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105 tb Congress, 1st Session
Economic Indicators
SEPTEMBER 1997
(Includes data available as of September 30, 1997)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
OCT 2 11997
FEDERAL RESERVE
BANK OF CHICAGO.
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1997
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
JIM SAXTON, New Jersey, Chairman
CONNIE MACK, Florida, Vice Chairman
HOUSE OF REPRESENTATIVES
DONALD A. MANZULLO (Illinois)
MARK SANFORD (South Carolina)
MAC THORNBERRY (Texas)
JOHN T. DOOIITTLE (California)
JIM McCRERY (Louisiana)
FORTNEY PETE STARK (California)
LEE H. HAMILTON (Indiana)
MAURICE D. HINCHEY (New York)
CAROLYN B. MALONEY (New York)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
ROBERT F. BENNETT (Utah)
ROD GRAMS (Minnesota)
SAM BROWNBACK (Kansas)
JEFF SESSIONS (Alabama)
JEFF BINGAMAN (New Mexico)
PAUL S. SARBANES (Maryland)
EDWARD M. KENNEDY (Massachusetts)
CHARLES S. ROBB (Virginia)
CHRISTOPHER FRENZE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JANET L. YELLEN, Chair
JEFFREY A. FRANKEL, Member
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 1997, according to revised estimates, current-dollar gross domestic product (GDP) rose
5.2 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 3.3 percent, and the implicit price deflator
rose 1.8 percent.
BILUONS OF DOUARS (RATIO SCALE)
BIWONS Of DOUARS (RATKD SCALE)
8,400
8,400
SEASONALLY ADJUSTED ANNUAL RATES
8,000
8,000
^s\
7,600
7,200
•"^
^\f
,-'
6,800
GDP
IN CHAINED (1992) DOLLARS
6,400
Js,
r
^x
7,600
7,200
^
6,800
^
— •* "'
^
6,400
_„
-^_
6,000
6,000
x
>"
r--'
x-
^
^~-
5,600
5,600
.--•"""
5,200
5,200
GDP
V
^3UARS
/NCLJ RRENTDI
X
4,800
X
4,800
X
.
4,400
4,400
/
4,000
/ X
3,600
/
^
I
3,200
1 !
1982
1
1983
1984
1985
f
1
1986
1987
1988
1989
i i I
1
1990
1991
1
!
1
!
1
1992
1 t 1
1993
SOURCE: DEPARTMENT Of COMMERCE
t I I
1994
1995
1996
1997
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1989
1990
1991
1992
1993
1994
1995
1996
1993- I
JJ
m
IV
1994- I
n
m
IV
1995: I
n
m
IV
1996- I
n
m
IV
1997: I r
n
1
Exports and imports
of goods and services
Personal Gross
conGross
private
domestic sumption domestic
Net
product expendi- investtures
ment
exports Exports Imports
5,438.7 3,594.8
5,743.8 3,839.3
5,916.7 3,975.1
6,244.4 4,219.8
6,558.1 4,459.2
6,947.0 4,717.0
7,265.4 4,957.7
7,636.0 5,207.6
6,444.5 4,365.4
6,509.1 4,428.1
6,574.6 4,488.6
6,704.2 4,554.9
6,794.3 4,616.6
6,911.4 4,680.5
6,986.5 4,750.6
7,095.7 4,820.2
7,168.9 4,871.7
7,209.5 4,934.8
7,301.3 4,990.6
7,381.9 5,033.8
7,467.5 5,105.8
7,607.7 5,189.1
7,676.0 5,227.4
7,792.9 5,308.1
7,933.6 5,405.7
8,034.3 5,432.1
-80.4
829.2
799.7 -71.3
736.2
-20.5
790.4 -29.5
876.2
-60.7
1,007.9
-90.9
1,038.2
-86.0
1,116.5 -94.8
854.3
46 6
857.4
-57.5
872.8
-72.1
920.3 -66.6
963.4 -76.6
1,017.9
-87.9
1,007.1 -103.4
1,043.1
-95.6
1,050.8
-98.3
1,024.0 - 105.4
1,028.8
-80.4
1,049.1
-60.1
1,060.5
-83.0
1,105.4
-93.8
1,149.2
114 0
1,151.1 -88.6
1,193.6
-98.8
1,242.0 -88.7
GDP less exports of goods and services plus imports of goods and services.
509.3
589.7
628.6
557.3
622.3
601.8
669.0
639.4
719.3
658.6
721.2
812.1
904.5
818.4
870.9
965.7
693.7
647.1
661.2
718.7
718.9
646.8
746.0
679.4
678.5
755.1
797.9
710.1
836.0
732.6
859.2
763.7
882.8
784.5
913.1
807.7
912.0
831.6
909.9
849.9
933.2
850.2
865.0
958.7
977.6
863.7
993.2
904.6
922.2 1,021.0
960.3 1,049.0
Government consumption expenditures
and gross investment
Federal
Total
1,095.1
1,176.1
1,225.9
1,263.8
1,283.4
1,313.0
1,355.5
1,406.7
1,271.5
1,281.2
1,285.3
1,295.5
1,291.0
1,300.8
1,332.3
1,328.0
1,344.7
1,356.0
1,362.2
1,359.2
1,384.2
1,407.0
1,413.5
1,422.3
1,433.1
1,449.0
Total
477.2
503.6
522.6
528.0
518.3
510.2
509.6
520.0
521.3
517.8
515.7
518.5
506.9
505.3
520.4
508.3
513.6
511.2
512.9
500.6
516.4
524.6
521.6
517.6
516.1
526.1
National Nondefense defense
360.6
373.1
383.5
375.8
360.7
349.2
344.6
352.8
363.6
361.7
358.0
359.4
344.9
348.5
359.7
343.6
346.3
348.1
347.3
336.5
348.4
357.3
354.8
350.6
343.3
350.6
116.7
130.4
139.1
152.2
157.7
161.0
165.0
167.3
157.7
156.1
157.7
159.1
162.0
156.8
160.7
164.7
167.3
163.0
165.5
164.1
168.0
167.3
166.8
167.0
172.8
175.5
State
and
local
617.9
672.6
703.4
735.8
765.0
802.8
846.0
886.7
750.1
763.4
769.6
777.0
784.1
795.5
811.9
819.6
831.1
844.8
849.3
858.6
867.8
882.4
891.9
904.7
917.0
923.0
AddenFinal
Gross
dum:
sales of domestic Gross
pur- 1 national
domestic
product chases
produet
5,407.0
5,735.8
5,919.0
6,237.4
6,537.6
6,885.7
7,235.3
7,610.2
6,413.8
6,494.7
6,560.6
6,681.3
6,741.9
6,835.1
6,936.3
7,029.6
7,116.8
7,185.0
7,281.8
7,357.4
7,456.4
7,584.3
7,638.9
7,761.0
7,867.4
7,953.2
Source: Department of Commerce, Bureau of Economic Analysis.
5,519.1
5,815.1
5,937.2
6,274.0
6,618.8
7,037.9
7,351.4
7,730.9
6,491.1
6,566.7
6,646.7
6,770.8
6,870.9
6,999.2
7,090.0
7,191.3
7,267.2
7,314.8
7,381.7
7,442.0
7.550.5
7;701.5
7,790.0
7,881.5
8,032.4
8,123.1
5,452.8
5,764.9
5,932.4
6,255.5
6,576.8
6,955.2
7,270.6
7,637.7
6,468.1
6,525.3
6,596.9
6,717.1
6,811.2
6,920.3
6,992.3
7,096.8
7,175,1
7,220.6
7,298.3
7,388.5
7,475.3
7,610.5
7,669.1
7,796.1
7,919.2
8,013.6
REAL GROSS DOMESTIC PRODUCT
{Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates}
Period
Gross
domestic
product
Personal
consumption
expenditures
Gross private
domestic investment
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in business
inventories
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Net
exports
Exports
Imports
Total
Total
and
local
National Nondefense defense
Final
sales of
domestic
product
Gross
domestic
purchases1
Addendum:
Gross
national
product
1989
1990 ....
1991
1992
1993
1994
1995
1996
6,062.0
6,136.3
6,079.4
6,244.4
6,389.6
6,610.7
6,742.1
6,928.4
4,064.6
4,132.2
4,105.8
4,219.8
4,343.6
4,486.0
4,595.3
4,714.1
588.8
585.2
547.7
557.9
600.2
648.4
706.5
771.7
243.2
220.6
193.4
225.6
242.6
267.0
257.0
272.1
33.3
10.4
-3.0
7.0
22.1
60.6
27.3
25.0
-82.7
-61.9
-22.3
-29.5
-70.2
-104.6
-98.8
-114.4
520.2
564.4
599.9
639.4
658.2
712.4
791.2
857.0
603.0
626.3
622.2
669.0
728.4
817.0
890.1
971.5
1,213.9
1,250.4
1,258.0
1,263.8
1,252.1
1,252.3
1,251.9
1,257.9
531.5
541.9
539.4
528.0
505.7
486.6
470.3
464.2
401.6
401.5
397.5
375.8
354.4
336.9
322.6
317.8
130.1
140.5
142.0
152.2
151.2
149.5
147.5
146.1
682.6
708.6
718.7
735.8
746.4
765.7
781.6
793.7
6,028.7
6,126.7
6,082.6
6,237.4
6,368.9
6,551.2
6,712.7
6,901.0
6,147.8
6,199.8
6,101.6
6,274.0
6,459.0
6,712.7
6,837.5
7,037.7
6,075.7
6,157.0
6,094.9
6,255.5
6,408.0
6,619.1
6,748.7
6,932.0
1993: I
6,327.9
6,359.9
6,393.5
6,476.9
6,524.5
6,600.3
6,629.5
6,688.6
4,286.8
4,322.8
4,366.6
4,398.0
4,439.4
4,472.2
4,498.2
4,534.1
577.8
595.1
602.3
625.6
626:2
641.2
653.2
672.9
237.0
236.1
242.2
255.1
261.3
271.5
269.4
265.9
32.3
16.6
15.3
24.2
53.1
75.9
49.7
63.6
-54.7
-62.6
-83.1
-80.5
-97.6
- 103.9
-111.1
-105.9
647.2
660.1
646.3
679.1
676.0
704.1
722.1
747.3
701.9
722.7
729.4
759.7
773.6
808.0
833.2
853.2
1,250.1
1,253.1
1,250.5
1,254.7
1,241.9
1.243.3
1,268.1
1,255.8
512.1
507.8
501.5
501.3
487.2
481.2
496.4
481.7
359.2
356.7
351.1
350.8
335.1
335.9
347.0
329.6
152.9
151.1
150.3
150.4
151.9
145.1
149.4
151.7
738.0
745.3
749.1
753.4
754.7
762.2
771.7
774.1
6,297.3
6,344.9
6,379.3
6,453.8
6,473.0
6.526.7
6,580.4
6,624.8
6,382.3
6,422.0
6,475.6
6,556.2
6,620.2
6,701.8
6,737.5
6,791.3
6,351.3
6,375.9
6,415.3
6,489.7
6,540.5
6,609.3
6,635.6
6,691.2
6,703.7
6.708.8
6,759.2
6,796.5
6,826.4
6,926.0
6,943.8
7,017.4
7,101.6
7,159.6
4,551.3
4,583.5
4,612.9
4,633.5
4,669.4
4,712.2
4,718.2
4,756.4
4,818.1
4,829.4
695.7
705.4
708.2
716.8
736.9
759.7
789.3
800.8
808.9
837.0
261.2
250.4
255.5
260.8
266.1
277.2
274.1
271.1
273.3
278.2
48.5
21.6
17.0
22.2
8.0
21.3
37.9
32.9
63.7
77.6
-113.5
-112.8
-92.9
-76.1
-100.8
-112.6
-138.9
- 105.6
- 126.3
-136.6
760.4 873.9 1,257.7
777.4 890.3 1,257.3
802.4 895.4 1,255.0
824.6 900.7 1,237.7
828.2
929.0 1,243.2
847.4 960.0 1,265,1
990.2 1,261.5
851.4
901.1 1,006.6 1,261.8
922.7 1,048.9 1,260.5
962.5 1,099.1 1,270.1
480.4
474.9
473.4
452.6
460.9
470.7
465.7
459.6
452.8
460.1
328.7
327.4
324.0
310.3
314.9
323.2
319.4
313.6
303.9
309.4
151.4
147.3
149.1
142.1
145.7
147.2
146.0
145.7
148.5
150.2
777.3
782.3
781.5
785.1
782.4
794.4
795.9
802.3
807.7
810.1
6,654.3
6,685.3
6,739.3
6,771.9
6,815.0
6,902.3
6,905.0
6,981.7
7,034.1
7,077.7
6,813.2
6,817.3
6,848.9
6,870.4
6,923.2
7,033.6
7,075.3
7,118.4
7,220.9
7,286.9
6,711.3
6,721.0
6,758.3
6,804.2
6,834.7
6,930.1
6,940.2
7,023.1
7,091.8
7,144.4
n ..
in
IV
1994: I
n
m
IV
1995: I
n
m
IV
1996: I .
n
m
IV
1997: I
H'
1
GDP less exports of goods and services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-doliar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 1992—100; quarterly data are seasonally adjusted}
Gross private
domestic investment
Personal consumption
expenditures
Period
1989
1990
1991
1992
1993
1994
1995
1996
1993- I
n
in
IV
1994: I
n
ra
IV
1995- I
n
m
IV
1996: I
n
m
IV
1997: I ..
n--
Gross
domestic
product
Total
Durable
goods
Nondurable goods
Services
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federal
Nonresidentiat
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and
local
89.72
93.60
97.32
100.00
102.64
105.09
107.76
110.21
88.44
92.91
96.82
100.00
102.66
105.15
107.89
110.47
95.29
96.59
98.54
100.00
101.22
103.27
104.27
103.83
89.28
94.62
98.06
100.00
101.46
102.77
104.48
107.15
86.55
91.22
95.78
100.00
103.62
106.85
110.53
113.76
96.16
98.41
93.92
100.00
100.65
101.89
102.33
101.26
95.08
97.80
98.85
100.00
103.71
107.11
110.93
113.64
97.91
98.74
100.31
100.00
100.07
101.23
103.44
101.61
97.81
100.37
100.02
100.00
98.75
9S.39
101.62
99.40
89.79
92.93
96.88
100.00
102.50
104.85
108.34
112.02
89.79
92.93
96.47
100.00
101.76
103.64
106.83
111.02
89.70
92.84
97.94
100.00
104.29
107.70
111.88
114.47
90.52
94.91
97.86
100.00
102.49
104.85
108.24
111.71
101.84
102.35
102.83
103.51
101.83
102.44
102.79
103.57
100.47
100.95
101.37
102.02
101.27
101.37
101.26
101.93
102.42
103.33
103.93
104.79
100.48
100.63
100.69
100.81
102.52
103.39
104.23
104.80
99.98
100.16
100.08
100.04
98.83
99.45
98.56
98.21
101.80
101.96
102.85
103.43
101.23
101.42
101.98
102.44
103.16
103.27
104.93
105.81
101.65
102.43
102.74
103.13
104.13
104.71
105.39
106.09
103.99
104.66
105.61
106.31
102.28
102.99
103.84
103.94
101.89
102.20
103.32
103.65
105.50
106.35
107.24
108.27
101.35
101.83
102.19
102.17
105.77
106.35
107.46
108.84
100.36
100.84
101.45
102.19
97.61
98.75
100.33
100.71
104.03
105.01
104.83
105.53
102.91
103.73
103.68
104.26
106.68
108.04
107.56
108.53
103.89
104.37
105.20
105.89
106.94
107.46
108.02
108.61
107.04
107.66
108.19
108.64
104.31
104.34
104.28
104.17
103.85
104.31
104.70
105.05
109.37
110.22
110.94
111.57
102.18
102.43
102.43
102.28
110.19
110.65
111.13
111.74
103.18
103.89
103.63
103.06
101.02
102.56
101.86
101.02
106.91
107.63
108.34
110.60
105.37
106.35
107.20
108.47
110.49
110.66
111.05
115.49
106.92
107.99
108.67
109.35
109.39
109.84
110.54
111.05
109.35
110.12
110.79
111.60
104.34
103.88
103.69
103.41
106.02
107.03
107.28
108.25
112.26
113.19
114.28
115.25
101.87
101.26
101.18
100.80
112.29
112.80
114.36
115.10
102.66
102.07
101.44
110.39
100.46
99.87
98.73
98.66
112.04
111.46
111.99
112.62
110.64
110.56
111.07
111.80
115.34
113.66
114.23
114.66
110.93
111.07
112.07
112.76
111.71
112.22
112.20
112.48
103.24
102.46
108.89
108.88
116.01
116.69
100.29
99.91
115.68
116.65
99.95
99.77
97.34
95.44
113.98
114.34
112.99
113.31
116.39
116.82
113.52
113.94
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
[Quarterly data are seasonally adjusted!
Index numbers, 1992=100
Real GDP
(chain-type
quantity
index)
GDP
(current
dollars)
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993: I ...
IV .
1994: I ...
n ..
m
IV .
1995: I ...
1996:
n ..
m
iv.
I ...
n ..
ra
iv.
1997: I ...
73.16
75.92
78.53
80.58
83.06
86.10
89.72
93.64
97.32
100.00
102.64
105.09
107.76
110.22
101.85
102.38
102.83
103.52
104.16
104.74
105.39
106.07
106.93
107.49
108.03
108.60
109.35
109.86
110.59
111.10
111.78
112.27
76.93
82.32
85.25
87.88
90.47
93.93
97.08
98.27
97.36
100.00
102.32
105.87
107.97
110.95
101.34
101.85
102.39
103.72
104.49
105.70
106.17
107.11
107.36
107.44
108.24
108.84
109.32
110.92
111.20
112.38
113.73
114.66
56.28
62.49
66.95
70.82
75.14
80.87
87.10
91.98
94.75
100.00
105.02
111.25
116.35
122.29
103.20
104.24
105.29
107.36
108.81
110.68
111.88
113.63
114.80
115.45
116.92
118.22
119.59
121.83
122.93
124.80
127.05
128.66
n ..
ra
GDP
chain-type
price index
1
Percent changes based on indexes to 3 decimal places. Quarterly percent changes are at
annual rates.
Percent change from preceding period '
GDP
implicit
price
deflator
Real GDP
(chain-type
quantity
index)
GDP
(current
dollars)
73.16
75.92
78.53
80.58
83.06
86.09
89.72
93.60
97.32
100.00
102.64
105.09
107.76
110.21
101.84
102.35
102.83
103.51
104.13
104.71
105.39
106.09
106.94
107.46
108.02
108.61
109.39
109.84
110.54
111.05
111.71
112.22
8.4
11.0
7.1
5.8
6.1
7.6
7.7
5.6
3.0
5.5
5.0
5.9
4.6
5.1
3.9
4.1
4.1
8.1
5.5
7.1
4.4
6.4
4.2
2.3
5.2
4.5
4.7
7.7
3.6
6.2
7.4
5.2
GDP
chain-type
price
index
4.0
7.0
3.6
3.1
2.9
3.8
3.4
1.2
-.9
2.7
2.3
3.5
2.0
2.8
.1
2.0
2.1
5.3
3.0
4.7
1.8
3.6
.9
.3
3.0
2.2
1.8
6.0
1.0
4.3
4.9
3.3
GDP
implicit
price
deflator
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.4
3.9
2.8
2.6
2.4
2.5
2.3
3.9
2.1
1.8
2.7
2.5
2.2
2.5
2.6
3.3
2.1
2.0
2.1
2.8
1.9
2.7
1.9
2.4
1.8
4.3
3.8
3.4
2.6
3.1
3.7
4.2
4.3
4.0
2.8
2.6
2.4
2.5
2.3
3.9
2.0
1.9
2.7
2.4
2.2
2.6
2.7
3.3
2.0
2.1
2.2
2.9
1.7
2.6
1.9
2.4
1.8
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS. AND PROFITS
j Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of real output (dollars) l
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1989
1990
1991
1992
1993
1994
1995
1996
1993: I ...
n..
m
IV.
1994: I ...
H ..
ra
IV.
1995: I ...
n..
ra
rv.
1996: 1 ....
n...
m.
IV..
1997:
I ....
Current
dollars
Chained
(1992)
dollars
2,950.9
3,084.0
3,132.1
3,262.6
3,430.4
3,709.7
3,905.3
4,132.4
3,351.8
3,400.3
3,444.3
3,525.2
3,624.5
3,668.9
3,729.1
3,816.4
3,833.6
3,860.4
3,940.4
3,986.8
4,030.7
4,112.9
4,165.8
4,220.1
4,299.7
4,361.1
3,179.8
3,210.2
3,168.8
3,262.6
3,374.4
3,586.3
3,719.7
3,887.8
3,310.2
3,352.5
3,387.2
3,447.7
3,526.1
3,559.8
3,594.6
3,664.9
3,664.9
3,683.2
3,747.7
3,782.9
3,801.8
3,872.4
3,913.7
3,963.5
4,022.2
4,068.9
'Output is measured by GDP of nonfinancial corporate business in chained (1992) dollars.
This is equal to the deflator for gross domestic product of nonfmanciaJ corporate business
with the decimal point shifted two places to the left.
2
Total
cost and
profit2
0.928
.961
.988
1.000
1.017
1.034
1.050
1.063
1.013
1.014
1.017
1.022
1.028
1.031
1.037
1.041
1.046
1.048
1.051
1.054
1.060
1.062
1.064
1.065
1.069
1.072
3
Consumption of
fixed
capital
0.094
.096
.101
.101
.101
.101
.100
.101
.101
.101
.102
.100
.106
.099
.099
.098
.099
.101
.100
.101
.101
.101
.101
.101
.101
.101
Indirect
business
tax, etc.3
0.088
.092
.100
.103
.106
.108
.107
.108
.105
.106
.106
.108
.108
.108
.109
.108
.108
.108
.107
.107
.109
.109
.108
.108
.107
.107
Compensation
of employees
0.613
.640
.660
.673
.679
.677
.687
.690
.681
.680
.679
.675
.673
.677
.679
.678
.687
.689
.685
.686
.687
.689
.691
.693
.697
.698
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.087
.086
.085
.091
.103
.122
.128
.140
.095
.100
.102
.113
.115
.120
.124
.129
.123
.122
.132
.133
.138
.140
.141
.142
.143
.144
Profits
tax
liability
0.031
.030
.027
.028
.031
.036
.037
.040
.028
.031
.030
.035
.034
.035
.036
.038
.038
.037
.037
.037
.039
.040
.040
.040
.040
.040
Profits
after
tax4
0.056
.056
.058
.063
.072
.086
.090
.101
.068
.069
.072
.078
.081
.085
.087
.090
.084
.086
.094
.096
.099
.100
.101
.102
.103
.104
Net
interest
0.046
.046
.042
.032
.028
.027
.027
.023
.030
.028
.027
.027
.026
.026
.027
.028
.029
.028
.027
.026
.025
.024
.022
.021
.021
.021
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Source: Department of Commerce, Bureau of Economic Analysis.
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Period
National
income
1990
1991
1992
1993
1994
1995
1996
1993- HI
IV
1994- I
4,652.1
4,761.6
4,990.4
5,266.8
5,590.7
5,912.3
6,254.5
5,281.7
5,388.7
5,423.2
5,556.3
5,636.1
5,747.3
5,807.9
5,862.4
5,953.4
6,025.5
6,108.8
6,229.4
6,303.3
6,376.5
6,510.0
6,599.0
n
m
IV
1995- I
n
m
IV
1996- I
n
m
IV
1997- I
H'
]
Proprietors' income
with inventory valuation and capita] consumption adjustments
Compensation
of
employees1
Farm
35.4
29.3
37.1
32.4
36.9
23.4
37.2
25.6
38.0
46.4
38.8
33.2
29.1
20.6
21.3
22.9
28.9
31.9
36.5
40.1
40.4
40.2
43.6
3,352.8
3,457.9
3,644.9
3,814.9
4,012.0
4,215.4
4,426.9
3,837.6
3,876.2
3,937.4
3,988.0
4,028.7
4,093.9
4,153.2
4,187.9
4,238.0
4,282.6
4,322.2
4,403.9
4,461.0
4,520.7
4,606.3
4,663.4
Nonfarm
338.6
347.2
386.7
418.4
434.7
465.5
483.1
420.6
426.5
417.5
435.9
438.4
447.0
457.6
463.1
468.7
472.6
477.4
483.5
483.7
487.9
494.4
500.0
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and
capital consumption adjustments
Rental
income
of
persons
with
capital
consumption
adjustment
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
61.0
67.9
79.4
105.7
124.4
132.8
146.3
106.1
111.5
112.7
126.0
130.1
128.9
130.5
132.3
131.5
137.1
143.4
144.6
148.0
149.2
149.0
148.7
397.1
411.3
428.0
492.8
570.5
650.0
735.9
492.8
541.2
512.0
562.0
590.1
617.7
613.2
628.0
672.8
685.7
717.7
738.5
739.6
747.8
779.6
795.1
Profits
before tax
Inventory
valuation
adjustment
371.7
374.2
406.4
465.4
535.1
622.6
676.6
459.6
508.9
475.1
525.3
556.2
583.9
610.7
615.0
630.6
634.1
664.9
682.2
679.1
680.0
708.4
719.8
-13.5
4.0
-7.5
-8.5
-16.1
-24.3
-2 5
.2
-4.8
-4,3
-15.1
-21.2
-23.6
-50.3
-37.8
-9.3
.4
-5 1
-5.4
-2.7
3.3
3.5
5.9
358.2
378.2
398.9
456.9
519.1
598.4
674.1
459.8
504.1
470.8
510.2
535.0
560.3
560.4
577.2
621.4
634.5
659.8
676.8
676.4
683.4
711.9
725.7
Capital
consumption
adjustment
Net
interest
38.9
33.1
29.1
36.0
51.4
51.6
61.8
33.0
37.1
41.2
51.8
55.1
57.4
52.9
50.8
51.5
51.1
57.9
61.6
63.2
64.4
67.7
69.4
467.3
448.0
414.3
402.5
412.3
425.1
425.1
398.9
395.4
397.2
405.6
415.6
430.7
432.7
429.7
419.5
418.6
416.2
422.5
430.9
430.6
440.5
448.1
Source: Department of Commerce, Bureau of Economic Analysis.
REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates)
Nondurable goods
Durable goods
Period
1990
1991
1992
1993
1994
1995
1996
1993: HI
IV
1994- I
n
m
IV
1995: I
n
in
IV
1996: I
n
m
IV
1997: I
H'
1
Total
personal
consumption
expenditures
4,132.2
4,105.8
4,219.8
4,343.6
4,486.0
4,595.3
4,714.1
4,366.6
4,398.0
4,439.4
4,472.2
4,498.2
4,534.1
4,551.3
4,583.5
4,612.9
4,633.5
4,669.4
4,712.2
4,718.2
4,756.4
4,818.1
4,829.4
Total
durable
goods
Motor
vehicles
and
parts
493.3
462.0
488.5
523.8
561.2
583.6
611.1
529.9
542.1
550.7
555.8
561.7
576.6
572.2
577.7
590.8
593.7
600.7
614.8
611.9
617.1
637.8
629.0
224.3
193.2
206.9
218.9
230.0
229.5
231.3
219.8
228.4
231.6
228.4
227.3
232.6
226.2
227.5
232.9
231.6
233.4
234.2
229.7
228.0
233.4
223.1
Furniture
and
household
equipment
Other
173.5
177.0
189.4
207.8
229.4
248.4
269.5
210.9
214.8
219.1
226.1
232.2
240.3
241.4
244.6
251.5
256.2
259.2
269.9
272.3
276.8
287.4
292.3
96.6
91.8
92.3
97.2
102.3
107.2
113.3
99.3
99.0
100.0
101.6
102.9
104.5
105.9
107.0
107.9
107.9
110.2
113.4
113.2
116.3
121.4
119.7
Total
nondurable
goods
1,316.1
1,302.9
1,321.8
1,351.0
1,389.9
1,412.6
1,432.3
1,356.8
1,361.8
1,378.4
1,385.5
1,393.2
1,402.5
1,408.4
1,411.6
1,413.9
1,416.3
1,422.5
1,431.6
1,433.9
1,441.2
1,457.8
1,450.0
Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Food
662.9
659.6
660.0
675.3
687.9
690.5
689.7
677.9
679.2
684.3
689.8
687.9
689.5
690.8
690.2
690.6
690.6
692.4
690.3
687.3
689.0
694.6
688.2
Clothing
Gasoline
and
and oil
shoes
217.9
215.9
225.5
234.2
247.1
257.5
267.7
235.9
238.6
243.1
242.7
248.1
254.7
255.3
257.0
259.1
258.7
261.6
268.4
270.8
270.0
277.1
273.8
107.3
103.4
106.6
108.7
109.8
113.1
114.1
109.8
109.0
109.2
109.6
109.9
110.7
112.7
113.2
113.0
113.6
112.9
114.5
114.1
114.8
114.7
116.1
Services
Fuel
oil
and
coal
Other
Total
services '
Housing
Medical
care
11.2
10.8
10.9
10.7
10.7
10.5
10.6
10.9
10.9
11.9
10.2
10.7
10.2
10.0
10.6
10.4
11.1
11.1
10.4
10.6
10.3
9.4
10.1
316.7
313.2
318.8
322.1
334.3
341.3
351.2
322.3
324.0
329.9
333.0
336.7
337.8
339.9
341.0
341.5
342.9
345.1
349.1
352.5
358.3
363.7
363.4
2,321.3
2,341.0
2,409.4
2,468.9
2,535.5
2,599.6
2,671.0
2,480.0
2,494.4
2,510.9
2,531.4
2,543.8
2,555.9
2,571.2
2,594.5
2,608.7
2,623.8
2,646.5
2,666.5
2,672.8
2,698.2
2,723.9
2,749.8
627.2
635.2
646.8
654.7
674.3
688.2
700.2
655.8
660.0
666.8
672.2
677.0
681.1
683.7
686.7
689.7
692.8
695.6
698.7
701.7
704.8
708.3
712.0
602.8
621.6
646.6
655.3
662.1
674.9
688.1
656.4
656.7
658.1
661.1
663.2
666.0
669.5
672.9
677.0
680.4
679.4
686.2
689.8
697.1
704.4
708.8
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales
of new passenger cars
and light
trucks
(millions of
units)
13.9
12.3
12.8
13.9
15.0
14.7
15.0
13.8
14.6
14.9
14.9
14.9
15.3
14.7
14.4
14.9
15.0
15.0
15.1
15.1
14.9
15.3
14.5
SOURCES OF PERSONAL INCOME
Personal income rose $39.5 billion (annual rate) in August, following an increase of $16.4 billion in July. Wages
and salaries increased $31.7 billion in August, compared to an increase of $3.6 billion in July.
BILUONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
7,000
7,000
6,000
6,000
5,000
5,000
TOTAL PERSONAL INCOME
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
\
1,400
OTHER INCOME
1,400
800
800
TRANSFER PAYMENTS
400
J IIII I
1989
1990
1991
400
l l l I I I I t I ll
1992
1995
1994
1993
*SEASONAUYADIUSTED ANNUAL RATES
SOURCE: DEPAXfttfNT Of COMMERCE
1996
1997
COUNOL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- Aug
Sept
Get
Nov
Dec
1997- Jan
Peb
Mar
Aprr
May
July
Axuff
Total
personal
income
4,184.6
4,501.0
4,804.2
4,981.6
5,277.2
5,519.2
5,791.8
6,150.8
6,495.2
6,538.9
6,582.0
6,575.6
6,615.2
6,664.4
6,700.1
6,750.3
6,788.2
6,800.9
6,822.8
6,863.5
6,879.9
6,919.4
Wage and
salary
disbursements1
2,453.6
2,598.1
2,757.5
2,827.6
2,986.4
3,089.6
3,240.7
3,429.5
3,632.5
3,660.6
3,694.6
3,683.5
3,713.4
3,753.7
3,754.1
3,799.1
3,821.3
3,822.1
3,835.1
3,867.6
3,871.2
3,902.9
Proprietors' income3
Other labor
income ' z
27.5
36.3
35.4
29.3
37.1
32.4
36.9
23.4
37.2
40.2
40.7
40.8
40.5
39.9
39.4
39.9
41.4
43.0
43.8
44.0
43.5
42.1
251.7
273.1
300.6
322.7
351.3
385.1
405.0
406.8
407.6
408.2
410.2
407.2
408.7
411.4
410.5
412.5
413.9
414.4
415.3
415.6
416.3
417.0
1
The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and
the excess of wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
Farm
3
Nonfarm
307.8
321.1
338.6
347.2
386.7
418.4
434.7
465.5
483.1
482.6
484.4
485.8
487.9
490.0
492.8
494.6
495.8
497.9
499.8
502.4
507.3
508.4
Rental
income
of
persons4
55.1
51.7
61.0
67.9
79.4
105.7
124.4
132.8
146.3
148.0
149.2
149.2
149.2
149.1
148.5
149.3
149.2
149.3
148.9
147.8
147.4
148.1
Personal
dividend
income
109.9
130.9
142.9
153.6
159.4
185.3
204.8
251.9
291.2
291.9
292.7
293.7
295.0
296.9
310.7
312.5
314.4
316.3
318.3
320.3
322.4
324.5
Personal
interest
income
595.5
674.5
704.4
699.2
667.2
651.0
668.1
718.9
735.7
743.0
746.2
747.8
749.8
751.8
754.3
757.0
760.4
763.4
766.0
768.9
772.0
775.9
Transfer
payments5
Less: Personal contributions
for social
insurance
577.6
626.0
687.8
769.9
858.2
912.0
954.7
1,015.0
1,068.0
1,072.4
1,074.3
1,077.0
1,081.8
1,085.5
1,105.5
1,104.1
1,111.9
1,114.6
1,116.6
1,119.7
1,123.1
1,125.8
With inventory valuation and capital consumption adjustments.
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Source: Department of Commerce, Bureau of Economic Analysis.
4
5
194.2
210.8
223.9
235.8
248.4
260.3
277.5
293.1
306.3
308.1
310.2
309.4
311.3
313.8
315.8
318.7
320.1
320.1
320.9
323.0
323.2
325.2
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annual
rate of 2.3 percent in the second quarter of 1997.
BILLONS OF DOLLARS' (RATIO SCAlf)
BILLIONS OF DOLLARS' (RATIO SCALE)
2,500
I I
DOUARS* (RATIO SCALE)
22,000
PER CAPITA DISPOSABLE PERSONAL INCOME
20,000
CHAINED (1 992) DOLLARS
18,000
._
1
*- — —
16,000
14,000
^—•
^_„.
r*^r^-
.-^-*
**"
20,000
-
18,000
Z^-=- ^=-~
"
---'
12,000
,
2,000
DOLLARS* (RATIO SCALE)
22,000
16,000
T[
14,000
CURRENT DOLLARS
12,000
x^
10,000
10,000
^
8,000
1982
i i i
1983
i : i
1984
i i i
1985
111
I I I
I t I
1986
1987
1988
111
1989
I i I
1990
\ I I
i i i
111
1991
1992
1993
1 1
I I I
1
1994
1995
1996
!
1 !
E
1 1
8,000
1997
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal1
outlays
Equals:
Personal
saving
Disposable
personal
income in
billions of
chained
(1992)
dollars
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1990
1991
1992
1993
1994
1995
1996
4,804.2
4,981.6
5,277.2
5,519.2
5,791.8
8,150.8
6,495.2
624.8
624.8
650.5
690.0
739.1
795.1
886.9
4,179.4
4,356.8
4,626.7
4,829.2
5,052.7
5,355.7
5,608.3
Chained
(1992)
dollars
Per capita personal
consumption
expenditures
Current
dollars
Chained
(1992)
dollars
Dollars
3,958.1
4,097.4
4,341.0
4,580.7
4,842.1
5,101.1
5,368.8
221.3
259.5
285.6
248.5
210.6
254.6
239.6
4,498.2
4,500.0
4,626.7
4,703.9
4,805.1
4,964.2
5,076.9
16,721
17,242
18,113
18,706
19,381
20,349
21,117
Percent
change
in real
per capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands)2
Percent
17,996
17,809
18,113
18,221
18,431
18,861
19,116
15,360
15,732
16,520
17,273
18,093
18,837
19,608
16,532
16,249
16,520
16,825
17,207
17,460
17,750
0.8
-1.0
1.7
.6
1.2
2.3
1.4
5.3
6.0
6.2
5.1
4.2
4.8
4.3
249,956
252,680
255,432
258,161
260,705
263,194
265,579
17,975
18,247
18,246
18,413
18,154
18,409
18,493
18,667
18,834
18,798
18,871
18,942
19,071
19,081
19,161
19,152
19,331
19,439
16,976
17,177
17,363
17,574
17,774
17,978
18,199
18,419
18,578
18,774
18,938
19,055
19,291
19,562
19,660
19,919
20,247
20,303
16,671
16,769
16,891
16,968
17,092
17,178
17,232
17,326
17,356
17,438
17,505
17,540
17,642
17,765
17,745
17,848
18,046
18,051
-7.5
6.2
-.0
3.7
-5.5
5.7
1.8
3.8
4.6
5.6
4.9
5.4
3.4
4.2
4.4
4.7
5.3
4.6
4.5
4.6
4.7
4.1
4.5
3.9
3.7
4.2
257,151
257,785
258,516
259,191
259,738
260,351
261,040
261,692
262,235
262,847
263,527
264,169
264,680
265,258
265,887
266,491
266,987
267,545
Seasonally adjusted annual rates
1993: I
II
m
IV
1994- I
II ...
m
rv
1995- I
II
in
IV
1996: I
n
m
IV
1997- I
II -
5,369.4
5,504.1
5,544.2
5,659.1
5,516.3
5,766.6
5,838.1
5,946.1
6,053.1
6,114.8
6,179.1
6,256.2
6,359.4
6,461.3
6,541.9
6,618.4
6,746.2
6,829.1
1
662.5
685.6
695.5
716.4
712.9
750.5
739.9
753.0
766.5
795.1
798.9
820.0
840.0
887.8
897.3
922.6
955.7
979.2
4,707.0
4,818.5
4,848.7
4,942.8
4,903.4
5,016.1
5,098.2
5,193.1
5,286.6
5,319.6
5,380.2
5,436.2
5,519.4
5,573.5
5,644.6
5,695.8
5,790.5
5,849.9
4,488.4
4,549.5
4,609.8
4,675.2
4,738.2
4,803.3
4,876.1
4,950.7
5,007.3
5,074.3
5,136.4
5,186.3
5,261.3
5,347.8
5,390.6
5,475.4
5,574.6
5,602.8
218.6
269.0
239.0
267.6
165.2
212.8
222.1
242.4
279.2
245.4
243.8
249.9
258.1
225.7
254.0
220.4
215.9
247.0
4,622.3
4,703.9
4,716.9
4,772.5
4,715.3
4,792.8
4,827.3
4,884.9
4,938.9
4,940.9
4,973.0
5,003.9
5,047.6
5,061.3
5,094.8
5,103.8
5,161.1
5,200.9
Includes persona) consumption expenditures, interest paid by persons, and persona! transfer
payments to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
18,304
18,692
18,756
19,070
18,878
19,267
19,530
19,844
20,160
20,239
20,416
20,579
20,853
21,012
21,229
21,373
21,689
21,865
3.6
-.8
1.6
1.5
2.8
.2
1.7
-.2
3.8
2.3
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1996, according to preliminary estimates, gross farm income fell $5.8 billion (annual rate)
and net farm income fell $6.5 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILUONS OF DOLLARS* (RATIO SCALE)
280
240
280
r*—
\~~^^
N
x-
f •
•>
V _^ -
XX-
^
200
^
160
1
\,
120
120
C5ROSS FAIIMINCC^
80
40
ft
1'
K /'»
l
1 W
\
\
/
I' W
\' '
i
\/
''
'\
* /
\j
;'
\
—\
,
"Xv
/
\/
60
\* -
K
\
/
x
V
\ ,'
Is
\
\ s ,
s
J
\
\A
N
40
NETFAF!M INCO\€
20
1
1
It i
l\ 1
1
'1, |
'"
i
10
l|
4
i i i
i i i
!
1982
T983
1984
1
1
i i i
1985
i i i
1986
i ii
1987
i i i
1989
..j i i
1988
i i l
1990
1 1 1
1991
1 i 1
1992
i i i
1993
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1 1 1
1994
111
1995
i i i l
1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Cash marketing receipts
Total1
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
168.4
177.9
191.9
198.2
191.9
'200.6
204.2
215.8
210.4
233.1
1996P
1995: I
II
III
IV
1996- I
II
Ill
rv>
208.3
206.4
218.5
208.4
239.1
238.4
230.4
224.6
141.8
151.2
160.8
169.5
167.9
171.3
177.6
180.8
185.8
202.0
180.6
181.0
199.8
181.5
203.4
205.6
205.9
193.0
•Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year.
Livestock and
products
76.0
79.6
83.9
89.2
85.8
85.6
90.2
88.1
86.8
92.9
83.2
81.6
96.1
86.5
90.1
90.5
96.7
94.2
Crops
65.8
71.6
76.9
80.3
82.1
85.7
87.5
92.6
98.9
109.1
97.4
99.4
103.7
95.1
113.3
115.1
109.2
98.8
Value of
inventory
changes2
-2.3
-4.1
3.8
3.3
-.2
4.2
-4.58.2
-3.4
2.8
-4.1
-3.9
-3.0
-2.4
3.4
3.2
2.6
2.1
Production
expenses
131.0
139.9
146.7
153.4
153.3
152.5
160.5
167.4
175.6
183.7
172.4
175.4
177.5
177.0
180.0
184.6
184.9
185.5
Net farm
income
37.4
38.0
45.3
44.8
38.5
48.0
43.6
48.4
34.8
49.3
35.9
30.9
41.0
31.4
59.1
53.8
45.5
39.0
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture.
CORPORATE PROFITS
In the second quarter of 1997, according to revised estimates, corporate profits before tax rose $114 billion (annual
rate) and profits after tax rose $8.1 billion.
BILLIONS OF DOLLARS
BILUONS OF DOLLARS
/40
/40
SEASONAUY ADJUSTED ANNUAL RATES
700
700
/
650
'
650
600
600
/
550
^
550
-
i
500
J"
450
200
50
0
400
r*
-^~-^~J
i—\
350
,•
~— — — /
V-— ,_ .''^'
111
I
1982
1983
I !
Vr-n
r'* x ^ \
\-^
— — <•
'N..—
',••"*
\
1985
/
4
1
1986
-
*"'
\ i.
^
1
1987
1
i i i
1988
1
v
1
--— ''
—.
1
1989
I I I
1990
1 1 I
1991
250
-
_.*"-
200
,._/
«/'
-
f
-
150
•' V
/"*
*•*"
i ii
'
/
•-^
T/OtUABILHV
**••'
1 1 1
1984
-
,— ~ --'.
^-'
"' — "•
./
300
PROF FS AFTER TAX
/
-
S
^.
300
250
450
-
.
V
p-^
r i
350
,'
J
.
/\ f
PROFITS BEFORE TAX
\
400
500
S/
\/
100
-
\
WBUTED
\ ii
i i i
1
1992
1993
1994
1 1
111
i i i
1995
1996
50
i i i
1997
0
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment '
Profits after tax
Domestic industries
Period
Total2
Total
1989 .
1990
1991
1992 ,
1993 . .
1994
1995
1996
1993- I
n
m
IV
1994: I
n
m
IV
1995: I
n
m
IV
1996: I
n
m
IV
1997: I
TJ'
330.6
358.2
378.2
398.9
456.9
519.1
598.4
674.1
419.2
444.4
459.8
504.1
470.8
510.2
535.0
560.3
560.4
577.2
621.4
634.5
659.8
676.8
676.4
683.4
711.9
725.7
1
2
3
272.6
292.5
309.5
334.0
383.0
445.7
511.7
578.2
339.7
374.5
382.7
435.2
398.9
437.9
460.7
485.2
476.9
486.8
540.9
542.1
568.7
583.5
584.6
575.8
614.5
624.9
Financial
53.1
68.6
87.4
83.7
82.9
69.4
97.6
103.5
76.6
84.7
79.4
91.0
44.1
72.3
81.3
80.0
89.5
96.3
107.1
97.4
110.4
111.5
104.0
88.1
116.5
117.5
3
Total
219.6
223.8
222.1
250.3
300.1
376.3
414.1
474.7
263.1
289.8
303.3
344.2
354.7
365.6
379.5
405.3
387.3
390.4
433.8
444.7
458.3
472.0
480.7
487.8
498.0
507.4
Manufacturing
109.3
112.3
92.7
96.3
116.7
151.6
181.3
205.5
95.8
115.1
113.8
142.2
149.7
138.8
151.6
166.2
161.9
170.3
194.5
198.4
197.1
204.8
210.5
209.7
208.2
221.0
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Profits
before
tax
Nonfinancial
Wholesale
20.4
17.2
20.6
23.0
24.3
29.4
26.9
38.3
20.5
26.3
24.8
25.4
28.1
33.8
27.3
28.6
25.5
20.3
28.5
33.2
37.2
30.8
37.7
47.4
49.0
49.5
Tax
liability
Total
Dividends
Undistributed
profits
138.9
151.9
163.1
169.5
195.8
216.2
264.4
304.8
188.0
192.5
198.3
204.2
203.2
211.6
220.0
230.2
255.5
260.8
266.8
274.4
300.7
303.7
305.7
309.1
326.8
333.0
67.9
79.4
77.7
93.9
104.5
132.3
145.0
142.8
94.5
103.6
100.1
119.7
108.9
131.0
141.6
147.5
145.6
145.1
145.0
144.5
138.0
146.4
141.8
144.9
140.3
142.3
Retail
20.7
20.6
26.1
32.2
38.9
46.0
41.9
48.9
34.7
36.6
41.4
42.7
41.6
47.4
47.2
47.8
41.0
42.3
42.2
42.1
46.0
50.6
50.6
48.3
55.1
54.9
348.1
371.7
374.2
406.4
465.4
535.1
622.6
676.6
431.7
461.5
459.6
508.9
475.1
525.3
556.2
583.9
610.7
615.0
630.6
634.1
664.9
682.2
679.1
680.0
708.4
719.8
141.3
140.5
133.4
143.0
165.2
186.6
213.2
229.0
149.2
165.4
161.2
184.9
163.0
182.8
194.6
206.2
209.6
209.1
218.8
215.3
226.2
232.2
231.6
226.0
241.2
244.5
206.8
231.2
240.8
263.4
300.2
348.5
409.4
447.6
282.5
296.1
298.4
324.0
312.1
342.5
361.6
377.7
401.0
405.9
411.8
418.8
438.7
450.0
447.5
454.0
467.2
475.3
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-17.5
-13.5
4.0
-7.5
-8.5
-16.1
-24.3
-2.5
-12.5
-17.1
.2
-4.8
-4.3
-15.1
-21.2
-23.6
-50.3
-37.8
-9.3
.4
-5.1
-5.4
-2.7
3.3
3.5
5.9
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the second quarter of 1997, according to revised estimates, nonresidential fixed investment in chained (1992)
dollars rose $28.1 billion (annual rate) and residential investment rose $4.9 billion. There was an increase of $77.6
billion in inventories following an increase of $63.7 billion in the first quarter.
BILLIONS OF CHAINED |1992] DOLLARS
BILLIONS OF CHAINED (1992) DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
/
1,100
1,100
/
r
1,000
900
r\ _VwOr\
^"^ 1 \\
1 V
/-^I
800
I
700
600
GROSS PRIVATE DOMESTIC
INVES1MENT
J
^
^-
500
->._.
^ "
X
./
"-~. . ^ - *
1
-100
500
400
^^
_-_
1
1
_.-••""
—
300
„. — • — .
200
CHANC5E IN BUS INESS
/ENTORIE S
*••
\\
/
/•^
x' v v-
A
/N
^•n.
\
1982
600
...
'
;'~~X
•*
700
m :D INVESTMENT
\
x
„-'
*"*
RESIDENTIAL
FIXED INVESTMENT
\
— ,_»- x
800
X
X
N(.)NRESID! NTIAL '
/•
X
400
200
_x
^
\~^
^s- ^
900
x
""
'
1,000
«•'
100
,"'
N...
.--'-'
i i i
1 1 1
1 1 1
1995
1996
1997
0
\,
i i i
1983
I I I
1984
!
1 1
1985
i i i
1
1986
1987
1
I
l l i
i i i
1
1988
1989
1990
!
1
i i i
I
1991
1992
I
I
1 1 1
1
1993
1994
1 !
-100
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
1989
1990
1991
1992
1993
1994
1995
1996
1993:
..
I
n
m
rv
1994: I
n
m
rv
1995:
I
1996:
I
n
in
IV
n
m
rv
1997- I
TJ'
Gross
private
domestic
investment
863.5
815.0
738.1
790.4
863.6
975.7
991.5
1,069.1
845.5
846.1
858.6
904.0
939.9
987.8
972.2
1,003.0
1,005.8
977.5
982.0
1,000.8
1,012.2
1,059.2
1,100.3
1,104.8
1,149.2
1,197.1
Total
Total
832.0
805.8
741.3
783.4
842.8
915.5
962.1
1,041.7
814.8
831.1
844.5
880.8
887.8
913.2
922.7
938.5
955.8
954.0
962.3
976.3
1,001.5
1,035.7
1,060.9
1,068.7
1,079.0
1,111.4
NOTE.—See p. 3 0 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (1992) dollar estimates
for the detailed components do not add to the cliained-dollar value of GDP or to any intermedi-
Change in business
x>ries
Nonresidential
588.8
585.2
547.7
557.9
600.2
648.4
706.5
771.7
577.8
595.1
602.3
625.6
626.2
641.2
653.2
672.9
695.7
705.4
708.2
716.8
736.9
759.7
789.3
800.8
808.9
837.0
Structures
Producers'
durable
equipment
Residential
201.2
203.3
181.6
169.2
170.8
172.5
179.9
188.7
168.0
170.3
171.7
173.1
166.3
174.5
174.0
175.0
179.0
180.9
181.2
178.6
182.1
185.6
190.0
196.9
195.9
193.5
387.6
381.9
366.2
388.7
429.6
476.8
528.3
586.0
409.8
424.9
430.7
452.9
460.6
467.3
480.0
499.1
518.1
525.9
528.5
540.5
557.4
577.1
602.9
606.7
616.6
649.3
243.2
220.6
193.4
225.6
242.6
267.0
257.0
272.1
237.0
236.1
242.2
255.1
261.3
271.5
269.4
265.9
261.2
250.4
255.5
260.8
266.1
277.2
274.1
271.1
273.3
278.2
ate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
Total
33.3
10.4
-30
7.0
22.1
60.6
27.3
25.0
32.3
16.6
15.3
24.2
53.1
75.9
49.7
63.6
48.5
21.6
17.0
22.2
8.0
21.3
37.9
32.9
63.7
77.6
Nonfarm
33.5
7.8
-1.2
2.0
29.5
49.0
35.7
22.5
40.0
23.4
27.8
26.9
39.6
59.6
38.2
58.7
54.7
34.0
29.6
24.4
14.5
17.3
31.6
26.5
58.3
70.1
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Structures
Period
1989
1990
1991
1992
1993
1994
1995
1996
1993: I
1994:
n
ra
iv
I
n
ra
IV
1995:
I
n
m
IV
1996- I
n
ra
IV
1997:
1
2
3
I
n--
Total
nonresidential
588.8
585.2
547.7
557.9
600.2
648.4
706.5
771.7
577.8
595.1
602.3
625.6
626.2
641.2
653.2
672.9
6957
705.4
708.2
716.8
7369
759.7
789.3
800.8
808.9
837.0
Total'
201.2
203.3
181.6
169.2
170.8
172.5
179.9
188.7
168.0
170.3
171.7
173.1
166.3
174.5
174.0
175.0
1790
180.9
181.2
178.6
182 1
185.6
190.0
196.9
195.9
193.5
Residential
Producers' durable equipment
Structures
Information processing
and related equipment
Nonresidential
buildings,
including
farm
Mining
Utilities
ration,
shafts,
and
weus
Total
Total
Computers
and
peripheral
equipment 2
116.2
116.2
117.8
1342
147.9
165.1
201.8
253.1
140.5
143.2
152.5
155.5
158.1
160.8
166.1
175.6
1845
199.3
205.2
218.2
232.8
244.8
264.3
270.4
281.4
296.9
29.4
29.4
32.4
43.9
56.1
67.2
102.8
160.8
51.0
53.2
58.4
61.7
62.2
64.1
67.1
75.3
82 7
97.2
106.8
124.4
138.7
152.0
170.0
182.4
195.8
216.1
1
WIlllQ
30.9
28.1
32.0
34.5
31.8
29.9
30.0
29.3
33.4
31.7
31.0
31.0
30.3
29.6
29.8
29.8
304
30.4
30.1
29.2
297
29.1
28.7
29.5
27.5
28.7
150.2
152.0
126.9
113.2
115.3
119.9
128.8
140.0
111.3
114.4
117.1
118.5
114.3
123.1
120.6
121.8
125.5
129.4
130.1
130.3
1327
137.0
141.7
148.4
150.1
147.1
13.9
16.1
15.7
13.3
16.0
15.8
14.3
13.9
15.2
16.2
16.4
16.2
15.1
15.1
16.2
16.7
163
14.2
13.8
13.1
13.6
13.9
14.1
13.8
13.6
13.0
387.6
381.9
366.2
388.7
429.6
476.8
528.3
586.0
409.8
424.9
430.7
452.9
460.6
467.3
480.0
499.1
518 1
525.9
528.5
540.5
557.4
577.1
602.9
606.7
616.6
649.3
Includes other items, not shown separately.
Includes new computers and peripheral equipment only.
Includes producers' durable equipment, not shown separately.
Other
Industrial
equipment
Transportation
and
related
equipment
88.1
88.2
85.9
90.2
92.3
99.4
107.0
116.3
89.6
90.3
94.6
94.8
96.8
97.8
100.2
102.8
105 1
107.9
107.2
107.8
111 7
114.0
120.3
119.3
121.5
124.4
101.5
95.0
88.3
89.3
96.5
105.5
113.4
117.0
93.4
94.2
96.5
102.0
102.8
103.8
106.7
108.9
112 1
114.9
114.1
112.5
114 8
118.8
117.6
116.9
116.8
123.5
78.9
81.2
81.7
86.2
98.3
113.2
118.9
125.0
91.9
101.5
94.8
105.2
108.8
110.0
113.5
120.5
1240
117.3
115.7
118.6
119.2
121.8
129.5
129.7
127.5
136.0
Total
dential*
Total
Single
family
Multifamily
.Other
243.2
220.6
193.4
225.6
242.6
267.0
257.0
272.1
237.0
236.1
242.2
255.1
261.3
271.5
269.4
265.9
2612
250.4
255.5
260.8
266.1
277.2
274.1
271.1
2733
278.2
237.0
214.5
187.6
219.5
236.2
260.3
250.0
265.0
230.7
229.8
235.7
248.6
254.8
264.8
262.7
259.0
254.3
243.6
248.5
253.8
259.1
270.0
266.9
263.9
2659
270.8
121.9
110.4
96.4
116.5
127.1
140.1
126.9
136.6
1235
123.6
126.8
134.3
139.4
144.5
140.5
136.1
131.4
123.1
124.3
128.9
133.1
138.6
138.3
136.2
136.2
136.5
23.3
19.7
15.4
13.1
10.6
13.6
16.9
18.6
10.4
10.1
11.0
10.7
11.4
13.0
14.7
15.5
16.4
16.3
17.2
17.7
18.9
20.2
17.5
18.0
19.6
20.4
91.8
84.4
75.7
89.9
98.6
106.5
106.7
110.2
96.9
96.1
97.9
103.5
103.8
107.2
107.6
107.6
106.8
104.7
107.6
107.7
107.5
111.7
111.5
110.0
1105
114.4
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the ehained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS
[Billions of dollars]
By industry
Period
1993 '
19942
1995 3
1996 "
Total
expenditures
489.7
549.9
594.5
603.4
Total
488.2
547.8
591.7
600.7
Mining
and
construction
Manufacturing
Total
31.2
36.1
36.0
33.6
134.1
153.3
172.3
184.8
Durable
goods
Nondurable
goods
66.4
78.9
91.4
100.2
1
Estimates collected from the 1993 Annual Capital Expenditures Survey.
2
Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are scheduled for release in summer 1996.
3
Revised estimates collected from the March 1996 Investment Plans Survey. Final data will
be available upon release of the 1995 Annual Capital Expenditures Survey.
4
Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.
10
67.7
74.4
80.9
84.6
Transportation
Communications
30.6
33.3
37.1
41.5
46.0
46.3
37.0
35.2
Utilities
41.3
42.2
42.8
40.6
Wholesale
and
retail
trade
Finance,
insurance,
and
real
estate
Services
60.3
68.9
75.1
71.9
40.2
46.8
57.3
57.7
111.8
123.5
123.7
129.4
Serving
multiple
industries
1.7
2.2
1.5
1.3
Not
distributed
by
industry
1.4
2.2
2.8
2.7
NOTE.—Data for 1994-1996 from Business Investment and Pians released March 28, 1996.
Data for 1993 from Annual Capital Expenditures: 1993.
The Business Investment and Plans release has been discontinued effective with release of
the March 1996 survey estimates. Estimates of business investment and plans will be available
annually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In August, employment rose by 96,000 and unemployment rose by 94,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS *
138
138
SEASONALLY ADJUSTED
134
134
CIVILIAN LABOR FORCE
130
130
126
326
122
122
118
118
CIVILIAN
EMPLOYMENT
114
114
110
110
1989
1997
COUNCIL OF ECONOMIC ADVISSftS
[Thousands of persons 18 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian
noninstitntioiial
population
NSA
Period
1987
1988
1989
1990s
1991
1992
1993
1994*
1995
1996
199S- Aug
Sept
Get
Dec
1997: Jan3
Feb
Mar
Apr
May
July .
,
182,753
184,613
186,393
189,164
190,925
192,805
194,838
196,814
198,584
200,591
200,847
201,060
201,273
201,463
201,636
202,285
202,388
202,513
202,674
202,832
203,000
203,166
203,364
Civilian
labor
foree
119,865
121,669
123,869
125,840
126,346
128,105
129,200
131,056
132,304
133,943
133,898
134,291
134,636
134,831
135,022
135,848
135,634
136,319
136,098
136,173
136,200
136,290
136,480
Nonagrieuitura!
Total
Agricultural
Part time
for
economic
reasons1
Total
112,440
114,968
117,342
118,793
117,718
118,492
120,259
123,060
124,900
126,708
3,208
3,169
3,199
3,223
3,269
3,247
3,115
3,409
3,440
3,443
109,232
111,800
114,142
115,570
114,449
115,245
117,144
119,651
121,460
123,264
5,122
4,965
4,657
4,950
5,874
6,240
6,230
4,414
4,279
4,123
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
126,988
127,248
127,617
127,644
127,855
128,580
128,430
129,175
129,384
129,639
129,364
129,708
129,804
3,418
3,480
3,450
3,354
3,426
3,468
3,292
3,386
3,497
3,430
3,391
3,482
3,383
123,570
123,768
124,167
124,290
124,429
125,112
125,138
125,789
125,887
126,209
125,973
126,226
126,421
4,182
4,130
4,118
3,815
4,162
4.163
4,098
3,937
4,235
3,806
3,782
3,872
3,854
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
6,834
6,836
6,583
6,677
1
Pwrsons at work. Bwnomic reasons include slack work, materiaf shortages, inability to find
fiilltime work, et«.
2
Civilian iabor foree (or empfoymeot) as percent of civilian noninstiftitionaJ population; and
unemployment as percent of rivijian labor force.
;i
Not strictly comparable with earlier data.
Total
Percent2
Unemployment
Civilian employment
15
weeks
and
over
1,983
1,610
1,375
1,523
2,357
3,408
3,094
2,860
2,363
2,316
2,273
2.277
2,294
2,184
2,179
2,155
2,163
2,064
2,092
2,071
2,063
2,157
2,012
Not in
labor
force
62,888
62,944
62,523
63,324
64,578
64,700
65,638
65,758
66,280
66,647
66,949
66,770
66,637
66,632
66,614
88,437
66,754
66,194
66,577
66,659
66,800
66,876
66,884
Ijabor
foree
participation
rate
Bmploymeni/
population
ratio
Unemployment
rate
65.6
65.9
66.5
6B5
66.2
66.4
66.3
66.6
66.6
66.8
86.7
66.8
68.9
68.9
67.0
67.2
67.0
67.3
67.2
67.1
67.1
67.1
67.1
61.5
62.3
63.0
62.8
61.7
61.5
61.7
62.5
62.9
63.2
63.2
63.3
63.4
63.4
63.4
63.6
83.5
63.8
63.8
63.9
63.7
63.8
63.8
6.2
5.5
5.3
5.6
6.8
7.5
6.9
8.1
5.6
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
4.8
5.0
4.8
4.9
4
Data beginning January 1994 are not directly comparable with data for earlier periods because of a major redesign of the household survey questionnaire.
NOTE.—Data beginning January 1997 reflect revised population controls.
and Earnings, February 1997, for details.
Source; Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In August, the unemployment rote rose to 4.9 percent, from 4.8 percent in July.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
TEENAGERS
(16-19)
20
15
!0
MEN 20 YEARS
AND OVER
V
WOMEN 20 YEARS
AND OVER
1997
1993
1993
1994
1995
*UNEMplO¥MENfAS PERCENT OF CiVltlAN lASOSt FORCE !N GfcGUP SPECIFIED
SOURCE; DEPARTMENT OF LABOR
1994
1997
COUNCIL OF ECONOMIC ADVISSfiS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By sex and age
Period
1987
1988
1989
1990
1991
1992
19932
1994
1995
1996
1996- Aug
Sept
Oct
Nov
Dec
1997- Jan
Peb
Mar
May
June
July
Auff
1
Revised
z
AB
civilian
workers
6.2
5.5
5.3
5.6
6.8
7.5
6.9
6.1
5.6
5.4
5.2
5.2
5.2
5.3
5.3
5.4
5.3
5.2
4.9
4.8
5.0
4.8
4.9
Men
20 years
and over
Women
20 years
and over
5.4
4.8
4.5
5.0
6.4
7.1
6.4
5.4
4.8
4.6
4.2
4.5
4.4
4.4
4,4
4.6
4.4
4.4
4.2
3.8
4.2
4.0
4.1
5.4
4.9
4.7
4.9
5.7
6.3
5.9
5.4
4.9
4.8
4.7
4.6
4.7
4.8
4.9
4.6
4.7
4.7
4.4
4.5
4.4
4.2
4.4
Both
sexes
16-19
years
White
16.9
15.3
15.0
15.5
18.7
20.1
19.0
17.6
17.3
16.7
17.0
16.0
16.3
16.8
16.5
17.0
17.5
16.4
15.4
15.6
16.8
16.4
16.4
definition; for details, see Employment and Earnings, February 1994.
Data beginning January 1994 are not directly comparable with data for earlier periods.
NOTE.—Data reSate to persons age 16 years and over.
12
By selected groups
By race
5.3
4.7
4.5
4.8
6.1
6.6
6.1
5.3
4.9
4.7
4.5
4.5
4.5
4.6
4.6
4.6
4.5
4.5
4.2
4.0
4.2
4.2
4.2
Black
and
other
11.6
10.4
10.0
10.1
11.1
12.7
11.7
10.5
9.6
9.3
8.9
9.2
9.3
9.1
9.2
9.4
9.7
9.5
9.0
9.3
9.1
8.2
8.2
Black
Experienced
wage
and
salary
workers
13.0
11.7
11.4
11.4
12.5
14.2
13.0
11.5
10.4
10.5
10.4
10.7
10.7
10.6
10,5
10.8
11.3
10.7
9.8
10.3
10.4
9.4
9.3
5.8
5.2
5.0
5.3
6.6
7.2
6.6
5.9
5.4
5.2
5.0
5.1
5.0
5.2
5.1
5.1
5.0
5.0
4.7
4.6
4.8
4.6
4.7
Married
men,
spouse
present
Women
who
maintain
families
3.9
3.3
3.0
3.4
4.4
5.1
4.4
3.7
3.3
3.0
2.9
3.0
3.0
3.0
3.0
2.8
2.8
2.8
2.7
2.6
2.7
2.6
2.6
Sosiree: Department of Labor, Bureau of Labor Statistics,
9.2
8.1
8.1
8.3
9.3
10.0
9.7
8.9
8.0
8.2
8.5
8.3
8.5
8.8
8.4
9.1
9.0
9.1
7.5
7.6
8.0
7.4
8.1
Full-time1
workers
Part-time1
workers
6.0
5.3
5.1
5.4
6.8
7.5
6.9
6.1
5.5
5.3
5.0
5.1
5.1
5.3
5.2
5.2
5.1
5.1
4.8
4.7
4.9
4.7
4.7
6.9
6.4
6.2
6.4
7.0
7.5
7.2
6.0
6.0
5.8
5.9
5.6
5.6
5.6
5.8
5.7
6.0
5.7
5.7
5.2
5.3
5.4
5.6
SELECTED MEASUBES 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 514 weeks rose; the percentages for 15-26 weeks and for 27 weeks and over fell. The mean duration of unemployment
fell to 15.9 weeks and the median duration fell to 7.8 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION *
70
70
REASON FOR UNEMPLOYMENT
VA
,-
20
10
_
-
10
NEW ENTRANTS
1993
1994
1995
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY 1 994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
199(5
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
>ercent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
jliess
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Insured
unem-
Number of weeks
27
weeks
and
over
Average
(mean)
Median
losers1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
aU
Initial
claims
regular
programs
(unadjusted) 2
Weekly average, thousands
1987
1988
1989 .
1990
1991
1992 ..
1993
1994 :i
1995
1996
1996- Aug
Sept
Oct
1997:
. ...
. ...
Dee
Jan
Peb
Mar
July
1
7,425
6,701
6,528
7,047
8,628
9,613
8,940
7,996
7,404
7,236
6,910
7,043
7,019
7,187
7,167
7,268
7,205
7,144
6,714
6,534
6,836
6,583
6,677
43.7
46.0
48.6
46.3
40.3
35.1
36.5
34.1
36.5
36.4
36.2
35.8
35.9
38.9
37.1
39.0
36.3
37.4
35.7
38.1
37.3
35.7
38.5
29.6
30.0
30.3
32.0
32.4
29.4
28.9
30.1
31.6
31.6
31.4
31.9
31.8
31.0
32.7
31.0
33.4
33.6
32.7
30.6
32.5
31.5
31.6
12.7
12.0
11.2
11.7
14.4
15.1
14.5
15.5
14.6
14.6
14.3
14.8
14.9
14.0
13.5
13.1
14.4
14.1
16.0
16.3
15.3
16.5
13.8
14.0
12.1
9.9
10.0
12.9
20.3
20.1
20.3
17.3
17.4
18.1
17.6
17.3
16.1
16.7
16.9
15.9
15.0
15.7
15.0
14.9
16.3
16.0
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also includes Federal and State extended benefit programs. Does not include Federal supplemental
compensation or Emergency Unemployment Compensation programs.
:t
Data beginning January 1994 are not directly comparable with data for earlier periods.
2
14.5
13.5
11.9
12.0
13.7
17.7
18.0
18.8
16.6
16.7
17.2
16.9
16.7
16.0
15.8
16.0
16.0
15.3
15.2
15.1
15.1
16.6
15.9
6.5
5.9
4.8
5.3
6.8
8.7
8.3
9.2
8.3
8.3
8.5
8.6
8.3
7.7
7.8
7.7
8.4
7.9
8.3
7.7
7.7
8.5
7.8
48.0
46.1
45.7
48.1
54.4
56.1
54.2
47.7
46.9
46.6
44.9
46.0
45.1
45.3
44.4
44.8
43.7
44.6
44.3
44.1
46.2
44.5
46.0
13.0
14.7
15.7
14.8
11.6
10.4
10.9
9.9
11.1
10.7
11.2
11.4
11.3
11.5
11.7
12.3
10.9
11.0
11.2
12.2
12.2
12.6
13.7
26.6
27.0
28.2
27.4
24.8
23.8
24.6
34.8
34.1
34.7
35.8
34.7
35.4
35.1
35.3
34.6
36.6
35.4
36.0
35.0
34.6
34.4
32.2
12.4
12.2
10.4
9.8
9.2
9.7
10.3
7.6
7.8
8.0
8.0
7.9
8.2
8.1
8.6
8.3
8.9
9.0
8.6
8.7
7.1
8.5
8.2
2,300
2,081
2,158
2,522
3,342
3,245
2,751
2,670
2,575
2,594
2,524
2,468
2,470
2,444
2,518
2,453
2,375
2,294
2,274
2,263
2,326
2,300
2,308
328
310
330
388
447
408
341
340
357
356
325
335
334
338
355
334
311
312
333
326
341
319
325
2,369
2,135
2,205
2,575
3,406
3,348
2,845
2,739
2,636
2,649
2,254
2,184
2,046
2,105
2,752
'3,033
'3,031
'2,924
'2,513
'2,069
'2,207
'2,176
2,096
NOTE.—Data relate to persons age 16 years 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 49,000 In August.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
36
34
-V
32
SERVICES
30
28
26
24
RETAIL TRADE
22
20
70
18
rto
20
16
GO<3DS-PROOUC NO
30
IIHIIIIIH
MANUFACTURING
_
INDUSTRIES
CONSTRUCTION
\
20
Minim n
* 1993
II ml M i l l M l l l l l l l l l fill I l l l l III
1994
1995
199(S
||m.
1997
n i i i I i i i i it
1993
'
1OO7
1996
*
COUNCIL OF ECONOMIC ADVISERS
{Thousands of wage and salary workers;* seasonally adjusted!
Service-producing industries
Goods-producing industries
Period
Total
aonsgricultural
employment
Manufacturing
2
Total
101,958 24,674
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996: Aug
Sept
Oet
Nov
Dee
1997: Jan
Peb
Mar
Apr
May r
June ....
July
Augp
105,209
107,884
109,403
108,249
108,601
110,713
114,163
117,191
119,523
119,983
120,019
120,248
120,450
120,659
120,909
121,162
121,344
121,671
121,834
122,056
122,421
122,470
25,125
25,254
24,905
23,745
23,231
23,352
23,908
24,265
24,431
24,468
24,439
24,479
24,508
24,540
24,581
24,653
24,670
24,667
24,702
24,714
24,696
24,751
Construction
Total
NonDurable durable
goods
goods
4,958 18,999 11,154
5,098
5,171
5,120
4,650
4,492
4,668
4,986
5,160
5,400
5,433
5,441
5,467
5,495
5,521
5,542
5,604
5,609
5,599
5,628
5,622
5,622
5,632
19,314
19,391
19,076
18,406
18,104
18,075
18,321
18,524
18,457
18,461
18,427
18,442
18,442
18,448
18,465
18,475
18,489
18,495
18,498
18,518
18,501
18,548
11,363
11,394
11,109
10,569
10,277
10,221
10,448
10,683
10,766
10,788
10,771
10,780
10,791
10,803
10,821
10,836
10,848
10,856
10,864
10,891
10,901
10,951
7,845
7,951
7,997
7,968
7,837
7,827
7,854
7,873
7,841
7,691
7,673
7,656
7,662
7,651
7,645
7,644
7,639
7,641
7,639
7,634
7,627
7,600
7,597
1
Includes at! fiilt- 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
IB this table not comparable with estimates of nonagrieultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes,
bad weather, etc., even if they are not paid for the time off; and which are based on a sample
14
Total
77,284
80,084
82,630
84,497
84,504
85,370
87,361
90,256
92,925
95,092
95,515
95,580
95,769
95,942
96,119
96,328
96,509
96,674
97,004
97,132
97,342
97,725
97,719
Transportation and
public
utilities
5,362
5,512
5,614
5,777
5,755
5,718
5,811
5,984
6,132
6,261
6,299
6,290
6,293
6,303
6,288
6,351
6,376
6,405
6,421
6,431
6,434
6,453
6,293
Wholesale
trade
Retail
trade
5,848 18,422
6,030
6,187
6,173
6,081
5,997
5,981
6,162
6,378
6,483
6,497
6,513
6,538
6,549
6,559
6,570
6,593
6,611
6,622
6,630
6,634
6,664
6,672
19,023
19,475
19,601
19,284
19,356
19,773
20,507
21,187
21,625
21,692
21,718
21,791
21,847
21,912
21,917
21,922
21,945
22,029
22,026
22,079
22,150
22,181
Finance,
insurance, Services
and real
estate
6,533
6,630
6,668
6,709
6,646
6,602
6,757
6,896
6,806
6,899
6,917
6,925
6,941
6,949
6,962
6,971
6,980
6,992
7,019
7,029
7,034
7,054
7,065
24,110
25,504
26,907
27,934
28,336
29,052
30,197
31,579
33,117
34,377
34,560
34,621
34,717
34,800
34,884
34,990
35,091
35,176
35,334
35,451
35,522
35,677
35,709
Government
Total
17,010
17,386
17,779
18,304
18,402
18,645
18,841
19,128
19,305
19,447
19,550
19,513
19,489
19,494
19,514
19,529
19,547
19,545
19,579
19,565
19,-639
19,727
19,799
Federal
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,870
2,822
2,757
2,743
2,740
2,732
2,732
2,728
2,723
2,716
2,709
2,708
2,703
2,694
2,689
2,691
of the working-agw 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 j>- 11, wliere
persons are counted only once—as employed, unemployed, or not in the labor fbree.
2
Includes mining, not shown separately.
Source; Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRIGULTURAL INDUSTRIES
|For production or nonstjpervisory workers; monthly data seasonally adjusted, except as noted!
Average weekly hours
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- Aug
Sept
Get
Nov
Dec
1997- Jan
Peb
Mar
May
July
Aagp
Total
private
nonagricultural *
34.8
34.7
34.6
34.5
34.3
34.4
34.5
34.7
34.5
34.4
34.5
34.7
34.4
34.5
34.7
34.4
34.8
34.8
34.5
34.5
34.6
34.5
34.7
Total
41.0
41.1
41.0
40.8
40.7
41.0
41.4
42.0
41.6
41.6
41.7
41.7
41.7
41.7
42.0
41.8
41.9
42.1
42.1
42.0
41.8
41.8
41.9
Total private
nonagriculturai l
Total private
nonagriculturai '
Manufacturing
Period
Average gross weekly earnings
Average gross hourly earnings
Overtime
3.7
3.9
3.8
3.6
3.6
3.8
4.1
4.7
4.4
4.5
4.5
4.5
4.5
4.6
4.7
4.7
4.7
4.9
4.9
4.8
4.6
4.7
4.8
Current
dollars
$8.98
9.28
9.66
10.01
10.32
10.57
10.83
11.12
11.43
11.81
11.86
11.91
11.91
11.98
12.03
12.05
12.10
12.14
12.14
12.19
12.23
12.24
12.29
1982
dollars2
Manufacturing
$9.91
10.19
10.48
10.83
11.18
11.46
11.74
12.07
12.37
12.78
12.85
12.87
12.87
12.93
12.99
13.02
13.03
13.07
13.07
13.11
13.12
13.12
13.22
$7.73
7.69
7.64
7.52
7.45
7.41
7.39
7.40
7.39
7.43
7.44
7.45
7.42
7.44
7.45
7.46
7.47
7.49
7.49
7.52
7.54
7.53
7.55
Percent change from
a year earlier, total
private nonagricultural 3
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Construction
Retail
trade
$312.50
322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.34
406.26
409.17
413.28
409.70
413.31
417.44
414.52
421.08
422.47
418.83
420.56
423.16
422.28
426.46
$269.16
266.79
264.22
259.47
255.40
254.99
254.87
256.73
255.07
255.51
256.69
258.46
255.26
256.71
258.64
256.51
260.09
260.78
258.54
259.60
260.89
259.86
261.95
$406.31
418.81
429.68
441.86
455.03
469.86
486.04
506.94
514.59
531.65
535.85
536.68
536.68
539.18
545.58
544.24
545.96
550.25
550.25
550.62
548.42
548.42
553.92
$480.44
495.73
513.17
526.01
533.40
537.70
553.63
573.00
587.00
602.94
602.18
603.33
606.06
604.50
610.34
607.18
612.65
614.62
616.95
626.85
617.27
622.05
618.76
$178.70
183.62
188.72
194.40
198.48
205.06
209.95
216.46
221.47
230.11
230.69
232.36
233.28
234.96
236.64
235.87
238.91
240.08
238.71
239.29
239.87
239.33
243.82
Current
dollars
1982
dollars
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-.0
.7
2.5
3.0
3.8
3.3
2.5
2.7
2.8
3.3
2.2
3.0
3.5
4.5
2.5
3.9
5.5
5.1
5.2
5.4
4.6
4.4
3.6
4.2
4.3
—- fi
.2
.7
•1.4
-.5
.6
2.1
2.0
2.1
2.7
2.2
2.3
1.4
2.1
2.1
3
1
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) {on a 1982=100 base).
2
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent change from
Index (June 1989 <= 100)
3 months earlier
Period
Total
compensation
Wages and
salaries
93.1
97.6
102.3
107.0
111.7
115.6
119.8
123.5
126.7
130.6
94.1
98.0
102.0
106.1
110.0
112.9
116.4
119.7
123.1
127.3
Benefits '
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
198719881989199019911992:
1993199419951996:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
90.5
96.7
102.6
109.4
116.2
122.2
128.3
133.0
135.9
138.6
3.3
4.8
4.8
4.6
4.4
3.5
3.6
3.1
2.6
3.1
Seasonally adjusted
1994- Mar
Sept
Dec
1995- Mar
Sept
Dec
1996: Mar
Sept
Dec
1997- Mar
120.8
121.8
122.8
123.6
124.4
125.2
126.0
126.9
127.7
128.8
129.7
130.6
131.4
132.5
117.1
118.1
119.0
119.8
120.6
121.5
122.4
123.2
124.4
125.5
126.4
127.4
128.5
129.7
1
Etaployer costs for employee benefits.
NOTE.—The employment cost index is 8 measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
130.3
131.5
132.8
133.5
133.9
134.6
135.3
136.0
136.0
137.0
137.7
138.7
138.7
139.7
0.8
.8
.8
.7
.6
.6
.6
.7
.6
.9
.7
.7
.6
.8
3.3
4.1
4.1
4.0
3.7
2.6
3.1
2.8
2.8
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
3.7
2.2
2.0
Not seasonally adjusted
0.5
.9
.8
.7
.7
.7
.7
.7
1.0
.9
.7
.8
.9
.9
1.1
.9
1.0
.5
.3
.5
.5
.5
0
.7
.5
.7
0
.7
3.3
3.4
3.3
3.1
2,9
2.8
2.6
2.6
2.7
2.9
2.9
3.1
3.0
2.9
2.9
3.1
2.9
2.8
2.9
2.9
2.8
2.8
3.2
3.4
3.3
3.4
3.4
3.3
4.4
3.9
4.0
3.7
2.9
2.6
2.1
2.2
1.6
1.7
1.8
2.0
2.0
2.0
Data exclude farm and household worVers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of all
persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Nonfarm
business
sector
Hours of all
sons2
Business
sector
Nonfarm
business
sector
Compensation per
hour*
Business
sector
Nonfarm
business
sector
Real compensation
per hour4
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Nonfarm
business
sector
Implicit price
deflator5
Business
sector
Nonfarm
businesssector
87.8
89.7
94.1
98.1
100.0
102.2
103.6
106.0
107.9
101.6
102.5
102.5
102.1
103.2
103.1
103.8
104.2
105.3
105.8
106.3
106.6
106.9
107.4
108.5
108.9
109.7
109.8
86.8
90.4
94.1
97.7
100.0
102.5
104.8
107.2
109.2
101.7
102.3
102.7
103.4
103.9
104.4
105.1
105.8
106.5
107.0
107.4
107.8
108.4
108.9
109.6
110.0
110.6
110.9
86.4
,90.0
93.8
97.6
100.0
102.5
104.9
107.3
109.1
101.8
102.3
102.6
103.3
103.8
104.5
105.3
106.0
106.8
107.2
107.5
107.8
108.4
108.8
109.4
109.8
110.5
110.8
3.6
2.1
5.0
4.2
1.9
2.2
1.4
2.4
1.8
6.1
3.9
-.1
-1.5
4.4
-.2
2.4
1.6
4.2
2.3
1.6
1.3
.9
2.1
3.9
1.5
3.1
.5
3.5
4.2
4.0
3.8
2.4
2.5
2.2
2.3
1.9
3.5
2.1
1.6
2.7
2.0
2.1
2.7
2.5
2.9
1.6
1.7
1.3
2.3
2.1
2.4
1.7
2.0
1.2
3.4
4.2
4.2
4.1
2.4
2.5
2.3
2.3
1.7
3.8
1.7
1.5
2.6
2.1
2.5
3.2
2.4
3.1
1.5
1.2
1.0
2.3
1.7
2.0
1.7
2.4
1.1
Indexes, 1992—100; quarterly data seasonally adjusted
1988
1989
1990 . .
1991
1992
1993
1994
1995
1996
1993: I ..
n
m
IV
1994: I
n
m
IV
1995: I .
II .
m
IV
1996: I
n
in
IV
1997:
I
n>*
94.6
95.4
96.1
96.7
100.0
100.2
100.6
100.5
102.0
100.1
99.7
99.9
101.0
100.7
100.7
100.5
100.7
100.2
100.4
100.6
101.1
101.6
102.3
102.0
102.5
102.9
103.6
95.2
95.7
96.2
96.9
100.0
100.1
100.5
100.7
102.0
100.1
99.6
100.0
100.8
100.6
100.7
100.4
100.8
100.3
100.5
100.8
101.2
101.7
102.2
102.0
102.4
102.8
103.5
94.6
97.8
98.6
96.9
100.0
102.7
107.0
109.5
113.3
101.4
102.1
102.8
104.6
105.2
106.9
107.3
108.5
108.7
108.7
109.8
110.7
111.4
113.2
113.5
115.0
116.6
117.9
95.1
98.1
98.8
97.1
100.0
103.0
107.0
109.8
113.6
101.6
102.3
103.2
104.8
105.2
106.9
107.3
108.6
108.9
108.9
110.2
111.0
111.7
113.5
113.8
115.3
116.9
118.1
100.0
102.5
102.6
100.2
100.0
102.6
106.3
108.9
111.0
101.4
102.4
102.9
103.6
104.5
106.1
106.7
107.7
108.5
108.3
109.2
109.5
109.6
110.7
111.3
112.2
113.3
113.7
83.5
83.6
99.9
85.8
85.8
102.5
90.6
90.7
102.7
95.1
95.1
100.2
100.0 100.0 100.0
102.8 102.6 102.3
106.4 104.3 104.1
109.0 106.9 106.7
111.3 110.4 110.1
101.5 101.8 101.6
102.6 102.4 102.1
103.2 102.9 102.5
103.9 103.3 103.0
104.6 104.0 103.8
106.1 104.0 103.9
106.8 104.4 104.2
107.8 105.1 105.0
108.5 105.8 105.6
108.4 106.6 106.4
109.3 107.3 107.1
109.7 108.1 107.9
109.8 108.9 108.7
111.0 110.1 109.8
111.6 111.0 110.6
112.6 111.9 111.5
113.8 113.1 112.8
114.2 114.0 113.7
99.0
97.1
97.4
97.9
100.0
99.6
98.7
98.4
98.7
99.8
99.7
99.6
99.2
99.5
98.8
98.3
98.3
98.3
98.3
98.4
98.6
98.4
98.8
98.9
98.9
99.4
99.9
99.1
97.1
97.3
97.9
100.0
99.3
98.5
98.3
98.4
99.6
99.4
99.3
98.9
99.2
98.7
98.1
98.2
98.2
98.1
98.3
98.4
98.3
98.5
98.6
98.5
99.1
99.6
88.2
89.9
94.4
98.3
100.0
102.4
103.7
106.3
108.2
101.7
102.7
103.0
102.3
103.3
103.2
103.9
104.3
105.6
106.1
106.7
107.0
107.1
107.7
108.8
109.2
109.9
110.0
Percent change; quarterly data at seasonally adjusted annual rates
1988
1989
1990
1991
1992
1993
1994
1995
1996
1993:
.
I
II
m
IV
1994: I
n
m
IV ..
1995: I ..
n
in
IV
1996:
1997:
I .
n
m
rv
I
Hr*
1
Output
2
0.6
.8
.7
.7
3.4
.2
.4
-.0
1.5
-3.8
-1.3
.7
4.3
-.9
.0
n
'.i
-2.1
.9
.7
2.0
2.2
2.5
-1.1
1.9
1.8
2.7
0.7
.6
.5
.7
3.2
.1
.4
.2
1.3
-4.0
-1.8
1.7
3.3
-1.1
.6
-1.1
1.3
-1.6
.8
1.1
1.6
1.9
2.2
-1.0
1.8
1.4
2.7
3.8
3.4
.8
-1.7
3.2
2.7
4.1
2.3
3.5
-1.2
2.7
2.8
7.1
2.6
6.4
1.5
4.5
.8
.2
4.2
3.0
2.8
6.6
.9
5.4
5.9
4.3
4.1
3.2
.7
-1.8
3.0
3.0
3.9
2.6
3.5
-.8
2.6
3.9
6.1
1.6
6.6
1.5
5.0
1.2
.2
4.6
3.0
2.6
6.8
1.0
5.4
5.6
4.2
3.2
2.5
.1
-2.3
-.2
2.6
3.7
2.4
2.0
2.7
4.0
2.0
2.7
3.5
6.3
2.3
3.8
2.9
-.7
3.5
1.0
.6
4.0
2.0
3.4
4.0
1.5
3.3
2.6
.2
-2.5
-.2
2.8
3.5
2.4
2.2
3.3
4.5
2.2
2.7
2.8
5.9
2.6
3.7
2.9
-.6
3.5
1.4
.6
4.4
2.1
3.6
4.2
1.5
refers to real gross domestic product originating in the sector.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price index for all urban consumers
(CPI-U).
5
Current dollar gross domestic output divided by the output index.
16
4.6
2.8
5.7
4.8
5.2
2.6
1.6
2.5
3.3
2.5
2.5
1.8
1.6
3.0
-.2
1.7
2.5
2.6
3.2
2.6
3.2
2.7
4.7
3.3
3.3
4.4
3.2
4.4
2.7
5.5
4.9
5.2
2.3
1.7
2.5
3.1
1.9
2.0
1.6
1.7
3.2
.3
1.3
2.8
2.6
3.1
2.7
2.9
2.8
4.4
2.9
3.3
4.5
3.2
0.5
-1.9
.3
.6
2.1
-.4
-.9
-.3
.3
-.4
-.4
0.3
-2.0
.1
.7
2.1
-.7
-.8
-.3
2
-1.0
-.9
O
— 1
-1.6
.9
-2.5
-2.0
.0
-.2
.1
.5
.7
-.6
1.3
.6
-.1
1.9
2.1
-lie
1.2
-2.0
-2.3
.3
-.2
-.1
.6
.5
-.5
1.0
.2
-.1
2.1
2.1
4.0
1.9
5.0
4.1
1.7
2.4
1.2
2.6
1.8
6.6
3.9
1.0
-2.6
3.9
-.2
2.4
1.8
4.8
2.3
1.9
1.2
.5
2.2
4.4
1.4
2.5
.4
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
*Dat* based on GDP data released August 28, 1997. Data for 1997: II shown elsewhere
in this issue were released September 28t 1997.
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, 1992 = 100- (RATIO SCALE)
150
FINAL PRODUCTS
140
INDEX, 1992 = 100' (RATIO SCALE]
140
130
120
^'
^
,.
s/\
110
100
y
BUSINESS
EQUIPMENT
V, „f^"
.-—
-
\
^^'
GOODS
90
~~
""'v
N • •»
*\
\
80
.•"
7
N
.^
DEFENSE
AND SPACE
EQUIPMENT
\
1 11 111I 1111
1 1 1 M 1! 1 M i
/'""' v '~'^.
70
1 11 1 1 11 ! 1 11
88
86
i I I I 1 1Ii 1 1 1
1 1 1 1 1 1! 1 i 1 1
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84
82
80
100
78
1997
1993
1994
1995
1996
1997
COUNOL OF ECONOMY ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1992=100
Total industrial production
Percent change '
Period
Index,
1992 = 100
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- Aug
Sept
Oct
Nov
Dec
1997- Jan
Feb
May
June*"
Julyr
Auer'7 .
1
2
From
preceding
month
Percent changes based on unrounded indexes.
Output as percent of capacity.
From
year
earlier
Capacity utilization
rate, percent2
Manufacturing
Total
Durable
Nondurable
Mining
Utilities
Total
industry
Manufacturing
4.6
4.4
1.8
-.2
-2.0
3.2
3.4
5.0
3.3
2.8
92.8
97.1
99.0
98.5
96.2
100.0
103.7
109.4
113.2
116.3
92.0
98.1
100.5
99.0
95.5
100.0
105.5
113.4
119.7
125.7
93.8
96.0
97.3
97.9
97.0
100.0
101.7
105.0
106.2
106.3
101.5
102.9
101.5
103.7
101.6
100.0
98.9
101.5
100.9
102.9
89.4
93.9
97.1
98.3
100.4
100.0
1103.9
105.3
109.1
112.8
81.3
83.9
84.0
82.3
79.2
80.4
81.6
83.7
83.8
83.1
81.3
83.8
83.6
81.4
78.0
79.5
80.8
83.1
83.1
82.1
117.2
117.4
117.6
118.5
119.2
127.5
127.2
127.1
128.4
128.8
106.2
106.9
107.4
107.9
108.8
104.5
103.4
103.4
103.5
104.5
110.8
111.1
111.9
114.5
112.6
83.2
83.1
83.0
83.4
83.5
82.3
82.1
82.0
82.4
82.5
119.3
120.1
120.6
120.9
121.0
121.6
122.2
123.4
129.5
130.8
131.7
132.3
132.7
134.1
134.7
136.8
108.5
108.6
108.7
108.7
108.7
108.4
109.0
109.3
103.6
106.3
107.5
106.0
108.1
107.4
106.8
105.8
112.7
110.2
109.9
113.6
112.4
112.1
112.7
111.4
83.3
83.5
83.6
83.6
83.5
83.5
83.6
83.9
82.4
82.6
82.7
82.6
82.4
82.5
82.6
83.1
115.8
116.0
116.2
117.2
117.7
0.3
.1
.2
.8
.4
2.9
2.6
3.3
4.0
4.4
117.8
118.4
118.8
119.3
119.5
119.9
120.4
121.3
.1
.5
.4
.4
.1
.3
.4
.7
4.8
4.0
4.9
4.4
4.1
3.8
4.3
4.7
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1992=100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
1
Total
Business
Defense
and
space
equipment
Construction
supplies
Business
supplies
Total
Total
Energy
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- Aug
Sept
Oct
Nov
Dee
93.2
97.6
99.7
99.4
97.5
100.0
103.2
107.1
109.9
112.8
113.0
113.3
113.6
114.8
115.3
93.7
96.7
97.7
97.3
97.0
100.0
103.2
107.4
108.9
110.5
110.1
110.5
110.8
112.3
112.7
93.9
99.8
101.3
98.0
93.0
100.0
110.1
120.4
122.8
126.2
128.0
127.1
124.5
127.1
128.4
93.6
95.9
96.7
97.1
98.1
100.0
101.5
104.1
105.3
106.5
105.6
106.3
107.3
108.5
108.7
92.7
99.1
103.0
102.7
98.4
100.0
103.0
106.6
111.6
116.8
117.9
118.1
118.4
119.0
119.6
85.1
93.5
98.8
98.2
95.7
100.0
105.1
111.3
119.4
126.6
127.7
128.3
128.8
129.8
130.7
117.5
117.1
117.4
115.9
106.7
100.0
93.5
86.2
80.7
77.0
77.9
77.7
77.0
76.1
76.2
100.7
102.5
102.9
101.9
97.5
100.0
102.5
106.1
107.5
109.4
110.0
110.6
110.2
111.9
111.3
104.7
106.3
105.5
102.9
96.2
100.0
103.3
110.3
111.6
116.8
119.2
119.8
117.7
120.7
117.8
98.4
100.3
101.3
101.4
98.3
100.0
102.0
103.6
105.0
105.1
104.6
105.3
105.8
106.8
107.4
90.4
95.1
97.0
97.2
95.9
100.0
103.9
111.3
116.6
120.3
121.5
121.2
121.7
122.2
123.1
96.2
98.5
99.5
100.6
100.8
100.0
99.6
101.4
102.7
103.9
104.0
103.9
103.9
104.0
103.9
1997- Jan
Feb
Mar
115.1
115.6
116.3
116.6
117.1
117.5
117.9
119.1
111.7
111.6
112.1
112.1
112.6
112.5
112.8
113.5
127.3
129.2
131.0
126.9
128.4
130.5
129.1
131.8
107.8
107.2
107.4
108.3
108.6
108.0
108.7
109.0
120.8
122.6
123.5
124.3
124.9
126.3
126.7
128.7
132.1
133.8
134.3
135.5
136.1
137.5
139.0
141.7
74.7
75.4
75.6
75.2
75.6
76.1
74.9
75.3
111.6
112.0
112.1
112.0
112.2
111.7
111.3
111.5
117.0
120.0
121.8
120.1
120.6
120.3
118.8
119.2
108.4
107.3
106.5
107.2
107.3
106.6
106.9
106.9
123.4
124.1
124.5
125.5
125.2
125.9
127.0
127.8
103.8
104.6
103.5
103.8
104.1
103.6
104.4
103.4
May
July
Aue">
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1992 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
1997: Jan
Feb
Mar
July
Electrical
machinery
Transportation
equipment
Motor
vehicles
and
parts
Lumand
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
products
118.3
119.5
122.1
118.5
118.8
95.4
107.6
106.2
106.4
96.0
100.0
107.1
113.2
116.3
116.4
118.2
117.4
123.2
115.9
116.7
101.9
106.1
104.8
101.2
96.2
100.0
104.4
112.0
115.7
118.6
119.4
119.3
119.3
119.1
119.5
86.0
97.0
103.0
100.1
95.4
100.0
109.9
125.3
141.4
156.4
159.6
159.4
159.9
161.7
162.9
75.6
82.5
85.8
87.7
89.6
100.0
110.0 •
126.3
148.2
163.3
164.6
165.2
165.6
167.2
168.8
96.1
101.1
105.1
102.3
96.5
100.0
103.7
107.4
105.0
106.1
109.3
107.3
105.3
109.5
109.6
94.9
100.2
101.2
95.3
88.5
100.0
113.7
129.7
128.5
126.9
132.8
127.0
121.2
128.9
127.9
104.9
105.1
104.3
101.6
94.5
100.0
100.9
105.9
106.2
109.7
111.4
110.7
109.2
113.1
108.0
105.5
103.6
100.3
97.2
97.8
100.0
102.4
106.5
103.3
98.2
98.5
98.2
97.8
97.3
97.2
102.5
103.4
103.5
103.1
99.1
100.0
100.8
100.5
99.8
98.4
97.9
99.1
99.7
100.0
99.8
87.0
92.2
95.1
97.3
96.4
100.0
101.0
104.1
106.5
108.9
108.7
109.7
111.3
111.8
114.0
93.5
94.9
95.9
97.0
98.4
100.0
102.1
103.7
105.7
106.3
105.5
106.2
107.1
107.6
108.2
117.8
120.0
121.3
120.2
123.4
123.4
122.0
124.7
118.0
118.2
118.7
119.3
123.6
120.3
120.8
123.3
119.2
119.5
120.4
120.8
121.1
120.7
121.0
121.8
164.7
166.6
167.4
171.3
170.5
171.9
175.3
178.4
168.6
172.5
175.2
176.7
178.1
181.7
185.5
187.4
111.9
111.5
111.9
110.6
110.2
112.8
111.3
115.7
132.0
129.6
128.9
125.3
123.7
127.6
123.1
130.8
108.6
112.0
113.3
113.6
114.0
114.3
113.4
113.6
96.2
95.8
96.3
96.1
96.4
96.6
96.1
95.2
100.5
100.6
99.7
99.6
99.8
99.3
99.5
100.0
113.7
112.8
112.0
113.3
112.7
112.3
113.2
113.2
108.2
108.4
109.2
108.3
108.1
107.9
108.6
108.7
97.8
106.2
104.9
104.0
96.7
100.0
105.5
113.0
115.7
117.2
Source: Board of Governors of the Federal Reserve System.
Industrial
machinery and
equipment
Iron
and
steel
Total
1987
1988
1989
1990 . . .
1991
1992
1993
1994
1995
1996
1996- Aug
Sept
Oct
Nov
Dec
Fabricated
Total
NEW
CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts3
Private
Residential
Total new
construction
expenditures
Period
Total
New housing
units
Total'
Commercial
and industrial 2
Other
and
State
and
local
Total value
index
(1992=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
441.6
455.6
469.8
468.5
424.2
452.1
478.6
519.9
534.1
568.6
1987
1988
1989
1990
1991
1992
1993
1994 .
1995
1996 .
351.0
360.9
371.6
361.1
314.1
336.2
362.7
399.4
406.8
437.1
104.4
109.6
118.0
119.4
93.7'
82.2
84.4
93.3
107.9
118.8
139.9
138.9
139.2
128.0
110.6
129.6
144.1
167.9
162.9
179.4
194.7
198.1
196.6
182.9
157.8
187.8
210.5
238.9
230.7
247.2
52.0
53.2
57.1
58.8
62.6
66.2
67.8
67.2
68.2
71.1
90.6
94.7
98.2
107.5
110.1
115.8
116.0
120.5
127.3
131.5
103
104
108
98
92
100
108
117
122
130
Annual rates
1996: July
Auer
Sept
Get
.
.
Dec
1997: Jan
Peb
Mar
May
Julyp
1,019
973
961
783
577
556
589
744
862
829
Annual rates
567.0
571.0
580.0
584.1
586.2
579.1
436.8
443.6
444.4
449.0
448.9
447.0
249.4
249.2
249.0
247.9
248.3
247.9
181.2
181.1
180.7
179.9
180.0
179.1
116.3
121.4
122.3
127.3
126.4
123.0
71.1
72.9
73.2
73.8
74.2
76.2
130.2
127.4
135.6
135.2
137.3
132.1
136
138
133
'127
132
128
634
711
782
683
777
782
577.1
592.4
593.9
596.2
595.2
595.8
598.7
444.4
452.0
452.7
456.9
459.3
458.3
462.2
246.7
251.4
254.0
260.0
260.2
257.5
259.9
178.3
183.4
184.1
185.3
185.6
182.6
183.6
126.8
128.2
124.5
118.2
122.5
125.5
127.6
70.9
72.5
74.2
78.7
76.7
75.2
74.7
132.7
140.3
141.2
139.3
135.9
137.6
136.5
'131
131
133
'138
138
137
133
771
843
772
834
853
1
Includes residential improvements, not shown separately.
2
Includes hotels and motels.
3
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and The McGraw-Hill Companie;
Inc., 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
1987
1988
1989
1990
1991 .. .
1992
1993
1994
1995
1996
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,457.0
1,354.1
1,476.8
1 unit
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,198.4
1,076.2
1,160.9
1-4 units
5 or more
units
65.3
58.8
55.2
37.5
35.6
30.7
29.4
35.0
33.7
45.2
408.7
348.0
317.6
260.4
137.9
139.0
132.6
223.5
244.1
270.8
Units
authorized
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
3
1,371.6
1,332.5
1,425.6
Units
completed
Homes
sold
Homes for
sale at end
of period '
Vacancy rate
for rental
housing units
(percent) 2
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
1,346.9
1,312.6
1,412.9
671
676
650
534
509
610
666
670
667
757
366
368
365
321
284
265
293
336
370
322
7.7
7.7
27.4
7.2
7.4
7.4
2
7.3
7.4
7.6
7.8
8.0
Seasonally adjusted annual rates
1996: July
Aug
Sept
Get
Nov
Dee
1,492
1,515
1,470
1,407
1,486
1,353
1,164
1,222
1,148
1,104
1,133
1,024
44
37
45
58
60
48
284
256
277
245
293
281
1,454
1,405
1,391
1,349
1,391
1,405
1,463
1,449
1,356
1,375
1,431
1,484
782
814
768
706
788
794
352
343
331
330
327
322
1997: Jan
Feb
Mar
Apr
May
1,375
1,554
1,479
1,483
1,402
1,503
1,432
1,363
1,125
1,237
1,142
1,133
1,098
1,134
1,128
1,072
43
44
45
40
34
37
35
38
207
273
292
310
270
332
269
253
1,395
1,438
1,457
1,442
1,432
1,402
1,414
1,397
1,362
1,572
1,471
1,460
'1,388
1,311
1,294
822
826
825
765
'764
815
818
800
308
300
287
291
288
287
287
284
July
' Seasonally adjusted.
2
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
3
The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
7.7
7.5
7.9
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, units
authorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
SALES AND INVENTORIES—Manufacturing and Trade
In July, manufacturing and trade sales rose 1.0 percent and inventories rose $1.3 billion. According to advance
data, retail sales rose 0.4 percent in August after rising 0.9 percent in July.
BILLIOh•IS OF DOLLARS' (RATIO SCALE)
BILLIC)NS OF DOLLARS* (RATIO SCALE)
1,200
400
1,100
1,000
_,
,-
,
350
-—
^r^~
900
.
_—
———
*JFACTURING AND
800
_-^—^— -
300
TRADE INVENT DRIES
250
^
"
•• p"
RETAIL INVENTORIES
^\
1
700
.'~_'-
MUFACTUR1Nfc
AN ) TRADE SALf"S
600
200
RETAIL SALES
500
150
Hill
in n i 1 1 1 n mil mi i h mi i HI il 1 1 HI
RATIC »
400
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
300
^/^'-''V
,-^
1.50
->^~™^^s_
1.40
v^ 1^^^
1.30
...,,l
fAANUFACTURING^^^^-'
I
i ni i
200
1
1994
1993
1995
1996
A
1994
1993
1997
NW^
|
1995
1996
* SEASONAIiY AD USTED
OURCE; DEPARTMIENT OF COMMERCE
Manufacturing
and
trade1
Period
Sales2
Inventories3
^?,MM
1997
COUNCIL OP EC ONOMIC ADVISERS
Retail
Wholesale
Sales2
Sales2
Inventories :f
Durable
goods
stores
Total
Inventory-sales
ratio4
Inventories3
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
Betail
Millions of dollars, seasonally adjusted, except as noted
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
...
1996- July
Aug
Sept
Get
Nov
Dec
1997- Jan
Feb
Mar
May
Julvp
Aug<>
457,735
497,157
527,039
545,909
542,815
567,176
595,049
637,585
681,597
716,763
709,848
767,222
815,455
840,396
834,287
842,204
867,513
930,049
985,905
1,004,425
122,968
134,521
143,760
149,506
148,306
154,150
161,681
172,973
188,811
201,723
163,903
178,801
187,009
195,550
200,062
207,663
215,878
234,893
253,066
255,808
128,442
138,017
146,581
153,718
154,661
162,632
172,732
185,610
193,670
203,775
47,989
52,430
54,763
55,736
54,165
58,634
64,677
72,784
77,085
82,778
80,453
85,587
91,818
97,981
100,497
103,999
108,055
112,826
116,585
120,997
207,836
219,047
237,234
239,773
243,275
251,994
267,497
290,128
303,750
314,183
105,481
112,453
121,347
121,105
119,039
122,948
133,624
149,840
159,767
165,997
102,355
106,594
115,887
118,668
124,236
129,046
133,873
140,288
143,983
148,186
1.50
1.49
1.52
1.52
1.53
1.48
1.44
1.41
1.42
1.39
1.55
1.54
1.58
1.55
1.54
1.52
1.51
1.50
1.55
1.52
720,755
'718,716
724,103
727,725
730,646
728,760
996,582
999,357
1,000,431
1,004,990
1,004,540
1,004,425
203,814
201,892
203,419
204,987
205,561
205,560
256,053 203,090
256,598 '202,970
254,788 204,713
255,671 206,277
255,850 205,789
255,808 206,894
82,383
'82,384
83,091
83,871
83,485
83,785
120,707
'120,586
121,622
122,406
122,304
123,109
309,986
311,112
312,969
315,281
313,490
314,183
163,534
164,862
166,530
168,146
165,865
165,997
146,452
146,250
146,439
147,135
147,625
148,186
1,38
1.39
1.38
1.38
1.37
1.38
1.53
1.53
1.53
1.53
1.52
1.52
737,464
747,790
745,460
746,769
742,945
750,027
757,488
1,007,618
1,011,899
1,013,376
1,017,150
1,019,025
1,026,255
1,027,532
207,506
211,801
210,195
209,926
210,008
210,772
211,884
257,895 210,233
258,088 213,022
259,389 212,342
258,046 209,934
259,029 209,370
264,154 210,940
262,457 '212,825
213,679
85,344 124,889
87,786 125,236
87,042 125,300
85,472 124,462
84,759 124,611
85,762 125,178
'86,868 '125,957
87,518 126,161
313,980
315,938
315,427
317,596
316,536
317,278
318,694
165,441
167,380
167,444
168,701
167,928
168,696
169,885
148,539
148,558
147,983
148,895
148,608
148,582
148,809
1.37
1.35
1.36
1.36
1.37
1.37
1.36
1.49
1.48
1.49
1.51
1.51
1.50
1.50
* See page 21 for manufacturing,
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
2
20
;i
Seasonally adjusted, end of period.
Annual data are averages of seasonally a^usted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
4
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments, inventories, and new orders rose; unfilled orders fell. According to advance
data for August, manufacturers' durable shipments fell and new orders rose.
BIIUC3NS OF DOLLARS' (RATIO SCALE)
BIIUC)NS OF DOLLARS' (RATIO SCALE)
320
480
440
400 .———^—- .
360
320
-
.-..-'
p— f
\
280
IMl^
240 --
TOTAL
—
200
•*• ...x'*
X-*'
-'-- —
"7
"\"
DURABLEGOODS
200
160
NONEHJRABLEGOC DS
80
— TOTAL ~"
240
160
.,.--
•
!
\
280
Dl RABLEGOOC s
120
•
r
•— "
'\
NOh DURABLE GO DOS
120
1 1 1 1 i 1 1 I ! 1 t t 1 1 ! 1 1 1 1 1 I 1 1 1 1 ! I 1 1 1 1 I i 1 IE 1 1 1 It 1 1 1 1 I 1 1 1 1 1 [I 1
BILLIONS OF DOLLARS" (RATIO SCALE)
320 _ NEWORDERS
^^s-S
280
—>.
"1"~
240
200
—
TOTAL
RATIO*
2.00
URABLEGOO
160
V"*.
v.- _, —-
».-.-•'•'-...,—•*"
».*—x ~^
120
NON XJRABLEGCX DOS
'•+•'•'
INVENTORY-SHIPMENTS RATIO
1.80
---1.60
1.40
1
80
1993
1994
1995
1996
1.20
1993
1997
1994
1995
1996
1997
COUNCIL Of ECONOMIC ADVISKS
Manufacturers' shipments1
Manufacturers' new orders J
Manufacturers' inventories2
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
Nondurable
goods
goods
industries,
mmdefense
Manufacturers'
unfilled
orders2
Manufacturers'
inventoryshipments
ratio "
Millions of dollars, seasonally adjusted, except as noted
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
206,326
224,619
236,698
242,686
239,847
250,394
260,635
279,002
299,116
311,265
108,128
118,458
123,158
123,776
121,000
128,489
135,886
149,131
160,101
167,166
98,198
106,161
113,540
118,910
118,847
121,905
124,749
129,870
139,015
144,099
338,109
369,374
391,212
405,073
390,950
382,547
384,138
405,028
429,089
434,434
220,799
242,468
257,513
263,209
250,019
238,166
239,404
253,691
265,915
271,329
117,310
126,906
133,699
141,864
140,931
144,381
144,734
151,337
163,174
163,105
209,389
228,270
239,572
244,507
238,805
248,212
257,698
279,733
300,353
314,197
110,809
122,076
126,055
125,583
119,849
126,308
133,081
149,542
161,469
169,963
26,094
31,108
32,988
33,331
30,471
31,524
31,694
35,697
40,561
43,913
98,579
106,194
113,516
118,924
118,957
121,905
124,617
130,191
138,885
144,234
430,426
474,154
508,849
531,131
519,199
493,184
458,245
467,369
482,605
517,647
1.59
1.57
1.63
1.65
1.65
1.54
1.48
1.41
1.41
1.39
1996: July
313,851
168,762
168,960
313,854
315,971
171,415
316,461
169,368
171,426
319,296
316,306
169,504
319,725
171,403
322,967
174,862
176,224
322,923
326,909
178,482
323,567
175,900
328,315
180,687
332,779 ••183,931
181,314
145,089
144,894
144,556
147,093
147,870
146,802
148,322
148,105
146,699
148,427
147,667
147,628
148,848
430,543
431,647
432,674
434,038
435,200
434,434
435,743
437,873
438,560
441,508
443,460
444,823
446,381
269,493
270,537
270,794
271,616
272,198
271,329
272,652
274,170
274,633
276,992
278,084
279,166
280,701
161,050
161,110
181,880
162,422
163,002
163,105
163,091
163,703
163,927
164,516
165,376
165,657
165,680
318,488
173,087
167,204
311,958
319,894
175,113
175,015
322,392
322,400
173,636
316,898
170,016
323,864
175,803
326,537
178,872
321,146
173,944
325,544
177,112
176,443
324,042
329,554
181,584
331,112 ••181,677
186,598
45,044
40,314
46,931
46,293
43,081
43,162
45,094
46,264
44,505
43,751
44,211
47,211
'47,397
47,843
145,401
144,754
144,781
147,377
148,764
146,882
148,061
147,665
147,202
148,432
147,599
147,970
149,435
505,993
504,097
508,020
513,951
517,055
517,647
521,786
525,356
523,579
522,214
522,689
523,928
522,261
1.37
1.38
1.37
1.37
1.36
1.37
1.36
1.36
1.36
1.35
1.37
1.35
1.34
Sept
Oct ..
NOT
Dec
1997: Jan
Peb
Mar
May
JulyJ>
AugP
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.3 percent in August. Prices of finished consumer foods
rose 0.3 percent, while prices of other finished consumer goods rose 0.5 percent. Capital equipment prices were
unchanged.
INDEX, 1982 = 100 (RATIO SCALE]
INDEX, 1982-100 (RATIO SCALE)
110
100
1989
1990
1996
SOURCE: DEPARTMENT Of LABOR
1997
COUNCIL Of ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
1887
1988
1989
1990
1991
.
1992
1993
1994
1995
1996
1996: Aug
Sept
Get
Nov
Dee
1997: Jan
Peb
Mar
Apr r
May
Jane
July
Aug
105.4
108.0
113.6
119.2
121.7
123.2
124.7
125.5
127.9
131.3
131.6
J32.0
132.5
132.7
133.4
133.0
1S2.6
132.3
131.6
131.2
131.1
131.0
131.4
1
Consumer
foods
109.5
112.6
118.7
124.4
124.1
123.3
125.7
126.8
129.0
133.6
134.6
135.1
136.2
136.2
135.9
134.6
134.1
135.2
134.7
135.2
134.0
133.7
134.1
Consumer goods
Total
104.0
106.5
111.8
117.4
120.9
123.1
124.4
125.1
127.5
130.6
130.6
131.0
131.3
131.5
132.5
132.4
132.0
131.4
130.6
129.9
130.2
130.1
130.5
Total
100.7
103.1
108.9
115.3
118.7
120.8
121.7
121.6
124.0
127,6
127.7
128.1
128.6
129.0
130.3
130.2
129.7
128.8
127.6
126.8
127.2
127.1
127.7
Intermediate materials for food manufacturing and feeds.
NOTE.-—Beginning11998, indexes are based on updated value weigiits.
22
Durable
111.5
113.8
117.6
120.4
123.9
125.7
128.0
130.9
132.7
134.2
134.4
134.8
134.3
134.5
134.5
134.4
134.5
134.6
134.4
133.6
133.6
132.9
133.3
N d
We
94.9
97.3
103.8
111.5
115.0
117.3
117.6
116.2
118.8
123.3
123.3
123.7
124.7
125.1
127.0
126.8
126.1
124.7
123.2
122.4
123.0
123.1
123.7
Total
Capital
equipment
111.7
114.3
118.8
122.9
126.7
129.1
131.4
134.1
136.7
138.3
138.5
138.7
138.5
138.5
138.5
138.6
138.5
138.5
138.4
138.0
138.1
138.0
138.0
consumer
Total
Foods
and
feeds'
103.6
106.2
112.1
118.2
120.5
121.7
101.5
99.2
finished
107.1 109.5
112.0 113.8
114.5 113.3
114.4 111.1
114.7 110.7
116.2 112.7
123.0
123.3 118.5 114.8
125.6 124.9 114.8
129.5 125.8 128.1
129.9 125.7 132.2
130.3 126.2 133.2
131.0 126.0 130.5
131.3 125.8 126.3
132.1 126.4 125.6
131.6 126.6 125.0
131.1 126.4 124.9
130.8 125.9 127.1
129.9 125.5 127.7
129.4 125.3 128.4
129.4 125.3 126.6
129.2 125.1 125.1
129.7 125.2 124.2
Crude materials
Other
Total
101.7
106.9
111.9
114.5
114.6
93.7
96.0
103.1
108.9
101.2
100.4
102.4
101.8
102.7
114.9
116.4
118.7
125.5
125.6
125.4
125.8
125.8
125.8
126.5
126.7
126.6
125.9
125.4
125.1
125.3
125.1
125.3
Source: Department of Labor, ENsreau of Labor Statistics.
113.8
115.8
112.8
112.0
115.0
122.1
126.7
116.2
107.3
107.9
110.4
106.8
106.7
107.4
Foodstuffs
and
feedstuffs
96.2
106.1
111.2
113.1
105.5
105.1
108.4
106.5
105.8
121.5
129.0
124.5
120.7
117.7
114.5
113.1
111.5
113.7
117.2
117.0
110.7
111.0
110.9
Other
87.9
85.5
93.4
101.5
94.6
93.5
94.7
94.8
96.8
104.5
102.8
100.9
102.1
109.1
122.7
131.0
115.1
99.2
97.8
102.0
100.4
99.9
101.2
CONSUMER PRICES—ALL URBAN CONSUMERS
In August, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted and not seasonally
adjusted. The index was 2.2 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE]
INDEX, 1982-84 = 100 (RATIO SCALE)
110
100
1997
COUNCIL Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Housing
All items '
Transportation
Shelter
Period
Bel. imp.3
1987
1988 .
1989
1990 ...:
1991
1992
1993
1994 .. .
1995
1996
1996: Aug
Sept
Oct . .
Nov
Dec
1997- Jan
Foh
Mar
May
July ..
1
Not
season- Seasonally
ally
adjust- adjusted
ed
(NSA)
100.0
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
157.3
157.8
158.3
158.6
158.6
159.1
159.6
160.0
160.2
160.1
160.3
160.5
160.8
157.4
157.9
158.3
158.8
159.2
159.4
159.8
159.9
160.0
160.1
160.3
160.6
160.9
Food
Total'
15.9
113.5
118.2
125.1
132.4
136.3
137.9
,140.9
144.3
148.4
153.3
154.4
155.1
155.8
156.4
156.4
156.0
156.5
156.5
156.2
156.8
157.1
157.6
158.3
41.2
114.2
118.5
123.0
128.5
133.6
137.5
141.2
144.8
148.5
152.8
153.2
153.5
153.9
154.4
154.7
155.2
155.6
155.6
155.9
156.1
156.5
156.8
156.9
Renters'
costs
Total (Dec.
1982=
100)
28.2
121.3
127.1
132.8
140.0
146.3
151.2
155.7
160.5
165.7
171.0
171.4
171.7
172.2
172.6
172.9
173.4
174.0
174.3
174.9
175.4
175.8
176.2
176.6
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
:I
Relative importance, December 1996.
2
8.0
128.1
133.6
138.9
146.7
155.6
160.9
165.0
169.4
174.3
180.2
180.1
180.5
181.1
181.5
181.7
182.8
183.4
183.9
184.5
184.8
185.4
185.3
185.7
Home- Main- Fuel
ownand
tenance other
ers'
utiliand
costs
ties
re(Dec.
1982 = pairs
100) (NSA)
20.0
124.8
131.1
137.3
144.6
150.2
155.3
160.2
165.5
171.0
176.5
177.1
177.4
177.8
178.3
178.6
179.0
179.5
179.8
180.4
180.9
181.2
181.9
182.4
0.2
111.8
114.7
118.0
122.2
126.3
128.6
130.6
130.8
135.0
139.0
139.7
139.9
140.2
141.1
141.5
141.5
142.3
142.4
142.5
143.2
143.3
145.4
145.5
7.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
122.8
123.7
127.5
128.0
128.4
129.0
129.6
130.3
131.2
131.6
130.5
130.2
129.4
130.2
130.5
129.9
Apparel
and
up- Total1
keep
5.3
110.6
115.4
118.6
124.1
128.7
131.9
133.7
133.4
132.0
131.7
130.3
131.0
131.3
131.7
131.8
132.3
132.6
132.2
133.4
133.6
133.3
133.5
132.2
17.1
105.4
108.7
114.1
120.5
123.8
126.5
130.4
134.3
139.1
143.0
143.1
143.8
144.3
144.8
145.7
145.4
145.3
145.4
144.8
143.6
143.2
143.3
144.2
Energy2
All
items
less
food
and
energy
4.0
7.0
7.3
3.2
114.6 80.2 130.1
88.6
89.3
116.9 80.9 138.6
94.3
119.2
88.5 149.3
121.0 101.2 162.8 102.1
125.3 99.4 177.0 102.5
128.4 99.0 190.1 103.0
131.5
98.0 201.4 104.2
136.0
98.5 211.0 104.6
100.0 220.5 105.2
141.4 106.3 228.2 110.1
142.0 105.0 229.3 109.3
142.7 104.9 229.9 109.5
142.4 106.6 230.4 110.7
142.1 108.4 231.0 112.0
142.2 111.1 231.5 113.7
141.9 111.8 231.9 114.6
141.9 111.8 232.3 114.9
142.0 109.5 233.2 112.9
142.0 106.8 233.8 111.2
141.8 102.5 234.5 108.5
141.7 101.4 234.9 108.5
141.8 101.2 235.0 108.4
141.7 106.2 235.5 110.2
77.0
118.2
123.4
129.0
135.5
142.1
147.3
152.2
156.5
161.2
165.6
166.2
166.7
167.0
167.4
167.7
167.9
168.3
168.7
169.2
169.5
169.7
170.0
170.1
New
cars
rsg.o
Medical
Motor care
fuel
NOTE.—Data incorporate a rental equivalence measure for homeownership costs (beginning
1983).
Source: Department of Labor, Bureau of Labor Statistics.
IN PRODUCER PRICES FOR FINISHED GOODS
IPercent change from preceding period; monthly data seasonally adjusted, except as noted by NSA)
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
Capital
equipment
Excluding
foods
Poods
goods
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Total
finished
goods
equipment
Excluding
foods
Foods
Change
from year
earlier,
total
finished
goods
NSA
Change, Dee. to Dee., NSA
1987 .
1988 ...
1989
1990
1991
1992
1993
1994
1995
1996
2.2
4.0
4.9
5.7
-.1
1.6
.2
1.7
2.3
2.8
-0.2
5.7
5.2
2.6
-1.5
1.6
2.4
1.1
1.9
3.4
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.0
2.2
.4
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.0
2.3
3.7
2.1
2.5
5.2
4.9
2.1
1.2
1.2
.6
1.9
2.7
Change, month to month
1996- Aug
Sept ....
Oct
Nov ...
Dec
1997- Jan
Feb
Mar
May
0.3
.3
.4
.2
.5
0.7
.4
.8
0
-.2
0.2
.3
.4
.3
1.0
0.1
.1
-.1
0
0
2.5
2.5
4.0
3,4
4.3
9.1
4.6
7.7
4.8
2.4
0.8
2.5
3.8
4.1
7.0
1.2
1.2
.6
0
-.6
3.0
2.5
2.9
2.9
3.4
5.9
4.9
7.3
7.0
3.5
2.9
2.2
2.1
2.4
4.8
0.7
.9
.6
.6
.3
3.0
3.0
3.1
3.0
2.8
-.3
-.3
-.2
-.5
_ Q
-1.0
-.1
-.4
-.7
'-.9
'-.6
.3
-.1
.5
,1
-.1
0
-.1
1,5
— 3
-3.3
—4 1
-4.2
36
-1.8
.8
-4.6
-6.0
-2.0
.3
3.3
-3.5
-2.9
-3.2
5.1
2.2
-4.5
'-7.8
-8.6
-4.9
'-1.6
2.9
.3
0
0
'-.6
-1.4
-1.2
'-1.2
0
2.8
1.5
.5
-1.4
-2.2
-3.4
-3.0
-1.8
1.4
-.7
.1
-2.2
-1.5
-2,8
-1.3
0
4.4
3.2
1.1
'-1.5
-3.4
-4.7
-4.7
-3.1
.4
0
-.3
'-.1
2.5
2.2
1.5
.8
.3
-.1
-.2
A
'.8
-A
.4
-.9
-.2
.3
-t
-.1
July
Ane
.3
••-.3
.1
_
-I
0
n
-.6
-.9
-.7
—
9
Source: Department of Labor, Bureau of Labor Statistics,
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSAj
Shelter
Period
All
items1
Pood
Total >
Total'
Renters'
costs
Addendum: All items,
percent ehange
(annual rate)
Transportation
Housing
Homeowners'
costs
and
other
utilities
Apparel
and
1
upkeep Total
New
ears
Motor
fuel
Medical
eare
Energy2
All
items
less
food
and
energy
From
previous
quarter 3
From
Prom
Prom
3
6
year
months months earlier
earlier earlier NSA
Change, December to December, NSA
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
.-.
4.4
4.4
4.6
6.1
3.1
2.9
2.7
2.7
2.5
3.3
3.5
5.2
5.6
5.3
1.9
1.5
2.9
2.9
2.1
4.3
3.7
4.0
3.9
4.5
3.4
2.6
2.7
2.2
3.0
2.9
4.8
4.5
4.9
5.2
3.9
2.9
3.0
3.0
3.5
2.9
3.9
3.9
4.5
6.7
4.2
2.8
2.6
2.3
3.0
3.4
1.6
2.9
3.2
4.0
2.9
2.3
2.5
.2
1.4
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
3.3
3.7
2.8
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
3.8
1.5
4.4
4.8
4.7
1.0
5.1
3.4
1.4
.9
-1.6
.1
-.2
1.8
2.1
2.3
1.4
3.3
2.3
2.8
3.2
1.6
1.6
18.7
-2.1
6.8
36.5
-16.0
1.8
-5.4
5.9
-4.0
12.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.9
3.9
3.0
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
2.2
-1.3
8.6
4,2
4.7
4.4
5.2
4.4
3.3
3.2
2.6
3.0
2.6
-09
-.1
1.6
1.7
2.5
0.2
.3
.2
.3
.2
-0.2
.2
1.1
1.2
1.5
0.1
.3
.2
.2
.2
.6
.2
.2
.4
.3
.3
.2
.0
.2
.8
.3
-1.7
-1.5
-2.4
0
-.1
1.7
.1
.2
.2
.3
.2
.1
.2
.1
3.6
4.1
4,8
5.4
4.2
3.0
3.0
2.6
2.8
3.0
Change, month to month
1996: Ang
Sept
Oct
Nov
Dec
0.2
.3
.3
.3
.3
0.4
.5
.5
.4
0
0.2
.2
.3
.3
.2
0.1
.2
.3
.2
.2
0.1
.2
.3
.2
.1
0.2
.2
.2
.3
.2
0.5
.3
.5
.5
.5
-0.9
.5
.2
.3
.1
0
.5
.3
.3
.6
0.2
.5
-.2
1997- Jan
Feb
Mar
.1
.3
.1
.1
.1
.1
.2
.2
-.3
.3
0
-.2
.4
.2
.3
.4
.3
.3
.3
.3
.2
.3
.3
.2
.2
.2
.6
.3
.3
.3
2
.3
-.1
.2
.2
.3
.2
.3
.3
.2
.4
.3
.7
.3
.4
.2
-.3
.9
.1
-.2
.2
-1.0
-.2
-.1
.1
-.4
-.8
-.3
.1
.6
-.2
0
.1
0
May
June
July
Aug
1
0
.2
.1
.3
,2
.1
Q
-'.2
-6
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—>and motor fuel. Motor oil, f
etc., excluded beginning 1983.
2
24
.6
.2
3
g
J
-|
-.1
.1
i
0
-2.1
-2.5
-4.0
-1.1
-.2
4.9
2.8
3.3
is
i"b
Quarterly changes are shown in the last month of the quarter,
Smiree: Department of Lalx>r, Bureau of Labor Statistics.
2.3
3.1
3.1
3.6
3.3
3.0
3.0
2.8
3.0
3.2
2.9
3.0
3.0
3.3
3.3
2.8
2.5
1.8
1.5
.8
1.0
1.5
2.0
2.9
3.1
2.5
2.2
1.6
1.4
1.5
1.4
3.0
3.0
2.8
2.5
2.2
2.3
2.2
2.2
PRICES RECEIVED AND PAID BY FARMERS
In September, prices received and paid by farmers were both unchanged. (Data are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)
INDEX, 1990-92-100 (RATIO SCAL£)
120
120
110
RATIO1'
140
120
120
100
80
60
111111 1 111111111 I I 11I 1111111 11I 1111111 I
1989
1991
1990
1992
100
r
"~
-
«_^w^
~^-^-
1 1 1 ! i I1 1 1 1 1
1993
80
-
1 1 1 1 1 1 ! ( 1 ! ! _U-LUJJJ_LLL,
'. ; ': ! 1 1 II
1995
1994
*
1!>96
J/ RATIO Of INDEX OF PRICES RECEIVED TO INDEX Of PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
M 11
60
INN!
1997
COUNCIL Of ECONOMIC ADVISERS
[1990-92 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and 1wage
rates
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
1989
1990
1991
1992
1993
1994
1995
1996
89
99
104
104
100
98
101
100
102
112
86
104
109
103
101
101
102
105
112
126
91
93
100
105
99
97
100
95
92
99
87
91
96
99
100
101
104
106
110
115
87
92
97
99
100
101
102
105
109
114
87
90
95
99
100
101
103
106
109
115
102
108
108
105
99
97
97
94
93
98
1996: Sept
Oct
Nov
Dec ..
116
112
110
110
125
119
117
115
105
103
102
103
116
115
115
115
115
115
114
114
116
115
114
115
100
97
96
96
1997: Jan
Feb
Mar
Apr
May . . .
June
July
108
105
107
107
108
108
107
108
108
116
113
117
115
117
119
114
117
115
98
98
99
100
100
98
100
99
99
116
116
117
117
117
117
'116
116
116
115
116
117
117
117
116
116
115
115
115
115
116
117
117
117
116
116
115
93
91
91
91
92
92
92
93
93
1987
1988
Auerr
Sept
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices ]
taxes, and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 and M3 accelerated in August.
BILUONS OF DOLLARS* (RATIO SCALE)
5,200
r — '"
4,800
BILLIO MS OF DOLLARS* (RATIO SCALE!
5,200
4,800
~"""
4,400
4,400
\M3
4,000 _,3,600
_
4,000
"
3,600
_ _
^
M2
.--
3,200
--'"
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
~—~__ ——-—•
-~^\
Ai
_^^
n-~—"~~"~
800
800
600
1989
.
WO
1991
1
1
1992
1993
1
1994
600
1995
1996
1997
F ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
Period
1987:
19881989:
19901991:
19921993:
1994:
1995:
1996:
1996-
Dec
Dec
Dec
Dec
Dec
Dec
Dee ..
Dee
Dee
Dec'
July'
Sept'
Oct.'
Nov ..
Dee'
1997: Jan'
Feb'
Mar' ...
A»rr
May
July
M3
M2
M2 plus large
time deposits,
EPs, Eurodollars, and
institutiononly MMMF
balances
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable deposits (OCDs)
Ml phis retail
MMMP balances,
savings deposits
(including
MMDAs), and
small time deposits
749.7
787.0
794.2
825.8
897.3
1,025.0
1,129.8
1,150.7
1,129.0
1,081.1
1,108.9
1,099.9
1,093.3
1,080.3
1,080.1
1,081.1
2,832.7
2,996.3
3,160.9
3,279.5
3,379.6
3,434.0
3,486.6
3,502.1
3,655.0
3,834.5
3,672.5
3,912.9
4,065.9
4,125.9
4.180.4
4,190.4
4,254.4
4,327.3
4,592.5
4,933.2
3,750.0
3,762.8
3,775.3
3,788.1
3,810.2
3,834.5
4,770.0
4,790.6
4,822.1
4,858.1
4,887.9
4,933.2
1,079.9
1,080.8
1,075.4
1,065.2
1,062.8
1,063.2
1,062.1
1,069.5
3,851.7
3,868.6
3,885.6
3,905.2
3,904.7
3,919.8
3,931.7
3,967.9
4,956.1
4,994.9
5,027.6
5,067.7
5.076.3
5,099.2
5,145.5
5,200.0
'Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfiinaneial sectors; data from flow of funds accounts.
2
Aniiual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
26
L
Debt
MS pins
other liquid
assets
Debt of
domestic
Bonfinaneiai
sectors
(monthly
average of
adjacent
month-end
levels) '
4,339.9
4,663.5
4,892.8
4,976.6
5,006.2
5,078.0
5,167.8
5,308.4
5,697.6
6,098.8
5,914.8
5,945.1
5,987.2
6,013.7
6,057.1
6,098.8
6,115.0
6,183.0
6,207.2
6,262.1
6,280.3
6,305.0
P 6,342.2
'8,650.8
'9,427.6
'10,151.1
' 10,824.4
'11,298.5
'11,837.3
' 12,457.3
'13,072.1
' 13,768.1
14,485.7
14,211.0
14.264.2
14,311.7
14,372.9
14,435.7
14,485.7
14,526.2
14,584.0
14,645.7
14,715.5
14,759.6
14,785.9
P 14,840.0
Percent change from year or 6
months earlier2
Ml
3.5
5.0
.9
4.0
8.7
14.2
10,2
1.8
-1.9
-4.2
-2.4
-3.6
-5.8
77
-6.6
-6.2
-5.2
-3.5
-3.3
-2.8
-3.2
-3.3
— 33
-2.1
NOTE.™—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
3.6
5.8
5.5
3.8
3.1
1.6
1.5
.4
4.4
4.9
4.4
4.2
3.3
3.4
4.5
4.9
5.4
5.6
5.8
6.2
5.0
4.4
4.2
5.1
M3
5.3
6.5
3.9
1.5
1.3
.2
1.5
1.7
6.1
7.4
6.5
5.9
5.7
6.5
6.7
7.7
7.8
8.5
8.5
8.6
7.7
S.7
7.6
8.2
Debt
9.6
9.0
7.7
'6.6
'4.4
4.8
'5.2
'4.9
'5.3
5.2
5.7
5.4
5.0
4.9
5.0
4.9
4.4
4.5
4.7
4.8
4.5
4.1
4.3
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally actuated]
Currency
Period
1987:
19881989:
1990:
19911992:
19931994:
19951996:
1996:
196.8
212.3
222.7
246.8
267.3
292.9
322.2
354.4
372.6
395.2
382.8
385.2
387.6
390.2
392.5
395.2
397.0
400.5
402.4
403.7
406.1
407.7
410.3
412.2
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Sent
Oct
Nov
Dec
1997: Jan
Feb
Mar
May
July
Other
Decheckmand
able
depos- deposits
its
(OCDs)
286.8
286.8
279.3
277.4
289.6
339.5
385.2
384.1
391.1
'402.6
'408.8
'405.9
'405.1
'398.4
'402.2
'402.6
'401.8
'404.4
'403.0
'395.6
'395.7
397.3
396.4
401.7
259.5
280.9
285.3
293.9
332.5
384.4
414.5
403.8
356.5
274.8
308.7
300.4
292.2
283.2
276.8
274.8
272.5
267.3
261.5
257.7
252.8
250.1
247.3
247.3
Money market
mutual fund
balances
Retail1
224.6
245.9
321.7
357.1
371.9
353.5
354.9
384.3
455.2
536.6
499.6
506.1
513.2
520.5
527.1
536.6
542.4
548.7
557.8
569.2
567.2
572.9
578.9
594.9
Savings
deposits,
including
money
market
Instideposit
tution2 accounts
only (MMDAs)
92.0
92.3
110.3
138.0
185.5
207.5
209.5
198.5
246.9
299.3
274.0
278.8
285.2
288.1
292.0
299.3
296.3
305.4
311.8
311.6
311.6
318.9
324.1
329.2
937.4
926.3
893.7
923.8
1,045.0
1,187.3
1,219.2
1,149.6
1,137.1
1,271.0
1,211.0
1,222.7
1,231.5
1,246.3
1,259.0
1,271.0
1,282.5
1,290.5
1,304.3
1,321.1
1,320.9
1,325.4
1,329.8
1,341.4
1
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money fluids with minimum initial investments of $50,000 or more.
Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
2
3
Small
denomination
time
deposits3
Large
denomination
time deposits3
Overnight
and
term
repurchase
agreements
(RPs)
(net)
467.0
518.3
541.5
480.9
416.5
353.4
333.4
363.1
419.8
491.5
455.9
460.4
468.3
480.9
483.4
491.5
493.3
500.1
'509.1
522.2
523.7
533.1
551.6
559.2
172.6
189.0
158.0
138.8
119.5
128.6
158.6
182.9
182.1
194.0
194.2
192.4
194.4
196.0
195.3
194.0
197.2
201.1
199.4
202.1
202.7
198.7
208.0
211.0
921.0
1,037.1
1,151.4
1,172.8
1,065.4
868.3
782.6
817.5
933.7
945.7
930.5
934.0
937.3
941.0
943.9
945.7
946.9
948.6
948.1
949.6
953.9
958.4
960.9
962.1
Overnight
and
term
Eurodollars
(net)
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
108.2
100.6
117.0
109.4
95.2 117.5
88.7 126.0
79.3 137.9
67.0 156.6
66.4 171.5
80.8
180.2
88.7
184.8
113.9
187.0
95.8 186.7
96.3 186.9
98.9 187.1
105.1
187.1
107.1
187.0
113.9
187.0
117.5
186.7
'119.7 186.4
'121.7 186.3
'126.6 186.2
'133.5 186.2
'128.8 186.3
130.0 "186.4
132.7
249.5
266.8
324.0
334.1
328.8
344.7
340.5
383.0
469.9
471.0
473.6
478.1
483.9
476.7
486.7
471.0
'451.2
'451.4
'453.9
'457.7
'460.8
'451.0
P 430.6
44.5
40.2
40.7
36.1
23.8
20.8
14.8
14.0
11.2
12.2
11.5
11.7
12.0
12.1
12.2
12.2
11.9
12.7
13.5
12.8
13.1
'12.6
"12.7
272.7
334.3
344.6
354.4
335.2
365.5
386.6
403.9
439.3
495.5
473.0
477.7
482.0
479.6
483.2
495.5
509.1
517.5
525.9
537.8
543.9
'555.9
"567.0
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not
shown here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures'; 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
19871988:
19891990:
19911992:
19931994:
1995:
19961996:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Aug
Sept
. .
Oct
Nov
Dee
1997: Jan
Feb
Mar
Apr
May
July
1
38,895
40,428
40,522
41,797
45,563
54,383
60,545
59,404
56,386
50,063
52,181
51,280
50,076
49,811
50,063
49,517
49,008
48,312
47,430
47,048
47,108
46,885
47,413
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
38,118
38,712
40,257
41,471
45,371
54,260
60,463
59,195
56,129
49,908
51,847
50,912
49,789
49,597
49,908
49,472
48,966
48,155
47,170
46,805
46,741
46,476
46,816
Nonborrowed
plus
extended
credit
38,601
39,957
40,277
41,494
45,371
54,260
60,463
59,195
56,129
49,908
51,847
50,912
49,789
49,597
49,908
49,472
48,966
48,155
47,170
46,805
46,741
46,476
46,816
Required
37,849
39,381
39,600
40,132
44,584
53,228
59,482
58,236
'55,109
48,639
51,221
50,242
49,082
48,776
48,639
48,293
47,977
47,151
46,420
45,808
45,828
45,683
46,161
Monetary
base
239,799
256,905
267,625
293,190
317,403
351,347
386,880
418,484
434,523
452,669
443,999
445,812
447,077
449,365
452,669
454,137
456,284
457,623
458,235
459,602
461,401
'464,224
466,502
Total
777
1,716
265
326
192
124
82
209
257
155
334
368
287
214
155
45
42
156
261
243
367
409
598
Seasonal
93
130
84
76
38
18
31
100
40
68
309
306
212
109
68
19
21
37
88
173
243
330
385
Extended
credit
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.6 percent in August; commercial and industrial loans rose 1.1
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
3,600
3,200
2,800
4,000
3,600
3,200
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
2,800
U.S. GOVERNMENT SECURITIES
-V
800
800
400
400
OTHER SECURITIES
200
200
i i i I I I i i i I i i i i il i i i i i I I I 1
160
1989
1990
1991
1992
I
II i M I I
I I I I I I I 1 I II
I I i i i i I 160
I 1 I I I M1 1 I
1994
1993
1996
1995
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1997
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted ' 1
Loans and leases in bank credit
Securities in bank credit
Period
Total
bank
credit
Total
securities
U.S.
Total loans CommerOther
Governcial and
and
securities
ment
industrial
leases2
securities
Real estate
Total
Revolving
home
equity
Consumer
Security
Other
Other
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
2,435.5
2,609.2
2,754.6
2,859.0
2,958.4
3,118.3
3,332.5
3,616.2
3,769.4
562.2
585.1
634.9
745.8
843.0
917.6
951.9
996.1
989.1
367.4
401.0
457.0
566.1
666.2
732.7
730.6
707.9
706.0
194.9
184.2
177.9
179.7
176.8
184.9
221.2
288.1
283.1
1,873.3
2,024.1
2,119.7
2,113.2
2,115.4
2,200.7
2,380.6
2,620.2
2,780.3
675.2
607.6
638.8
770.3
641.1
856.3
880.6
619.6
901.5
596.2
586.6
941.5
646.0 1,003.4
718.2 1,079.9
-•782.9 '1,128.0
40.0
50.2
62.3
69.6
73.5
73.0
75.3
79.1
85.2
635.2
720.1
794.0
811.0
828.0
868.4
928.1
1,000.8
1,042.7
357.2
377.7
383.2
366.4
358.9
391.2
452.4
496.5
520.8
40.7
41.5
45.4
55.4
65.6
90.3
79.1
86.6
78.7
192.6
195.7
193.9
191.3
193.3
191.3
199.7
239.0
'269.9
1996: Aug
Sept
Oct
Nov
3,677.9
3,697.2
-•3,716.0
3,742.0
3,769.4
974.3
972.1
968.7
979.7
989.1
703.5
704.6
702.3
706.4
706.0
270.8
267.5
266.4
273.3
283.1
2,703.6
2,725.1
2,747.3
2,762.3
2,780.3
746.6 1,109.7
760.7 1,112.3
'770.6 1,115.4
'774.7 '1,121.7
'782.9 '1,128.0
81.0
81.8
83.3
84.2
85.2
1,028.7
1,030.5
1,032.0
1,037.4
1,042.7
514.0
517.2
519.1
520.4
520.8
72.1
73.3
75.8
76.9
78.7
261.3
261.6
'266.4
'268.7
'269.9
3,803.8
3,840.4
3,860.1
3,900.9
3,909.3
3,931.6
3,960.1
3,971.9
1,004.5
1,020.2
1,014.3
1,034.1
1,015.9
1,012.7
1,032.7
1,026.5
706.4
703.6
708.4
723.7
723.5
726.7
727.6
715.2
298.0
316.5
305.9
310.4
292.4
286.0
305.1
311.2
2,799.4
2,820.2
2,845.8
2,866.8
2,893.4
2,918.9
2,927.4
2,945.5
85.7
86.5
87.9
89.7
90.9
92.4
93.3
94.1
1,049.1
1,053.9
1,066.1
1,077.4
1,087.1
1,095.1
1,098.7
1,103.6
521.5
520.5
518.1
516.2
519.1
521.7
521.4
522.0
82.4
83.9
88.2
89.7
89.1
94.0
95.3
95.1
275.7
282.3
288.0
289.2
296.9
299.9
300.9
303.7
1988:
1989:
1990:
1991:
1992:
1993:
1994:
1995:
1996:
Dec
1997- Jan'
Feb'
Mar-'
Apr'
May'
June-"
July'
Aug
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment
companies {through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities.
28
785.0
793.2
797.5
804.6
810.3
815.8
817.8
827.1
1,134.8
1,140.4
1,154.0
1,167.1
1,178.0
1,187.4
1,192.0
1,197.7
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal1
Total
Total
1987rr .
I988r
1989 r
1990
1991r••
1992
649.0
852.7
745.4
594.0
490.8
601.5
702.4
790.8
980.1
1,022.1
876.3
939.2
1,034.7
1,070.2
1,049.3
1,037.0
977.2
1,024.6
1,076.7
1,119.2
1993 r
1994rr
1995
1996'
1995- lrr
li
IE'
Wr
1996- lr r
U
m*-
IV'
1997- I r
UP
375.1
409.0
398.0
410.5
423.7
440.2
484.5
549.2
576.8
647.1
538.1
556.2
592.8
620.0
619.3
637.1
649.6
682.2
675.6
685.6
273.9
443.7
347.4
183.5
67.1
161.3
217.9
241.6
403.3
375.0
338.2
383.0
441.9
450.2
430.0
399.9
327.6
342.4
401.1
433.6
Securities
and mortgages
38.8
8.3
-25.4
-12.5
81.9
76.5
95.4
-1.0
43.4
16.0
49.6
63.9
-.5
60.6
-2.6
97.4
-68.3
37.7
-3.6
24.8
80.8
101.4
67.0
55.4
-35.1
66.6
70.4
90.4
155.4
83.9
206.8
205.1
67.2
142.4
59.3
172.5
65.3
38.4
93.1
107.3
1
Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed
capital, foreign earnings retained abroad, and inventory valuation adjustment.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment
in the U.S.
Loans and
short-term
paper
42.0
93.1
92.4
67.9
-117.0
-9.9
-25.0
91.4
112.0
67.9
157.2
141.2
67.7
81.8
61.9
75.1
133.6
.7
96.7
82.5
Total
Other2
193.2
342.2
280.4
128.1
102.2
94.6
147.5
151.2
247.9
291.1
131.4
177.9
374.7
307.8
370.7
227.3
262.2
304.0
308.0
326.4
588.9
743.3
623.4
498.0
498.6
549.8
802.9
789.9
976.7
1,003.7
838.6
961.9
1,002.6
1,103.5
1,033.2
937.8
1,039.2
1,004.5
1,049.8
1,074.0
Discrepancy
(sources
less
uses)
Increase in
financial
assets
Capital
Credit market funds
tures3
354.3
360.4
389.9
382.7
368.8
382.3
445.6
511.6
568.5
593.5
--. 571.5
561.3
584.6
556.6
559.7
575.5
610.7
628.1
648.5
706.7
60.2
109.3
122.0
96.1
-7.8
51.7
-100.6
.9
3.4
18.4
37.7
-22.7
32.1
-33.4
16.2
99.2
-62.0
20.1
27.0
45.2
234.6
382.9
233.5
115.3
129.8
167.5
357.3
278.3
408.2
410.2
267.1
400.6
418.0
546.9
473.5
362.3
428.5
376.4
401.3
367.3
3
Plant and equipment, residential structures, inventory investment, and access rights from
U.S. Government.
NOTE.—Data beginning 1987 reflect annual revisions. See Federal Reserve statistical release,
Z.I, Flow of Funds Accounts of the United States, issued September 15, 1997 for details.
Source: Board of Governors of the Federal Reserve System.
CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]
Period
Total
1987:
19881989:
1990:
1991:
1992:
19931994:
1995:
19961996-
Dec 3
Dee
Dec ... .. ..
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Auff
Sept
Oet
Nov
Dec
1997: Jan'r
Feb
Marr
Aprr
MaV
Juner
July*"
671.7
729.9
780.4
793.9
779.3
782.8
842.9
964.6
1,100.7
1,184.0
1,164".5
1,171.6
1,173.9
1,179.6
1,183.8
1,184.0
1,194.9
1,202.8
1,205.5
1,215.1
1,217.8
1,218.6
1,225.1
Automobile
Revolving
266.1
285.5
290.2
283.1
263.3
262.6
287.1
326.4
362.1
390.3
385.7
386.2
386.9
388.5
388.5
390.3
390.6
390.8
390.4
394.3
394.4
395.3
398.9
1
For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus noninstallment credit.
Net change in consumer credit outstanding l
Consumer credit outstanding (end of period)
153.3
174.5
210.9
238.2
263.2
277.5
309.1
364.6
441.9
498.0
479.6
482.5
484.8
490.3
495.7
498.0
505.3
510.6
509.5
512.4
514.1
516.5
521.9
Other"
252.4
269.9
279.3
272.7
252.9
242.7
246.7
273.6
296.8
295.7
299.2
302.8
302.2
300.8
299.6
295.7
298.9
301.4
305.6
308.5
309.3
306.8
304.3
Total
32.8
58.2
(4)
13.5
-14.6
3.5
60.1
121.7
136.1
83.3
12.1
7.1
2.3
5.7
4.2
.2
10.9
7.9
2.7
9.6
2.7
.8
6.5
Automobile
18.9
19.4
(4)
-7.1
-19.8
-.7
24.5
39.3
35.7
28.2
4.1
.5
.7
1.6
.0
1.8
.3
.2
-.4
3.9
.1
.9
3.6
Revolving
17.3
21.2
(*)
27.3
25.0
14.3
31.6
55.5
77.3
56.1
6.0
2.9
2.3
5.5
5.4
2.3
7.3
5.3
-1.1
2.9
1.7
2.4
5.4
Other2
-3.3
17.5
(4)
-6.6
-19.8
-10.2
4.0
26.9
23.2
-1.1
2.0
3.6
-.6
-1.4
-1.2
-3.9
3.2
2.5
4.2
2.9
.8
-2.5
-2.5
3
Data newly available in January 1989 result in breaks in many series between December
1988 and subsequent months.
* Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rotes fell in September.
PERCENT PER ANNUM
PERCENT PER ANNUM
U
U
12
10
— "~N
\
^x
CORPORATE Aoo BONDS
(MOODY'S)
-"V
vv
'
— ~\
""*x
p
x
/
../
x /
*'».
X
J
q
f\
-/
X
\
*•
~
w'"
TREASURY
BILLS /
X
r^
8
-'"X.
6
""""••-.
>r J
1~r^^
\
"
4
,/H
DISC OUNT
R/kTE
2
RESERVE
BANK OF
NEW YORK
1
Ionium
1989
1990
MM,!,
IMM,
1991
,M,,I,MM
1
MM,|M,M
1993
1992
1994
1995
1 M
1 1 1
1996
MllllllM|J>
0
1997
COUNCIL OF ECONOMIC ADVISERS
1OUKCE: SEE TAME BELOW
[Percent per annum]
High-
U.S. Treasury security yields
Constant maturities2
Period
3-month
bills (new
issues)1
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1996- Sept
Oct
Dec
1997: Jan
Peb
Mar
Apr
... .
.. .
June
July
Aug
Sepf
Week ended:
1997: Aug 30 ...
Sept 6 ..
13 ..
20 ..
27 ..
1
3-year
10-year
municipal
30-year
(Standard
&
Poor's)3
30
Prime
commercial
paper,
6
months ]
Discount
rate (N.Y.
F.B.
Bank)t
Prime rate
charged 4by
banks
Federal
funds5
rate
532
6.69
8.12
7.51
5.42
3.45
3.02
4.29
5.51
5.02
5.15
5.01
5.03
4.87
5.05
5.00
5.14
5.17
5.13
4.92
5.07
5.13
4.97
7.68
8.26
8.55
8.26
6.82
5.30
4.44
6.27
6.25
5.99
6.41
6.08
5.82
5.91
6.16
6.03
6.38
6.61
6.42
6.24
6.00
6.06
5.98
8.39
8.85
8.49
8.55
7.86
7.01
5.87
7.09
6.57
6.44
6.83
6.53
6.20
6.30
6.58
6.42
6.69
6.89
6.71
6.49
6.22
6.30
6.21
8.59
8.96
8.45
8.61
8.14
7.67
6.59
7.37
6.88
6.71
7.03
6.81
6.48
6.55
6.83
6.69
6.93
7.09
6.94
6.77
6.51
6.58
6.50
7.73
7.76
7.24
7.25
6.89
6.41
5.63
6.19
5.95
5.75
5.86
5.71
5.59
5.62
5.72
5.63
5.78
5.88
5.71
5.60
5.41
5.47
5.38
9.38
9.71
9.26
9.32
8.77
8.14
7.22
7.97
7.59
7.37
7.66
7.39
7.10
7.20
7.42
7.31
7.55
7.73
7.58
7.41
7.14
7.22
7.15
6.85
7.68
8.80
7.95
5.85
3.80
3.30
4.93
5.93
5.42
5.66
5.45
5.40
5.44
5.48
5.42
5.60
5.79
5.78
5.69
5.60
5.59
*
5.66
6.20
6.93
6.98
5.45
3.25
3.00
3.60
5.21
5.02
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.21
9.32
10.87
10.01
8.46
6.25
6.00
7.15
8.83
8.27
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
6.66
7.57
9.21
8.10
5.69
3.52
3.02
4.21
5.83
5.30
5.30
5.24
5.31
5.29
5.25
5.19
5.39
5.51
5.50
5.56
5.52
5.54
5.53
5.12
5.07
5.01
4.91
4.90
6.11
6.08
6.08
5.91
5.89
6.36
6.34
6.34
6.14
6.08
6.63
6.61
6.64
6.43
6.36
5.50
5.45
5.45
5.30
5.30
'7.28
7.25
7.28
7.09
7.02
5.58
*
*
*
*
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
5.00-5.00
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
5.56
5.64
5.48
5.58
5.45
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury
Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
5
Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates.
2
Corporate
Aaa
bonds
(Moody's)
Newhome
mortgage
yields
(FHFB)6
9.31
9.19
10.13
10.05
9.32
8.24
7.20
7.49
7.87
7.80
7.98
7.95
7.80
7.79
7.81
7.78
7.88
8.03
8.01
7.95
7.78
7.59
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as welt as contract rate and assumed, on the average, repayment at end of 10 years.
*Series no longer published by Federal Reserve (FR). See FR release H. 15 S«fec*erf /wfererf
tfafes, May 12, 1997.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's.
COMMON STOCK PRICES AND YIELDS
Overall, stock prices rose in September.
INDEX, DEC. 31,1965-50 (RATIO SCALE)
INDEX, DEC. 31,1965-50 (RATIO SCA1E)
/r
,
f
/v
480
460
440
4SU
S*
r^ \s
!/
/
340
•sort
/•
/^
f~
COMPOSITE STOCK PRICEINDEX
(NYSE)
/
/
\
./* —^"^
f~^>^
220
200
^~~^^/\
160 /Til i 1 1 1
1989
/
220
'
s—s
J
1990
I 11iiiIii
|
1991
Mill 1 1
1996
i i i ii I I I 1 1 1 I I I II 1 1 i iI
1994
1995
1993
i
1992
1 II
1 1 1 1 1 !1 11 11
160
1997
PER :ENT
PERC ENT
20
20
15
EARNINGS-PRICE RATIO ON COMMC)N STOCKS
"---n—T- ————
i i i
0
1989
i
i
1990
T
1
i i i
i i i
1991
1992
"""1 ————-—|
~~
~*~\
i
i
19193
)
I
I
i
i
19*95
1994
SOURCES: NEW TORK STOOt EXCHANGE AND SKNO48D t, POOR'S CORFORAT1ON
<i
1
I
1996
1987
1988
1989
1990
1991
1992 -.
1993
1994 . .
1995
1996
1996: Sept
Oct
Nov
Dee
1997: Jan
Feb
Mar
May
, '
July
Sepf
Week ended:
1997- Ang 30'
Sept 6
13
20
27
..
Industrial
Transportation
Utility'
Finance
Dow-Jones
industrial4
average
Standard &
Poor's composite index
(194143=10)5
Dividendprice ratio
161.70
149.91
180.02
183.46
206.33
229.01
249.58
254.12
291.15
358.17
360.96
373.54
388.75
391.61
403.58
418.57
416.72
401.00
433.36
457.07
480.94
481.53
489.74
195.31
180.95
216.23
225.78
258.14
284.62
299.99
315.25
367.34
453.98
459.69
473.98
490.60
494.38
509.64
524.30
523.08
506.69
549.65
578.57
610.42
609.54
617.94
140.39
134.12
175.28
158.62
173.99
201.09
242.49
247.29
269.41
327.33
323.12
332.93
348.32
352.28
359.40
364.15
372.87
366.67
395.50
410.94
433.75
439.71
451.63
148.59
143.53
174.87
181.20
185.32
198.91
228.90
209.06
220.30
249.77
242.25
249.61
253.85
257.09
263.91
271.36
264.78
253.18
268.18
280.48
288.51
287.63
291.87
146.48
127.26
151.88
133.26
150.82
179.26
216.42
209.73
238.45
303.89
308.16
324.42
345.30
350.01
361.45
388.75
387.21
364.25
392.32
419.12
441.59
446.93
459.86
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
3,793.77
4,493.76
5,742.89
5,804.01
5,996.21
6,318.36
6,435.87
6,707.03
6,917.48
6,901.12
6,657.50
7,242.36
7,599.60
7,990.65
7,948.43
7,866.59
286.83
265.79
322.84
334.59
376.18
415.74
451.41
460.33
541.64
670.83
674.88
701.46
735.67
743.25
766.22
798.39
792.16
763.93
833.09
876.29
925.29
927.74
937.02
3.08
3.64
3.45
3.61
3.24
2.99
2.78
2.82
2.56
2.19
2.20
2.11
2.01
2.01
1.95
1.89
1.91
1.98
1.85
1.77
1.66
1.65
1.65
474.46
484.09
482.69
492.29
495.42
600.74
613.26
609.47
620.56
623.75
435.10
438.35
443.65
459.75
458.79
283.51
287.00
288.25
293.14
295.98
439.65
449.94
451.78
463.51
468.02
7,749.19
7,866.02
7,762.06
7,868.70
7,928.76
910.00
928.84
924.07
941.24
946.99
1.69
1.66
1.68
1.63
1.63
1
Average of daily closing prices.
2 Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.
"Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown tare reflect
the doubling.
4
Includes 30 stocks.
0
Common stock6yields
(percent)
New York Stock Exchange indexes (Dec. 31, 1965=50,
except as noted) Composite
I I
1997
COUNCIL Of ECONOMIC ADVISERS
Common stock prices *
Period
i
Earningsprice ratio
5.48
8.01
7.42
6.47
4.79
4.22
4.46
5.83
6.09
5.24
5.24
5.23
5.31
4.58
5
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's.
6
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 11 months of fiscal 1997, there was a deficit of §71.3 billion, compared with a deficit of $142.7 billion
a year earlier.
BILUOC•iS OF DOUARS
1,700
RECEIPTS AND OUTLAYS ^
1,600
BILUONS OF D>OUARS
1,700
1,600
,,
1,500
,----~"""S^'
1,500
1,400
1,400
_,---"""
^-"-""
1,300
1,300
*"* """
^n^^"^
1,200
1,200
_-'"
__^-—•""
1,!00
1,100
1,000
1,000
900
900
800
800
700 A
V
1
I
1
1
1
1
1
1
i
N 700
N
0
0
-100
-200
^~~-—-^
-300
-400
XI
V
1
1988
-100
_^—-—*~~
——-—"""""""'"'""
~~*~*****-~~^_
1
1
-200
_____—• ——
1
1
1
-300
1
1
1
S
1989 1990 1991 1992 1993 1994 1995 1996 1997
'INCUJDESON-BUOGErWCOFF-BUOGEI ITEMS.
a(m&:[&/WM^ofTw-mAswtmaF^critavexN&a/*s>iiJKf!
-400
^
COUNCIL of ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
1978 ..
1979
1980
1981
1982
1983 ..
1984
1985
1986 ..
1987
1988
1989 ...
1990
1991
1992 ...
1993
1994
1995 ...
. . ..
1996
1997 (estimates)
Cumulative total, first 11
months: '
Fiscal year 1996 ...
Fiscal year 1997 ...
Receipts
Outlays
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.2
769.3
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,577.7
458.7
504.0
590.9
678.2
745.8
808.4
851.9
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,615.0
1,295.1
1,404.2
1,437.8
1,475.5
Receipts
Outlays
Surplus
or
deficit
(-)
592
-40.7
-73.8
-79.0
-128.0
-207.8
-185.4
-212.3
-221.2
-149.8
-155.2
-152.5
-221.2
-269.4
-290.4
-255.0
-203.1
-163.9
-107.3
-37.3
314.2
365.3
403.9
469.1
474.3
453.2
500.4
548.0
569.0
641.0
667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,186.5
369.1
404.1
476.6
543.1
594.4
661.3
686.1
769.7
807.0
810.3
861.8
932.8
1,028.1
1,082.7
1,129.3
1,142.8
1,182.4
1,227.1
1,259.9
1,302.0
-54.9
-38.7
-72.7
-74.0
-120.1
-208.0
-185.7
-221.7
-238.0
-169.3
-194.0
-205.2
-277.8
-321.6
-340.5
-300.4
-258.8
-226.3
-174.3
-115.5
85.4
98.0
113.2
130.2
143.5
147.3
166.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
391.2
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.5
313.1
-142.7
-71.3
959.5
1,048.1
1,169.3
1,198.3
-209.9
-150.2
335.6
356.1
268.5
277.2
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1997 are from Mid-Session Review of the 1998 Budget, issued September 5, 1997. Other data (except as noted) are from Budget of the United States Government,
Fiscal Year 1998, issued February 6, 1997.
32
Off-budget
On-budget
Surplus
or
deficit
(-)
Receipts
Outlays
Federal debt (end of
period)
Surplus
or
deficit
(-)
Gross
Federal
Held by
the public
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
62.4
67.0
78.1
776.6
829.5
909.1
994.8
1,137.3
1,371.7
1,564.7
1,817.5
2,120.6
2,346.1
2,601.3
2,868.0
3,206.6
3,598.5
4,002.1
4,351.4
4,643.7
4,921.0
5,181.9
5,376.1
607.1
640.3
709.8
785.3
919.8
1,131.6
1,300.5
1,499.9
1,736.7
1,888.7
2,050.8
2,189.9
2,410.7
2,688.1
2,998.8
3,247.5
3,432.1
3,603.4
3,733.0
3,790.3
67.2
78.9
5,165.2
5,360.7
3,738.9
3,789.4
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 1997, receipts were $109.1 billion higher than a year earlier and outlays were
$37.7 billion higher.
BILLIONS OF CKDLLARS
800
_.700
BILUONS OF DOLLARS
800
RECEIPTS ^
700
600
600
500
500
400
CORPORATION
IN<-uME TAXES
300
200
\
100
0
I
I
I
400
SOCIAL INSURANCE
AND CONTRIBUTIONS
300
TAXES
.
|
|
200
~
OTHER.RECEIPTS
|
100
0
|
1,400
1,400
OUTLAYS^
1,300
1,300
^ ——
1,200
"""""
1,200
1,100
1,100
,-'
1,000
1,000
900
900
800
800
——
700
700
600
600
500
500
400
400
300
200 /\
V
\
1988
\
1989
\
1990
\
\
1991
1992
,
-^ INCLUDES ON-BUDGET AND OFF-BUDGET tTEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
\
1993
\
1994
\
1995
300
^. 200
\
1996
1997
N
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars)
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year or period
Total
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
and
contributions
National defense
Other
Total
Total
399.6
463.3
517.1
599.3
617.8
600.6
666.5
181.0
217.8
244.1
285.9
297.7
288.9
298.4
60.0
65.7
64.6
61.1
49.2
37.0
56.9
121.0
138.9
157.8
182.7
201.5
209.0
239.4
37.7
40.8
50.6
69.5
69.3
65.6
71.8
458.7
504.0
590.9
678.2
745.8
808.4
851.9
1985
1986
1987
1988
1989
1990
. ..
1991
1992
1993
1994
1995
1996
1997 (estimates)
734.2
769.3
854.4
909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,577.7
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
543.1
590.2
656.4
732.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
157.0
171.8
187.1
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
484.5
509.4
538.5
73.1
73.3
74.6
79.3
82.8
91.5
93.1
101.4
98.9
113.7
120.1
115.4
119.2
946.5
990.5
1,004.2
1,064.5
1,143.7
1,253.2
1,324.4
1,381.7
1,409.4
1,461.7
1,515.7
1,560.3
1,615.0
Cumulative total, first 11 months: '
Fiscal year 1996
Fiscal year 1997
1,295.1
1,404.2
587.7
659.3
136.7
145.0
466.0
491.8
104.6 1,437.8
108.2 1,475.5
1978
1979
1980
1981
1982
1983
1984
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1997 are from Mid-Session Review of the 1998 Budget, issued September 5, 1997. Other data (except as noted) are from Budget of the United States Government,
Fiscal Year 1998, issued February 6, 1997.
InterDepart- national
ment of
Defense, affairs
military
Health
Medicare
Income Social
security security
Net
interest
Other
102.3
113.6
130.9
153.9
180.7
204.4
220.9
7.5
7.5
12.7
13.1
12.3
11.8
15.9
18.5
20.5
23.2
26.9
27.4
28.6
30.4
22.8
26.5
32.1
39.1
46.6
52.6
57.5
61.5
66.4
86.6
99.7
107.7
122.6
112.7
93.9
104.1
118.5
139.6
156.0
170.7
178.2
35.5
42.6
52.5
68.8
85.0
89.8
111.1
114.7
120.2
131.3
133.5
125.4
122.2
118.6
252.7 245.2
273.4 265.5
282.0 274.0
290.4 281.9
303.6 294.9
299.3 289.8
273.3 262.4
298.4 286.9
291.1 278.6
281.6 268.6
272.1 259.4
265.7 '253.3
268.4 255.7
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
17.2
17.1
16.4
13.5
14.0
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
107.1
115.4
119.4
126.4
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
159.9
174.2
191.4
128.2
119.8
123.3
129.4
136.1
147.1
170.3
197.0
207.3
214.1
220.5
226,0
232.8
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
335.8 232.2
349.7 241.1
366.2 245.7
131.9
142.3
126.1
139.7
159.3
204.3
225.7
174.7
160.4
174.5
163.4
170.7
170.1
234.4
238.2
12.7
14.1
108.9
112.7
161.7
176.7
211.9
216.6
320.5
334.8
221.9
226.4
154.5
145.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
245.6
249.0
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1997, according to revised estimates, Federal receipts rose $34.0 billion (annual rate)
and Federal current expenditures rose $15.2 billion.
BIU1ONS OF DOUARS
BllilONS OF DOLLARS
1,800
1,800
SEASONALLY ADJUSTED ANNUAL RATES
,-
1,600
_ - " -•'
-
s **
1,400
CURRENT EXPENDJUJRES
\
1,200
.
_ ^
.<'
„
'I
.- —* **"
v
/
/
1,600
/
s~ ^
s
1,400
s-
'
__
~
1,200
^
-
^
«"•• •*" —
1,000
_ _ ,
-~~
800
/
\
RECEIPTS
-III
_-
-
^
^s
•*"
1,000
•*
800
-
'^
600
600
400
400
200
200
-
CURR ENT SURF LUS OR C EFICIT i - )
0
0
-200
^
—~-
•V—
^_
./
'**
~^-,
•-
^ -\
—^^S"
-- ^^
•
-400
1 1 1
i i i
!
1
i i i
1
1982
1983
1984
1985
1986
1
1
1
!
1 1
1987
i I i
1988
!
i
1
1989
i i i
1990
1 1 i
1991
1 1 1
1992
i i i
1993
\ i 1
1994
i i i
1995
-200
^
1
! 1
1996
!
\
1
-400
1997
CAlfNDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current expenditures
Federal Government receipts
Period
Total
Calendar year:
1990
1991
1992
1993
1994
1995
1996
1993- UJ
IV
1994: I
n
ni
rv
1995: I
n
m
rv
1996: I
n
m
rv
1997: I
H'
1,129.8
1,149.0
1,198.5
1,275.1
1,374.8
1,463.2
1,587.6
1,277.2
1,327.2
1,324.5
1,381.1
1,383.8
1,409.5
1,429.0
1,459.0
1,472.8
1,491.9
1,526.3
1,583.8
1,598.6
1,641.6
1,675.3
1,709.3
Personal
tax and
nontax
receipts
Corporate
profits
tax accruals
Indirect
business
tax and
nontax
accruals
485.7
476.9
490.8
522.6
562.3
605.8
686.7
118.0
109.8
118.6
138.3
156.7
182.1
194.5
135.0
154.5
136.9
153.4
163.4
173.2
179.0
178.7
186.9
183.8
192.1
197.2
196.7
192.0
204.9
207.7
65.1
79.7
81.9
86.9
98.7
93.5
95.8
85.9
93.8
98.2
98.1
99.3
99.0
527.1
543.4
542.0
574.3
561.6
571.1
581.4
608.2
607.5
626.0
644.9
688.8
695.7
717.5
746.9
767.9
Source: Department of Commerce, Bureau of Economic Analysis.
34
94.3
93.8
93.7
92.2
91.7
90.0
91.5
110.2
88.2
92.2
Contributions
for
social
insurance
461.1
482.6
507.1
527.3
557.1
581.8
610.5
529.3
535.5
547.4
555.3
559.5
566.2
574.3
578.3
584.7
589.9
597.6
607.8
614.8
622.0
635.3
641.5
Total
Consumption
expenditures
1,527.8
1,551.9
1,533.5
1,544.3
1,571.4
1,596.4
426.6
445.9
451.0
447.3
443.2
443.5
451.5
447.0
449.2
442.4
439.2
450.5
440.8
1,620.6
1,638.5
1,649.3
1,642.0
1,679.9
1,695.4
1,698.2
1,718.8
1,730.8
1,746.0
444.8
444.0
449.0
436.3
444.6
453.7
454.0
453.6
458.0
464.2
1,284.5
1,345.0
1,479.4
1,525.7
1,561.4
1,637.6
1,698.1
Transfer
payments
513.3
522.2
625.1
659.9
683.0
720.9
763.5
661.3
675.5
670.6
676.9
683.8
700.7
709.5
718.0
725.1
731.1
757.6
757.5
761.5
777.3
785.9
791.4
Grantsin-aid
to
Net
State interest
and
paid
local
governments
Subsidies less
current
surplus
of
Government
enterprises
179.9
192.7
195.8
192.7
200.0
224.8
227.1
192.9
192.5
189.9
196.6
202.8
210.8
218.8
223.9
227.5
229.0
226.6
223.5
226.6
231.8
228.9
229.8
32.4
30.8
35.1
40.1
35.9
36.4
37.7
39.2
37.8
36.0
35.4
34.8
37.5
35.3
36.1
37.0
37.2
37.4
37.5
37.4
38.5
38.4
38.1
132.4
153.4
172.2
185.8
199.2
211.9
218.3
187.3
196.9
194.5
196.2
199.6
206.6
212.2
216.5
210.6
208.5
213.7
223.2
218.7
217.5
219.6
222.5
Less:
Wage
accruals less
disbursements
0.1
— "I
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
Current
surplus
or
deficit
(-),
national
income
and
product
accounts
-154.7
-196.0
-280.9
-250.7
-186.7
- 174.4
-110.5
-250.6
-224.6
-209.0
-163.2
-187.6
-186.8
-191.5
-179.5
-176.5
- 150.2
-153.6
-111.6
-99.5
-77.1
-55.5
-36.8
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1992=100; seasonally adjusted)
Period
United
States
93.1
97.3
99.0
98.9
96.9
100.0
103.4
108.6
112.1
115.2
115.5
115.5
115.8
116.0
116.2
117.2
117.7
117.8
118.4
118.8
119.3
'119.5
'119.9
'120.4
121.3
1987 ..
1988
1989 .
1990
1991
1992
1993
1994
1995
1996 ..
1996: June
July
Sept
Oct
Nov
Dec
1997: Jan
Peb
Mar
Apr
May
July
Augf
1
Canada
Japan
101.6
86.4
106.9
94.5
106.8
99.9
103.2
104.2
98.9 106.1
100.0
100.0
104.5
95.8
111.8
97.0
115.6
100.2
117.6
102.9
116.9
99.6
118.5
103.6
118.6
102.2
119.0
103.7
118.9
106.1
120.3
105.2
118.8
105.2
120.1
110.5
120.5 107.0
120.3
106.4
121.9
106.0
122.0 110.4
121.7 '107.3
1080
France
Germany
86.4
93.0
89.8
97.3
94.0
100.9
102.4
98.9
101.2
101.7
100.0 100.0
96.2
92.5
95.6
99.8
96.6
101.8
102.4
96.8
102.1
96.7
97.9
103.5
97.7
103.5
97.4
102.8
96.8
102.5
97.8
102.4
97.6
103.0
'102.1
98.5
98.8
'103.4
'103.1
99.0
' 106.4
99.1
98.4
'105.0
104.9 '100.1
104.0
Data relate to all urban consumers.
United
Kingdom
Italy
92.4
97.9
100.9
101.1
100.2
100.0
97.6
102.6
108.2
106.4
108.3
105.0
106.9
106.0
105.2
105.7
103.7
104.0
107.1
107.7
108.4
108.7
'108.8
108.9
96.6
101.2
103.4
103.1
99.6
100.0
102.2
107.6
110.0
111.2
110.7
111.6
111.1
111.8
111.4
112.0
112.5
112.2
'111.9
'111.6
'112.6
'111.5
'113.5
114.2
United
States'
Canada
113.6
118.3
124.0
130.7
136.2
140.3
144.5
148.2
152.4
156.9
156.7
157.0
157.3
157.8
158.3
158.6
158.6
159.1
159.6
160.0
160.2
160.1
160.3
160.5
160.8
118.4
123.2
129.3
135.5
143.1
145.2
147.9
148.2
151.4
153.7
153.7
153.7
153.9
154.1
154.4
155.1
155.1
155.4
155.7
156.0
156.0
156.1
156.5
156.5
156.7
Japan
104.8
105.6
108.1
111.4
115.0
116.9
118.4
119.3
119.1
119.3
119.4
119.3
119.1
119.6
119.9
119.5
119.6
119.5
119.3
119.4
121.8
122.0
122.0
121.5
121.6
Germany
France
120.9
104.9
124.2
106.3
128.6
109.2
133.0
112.2
137.2
116.2
140.6
120.9
125.2
143.5
145.9 128.6
148.4
130.8
151.5
132.6
151.7
132.8
151.5
133.2
151.1
133.1
151.6
133.0
152.0
133.0
151.9
132.9
152.1
133.2
152.5
133.9
152.8
134.4
152.9
134.3
152.9
134.0
153.2
134.6
153.2
135.0
152.9 '135.5
153.3
135.8
Italy
United
Kingdom
134.4
141.1
150.4
159.5
169.8
178.8
186.3
193.6
204.0
212.0
212.7
212.2
212.4
213.1
213.3
213.9
214.1
214.5
214.7
214.9
215.1
215.7
215.7
215.7
215.7
119.7
125.6
135.4
148.2
156.9
162.7
165.3
169.3
175.2
179.4
179.8
179.1
179.9
180.7
180.7
180.8
181.4
181.4
182.1
182.6
183.6
184.3
185.1
185.1
186.2
Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally actjnsted]
Balance of trade
(exports minus impo
Services
(BOP basis)
Goods: Imports (customs value)
.
nsus basis ( y en -u • tegory)
Goods: Exports (f.a.s. value)
.
census oasis (uy en -use category;
)
HOP ha ' S
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
...
1996: July
Avg
Sept
Oct
Nov
Dec
1997: Jan
Feb
Mar
Apr
May
June' ...
July ...
1
2
BOP
basis
AutoInCap- motive
ital
Foods, trial
Total, feeds, sup- goods vehicles,
Census and
except
plies
basis2
bevauto- parts
and
and
erages mate- moentive
rials
gines
Consumer
goods
(nonfood)
InBOP
basis
cept
Total,
Census
basis2
Foods,
feeds,
and
trial
sup-
bevand
erages mate-
motive
Capital
goods
except
auto-
mo-
rials
tive
111.0
Auto- Conmo- sumer
tive goods
vehi- (noncles, food)
parts except
autoand
mo•engines
tive
Exports
Imports
Goods,
Census
Goods
Services
Goods
and
services
250.2
320.2
362.1
389.3
416.9
440.4
456.8
502.4
575.9
612.1
254.1
322.4
363.8
393.6
421.7
448.2
465.1
512.6
584.7
625.1
24.3
32.3
37,2
35.1
35.7
40.3
40.6
42.0
50.5
55.5
66.7
85.1
99.3
104.4
109.7
109.1
111.8
121.4
146.2
147.7
86.2
109.2
138.8
152.7
166.7
175.9
181.7
205.0
233.0
252.9
24.6
29.3
34.8
37.4
40.0
47.0
52.4
57.8
61.8
65.0
17.7
23.1
36.4
43.3
45.9
51.4
54.7
60.0
64.4
70.1
409.8
447.2
477.4
498.3
491.0
536.5
589.4
668.6
749.4
803.2
406.2
441.0
473.2
495.3
488.5
532.7
580.7
663.3
743.5
795.3
24.8
24.8
25.1
26.6
26.5
27.6
27.9
31.0
33.2
35.7
118.3
1S2.3
143.2
131.6
138.6
145.6
162.1
181.8
204.5
84.5
101.4
113.3
116.4
120.7
134.3
152.4
184.4
221.4
229.1
85.2
87.7
86.1
87.3
85.7
91.8
102.4
118.3
123.8
128.9
88.7
95.9
102.9
105.7
108.0
122.7
134.0
146.3
159.9
171.0
98.6
111.0
127.1
147.8
164.2
177.2
186.7
197.2
218.7
236.8
92.3
100.0
104.2
120.0
121.2
120.3
126.4
135.5
147.0
156.6
-152.1
-118.5
- 109.4
-101.7
-66.7
-84.5
-115.6
-150.6
-158.8
-170.2
- 159.6
-127.0
-115.2
- 109.0
-74.1
-96.1
-132.6
-166.2
-173.6
-191.2
6.2
11.1
23.0
27.8
43.0
56.9
60.3
61.8
71.7
80.1
— 153.4
-115.9
— 92.3
-81.2
— 31.0
—39.2
— 72.3
— 104.4
— 101.9
— 111.0
49.1
51.3
50.4
52.5
53.2
52.1
50.5
52.6
51.7
53.6
54.5
53.4
4.7
4.7
4.4
4.5
5.0
4.4
11.6
12.3
12.2
12.7
12.3
12.5
20.1
21.2
20.4
22.0
22.2
22.1
5.3
5.5
5.7
5.4
5.9
5.5
5.6
5.9
5.9
6.1
6.1
6.0
66.8
68.0
68.4
67.8
68.4
69.8
66.4
67.2
68.1
67.5
68.1
69.6
2.9
3.0
3.0
3.0
3.0
3.2
17.3
17.4
17.8
18.3
17.6
18.7
18.7
19.0
19.1
18.9
19.3
19.6
11.0
11.2
11.2
10.2
11.2
10.8
14.1
14.4
14.8
15.0
14.7
15.1
19.4
19.9
20.0
20.6
20.8
20.3
13.3
13.1
12.9
13.2
13.2
13.2
-15.9
-14.6
-16.4
-13.9
-13.6
-16.1
-17.8
-16.8
-18.0
-15.3
-15.2
-17.7
6.1
6.8
7.1
7.4
7.5
7.1
-11.6
-10.0
-10.9
-7.9
-7.7
-10.6
51.7
53.7
57.2
57.2
56.9
57.4
56.5
52.2
54.4
58.1
57.9
57.9
58.2
57.5
4.3
4.3
4.2
4.2
4.1
3.9
3.8
12.1
12.7
13.7
13.5
13.4
13.9
13.1
21.6
22.7
24.7
25.0
24.8
24.5
24.9
5.6
5.9
6.2
6.2
5.9
6.3
6.3
6.1
6.3
6.5
6.3
6.7
6.7
6.4
69.8
70.4
72.0
72.7
73.2
72.6
73.6
69.6
70.0
70.6
71.7
72.3
71.7
73.3
3.1
3.1
3.3
3.4
3.4
3.3
3.4
!7.9
17.6
18.0
17.6
17.9
17.6
17.6
19.5
19.4
20.4
20.7
21.0
21.3
21.4
11.8
12.1
11.7
11.4
11.6
11.6
12.3
15.1
15.3
14.9
16.2
16.1
15.7
16.1
'20.2
'20.6
21.0
'20.6
'20.9
21.1
20.9
13.6
'13.7
13.9
13.9
'14.1
14.2
14.2
-17.4
-15.7
-12.4
-13.8
-14.5
-13.5
-15.8
-18.1
-16.8
-14.9
-15.5
-16.4
-15.2
-17.1
'6.5
6.9
'7.0
'6.7
6.8
7.0
6.8
'-11.6
-9.9
-7.8
'-8.8
'-9.6
-8.3
-10.3
Includes undocumented exports to Canada through 1988.
Total, includes "other" exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown liere 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 1997, the goods deficit fell to $46.9 billion, from $49.8 billion in the first quarter. The
current account deficit fell to $39.0 billion, from $40.0 billion in the first quarter.
BIDJONSOF DOOARS*
BILUONSOFDOUARS*
-55
1987
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNOt OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( —)]
Services
Goods'
Period
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1995: I
II
m
IV
1996: I
n
m
IV
1997: I'
HP
Net
travel
Net
and
military
transtransac- 23 portation
tions
receipts
Exports
Imports
Net
balance
250,208
320 230
362,120
389,307
416 913
440,352
456 832
502 398
575,871
612 069
138,389
143,181
145,360
148,941
-409765
-447 189
-477365
-498,337
-490981
- 536 458
-589441
- 668 590
-749431
- 803 239
-182,790
-190,739
-188,180
- 187,722
- 192,973
-200,973
-203,257
-206,036
-212,314
-218,392
-159557 -3844 -7613
- 126 959 -6320 — 2 591
4043
-115245 -6749
- 109,030 -7599
8002
-74068 -5274
17032
19974
- 96 106 -1448
- 132 609 1 269 19 764
- 166 192 1 874 16 519
21 197
- 173 560 3 866
24 713
3 786
— 191 170
-44,401
722
4,312
-47,558
984
4,333
-42,820
5,755
1,289
6,796
871
-38,781
485
5194
-42,925
-47,562
5,818
1,214
6,559
792
-52,493
-48,190
7,147
1,295
-49,787
437
6,195
5,569
-46,903
782
150,048
153,411
150,764
157,846
162,527
171,489
1
Investment income
Other
services,
net
17661
19 969
25662
27401
31 284
38373
39274
43383
46640
51 631
11,062
11,442
11,892
12,240
12707
12,751
12,626
13,550
13,855
14,139
Adjusted from Census data for differences in timing and coverage; excludes military.
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
2
36
Balance
on
goods
and
services
Receipts
on U.S.
assets
abroad
- 153 353 100 511
129 366
— 115 900
-92288
153 659
163 324
-81225
141 408
— 31 027
125 852
-39207
— 72 301
129 844
- 104 416 154 510
-101 857 196 880
— 111 040
206 400
47,218
-28,305
50,303
-30,799
-23,884
49,130
- 18,874
50,230
49277
-24539
50,188
-27,779
-32,516
51,893
55,043
-26,198
55,269
-29,300
58,595
-26,413
3
Payments
on foreign
assets in
U.S.
Net
Balance
on goods, Unilateral
services, transfers,
net4
and
income
9209 — 144 144 -23 909
-91302
13 644
— 115 722
102 256 — 25 988
15020 - 77 268 — 26 963
-138639
- 139 402 23921 - 57 304 -34588
5 122
— 121 159
20249 — 10 779
- 107 836 18016 — 21 191 — 35 192
— 110 176
19 668 — 52 634 — 38 137
9723 — 94 693 — 38 845
— 144 787
6808 — 95 049 -34046
- 190 072
203 577
2 824 — 108216 — 39 968
-45,171
2,047 -26,258 -8,451
3,223 -27,576 -8,128
-47,080
-401
-24,285 -8,847
-49,531
-48,290
1,940 -16,934 -8,620
-47216
2061 -22478 - 10 406
883 -26,896 - 8,689
- 49,305
- 53,263 - 1,370 -33,886 -8,947
-53,793
1,250 -24,948 -11,926
-57,259 - 1,990 -31,290 -8,682
-62,149 -3,554 -29,967 -9,063
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programsSee p. 37 for continuation of table.
4
on
current
account
- 168 053
— 128 245
-104231
-91 892
— 5 657
- 56 383
— 90 771
- 133 538
- 129 095
— 148 184
- 34,709
-35,704
-33,132
-25,554
- 32 884
-35,585
-42,833
-36,874
-39,972
-39,030
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $29.6 billion in the second
quarter of 1997, following an increase of $62.0 billion in the first quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $27.1 billion in the second quarter, following an increase
of $17.4 billion in the first quarter.
BIU1ONSOFOOUARS*
BtLUONSOFDOUARS*
200
*V
180
200
180
/
i
160
CHANGE IN
FOREIGN ASSETS
140
120
\
100
60
40
20
0
- ,'\
_ X
/ \V/
/
*
1
A
'
\ (1 i / '
\/
'.A /
/ '\x L
^
»
**
A
A
- ^—J
\
M
Jv\
\ * /\ i
^ V
VJ
-40
J_
1
1
1987
1
L
A
1988
i t i
1990
s"
\ /
y f
'
A
'\
CHANGE IN
U.S. ASSETS
ABROAD, NF
!
1
1991
1
i
i
i
1992
1
sV
1 1
1993
^-\
/
\
A
-
A
A\
\\ j /
i i i , , y
\ /\
\/ \
*
1
1
1
1994
1
1995
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF CCWMERCE
1996
140
120
100
80
60
40
,
.
V
^ J
1989
-
v ,'
'N w
/
,r>
/^\
i l l
160
'
-60
160
/
»A "'*'V /
I
k
-\
f
V
\
/
/
-
', ,
4
V
-
1
\
-
'
/
V
80
\
-
20
0
-20
-40
-60
-80
-100
-120
-140
1 1
-160
1997
COUNCaOFECCJNOM1C ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[ increase/capik
)]
Period
Total
1987
1988
1989
1990
1991
1992
1993
1994
1995
'.396
• 985: I
II
m
IV
1996: I
II
ni
1997:
IV
P
II"
U.S.
official
reserve
assets35
-72,617
9,149
-100,221 -3,912
- 168,744 -25,293
-74,011 -2,158
-57,881
5,763
-68,774
3,901
- 194,537 -1,379
-160,516
5,346
-307,207 -9,742
-352,444
6,668
-59,625 -5,318
-110,548 -2,722
-40,679 -1,893
-96,356
191
-70,768
17
-49,698
-523
-77,542
7,489
-154,436
-315
-127,969
4,480
-95,492
-236
5
Other U.S.
Government
assets
1,006
2,967
1,259
2,307
2,911
- 1,657
-342
-352
-549
-690
-158
-184
266
-473
-210
-358
162
-284
-21
-238
Foreign assets in the U.S., net
[increase/capital inflow (+)]
U.S.
private
assets
-82,771
-99,275
-144,710
-74,160
-66,555
-71,018
-192,817
-165,510
-296,916
-358,422
-54,149
-107,642
-39,052
-96,074
-70,575
-48,817
-85,193
-153,837
- 132,428
-95,018
Total
248,383
246,065
224,390
140,992
109,641
168,776
279,671
297,337
451,234
547,555
97,652
122,714
125,839
105,029
88,233
106,114
158,629
194,579
182,238
151,649
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve
position in the IMF.
Foreign
official
assets3
Other
foreign
assets
45,387
39,758
8,503
33,910
17,389
40,477
71,753
40,385
110,729
122,354
22,098
37,138
39,585
11,908
52,014
13,154
24,089
33,097
28,891
-3,719
202,996
206,307
215,887
107,082
92,253
128,299
207,918
256,952
340,505
425,201
75,554
85,576
86,254
93,121
36,219
92,960
134,540
161,482
153,347
155,368
Statistical discrepancy
Allocations
of special
Total (sum
Of which:
drawing
of the items
Seasonal
rights
with
sign
adjustment
(SDKs)
reversed)
discrepancy
-7,713
-17,600
48,585
24,911
-46 103
-43,619
5,637
-3,283
-14,931
-46,927
-3,318
23,538
-52,028
16,881
15,419
-20,831
-38,254
-3,269
-14,297
-17,127
5,658
-775
-6,985
2,106
6,228
-1,076
-7,830
2,669
7,059
-1,768
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
45,798
47,802
74,609
83,316
77,721
71,323
73,442
74,335
85,832
75,089
86,761
90,063
87,152
85,832
84,212
83,455
75,509
75,089
67,222
67,813
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Pa e
TOTAL OUTPUT, INCOME, AND SPENDING
*
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment and Plans
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
>
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY. CREDIT. AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, ail dollar figures are in current dollars.
Symbols used:
P Preliminary.
' Revised.
" Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
on
38
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