110.5
111.1
111.7
111.3
111.8
111.8
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
125.7
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.8
123.3
124.0
124.2
123.9
124.6
124.6
125.1
126.3
126.6
126.9
127.6
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
136.4
87.7
92.9
97.3
101.9
107.1
112.7
119.2
124.5
129.8
130.8
131.9
132.7
133.8
134.4
135.9
137.0
138.1
139.1
140.2
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
103.8
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.3
106.0
105.3
104.9
103.5
103.0
103.4
103.9
104.3
103.5
103.1
102.0
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
122.3
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.9
115.1
115.9
117.2
118.2
119.0
120.5
121.3
123.1
124.4
125.0
125.5
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
.Personal consumption
expenditures
Exports
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
109.4
98.7
97.7
97.4
101.6
106.6
107.4
111.0
110.9
109.9
109.8
110.0
109.0
108.8
108.8
109.4
109.6
109.7
110.3
111.1
Imports
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
106.5
93.6
94.2
93.6
102.6
106.0
107.7
116.5
110.0
109.9
107.7
108.1
106.5
106.2
105.2
106.1
107.2
107.4
107.9
109.2
Total
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
129.5
95.0
98.1
98.8
100.2
103.6
107.7
112.9
117.2
120.6
123.6
124.2
124.5
125.3
128.1
130.0
129.3
130.7
132.7
133.8
National
defense
Nondefense
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
129.0
95.5
98.7
98.7
100.3
103.9
107.5
112.9
117.2
120.4
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
130.7
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.0
121.1
123.5
125.0
125.2
125.1
129.1
132.0
130.1
131.7
134.1
134.9
123.7
123.9
124.1
125.3
127.7
129.0
129.0
130.2
132.0
133.3
State
and
local
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
126.1
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117.7
121.2
122.2
122.8
123.3
123.6
124.9
125.6
126.5
127.4
128.8
130.0
CHANGES IN FIXED-WEIGHTED AND ALTERNATIVE QUANTITY AND PRICE
INDEXES FOR TOTAL GDP
(Percent change from preceding year or quart*!!-; quarterly data at seasonally adjusted annual rates|
Price indexes
Quantity indexes
Current
dollars
Period
11 9
39
81
10.9
69
57
6.4
79
72
56
32
5.2
54
62
28
50
38
26
71
52
4.9
86
4.4
42
3.8
77
6.1
72
62
64
4.7
30
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1991- I
II
-
..
in
IV
1992- I
II
...
IV
1993- I
II
.
m
in
IV
1994. I
II
in
IV
1995- I
II r
1
Fixed
1987
weights '
Chain-ty|x!
annual
weights
25
-2.2
3.8
7.0
32
2.9
3.1
3.9
2.6
12
-.7
2.1
2.5
3.6
-23
1.7
8
.2
30
2.2
3.1
5.2
.5
1.8
1.8
5.1
3.2
4.2
36
4.0
1.7
.7
18
-22
39
6.2
32
2.9
3.1
39
2.5
12
-6
2.3
31
4.1
-21
22
10
1
31
24
3.5
57
1.2
24
2.7
63
3.3
41
40
51
2.7
13
Fixed
1987
weights
Itonclunarkyears
weights
Chain-type
annual
weights
27
-1 9
39
6.7
33
2.9
3.2
38
2.5
12
-.7
2.2
25
3.6
-23
2.0
9
.1
31
22
3.3
51
.5
18
1.8
51
3.2
41
36
41
1.8
7
Bcnchmarkyears
weights
91
64
41
3.6
36
2.9
3.2
39
4.4
44
40
3.1
28
2.7
51
32
31
26
39
32
2.4
25
4.0
23
1.9
24
3.2
27
27
26
3.3
27
92
63
4.1
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
3.2
3.0
2.7
5.1
3.1
33
2.7
39
3.3
2.7
2.8
4.2
2.4
2.0
2.4
3.1
2.9
30
2.6
3.3
2.8
price
deflator
3.6
36
2.7
3.1
3.9
4.4
44
3.9
3.0
2.8
2.7
52
3.2
31
2.5
38
3.1
2.3
2.5
4.0
23
1.9
2.5
3.2
27
28
2.5
3.2
26
100
62
41
44
37
26
3.2
39
44
44
38
28
22
21
50
28
28
27
38
27
13
27
33
16
10
13
29
19
19
16
22
16
Source: Department of Owmneree, liureau of Economic Analysis.
Percent change in GDI* in 1987 dollars.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS. AND PROFITS
(Quarterly data at seasonally adjusted annual rates!
Current-dollar cost and profit per unit of output (dollars) '
Gross domestic product
of norifinaneial
corporate business
(billions of dollars)
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1984198519861987198819891990199119921993-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
in
IV
1994- I
II
m
IV
1995- I r
ll
Current
dollars
1987
dollars
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
3,656.9
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,125.9
3,307.8
3,324.4
3,386.3
3,428.7
3,499.3
3,568.6
3,626.7
3,679.4
3,752.8
3,793.8
3,824.9
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
3,121.9
2,328.4
2,396.9
2,463.3
2,604.0
2.719.0
2,722.7
2,725.0
2,740.9
2,870.2
2,868.4
2,920.5
2,963.3
3,019.5
3,062.6
3,098.9
3,131.2
3,195.0
3,229.3
3,255.0
Total
cost and
profit2
0.978
1.000
1.030
1.072
1.109
1.137
1.150
1.159
1.171
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.152
1.159
1.159
1.157
1.159
1.165
1.170
1.175
1.175
1.175
1.175
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.126
.123
.122
.111
.110
.112
.110
.112
.120
.123
.125
.123
.124
.123
.124
.120
.125
.121
.122
.121
.122
.123
1
Output is measured by <JDP of nonfinaneial corporate business in 1987 dollars.
-This is equal to the deflator for gross domestic product of nonfinaneial corporate busin
with the decimal point shifted two places to the left.
;1
Indirect business tax and nontax liability plus business transfer payments less sulwidies.
Indirect
business
taxes8
0.095
.095
.096
.101
.106
.115
.117
.117
.117
.091
.093
.095
.094
.097
.102
.109
.117
.118
.117
.117
.116
.117
.117
.117
.118
.117
.116
.116
4
Compensation
of employees
interest
0.648
.658
.676
.706
.736
.756
.767
.768
.766
.623
.643
.654
.664
.687
.718
.748
.760
.768
.776
.770
.766
.760
.763
.766
.768
.768
.771
.768
0.040
.042
.045
.054
.054
.049
.041
.039
.039
.041
.038
.042
.042
.047
.055
.054
.047
.038
.039
.039
.039
.038
.038
.039
.040
.041
.042
.042
Not
Corporate profits with inventory
valuation arid capital consumption
adjustments
Total
0.084
.096
.102
.094
.093
.092
.099
.112
.126
.091
.092
.081
.099
.102
.088
.085
.092
.107
.102
.111
.113
.123
.122
.127
.127
.128
.125
.126
1'rofits
tax
liability
0.031
.037
.038
.037
.034
.031
.031
.040
.046
.027
.030
.035
.038
.040
.033
.034
.031
.033
.037
.040
.038
.043
.043
.046
.047
.049
.049
.048
Profits
after
tax"
0.053
.059
.064
.057
.059
.061
.067
.073
.080
.064
.063
.045
.060
.063
.055
.052
.061
.073
.065
.071
.075
.080
.078
.081
.080
.079
.076
.078
Output
per hour
of all
employees
(1987
dollars)
Compensation
per hour
of all
employees
(dollars)
22.733
23.127
23.572
23.188
23.447
23.926
24.649
25.330
25.881
22.055
22.346
22.891
23.356
23.521
23.145
23.552
24.214
25.084
24.942
25.221
25.421
25.664
25.792
25.744
25.849
26.069
26.176
26.521
14.739
15.207
15.833
16.376
17.246
18.081
18.917
19.445
19.829
13.732
14.359
14.975
15.517
16.069
16.616
17.625
18.402
19.253
19.349
19,418
19.467
19.497
19.683
19.714
19.855
20.010
20.180
20.345
Witli inventory valuation and capital consumption atftustrnents.
Sources: Department of Commerce (Ilureau of Economic Analysis) and Department of IjaUir
(Bureau of Labor Statistics).
NATIONAL INCOME
| Billions of dollars; quarterly data at seasonally atljusUHl annual rates)
1989
1990
1991
1992
1993
1994
1984198519861987198819891990199119921993-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
m
IV
1994- I
II
m
IV
1995- I
II'
Farm
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
4,004.6
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.7
4,095.3
4,157.3
4,183.0
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
5,458.4
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
5,494.9
5,599.4
5,688.4
5,719.4
II
1
Compensation
of
employees1
National
income
Period
Proprietors' income
with inventoiy valuation and capital consumption adjustments
Nonfarm
40.2
41.9
36.7
44.4
37.3
39.5
21.9
17.8
23.6
42.4
30.9
38.4
43.8
36.6
46.0
49.6
39.4
15.8
44.4
47.2
39.3
29.8
41.7
44.4
35.0
307.0
321.4
339.5
374.4
404.3
434.2
217.7
250.9
260.9
282.6
302.5
311.4
325.1
349.8
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
444.0
449.2
452.2
IneJudes employer contributions for social insurant. (See also p. 5.)
Rental
income
of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
362.8
380.6
390.3
405.1
485.8
542.7
261.3
284.9
264.6
343.3
378.3
354.5
362.8
394.7
432.5
442.5
473.1
493.5
533.9
508.2
546.4
556.0
560.3
569.7
581.1
-13.5
-14.2
-10.5
-5.5
24.1
27.7
24.3
14.0
4.7
6.8
2.8
-21.6
-11.1
-8.1
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.6
29.0
25.4
24.2
Profits
before tax
325.4
354.7
370.9
389.4
456.2
505.0
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
545.9
Inventory
valuation
adjustment
342.9
365.7
365.2
395.9
462.4
524.5
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
574.1
-17.5
-11.0
5.8
64
-6.2
-19.5
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
Q
2.1
-11.2
-10.0
3.0
-6.5
-12.3
— 14 1
-19.6
-32.1
-39.0
-28.2
Capital
consumption
adjustment
37.4
25.9
19.4
15.7
29.5
37.7
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
38.8
38.1
35.2
Net
interest
452.7
463.7
447.4
420.0
399.5
409.7
321.1
331.9
349.7
368.6
408.1
459.8
474.4
431.8
418.0
414.6
397.6
396.7
389.1
394.2
399.7
415.7
429.2
442.4
444.0
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
| Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates)
Durable goods
Period
1989
1990
1991
1992
1993
1994
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:'
1993:
IV
IV
IV
IV
IV
IV . .
IV
IV
IV
IV
IV
I
II
in
rv
1994: I
II
in
IV
1995: I
II'
1
Total
personal
consumption
expenditures
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
3,579.6
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.8
3,584.7
3,629.6
3,643.9
3,674.3
Total
durable
goods
Motor
vehicles
and
parts
440.7
443.1
425.3
452.6
489.9
532.1
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
468.8
472.5
483.7
492.7
510.8
521.7
522.2
529.6
554.8
550.0
554.8
Includes other items, not shown separately.
196.4
192.7
170.0
181.8
196.1
208.2
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.0
211.9
203.2
202.7
Furrtitiirc
and
household
cquipment
165.8
171.6
179.2
193.3
214.1
238.7
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.7
254.5
256.6
261.8
Services
Nondurable goods
Other
78.5
78.7
76.1
77.5
79.7
85.2
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
88.4
90.3
90.4
Total
nondurable
goods
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
1,109.5
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.4
1,121.9
1,128.2
1,133.5
Pood
515.0
523.9
518.8
514.7
524.0
535.6
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
522.0
520.7
522.3
525.1
528.1
531.9
536.1
535.7
538.5
541.1
540.8
Clothing
Gasoline
and
am) oil
shews
187.8
186.2
184.7
193.2
197.8
208.8
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
198.7
194.0
196.1
198.6
202.4
203.8
204.9
210.2
216.4
216.6
219.3
87.3
86.4
83.1
85.6
86.5
87.2
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
86.0
86.1
85.7
87.5
86.6
86.1
86.7
88.0
88.2
90.3
91.1
Fuel
oil
and
coal
Other
11.4
10.5
10.7
11.2
12.1
11.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.7
11.1
11.5
12.2
250.2
253.8
250.5
253.0
258.2
265.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.8
267.6
268.7
270.1
Total
services '
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
1,938.1
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,797.3
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,941.8
1,952.9
1,965.7
1,986.0
Housing
469.2
474.6
479.0
485.2
492.6
501.3
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.6
505.0
507.4
509.5
Ht-tatl sales of new
passenger cars
(millions of units)
Medical
care
408.6
424.6
437.7
454.3
466.4
479.0
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.0
484.4
486.9
489.6
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
7.1
6.9
6.1
6.3
6.7
7.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
7.4
7.0
6.9
Imports
2.8
2.6
2.3
2.1
2.0
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
1.8
1.8
1.8
SOURCES OF PERSONAL INCOME
Personal income rose $2.3 billion (annual rate) in August, following a rise of $37.3 billion in July. Wages and
salaries fell $5.4 billion in August following an increase of $28.3 billion in July. Farm subsidy payments fell in
both July and August.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
OTHER INCOME
800
800
'
\
TRANSFER PAYMENTS
I IIIIIIIII I
400
1987
1988
1989
400
1990
1991
1992
1993
1994
1995
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; montlily data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Aug
Sept
Get
Nov
Dec
1995- Jan
Feb
Mar
Aprr
May'
AugP
1
Total
personal
income
3,590.4
3,302.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
5,730.6
5,768.4
5,844.7
5,841.8
5,883.5
5,930.6
5,962.7
5,992.7
6,005.1
5,993.8
6,025.3
6,062.6
6,064.9
Wage arid
salary
disbursements '
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,816.1
2,974.8
3,080.8
3,279.0
3,289.0
3,310.2
3,351.6
3,349.3
3,368.3
3,391.1
3,406.8
3,412.2
3,429.6
3,405.6
3,431.5
3,459.8
3,454.4
Proprietors' income3
Other labor
income '2
200.7
210.4
230.5
251.9
274.3
299.0
328.7
355.3
381.0
383.7
385.5
387.1
388.7
390.3
398.1
399.6
401.1
402.5
403.9
405.3
406.5
407.7
Farm
22.3
31.3
30.9
40.2
41.9
36.7
44.4
37.3
39.5
29.6
30.0
49.0
35.1
41.1
36.1
42.3
54.8
39.9
35.2
29.9
28.3
27.8
The total of wage ami salary dislmrsements and other laltor income differs from (:om|>ensation of employees {see p. 4) in that it excludes employer contributions for social insurant* and
the excess of wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
261.5
279.0
293.4
307.0
321.4
339.5
374.4
404.3
434.2
437.6
439.4
441.4
443.5
447.0
448.7
449.4
449.6
450.4
451.6
454.6
457.7
459.7
4
Rental
income
of
jHsrsons4
8.7
3.2
4.3
-135
-14.2
-10.5
-5.5
24.1
27.7
32.6
32.7
31.4
29.5
26.1
26.8
25.5
23.8
23.4
24.2
24.9
24.3
21.9
Personal
dividend
income
104.7
100.4
108.4
126.5
144.4
150.5
161.0
181.3
194.3
197.0
198.8
200.8
202.8
204.4
204.8
205.4
206.4
207.5
208.1
208.8
210.2
211.5
Personal
interest
income
531.7
548.1
583.2
668.2
698.2
695.1
665.2
637.9
664.0
674.0
683.6
692.5
701.2
709.6
717.2
724.0
729.5
734.9
739.5
743.4
745.9
748.2
Transfer
payments 5
517.8
542.2
576.7
625.0
687.6
770.1
860.2
915.4
963.4
969.8
972.3
977.1
977.7
984.2
1,000.7
1,003.7
1,009.9
1,012.8
1,020.0
1,022.9
1,028.1
1,031.6
Ijess: Personal contributions
for social
insurance
162.1
173.6
194.5
211.4
224.9
236.2
248.7
261.3
281.4
282.6
284.1
286.2
286.1
287.4
292.8
294.0
294.5
295.8
294.3
296.1
298.1
297.9
Nonfarm
personal
income B
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,801.8
5,089.4
5,316.6
5,639.4
5,678.1
5,715.5
5,772.5
5,783.3
5,818.7
5,870.8
5,896.5
5,914.1
5,941.1
5,934.4
5,971.0
6,009.7
6,012.5
With capital consumption a<ljustment.
> Consists mainly of social insurance Imnefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
r
B
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars fell in the second quarter
of 1995.
BILLIONS OF DOLLARS' (RATIO SCALE)
BIUJONS OF DOUARS- (RATIO SCALE)
2,500
2,000
2,000
DOLLARS* (RATIO SCALE)
22,000
DOLLARS' (RATIO SCALE)
8,000
1982
COUNOL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays '
Equals:
Personal
savin?
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable (wrsonal
ineome
Per eapita personal
consumption
expenditures
(torrent
dollars
Current
dollars
Billions of dollars
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,701.7
1987
1988
1989
1990
1991
1992
1993
1994
512.5
527.7
593.3
623.3
623.7
648.6
686.4
742.1
3,289.5
3,548.2
3,787.0
4,050.5
4,236.6
4,505.8
4,688.7
4,959.6
1987
dollars
1987
dollars
142.0
155.7
152.1
170.0
211.6
247.9
192.6
203.1
3,289.5
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3,704.1
3,835.7
13,545
14,477
15,307
16,205
16,766
17,636
18,153
19,003
Having as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
4,756.5
Percent
change
in n:al
per capita
disposable
personal
income.
13,545
13,890
14,005
14,101
14,003
14,279
14,341
14,696
13,448
14,241
15,048
15,444
16,192
16,951
17,734
12,568
12,903
13,029
13,093
12,899
13,110
13,391
13,716
-0.1
2.5
.8
.7
-.7
2.0
.4
2.5
4.3
4.4
4.0
4.2
5.0
5.5
4.1
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
260,991
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
14,533
14,222
14,351
14,338
14,451
14,535
14,625
14,697
14,927
15,048
14,973
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
16,566
16,693
16,856
17,017
17,233
17,443
17,598
17,821
18,072
18,216
18,438
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
13,262
13,283
13,335
13,425
13,519
13,640
13,651
13,717
13,853
13,880
13,966
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
9.3
-8.3
3.7
-.4
3.2
2.3
2.5
2.0
6.4
3.3
-2.0
7.9
6.0
4.8
5.0
4.3
3.9
4.3
5.2
6.2
4.0
4.6
3.9
4.0
3.6
4.1
4.1
4.6
5.1
4.0
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,758
256,626
257,262
257,908
258,635
259,356
259,997
260,627
261,340
261,999
262,527
263,095
12,568
Seasonally adjusted annual rates
1984:
19851986-.
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
1991: IV
1992- IV
1993- I
II
Ill
IV
1994- I ....
II
Ill
IV
1995: I
II'
1
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,934.2
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,734.5
5,856.6
5,962.0
6,008.1
413.4
448.8
478.5
528.6
542.0
605.1
625.2
631.2
676.2
657.3
685.9
695.4
707.0
723.0
746.4
744.1
754.7
777.6
807.0
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,303.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,990.3
5,101.9
5,184.4
5,201.0
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,787.0
4,869.3
4,920.7
4,994.9
222.6
179.2
151.1
169.8
156.4
148.8
176.2
224.6
287.4
184.6
214.0
182.3
189.4
175.5
201.1
203.3
232.6
263.7
206.1
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,840.9
3,911.0
3,950.5
3,939.4
Includes personal consumption expenditures, interest paid by persons, and personal transfer
payments to rest of the world (net).
2
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,957
18,154
17,874
18,141
18,174
18,421
18,588
18,853
19,095
19,473
19,748
19,769
Annual data an? averages of quarterly data, whicli are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1995, according to preliminary estimates, gross farm income fell $6.8 billion (annual rate)
and net farm income fell $5.6 billion.
BILLIC NS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO S CAIE)
240
200
160
r
N^
S
^^
"^vx^*""^ '
1
^*\
t
•**-
.
/**
""""'
p"""""^"
^
"" "
240
200
<~
160
\ ~
120
120
\
GROSS FARM INCOME
80
80
An
AH
40
40
20
20
10
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Net farm income
Period
Cash marketing receipts
Total »
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1993- I
II
Ill
IV
1994- I
II
HI
W
1995- IP
168.0
161.2
156.1
168.5
175.8
192.8
198.2
192.3
200.2
201.4
212.0
203.0
202.2
198.0
202.5
215.0
201.0
207.7
224.5
217.7
142.8
144.1
135.4
141.8
151.2
161.1
170.0
168.8
171.2
175.1
179.7
172.2
175.1
185.7
167.3
177.1
166.8
183.0
191.8
187.1
Livestock and
products
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.7
86.4
90.6
87.8
84.2
88.4
101.9
87.8
92.0
82.5
97.2
79.5
87.5
1
Cash marketing receipts and inventory changes plus Government payments, other farni cash
income, and mmmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.
3
Income in current dollars divided by the GDP implicit price deflator.
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
82.1
84.9
84.5
91.9
88.0
86.7
83.8
79.5
85.1
84.2
85.8
112.3
99.7
Value of
inventory
changes2
6.0
-2.3
-2.2
-2^3
-3.4
4.8
3.4
-.3
4.3
-3.6
7.1
-6.5
-5.1
-6.0
3.0
8.4
7.7
6.2
6.2
.9
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
137.8
144.9
151.3
151.2
150.1
158.0
162.7
155.1
157.6
159.5
160.0
160.2
162.5
164.5
163.6
162.4
26.1
28.8
31.1
39.7
38.0
47.9
46.9
41.1
50.1
43.4
49.3
47.9
44.7
38.6
42.4
54.8
38.5
43.1
60.9
55.3
1987
dollars3
28.7
30.5
32.0
39.7
36.6
44.1
41.4
35.0
41.4
35.1
39.1
39.0
36.2
31.2
34.2
43.8
30.6
34.1
48.0
43.3
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1991 in chart do not reflect previous revisions to
annual data in table.
Sources.- Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the second quarter of 1995, according to revised estimates, corporate profits before tax rose $3.5 billion (annual
rate) and profits after tax rose $2.9 billion.
BIWONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
SEASONAILY ADJUSTED ANNUAL RATES
S\
550
/
V
500
/
450
P ?OFITS BEFnpE TAX
400
S[\
350
/
300
250
200
150
^ 550
-
- 7r\
—\,
~
/
s
/'
~
"
OFITS AR
s^
x^
,'''
/
'x
0
1982
1983
N._
1 1 1
i i i
1984
1985
••"'
v
300
-
'\V >'
3-- •"\/
-
'\
\
_
\
250
N
s'
~./
-• ^,"'
-t —~
200
150
/^ -.'
100
-
-'
s
350
-
/ ^/
r
--.•' • s'
'N.._
%
1 1 1
\
^
TAX UABIUTY
._^ > '""
V
s
~
S
.f
1 i !
x,
/
_.
s
400
_ /
^s
"*
r^ r v
s
: , ^
50
1
1
V
450
-
x-'
r~^~~} ^/
^
100
/
S\
71
500
-
^f
-
UNC ISTRIBUTEC PROFITS
^4
1
1
1986
I
i i i
i
1987
1988
i i
I I I
i i i
1989
1990
1 1 1
1991
i ii
I I I
1992
1993
1
1
1994
1
50
0
i ii
1995
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment l
Profits after tax
Domestic industries
Period
Nonfinancial
2
Total
Total
1986
1987
1988
1989
1990
1991
1992
1993
1994
1984:
1985:
19861987:
198819891990:
199119921993-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I .. .
II
Ill
IV
1994- I
II
Ill
IV
1995- I
llr . .
1
2
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
505.0
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
521.4
531.6
545.9
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
444.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
301.4
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.1
461.7
462.9
473.6
Financial
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
104.0
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.6
86.7
95.9
100.1
103.9
114.6
89.6
106.4
112.6
107.2
115.2
116.2
Totals
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
340.6
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
345.5
354.5
347.7
357.4
See p. 4 for profits with inventoiy valuation and capital consumption atftustments.
Includes rest of the world, not shown separately.
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
145.6
79.2
83.3
63.9
98.7
129.3
94.5
98.5
85.3
101.3
96.2
114.2
112.4
134.2
145.1
143.0
143.3
150.9
143.9
148.9
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
67.6
50.8
39.0
43.1
39.3
39.3
39.2
36.2
47.4
64.6
56.0
63.3
62.0
63.7
59.0
72.0
70.1
69.2
66.7
64.0
3
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
524.5
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
553.5
570.6
574.1
Tax
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
202.5
83.8
97.6
116.6
135.2
146.2
134.2
137.0
133.1
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.6
215.6
220.0
220.4
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
322.0
136.3
134.2
119.2
176.0
226.0
200.0
231.8
240.0
264.8
273.0
284.8
288.9
310.2
299.4
321.4
329.5
337.9
350.7
353.6
Dividends
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
205.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
160.9
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
213.9
217.1
219.9
Includes industries not shown separately.
Swiree: Department of Commence, Bureau of Economic Analysis.
Undistributed
profits
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
116.9
52.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
82.7
84.7
94.1
95.6
115.6
103.0
118.9
121.6
124.0
133.5
133.8
Inventory
valuation
adjustment
9.7
-14.5
- 27.3
-17.5
-11.0
5.8
-6.4
-6.2
-19.5
3.5
-3.8
-10.7
-17.8
31 7
- 13.5
-19.5
o
2.1
-11.2
-10.0
3.0
-6.5
-12.3
-14.1
-19.6
-32.1
-39.0
-28.2
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the second quarter of 1995, according to revised estimates, nonresidential fixed investment in 1987 dollars rose
$20.1 billion (annual rate) and residential investment fell $8.3 billion. There was a $34.3 billion increase in inventories,
following an increase of $51.1 billion in the first quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,100
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
S
900
800
r^ •x.^
^~s
700
600
500
"X,J
/
^.
^
800
/^
^^_
/*
\\"
[A
^^
GROSS PRIVATE DOMESTIC
INVESTMENT
s
/
^
700
s
s
^ s
-~
— — .- -
900
600
S
s
500
NCJNRESIDENITIAL
s
400
400
D INVESTA
R ESIDENTIA L
FIXp 3 INVESW Ffs|T
300
\
200
300
I
— . — •"•*
200
^'
CHANC3E IN BUS NESS
IN VENTORIE
^'
fc
100
f •• —
\
t
0
*'
N
\
-100
I
1
\
„
1
\
100
s
--
«. /
s
1982
/
** \
I
1
1983
1
1 1 1
i
1984
1985
i
i
" "x
0
N
1 1 1
l
1986
1987
l i
l
l l
1988
i
i i
1
1989
1
1
1990
i
i
i
1991
1
1
i
1
1992
i i
1993
i
i i
1994
l
i i
-100
1995
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly <lata at seasonally a4J"sted amiuaJ rates]
Fixed investment
Gross
private
domestic
investment
Period
Change in business
inventories
Nonresidential
Producers'
durable
equipment
Residential
Structures
Total
Total
Total
Noufarm
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
951.5
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
903.8
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
8.5
26.3
19.9
29.8
5.7
-1 1
2.5
15.3
47.8
10.6
32.7
26.9
29.9
3.2
-1.3
-2.0
185
40.7
IV
IV
IV
IV
IV
IV
IV
IV
IV
756.4
763.1
705.9
793.8
785.0
769.5
695.7
697.9
755.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
684.4
748.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
320.1
327.2
325.0
332.7
363.1
356.9
367.4
355.5
394.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
47.9
30.2
20 1
59.9
20.9
24.9
-20.9
13.5
6.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
14.6
1993- I
II
III
IV
789.2
806.2
821.8
862.5
770.7
787.3
808.8
851.7
560.3
581.0
597.9
627.2
147.2
147.3
147.5
148.7
413.0
433.7
450.3
478.5
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
19.7
22.8
20.9
10.7
898.9
950.9
967.3
989.1
873.4
891.7
910.2
939.7
643.6
657.9
680.0
708.2
144.1
151.0
151.6
155.6
499.4
506.9
528.4
552.6
229.9
233.8
230.2
231.5
25.4
59.2
57.1
49.4
22.1
51.7
47.4
41.7
1,024.1
1,019.2
973.0
984.9
743.6
763.7
159.9
163.4
583.7
600.3
229.5
221.2
51.1
34.3
49.1
33.2
1986
1987
1988
1989
1990
1991
1992
1993
1994
198419851986198719881989199019911992-
.
1994- I
II
III
IV
1995- I
II '
..
Note.—See p. 10 for further detail on fixed investment by tyjxi.
Soiure: Department of Commerce, Bureau of Economic Analysis
FIXED INVESTMENT BY TYPE IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted animal rates]
Nonresidential
Residential
Structures
Period
1986
1987
1988
1989
1990
1991
1992
1993
1994
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993-
Total
nonresidential
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
m
IV
1994:
I
II
m
IV
1995- I
II
1
Total'
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
672.4
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
540.9
560.3
581.0
597.9
627.2
643.6
657.9
680.0
708.2
743.6
763.7
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
150.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
146.3
147.2
147.3
147.5
148.7
144.1
151.0
151.6
155.6
159.9
163.4
Producers' durable equipment
Structures
Information processing
and related equipment
Nonresidential
buildings,
including
farm
Utilities
125.2
124.4
128.5
133.2
134.8
113.4
100.8
100.0
104.8
127.0
139.2
122.8
129.3
128.9
134.2
127.8
104.0
97.6
98.4
98.5
100.5
102.7
99.2
105.4
105.1
109.5
113.1
114.9
31.5
26.5
26.0
26.5
24.1
27.7
29.9
28.8
29.5
30.4
30.7
30.3
25.3
26.7
25.9
24.8
28.8
30.0
29.7
28.7
28.5
28.5
28.4
29.0
29.7
30.7
30.5
31.8
Mining
exploration,
shafts,
and
wells
13.5
13.1
13.5
11.3
13.2
12.4
10.3
10.7
9.3
25.5
20.0
11.6
15.3
14.0
12.3
13.0
11.0
10.7
11.1
11.2
10.5
9.9
9.6
9.8
9.3
8.5
9.4
9.1
Total
Computers
and
peripheral
equipment2
105.7
109.4
120.3
128.0
133.1
138.8
156.8
200.9
249.1
98.9
102.4
109.8
112.1
122.3
129.3
134.6
143.9
166.6
178.7
190.8
208.9
225.2
233.2
242.2
251.2
269.9
285.3
308.6
27.7
34.0
37.9
44.4
47.7
54.1
68.3
105.4
134.8
23.2
26.2
27.9
35.9
37.4
46.0
49.4
59.7
76.4
88.8
98.0
112.2
122.5
127.2
130.3
135.1
146.5
157.2
174.8
1
Total
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
521.9
320.1
327.2
325.0
332.7
363.1
356.9
367,4
355.5
394.6
413.0
433.7
450.3
478.5
499.4
506.9
528.4
552.6
583.7
600.3
Includes other items, not shown separately.
new computers ami peripheral equipment only.
Includes producers' durable equipment, not shown separately.
Other
Industrial
equipment
Transportation
and
related
equipment
78.0
75.3
82.4
83.7
85.4
84.7
88.5
95.5
114.3
75.7
76.1
81.9
76.1
84.8
83.3
85.2
84.2
90.2
89.8
92.8
96.7
102.7
106.0
111.8
116.1
123.4
128.0
133.8
76.7
74.8
81.6
85.0
78.2
73.4
71.7
79.2
90.3
76.8
79.2
77.3
76.6
86.0
83.6
75.6
71.6
74.0
75.6
77.5
79.9
83.6
86.4
88.9
92.1
93.6
98.9
101.8
74.9
73.6
78.5
72.6
78.5
74.7
78.3
87.8
98.3
76.7
78.1
71.4
71.6
78.5
68.7
80.2
73.3
83.3
84.5
90.4
85.3
90.9
98.5
92.3
99.1
103.4
109.6
101.2
Total
residential3
Total
Single
family
Multifamily
Other
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
231.3
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
207.7
210.4
206.3
211.0
224.5
229.9
233.8
230.2
231.5
229.5
221.2
220.6
219.4
216.5
207.7
188.0
162.9
189.9
205.7
223.5
193.9
202.0
224.8
217.3
218.9
201.4
169.8
170.9
200.5
203.2
199.1
203.5
216.9
222.4
226.0
222.3
223.3
221.4
213.2
106.7
114.5
112.1
107.9
97.6
85.4
102.4
112.1
124.4
92.3
95.6
110.4
115.8
113.9
103.9
86.1
92.9
106.6
111.2
108.5
110.2
118.3
125.1
127.6
123.8
121.0
118.9
110.2
32.2
25.5
20.8
20.6
17.5
13.5
11.7
9.6
11.7
33.2
30.3
31.6
24.0
20.8
19.0
16.5
12.5
10.4
9.5
9.2
9.9
9.7
10.0
11.3
12.1
13.5
14.7
15.2
81.7
79.5
83.5
79.1
73.0
64.0
75.8
84.1
87.4
68.4
76.0
82.7
77.5
84.2
78.5
67.2
65.5
83.5
82.5
81.3
83.5
88.9
87.3
87.2
86.5
88.8
87.8
87.7
Source: Department of Commerce, Bureau of Economic Analysis.
2
Includes
3
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993"
19942
19953
1
Total
expenditures
489.7
549.0
600.7
Total
488.2
518.6
587.3
Mining
and
construction
31.2
34.9
35.6
Manufacturing
Total
134.1
144.1
181.8
Durable
goods
Nondurable
goods
66.4
76.1
100.6
67.7
68.1
81.2
Estimates collected from the 1993 Annual Capital Ex|>cndittires Survey.
2
Preliminary estimates collected from the February 1995 Investment Plans Survey. Final
data are scheduled to be published in .January 1996 in the 1994 Annual Capital Expenditures
Survey.
3
Revised estimates of planned capital expenditures from the September 1995 Investment
Plans Survey.
10
Transportation
Communications
30.6
32.3
37.0
37.1
44.6
49.3
Utilities
41.3
38.0
41.8
Wholesale
and
retail
trade
Finance,
insurance,
and
real
estate
Services
Serving
multiple
industries
60.3
68.1
75.7
40.2
36.9
47.1
111.8
118.5
117.3
1.7
1.2
1.6
Not
distributed
by
industry
1.4
30.4
13.5
Note.—Data from Business Investment and Plans, 1993 to 1995, released SeptetnlMT 22,
1995. For further information, see Annwtl. Cajtittd Krjtenflituna: 1993, and Technical Note on
New Annual Capital Expenditures Survey, September 1995.
Source: Department of ('.ommerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In August, employment fell by 180,000 and unemployment fell by 128,000.
MILL! ONS OF PERSONS *
MILLIONS OF PERSO NS*
134
130
CIVILIAN LABOR FORCi
126 |_
^_
r~^~~\
^_^
122
118
^~"
130
126
X*"
-•S,,-.
„ -*•• •*•
122
-
\
_x"
118
114
CIVILIAN
EMPLOYMENT
_,'•'110
r~
—• •*>* •*•"
s-^-"
114
^^
x
__^„
134
r^
SEASONALLY ADJUSTED
-"'
-
110
106
106
s
v
- 4
1994
* 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
1995
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Civilian
labor
force
Nonagricultural
Total
Agricultural
Part time
for
economicreasons l
Total
Percent2
Unemployment
Civilian employment
Civilian
noliinstitutional
population
NSA
Total
15
weeks
and
over
Not in
labor
force
Labor
force
participation
rate
EmpJoyment/
population
ratio
Unemployment
rate
1985
19863 ..
1987
1988
1989
1990
1991
1992
1993
19944
178,206
180,587
182,753
184,613
186,393
188,049
189,765
191,576
193,550
196,814
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
131,056
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
123,060
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
3,409
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
119,651
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6.116
6,106
4,414
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
2,305
2 232
l'983
1,610
1,375
1,504
2,323
3,354
3,052
2,860
62,744
62,752
62,888
62,944
62,523
63 262
64,462
64,593
65,509
65,758
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
66.6
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
62.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
1994: Aug
197,043
197,248
197,430
197,607
197,765
131,086
131,291
131,646
131,718
131,725
123,197
123,644
124,141
124,403
124,570
3,436
3,411
3,494
3,500
3,532
119,761
120,233
120,647
120,903
121,038
4,173
4,154
4,226
4,246
4,254
7,889
7,647
7,505
7,315
7,155
,773
,768
,934
,661
,456
65,957
65,957
65,784
65.889
66,040
66.5
66.6
66.7
66.7
66.6
62.5
62.7
62.9
63.0
63.0
6.0
5.8
5.7
5.6
5.4
197,753
197,886
198,007
198,148
198,286
198,452
198,615
198,801
132,136
132.308
132,511
132,737
131.811
131,869
132,518
132.211
124,639
125,125
125,274
125,072
124,319
124,485
124,959
124,779
3,575
3,656
3.698
3,594
3,357
3,451
3,409
3,362
121,064
121,469
121,576
121,478
120,962
121,034
121,550
121,417
4,430
4,187
4,347
4,171
4.289
4,185
4,234
4,316
7,498
7,183
7,237
7,665
7,492
7,384
7,559
7,431
,386
,298
,266
,505
,585
,299
,319
2,380
65,617
65,578
65,496
65,412
66.476
66,583
66,096
66,590
66.8
66.9
66.9
67.0
66.5
66.4
66.7
66.5
63.0
63.2
63.3
63.1
62.7
62.7
62.9
62.8
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
Oet
Nov
Dec
1995- Jan
Feh
Mar
May
Julv
1
Persons at work. Economic reasons include slack work, material shortages, inability to find
fulltime work, etc.
-Chilian labor force (or employment) as percent of civilian noniristitutional population; and
unemployment as percent of civilian labor force.
3
Not strictly comparable with earlier data.
4
Data beginning January 1994 are not directly comparable with <lata for earlier periods. See
wpl&yttifnt and Earnings, February 1994,
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In August, the unemployment rote fell to 5.6 percent from 5.7 percent in July.
PERCENT*(SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
1991
1995
1995
* UNEMPLOYMENT AS PERCENT OF CIVILIAN IABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
All
civilian
workers
1985
1986
1987
1988
1989
1990
1991
1992
1993 2
1994
1994: Aug
Sept
Get
Nov .
Dec
1995: Jan
Feb
Mar
May .
June
•Julv
.
..
..
.
Men
20 years
and over
Women
20 years
and over
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.1
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
5.4
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.4
6.0
5.8
5.7
5.6
5.4
5.3
5.1
5.0
4.9
4.7
5.7
5.4
5.5
5.8
5.7
5.6
5.7
5.6
5.0
4.6
4.7
4.9
5.1
4.8
4.7
4.8
5.3
5.2
5.0
5.0
4.7
4.9
4.8
4.9
5.2
4.8
5.0
5.1
5.0
Both
sexes
16-19
years
White
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
17.6
17.5
17.2
17.1
15.8
17.2
5.2
5.1
5.0
4.8
4.8
16.7
17.6
16.1
17.5
17.6
16.4
18.2
17.7
4.9
4.7
4.7
5.0
5.0
4.8
4.8
4.8
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
5.3
1
Revised definition; for details, see Employment and Earnings. February 1994.
2
Data beginning January 1994 are not. directly comparable with data for earlier periods. See
Employment and Earnings, February 1994.
12
By selected groups
By race
Black
and
other
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
10.6
10.2
10.4
9.8
9.2
9.5
9.4
9.2
9.8
9.1
9.8
10.1
10.2
Black
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
11.5
11.3
10.7
11.1
10.5
9.8
10.2
10.1
9.8
10.7
9.9
10.6
11.1
11.3
Experienced
wage
and
salary
workers
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
5.9
5.8
5.7
5.5
5.4
5.3
5.4
5.1
5.2
5.6
5.6
5.4
5.5
5.4
Married
men,
spouse
present
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
3.7
3.5
3.4
3.3
3.2
3.2
3.4
3.0
3.2
3.4
3.4
3.4
3.4
3.3
Women
who
maintain
families
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
8.9
8.8
8.9
8.9
8.7
8.8
8.9
8.1
7.6
9.0
8.0
8.4
8.5
7.0
NOTE.—Data relate to persons age 1G years and over.
Source: Department of Labor, Bureau of Labor Statistics.
Full-time
workersl
Part-time
workers '
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.1
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.0
6.0
5.8
5.8
5.6
5.3
6.2
5.8
5.6
5.4
5.9
5.5
5.3
5.4
5.6
5.6
5.5
5.5
5.6
6.2
6.0
5.8
6.3
6.1
6.3
6.6
5.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In August, the percentages of the unemployed who had been out of work for less than 5 weeks and for 1526 weeks rose, while the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of
unemployment fell to 16.3 weeks and the median duration fell to 8.7 weeks.
PERCENT DISTRIBUTION *
PERCENT DISTRIBUTION '
70
70
DURATION Of UNEMPLOYMENT
60
REASON FOR UNEMPLOYMENT
60
50
LESS THAN
5 WEEKS
Vt
30
JOB LOSERS
REENTRANTS
/'
/
5-14
WEEKS
20
JOB LEAVERS
15-26
WEEKS
NEW ENTRANTS
uml
1991
0 111111 hMi
1994
1992
I M I I M I I I I I I I 1i I 1 1 I I 1 1
1992
1991
1993
* SEASONAUY ADJUSTED
i/BEGlNNING JANUARY 199-1, JO& LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
1994
1995
COUNCIL OF ECONOMIC .' DVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Reason for unemployment:
Jercent distribution
State
programs
Insured
unein-
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1985
1986
1987
1988
1989
1990
1991
1992
1993
19943
1994- Au»
Get
Nov
Dec
1995- Jan
Feb
Mar
Mav
Jiilv
Aujr
1
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
7,996
7,889
7,647
7,505
7,315
7,155
7,498
7,183
7,237
7,665
7,492
7,384
7,559
7,431
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
34.1
33.2
34.6
31.9
35.0
36.0
39.4
36.8
35.5
34.8
34.7
37.1
34.5
36.0
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
30.1
32.1
29.6
29.6
29.1
29.9
28.5
30.7
32.6
32.1
30.8
31.8
34.8
32.3
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
15.5
15.0
15.7
17.6
16.0
15.1
13.9
15.4
12.9
14.7
17.1
14.8
13.6
15.3
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.3
19.7
20.1
20.9
19.9
19.0
18.2
17.1
18.9
18.4
17.4
16.3
17.2
16.3
Beginning January 1994, job losers and persons who completed temporary jobs.
2
Includes State. {50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and St#te extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
3
Data beginning January 1994 are not directly comparable with data for earlier periods. See
Employment and Earnings, February 1994,
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.8
18.9
18.8
19.3
18.2
17.8
16.7
16.9
17.5
17,7
16.9
15.6
16.5
16.3
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
9.2
9.2
9.5
10.1
9.1
8.7
7.9
7.8
7.9
8.5
9.0
7.5
9.1
8.7
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
47.7
47.1
46.6
46.8
47.5
47.6
49.2
46.6
46.6
45.5
48.4
46.7
47.5
46.2
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
9.9
10.0
11.4
10.1
9.6
9.7
9.3
10.8
11.3
10.5
11.7
11.4
10.9
11.8
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
34.8
35.0
34.2
35.0
35.0
34.9
33.4
34.5
33.8
35.8
32.9
34.5
34.1
34.2
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
7.6
7.9
7.8
8.2
7.9
7.7
8.0
8.1
8.4
8.2
7.0
7.4
7.5
7.8
2,617
2,643
2,300
2,081
2,158
2 522
3,342
3,245
2,751
2,671
2,667
2,614
2,569
2,531
2,533
2,515
2,518
2.498
2,488
2,552
2,633
2,685
2,626
397
378
328
310
330
388
447
408
341
340
328
323
328
329
326
335
338
342
352
374
377
375
342
2,699
2,739
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,740
2,573
2,179
2,201
2,340
2,510
3,275
3,173
2,949
2 722
JM76
2,398
2,612
NOTE.—Data relate to persoas 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 249,000 in August.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
120
110
100
90
80
SERVICE-PRODUCING
INDUSTRIES
70
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
\
Mill
20
1991
1993
1992
1994
1995
1991
1992
1993
1994
1995
x
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Goods-producing industries
Total
nonagricultural
employment
Period
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: Aug
Sept
Oct ..
Nov
Dec
1995- Jan
Peb
Mar
Apr
..
June
July
AngP
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,730
114,034
114,510
114,762
114,935
115,427
115,624
115,810
116,123
116,302
116,310
116,248
116,547
116,553
116,802
Service-producing industries
Manufacturing
Total 2
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,352
23,913
23,981
24,030
24,081
24,175
24,230
24,293
24,324
24,370
24,331
24,228
24,240
24,144
24,157
struction
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,668
5,010
5,038
5,077
5,088
5,144
5,166
5,201
5,213
5,256
5,242
5,190
5,230
5,227
5,229
Total
NonDurable durable
goods
goods
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,075
18,303
18,346
18,355
18,398
18,439
18,472
18,502
18,523
18,525
18,506
18,456
18,428
18,340
18,352
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,221
10,431
10,465
10,481
10,513
10,550
10,574
10,596
10,622
10,633
10,632
10,611
10,597
10,564
10,582
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,872
7,881
7,874
7,885
7,889
7,898
7,906
7,901
7,892
7,874
7,845
7,831
7,776
7,770
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments
who received pay for any part of the pay period which includes the 12th of the month. Excludes
proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total
in this table not comparable with estimates of mmagricuHurai employment, of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample
14
Total
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,378
90,121
90,529
90,732
90,854
91,252
91,394
91,517
91,799
91,932
91,979
92,020
92,307
92,409
92,645
Transportation and
public
utilities
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,829
6,006
6,045
6,048
6,061
6,092
6,121
6,129
6,156
6,175
6,184
6,177
6,192
6,194
6,211
Wholesale
trade
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,981
6,140
6,163
6,181
6,195
6,210
6,229
6,251
6,275
6,287
6,300
6,298
6,320
6,332
6,334
Retail
trade
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,773
20,437
20,497
20,565
20,580
20,703
20,759
20,760
20,794
20,760
20,762
20,747
20,798
20,855
20,840
Finance,
insurance, Services
and real
estate
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,933
6,948
6,942
6,935
6,937
6,931
6,927
6,929
6,938
6,924
6,925
6,930
6,935
6,950
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,488
31,693
31,789
31,888
32,035
32,135
32,228
32,404
32,524
32,548
32,630
32,784
32,810
32,954
Government
Total
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,118
19,183
19,207
19,195
19,275
19,219
19,222
19,241
19,248
19,261
19,243
19,283
19,283
19,356
Federal
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,861
2,863
2,858
2,854
2,853
2,838
2,831
2,828
2,826
2,831
2,838
2,837
2,834
of the working-age population, whereas the estimates in this table are based on reports from
employing establishments. In the series shown here, persons who work at more than one job
are counted each time they appear on a payroll, in contrast to the series shown on p. I I , where
persons are counted only once—as employed, unemployed, or not in the labor force.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted)
Average weekly hours
Average gross hourly earnings
Manufacturing
Period
Total
private
nonagricultural '
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
.. .
1994: Aug
Sept ..
Oct
Dec
1995- Jan
Feb ..
Mar
July/"
A.uep
Total
Average gross weekly earnings
Total private
nonagricultural J
Overtime
Total private
nonagricultural '
1982
dollars3
Current
dollars
Manufacturing
Percent change from
a year earlier, total
private nonagricultural 3
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Const ruction
Retail
trade
Current
dollars
1982
dollars
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
$8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.13
$7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.41
$9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.06
$299.09
304.85
312.50
322 02
334.24
345.35
353.98
363.61
373.64
386.21
$271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.96
$386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.52
$464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
553.63
572.61
$174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.4
-1.3
.3
-1.0
-.9
-1.0
-1.8
-1.6
— 2
34.6
34.7
34.9
34.6
34.7
42.0
42.1
42.1
42.1
42.1
4.7
4.8
4.7
4.8
4.8
11.14
11.18
11.25
11.24
11.27
7.37
7.38
7.42
7.40
7.40
12.09
12.12
12.14
12.17
12.18
385.44
387.95
392.63
388.90
391.07
255.09
256.24
258.99
256.02
256.94
507.78
510.25
511.09
512.36
512.78
571.91
577,98
578.12
575.79
579,07
217.04
217.62
220.75
218.48
219.64
2.2
3.7
4.3
3.1
3.1
34.8
34.6
34.6
34.6
34.2
34.4
34.6
34.4
42.2
42.1
42.0
41.5
41.4
41.5
41.3
41.5
4.9
4.8
4.7
4.5
4.4
4.2
4.3
4.4
11.29
11.32
11.34
11.40
11.37
11.43
11.49
11.47
7.39
7.39
7.38
7.40
7.36
7.39
7.43
7.40
12.21
12.24
12.25
12.28
12.28
12.32
12.40
12.41
392.89
391.67
392.36
394.44
388.85
393.19
397.55
394.57
257.30
255.83
255.44
255.96
251.85
254.33
256.98
254.73
515.26
515.30
514.50
509.62
508.39
511.28
512.12
515.02
579.28
575.86
578.12
566.61
563.62
582.86
590.41
583.98
220.11
218.88
219.17
222.03
219.56
220.90
222.82
222.62
2.7
3.3
2.6
2.5
1.1
2.4
3.0
2.4
-.6
.7
1.7
.4
.4
_ _2
.3
-.4
-.7
-2.1
-.6
2
-.1
-'o
.8
3
1
Also
2
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982=100 base).
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent change from
Index (June 1989 = 100)
3 months earlier
Total
compensation
Period
Wages and
salaries
Benefits '
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
84.6
Total
compensation
Wages and
salaries
12 months earlier
Benefits l
Total
compensation
Wages and
salaries
Benefits 1
Not seasonally adjusted
1985198619871988198919901991199219931994-
Dee
Dec
Dec
Dec
Dec
Dec
Dee .
Dec
Dec
Dec
.
..
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
875
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
Seasonally adjusted
1993- Mar .
Sept
Dec
1994- Mar
Sept
Dec
1995- Mar
. ..
116.9
117.9
118.9
119.9
120.8
121.8
122.8
123.6
124.3
125.2
113.9
114.6
115.6
116.4
117.3
118.3
119.1
119.8
120.6
121.5
1
Employer costs for employee benefits.
NOTE,—The employment cost index is a measure of the change in (he cost of labor, free
from the influence of employment shifts among occupations and industries-
124.8
126.5
127.7
129.1
130.2
131.5
132.8
133.8
134.0
134.7
1.0
.9
.8
.8
.8
.8
.8
.7
.6
.7
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
Not seasonally adjusted
0.8
.6
.9
.7
.8
.9
.7
.6
.7
.7
1.5
1.4
.9
1.1
.9
1.0
1.0
.8
.1
.5
3.5
3.6
3.7
3.6
3.3
3.4
3.3
3.1
2.9
2.8
2.7
2.7
3.1
3.1
2.9
3.1
2.9
2.8
2.9
2.9
5.6
5.8
5.4
5.0
4.4
3.9
4.0
3.7
2.9
2.6
Data exclude farm and household workers.
Source: Department, of Lalx>r, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA. BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Hours of all
persons2
Output '
Business
sector
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Unit labor
costs
Nonfarm
business
sector
Business
sector
Business
sector
Implicit price
deflator5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982=100; quarterly data seasonally adjusted
1985
1986
1987
1988
1989
1990
1991 ...
1992
1993
1994 .
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.0
119.4
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.2
117.4
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
148.4
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
148.5
198219831984:
1985-
101.1
103.1
105.4
107.0
108.3
110.6
110.8
109.7
110.5
113.0
116.8
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
111.5
115.0
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
132.6
137.9
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
132.8
137.9
II
III
rv
116.2
116.3
117.0
118.4
114.3
114.5
115.3
116.5
138.1
139.6
140.9
143.9
138.3
139.9
141.5
144.3
1994- I
II
Ill
IV
118.9
118.5
119.5
120.7
145.8
147.2
148.8
151.6
146.1
147.3
148.8
151.6
1995:
121.3
122.7
117.0
116.6
117.3
118.6
119.3
120.7
153.2
154.0
153.3
154.2
IV
IV
IV
IV
1986: IV
1987- IV
19881989199019911992-
IV
IV
IV
IV
IV
1993:
I
I
II'*
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.2
124.2
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
117.4
118.1
118.9
120.0
120.5
121.5
122.6
124.2
124.6
125.6
126.3
125.5
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.4
126.5
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.1
164.5
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.3
162.6
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
106.9
107.1
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
105.7
105.9
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
137.8
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
138.5
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
143.9
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
145.2
98.9
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
119.2
120.0
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
150.1
157.7
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
142.2
148.8
156.4
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
105.1
107.1
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
104.2
106.2
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
132.9
135.1
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
133.5
136.1
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
136.9
140.1
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
137.9
141.2
120.9
122.2
122.8
123.8
158.7
159.9
160.6
161.3
157.2
158.1
158.7
159.3
107.0
107.0
107.0
106.6
105.9
105.8
105.7
105.3
136.6
137.5
137.3
136.2
137.4
138.1
137.7
136.8
140.8
141.4
141.6
142.1
124.9
126.3
126.8
127.9
163.3
163.6
164.9
166.4
161.2
161.8
162.9
164.4
107.4
106.9
106.8
107.2
106.0
105.7
105.5
105.9
137.3
138.1
138.0
137.8
137.8
138.8
138.8
138.7
142.6
143.8
144.5
144.8
128.5
127.7
167.9
169.5
166.1
167.5
107.3
107.4
106.2
106.2
138.4
138.1
139.2
138.8
145.3
145.7
142.0
142.5
142.8
143.1
143.5
145.1
145.9
146.1
146.6
147.0
3.3
2.9
2.6
3.3
4.3
5.1
3.5
2.4
1.7
.8
3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
1.7
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
1.8
Percent change; quarterly data at seasonally adjusted annual rates
1985
1986
1987
1988
1989
1990
1991 ...
1992
1993 .
1994
1992:
I
II
III .
IV
1993- I
II
III
IV
1994- I
II
Ill
IV
1995- I r
H*
1
1.4
2.1
1.0
1.0
-.7
.7
1.3
3.0
1.3
2.1
0.8
2.0
.8
1.0
_ Q
A
1.5
2.7
1.3
1.9
3.6
2.8
4.1
4.3
1.7
.7
-1.0
2.7
3.8
5.5
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
5.3
5.3
1.5
3.3
3.3
4.0
2.3
2.4
3.9
3.4
2.2
4^9
5.6
2.4
2.5
4.4
6.2
-2.1
.6
22
5.0
-2.2
.4
2.9
4.2
.6
4.2
4.0
8.6
1.0
4.7
4.9
7.9
1.8
-1.4
3.2
4.3
1.7
-1.4
2.7
4.3
5.5
3.7
4.5
7.8
5.2
3.2
4.3
7.7
21
25
4.7
4.8
4.3
2.1
4.5
2.3
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.3
2.4
3.4
-1.8
.7
1.6
2.2
2.7
3.6
1.7
3.5
3.6
5.2
1.3
3.3
2.2
-£4
2.5
.8
3.2
3.4
2.6
2
-2^4
-.3
2.7
3.3
4.5
5.0
3.6
4.4
3.5
5.7
4.8
5.1
3.4
2.8
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.0
2.7
'.2
-1.3
.3
.6
2.0
.4
2
-1.4
.1
.8
2.0
.0
.1
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.0
.7
-1.6
2
1.9
2.2
5.6
4.4
5.7
4.6
5.5
5.0
5.3
4.6
2.8
1.3
2.5
1.1
2.7
1.9
2.2
1.1
.3
2.9
2.3
1.2
1.4
2.7
2.9
.6
3.3
2.2
-1.3
5.1
3.2
2.5
-1.2
5.1
3.2
4.2
1.9
3.5
2.5
3.1
1.8
1.7
1.9
2.4
1.5
1.6
-.6
.1
.1
-1.5
-1.1
-.6
_ P2
-1.6
4.6
2.5
-.4
-3.2
4.1
2.0
-1.3
-2.5
2.3
1.7
.6
1.2
2.2
3.4
4.7
1.6
3.3
5.1
.9
3.1
3.6
4.9
1.4
2.7
3.8
2.9
-1.7
-.4
1.3
2.7
-1.2
-.8
1.5
3.2
2.3
-.1
-.7
3.1
2.8
0
-.4
1.5
3.5
2.0
.7
1.2
4.5
2.3
.5
2.0
-2.3
3.8
3.7
4.1
3.5
.7
.3
1.0
.1
1.7
-1.0
1.6
-1.2
1.4
1.2
1.3
1.1
Output refers to gross domestic product originating in the sector in 1987 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages ami salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CP1-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
16
0.9
3.1
1
0.6
3.1
9
.1
i'e
.7
.8
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.
*Second quarter 1995 data are based on GDP data released August 30, 1995. GDP data
fur second quarter 1995 shown elsewhere in this issue of Economic Indiftitors were released
September 29, 1995.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in August.
INDEX, 1987 = 100- (RATIO SCALE)
160
FINAL PRODUCTS
INDEK, 1987=100' (RATIO SCALEI
140
TOTAL INDUSTRIAL PRODUCTION
130
^
120
,
110
120
1
•^^-^
f
^f "•*'"-
, — "•
MANUFACTURING
^—^^
NSUMf
c•OODS
X
'\
^^—^^
120
100
\
100
130
90
. — '"
^
_^S
110
---^
x
80
—>w^""^_;
INN
Mill
70
i | 1 1 1 1| | 1 1 1
140
130
UTILITIES
\
120
'
"\
~
''}
/"\
'*««•».»
88
'
.-'
.
V
^"l
HIM
i 1 1 1 1 i 1 ! 1 1 1
1 1 lYflVi 1 1 1
CAPACITY UTiUZATION RATE (TOTAL INDUSTRY}
^A
84
AS
82
100 ^
1
^—-
80
i|m|im
||||M
1 1 1 1 1 1 1 H
1991
Mill
86
/ ^
MINING
90
1 111 1111111
PERC:ENT-
UTILITIES AND MINING
110
N . ^
"\
n 1111H t n 111n n iiii
1 1 11 U H 1 1 111 1 1 11
'~'*x
AND SPACE
EQUIPMENT
NONDURAB a
^f^f^"\f
x
----'
110
140
DURABLE
^^
>-^\
^/^
^
^— f —
i '
100
140
130
"
_^~^/'
BUSI MESS
FOIIIP MENT
1993
1992
SEASONALLY ADJUSTED
OURCE: BOARD OF GOVERNORS OF 71
HE FEDERAL RESERVI
11
11111
78
1995
1994
i\vn 1 1 1 1 1 1 p n 1 1 n 1 1 1 1
1991
|
1992
t 11 11
U
1 1 1 1H
1 1 1
1 1111 1 1 11 U
1994
1993
1995
COUNCIL Of EC DNOMIC ADVISERS
SYSTEM
[Monthly data seasonally adjusted]
Industry production indexes, 1987=100
Total
industrial
production
Period
Index,
1987=100
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- Aug
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
Apr
May r
July'
AugP .
1
.
Chit put. as percent of capacity.
Capacity utilization
rate, percent >
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
94.4
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
1.7
.9
4.9
4.4
1.5
.0
-1.7
3.2
4.1
5.4
91.6
94.3
100.0
104.7
106.4
106.1
103.9
108.0
112.9
119.7
91.8
93.9
100.0
106.6
108.6
107.4
104.2
109.3
116.1
125.5
91.5
94.9
100.0
102.3
103.7
104.4
103.6
106.5
109.3
113.3
109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.2
99.8
99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.2
118.1
80.3
79.2
81.5
83.7
83.7
82.1
79.2
80.2
81.7
84.0
79.5
79.1
81.6
83.6
83.2
81.3
78.0
79.2
80.9
83.4
119.1
119.0
119.5
120.3
121.7
6.1
5.8
6.0
5.8
6.1
120.9
120.9
121.5
122.6
124.2
127.0
127.2
128.0
129.1
131.2
114.0
113.7
114.2
115.4
116.4
100.0
100.1
99.2
98.3
100.1
118.8
116.5
117.2
116.5
115.2
84.5
84.2
84.4
84.8
85.5
83.8
83.6
83.8
84.4
85.2
122.0
122.1
122.0
121.2
121.4
121.2
121.6
123.0
6.4
5.6
4.6
3.9
3.4
2.7
2.9
3.2
124.5
124.2
124.2
123.3
123.2
123.1
123.1
124.3
131.6
131.5
131.6
130.4
130.1
130.6
130.9
132.7
116.5
116.1
115.8
115.4
115.5
114.8
114.4
114.9
100.0
100.6
100.2
100.7
100.5
100.4
101.1
99.7
116.5
119.2
118.9
118.0
122.1
121.8
126.0
132.2
85.5
85.3
84.9
84.1
84.0
83.7
83.7
84.3
85.2
84.7
84.4
83.5
83.1
82.8
82.5
83.0
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Durable
goods
Business
Period
Total
Total
1985
1986
1987 ... .
1988
1989
1990
1991
1992
1993
1994
1994- Aug
Sept
Oct
Dec
1995- Jan
Feb
Mar
May
.
July
1
94.2
95.7
100.0
104.8
106.8
107.0
105.6
109.0
113.4
118.4
119.2
118.9
119.2
119.8
121.2
121.6
121.8
121.6
121.0
121.1
121.4
121.6
123.1
93.7
96.8
100.0
102.9
104.0
103.4
103.0
105.9
109.4
113.2
113.8
113.0
113.0
113.9
115.5
115.7
115.7
114.9
114.4
114.4
114.6
114.3
116.1
91.6
94.5
100.0
104.6
106.6
102.3
95.5
102.6
110.7
119.4
120.7
119.1
119.4
120.5
123.4
124.5
123.4
121.4
119.4
116.5
117.1
115.5
119.2
Nondurable
goods
94.4
97.6
100.0
102.4
103.2
103.8
105.2
106.9
109.2
111.8
112.2
111.7
111.5
112.4
113.7
113.6
113.9
113.5
113.3
114.0
114.1
114.1
115.4
Total'
94.8
94.5
100.0
107.6
110.9
112.1
109.4
113.4
119.3
126.5
127.5
128.0
128.8
128.9
130.1
130.9
131.2
132.0
131.3
131.4
132.0
133.1
134.1
91.1
93.1
100.0
110.7
115.5
116.9
116.5
124.1
134.6
146.7
148.9
149.5
150.9
151.0
152.6
153.7
154.5
155.9
154.9
154.9
156.0
157.6
159.0
Defense
and
space
equipment
89.4
96.0
100.0
99.7
100.1
98.8
91.3
86.5
78.5
71.0
69.2
68.8
68.7
69.0
68.7
68.6
67.7
67.5
66.8
66.8
67.0
66.6
66.4
Total
88.3
91.9
100.0
101.8
102.0
101.2
96.9
98.8
102.4
108.1
109.2
108.6
109.9
110.6
110.9
111.3
110.9
110.7
108.9
109.4
109.5
109.1
110.1
Construction
supplies
89.1
93.8
100.0
101.5
100.5
98.2
91.8
95.0
98.9
106.8
108.2
108.6
109.7
109.8
111.6
112.2
111.0
110.5
108.6
107.1
107.3
106.9
107.9
Business
supplies
87.7
90.7
100.0
102.0
103.0
103.2
100.3
101.3
104.9
109.1
109.9
108.7
110.1
111.3
110.7
110.9
111.0
110.9
109.3
111.0
111.0
110.7
111.7
Total
Energy
103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.6
105.2
106.1
105.6
105.2
104.9
105.3
105.6
106.6
106.6
106.7
107.1
107.0
108.9
110.0
96.6
95.9
100.0
105.0
106.7
106.8
105.4
109.2
114.1
121.5
122.8
122.9
123.4
124.6
126.3
126.5
126.7
126.7
126.1
126.3
125.6
126.4
127.7
1ncludes oil and gas well drilling and manufactured liomre, not shown separately.
[1987=100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
...
.
1994- Aug
Sept
Oet
Dec
1995- Jan
Feb
May
July-
101.8
93.7
100.0
108.7
107.2
106.5
98.7
101.9
106.9
114.5
113.5
116.0
115.9
119.1
123.0
120.9
119.8
120.5
117.8
117.7
115.0
115.2
116.4
Bonn*: Hoard of Governors of the Federal Ifcserw System.
18
Iron
and
steel
104.5
90.8
100.0
112.7
111.2
111.5
100.5
105.1
111.4
118.3
113.0
118.2
118.8
121.9
129.3
125.9
124.3
126.1
122.6
122.1
117.2
116.4
118.4
Fabricated
metal
products
Industrial
machinery and
equipment
94.5
93.8
100.0
104.2
102.8
99.5
95.3
98.8
103.7
110.8
112.4
111.6
112.2
113.3
115.3
115.3
114.9
114.6
112.9
113.8
114.1
113.1
114.1
86.8
90.3
100.0
113.0
117.3
117.6
115.0
124.6
141.1
159.9
162.6
164.6
166.5
167.5
168.5
171.4
171.1
172.0
172.3
173.3
173.4
175.7
178.0
Electrical
machinery
93.1
94.3
100.0
108.5
111.0
111.4
113.4
121.9
139.3
160.0
164.1
165.0
166.9
168.8
172.5
172.9
174.0
175.2
175.1
176.9
179.0
182.3
184.7
Nondurable manufactures
Transportation
equipment
Total
91.8
96.9
100.0
105.2
109.6
107.0
101.3
105.1
105.5
109.7
109.5
108.8
109.0
110.5
111.9
112.6
113.5
112.9
110.1
107.6
107.7
106.5
109.4
Motor
vehicles
and
parts
99.0
98.5
100.0
105.7
106.9
101.0
94.3
107.4
121.1
137.9
138.1
137.4
138.4
141.4
144.6
146.1
146.7
144.8
139.0
134.4
134.7
132.6
138.2
Lumber
and
products
88.0
95.1
100.0
100.1
99.4
97.1
90.5
95.8
100.2
106.0
105.5
107.6
106.7
106.7
110.4
110.2
107.4
105.2
104.9
102.7
103.8
102.7
104.9
Apparel
products
92.6
96.3
100.0
98.1
95.0
92.2
92.9
95.0
94.9
96.3
96.8
96.8
96.9
96.8
97.0
96.6
95.8
95.4
93.9
93.5
91.2
89.8
90.0
Printing
and
publishing
Chemicals
and
products
87.6
90.6
100.0
100.9
101.1
100.8
97.0
97.2
99.3
101.1
101.5
100.9
101.4
102.0
101.6
101.3
100.8
100.4
99.7
100.3
100.0
99.2
99.2
91.4
94.6
100.0
106.0
109.2
111.8
111.1
114.7
119.1
124.1
124.7
123.7
123.8
126.2
128.0
130.4
129.7
129.2
127.8
127.8
127.6
127.9
128.5
Foods
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.0
109.4
112.8
113.7
114.6
113.4
113.9
114.7
115.9
115.7
115.4
115.3
116.5
116.9
115.7
116.6
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts'1
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
unite
Total1
Commercial
and industrial 2
Other
Federal
and
State
and
local
Total value
index
{1987=100)
Commercial
arid industrial
floor space
(millions of
square feet)
Billions of dollars
377.4
407.7
419.4
432.3
443.7
442.2
403.4
435.0
464.5
506.9
1985
1986 ..
1987
1988
1989
1990
1991
1992
1993
1994 ..
299.5
323.1
328.7
337.5
345.5
334.7
293.3
315.7
339.2
376.6
158.5
187.1
194.7
198.1
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
196;6
182.9
157.8
187.9
210.5
238.9
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
73.8
51.3
51.6
50.1
51.5
54.6
55.4
58.4
62.1
62.3
63.9
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.3
125.3
130.3
91
96
100
101
105
95
89
97
105
114
Annual rates
1994- Aug
Sept
Oct
Nov
Dec
1995- Jan
Feb
..
Mar
Apr'
May
June'
July'
AugP
1,097
1,016
1,019
973
961
783
577
556
589
715
Annual rates
509.9
518.3
521.3
520.2
521.8
379.7
384.5
382.9
387.1
386.1
240.1
242.2
240.5
242.4
243.6
169.3
170.6
168.3
169.3
169.7
73.4
76.4
76.9
81.4
80.9
66.2
65.9
65.6
63.2
61.7
130.2
133.9
138.3
133.1
135.7
'123
118
115
'117
'109
688
710
707
771
688
521.1
521.4
523.5
526.3
518.6
523.3
531.6
530.4
384.8
383.7
383.3
386.4
380.2
381.8
390.1
390.3
241.9
240.2
237.9
238.3
235.4
232.7
237.8
241.8
168.6
167.2
163.9
159.8
156.4
153.2
157.5
161.0
81.3
82.7
84.7
85.0
81.9
85.9
87.3
83.9
61.5
60.7
60.7
63.1
62.9
63.2
64.9
64.6
136.2
137.8
140.2
139.9
138.4
141.4
141.6
140.1
'111
'115
115
106
116
119
111
118
786
883
778
632
727
800
713
826
1
Includes
2
residential improvements, not shown separately.
Includes hotels and motels.
* F.W. Dodgu series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information
Systems Company, F.W. Dodge Division.
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
1985
1986
1987
1988
1989
1990
1991
1992
1993 ....
1994
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1 unit
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
2-4 units
5 or more
units
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
Units
authorized
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
:
H,371.6
Units
completed
Homes
sold
Homes for
sale at end
of period '
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
688
750
671
676
650
534
509
610
666
670
346
357
366
368
365
321
284
265
293
338
1,280
1,337
1,400
1,376
1,371
1,388
1,436
1,302
1,443
1,334
'1,342
1,247
1,341
630
672
691
707
642
627
643
575
612
607
'667
726
785
710
317
322
328
330
335
338
342
347
347
348
347
347
346
352
Vacancy rate
for rental
housing units
(percent) 2
6.5
7.3
7.7
7.7
^7.4
7.2
7.4
7.4
2
7.3
7.4
Seasonally adjusted annual rates
1994: July
Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
May
July'
Augf
1
1,440
1,463
1,511
1,451
1,536
1,545
1,366
1,319
1,238
1,269
1,282
1,298
1,390
1,398
1,219
1,174
1,235
1,164
1,186
1,250
1,055
1,048
987
1,009
988
1,034
1,098
1,113
32
40
42
39
62
33
38
42
35
26
36
33
38
35
Seasonally adjusted.
a
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 |>ermit-issuing places is 1,333.7 thousand units.
189
249
234
248
288
262
273
229
216
234
258
231
254
250
1,347
1,386
1,426
1,401
1,358
1,420
1,293
1,282
1,235
1,243
1,243
1,275
1,355
1,368
7.2
7.4
7.4
7.7
NoTK.—lieginninp 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 plaras.
Source: Department of Comment*, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In July, manufacturing and trade sales fell 1.1 percent and inventories rose $2.6 billion. According to advance
data, retail sales rose 0.6 percent in August after falling 0.4 percent in July.
BIlilONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1 ,000
400
r"
900
\
800
1
\
^—
300
1
MANUFACTURING AND
TRADE INVENTC3RIES
700
350
— *-
-./"~*'
250
600
—
'•
RETAIL INVENTORIES
,--'-'*'
500
200
NUFACTURIh
AN D TRADE SAU:S
400
RETAIL SALES
150
300
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
y~—N
A- x
1.50 T^£^
1.30
1994
1993
1992
1995
f n 1 11n i n
1991
1 It f 1 1 M II i
1992
COUNCIL Of ECONOMIC ADVISERS
Wholesale
2
Sales
Inventories3
Inventories3
Sales2
Inventory-sales
ratio4
Retail
Inventories3
2
Sales
Period
s~s
^
i i 1 1 1 1 1 ii M 1 1 1 1 1 1 n 1 1 1 1 1 n 1 1 1 1 1 1 1
1995
1994
1993
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade1
, X----
\x'
^MANUFACTlIDIWr:
ANDTWDE
1.40
1991
/
Total
Durable
goods
stores
Nondurable
goods
stores
Total
Durable
goods
stores
Nondurable
goods
stores
Manufacturing
and
trade1
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: July
Sept
Get
Dec
1995: Jan
Feb
Julyp
1
20
88,738
93,566
96,527
102,355
106,594
115,887
118,668
124,236
129,046
133,967
140,947
140,563
145,033
147,434
148,030
149,081
149,071
137,202
138,485
139,814
140,640
140,906
140,947
76,775
76,138
76,978
76,549
77,533
78,835
'78,196
79,510
116,524
115,730
116,175
116,473
117,574
117,939
'117,827
117,741
294,296
296,000
297,200
299,690
300,525
300,333
298,252
152,754
153,826
155,530
157,958
157,842
157,109
155,584
141,542
142,174
141,670
141,732
142,683
143,224
142,668
649,780
664,089
662,753
709,814
765,270
811,154
834,391
829,685
838,895
860,979
916,550
890,318
897,787
902,120
908,570
913,833
916,550
112,199
113,459
114,960
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,521
142,452
147,409
153,574
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234,722
107,243
114,586
120,803
128,442
138,017
146,581
153,718
154,661
162,632
172,875
186,414
37,873
41,510
45,057
47,989
52,430
54,763
55,736
54,165
58,634
64,795
73,369
172,073
176,948
175,960
177,657
178,593
182,830
225,908
227,257
228,341
231,837
233,858
234,722
185,435
'187,864
189,307
191,492
192,120
192,392
673,918
675,480
674,797
672,912
678,444
682,958
'675,354
928,672
936,091
942,743
952,235
956,516
960,157
962,753
182,829
185,056
183,207
184,597
186,244
187,472
186,104
238,272
240,365
243,462
246,867
247,702
249,813
252,122
193,299
191,868
193,153
193,022
195,107
196,774
'196,023
197,251
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
2
167,812
181,881
186,510
207,836
219,047
237,234
239,773
243,275
251,994
267,676
290,018
277,765
283,518
287,248
288,670
289,987
290,018
79,074
88,315
89,983
105,481
112,453
121,347
121,105
119,039
122,948
133,709
149,071
72,291
'74,034
74,973
76,865
77,098
77,047
69,369
73,075
75,746
80,453
85,587
91,818
97,981
100,497
103,999
108,080
113,045
113,144
'113,830
114,334
114,627
115,022
115,345
410,124
422,583
430,419
457,735
496,079
523,065
542,682
538,485
561,293
593,076
639,770
632,993
'652,892
651,401
653,124
661,904
671,275
3
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
4
1.53
1.56
1.55
1.50
1.49
1.52
1.52
1.54
1.49
1.44
1.39
1.41
1.38
1.38
1.39
1.38
1.37
1.38
1.39
1.40
1.42
1.41
1.41
1.43
1.49
1.52
1.56
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.50
1.51
1.52
1.51
1.51
1.51
1.52
1.54
1.54
1.55
1.54
1.53
1.52
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments and new orders fell; inventories rose; and unfilled orders rose slightly. In August,
according to advance data, durable goods shipments and new orders rose.
BILLIONS OF DOLLARS' (RATIO SCALE)
BIUIONS Of DOLLARS' (RATIO SCALE)
480
440
400
360
320
INVhNIOKIES
.
^—=£=
TOTAL
280
240
•\
200
120
1
IRABLEGOOC
140
- .----
" \
120
80
"
NDURABLE O
BILLIONS OF DOLLARS* (RATIO SCALE)
320
NEW ORDERS
240 -V-v'-^V
-f
~-"I"
RATIO'
2.20
~*
200
2.00
DURABLE GCX>DS
160
ft • *
Y
120
!
mnl
—'"I
i
J
!
80
•"-s*-**
TDTAI
280
~~~i-**-
....
'.i
• — •*
1,80 -
V
_ — ^™*
•'\.^-X.***
/
NONIXJRABLEGOC)DS
80
1991
1994
1993
1992
1991
1995
1994
1993
'SEASONAU.Y ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1995
COUNOl OF ECONOMIC ADVISERS
Manufacturers' shipments '
Manufacturers' inventories2
Manufacturers' new ordersl
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable
goods
Manufacturers'
unfilled
orders2
Manufacturers'
invento;y—
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- July
Sept
Oct
1995:
Nov
Dec
Jnn
..
Feb
July7"
AngP
190,682
194,538
194,657
206,326
223,541
232 724
239'459
235,518
244,511
258,520
280,835
275,485
288,080
286,134
283,975
291,191
296,053
297,790
298,556
298,437
295,293
297,093
298,712
293,227
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
151,060
146,472
155,619
154,350
152,586
157,292
159,299
161,079
161,206
161,571
157,970
159,612
160,828
155,939
163,224
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
129,775
129,013
132,461
131,784
131,389
133,899
136,754
136,711
137,350
136,866
137,323
137,481
137,884
137,288
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
391,810
386,645
387,012
386,531
388,063
389,988
391,810
396,104
399,726
402,081
405,678
408,289
410,011
412,379
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
247,644
243,392
244,116
243,814
244,925
246,374
247,644
250,251
252,124
253,237
255,334
256,787
257,442
259,421
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
144,166
143,253
142,896
142,717
143,138
143,614
144,166
145,853
147,602
148,844
150,344
151,502
152,569
152,958
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
281,953
274,305
287,222
287,248
285,985
293,716
299,514
301,724
300,804
299,625
293,069
297,046
296,754
293,559
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
151,878
145,251
154,675
155,433
154,150
159,321
162,310
164,507
163,338
163,042
155,553
159,502
159,031
156,225
163,877
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
37,530
36,310
37,595
39,056
38,276
40,781
37,759
41,785
42,055
42,628
40,072
43,115
42,964
40,213
41,255
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
130,074
129,054
132,547
131,815
131,835
134,395
137,204
137,217
137,466
136,583
137,516
137,544
137,723
137,334
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
456,838
448,587
447,729
448,843
450,853
453,378
456,838
460,772
463,020
464,208
461,984
461,937
459,979
460,311
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1.37
1.40
1.34
1.35
1.37
1.34
1.32
1.33
1.34
1.35
1.37
1.37
1.37
1.41
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In August, the producer price index for all finished goods fell 0.1 percent. Prices of finished consumer
were unchanged and prices of other finished consumer goods fell 0.2 percent. Capital equipment prices
0.1 percent.
INDB<,
150
:ALEJ
1 982 - 1 00 (RATIO SCALE)
INDEX, 1 982 = 1 00 (RATIO SC
150
FINISHED GOODS PRICES
SEASONAL ADJUSTED
140
140
f
— -""
_
^--^'
CAPITAL EQUIPMENT
\
.
•-
130
130
CONSUMER FOODS
"~*~
**
Yv^-x>i
t
f~~—*.
^—
120
X*^"'
//
/
^
-
N
'
^/=^~'^
^
/""
TOTAL /
110
\
V
s--~-^"~
**'
x
\
._./'•*..'-•
^
120
"
\.,-.^.-»'
"
CONSUMER GOODS
EXCLUDING FOODS
1
110
-
100
100
1 1 ii 1 1 n1 1 1
1987
1 1 1 1 111 1 1 11
^
1 M 1 111 1 1 11
1988
M
1989
1 1 1 1 1 1 1 1 1
Mill
Milt
M 1 II 1 II M 1
1991
1990
1 1 1 M 1 1 1 1 1I
1 1 t II
1993
1992
1 1 II
1 1
I | I M 1 II 1 M
1994
SOURCE: DEPARTMENT OF 1ABOR
1995
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted)
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
104.7
104.6
107.3
Consumer goods
Total
Total
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994:
..
..
.
Aug
Sept ....
Oct
Nov
Dec
1995: Jan
Feb
Mar
Apr' ....
May
June ....
July
Aug
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
126.2
125.8
125.3
126.1
126.5
127.1
127.3
127.5
127.8
127.9
127.8
127.8
127.7
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
126.4
126.2
126.1
127.3
129.0
128.3
128.7
128.6
128.4
127.4
127.0
128.5
128.5
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
126.0
125.6
125.0
125.6
125.7
126.6
126.9
127.1
127.5
127.9
127.9
127.5
127.4
tf materials for food manufacturing and fewls.
22
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
122.7
122.0
121.4
122.2
122.2
123.2
123.4
123.6
124.2
124.7
124.6
123.9
123.7
Durable
Nondurable
106.5
108.9
111.5
101.7
93.3
94.9
97.3
113.8
117.6
120.4
123.9
125.7
128.0
130.9
131.8
131.9
131.0
131.4
131.6
132.0
132.2
132.0
132.3
132.4
132.6
132.5
132.6
103.8
111.5
115.0
117.3
117.6
116.2
117.4
116.3
115.8
116.9
116.7
118.0
118.3
118.6
119.3
120.0
119.7
118.8
118.5
Capital
equipment
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
134.7
135.0
134.3
134.5
134.9
135.5
135.7
135.9
136.2
136.4
136.7
136.9
137.1
Total
finished
consumer
goods
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
123.3
123.9
123.4
122.9
123.9
124.3
124.8
125.1
125.3
125.6
125.7
125.5
125.4
125.3
Total
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
118.5
119.0
119.5
119.9
120.9
121.4
123.0
123.9
124.4
125.1
125.4
125.5
125.5
125.5
Foods
and
feeds '
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
114.8
112.9
113.5
112.5
112.5
111.9
112.3
112.2
112.6
111.5
110.4
111.5
113.2
114.5
Other
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
118.7
119.3
119.8
120.3
121.4
121.9
123.5
124.5
125.0
125.8
126.2
126.2
126.2
126.1
Soum1:: Department of Laltor, Bureau of I^alwr Statistics.
Crude materials
Total
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.6
100.1
99.5
100.1
100.6
100.9
102.5
101.2
102.9
102.5
103.2
102.4
101.0
Foodstuffs
and
feedstuffs
Other
94.8
93.2
96.9
81.6
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
102.8
102.6
101.5
102.4
102.3
102.3
103.6
101.1
100.0
97.1
101.0
105.1
105.8
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
98.5
94.7
94.4
94.7
95.6
96.0
97.8
97.4
100.8
102.0
100.5
96.7
94.0
CONSUMER PRICES—ALL URBAN CONSUMERS
In August, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted (it rose 0.3
percent not seasonally adjusted). The index was 2.6 percent above its year-earlier level.
INDEX, 1982-84 =100 (RATIO SCAIE)
INDEX, 1982-84 - 100 (RATIO SCA1£)
1 160
1601
SEASONAUY AEUU5TS)
150
150
140
140
130
130
120
120
110
110
100
100
90 1_L
90
1987
1989
1988
1990
1991
1992
1993
1995
1994
COUNCIL Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items '
Transportation
Housing
Shelter
Period
Rd imp"
1985
1986
1987
1988
1989
1990 .
1991
1992
1993
1994
1994- Aug
Sept
Oct
Dec
1995- Jan
Feb
July
Not
seasonally
adjusted
(NSA)
100.0
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
149.0
149.4
149.5
149.7
149.7
150.3
150.9
151.4
151.9
152.2
152.5
152.5
152.9
Seasonally
adjusted
Pood
15.8
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
144.3
149.1 145.4
149.4 145.7
149.6 145.8
149.8 146.0
150.1 147.1
150.6 146.7
151.0 147.1
151.3 147.1
151.9 148.2
152.3 148.3
152.5 148.4
152.8 148.7
153.0 149.0
Total'
Total
41.2
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
145.1
145.4
145.7
145.9
145.9
146.5
146.9
147.2
147.6
147.8
148.1
148.5
148.9
28.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
160.9
161.3
161.8
162.2
162.3
162.8
163.3
163.8
164.4
165.0
165.3
165.8
165.9
8.0
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
169.2
169.1
169.7
170.2
170.1
170.5
171.0
172.0
172.7
173.4
173.5
174.1
173.9
1
1ncludes items not shown separately.
a
Household fuels—gas (piped), electricity, fiiei oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
:i
Relative importance, l^eccmber 1994.
Home- Mainowntenance
ers'
and
costs
re(Dec.
1982= pairs
100) (NSA)
Renters'
costs
(Dee.
1982=
100)
19.9
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
166.1
166.8
167.3
167.7
167.8
168.4
168.9
169.2
169.8
170.4
170.8
171.3
171.6
0.2
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
131.2
131.6
130.8
131.2
132.7
133.1
133.8
134.2
134.2
134.6
135.0
135.1
135.4
Fuel
and
other
utilities
7.1
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.0
122.6
122.6
122.9
122.7
123.3
123.3
123.1
123.4
122.9
123.4
123.5
124.2
Apparel
and
upkeep
5.7
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
133.0
133.1
132.8
132.4
132.1
133.0
132.2
132.2
132.1
131.7
131.3
131.6
132.0
Total"
New
cars
Motor
fuel
17.1
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
136.0
136.2
136.1
136.3
136.6
137.4
137.9
138.7
139.7
140.3
140.9
140.3
139.4
4.1
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
136.0
136.9
137.5
137.6
137.4
137.6
137.7
138.1
138.1
138.9
139.U
139.2
139.0
139.3
3.1
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
98.5
101.8
101.1
100.4
101.1
101.3
101.7
101.3
100.9
101.5
103.5
103.8
101.9
98.8
Medical
care
Energy 2
All
items
less
food
and
energy
7.3
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
211.0
212.4
213.3
214.3
215.2
216.2
216.9
217.6
218.2
218.8
219.5
220.2
221.0
221.8
7.0
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
104.6
105.9
105.3
105.0
105.5
105.4
105.7
105.6
105.1
105.5
106.0
106.5
105.6
104.8
77.2
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
157.4
157.7
158.0
158.3
158.5
159.2
159.6
160.1
160.7
161.0
161.3
161.7
162.0
NOTE.—Data incorporate a rental equivalence measure for homoownership costs (beginning
1983).
Source: Department of Labor, Bureau of Ijftbor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
(Percent change from preceding period; monthly data seasonally a<yustwl, except as noted by N8A|
Change from preceding period
Change from 3 months earlier, annual rate
Change from B months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods .
Period
Capital
Total
finished
Total
finished
goods
«]Ui|>-
Excluding
foods
Poods
{foods
ment
Capita)
equipment
Excluding
foods
Foods
Total
finishes
goods
Capita]
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dee. to Dec., NSA
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
0.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
Chaiige, month to month
0.6
1994- Aug
Sept
Oct
-A
.6
.3
.5
.2
.2
.2
'.1
-.1
0
Dec
1995- Jaii
Feb
Mar
May
July
— 1
0.8
-.6
™ .5
.7
0
.8
.2
.2
.5
'A
-.1
-.6
-.2
0.2
o
— Q
1
1.0
1.3
.3
-.1
2
'-.8
-.3
1.2
0
0.2
.2
5
.1
.3
.4
.1
.1
.2
'.1
.2
.1
.1
3.6
1.9
-.6
-.3
2.2
5.9
3.9
3.2
2.2
1.9
.9
'0
-.6
1.0
1.9
0
2.9
9.2
7.2
4.5
-1.2
.3
-4.0
-4.9
'.3
3.5
-0.9
-1.9
-1.1
1.9
5.5
3.5
3.7
3.8
3.7
.2
-3.1
.3
1.6
1.0
.2
1.6
2.1
2.6
1.8
2.7
4.0
2.9
2.1
1.1
.6
1.8
2.1
-.3
-.6
-.3
3.6
3.6
3.0
2.1
2.1
2.4
'2.1
2.1
5.0
2.0
-1.0
-1.6
.7
6.1
4.0
4.7
3.3
4.3
3.3
'-1.0
-3.2
2.3
1.5
.3
1.7
1.3
2.5
1.1
2.6
4.7
4.1
4.0
1.1
.5
o
2.4
2.6
,9
.6
.9
1.6
1.5
1.3
2.8
2.8
2.7
2.1
2.1
1.9
1.5
1.0
1.3
1.7
1.7
1.7
1.8
2.1
2.2
2.1
1.8
1.3
Source; I>epartmeiit
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
(Percent change from preceding period; monthly data seasonally adjusted, except as noted l>y NSA!
Housing
Period
All
items '
Food
Total '
Total
1
Renters'
COStS
Addendum; AH items,
percent change
(annua rate)
Transportation
Shelter
Homeowners'
eost«
Fuel
and
other
utilities
Anpare!
ami
upkeep
Total1
Motor
fuel
New
cars
Medical
eare
EnerW2
All
items
less
food
and
energy
From
previous
quarter11
From
From
3
fi
months months
earlier earlier
From
year
earlier
NSA
Change, December to December, NSA
38
1.1
4.4
4.4
46
6.1
3.1
2.9
2.7
2.7
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
26
3.8
3.5
5.2
56
5.3
1.9
1.5
2.9
2.9
43
1.7
3.7
4.0
39
4.5
3.4
2.6
2.7
2.2
60
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
63
5.0
3.9
3.9
45
6.7
4.2
2.8
2.6
2.3
5.9
18
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
-5.6
1.6
2.9
32
4.0
2.9
2.3
2.5
.2
2.8
.9
4.8
4.7
10
5.1
3.4
1.4
.9
-1.6
2.6
-5.9
6.1
3.0
40
10.4
-1 5
3.0
2.4
3.8
31
34
5.9 -307
1.8 18.7
2.1 -2.1
68
23
1 4 36.5
3.3 -160
1.8
2.3
2.8 -5.4
5.9
3.2
18
7.7 -197
8.2
5.8
.5
6.9
51
85
18.1
96
7.9 -7.4
6.6
2.0
5.4 -1.4
2.2
4.9
43
0.3
.4
.1
0.4
.4
.5
.4
.5
.3
.3
.3
.3
.3
.3
.4
4
0.3
.2
.2
.2
.1
.4
.3
.3
.4
,2
.2
.2
2
68
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
2.6
3.8
4.2
4.7
44
5.2
4.4
3.3
3.2
2.6
Change, month to month
1994- Aug
Sept
Oct
Dec
1995: Jan
Feb
May
, J
July
1
2
0.4
.2
.1
.1
.2
.3
.3
.2
.4
.3
.1
.2
1
0.5
.2
.1
.1
.8
-.3
.3
0
.7
.1
.1
.2
o
0.3
.2
.2
.1
0
.4
.3
.2
.3
.1
.2
.3
3
0.4
.2
.3
.2
.1
.3
.3
.3
.4
.4
.2
.3
.1
0.4
-I
A
.3
_. 1
.2
.3
.6
.4
.4
.1
.3
.i
0.5
.4
.3
.2
.1
.4
.3
.2
.4
.4
.2
.3
.2
0.2
-.3
0
.2
-.2
.5
0
-.2
.2
-4
.4
.1
6
Includes it^ms not shown separately,
Household fuels—fjais (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc,, excluded iH^inninir 1983.
24
-0.9
.1
1.0
.1
-'.3
-2
.7
-.6
0
-1
-.3
-.3
.2
3
.1
.2
.6
.4
.6
.7
.4
.4
-.4
-.6
o
-J
—. 1
.1
.1
.3
0
.6
.1
.1
—.
1
2
3.0
<7
-J
.7
.2
.4
-.4
-.4
.6
2.0
.3
-1.8
-30
1.4
-.6
q
.5
1
.3
-.1
-.5
.4
.5
.5
-.8
-8
3
aie
2.2
3.2
3.2
Quarter!y changes are shown in the last month of the qmirtei
Source: Department of Laix>r, Bureau of Ijabor Statistics.
4.1
3.6
3.0
1.9
1.9
2.7
3.2
3.2
3.5
3.5
3.2
2.4
1.9
3.2
3.2
3.0
3.0
2.7
2.8
2.6
2.6
3.1
3.4
3.2
2.9
2.7
2.9
3.0
2.6
2.7
2.7
2.8
2.9
2.9
3.1
3.2
3.0
2.8
2.6
PRICES RECEIVED AND PAID BY FARMERS
In September, prices received by farmers rose 2.9 percent from their August level. Prices paid by farmers in
July were unchanged from their April level. (Data are not seasonally adjusted.)
120
INDEX, 1990-92-100 (RATIO SCALE)
1120
110
110
INDEX, 1990-92-100 (RATIO SCALE)
PRICES PAID
x^A J-—
100
J
100
PRICES RECEIVED
90
90
80
80
RAT O-!/
RATKD-"
140
140
RATIO
120
^•^•s
100
/-
80
rO
^N—^'
^1
-J
-*•* •—-
~v~1——1
iiiiiliiiii
1OQ7
iiiniiiiii
Illllllllll
1M M 1M 1 M
IOBQ
1OQO
icon
iiMiiiiiM iMiiiiiiM IIMIIIIIM
1OO1
100
—'
80
- 60
60
120
I l l l l l l l l l l Illllllllll
100^
100^
Jy RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
11990-92=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1985
1986 ...
1987
1988
1989 ...
1990
1991
1992
1993
1994
1994- Sept
Oet
Nov
Doc
1995- Jan
Fcb
Mar .,
Apr
Mav
.June
July ...
Aug
Sept
1
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
91
87
89
99
104
104
100
98
101
100
98
87
86
104
109
103
101
101
102
105
86
88
91
93
100
105
99
97
100
95
86
85
87
91
96
99
100
101
103
106
87
85
87
92
97
99
100
101
103
106
91
86
87
90
95
99
100
101
103
106
106
103
102
108
108
105
99
97
98
94
97
95
95
98
102
99
100
106
91
89
90
90
(3)
106
(3)
(3)
(3)
104
(3)
(3)
(3)
105
(3)
(3)
92
90
90
92
98
98
100
100
100
100
101
'102
105
103
102
109
114
115
112
113
'113
116
93
94
93
90
88
90
91
92
93
108
(33)
()
108
(33)
()
108
(3)
(3)
107
(33)
()
107
(33)
()
107
(33)
()
106
(33)
()
107
(33)
()
107
(3)
(3)
91
91
93
93
93
93
94
94
97
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates. See also footnote 3.
3
Prices paid by farmers are available only for first month in quarter, and for each month
the received/paid ratio is based on latest data available.
2
All commodities,
services, interest,
taxes, and wage
rates *
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In August, growth accelerated in M2 and slowed in M3.
BIUJONS OF DOUARS* (SATO SCAlEj
4,800
4,400
4,000
BIUIONS OF DOliARS* (RATIO SCALE!
4,800
4,400
4,000
-V
M3
3,600
3,200
3,600
3,200
-M2.
2,800
2,800
2,400
2,400
2,000
2,000
1,400
!,<SOO
1,200
1,200
800
800
600
600
i 1111 i 111 i i
400 i I M II M I 1 M
1987
1988
1990
1989
1991
1992
400
1994
1993
* AVERAGES Of BAilV FIGURES; SEASONAUY ADJUSTED
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1995
COUNCIl OP ECONOMIC ABVTSERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
19851986:
19871988:
198919901991:
19921993:
1994-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
. ..
1994- July
Sept
Get
Nov
Dec
1995: Jan
Feb
Apr' ....
May
July ... .
Aug
1
Ml
M2
M3
L
Debt
Snm of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and savings and small time
deposits
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) '
619.9
724.4
749.8
786.9
794.2
825.9
897.3
1,024.4
1,128.6
1,148.0
2,576.1
2,820.3
2,922.3
'3,083.5
3,243.1
3,355.9
3,457.9
3,515.3
3,583.6
3,616.2
3,200.2
3,488.7
3,675.8
3,915.7
4,066.1
4,123.0
4,176.0
4,182.9
4,242.3
4,303.4
3,827.5
4,129.1
4,334.8
4,670.1
4,896.5
'4,972.6
'4,989.8
'5,059.3
'5,145.8
'5,269.3
6,902.1
7,785.2
8,544.6
9,315.0
'10,045.8
'10,695.1
'11,179.9
'11,719.6
'12,341.5
'12,959.6
12.3
16.9
3.5
4.9
.9
4.0
8.6
14.2
10.2
1.7
1,152.2
1,150.8
1,151.0
1,148.2
1,147.6
1,148.0
3,616.7
3,614.9
3,614.0
3,609.9
3,611.3
3,616.2
4,274.2
4,273.8
4,279.9
4,286.2
4,291.5
4,303.4
'5,217.1
'5,226.5
'5,224.7
'5,237.4
'5,248.2
'5,269.3
'12,679.5
'12,744.8
'12,804.0
'12,850.8
'12,917.8
'12,959.6
3.5
2.4
1.7
.9
.7
.2
1,149.0
1,147.3
1,147.9
1,149.7
1,142.9
1,143.8
1,144.9
1,143.5
3,627.9
3,623.5
3,631.0
3,643.7
3,659.9
3,695.7
3,714.3
3,739.4
4,326.1
4,335.7
4,358.7
4,381.1
4,410.2
4,456.8
4,487.6
4,517.2
'5,295.2
'5,336.1
'5,380.3
5,411.0
5,445.3
5,488.7
f 5,544.3
'13,014.7
'13,094.7
'13,155.9
13,228.1
13,319.2
13,374.8
f 13,408.5
-.6
— 6
Consists of outstanding midit toarket debt of the U.8. ilovi'rnmi'nt, State and ioeal governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from Diwmlx^r to Owwrober and monthly shanks* are from 6 months
earlier at a simple annual rate.
26
Percent change from year or 6
months earlier2
M2
Ml
'.3
g
-.7
-.7
Nom—S«« p, 27 for c*>mjx>mmt&
Source: Hoard of Governors of the Fulcra! Itoserve Sy
ij
8.3
9.5
3.6
5.5
5.2
3.5
3.0
1.7
1.9
.9
1.5
1.6
.9
.2
.2
.6
.6
.5
.9
1.9
2.7
4.4
4.8
6.4
MS
7.3
9.0
5.4
6.5
3.8
1.4
1.3
.2
1.4
1.4
1.3
2.0
1.9
1.7
1.9
2.2
2.4
2.9
3.7
4.4
5.5
7.1
7.5
8.4
Debt
14.8
12.8
9.8
9.0
7.8
6.5
4.5
4.8
'5.3
5.0
'4.8
'5.0
'4.9
'4.7
4.8
'4.9
5.3
5.5
5.5
5.9
6.2
6.4
6.1
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
(Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
cheekable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars'
Money market
mutual fond
balances
General
purInstipose
tution
and
broker/ only
dealer
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits2
Large Term
denom- repurination chase
time
agreements
depos(RPs)
its2
NSA
19851986:
19871988:
19891990:
19911992199319941994:
Dec .
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Sept
Oct
Nov
Dec
1995- Jan
Peb
Mar
May
July
Aug
167.9
180.7
196.8
212.2
222.6
246.8
267.4
292.8
322.1
354.5
342.8
345.1
347.2
350.0
353.0
354.5
357.7
358.8
362.5
365.7
368.1
367.4
367.1
368.2
266.6
302.1
286.8
286.8
279.3
277.4
289.5
338.9
383.9
382.2
388.1
386.6
386.5
384.5
382.5
382.2
383.6
384.1
383.3
381.2
380.6
386.8
389.5
390.1
179.8
235.6
259.5
280.9
285.4
293.9
332.7
384.6
414.7
402.9
413.1
410.8
408.9
405.4
403.8
402.9
399.3
395.9
393.3
393.6
385.0
380.6
379.4
376.3
76.3
84.9
87.3
85.1
81.5
77.7
79.9
83.1
96.5
117.1
109.5
111.0
112.0
114.0
113.4
117.1
123.8
118.3
118.2
115.8
116.5
117.3
114.3
118.4
178.0
210.6
224.5
245.9
322.4
358.2
374.2
356.9
360.1
389.0
376.1
377.0
377.4
379.5
383.3
389.0
392.1
391.5
390.9
396.0
405.3
425.9
441.5
455.1
64.1
84.5
91.1
90.5
107.2
134.0
180.0
200.2
198.1
180.8
178.7
177.4
176.3
180.8
180.5
180.8
186.3
180.4
189.0
192.9
194.8
205.6
212.4
210.8
1
Includes continuing contract KPs.
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
815.4
941.0
937.7
926.7
891.0
920.5
1,041.2
1,183.6
1,215.7
1,144.2
1,201.2
1,192.6
1,183.7
1,171.0
1,157.8
1,144.2
1,129.8
1,111.9
1,094.9
1,082.4
1,081.4
1,091.1
1,091.5
1,098.2
885.7 422.4
859.0 420.2
922.7 467.0
1,038.6
518.3
1,153.7 541.5
1,174.0 480.9
1,066.6 416.6
869.2 353.8
785.1 332.7
820.3 361.4
776.5 338.4
782.8 342.0
789.6 348.2
799.6 353.6
810.4
357.4
820.3 361.4
835.7
361.9
855.4
371.2
878.2 378.6
896.8 '380.2
910.7 '385.5
917.5 '389.3
921.7
396.2
924.0 399.4
Term
Eurodollars
(net)
Savings
bonds
NSA
NSA
62.5
81.1
107.3
123.2
100.4
90.9
73.3
82.0
97.6
105.6
102.8
101.0
101.7
101.9
103.1
105.6
109.4
113.4
113.4
116.5
121.7
119.8
115.2
117.5
76.9
79.5
85.1
91.8
91.6 100.6
106.3
109.4
83.8 117.5
71.6 126.0
59.4 137.9
45.9 156.6
46.5 171.5
52.4 180.3
51.0
177.7
51.2
178.5
52.1 179.1
52.7 179.5
54.5 179.9
52.4 180.3
53.1
180.5
56.3 180.4
58.3 180.5
'59.9 180.9
'61.1 181.6
'62.4 182.3
63.8 "183.0
63.5
Short- Bankterm
Treas- ers'
acury
ceptsecuri- ances
ties
Commercial
paper
298.3 42.1
280.1
37.1
253.2 44.5
269.5 40.2
326.0
40.6
'332.5 35.9
'317.4 23.8
'334.4 20.8
'332.9 14.9
'370.3 14.0
'360.8 13.2
'365.0 13.8
'360.6 14.8
'358.6 13.1
'361.9 13.5
'370.3 14.0
'372.3 13.4
'392.0 13.3
'405.3 14.0
'404.2 13.9
'397.5 12.3
'410.8 11.3
"433.7 "11.8
207.5
231.3
260.6
335.4
346.4
355.2
334.8
364.5
387.1
401.3
391.1
395.4
390.2
399.9
401.4
401.3
402.8
414.7
421.7
430.8
443.8
427.5
"428.0
NOTK.—Travelers checks of nonbank issuers arc a component of money stock but are not
shown here.
Source: Hoard of Governors of the Federal Ilescrve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures'; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
19851986198719881989:
19901991199219931994:
1994-
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept .
Oct
Dec
1995- Jan
Feb
Mar
May
July
Aug"
1
.. ..
Nonborrowed
31,452
38,940
38,856
40,399
40,498
41,771
45,536
54,354
60,502
59,342
59,839
59,794
59,496
59,401
59,342
59,124
58,919
58,552
57,957
57,761
'57,352
57,655
57,514
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
30,133
38,113
38,078
38,683
40,232
41,445
45,343
54,230
60,420
59,133
59,370
59,307
59,116
59,152
59,133
58,988
58,860
58,483
57,847
57,611
57,080
57,284
57,232
Nonborrowed
plus
extended
credit
30,633
38,416
38,562
39,927
40,252
41,468
45,344
54,231
60,420
59,133
59,370
59,307
59,116
59,152
59,133
58,992
58,860
58,483
57,847
57,611
57,080
57,284
57,232
Required
30,415
37,570
37,809
39,352
39,575
40,106
44,557
53,199
59,440
58,174
58,835
58,734
58,693
58,394
58,174
57,785
57,973
57,757
57,204
56,881
56,388
'56,565
56,527
Monetary
base
203,539
223,574
239,775
256,897
267,713
293,275
317,432
351,116
386,602
418,223
'409,244
'411,338
413,854
416,788
418,223
421,054
422,312
425,350
'428,127
430,686
429,722
'429,586
430,756
Total
1,318
827
777
1,716
265
326
192
124
82
209
469
487
380
249
209
136
59
69
111
150
272
371
282
Seasonal
56
38
93
130
84
76
38
18
31
100
445
444
339
164
100
46
33
51
82
137
172
231
258
Extended
credit
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
4
0
0
0
0
0
0
0
Source: Hoard of Governors of the Federal Ite-serve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.4 percent in August; commercial and industrial loans rose 0.3
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200
BILUONS OF DOLLARS* {RATIO SCALE)
3,600
3,200 _ ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
. LOANS AND LEASES -
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
400
OTHER SECURITIES
-V
200
160
120 I l l l l l I l l l l i
1988
i ll MIll l ii
1989
200
160
i i i i i I i i i ii I I I I I I 1 I I II i i i i i Ii i l ll
1991
1990
i l l l i Ii l l li
1992
i l i i i I i i i i i I 120
I I I MI I I I II
1994
1993
1995
*SEASONALIY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted '
Loans and leases in bank credit
Securities in bank credit
Period
Total
bank
credit
Total
securities
U.S.
Total
CommerOther
Governand
cial and
ment
2
securities loans
leases
industrial
securities
Real estate
Total
Revolving
home
equity
Consumer
Other
Security
Other
Dec
Dec
Dee
Dec
Dec
Dec'
Dec'
2,435.8
2,608.6
2,750.4
2,855.0
2,949.6
3,106.2
3,317.9
562.4
584.9
634.1
745.3
841.4
915.7
947.0
367.2
400.3
455.8
565.2
664.9
730.3
720.2
195.3
184.6
178.2
180.0
176.5
185.4
226.8
1,873.4
2,023.7
2,116.3
2,109.8
2,108.2
2,190.5
2,370.9
607.6
638.8
640.3
619.0
594.6
584.6
644.2
674.6
769.5
854.3
878.8
898.5
938.3
999.6
40.1
50.3
62.3
'69.7
'73.5
73.1
75.8
634.5
719.2
792.0
'809.2
'825.0
865.2
923.8
357.8
378.3
383.3
366.7
'358.7
390.8
452.2
40.6
41.3
44.9
54.0
63.3
85.8
70.9
192.8
195.8
193.5
191.2
193.1
191.1
204.0
1994- Aug'
Sept'
Oct'
Nov'
Dec'
3,270.1
3,283.4
3,293.8
3,299.5
3,317.9
969.8
968.0
961.6
951.5
947.0
746.1
741.5
731.9
724.3
720.2
223.6
226.6
229.7
227.2
226.8
2,300.3
2,315.3
2,332.2
2,348.0
2,370.9
623.5
627.9
633.9
639.5
644.2
973.2
981.1
986.0
991.4
999.6
74.0
74.5
74.7
75.3
75.8
899.2
906.6
911.2
916.1
923.8
429.3
434.5
441.6
445.7
452.2
75.0
69.7
70.4
69.7
70.9
199.3
202.2
200.3
201.6
204.0
1995- Jan'
Feb'
Mar'
Apr'
May'
3,349.6
3,363.4
3,388.5
3,452.5
3,478.1
3,491.4
3,506.9
3,523.1
944.9
936.7
941.5
984.8
980.5
977.7
968.7
975.6
721.5
717.0
704.9
703.3
706.1
703.8
697.9
702.0
223.4
219.7
236.6
281.5
274.4
273.8
270.8
273.6
2,404.7
2,426.7
2,447.0
2,467.8
2,497.6
2,513.8
2,538.3
2,547.5
656.3
668.0
671.1
675.8
684.0
686.6
692.7
694.7
1,014.8
1,022.4
1,028.0
1,034.8
1,039.1
1,046.4
1,056.5
1,061.8
76.2
76.5
76.8
77.5
78.2
78.8
79.3
79.0
938,5
945.8
951.2
957.4
960.9
967.6
977.3
982.8
457.5
459.8
465.4
471.4
473.3
478.5
481.7
487.3
68.5
67.7
69.6
72.4
83.7
84.5
82.9
79.1
207.5
208.8
213.0
213.3
217.6
217.8
224.4
224.6
1988:
198919901991199219931994-
July'
Aug
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and afiencies of foreign banks, New York State investment
tions of assets and liabilities.
28
2
Excludes Federal funds sold to, reverse repurchase agreements (HPs) with, and loans to
commercial bar ks in the United States.
Syst«,,.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
1985
.
Total
493.8
538.8
564.7
634.2
567.9
536.8
473.6
566.7
563.2
683.2
464.0
543.8
614.6
630.5
666.9
688.2
726.4
651.6
863.5
823.9
..
1986
1987
1988
1989
1990'
1991'
1992'
1993'
1994'
1993- I'
II'
Ill'
IV
1994: I'
II'
III'
IV'
1995- I' ... .
UP
Internal '
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
499.8
436.4
450.7
476.4
485.7
501.5
498.6
500.2
499.1
510.1
536.8
Credit market funds
Total
Total
142.0
202.1
188.8
229.9
168.2
125.2
47.6
128.3
100.9
183.4
27.6
93.1
138.2
144.8
165.4
189.6
226.2
152.5
353.4
287.1
84.7
148.1
89.3
95.0
68.0
48.4
10.8
70.2
62.4
73.9
28.9
76.8
77.0
67.0
111.0
120.7
65.0
-1.0
161.6
216.7
Securities
and mortgages
Loans and
short-term
paper
13.2
65.1
39.9
-4.7
-37.6
-20.0
96.1
67.0
80.0
-30.5
84.0
65.9
99.0
71.1
12.6
30.5
-43.7
-121.5
-27.8
39.6
71.5
83.0
49.4
99.8
105.6
68.4
-85.3
3.2
-17.6
104.4
-55.1
10.9
-22.0
-4.1
98.4
90.2
108.7
120.5
189.4
177.1
1
Undistrilwted profits (after inventory valuation and capital consumption athjistrnentx), capital consumption allowances, arid foreign, branch profits, dividends, and sulwidiarics' earnings
Other2
57.3
54.0
99.4
134.9
100.2
76.8
36.8
58.1
38.5
109.6
-1.3
16.2
61.3
77.8
54.5
68.9
161.2
153.5
191.9
70.4
Increase in
financial
assets
Capital
expenditures :t
Total
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
510.4
424.7
441.5
444.1
451.2
462.1
507.7
519.6
552.3
580.5
562.6
467.2
501.7
492.3
575.8
509.4
488.7
435.4
529.0
531.4
664.2
431.7
532.4
553.0
608.4
633.5
660.2
678.0
685.0
812.9
771.7
Discrepancy
(sources
less
uses)
26.7
37.1
72.4
58.4
58.4
48.1
38.2
37.7
31.9
19.0
32.3
11.4
61.6
22.1
33.3
28.0
48.4
-33.5
50.6
52.1
97.0
157.5
130.9
184.8
108.3
85.9
55.6
143.0
91.0
153.8
7.0
90.9
108.9
157.2
171.4
152.5
158.4
132.7
232.4
209.1
:J
Plant and equipment, residential structures, inventory investment, and mineral rights from
U.K. Government.
Ko rw: Ii<)
""1 <>f <!<>™"'<>"< <«'» Federal Keserve System.
"
lia.....tics, track! del*, pension ftind liabilities, at ...... m,t foreign investment
CONSUMER INSTALLMENT CREDIT
| Millions of dollars; seasonally adjusted |
Period
1985- Dec
1986: Dec
1987- Dec
1988: Dec3
1989- Dec
19901991:
19921993:
1994-
Dec
Dec
Dec
Dec
Dec
1994: July
Aue
Sept
Oct
Nov
Dec .. .
1995- Jan
Peb
Mar
Apr'
May'
June '
July . . . .
Installment credit outstanding (end of period)
Total
Automobile
Revolving
Total
Automobile
Revolving
Other2
517,659
572,006
608,675
662,553
717,200
734,8!>8
728,3fc9
730,847
790,35:
902,853
210,238
247,772
266,295
285,364
291,531
283,072
259,594
257,436
280,566
317,237
121,758
135,825
153,064
174,269
199,162
223,517
245,281
258,081
286,588
334,511
185,664
188,408
189,316
202,921
226,508
228,309
223,514
215,331
223,197
251,106
75,057
54,347
36,669
53,878
(4)
17,698
-6,509
2,458
59,504
112,502
36,674
37,534
18,523
19,069
(4)
-8,459
-23,478
-2,158
23,130
36,671
21,478
14,067
17,239
21,205
(4)
24,355
21,764
12,800
28,507
47,923
16,906
2,744
908
13,605
(4)
1,801
-4,795
-8,183
7,866
27,909
849,930
863,484
873,606
882,210
895,627
902,853
300,590
304,330
308,654
311,197
315,213
317,237
312,717
319,687
322,035
324,655
332,402
334,511
236,623
239,467
242,916
246,358
248,012
251,106
7,637
13,554
10,122
8,604
13,417
7,226
1,684
3,740
4,324
2,543
4,016
2,024
4,407
6,970
2,348
2,620
7,747
2,109
1,545
2,844
3,449
3,442
1,654
3,094
914,260
918,968
933,717
946,451
959,593
970,741
979,559
319,408
321,175
323,502
326,430
330,390
333,164
337,561
340,450
345,630
352,741
359,655
367,117
373,572
376,780
254,402
252,164
257,474
260,366
262,085
264,005
265,218
11,407
4,708
14,749
12,734
13,141
11,148
8,818
2,171
1,767
2,327
2,928
3,959
2,774
4,397
5,939
5,180
7,112
6,914
7,463
6,455
3,208
3,296
-2,238
5,310
2,892
1,719
1,920
1,213
1
For year-end data, change from preceding: year-end; for monthly data, change from preceding month.
-Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
Other
Net change in installment credit outstanding '
2
;1
Data newly available in January 1989 result in breaks in many series Uttwccn December
1988 and subsequent months.
4
lieeause of breaks in series, net change riot available.
Source: Hoard of Governors of the Federal I&serve System.
29
INTEREST RATES AND BOND YIELDS
Interest rotes fell in September.
PERCENT PER ANN JM
PER CENT PER ANNUM
14
14
12
12
CORPORATE Aoo BONDS
(MOODY'S)
A
f
/\.-v
10
\
/~
10
\^
/-O'-N
\
r''
i
XN
N.
v
^r**
8
TREASURY
6IILS
.'
"•\.__.
/
f'rr-.J
6
^d-
v
>**
I
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
i
i
1 1 1 11
1 iii11
1987
1988
i t i i i 1 i i i iI
1989
1 1 1 1 1 1 1 1 1 11 iiiiiiinii
8
4
/H
II 1 1 1 1 1 1 1 1 1
1992
1991
1990
V
<
—K ,-
11 11 11
/
6
4
2
X**^
/
^
x/-
"^\
\/
—'
_
1993
i i i 1 1 1 t 1 111^ 2
1994
1995
COUNCIL OF ECONOMIC ADVISERS
SOIMCE. SEE TABIE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
1985
1986 .
1987
1988
1989
1990
1991 .
1992
1993 .
1994
1994: Sept
Oct
Nov
Dec
1995: Jan
Feb
Mar
Apr
June
July
Aug
Sept
Week ended:
1995: Sept 2
9
16
23
30
1
3-month bills
(new issues) '
Constant maturities2
3-year
10-year
High-grade
municipal
bonds
(Standard
& Poor's)3
30
Prime
commercial
paper,
6 months1
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged by
banks4
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
4.29
4.64
4.96
5.25
5.64
5.81
5.80
5.73
5.67
5.70
5.50
5.47
5.41
5.26
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.69
7.04
7.44
7.71
7.66
7.25
6.89
6.68
6.27
5.80
5.89
6.10
5.89
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
7.46
7.74
7.96
7.81
7.78
7.47
7.20
7.06
6.63
6.17
6.28
6.49
6.20
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
6.33
6.50
6.96
6.76
6.53
6.24
6.10
6.01
5.90
5.83
5.98
6.07
5.88
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
8.34
8.57
8.68
8.46
8.46
8.26
8.12
8.03
7.65
7.30
7.41
7.57
7.32
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.32
5.70
6.01
6.62
6.63
6.38
6.30
6.19
6.07
5.79
5.68
5.75
5.66
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
4.00-4.00
4.00-4.00
4.00-4.75
4.75-4.75
4.75-4.75
4.75-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
7.75-7.75
7.75-7.75
7.75-8.50
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.75
8.75-8.75
8.75-8.75
5.34
5.30
5.34
5.25
5.14
5.96
5.88
5.84
5.87
5.97
6.31
6.20
6.15
6.17
6.26
6.00
5.90
5.80
5.82
6.00
7.41
7.33
7.29
7.31
7.33
5.73
5.70
5.63
5.60
5.70
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
5.25-5.25
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
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 rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
New-home
mortgage
yields
(FHFB)r-
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.70
7.76
7.81
7.83
8.18
8.28
8.21
8.15
7.99
7.73
7.78
7.75
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, Hoard of Governors of the Federal Reserve System,
Federal Housing Finance I Joan 1, Moody's Investors Service, and Standard & Poor's Corpora-
COMMON STOCK PRICES AND YIELDS
Stock prices rose in September.
INDEX, DEC. 31,1965-50 (RATIO SCALE)
320
300
280
260
240
220
INDEX, DEC. 31,1965=50 (RATIO SCALE)
320
300
280
260
240
220
200
200
180-
180
160
160
COMPOSITE STOCK PRICE INDEX
(NYSE)
140
140
120
120
100
100
M II M t I I M
1987
1 1 M 1
II 1 1 1
I 1 1 1 1
1989
1988
M I M M MI
1 II 1 1
M M M I MM
1991
1990
I It I MI M M M MMMII
1992
1993
1 M M
1994
PERCENT
20
1 M M
1995
PERCENT
——120
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
1987
1988
1989
1990
1991
1992
1993
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1994
COUNCIL OF ECONOMIC ADVISERS
Common stock prices '
Period
1985
1986
19S7
1988
1989
1990
1991
1992
1993
1994
1994: Sept
Oct
Nov ..
Dec
1995: Jail
Peb
Mar
May .
June
July
Sept
Week ended:
1995: Sept 2
9
16 ..
23
30
1
Average
2
Includes
3
Industrial
Transportation
Utility3
Finance
Dow-Jones
industrial
average4
Standard &
Poor's composite index
(194143=10)5
Dividendprice ratio
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
257.61
255.22
252.48
248.65
253.56
261.86
266.81
274.37
281.81
289.52
298.18
300.05
310.41
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
322.19
321.53
319.33
313.92
319.93
328.98
337.96
347.69
357.01
366.75
379.13
379.79
390.42
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
239.10
230.71
227.45
218.93
230.25
237.29
244.45
254.36
254.69
256.80
279.15
285.63
295.54
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
204.60
203.35
200.13
200.02
201.16
207.73
204.16
208.93
211.58
216.27
219.18
221.99
229.64
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
211.90
203.33
198.38
195.25
201.05
211.76
213.29
219.38
228.55
236.26
240.50
245.27
260.72
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
3,880.60
3,868.10
3,792.43
3,770.31
3,872.46
3,953.72
4,062.78
4,230.66
4,391.57
4,510.76
4,684.76
4,639.27
4,746.76
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
466.96
463.81
461.01
455.19
465.25
481.92
493.15
507.91
523.81
539.35
557.37
559.11
578.77
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.80
2.82
2.86
2.91
2.87
2.81
2.76
2.68
2.60
2.55
2.50
2.49
2.42
301.66
306.38
310.67
312.92
312.29
379.41
385.84
391.00
393.54
392.21
286.87
296.93
296.92
296.54
293.20
224.34
225.93
228.34
231.34
233.15
252.54
255.99
261.29
263.20
262.77
4,613.02
4,681.08
4,763.41
4,774.34
4,774.92
561.14
570.58
579.23
583.69
582.91
2.48
2.46
2.42
2.39
2.41
of daily closing prices.
all the stocks (mom than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSB doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflect
the doubling.
4
Includes 30 stocks.
•* Includes 500 stocks.
Common stock6yields
(percent)
New York Stock Exchange indexes 2(Dec. 31, 1965
except as noted)
Composite
1995
Eaniingsprice ratio
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
5.83
5.91
6.66
6.51
'6.32
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prints. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 11 months of fiscal 1995, there was a deficit of $171.1 billion, compared with a deficit of $207.4 billion
a year earlier.
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS ^
1,500
BILLIONS OF DOLLARS
1,600
1,500
1,400
OUTLAYS-1
1,400
1,300
1,300
1,200
1,200
1,100
1,100
1,000
1,000
RECEIPTS-
900
900
800
800
700
700
600
600
SURPLUS OR DEFICIT ( - ) -^
-100
-100
^^-
-200
"
-~»^
^
^^^
^"~~~
"~
-200
"^
-300
-300
-400
XI
V
1
1986
1
1987
1
1988
1
1
1989
1990
1
1991
1
1992
1
1993
N -400
1
1994
1995
^
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 (estimates)
CumulativeJ total, first 11
months:
Fiscal year 1994
Fiscal year 1995
1
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
or deficit
(-)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,257.7
1,357.9
409.2
458,7
504.0
590.9
678.2
745.8
808.4
851.8
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,517.9
-73.7
-53.7
-59.2
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.4
-269.2
-290.4
-255.1
-203.2
-160.0
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
922.7
1,007.7
302.2
328.5
369.1
404.1
476.6
543.1
594.4
661.3
686.0
769.6
806.8
810.1
861.4
932.3
1,027.6
1,081.8
1,128.5
1,142.1
1,181.5
1,228.1
-70.5
-49.8
-54.9
-38.7
-72.7
-74.0
-120.1
-208.0
-185.7
221 7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.4
-340.5
-300.5
258 8
-220.5
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
350.2
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
289.7
-3.2
-3.9
-4.3
-2.0
-1.1
50
-7.9
2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
60.5
629.0
706.4
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,914.0
477.4
549.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.2
3,598.0
1,121.6
1,207.4
1,328.9
1,378.5
-207.4
-171.1
817.2
887.0
1,078.3
1,120.6
-261.1
-233.6
304.3
320.4
250.7
257.8
53.7
62.5
4,643.1
4,917.4
3,444.3
3,610.1
371,8
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1995 are from Mid-Session Review of the 1996 Budget issued July
31, 1995. Other data (except as noted) are fi-om Budget oftht United States Government, Fiscal
Year 1996. issued February 6, 1995.
32
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Fiscal year or period
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 11 months of fiscal 1995, receipts were $85.8 billion higher than a year earlier and outlays were $49.6
billion higher.
BILLIONS OF DOLLARS
BILUONS OF DOUARS
„_ — — -" —•""""
/-rtnrw"\n ATii-M.1
_.n.-.i .*.
INCOMEJAXES
OTHER RECEIPTS
o
1
... ,,-, m it ir—i-
TAXES AND CONTRIBUTIONS
\
1
1
1
—
1
1
1
1
1
0
1,300
1,300
OUTLAYS'1'
1 200
,^—*~"~
NONDEFENSE
\
_---
1 000
>-'""
- - - -—*^
800
"*"
600
500
NATIONAL DEFFNSE
400
\
300
200 xi
V
t
1986
1
1987
1
1988
300
1
1
1989
1990
1
1991
1
i
1992
1993
-f (NCtUDES ON-BUDGET AMD OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
N 200
1
1995 N
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year or period
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995 (estimates)
734.1
769.1
854.1
909.0
990.7
1,031.3
1 054 3
1 090 5
1,153.5
1,257.7
1,357.9
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
594.4
Cumulative total, first 1 1 months:l
Fiscal year 1994
Fiscal year 1995
1,121.6
1,207.4
485.1 113.1 421.1
529.2 124.1 444.6
1
Data from Monthly Trtnsiiry
Other
Total
and
contributions
298.1
355.6
399.6
463 3
517.1
599.3
617.8
600.6
666.5
41.4
90.8
54.9 106.5
60.0 121.0
65.7 138.9
64.6 157.8
61.1 182.7
49.2 201.5
37.0 209.0
56.9 239.4
61.3
63.1
83.9
94.5
103.3
9.3.5
98.1
100.3
117.5
140.4
157.8
National defense
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
483.3
Total
Department of
Defense,
military
Internation-
al
affairs
Health
Medicare
Social
security
inter-
rity
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
•118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
120.2
131.4
133.5
125.4
122.3
118.6
188.6 129.5
198.8 136.0
207.4 138.7
219.3 151.8
232.5 169.3
248.6 184.2
269.0 194.5
287.6 199.4
304.6 198.8
319.6 203.0
335.7 231.7
131.8
142.1
125.9
139.4
158.8
203.9
224.8
173.9
159.7
173.8
170.4
186.0
213.2
155.2
145.0
Income
secu-
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
504.0
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
112.8
122.4
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.4
1,380.9
1,408.7
1,460.9
1,517.9
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.6
271.5
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
260.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
17.1
14.6
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
107.1
115.1
65.8 128.2
70.2 119.8
75.1 123.3
78.9 129.3
85.0 136.0
98.1 147.0
104.5 170.3
119.0 196.9
130.6 207.3
144.7 214.0
157.7 221 2
102.2 1,328.9
109.4 1,378.5
253.8
246.1
242.2
234.5
14.9
15.0
97.7
105.4
131.7
145.4
Stutfnunt.
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
196.9 292.7
200.6 307.7
Net
Other
est
Sources: Department of the Treasury and Office of Management and Budget.
NOTE.—Data for fiscal 1995 are from Mitl-Session Reman of the 1996 Budgii issued July
31, 1995. Other data (except as noted) are from Btulgit of the United Statts Gmermnat. Focal
Year 1996, issued Febmary 6, 1995.
33
FEDERAL SECTOR. NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1995, according to revised estimates, Federal receipts rose $34.5 billion (annual rate)
and Federal expenditures rose $15.5 billion.
BILLIONS OF DOLLARS
BIUKDNS OF DOLLARS
1,800
1,800
1995
1982
CALENDAR YEARS
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Total
Fiscal year:
1992
1993
1994
Calendar year:
1 992
1993
1994
1984- IV
1985- IV
1986: IV
1987- IV
1988: IV
1989- IV
1990- IV .
1991: IV
1992- IV
1993- I ...
II
Ill
IV .
1994- I
II
III
IV ..
1995- I
II'
. ..
Federal Government receipts
Federal Government expenditures
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
Grantsiji-aid
to
State
and
local
governments
Personal
tax and
nontax
receipts
Total
Purchases
Transfer
payments
Net
interest
paid
Less:
Wage
accruals less
disbursements
Surplus
or
deficit
(-),
national
income
and
product
accounts
1,161.2
1,241.0
1,349.4
484.6
51 1 .8
552.1
112.4
134.6
161.2
81.1
82.9
93.3
483.1
511.7
542.8
1,435.9
1,495.5
1,521.9
445.2
446.3
435.1
607.4
651.5
674.4
168.2
180.7
197.9
188.9
183.5
187.0
26.1
33.4
27.6
0.0
.0
.0
-274 7
-254.4
-172.5
1,178.3
1,265.7
1,379.0
7.39.8
803.6
856.8
943.5
1.000.6
1,068.3
1,115.8
1,140.5
1,219.9
1,212.7
1,263.7
1.272.7
1,313.6
1,337.4
1,380.7
1,388.8
1,408.8
1,441.0
1,475.5
489.5
520.3
565.6
323.5
351.8
371.7
414.8
420.0
470.1
483.9
477.3
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.9
574.2
594.8
623.5
115.6
143.0
167.1
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.6
122.6
132.1
141.8
140.2
157.8
151.8
166.3
172.4
178.1
181.9
182.5
81.3
84.6
91.2
58.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91.9
91.9
89.1
90.9
491.9
517.8
555.1
291.1
318.0
338.8
359.4
400."
424.7
449.7
470."
501.!
501.1
518.1
522."
528.3
545.1
553.0
557.6
564.6
575.1
578.6
1,460.9
1,507.0
1,538.1
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
1,492.0
1,496.2
1,500.6
1.497.6
1,533.7
1.513.7
1.525.9
1,542.8
1,569.9
1,589.6
1.605.1
449.0
443.6
437.3
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
431.9
434.4
434.7
625.3
658.0
682.5
360.1
383.8
404.2
419.7
444.5
488.8
526.6
566.2
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.0
699.2
708.1
716.0
172.2
186.1
197.6
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.6
176.6
176.7
182.9
187.8
197.0
190.0
194.4
200.3
205.5
211.0
215.7
186.8
183.6
191.5
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.6
183.1
182.5
184.8
183.6
183.5
1 79.3
188.8
194.4
203.5
209.0
218.4
27.6
35.7
29.2
22 2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
29.8
27.2
20.3
.0
.0
.0
.6
.0
.0
_ 2
'.0
.0
-282.7
-241.4
-159.1
-186.8
-187.2
-177.5
-152.7
-134.9
-141.5
-191.0
- 245.8
-272.1
- 283.5
-237.0
- 224.9
-220.1
-176.2
-145.1
- 154.0
-161.1
-148.6
-129.6
Source: Department of Commerce, Bureau of Economic Analysis.
34
Contributions
for
social
insurance
Subsidies less
current
surplus
of
Government
enterprises
<•')
'.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial reduction (1987:=100; seasonally adjusted)
Period
United
Statis
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
118.1
118.0
118.2
119.1
119.0
119.5
120.3
121.7
122.0
122.1
122.0
121.2
'121.4
'121.2
'121.6
123.0
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994- June
July
Sept
Oct
Nov
Dec
1995- Jan
Feb
Mar
May
July
1
Canada
.Japan
France
Italy
Germany
95.4
96.7
98.0
100.0
100.0
100.0
105.3
104.6
109.4
105.2
115.7
108.9
101.7
120.6 111.0
'97.4 122.9 111.0
'98.5 115.8
109.7
'102.9 111.0
105.6
'109.6 112.3
111.0
109.9
112.3
110.6
'110.7 111.2
112.9
'111.4 115.7
112.9
112.6
'111.9 113.5
'111.9 112.5
111.6
'113.6 115.7
112.5
'114.3 115.3
113.6
'114.8 114.0
114.0
'114.4 116.3 '112.5
'113.4 118.1
115.1
'113.5 117.0 '112.9
'114.0 116.4 '115.9
112.9 '115.4 115.4
113.3
99.6
100.0
103.9
108.8
114.5
118.7
116.3
107.4
110.8
110.5
112.7
110.6
111.4
112.7
112.9
116.1
109.8
110.5
108.8
111.9
111.2
'111.4
115.8
Data relate to all urban consumers.
Consumer prices (1982-84=100; NSA)
United
Kingdom
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.5
110.7
110.1
112.2
114.3
112.4
112.5
112.5
119.1
114.3
115.0
116.4
117.4
115.9
116.3
United
States'
96.2
100.0
104.8
107.0
106.7
102.8
102.7
104.7
110.0
110.0
110.5
111.5
112.1
111.5
110.8
111.4
111.3
111.7
112.9
'112.2
'112.4
112.0
112.3
Canada
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
148.0
148.4
149.0
149.4
149.5
149.7
149.7
150.3
150.9
151.4
151.9
152.2
152.5
152.5
152.9
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
147.6
148.2
148.3
148.4
148.2
149.0
149.2
149.8
150.5
150.8
151.2
151.6
151.6
151.9
151.8
Japan
France
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
119.3
119.2
118.6
119.2
119.5
120.0
119.7
119.4
119.4
118.9
118.8
119.3
119.6
119.5
118.7
Italy
Germany
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
145.9
145.9
145.9
145.9
146.3
146.7
146.7
146.5
146.9
147.5
147.9
148.0
148.3
148.3
148.0
148.7
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
129.4
129.5
129.6
129.7
129.8
129.9
130.1
130.4
131.0
131.5
131.6
131.9
132.1
132.7
132.6
132.3
United
Kingdom
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
193.3
193.6
194.2
194.7
195.8
196.5
197.2
197.9
199.5
201.2
202.2
203.5
204.6
204.7
205.4
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
170.0
169.2
170.0
170.4
170.6
170.7
171.5
171.5
172.6
173.3
175.1
175.8
176.0
175.2
176.1
Source: National sounds as rejwrted by Department of (^ommem! (Bureau of Economic
Analysis arid International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; montlily data seasonally adjusted]
Goods: Rx|K>rts (f.a.s. value)
.
A. . . ) . ( >y em -us*, c -gory)
Services
(HOP basis)
Goods: Imports (customs vaue)
.
H.nstis HISIS ( >y em -use c ategoiy)
Balance of trade
(exports minus iui|M>rts)
HOI* basis
Period
HOP
t>asis
223.3
1986
1987
1988
1989
1990
1991
1992
1993
1994
1994: July
AUK
Sept
Oct
Nov
Dm
1995: Jan' ....
Fob' ....
Mar' ....
Apr' ....
May' ....
June' ...
July ...
1
2
mo- sinner
Indus- Captive goods
ita!
Foods, trial
Total, feeds, Sllp- goods vehi- (nonplies except cles, food)
and
Census
and
auto- parts except
bevbasis2
and automoerages matemoenrials
tive
gines tive
motive
vehicles,
parts
and
engines
sumcr
goods
(nonfood)
except
automotive
Kxports
Imports
Goods,
(Vnsus
l>asis
Goods
Services
Goods
arid
services
250.2
320.2
382.1
389.3
416.9
440.4
456.8
502.5
227.2
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
22.3
24.3
32.3
37.2
35. 1
35.7
40.3
40.6
41.9
57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.2
21.7
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.6
14.2
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
368.4
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
24.4
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
101.3
111.0
118.3
132.3
143.2
131.6
138.6
145.6
162.0
71.8
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
86.5
98.5
111.1
127.4
147.8
164.3
178.6
187.8
198.7
81.0
91.7
99.5
103.5
118.8
119.6
122.0
130.0
138.8
-138.3
-152.1
-118.5
-109.4
— 101.7
-66.7
-84.5
-115.6
-150.6
-145.1
-159.6
- 127.0
-115.2
— 109.0
-74.1
-96.1
-132.6
-166.1
5.5
6.9
11.6
23.9
29.0
44.7
56.6
57.8
59.9
-139.6
-152.7
-115.3
-91.4
- 80.0
-29.4
-39.5
-74.8
-106.2
40.4
43.7
43.3
43.3
44.4
46.2
41.2
44.7
44.1
44.3
45.3
47.2
3.1
3.6
3.7
3.8
4.0
4.2
10.2
10.7
10.3
10.7
10.7
11.3
16.3
17.S
17.8
17.0
18.0
18.7
4.3
5.1
5.0
4.9
5.0
5.5
4.9
5.2
5.1
5.2
5.4
5.3
56.3
57.9
57.8
58.2
59.7
59.4
56.0
57.6
57.6
58.0
59.5
59.2
2.6
2.7
2.7
2.7
2.6
2.7
14.4
14.7
14.2
13.9
14.5
14.2
15.3
15.4
16.3
16.4
16.8
16.8
9.9
10.7
10.0
10.3
10.7
10.8
12.1
12.4
12.5
12.8
12.9
12.9
16.6
16.6
17.7
16.7
17.3
17.0
11.6
11.7
11.8
11.6
11.7
11.6
-14.8
-12.9
- 13.5
-13.6
-14.2
- 12.0
- 15.8
-14.2
-14.6
-14.9
-15.3
-13.3
5.0
4.9
5.9
5.1
5.6
5.4
-10.8
-9.4
-8.7
-9.8
-9.7
-7.9
44.9
45.6
47.9
47.2
48.3
47.4
46.1
45.6
46.3
48.7
47.8
49.1
48.2
46.8
3.9
3.9
4.1
4.2
4.0
3.9
4.2
11.6
11.7
12.6
12.3
12.4
12.7
11.8
17.1
17.9
19.2
18.8
19.4
19.5
19.0
5.5
5.3
5.1
5.1
5.1
4.5
4.4
5.1
5.3
5.4
5,3
5.5
5.4
5.2
60.7
59.9
62.5
63.5
64.3
63.9
62.6
60.5
59.7
61.6
62.6
63.1
63.0
62.4
2.8
•2.8
2.9
2.7
2.7
2.8
2.7
14.5
14.4
15.3
15.5
15.8
15.7
15.3
17.1
16.9
17.6
18.0
18.1
18.7
18.9
11.0
10.8
10.7
11.0
10.7
10.4
10.0
13.3
13.1
13.3
13.«
13.8
13.4
13.5
17.3
16.5
17.4
17.3
17.3
17.2
17.0
11.8
11.7
12.1
12.0
12.1
12.0
11.9
-14.9
-13.4
-12.9
-14.8
-14.1
-14.7
- 15.6
-15.8
- 14.3
- 14.5
-16.3
-16.0
-16.5
-16.6
5.5
4.8
5.3
5.3
5.2
5.2
5.1
- 10.3
-9.5
-9.2
-11.1
- 10.8
-11.3
-11.5
Includes undocumented ex|x>rts to Canada through 19H8.
Total includes "other" exports or imports, not shown separately.
IM)P
basis
Indus- CapFowls trial
ital
Total, feeds, SUp- goods
except
(Census
and
plies
basis'2
bevand
autoerages mate- morials
tive
NOTK.—HOP refers to haliince of payments on international transactions l>asis. HOI* 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 second quarter of 1995, the merchandise trade deficit rose to $49.0 billion, from $45.1 billion in the first
quarter. The current account deficit rose to $43.6 billion, from $39.0 billion in the first quarter. (First quarter data
revised.)
BILLIONS OF DOLLARS'
BIWONS OF DOLLARS*
« SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( — )]
Services
Merchandise '
Investment income
Net
Period
Exports
Imports
Net
balance
Net
military
trans-
tions
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
201 799
219 926
215915
223 344
250 208
320 230
362 120
389,307
416913
440 352
456,823
502,485
-268901
-332 418
338 088
-368 425
— 409765
447 189
477 365
-498337
-490981
536 458
-589441
- 668,584
-67 102
112 492
122 173
— 145081
159 557
126 959
— 115245
- 109,030
- 74 068
— 96 106
-132618
- 166,099
1993: I
II
111,862
114,131
111,576
119,254
-140,821
-147,718
-148,181
-152,721
-28,959
-33,587
-36,605
-33,467
118,445
122,730
127,384
133,926
- 154,935
- 164,224
-172,011
-177,414
-36,490
-41,494
- 44,627
-43,488
138,061
142,543
-183,111
-191,583
- 45,050
-49,040
in ....
IV
1994:
I
II
in ....
IV
1995: I'
II" ....
a:t
travel
and
trans-
Other
services,
tion
receipts
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
-4227
— 8 438
9 798
8484
— 7 613
2 591
4043
8002
17 032
20484
19885
19330
14 124
14404
14 483
19 194
18319
20 546
26 558
28 633
32 907
38 284
37444
38410
— 57 767
109 073
121 880
139 551
152 696
115 324
91 392
- 79 994
- 29 404
39 480
- 74 841
-106212
85200
104 756
93 677
91 976
100 767
129 070
152 517
160300
137 003
118 425
119 248
137619
5,302
5,389
5,062
4,131
9,683
9,315
9,272
9,172
-13,573
- 18,793
-21,988
-20,490
28,950
29,958
29,931
30,412
- 25,239
-27,893
-26,741
-30,376
679
4,642
4,647
4,792
5,247
8,863
9,548
9,904
10,095
-23,016
-26,923
-28,807
-27,467
30,942
32,338
36,031
38,307
- 30,826
- 34,623
-38,564
- 42,878
542
537
5,050
4,690
10,018
10,445
-29,440
-33,368
43,254
45,261
-45,215
-48,135
— 563
— 2 547
— 4 390
5 181
— 3 844
— 6 320
6 749
-7 599
— 5 274
2 142
448
2 148
401
90
283
-326
-31
376
1,124
1
Ailjusted from Census data for differences in timing arid coverage; excludes military.
-Transfers under U.S. military agency Hales contracts (exports) minus direct defense exjwnditums (imports).
36
Balance
on
goods
and
services
:l
4
Net
Balance
on goods,
services,
and
income
Unilateral
transfers,
net 4
- 26 267
78 353
17 718
20 598
43 ggjj
98 951
126 670
143 231
24 189
23 107
166 338
77 733
— 59 268
14 293
— 65 841
— 115484
26 106
— 33 393
6 869
32 148
-34084
— 35 761
— 99 925
-151 245
-9,862
-16,728
- 18,798
-20,454
-7,521
- 7,609
- 8,234
-10,722
- 17,383
- 24,337
-27,032
-31,176
-2,285
-2,533
-4,571
- 22,900
-29,208
-31,340
-32,038
- 7,371
-8,778
-8,374
-11,239
-30,271
- 37,986
-39,714
-43,277
-1,961
-2,874
- 31,401
- 36,242
- 7,624
- 7,380
-39,025
- 43,622
31 500
— 53 700
74 036
30 720
73 087
20 590
79 095
12 881
- 91 302
9 465
13 264
115 806
138 858
13 659
— 139 574
20 725
— 121 892
15 111
10 079
108 346
— 110248
9 000
- 146 891 — 9272
3,711
2,065
3,190
36
116
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
AV* p. 37 for amtinwititm oftnbk.
Balance
on
current
- 92 661
7 424
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $35.5 billion in the second
quarter of 1995, following an Increase of $29.3 billion in the first quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $15.0 billion in the second quarter, in contrast to a decrease
of $0.5 billion in the first quarter. (First quarter data revised.)
BILLIONS OF DOLLARS'
BlUIONSOf DOUARS'
120
K:\gra|>lii«
-80
* SEASONAliY ADJUSTS)
SOURCE: DSWRTMENT OF COMMERCE
COUNOl 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/capiti
)]
Period
U.S.
Total
1983
1984
1985
1986 ..
1987
1988
1989 ....
1990
1991
1992
1993
1994
1993: I
II
Ill
IV
1994: I
II
Ill
IV
1995:
I'
II" ....
r>
official
reserve
assets3 r>
Other U.S.
Government
assets
U.S.
private
assets
Total
Other
foreign
assets
-61,573
-1,196
-36,313
-3,131
-39,889
-3,858
312
- 106,753
9,149
-72,617
- 100,087
-3,912
- 168,744 -25,293
-74,011
-2,158
-57,881
5,763
-65,875
3,901
- 184,589
-1,379
-125,851
5,346
-5,006
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,911
-1,661
-330
-322
-55,372
-27,694
-33,211
- 105,044
-82,771
-99,141
- 144,710
-74,160
-66,555
-68,115
- 182,880
- 130,875
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
94,241
153,823
248,529
291,365
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,389
40,466
72,146
39,409
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
76,853
113,358
176,383
251,956
22,179
21,331
22,950
31,501
-4,028
- 13,095
54,094
44,480
-28,936
-26,399
35,985
-14,269
-983
822
-545
-673
-59
467
-281
-197
-318
401
491
-283
-931
-152
-157
-19,213
-41,474
-45,529
-76,666
-37,125
- 10,001
-27,492
-56,258
-69,873
-72,228
19,867
51,277
77,928
99,458
80,390
46,526
79,736
84,715
94,841
114,218
10,955
17,495
19,386
24,311
10,977
9,162
19,691
-421
22,308
37,759
8,912
33,782
58,542
75,147
69,413
37,364
60,045
85,136
72,533
76,459
17,245
13,993
-4,626
9,375
- 13,336
-2,567
- 12,082
13,718
19,527
4,511
-19,729
-40,933
-46,270
-77,657
-36,783
-5,973
-27,940
-55,156
-75,343
-75,107
3,537
-165
2,033
-5,318
-2,722
Consists of gold, special drawing rights (HI)lls), foreign currencies, and the U.S. reserve
jtositiori irt tint IMF.
Foreign
official
assets3
Statistical discrepancy
Allocations
of special Total (sum
which:
drawing of the items Of
Seasonal
rights
adjustment
with sign
(SDKs)
discrepancy
reversed)
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
5,367
154
-6,353
834
5,274
587
-6,641
782
6,183
410
74,378
73,968
75,835
73,442
76,809
75,732
76,532
74,335
86,761
90,063
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Page
TOTAL OUTPUT. INCOME AND SPENDING
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in Fixed-Weighted and Alternative Quantity and Price Indexes for Total GDP
Nonfinancial Corporate Business-—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Fixed Investment by Type in 1987 Dollars
Business Investment and Plans
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT. UNEMPLOYMENT. AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
,
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
,
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
,
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
f Preliminary.
r
Revised.
*" Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
rtr,
38
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