104th Congress, 2d Session
Economic Indicators
FEBRUARY 1996(Includes data available as of March 13, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
27
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1996
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JOINT ECONOMIC COMMITTEE(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CONNIE MACK, Florida, ChairmanJIM SAXTON, New Jersey, Vice Chairman
SENATEWILLIAM V. ROTH, JR. (Delaware)LARRY E. CRAIG (Idaho)ROBERT F. BENNETT (Utah)RICK SANTORUM (Pennsylvania)RODNEY D. GRAMS (Minnesota)JEFF BINGAMAN (New Mexico)PAUL S. SARBANES (Maryland)EDWARD M. KENNEDY (Massachusetts)CHARLES S. ROBB (Virginia)
HOUSE OF REPRESENTATIVESTHOMAS W. EWING (Illinois)JACK QUINN (New York)DONALD A. MANZULLO (Illinois)MARSHALL (MARK) SANFORD (South Carolina)WILLIAM M. (MAC) THORNBERRY (Texas)FORTNEY H. (PETE) STARK (California)DAVID R. OBEY (Wisconsin)LEE H. HAMILTON (Indiana)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, ChairmanMARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That theJoint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and thata sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeantat Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copiesto the libraries of the -Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required numbers of copies to the Superintendent of Documents for distribution to depositorylibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949-
Charts prepared by the Art Production Section, Design and Graphics Branch,Office of the Secretary, Department of Commerce,
Economic Indicators, published monthly, is available at $3.00 a single copy($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)from:
SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
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11
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TOTAL OUTPUT, INCOME, AND SPENDINGGROSS DOMESTIC PRODUCTIn the fourth quarter of 1995, according to advance estimates, current-dollar gross domestic product (GDP) rose2.7 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 0.9 percent, and the implicit price deflatorrose 1.8 percent.
BIUIONS OF DOUARS (RATIO SCALE] BIUIONS OF DOLLARS (RATIO SCALE]
7,600
7,200
6,800
(5,400
6,000
5,600
5,200
4,800
4,400
4,000
3,600
3,200
SEASONAUY ADJUSTED ANNUAL RATES
^GDP
MNED( 1992] DOHA
\
S
s
^1 1 11982
/
/
/
I I I
1983
s
S
i i i
1984
^ s ~~
/
i i i
1985
. — ~~
i i i
1986
--""
^\
x^
/ \/ GDP^ IN CURRENT DOLLARS
I i i
1987
i i i
1988
1 1 11989
"~^~
X"-~
1 1 11990
_ _ ,
>^
i i i
1991
^
i i i
1992
^/
I I I
1993
.-''"
i i i
1994
• — ^
i i i
1995
7,600
7,200
6,800
6,400
6,000
5,600
5,200
4,800
4,400
4,000
3,600
3,200
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986198719881989199019911992199319941995P1990- IV1991- IV1992- IV1993- I
IIinIV
1994- IIIinIV
1995- IIIinIV P
Grossdomesticproduct
4,422.24,692.35,049.65,438.75,743.85,916.76,244.46,550.26,931.47,247.75,781.56,002.36,383.06,442.86,503.26,571.36,683.76,772.86,885.06,987.67,080.07,147.87,196.57,298.57,348.1
Personalcon-
sumptionexpendi-
tures
2,892.73,094.53,349.73,594.83,839.33,975.14,219.84,454.14,698.74,923.43,907.04,027.14,329.64,367.84,424.74,481.04,543.04,599.24,665.14,734.44,796.04,836.34,908.74,960.04,988.8
Grossprivate
domesticinvest-ment
722.5747.2773.9829.2799.7736.2790.4871.1
1,014.41,067.5
736.1760.9816.1843.6855.9873.8911.2957.6
1,016.51,033.61,050.11,072.01,050.31,074.81,072.7
Exports and importsof goods and services
Netexports
-131.5-142 1-106.1-80.4-71.3-205-29.5-649-96.4
-101.7-72.0-14.8-42.7-47.4-62.0-77.1-73.2-80.3-97 4
-108.4-99.7
-106.6-122.4-100.8-76.9
Exports
320.7365.7447.2509.3557.3601.8639.4660.0722.0804.5577.3624.4649.1649.4662.5648.5679.4681.5708.6734.2763.6778.6796.9812.5830.1
Imports
452.2507.9553.2589.7628.6622.3669.0724.9818.4906.2649.2639.3691.8696.8724.6725.6752.6761.7806.0842.6863.3885.1919.3913.3907.0
Government consumption expendituresand gross investment
Total
938.5992.8
1,032.01,095.11,176.11,225.91,263.81,289.91,314.71,358.51,210.41,229.21,280.01,278.81,284.61,293.61,302.71,296.41,300.81,328.01,333.51,346.01,359.91,364.51,363.5
Federal
Total
435.2455.7457.3477.2503.6522.6528.0522.1516.3516.8516.7515.5535.0525.0519.6520.8522.9511.3509.4523.6520.9519.9522.6516.7508.0
Nationaldefense
332.4350.4354.0360.6373.1383.5375.8362.2352.0345.7383.3373.0375.3365.2362.2360.7360.8346.7349.3362.1349.6347.7352.3345.6337.1
Non-defense
102.9105.3103.3116.7130.4139.1152.2159.9164.3171.1133.3142.6159.7159.8157.4160.1162.2164.6160.0161.5171.2172.1170.3171.1170.9
Stateandlocal
503.3537.2574.7617.9672.6703.4735.8767.8798.4841.7693.7713.6745.1753.8765.0772.7779.7785.0791.4804.4812.6826.1837.3847.7855.4
Finalsales of
domesticproduct
4,412.64,668.15,038.75,407.05,735.85,919.06,237.46,529.76,871.87,209.65,812.95,980.96,376.66,422.96,481.66,549.36,664.96,732.66,810.56,922.97,021.37,089.77,162.57,260.37,325.9
Grossdomestic
pur-chases '
4,553.74,834.55,155.65,519.15,815.15,937.26,274.06,615.27,027.87,349.45,853.56,017.16,425.76,490.16,565.26,648.46,756.96,853.16,982.57,096.07,179.67,254.37,318.97,399.37,425.0
Adden-dum:Gross
nationalproduct
4,435.14,701.35,062.65,452.85,764.95,932.46,255.56,560.06,922.4
5,813.66,016.66,390.56,458.46,512.36,584.86,684.56,773.66,876.36,977.67,062.27,140.57,187.07,283.0
JGDP less exports of goods and services plus imports of goods and services. Source: Department of Commerce, Bureau of Keoriornie Analysts.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL GROSS DOMESTIC PRODUCT| Billions of chained (1992) dollars; quarterly data at seasonally a^usted annual rates]
Period
19861987198819891990199119921993 . . ..19941995?
1990- IV1991: IV1992- IV
1993- IIIinIV
1994: IIIinrv
1995- IJImIV
Grossdomesticproduct
5,489.95,648.45,862.96,060.46,138.76,079.06,244.46,383.86,604.26,740.8
6,081.06,104.46,327.3
6,327.06,353.76,390.46,463.9
6,504.66,581.56,639.56,691.3
6,701.66,709.46,768.36,783.8
Personalcon-
sumptionexpendi-
tures
3,708.73,822.33,972.74,064.64,132.24,105.84,219.84,339.74,471.14,577.4
4,116.44,109.14,282.3
4,290.04,319.04,359.74,390.0
4,418.84,457.74,485.84,522.3
4,530.94,568.84,600.44,609.7
Gross privatedomestic investment
Nonresi-dcntialfixed
invest-ment
548.5542.4566.0588.8585.2547.7557.9593.6652.1716.3
573.9539.5569.1
577.5586.4593.1617.6
628.6639.5660.4679.7
704.4710.6719.7730.7
Resi-dentialfixed
invest-ment
257.0257.6252.5243.2220.6193.4225.6242.7268.9262.5
200.3202.4236.7
237.9234.8242.2255.8
263.6271.6270.3270.3
265.9256.6262.3265.2
Changein busi-
nessinven-tories
10.926.211.633.310.4
-3.07.3
19.158.934.7
-28.221.45.8
18.520.819.517.4
40.174.164.057.3
54.530.633.220.4
Exports and imports ofgoods and services
Netexports
-163.9-1562-114.4-82.7-61.9-22.3-29.5-74.4
-108.1-1136
-42.5-17.9-40.0
-55.2-67.0-89.1-86.2
-101.3-112.2-113.3- 105.8
-119.0-126.8-114.3-94.1
Ex|K>rts
362.2402.0465.8520.2564.4599.9639.4660.6715.1774.7
573.9623.5649.1
649.8662.3648.9681.4
680.4704.3724.8751.0
755.8764.3779.1799.6
Imports
526.1558.2580.2603.0626.3622.2669.0735.0823.3888.3
616.4641.4689.1
705.1729.4738.1767.6
781.7816.5838.1856.8
874.9891.2893.4893.7
Government consumption expendituresand gross investment
Total
1,135.01,165.91,180.91,213.91,250.41,258.01,263.81,260.51,259.91,261.0
1,259.91,250.71,272.5
1,257.21,257.91,261.11,265.7
1,252.31,249.71,271.01,266.6
1,263.01,265.81,263.61,251.7
Federal
Total
518.4534.4524.6531.5541.9539.4528.0508.7489.7473.0
543.5526.9534.0
515.7509.2505.4504.5
489.8483.3496.6489.1
481.3479.9472.7457.9
Nationaldefense
393.4409.2405.5401.6401.5397.5375.8354.9336.9320.1
403.1381.7376.8
361.2356.4351.2350.8
334.8335.5346.1331.3
325.3326.1319.3309.6
Non-defense
125.2125.3119.1130.1140.5142.0152.2153.8152.6152.6
140.5145.3157.1
154.5152.7154.2153.7
154.8147.7150.5157.5
155.6153.6153.1148.0
Stateandlocal
616.9631.8656.6682.6708.6718.7735.8751.8770.5788.6
716.5723.8738.5
741.6748.8755.7761.3
762.7766.8774.7777.7
782.2786.3791.5794.6
Finalsales ofdomesticproduct
5,480.95,626.05,855.16,028.76,126.76,082.66,237.46,362.96,546.36,705.5
6,108.16,083.86,320.7
6,307.76,331.66,368.26,444.1
6,464.06,509.06,576.86,635.2
6,647.56,677.46,733.36,763.9
Grossdomestic
pur-chases '
5,666.15,815.75,983.96,146.16,202.16,101.16,274.06,457.36,709.76,850.9
6,124.36,122.36,367.3
6,382.06,420.26,478.36,548.7
6,603.96,691.06,749.76,794.0
6,816.96,832.06,879.46,875.3
Adden-dum:Gross
nationalproduct
5,503.45,657.25,876.26,074.06,159.46,094.46,255.56,393.76,596.6
6,113.46,118.76,334.8
6,342.76,362.96,404.06,465.1
6,506.26,573.96,631.16,675.4
6,695.76,701.26,754.6
1 GDP less exports of goods and services plus imports of goods and services.Note.—llecause of the formula used for calculating real GDP, the chained (1992) dollar esti-
mates for the detailed components rlo not will to the chained-doilar value of GDP or to anyintermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis,
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCTj Index numbers, 1992= 100; quarterly data are seasonally adjusted]
Period
1986198719881989199019911992199319941995P
1990: IV1991: IV1992: IV
1993- IIImIV
1994- IIImrv
1995- IIIinIV
Grossdomesticproduct
80.683.186.189.793.697.3
100.0102.6105.0107.5
95.198.3
100.9
101.8102.4102.8103.4
104.1104.6105.2105.8
106.7107.3107.8108.3
Personal constimptionexpenditures
Total
78.081.084.388.492.996.8
100.0102.6105.1107.6
94.998.0
101.1
101.8102.4102.8103.5
104.1104.7105.5106.1
106.7107.4107.8108.2
Durablegoods
88.991.693.395.396.698.5
100.0101.3103.4104.4
97.099.1
100.2
100.5101.1101.5101.9
102.4103.2104.0103.9
104.6104.7104.4103.7
Nondura-ble goods
78.781.884.889.394.698.1
100.0101.5102.8104.5
97.498.7
100.7
101.3101.5101.3101.9
102.0102.4103.3103.6
103.9104.5104.6105.0
Services
75.378.282.286.691.295.8
100.0103.6106.7109.9
93.197.4
101.5
102.4103.3103.9104.7
105.6106.2107.1107.9
108.8109.7110.3111.0
Gross privatedomestic investment
Nonresi-dentialfixed
90.291.393.796.298.499.9
100.0100.9102.3103.3
99.499.9
100.1
100.5100.8101.0101.1
101.6102.2102.7102.7
102.7103.4103.7103.4
Residen-tial fixed
84.988.392.195.197.898.8
100.0103.7107.0110.3
98.398.9
101.4
102.3103.6104.3104.7
105.7106.2107.4108.6
109.2109.9110.7111.3
Exports and imports ofgoods and services
Exports
88.591.096.097.998.7
100.3100.099.9
101.0103.8
100.6100.2100.0
99.9100.0
99.999.7
100.2100.6101.3101.7
103.0104.3104.3103.8
Imports
86.091.095.397.8
100.4100.0100.098.699.4
102.0
105.399.7
100.4
98.899.398.398.0
97.498.7
100.5100.8
101.2103.2102.2101.5
Government consumption expendituresand gross investment
Federal
Total
84.085.387.289.892.996.9
100.0102.6105.4109.3
95.197.8
100.2
101.8102.0103.0103.6
104.4105.4105.4106.5
108.0108.9109.3110.9
Nationaldefense
84.585.687.389.892.996.5
100.0102.1104.5108.0
95.197.799.6
101.1101.6102.7102.8
103.6104.1104.6105.6
106.9108.0108.2108.9
Non-defense
82.284.086.789.792.897.9
100.0104.0107.7112.2
94.998.1
101.6
103.4103.1103.9105.5
106.3108.3107.3108.7
110.6110.9111.8115.5
Stateandlocal
81.685.087.590.594.997.9
100.0102.1103.6106.7
96.898.6
100.9
101.6102.2102.3102.4
102.9103.2103.8104.5
105.6106.5107.1107.7
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT ANDPERCENT CHANGES
(Quarterly data arc seasonally a(h;usted|
Index nuintern, 1992=100
Currentdollars
Chain-typequantity
index
Chain-typeprice index
Implicitprice
deflator
Percent change from preceding period'
Currentdollars
Chain-typequantity
index
Chain- typepriceindex
Implicitprice
deflator
19821983198419851986198719881989199019911992199319941995C1991: I
II ....in ..IV ...
1992: III ....in ..IV ...
1993: III ....in ..IV ...
1994: III ....m ..IV ...
1995: III ....in ..Pfp .
51.956.362.567.070.875.180.987.192.094.8
100.0104.9111.0116.193.294.495.396.198.099.3
100.4102.2103.2104.1105.2107.0108.5110.3111.9113.4114.5115.2116.9117.7
74.077.082.385.387.990.593.997.198.397.3
100.0102.2105.8107.996.997.397.597.898.999.5
100.3101.3101.3101.7102.3103.5104.2105.4106.3107.2107.3107.4108.4108.6
70.273.275.978.680.683.186.189.793.697.3
100.0102.6105.0107.696.397.097.798.399.199.8
100.2100.9101.8102.4102.8103.4104.1104.6105.2105.8106.7107.3107.9108.5
70.173.175.978.480.683.186.189.793.697.3
100.0102.6105.0107.596.397.097.798.399.199.8
100.2100.9101.8102.4102.8103.4104.1104.6105.2105.8106.7107.3107.8108.3
4.18.4
11.07.15.86.17.67.75.63.05.54.95.84.62.84.94.03.68.25.34.67.33.83.84.37.05.46.86.15.43.92.85.82.7
-2.14.06.83.73.02.93.83.41.3
-1.02.72.23.52.1
-2.21.71.01.04.72.53.04.3
.01.72.34.72.54.83.63.2
.6
.53.6
.9
6.34.23.83.42.63.13.74.24.43.92.82.62.32.54.83.22.82.53.42.81.52.83.82.21.82.32.81.92.42.23.32.52.22.2
6.34.23.93.32.73.13.74.24.34.02.72.62.32.45.13.12.92.53.32.71.52.93.82.11.92.22.81.92.42.23.22.32.21.8
1 Percent changes shown here are calculatechanges are at annual rate;.
using unrounded data. Quarterly percent Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT. COSTS, AND PROFITSI Quarterly data at seasonally adjusted annual rates]
Period
Gross domestic productof norifinancial
eorjxjrate business(billions of dollars)
Currentdollars
Chained(1992)dollars
Current-dollar cost and profit per unit of real output (dollars)'
Totalcost andprofit2
Consump-tion offixed
capital
Indirectbusinesstax, etc.11
Com-pensation
of em-ployees
Corporate profits with inventoryvaluation and capital consumption
adjustments
Profitstax
liability
Profitsaftertax4
Netntcrest
1986198719881989199019911992199319941990: IV .1991: IV .1992: IV .
1993: III ..mrv.
1994: III ..mrv.
1995: III..
2,416.32,589.62,805.22,950.93,084.03,132.13,262.63,437.53,688.43,097.43,159.53,341.73,345.33,407.83,458.73,538.0
3,594.43,664.93,707.23,786.9
3,796.43,832.43,916.1
2,832.42,967.03,122.13,175.43.212.53,168.83,262.63,380.03,567.13,190.23,182.53,328.5
3,304.03,357.43,398.43,460.1
3,496.23,554.53,576.23,641.5
3,631.63,646.13,715.1
0.853.873.898.929.960.9881.0001.0171.034.971.9931.0041.0121.0151.0181.023
1.0281.0311.0371.040
1.0451.0511.054
0.100.100.101.106.110.116.115.115.116.112.116.113
.116
.115
.116
.114
.122
.114
.114
.113
.114
.116
.115
0.083.083.084.088.092.100.103.105.106.095.103.105
.105
.105
.105
.107
.107
.106
.107
.106
.109
.110
.108
0.566.578.591.614.640.660.673.679.682.649.667.672
.681
.679
.679
.676
.679
.681
.683
.686
.694
.698
.695
0.069.076.082.075.072.070.077.088.102.068.068.085
.079
.085
.089
.098
.093
.103
.105
.108
.100
.100
.109
0.027.031.033.031.030.027.028.031.036.030.027.030
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
0.042.044.050.044.042.043.049.057.066.039.041.055.050.055.059.065
.058
.067
.068
.070
.061
.062
.071
0.035.035.039.046.046.042.032.029.027.046.039.030
.031
.030
.029
.028
.027
.028
.028
.027
.028
.028
.027
'Output is measured by <JDP of riorifinancial cor|>orate business in chained (1992) dollars.2 This is equal to the deflator for gross domestic product of nonfinancial corporate business
with the decimal point shifted two places to the left.:t Indirect business tax and nontax liability plus business transfer payments less subsidies.
4 With inventory valuation and capital consumption afhjistments.
Sources: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL INCOME| Billions of dollars; quarterly data at seasonally adjusted annual rates)
Period
1989199019911992199319941995P1990- IV1991- IV1992: IV1993- I
IIinIV
1994: IIIm .. .IV
1995- IIImIV
Nationalincome
4,362.14,611.94,719.74,950.85,194.45,495.1
4,667.24,770.05,061.75,094.95,159.95,213.05,309.9
5,300.55,493.75,551.25,635.05,697.75,738.95,849.2
Compen-sation
ofemploy-
ees'
3,151.63,352.83,457.93,644.93,809.44,008.34,209.43,395.93,511.03,707.03,744.13,787.83,834.83,871.0
3,933.63,993.34,022.74,083.74,141.64,178.94,235.94,281.1
Proprietors' incomewith inventory valu-
ation and capital eon-sumption adjustments
Farm
36.836.330.238.032.035.028.733.931.037.331.535.826.134.440.835.131.932.328.527.628.130.6
Nonfarm
308.2324.6332.7371.5388.1415.9449.2
327.1341.1385.1382.0381.8388.1400.5380.3419.3426.8437.1443.5447.1451.5454.7
Kentalincome
ofpersons
withcapital
consump-tion
adjust-ment
52.461.468.480.6
102.5116.6122.267.373.092.398.4
102.9104.1104.5101.1121.0122.2121.9120.6121.6120.9125.7
Corporate profits with inventory valuation andcapital consumption adjustments
Total
356.4369.5382.5401.4464.5526.5
365.5379.6427.7
426.4449.0469.6512.8455.9531.5549.8568.9
559.6561.1614.9
Profits with inventory valuationadjustment and without capital
consumption adjustment
Total
330.6358.2378.2398.9457.7514.9
356.5375.2420.5
421.4443.2465.9500.4
467.8513.4531.0547.6542.2546.1600.3
Profitsbefore tax
348.1371.7374.2406.4464.3528.2
376.7382.8420.3436.0458.8458.0504.5
471.7523.2547.5570.4594.1588.4609.6
Inventoryvaluationadjust-ment
-17.5-13.5
4.0-7.5-6.6
-13.3-27.6-20.3-7.6
.2-14.6-15.6
7.9-4.0-3.9-98
-16.5-22 8-51.9-423-9.3-68
Capitalconsump-
tionadjust-ment
25.811.3
4.32.56.7
11.615.99.04.57.25.05.83.8
12.3-11.8
18.118.821.317.415.014.616.5
Netinterest
456.6467.3448.0414.3398.1392.8
477.5434.3412.4412.6402.6390.4386.7
388.7393.5397.8391.1403.9402.6397.8
1 Includes employer contributions for soda! insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis.
REAL PERSONAL CONSUMPTION EXPENDITURES[Billions of chained (1992) dollars, except as noted; quarterly data at seasonally a<Uusted annual rates|
Period
1989199019911992199319941995<>1990- IV1991: IV1992- IV1993: I .. .
IIinIV
1994: IIIinIV
1995- IIImIV?
Totalpersonal
con-sumptionexpendi-
tures
4,064.64,132.24,105.84,219.84,339.74,471.14,577.44,116.44,109.14,282.34,290.04,319.04,359.74,390.04,418.84,457.74,485.84,522.3
4,530.94,568.84,600.44,609.7
Durable goods
Totaldurablegoods
496.2493.3462.0488.5524.1562.0581.1476.3461.5505.0
506.0519.6528.9541.9549.6555.4563.0579.9
566.9576.6589.7591.2
Motorvehicles
andparts
230.3224.3193.2206.9218.6228.2221.3210.0194.6213.9210.8219.0219.1225.4
230.3226.7226.4229.4
216.2220.7225.9222.3
Fur-nitureand
house-hold
equip-ment
170.9173.5177.0189.4208.4230.1251.8171.5178.0196.4200.8205.1211.0216.8219.0226.1232.5242.7
243.3247.5254.9261.4
Other
96.496.691.892.397.2
104.2109.795.588.994.694.595.598.999.9
100.4103.0104.7108.8108.9109.9110.5109.6
Nondurable goods
Totalnondura-
ble{roods
1,303.51,316.11,302.91,321.81,348.91,390.51,421.51,308.41,295.71,339.81,336.91,344.71,354.21,359.8
1,372.71,383.71,397.21,408.4
1,416.81,423.51,425.41,420.3
Food
650.1662.9659.6660.0674.3689.1701.6662.9656.5668.6670.5672.9675.7677.9
682.2688.5690.6695.1700.7701.6703.9700.2
Clothingand
shoes
220.7217.9215.9225.5233.3247.2257.1215.1213.1230.9227.4232.3235.0238.6
241.1243.3249.0255.5
254.6258.0258.9257.1
Gasolineand oil
108.1107.3103.4106.6109.1110.4113.3104.9102.5107.3108.2108.0110.9109.3108.8109.5111.6111.6113.4113.6112.5113.5
Fueloil
amieoal
12.611.210.810.910.710.310.39.9
10.610.710.910.610.710.611.410.010.29.69.9
10.610.010.6
Other
311.5316.7313.2318.8321.6333.6339.4
315.6312.8322.3319.9320.9322.0323.4329.2332.4336.0336.7
338.3340,0340.3339.1
Services
Totalservices '
2,262.32,321.32,341.02,409.42,466.82,519.42,575.7
2,331.22,352.02,437.62,447.02,454.92,476.72,488.6
2,497.02,519.02,526.32,535.1
2,548.12,569.62,586.32,598.8
Housing
614.6627.2635.2646.8655.0668.2681.9630.6638.6650.6
652.2653.5655.9658.5
662.1666.1670.7674.1677.4680.0683.2687.0
Medicalcart!
575.8602.8621.6646.6658.8668.8684.0
610.6630.8652.2656.6657.5659.7661.4663.2667.6670.4674.2
677.8681.3686.1690.7
Retail sales of newpassenger ears
(millions of units)
Domestics
7.16.96.16.36.77.37.16.66.16.46.36.96.77.17.37.27.27.37.06.97.57.3
Imports
2.72.42.01.91.81.71.52.22.01.91.81.91.81.71.81.81.81.61.61.61.51.4
1 Includes other items, not shown separately.NOTB.—Because of the formula used for calculating real (51)1*, the chained (1992) dollar
estimates for the detailed components (In not (M to the chained-dollar value of GDI* or to anyintermediate
Source: Department of Ommierce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES OF PERSONAL INCOMEPersonal income rose $7.5 billion (annual rate) in January, following an increase of $38.4 billion in December.The January increase was affected by a number of special factors, including cost-of-living adjustments to severalFederal transfer payment programs and pay raises for Federal civilian and military employees. Adjustments foruninsured damages to residential and business property due to the severe winter storms in January will be incor-porated into data to be released in April.
BIlilONS OF DOLLARS* (RATIO SCALE)
7,000
6,000
5,000
4,000
3,000
2,000
1,400
800
400 I I I M I I I I M
1988i i I I I I I i 1 1 1
1989
* SEASONAUY ADJUSTS) ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE
M I I I I I I I I I
1990
TOTAL PERSONAL INCOME
\WAGE AND SALARY DISBURSEMENTS
OTHER INCOME '
TRANSFER PAYMENTS
199) 1992
I I I I I I M I 1 i
1993 1994
BILLIONS OF DOLLARS* [RATIO SCALE)
7,000
6,000
5,000
4,000
3,000
2,000
1,400
800
1995
I I I I l I l I I I I 4001996
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986198719881989 ...19901991 .1992199319941995? ....
1995- JanPeb . .
May
Julyr
Septr ..Oetr
Novr ....
1996- Jan*1
Totalpersonalincome
3,647.53,877.34,172.84,489.34,791.64,968.55,264.25,479.25,750.26,100.95,977.05,993.76,015.96,053.96,046.26,085.56,123.16,125.96,157.96,186.36,203.76,242.16,249.6
Wage andsalary
disburse-ments1
2,116.52,272.72,453.62,598.12,757.52,827.62,986.43,090.63,241.13,419.73,354.53,360.83,369.43,399.23,374.73,405.93,438.73,433.33,454.83,476.53,474.63,494.13,487.8
Other laborincome 1 2
216.0235.4251.7273.1300.6322.7351.3380.9402.2424.0416.2417.7419.2420.6422.0423.4424.6425.8427.2428.7430.2431.7427.4
Proprietors' income3
Farm
25.232.328.236.836.330.238.032.035.028.729.428.427.827.827.627.427.628.028.829.830.631.333.1
Nonfarm
242.6260.6294.7308.2324.6332.7371.5388.1415.9449.2442.8443.0444.7445.5446.2449.7448.4451.9454.2452.9454.7456.7456.1
Rentalincome
ofpersons*
42.345.555.752.461.468.480.6
102.5116.6122.1122.2120.5119.1120.4122.1122.3122.0120.6120.2119.0126.9130.1130.6
Personaldividendincome
105.1101.1109.9130.9142.9153.6159.4186.8199.6214.8208.8209.4210.4211.5212.1212.9214.3215.6217.4219.5221.9223.8225.3
Personalinterestincome
543.3560.0595.5674.5704.4699.2667.2647.3661.6714.4695.8702.3707.6711.4714.1716.4716.8717.4718.3720.6724.3727.7730.3
Transferpayments 5
518.6543.3577.6626.0687.8769.9858.2910.7956.3
1,022.6996.9,001.7,008.4,010.6,018.8,021.0,026.6
1,028.91,034.11,038.21,039.41,046.91,058.3
Less: Per-sonal con-tributionsfor socialinsurance
162.1173.7194.2210.8223.9235.8248.4259.6278.1294.6289.6290.1290.9293.0291.4293.6295.9295.6297.2299.0298.9300.3299.4
1 The total of wage and salary disbursements and other labor income differs from compensa-tion of employees (see p. 4) in that it excludes employer contributions for social insurance andthe excess of wage accruals over wage disbursements.
2 Consists primarily of employer contributions to private pension and private welfare funds.
3With inventory valuation and capital consumption adjustments.4With capital consumption adjustment.5 Consists mainly of social insurance benefits, direct relief, and veterans payments.Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISPOSITION OF PERSONAL INCOMEAccording to advance estimates, per capita disposable personal income in chained (1992) dollars rose in thefourth quarter of 1995.
BILLIONS OF DOLLARS' (RATIO SCALE)
6,000
BILLIONS OF DOLLARS' (RATIO SCALE)
10,000
8,000
10,000
COUNCIL OF ECONOMIC AOT1SERS
Period
1987 ..19881989199019911992199319941995^
1990- IV1991: IV ....1992: IV1993: I
IIIllIV
1994: IIIIllIV
1995: IIIIII .IVp
Personalincome
Ije&S:Personaltax andnontax
payments
Equals:Disposablepersona!infiome
Less:Personaloutlays '
Equals:Personalsaving
Billions of dollars
3,877.34,172.84,489.34,791.64,968.55,264.25,479.25,750.26,101.0
514.2532.0594.9624.8624.8650.5689.9731.4794.6
3,363.13 640.83,894.54,166.84,343.74,613.74,789.35,018.85,306.4
3,194,73,451 73,706.73,958.14,097.44,341.04,572.94,826.55,065.7
168.4189.1187.8208.7246.4272.6216.4192.4240.7
Dispos-able
personalincome inbillions ofchained(1992)dollars
4,154.14,318.14,403.74,484.64,486.44,613.74,666.24,775.64,933.5
Per capitadisposable personal
income
Currentdollars
Chained(1992)dollars
Per capita personalconsumptionexpenditures
Currentdollars
Chained(1992)dollars
Dollars
13,84914,85715,74216,67017,19118,06218,55219,25320,169
17,10617,62117,80117,94117,75618,06218,07518,32018,752
12,74313,66914,53115,36015,73216,52017,25318,02518,714
15,74016,21116,43016,53216,24916,52016,81017,15217,399
Percentchangein real
per capitadisposablepersonalincome
Saving aspercent ofdisposablepersonalincome
Percent
0.73.01.0.8
1 01.7.1
1.42.4
Seasonally adjusted annual rates
4,868.65,048.95,415.35,348.75,458.45,500.55,609.15,562.45,743.05,801.75,893.95,995.56,061.96,135.66,210.9
627.1632.5674.8662.4686.9696.4713.8705.5740.8731.3748.1770.0801.5798.4808.3
4,241.54,416.44,740.54,686.34,771.64,804.14,895.34,856.95,002.25,070.45,145.85,225.55,260.45,337.25,402.5
4,027.94,149.84,450.04,486.64,542.64,599.34,663.24,723.04,791.94,863.04,927.94,972.25,049.05,104.65,137.2
213.5266.6290.5199.6228.9204.9232.1133.9210.3207.4217.8253.3211.4232.6265.4
4,468.84,506.34,688.74,602.84,657.64,674.04,730.44,666.44,779.84,804.24,852.04,895.54,896.14,950.34,992.0
16,89617,40518,47818,22318,51018,58518,88718,69919,21519,42719,66619,93120,02120,26320,462
17,80217,75918,27717,89918,06818,08118,25117,96618,36118,40718,54418,67218,63418,79418,907
15,56415,87116,87716,98517,16417,33517,52817,70717,92018,13918,33018,44718,68218,83118,895
16,39816,19416,69216,68216,75416,86516,93717,01317,12317,18717,28317,28217,38817,46517,459
-3.8-.06.7
-8.03.8
.33.8
-6.19.11.03.02.8-.83.52.4
5.05.24.85.05.75.94.53.84.5
5.06.06.14.34.84.34.72.84.24.14.24.84.04.44.9
Population,including
ArmedForces
overseas(thou-
sands) 2
242,842245,061247,387249,956252,680255,432258,159260,681263,090
251,031253,743256,543257,155257,787258,501259,192259,738260,327261,004261,653262,181262,748263,399264,032
1 Includes personal consumption expenditures, interest paid by persons, and personal transferpayments to rest of the world (net).
2 Annual data are averages of quarterly data, which are averages for the |>eriod.Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the (Census).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FARM INCOMEIn the third quarter of 1995, according to preliminary estimates, gross farm income rose $15.2 billion (annual rate)and net farm income rose $13.2 billion.
BILLIC
240200
160
120
80
An
)NS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO S
-*r~^^ — r-~_^
v ^ /— v ^ ^ ^0 - -- — ,, -f r\^i \
GROSS FARM INCOME
1* •- • '
CALE)
240200
160
120
80
60
40
20
10
40
20
10
" SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted animal rates]
Period
198619871988 . .1989199019911992199319941993- I
IIIllTV
1994- IIIIIITV
1995- IrIPTTT>>
Income of farm operators from fanning
Gross farm income
Total1
156.1168.3177.3191.9198.5191.8200.5203.0213.5203.9203.4198.9205.6218.8206.1211.8217.1210.4203.8219.0
Cash marketing receipts
Total
135.4141.8151.2160.8169.4167.8171.3177.1179.7174.3177.2187.7169.4178.8169.7185.8184.4183.6179.6202.1
Livestock andproducts
71.676.079.683.989.285.885.690.088.183.787.9
101.387.392.082.897.679.986.778.499.8
Crops
63.865.871.676.980.382.085.787.191.690.689.386.382.186.886.988.2
104.596.8
101.2102.4
Value ofinventorychanges 2
-2.2-2.3-4.1
3.83.5
0
4.2-4.5
8.7-8.0-6.3-7.4
3.710.610.0
7.86.3-.6-.5-.5
Productionexpenses
125.1130.2139.8146.9153.7153.4152.6160.9166.7158.5160.8162.6161.7164.3166.5168.5167.6
163.1165.5167.5
Net farmincome
31.138.037.545.044.838.447.942.146.745.442.736.343.954.539.643.349.547.338.351.5
'Cash marketing receipts and inventory changes plus Government payments, other farm cashincome, and norimoney income furnished by farms.
2 Physical changes in end-of-year inventory of crop arid livestock commodities valued at aver-age prices during1 the year.
NOTK.—Data include net Commodity Credit Corporation loans and operator households.Quarterly date plotted for 1989 through 1992 in chart do not reflect previous revisions to
animal fiats in table.Sources: Department of Agriculture.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITSIn the third quarter of 1995, according to current estimates, corporate profits before tax rose $21.2 billion (annualrate) and profits after tax rose $11.0 billion.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
660
600
550
500
450
400
350
300
250
200
150
100
50
0
SEASONAIiY ADJUSTS) ANNUAL RATCS
/
/
J
PROFITS BEFORE TAX /\ /
y^L „ /
r1v^.
~ — .
" ^
1 1 i1982
7/
/'" "
1 1 i1983
^
^1-
i i i1984
^^-^
*_--,
....
1985
^y
s
I t
1986
^ /
.s'
„--•
/ UNDI;t 1 1
1987
yPROF
/ ~"
-''"'"
\TRIBUTED
I I I1988
r\ y^"^TS AFTER T
XN\
X
X
'ROFITS
I I I1989
AX
,'-"
TAXI
..^'"'^
1990
\~^
— ~- -r
JABILJTY
\X
-»__*''
1 1 t
1991
V
,-^ /
' \/
\ t"\/
1992
y
/s
^/-„
1 ! 1
1993
S/
S/
•'
,'''
1 1 !
1994
f-S
-
-
-
t-" -
-
-
'
-
-
-
I I I1995
650
600
550
500
450
400
350
300
250
200
150
100
50
0
SCXJRCE: DEWJITMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted animal rates]
Period
19861987198819891990 . . ..1991199219931994 .. ..1990: IV1991- IV1992: IV
1993: IIIinIV
1994- IIIinIV
1995- IIIinre>
Profits (before tax) with inventory valuation adjustment '
Total2
234.0272.9325.0330.6358.2378.2398.9457.7514.9356.5375.2420.5
421.4443.2465.9500.4
467.8513.4531.0547.6
542.2546.1600.3
Domestic industries
Total
199.3231.3274.3272.6292.5309.5334.0388.1453.7282.5303.6361.2
347.0375.7393.1436.8
407.0452.4469.9485.5
467.5468.2527.1
Finan-cial
36.437.143.053.168.687.483.791.094.470.587.683.1
85.788.188.8
101.3
64.997.8
108.4106.4
114.3112.6130.4
Nonfinancial
Total3
162.9194.2231.2219.6223.8222.1250.3297.2359.3212.1216.1278.1
261.2287.6304.3335.4
342.1354.6361.5379.0
353.2355.6396.7
Manufac-turing
60.285.0
115.1109.3112.3
92.796.3
109.7142.7108.483.8
105.1
90.4108.4106.0134.0
145.3134.2142.8148.4
134.7137.8153.2
Whole-sale
22.916.719.320.417.220.623.025.534.516.917.028.3
17.928.627.028.7
28.839.534.335.4
29.726.431.2
Retail
23.723.919.620.720.626.132.239.242.222.828.637.3
36.338.142.439.8
38.343.243.743.6
36.036.642.5
Profitsbefore
tax
222.6293.6354.3348.1371.7374.2406.4464.3528.2376.7382.8420.3
436.0458.8458.0504.5
471.7523.2547.5570.4
594.1588.4609.6
Taxliability
106.5127.1137.0141.3140.5133.4143.0163.8195.3139.7135.2149.7
151.5162.6159.3181.7
171.4192.8203.4213.5
217.3214.2224.5
Profits after tax
Total
116.1166.5217.3206.8231.2240.8263.4300.5332.9237.1247.6270.6
284.6296.2298.6322.7
300.3330.4344.1356.8
376.8374.1385.1
Dividends
110.2107.0116.8138.9151.9163.1169.5197.3211.0152.0165.3180.4
190.2195.8200.2202.9
204.4208.8212.5218.5
221.7224.6228.5234.7
Undis-tributedprofits
5.859.5
100.567.979.477.793.9
103.3121.985.082.290.3
94.4100.498.4
119.8
95.9121.7131.6138.3
155.1149.6156.6
Inventoryvaluationadjust-ment
11.4-20.7-29.3-17.5-13.5
4.0-7.5-6.6
-13.3-20.3-7.6
.2
-14.6-15.6
7.9-4.0
-3.9-9.8
-16.5-22.8
-51.9-42.3-9.3-6.8
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.Sourpc: Department of Oxmmieree, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL GROSS PRIVATE DOMESTIC INVESTMENTIn the fourth quarter of 1995, according to advance estimates, nonresidential fixed investment in chained (1992)dollars rose $11.0 billion (annual rate) and residential investment rose $2.9 billion. There was an increase of $20.4billion in inventories, following an increase of $33.2 billion in the third quarter.
BILLIONS OF CHAINED (1992) DOLLARS
1,100
1,000
900
800
700
600
500
400
300
200
100
0
-100
SEASONALLY ADJUSTED ANNUAL RATES
X^
/\
\
N.
— ._•••*'
* \
1 1 1
1982
J
s
s
t
1 1 11983
/
s
N
1 1 1
1984
1 1
_ ~ ~ -
" -
i i i1985
-\ _yy^r^
-s
\1 1 11986
I \ 1GROSS PRIVATE DOMESTIC
1
_-""
MVESTMEh
^ '
JT
FIX
RESIDENTIALFIXED INVESTMENT
CHANC
i i i
1987
._.!._
5E IN BUSI^NTORIE
i i i1988
slESS
, - . _ _
i i i1989
P^
\
YlDNRESIDEED INVEST
-•„.
,*x
N
1 1 1
1990
\^\
'---.
MENT
l l l1991
y
.*-••
1 1 11992
fS
"""
....
i i i1993
^*'
/---
1994
r^^-
^
**> — «.
1 1 1
1995
BILLIONS OF CHAINED (1992) DOLLARS
1,100
1,000
900
800
700
600
500
400
300
200
100
0
-100
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Period
1986198719881989199019911992199319941995?
1990- IV1991: IV1992: IV
1993: IIIinIV
1994: I . . . .IIinIV .
1995: I .IIinIVP
Grossprivate
domesticinvestment
813.8820.5826.0861.9817.3737.7790.4857.3979.6
1,013.3
748.1762.4812.4
834.8843.2857.6893.4
933.5984.6994.1
1,006.3
1,024.2998.3
1,016.21,014.7
Fixed investment
Total
805.0799.4818.3832.0805.8741.3783.4836.4921.1977.9
774.4742.0805.8
815.4821.1835.4873.5
892.4911.4930.8949.7
969.6966.1981.0994.8
Nonresidential
Total
548.5542.4566.0588.8585.2547.7557.9593.6652.1716.3
573.9539.5569.1
577.5586.4593.1617.6
628.6639.5660.4679.7
704.4710.6719.7730.7
Structures
203.3195.9196.8201.2203.3181.6169.2166.3168.8181.5
196.0171.4165.6
167.0164.8165.1168.2
163.0169.0169.1174.3
178.5180.0182.7184.8
Producers'durable
equipment
345.9346.9369.2387.6381.9366.2388.7427.6484.1536.1
377.9368.1403.5
410.5421.7428.2449.8
466.5471.2492.4506.4
527.1531.9538.2547.2
Residential
257.0257.6252.5243.2220.6193.4225.6242.7268.9262.5
200.3202.4236.7
237.9234.8242.2255.8
263.6271.6270.3270.3
265.9256.6262.3265.2
Qiange in businessinventories
Total
10.926.211.633.310.43 07.3
19.158.934.7
-28.221.4
5.8
18.520.819.517.4
40.174.164.057.3
54.530.633.220.4
Nonfarm
12.434.224.733.57.8
-1.21.9
26.446.838.4
-25.919.97.2
26.026.730.922.1
29.854.150.153.3
58.133.838.323.6
NOTE.—See p. 10 for further detail on fixed investment by type.lleeause of the formula used for calculating real GDI*, the chained (1992) dollar estimates
for the detailed components <lo not titbl to the chairied-dollar value of GDP or to any intermedi-ate !
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL FIXED INVESTMENT BY TYPE[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates)
Period
1986198719881989199019911992199319941995*
1990- IV1991: IV1992- IV1993- I
IIinIV
1994: InmIV
1995: IIIinWP
Nonresidential
Totalnonresi-dential
548.5542.4566.0588.8585.2547.7557.9593.6652.1716.3
573.9539.5569.1577.5586.4593.1617.6628.6639.5660.4679.7704.4710.6719.7730.7
Structures
Total1
203.3195.9196.8201.2203.3181.6169.2166.3168.8181.5
196.0171.4165.6167.0164.8165.1168.2163.0169.0169.1174.3178.5180.0182.7184.8
Non-resi-
dentialbuild-ings,
includ-ing
farm
144.5142.4145.3150.2152.0126.9113.2112.8117.7128.1
143.8116.4109.8111.4110.6112.7116.3112.4117.8117.4123.3125.4126.8129.2131.0
Utili-ties
36.530.730.030.928.132.034.531.131.735.2
28.933.333.932.431.030.730.530.731.232.132.733.734.835.836.3
Miningexplo-ration,shafts,
andwells
15.815.515.813.916.115.713.314.812.611.3
16.314.413.715.215.214.614.213.413.312.211.512.510.711.011.1
Producers' durable equipment
Total i
345.9346.9369.2387.6381.9366.2388.7427.6484.1536.1
377.9368.1403.5410.5421.7428.2449.8466.5471.2492.4506.4527.1531.9538.2547.2
Information processingand related equipment
Total
94.197.5
106.6116.2116.2117.8134.2147.1170.4202.2
115.7122.5138.9139.5142.2150.7156.0161.2166.6171.5182.5189.2199.9201.9217.9
Com-puters
andpe-
riph-eral
equip-ment2
16.721.024.029.429.432.443.956.269.391.6
29.936.647.551.152.958.362.564.667.169.376.380.288.292.0
106.1
Other
84.680.285.788.188.285.990.291.5
102.6114.6
87.186.2.91.588.689.693.194.697.8
100.8103.6108.3111.5115.1114.1117.8
In-dus-trial
equip-ment
93.591.195.3
101.595.088.389.396.3
105.9116.2
91.486.492.693.794.496.3
100.7102.8104.3107.0109.4114.2118.4116.7115.6
Trans-porta-tionand
relatedequip-ment
85.682.187.178.981.281.786.297.5
111.7118.5
82.881.691.593.099.595.0
102.7109.0105.3115.9116.5121.7114.8120.4117.0
Residential
Totalresi-den-tial 3
257.0257.6252.5243.2220.6193.4225.6242.7268.9262.5
200.3202.4236.7237.9234.8242.2255.8263.6271.6270.3270.3265.9256.6262.3265.2
Structures
Total
251.3251.6246.3237.0214.5187.6219.5236.3262.1255.5
194.4196.6230.5231.7228.5235.7249.2257.0264.8263.5263.2258.9249.7255.3258.2
Singlefamily
119.3128.3126.1121.9110.496.4
116.5127.1140.5127.5
97.6105.1121.6124.9122.5126.3134.4140.3143.5140.8137.4133.0123.0125.8128.1
Multi-family
35.928.323.423.319.715.413.110.413.517.7
18.614.211.510.310.010.710.611.212.814.515.616.817.417.818.7
Other
95.894.896.891.884.475.789.998.8
108.1110.8
78.177.397.496.596.098.7
104.1105.4108.4108.2110.4109.3109.8112.2111.9
1 Includes other items, not shown separately.2 Includes new computers and peripheral equipment only.3 Includes producers' durable equipment, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollarestimates for the detailed components do not add to the chained-dollar value of GDP or to anyintermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS[Billions of dollars]
Period
19931
19942
1995 3
Totalex-
pendi-tures
489.7
549.0
600.7
By industry
Total
488.2
518.6
587.3
Miningandcon-
struc-tion
31.2
34.9
35.6
Manufacturing
Total
134.1
144.1
181.8
Dura-ble
goods
66.4
76.1
100.6
Non-durablegoods
67.7
68.1
81.2
Trans-porta-tion
30.6
32.3
37.0
Com-muni-cations
37.1
44.6
49.3
Utili-ties
41.3
38.0
41.8
Whole-saleand
retailtrade
60.3
68.1
75.7
Fi-nance,insur-ance,andreal
estate
40.2
36.9
47.1
Serv-ices
111.8
118.5
117.3
Servingmul-tiple
indus-tries
1.7
1.2
1.6
Notdistrib-
utedby
indus-try
1.4
30.4
13.51 Estimates collected from the 1993 Annual Capital Expenditures Survey.2 Preliminary estimates collected from the February 1995 Investment Plans Survey. Final
data are scheduled to be published in January 1996 in the 1994 Annual Capital ExpendituresSurvey.
3 Revised estimates of planned capital expenditures from the September 1995 Investment
Plans Survey.NOTE.—Data from Business Investment and Plans, 1993 to 1995, released September 22,
1995. For further information, see Annual Capital Expenditures,- 1993, and Technical Note onNew Annual Capital Expenditures Survey, September 1995.
Source: Department of Commerce, Bureau of the Census.
10Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEIn February, employment rose by 437,000 and unemployment fell by 322,000. (Series revised.)
MILL!
134
130
126
122
118
114
110
105
ONS OF PERSONS * MILLIONS OF PERSO
_^^""
-
>•
^^-
_—-—-
- - _ —
--^,
s
IAN LABOR FO
^A-i
r— *\^_^—
EASONAILY ADJUSTED _-*— 1
^~^
~'\"CIVILIAN
EMPLOYMENT
r- ~
-X-^"
^m*
^'"
" i""
X
-
-
V
NS*
134
130
126
122
118
114
110
106
1995 1996
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
19863
1987198819891990 3 '1991 '1992 '1993'19944
1995
1995: Febr
Marr
Aprr
Mayr
Septr
Octr
NoVDecr
1996' Janr
Feb
Civiliannoninstitu-
tionalpopulation
NSA
180,587182,753184,613186,393189,164190,925192,805194,838196,814198,584
197,886198,007198,148198,286198,453198,615198,801199,005199,192199,355199,508
199,634199.773
Civilianlaborforce
117,834119,865121,669123,869125,840126,346128,105129,200131,056132,304
132,078132,391132,529132,058131,962132,342132,298132,501132,473132,471132,352
132,903133.018
Civilian employment
Total
109,597112,440114,968117,342118,793117,718118,492120,259123,060124,900
124,881125,106124,973124,598124,566124,832124,859125,036125,244125,062124,981
125,226125,663
Agricul-tural
3,1633,2083,1693,1993,2233,2693,2473,1153,4093,440
3,5963,6363,5283,3603,4353,4093,3763,3353,4343,3233,325
3,5293.519
Nonagricultural
Total
106,434109,232111,800114,142115,570114,449115,245117,144119,651121,460
121,285121,470121,445121,238121,131121,423121,483121,701121,810121,739121,656
121,698122,143
Part timefor
economicreasons 1
5,3455,1224,9654,6574,9505,8746,2406,2304,4144,279
4,2254,2924,2114,2734,2634,2564,2914,3554,2744,2834,306
3,8424,274
Unemployment
Total
8,2377,4256,7016,5287,0478,6289,6138,9407,9967,404
7,1977,2857,5567,4607,3967,5107,4397,4657,2297,4097,371
7,6777.355
15weeksandover
2,2321,9831,6101,3751,5252,3573,4083,0942,8602,363
2,3422,3092,4392,5262,3532,3322,3712,3232,2812,3052,322
2,3702,307
Not inlaborforce
62,75262,88862,94462,52363,32464,57864,70065,63865,75866,280
65,80865,61665,61966,22866,49166,27366,50366,50466,71966,88467,156
66,73066,754
Percent2
Laborforce
partici-pationrate
65.365.665.966.566.566.266.466.366.666.6
66.766.966.966.666.566.666.566.666.566.466.3
66.666.6
Employ-ment/pop-
ulationratio
60.761.562.363.062.861.761.561.762.562.9
63.163.263.162.862.862.962.862.862.962.762.6
62.762.9
Unem-ploy-mentrate
7.06.25.55.35.66.87.56.96.15.6
5.45.55.75.65.65.75.65.65.55.65.6
5.85.5
1 Persons at work. Economic reasons include slack work, material shortages, inability to findfulltime work, etc.
2 Civilian labor force (or employment) as percent of civilian noninstitutionai population; andunemployment as percent of civilian labor force.
3 Not strictly comparable with earlier data.
* Data beginning Januajy 1994 are not directly comparable with data for earlier periods.Note.—Unadjusted data for 1990-93 revised to incorporate 1990 census-based population
controls, adjusted for the estimated undercount. Seasonally adjusted data revised beginning1990. See Employment and Earnings, March 1996 for details.
Source: Department of Labor, Bureau of Labor Statistics.
11
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SELECTED UNEMPLOYMENT RATESIn February, the unemployment rate fell to 5.5 percent. (Series revised.)
PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)
10
1992 1996
••UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIEDSOURCE; DEPARTMENT OF lABOft COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
19861987198819891990 r ,.1991 '1992 r
1993 r
19942
1995
1995: Febr
Marr
Apr''Mayr
Juner .,JulyAugr
Septr .... ....OofNovDecr ".:
1996: Janr
Peb
Unemployment rate (percent of civilian labor force in group)
Mlcivilianworkers
7.06.25.55.35.66.87.56.96.15.65.45.55.75.65.65.75.65.65.55.65.6
5.85.5
By sex and age
Men20 yearsand over
6.15.44.84.55.06.47.16.45.44.84.64.74.95.04.84.84.84.84.54.94.84.94.9
Women20 yearsand over
6.25.44.94.74.95.76.35.95.44.9
4.94.95.14.95.05.04.94.95.04.84.7
5.14.8
Bothsexes16-19years
18.316.915.315.015.518.720.119.017.617.317.116.517.217.316.917.817.617.717.117.818.0
18.216.6
By race
White
6.05.34.74.54.86.16.66.15.34.94.74.84.95.04.94.94.84.94.85.04.9
5.04.9
Blackand
other
13.111.610.410.010.111.112.711.710.59.69.49.49.79.29.79.9
10.010.19.49.09.39.59.1
Black
14.513.011.711.411.412.514.213.011.510.410.310.110.710.010.510.811.011.110.09.6
10.210.610.3
By selected groups
Expe-riencedwageand
salaryworkers
6.65.85.25.05.36.67.26.65.95.4
5.25.35.55.65.45.55.45.55.45.45.4
5.45.3
Marriedmen,
spousepresent
4.43.93.33.03.44.45.14.43.73.33.13.23.33.43.43.43.33.43.23.33.23.33.0
Womenwho
maintainfamilies
9.89.28.18.18.39.3
10.09.78.98.08.37.98.78.28.38.27.28.07.97.76.88.27.5
Full-timeworkers1
6.96.05.35.15.46.87.56.96.15.5
5.35.45.65.55.55.55.55.55.45.55.5
5.75.4
Part-timeworkers *
7.46.96.46.26.47.07.57.26.06.06.05.96.16.16.26.46.05.95.95.95.96.06.2
1 Revised definition; for details, see Employment and Earnings, February 1994.3 Data beginning January 1994 are not directly comparable with data for earlier periods,NOTB.—Data relate to persons age 16 years and over.
Seasonally adjusted data revised beginning 1990. See note, p. 11.
Source: Department of Labor, Bureau of Labor Statistics.
12
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCEPROGRAMSIn February, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15-26 weeks rose; the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of unemploymentrose to 16.6 weeks and the median duration fell to 8.0 weeks. (Series revised.)
PERCENT DISTRIBUTION * PERCENT DISTRIBUTION *
70
50
30
20
10
0
DURATION OF UNEMPLOYMENT
-
LESS THANS WEEKS
/
^ \
-v\ ^ AV >.
_A.x™" vX
Illllllllll1992
yvv-w
••Ax^V ^ 1
5-14WEEKS
vVN«--v
Illllilllll
1993
J A
f \ ^y^'V •-•N^O
-N/\-"'
•
27 WEEKSAND OVERy
'*»V-»X V
15-26WEEKS
umliim1994
v\
Illllllllll199-J
/
k
—
s••
Illltllllll
70
60
50
30
20
10
0
REASON FOR UNEMPLOYMENT
/~*^vA
-
—
\ -*'v._,-*
W^V•"— V
Illllllllll1996 1992
.yv^V JOB LOSERS-^
'\ t^^fV
JOB
"*^*" tf .
nmimi,1993
S/yv^
/\ „\ 'REENTRANT!
tEAVERS
__^
--"V *>
-
" "~"*V'<
^r~^S
XNEW ENTRANTS
,,,,,]
1994
Ijlllllllll1995
1
—
^
Illllllllll1996
* SEASONARY ADJUSTED!/8EGiNNfNG JANUARY ! 99*. JOB 1OS6SS AND PERSONS WHO COMPLETED TEMPORARY JOBS.SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Period
198619871988 ...1989199019911992199319943
19951995- Feb'
Mar-"Aprr
May
July'Aufif"Sept'Oct' ;NovDec '
1996: Jan'Feb
Un-employ-
ment(thou-sands)
8,2377,4256,7016,528
••7,047'8,628'9,613'8,9407,9967,404
7,1977,2857,5567,4607,3967,5107,4397,4657,2297,4097,3717,6777,355
Duration of unemployment
Percent distribution
Lessthan
5weeks
41.943.746.048.6
'46.3'40.3'35.1'36.534.136.536.636.035.435.336.535.336.437.537.237.136.436.837.8
5-14weeks
31.029.630.030.3
'32.0'32.4'29.4'28.930.131.630.831.931.831.031.733.831.831.231.832.032.531.930.9
15-26weeks
12.712.712.011.2
'11.7'14.4'15.1'14.5
15.514.615.813.614.416.415.613.915.114.213.714.214.514.815.3
27weeksandover
14.414.012.19.9
'10.0'12.9'20.3'20.120.317.316.918.518.417.316.317.016.717.117.216.716.616.516.0
Number of weeks
Aver-age
(mean)
15.014.513.511.9
'12.0'13.7'17.7'18.018.816.617.117.317.616.816.016.516.316.316.216.316.216.016.6
Median
6.96.55.94.8
'5.3'6.8'8.7'8.39.28.38.28.28.48.97.78.78.48.18.18.08.18.38.0
Rea.
los-ers1
48.948.046.145.7
'48.1'54.4'56.1'54.247.746.946.946.946.347.447.047.046.545.947.546.946.947.648.1
son for unemployment:>ereent distribution
Jobleav-ers
12.313.014.715.7
'14.8'11.6'10.4'10.9
9.911.110.710.910.711.511.311.211.611.710.511.511.911.510.0
Keen-trants
26.226.627.028.2
'27.4'24.8'23.8'24.634.834.134.434.035.133.734.334.334.034.234.433.733.232.533.7
Newen-
trants
12.512.412.210.4'9.8'9.2'9.7
'10.37.67.88.08.27.97.4
• 7.47.67.88.17.77.98.18.58.2
Stateprograms
Insuredunem-ploy-ment
Initialclaims
Insuredunem-
allregular
programs(unadjust-
ed)2
Weekly average, thousands
2,6432,3002,0812,1582,5223,3423,2452,7512,670
'2,574
2,5082,4942,4962,5582,6362,6832,6342,6322,6782,6522,625
2,655
378328310330388447408341340
'357336342352373376373346357365375363374
^371
2,7392,3692,1352,2052,5753,4063,3482,8452,7392,636
3,1732,9492,7212,4762,3982,6352,4612,1972,2922,4212,668
3,499
1 Beginning January 1994, job losers and persons who completed temporary jobs.3 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-serv-
icemen (UCX), and Federal (UCFB), Railroad <RE) programs included through 1993. Also in-cludes Federal and State extended benefit programs. Does not include Federal supplementalcompensation or Emergency Unemployment Compensation programs.
3 Data beginning January 1994 are not directly comparable with data for earlier periods.
NOTE.—Data relate to persons age 16 years of age and over (except for insured unemploy-ment and initial claims).
Seasonally adjusted unemployment data revised beginning 1990. See Note, p. 11,Seasonally adjusted insured unemployment and initial claims data revised historically.Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Ad-
ministration).
13
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NONAGRICULTURAL EMPLOYMENTTotal nonagriculfural employment as measured by the payroll survey rose by 705,000 in February.
MIUIONS OF PERSONS*
120
110
100
90
80
70
60
50
40 -
30
201992
SERVICE-PRODUCINGINDUSTRIES
GOODS-PRODUCINGINDUSTRIES
1993
.V.1994 1995
llllll
MllUONS OF PERSONS* JENIARGED SCAIE)
34
1996 1992 1996
COUNCIL OF ECONOMIC ADVISERS
iamls of wage and sabtiy workers;' seasonally ai!jnst*xt|
Period
198619871988198919901991199219931994 ...1995 r1995: Peb
MarApr ...MayJuneJulyAugSeptOctNovDeer ... .
1996- Janr ..Peb?
Totalnonagri-eulturalemploy-
ment
99,344101,958105,210107,895109,419108,256108,604110,730114,034116,607116,123116,302116,310116,248116,547116,575116,838116,932117,000117,212117,357117,169117,874
Goods-producing industries
Total 2
24,53324,67425,12525,25424,90523,74523,23123,35223,91324,22724,32424,37024,33124,22824,24024,15624,16524,15724,15924,13424,17324,11424,267
Con-struc-tion
4,8104,9585,0985,1715,1204,6504,4924,6685,0105,2465,2135,2565,2425,1905,2305,2265,2335,2625,2875,2955,2975,3145,435
Manufacturing
Total
18,94718,99919,31419,39119,07618,40618,10418,07518,30318,40318,52318,52518,50618,45618,42818,35318,35718,32218,30118,27218,30718,23218,258
Durablegoods
11,19511,15411,36311,39411,10910,56910,27710,22110,43110,59510,62210,63310,63210,61110,59710,56910,58710,57210,56510,55310,60710,57910,597
Non-durablegoods
7,7527,8457,9517,9977,9687,8377,8277,8547,8727,8087,9017,8927,8747,8457,8317,7847,7707,7507,7367,7197,7007,6537,661
Service-producing industries
Total
74,81177,28480,08682,64284,51484,51185,37387,37890,12192,38091,79991,93291,97992,02092,30792,41992,67392,77592.84193,07893,18493,05593,607
Trans-porta-
tion andpublic
utilities
5,2475,3625,5145,6255,7935,7625,7215,8296,0066,1926,1566,1756,1846,1776,1926,1956,2176,2066,2176,2406,2316,2306,246
Whole-sale
trade
5,7615,8486,0306,1876,1736,0815.9975,9816,1406,3246,2756,2876,3006,2986,3206,3336,3406,3466,3596,3736,3956,3986,414
Betailtrade
17,88018,42219,02319,47519,60119,28419,35619,77320,43720,84120,79420,76020,76220,74720.79820^85120,83720,89920,89720,98920,98120,92121,087
Finance,insur-ance,
and realestate
6,2736,5336,6306,6686,7096,6466,6026,7576,9336,9496,9296,9386,9246,9256,9306,9386,9476,9576^9776,9917,0017,0037,028
Services
22,95724,11025,50426,90727,93428,33629,052,30,19731,48832,79632.40432,52432,54832,63032,78432,82032,98633,04733,07633,18533,24833,20433,491
Government
Total
16,69317,01017,38617,77918,30418,40218,64518,84119,11819,27919,24119,24819,26119,24319,28319,28219.34619,32019,31519,30019,32819,29919,341
Federal
2,8992,9432,9712,9883,0852,9662,9692,9152,8702,8222,8312,8282,8262,8312,8382,8342,8252,8122,8012,8002,7992,7882,783
1 Includes all full- anil part-time wage and salary workers in nonagricultural establishmentswho received pay for any part of the pay period which includes the 12th of the month. Exehuiesproprietors, self-employed persons, domestic: servants, and iwrsonnei of the Armed Forces. Totalin this table not comparable with estimates of nonagri cultural employment of the civilian laborfor**, shown on p. 11, which include proprietors, self-employed persons, ami domestic servants;which count persons as employed when they are not at work Ix^aMse of industrial disputes,bad weather, etc., even if they are not, paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in tin's table arc based on reports fromemploying establishments. In tlse series shown here, persons who work at more than one joban? counted each time they appear on a payroll, in contrast to the series shown on p. 11, wherepersons arc counted only once—as employed, unemployed, or not in the I; bor fort*.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Ijabor Statistics,
14Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, ANDPRIVATE NONAGRICULTURAL INDUSTRIES
{For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted |
EARNINGS
Period
1986198719881989 .199019911992199319941995
1995: JailFebMar
May
July
SeptOct
De*1'1996: Jan'
Feb^
Average weekly hours
Totalprivate
nonagri-cnltural '
34.834.834.734.634.534.334.434.534.734.5
34.834.634.634.634.234.434.634.434.534.634.434.333.734.5
Manufacturing
Total
40.741.041.141.040.840.741.041.442.041.5
42.242.142.041.541.441.541.341.541.741.541.541.239.941.6
Overtime
3.43.73.93.83.63.63.84.14.74.4
4.94.84.74.54.44.24.34.34.54.44.44.34.14.5
Average gross hourly earnings
Total privatenonagrieiiltura! '
On-rentdollars
$8.768.989.289.66
10.0110.3210.5710.8311.1311.46
11.2911.3211.3411.4011.3711.4311.5011.4811.5411.5911.5811.6111.6611.65
1982dollars2
$7.817.737.697.647.527.457.417.397.41
'7.41
7.39'7.40'7.397.407.367.397.437.417.44
'7.44'7.437.447.44
Manufac-turing
$9.739.91
10.1910.4810.8311.1811.4611.7412.0612.35
12.2112.2412.2512.2812.2812.3212.4012.4112.4312.4512.4712.4912.6312.58
Average gross weekly earnings
Total privatenonagricultural '
Currentdollars
$304.85312.50322.02334.24345.35353.98363.61373.64386.21395.37
392.89391.67392.36394.44388.85393.19397.90394.91398.13401.01398.35398.22392.94401.93
1982dollars2
$271.94269.16266.79264.22259.47255.40254.99254.87256.96
'255.74
257.30'255.99'255.61'256.13251.85
'254.16257.21
'254.78256.53
'257.55'255.68255.11250.60
Current dollars
Manufac-turing
$396.01406.31418.81429.68441.86455.03469.86486.04506.52512.53
515.26515.30514.50509.62508.39511.28512.12515.02518.33516.68517.51514.59503.94523.33
Construc-tion
$466.75480.44495.73513.17526.01533.40537.70553.63572.61583.55
579.28575.86578.12566.61563.62582.86590.02583.98588.95593.49588.60577.95573.30592.86
Ifetailtrade
$176.08178.70183.62188.72194.40198.48205.06209.95216.46221.76
220.11218.88219.17222.03219.56220.90223.11222.14223.49224.26224.06224.43221.65226.98
Percent change froma year earlier, txrtal
private non-agrieultural *
Currentdollars
1.92.53.03.83.32.52.72.83.42.4
2.73.32.62.51.12.43.02.52.52.02.32.2
.32.6
1982dollars
0.3-1.0-.9
-1.0-1.8-1.6-.2-.0
.8'-.5
-.2.3
-.4-.7
-2.1-.6
.2-.0
.0-.6-.1-.3
-2.4
1 AJso im'Judes other private industry groups shown on p. 14.2 Current dollar earnings divided by the consumer price index for urban wag** earners and
denca) workers (CH-W) (on a 1982=100 base). Seasonally adjusted CPI-W data revised be-ginning 1991.
3 Based on seasonally unadjusted data.
SOUK*: I>epartment of Latxtr, Bureau of La(x>r Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Period
1986- Dee1987. Dec1988- Dec1989- Dec1990- Dee .1991- Dee . .. .1992- Dee ...1993: Dee1994- Dee .1995. Dec
1993- Mar
Sept ...Dec
1994- Mar
Sept ....Dec
1995- Mar
SeptDec
Index (June 1989 = 100)
Totalcompensa-
tion
Wafj^s andsalaries Benefits'
Percent change from
3 months earlier
Totalcompensa-
tion
Wages andsalaries Itenefite"
12 months earlier
Totalcompensa-
tion
Wages andsalaries Henefits '
Not seasonally actuated
90.193.197.6
102.3107.0111.7115.6119.8123.5126.9
91.194.198.0
102.0106.1110.0112.9116.4119.7123.1
87.590596.7
102.6109.4116.2122.2128.3133.0136.6
Seasonally adjusted
116.9117.9118.9119.9120.8121.8122.8123.6124.3125.2125.9127.0
113.9114.6115.6116.4117.3118.3119.1119.8120.6121.5122.3123.1
124.8126.5127.7129.1130.2131.5132.8133.8134.0134.7135.4137.2
1.0.9.8.8.8.8.8.7.6.7.6.9
0.8.6.9.7.8.9.7.6.7.7.7.7
1.51.4.9
1.1.9
1.01.0.8.1.5.5
1.3
3,23.34.84.84.64.43.53.63.12.8
3.23.34.14.14.03.72.63.12.82.8
3.43.46.96.16.66.25.25.03.72.7
Not seasonally adjusted
3.53.63.73.63.33.43.33.12.92.82.62.8
2.72.73.13.12.93.12.92.82.92.92.82.8
5.65.85.45.04.43.94.03.72.92.62.12,7
1 Employer costs for employee benefits.NOTK.—The employment cost index is a measure of the ebanpe in Hie cost of labor, free
from the influence of employment shifts among occupations and Industries.
Data exclude farm and hosisehold workers.
Source; Department of Labor, Bureau of Ijalx>r Statistics.
15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTIVITY AND DATA, BUSINESS SECTOR
Period
198619871988198919901991 . ..1992199319941995 f
1992- IIIinIV
1993: Ininiv
1994- IIIinIV
1995: Inin'WP
1986198719881989199019911992199319941995P
1992: IHinI V . . . .
1993- 1IIinIV
1994: III .mIV . .
1995- Inm r
IV?
Output per hour ofall peraons
Businesssector
NonfariQbusinesssector
Output"
Businesssector
Nonfarmboamesssector
Hour
Businesssector
s of allions2
Nonfarmbusinesssector
Compensation perhour3
Businesssector
NonfariBbusinesssector
Real compensationper hour*
Businesssector
Nonfarmbusinesssector
Unit laborcosts
Businesssector
Nonfarmbusinesssector
Implicit pricedeflator5
Businesssector
Nonfarmbusinesssector
Indexes, 1992=100; quarterly data seasonally adjusted
94.294.194.695.496.296.7
100.0100.2101.0101.9
99.399.999.7
101.1
100.299.8
100.1100.8
100.3100.7101.4101.5
101.1101.9102.3102.3
94.994.795.395.896.396.9
100.0100.2100.7101.8
99.3100.099.6
101.1100.199.7
100.2100.6
100.0100.4101.1101.3
101.0101.8102.2102.1
88.691.194.697.898.796.9
100.0102.6106.9109.6
98.899.699.8
101.7
101.4102.0102.8104.3
104.8106.5107.6108.7
108.8108.9110.1110.5
88.791.495.198.198.897.1
100.0102.9106.9109.8
98.899.699.8
101.8
101.6102.2103.2104.6
104.8106.6107.7108.8
109.0109.1110.4110.7
94.096.8
100.0102.5102.6100.3100.0102.4105.9107.6
99.599.7
100.1100.6
101.3102.2102.6103.5
104.5105.8106.2107.1
107.6106.9107.7108.0
93.596.599.8
102.4102.7100.2100.0102.7106.2107.9
99.699.6
100.1100.7
101.5102.5103.0103.9
104.8106.1106.5107.4
107.9107.2108.0108.4
76.979.983.585.890.895.1
100.0102.6104.8108.5
98.699.5
100.7101.2
101.6102.5103.0103.3
104.2104.5104.9105.7
106.6108.0109.2110.1
77.380.283.685.890.695.1
100.0102.3104.5108.2
98.599.6
100.7101.2
101.4102.1102.6102.9
103.7104.3104.6105.4
106.4107.8108.9109.7
98.498.699.097.197.497.9
100.099.699.299.9
99.799.8
100.399.9
99.699.799.899.2
99.699.398.8
'98.9
'99.199.6
100.1100.4
98.999.099.297.197.397.9
100.099.398.999.6
r99.799.9
100.299.9
99.499.399.498.9
'99.2'99.1'98.498.7
98.9'99.499.9
100.1
81.684.988.289.994.398.3
100.0102.4103.8106.5
99.399.6
101.0100.1
101.4102.6102.9102.5
103.8103.9103.5104.1
105.4106.0106.8107.6
81.484.787.889.694.198.1
100.0102.1103.8106.3
99.399.6
101.0100.1
101.3102.4102.4102.3
103.7103.8103.4104.1
105.3105.9106.6107.5
81.683.886.890.594.097.7
100.0102.5104.8107.1
99.399.7
100.1100.9101.7102.3102.7103.3
103.9104.4105.1105.6
106.3106.9107.4107.7
Percent change; quarterly data at seasonally adjusted annual rates
2.6-|
.5
.8
.8
.53.4
.2
.7
.9
8.12.5-.75.6
-3.7-1.3
1.32.7
-1.91.42.8
.7
-1.63.01.60
2.7O
!e.5.5.7
3.2.2.5
1.1
7.32.8
-1.26.1
„, q QG.I71 rf
2!l1.6
-2.51.92.6
.9
-1.13.01.7-.5
3.22.93.83.4.9
-1.83.22.64.22.5
6.23.2
.87.9
-1.12.23.06.3
1.86.74.14.0
.6
.34.41.2
3.43.04.13.2.7
-1.83.02.94.02.7
5.63.1
.78.4
-.92.44.15.3
.96.84.24.2
.8
.54.71.1
0.63.03.32.5.1
-2.3q
2.43.41.6
-1.7.7
1.62.2
2.63.61.73.5
3.75.31.33.3
2.2-2.5
2.81.2
0.73.23.52.6.2
-2.4-.22.73.41.6
-1.5.3
2.02.2
3.14.22.03.6
3.54.81.63.3
1.9-2.4
2.91.6
5.23.94.52.85.84.85.22.62.23.5
7.83.74.82.1
1.63.42.21.1
3.41.51.52.9
3.45.64.33.3
5.23.74.32.75.54.95.22.32.23.6
7.74.24.42.1
1.02.72.01.1
3.32.11.23.3
3.75.44.33.0
3.3.2.4
-1.9.4.5
2.1-.4
^.6r5.0
•".3'1.8
'-1.4
'-1.3'.4'.3
'-2.0
'1.4-1.0
'-2.2.7
'.52.12.3.9
3.3.1.1
-2.1.1.7
2.1-.7-.4
.7
'4.9'.9
'1.4'-1.4
'-1.9'-.2
'.1'-2.0
'1.2-.4
r-2.51.0r.S2.02.2
.6
2.64.04.01.94.94.21.72.41.42.5
-.31.25.6
-3.3
5.44.8
.9-1.6
5.4.1
-1.32.3
5.02.52.73.3
2.54.03.72.15.04.31.92.11.62.5
.41.45.7
-3.7
5.14.5-.1-.5
5.9.2
-1.42.4
4.92.32.53.5
2.22.73.54.24.03.92.42.52.22.2
2.81.91.53.0
3.42.51.42.4
2.41.82.62.0
2.82.12.1.9
81.483.586.490.093.897.6
100.0102.5104.9107.2
99.299.8
100.1100.9
101.8102.4102.7103.3
103.9104.5105.3105.7
106.5107.0107.5107.7
2.22.63.44.24.24.12.42.52.32.2
3.02.11.43.2
3.82.11.22.6
2.52.22.91.8
2.91.91.8
.91 Output refers to real gross domestic product originating in the sector,2 Hoars of ai! 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 phis employers' contributions for social insurance and pri-
vate benefit plans. Also includes an estimate of wages, salaries, and supplemental payments forthe self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
s Current dollar gross domestic output divided by the output index.NOTE.—Data relate to all persons engaged in the sector.Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.Source; Department of Labor, Bureau of Ijabor Statistics.
16
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production and capacity utilization fell in January.
NX!150140130
120
110
100
ISO140
130
120
110
100
150140130
120
110
100
90
(,1907. 100- IfOnOSCAlfl
TOWi. WDUSTBAl PRODUCTION
-r— — ~"T"^~ "~1
; _ --L"—- -— 1
MANUFAOURWG
DUMBIE ~
•w^^i ™•.n* _L'*7~~
NONDURMlilillitiiiti tiiiiltiiti JHIlIiHIl
t—^S"*}
in till tin iimlimi
UlUreANDMMNQ
mures 1 —\ »'v'l
1 til 1 1 1 1 1 !_! ( 1 1 1 1 1 1 » 111 1 11 1 1 1 1 1 1 1 1
1992 1993 1994
^* -1995
,,,,,l,,,,,19M
MDG170140150
140
130
120
100
90
80
40
88M
8482
8078
(, 1987. 100- IRADOSCAtf)
HNAl PRODUCTSBUSINESS .
\ - —
^\
^^
---'"'"
™*^.^
J ' .U 1 i Jl J Li
"*/
'
. -
CONSUMESGOODS
*>OEFB4SE "•*—
ANDSfACEEQUrM&ff
If mini f l n i nun M
f ^^
.-„,-—
*™""x,\
111 1 M 1 1 1 IIin iliii in
pEncmr-CAfi OTYimUZAnONRATtaOX^r>CX^TKYl
jj.l*+s**s'~T™"***~l~'
mi iliiiimiminn i
1992 I 1993
S~^
lltllitllll
1994
r^^I
n 1 1 il t in mi intiim
1995 1 1996
301*2; KWOOfOOrtHOB Of T»««IW.K««Vf5TOai
[Monthly data seasonally adjusted)
Period
1986198719881989 .199019911992199319941995/>
1995- JanFeb ... .
MayJune . ..July
Sept . ..OctNOY . . .. ...DecP
1996- Jan?
Totalindustrialproduction
Index,1987=100
95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9
121.8121.7121.9121.4121.3121.4121.5122.7122.8122.2122.4122.6
121.9
Percentchange
from yearearlier
0.94.94.41.5.0
-1.83.43.55.93.2
6.35.44.73.93.22.82.63.23.11.91.6.9
.1
Industry production indexes, 1987 — 100
Manufaetu ring
Total
94.3100.0104.7106.4106.1103.8108.2112.3119.7123.9
124.1123.9124.0123.5123.2123.3123.3124.2124.9124.4124.5124.7
124.0
Durable
93.9100.0106.6108.6107.4104.1109.3115.6125.8132.5
131.8132.1132.2131.6131.1131.5131.5133.2134.4133.5134.3134.8
134.2
Nondurable
94.9100.0102.3103.7104.4103.4106.7108.6113.0114.3
115.6114.8115.1114.6114.4114.3114.3114.3114.4114.3113.8113.5
112.6
Mining
101.0100.0101.3100.0102.0100.298.998.0
100,399.9
100.6100.8100.3100.6100.5101.0100.7100.0100.098.298.198.0
97.7
Utilities
96.3100.0105.0108.7109.9112.3111.9116.3117.9121.7
117.3118.5119.2118.8122.1121.0122.7128.8122.7121.6123.3124.1
123.0
Capacity utilizationrate, percent !
Totalindustry
79.281.583.783.782.179.280.381.483.983.7
85.184.784.684.083.783.583.383.883.682.982.882.7
81.9
Manufac-turing
79.181.683.683.281.378.079.580.683.382.9
84.684.284.083.382.882.682.382.682.882.182.081.8
81.01 Output as pureent of capacity. Source; Hoard of Governors of the Filers! Ifcserve System.
17
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Period
1986 . .19871988198919901991 ....1992199319941995/>
1995- JanFebMar
May
July
SeptOct
Deep ,
1996- Jail*" ,
Products
Final products
Total
95.7100.0104.8106.8107.0105.4108.7112.7118.3121.3
121.3121.1121.5120.9120.6121.1121.2122.4122.6121.3121.7121.9
121.2
Consumer goods
Total
96.8100.0102.9104.0103.4103.0106.0109.5113.7115.0
115.5114.9115.3114.4114.1114.8114.6115.9116.0114.9115.5115.3
113.6
Dur-able
goods
94.5100.0104.6106.6102.396.0
103.0113.3124.2124.2
127.1127.3126.0124.9121.6122.3121.4124.0125.8123.4124.9126.4
121.4
Nondur-able
goods
97.6100.0102.4103.2103.8105.0106.9108.6111.2112.8
112.7111.9112.7111.8112.4113.1113.0113.9113.7112.9113.3112.6
111.8
Equipment
Total'
94.5100.0107.6110.9112.1108.8112.5117.5125.3131.4
130.4131.0131.4131.3130.8131.2131.6132.9133.1131.5131.3132.4
133.4
Busi-ness
93.1100.0110.7115.5116.9115.9123.4131.8144.9155.7
153.2154.3155.1155.0154.3155.1155.7157.5158.2156.5156.8158.5
160.0
De-fenseand
spaceequip-ment
96.0100.099.7
100.198.890.884.879.371.965.9
68.968.267.867.166.866.866.566.165.264.462.862.1
61.6
Intermediate products
Total
91.9100.0101.8102.0101.296.899.3
101.8107.3109.0
109.5109.5109.2108.2108.2108.2108.5109.4109.5109.2109.4110.0
109.1
Con-struc-tionsup-plies
93.8100.0101.5100.598.291.695.298.4
106.2108.2
109.7109.5109.2108.0106.6107.2107.3107.0108.4108.3109.2110.6
109.1
Busi-nesssup-plies
90.7100.0102.0103.0103.2100.2102.0104.1108.2109.6
109.5109.6109.3108.5109.4109.1109.5111.0110.3109.9109.7109.8
109.2
Materials
Total
95.9100.0105.0106.7106.8105.5109.7113.8122.0127.4
127.1127.1127.2127.0127.2126.8126.8128.1128.1128.1128.3128.2
127.6
Energy
99.5100.0102.2103.1104.2104.4103.7103.5105.3106.5
106.2106.4106.4106.6107.2107.2107.5108.5105.8105.5105.4105.7
105.01 Includes oil and gas welt drilling and manufartimHl homes, not shown separately.
[1087=100; montMy data seasonally adjusted]
Period
1986198719881989199019911992199319941995P
1995- JanFebMar
July
SeptOet
Dec''
1996- Jan?
Durable manufactures
Primary metals
Total
93.7100.0108.7107.2106.598.6
101.9107.7116.4119.2
121.5120.8121.3120.2119.5117.5118.3115.4121.0115.7121.1119.3
121.6
Ironandsteel
90.8100.0112.7111.2111.5100.5104.7111.9119.3122.4
125.5124.9125.8123.5123.0119.2119.3117.7127.0115.1126.5122.8
128.0
Fabri-cated
prod-ucts
93.8100.0104.2102.899.594.599.0
103.1110.5113.9
114.3115.0114.3112.3113.7113.7112.4H4.3115.1114.0114.5115.1
113.8
Indus-trial
macliin-ery andequip-ment
90.3100.0113.0117.3117.6114.7124.0138.1157.7177.7
171.4171.8172.4174.3174.6174.4176.0179.5181.3183.8186.21S9.3
190.2
Elec-trical
machin-ery
94.3100.0108.5111.0111.4113,9123.5134.1154.3174.9
166.7167.7169.4169.6171.1173.0175.7178.7180.8182.4183.6182.8
18L3
Transportationequipment
Total
96.9100.0105.2109.6107.0101.1104.8109.2115.3113.4
117.8118.5118.0115.7113.2113.4111.6114.1114.1109.3108.6110.0
108.4
Motorvehicles
andparts
98.5100.0105.7106.9101.094.4
107.4122.9141.2141.9
147.3148.4147.6143.0138.8139.7136.7142.1143.3139.7140.7141.2
135.5
Lum-
andprod-ucts
95.1100.0100.1
99.497.190.295.297.1
104.0104.5
107.1105.0103.9103.9101.7103.0103.7103.7106.2105.7105.6106.4
104.5
Nondurable manufactures
Ap-parelprod-ucts
96.3100.098.195.092.292.795.097.1
100.195.8
100.699.899.397.497.595.594.894.594.593.392.592.5
90.3
Print-ingandpub-
lishing
90.6100.0100.9101.1100.897.098.198.8
100.199.4
100.1100.399.399.299.098.699.0
100.599.898.999.498.9
98.2
Chemi-calsand
prod-ucts
94.6100.0106.0109.2111.8110.5114.4115.4121.3124.9
126.2124.7125.0123.5124.0124.4124.0124.4125.3126.7125.7125.4
124.7
Foods
97.4100.0101.5102.5103.7105.3106.9109.5113.2115.3
115.9114.2115.0115.1115.9116.1115.3115.5115.5115.4115.2114.9
114.7
Source: Uoun! of Governors of the Federal Ifeserve System.
18Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTION[Monthly data seasonally adjusted]
Period
1986198719881989199019911992199319941995' , .. . .
1995- JanPebMar
May
July
SeptOctNov .Dec'
1996- Jan*
Total newconstructionexpenditures
Private
Total
Residential
Total1 New housingunite
and Indus*trial3
Other
andStateandlocal
Billions of dollars
407.7419.4432.3443.7442.2403.443S.O464.5506.9527.0
323.1328.7337.5345.5334.7293.3315.7339.2376.6384.2
187.1194.7198.1196.6182.9157.8187.9210.5238.9236.2
133.2139.9138.9139.2128.0110.6129.6144.1167.9162.3
84.484.088.094.396.477.065.866.473.885.7
51.650,151.554.655.458.462.162.363.962.2
84.690.694.798.2
107.5110.1119.3125.3130.3142.8
Annual ra&s
521.1521.4523.5522.1514.5518.9528.7528.4535.1537.6533.4536.0
537.6
384.8383.7383.3382.2376.1377.5384.3385.7387.0390.1388.2390.2
388.6
241.9240.2237.9234.1231.3228.4231.0234.0237.6238.3240.3241.8
240.5
168.6167.2163.9159.8156.4153.2158.0161.3164.3165.4165.9166.1
164.9
81.382.784.785.081.985.988.087.285.688.888.290.3
90.6
61.560.760.763.162.963.265.364.563.863.059.758,1
57.5
136.2137.8140.2139.9138.4141.4144.4142.7148.1147.5145.3145.7
149.0
Construction contracts3
Total valueindex
(1987=100)
96100101105958997
105114115
113114116108119122118123119116114107
Commercialand industrial
floor space(millions ofsquare feet)
1,0161,019
973961783577556589744842
Annual rates
786883778632727800713826828731851784
1 Includes residential improvements, not shown separately,2 Includes hotels and motels.SF.W. Bodge series.
Sowrees: Department of Commerce (Bareaa of the Census) snd McGraw-Hill InformationSystems Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]
Period
1986198719881989199019911992199319941995?
1995- Jan . . .PebMar
May
July
SeptGetNovDec*"
1996- Jan*"
New private housing units
Units started, by type of structure
Tota!
1,805.41.620.51,488.11,376.11,192.71,013.91,199.71,287.61,457.01,350.5
1 unit
1,179.41,146.41,081.31,003.3
894.8840.4
1,029.91,125.71,198.41,073.2
2-4 units
84.065.358.855.237.535.630.729.435.033.8
5 or moreunits
542.0408.7348.0317.6260.4137.9139.0132.6223.5243.5
Unitsauthorized
1,769.41,534.81,455.61,338.41,110.8
948.81,094.91,199.1
3 1,371.61,333.0
Unitscompleted
1,756.41,668.81,529,81,422.81,308.01,090,81,157.51,192.71,346.91,311.3
New private homes
Homessold
750671676650534509610666670684
Seasonally adjusted annual rates
1,3701,3221,2411,2781,3001,3011,4501,4011,4011,3511,4581,385
1,446
1,0621,051
9921,0171,0051,0361,1251,1351,1301,1091,1291,116
1,132
384435253635392839313230
31
270227214236259230286238232211297239
283
1,2931,2821,2351,2431,2431,2751,3551,3681,4051,3841,4481,478
'1,372
'1,4151,302
'1,442'1,331'1,3241,286
'1,332'1,247r 1,267'1,320'1,3601,213
1,358
'627'577'614'608667
'724'782'707'684'673'662665
693
Homes forsale at endof period l
357366368365321284265293
'337378
342'346'346'349347347344349
'350'360'370378
381
Vacancy ratefor rental
housing units(percent)2
7.37.77.7
27.47.27.47.4
2 7,37.4
7.4
7.7
7.7
7.7
1 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.3The 1994 total based on 17,000 permit-issuing piaees is 1,333,7 thousand units.
NOTE. —Beginning 1994, units authorized are for 19,000 piaees. For other data shown, unitsauthorized are for 17,000 places.
Seasonally adjusted housing completions and homes sold and for sale revised beginning 1993.
Source: Department of Commerce, Bureau of the Census.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS SALES AND INVENTORIES—Manufacturing and TradeIn December, manufacturing and trade sales rose 1.0 percent and Inventories fell $2.4 billion. According to advancedata, retail sales fell 0.3 percent in January following a rise of 0.6 percent in December.
BILLIONS OF DOLLARS" (RATIO SCALE)1,200
1,100
1,000
900
800
700
600
500
400
300
200
-n,—- — -~i
„„-".--'
n i nlim i1992
^ \MANUFACTURING ANDTRADE INVENTORIES
_ -' 1
— — """1 \ 1MANUFAOURINGAND TRADE SALES
1993
I
1994 1995 1996
BILLIONS OF DOLLARS* (RATIO SCALE)
400
1.301992
* SEASQNAUY ADJUSTS)SOURCE: DEPARTMENT OF COMMERCE
1996
COUNCIL OF ECONOMIC ADVISERS
Period
1986 . ..198719881989199019911992199319941995C1994- Dec'1995: Jaii'
FebMar
MayJuneJuly
SeptGet
Dec**1996- Jan? . .
Manufacturing andtrade '
Sales2 Inven-tories'*
Wholesale
Sales* Inven-tories3
Retail
Sales *
TotalDurablegoodsstores
Nondurablegoodsstores
Inventories :1
TotalDnrablegoodsstores
Nondurablegoodsstores
Millions of dollars, seasonally adjusted, except as noted
430,419457,735496,079523,065542,682538,485561,293593,076639,770
'682,256670,067673,634675,480674,797672,912678,444682,958675,776687,610689,804687,650692,867
'699,799695,225
662,753709,814765,270811,154834,391829,685838,895860,979
'918,319978,299918,319928,799936,091942,743952,235956,516960,157964,894968,658973,482980,267980,701978,299
114,960122,968134,521143,760149,506148,306154,150161,681172,521
'186,676182,257182,641185,056183,207184,597186,244187,472186,232187,203188,303188,517190,709
'194,198192,997
153,574163,903178,801187,009195,550200,062207,663215,878
'235,701255,641235,701238,399240,365243,462246,867247,702249,813253,060253,017254,063256,134255,449
'255,641257,548
120,803128,442138,017146,581153,718154,661162,632172,875186,414
'195,660191,757193,203191,868193,153193,022195,107196,774196,070197,386197^221196,735198,432
'199,694199,062
45,05747,98952,43054,76355,73654,16558,63464,79573,369
'78,41476,60876,70476,13876,97876,54977,53378,83578,44679,94079,10379,45880,524
'81,10880,285
75,74680,45385,58791,81897,981
100,497103,999108,080113,045
'117,246115,149116,499115,730116,175116,473117,574117,939117,624117,446118,118117,277117,908
'118,586118,777
186,510207,836219,047237,234239,773243,275251,994267,676
'290,808304,131290,808294,296296,000297,200299,690300,525300,333299,411302,495303,242306,698307,666304,131
89,983105,481112,453121,347121,105119,039122,948133,709
'149,815160,388149,815152,754153,826155,530157,958157,842157,109156,320158,276159,205161,745162,588160,388
96,527102,355106,594115,887118,668124,236129,046133,967
'140,993143,743140,993141,542142,174141,670141,732142,683143,224143,091144,219144,037144,953145,078143,743
Inventory-salesratio 4
Manufac-turingand
trade '
1.551.501.491.521.521.541.491.441.391.411.371.381.391.401.421.411.411.431.411.411.431.421.40
Retail
1.561.551.541.581.551.541.521.511.501.541.521.521.541.541.551.541.531.531.531.541.561.551.52
1 See page 21 for manufacturing.a Annual data are averages of monthly not seasonally adjusted figures; monthly data are sea-
sonally adjusted totals for month.
''Seasonally adjusted, end of period.4 Annual data are averages of seasonally adjusted monthly ratios.Somw: Department of Commerce, Hureati of the Census.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSin January, manufacturers' shipments fell, while inventories and orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOUARS* (RATIO SCALE)
320
280
240
200
160
120
80
SHIPMENTS TOTAL
\___j — ""
.-
n i 1 1 i 1 1 1 1 1
r~~ **^~
DL
.-••*. \s*
NONl
1 1 1 1 1 i 1 1 1 1 1
IRABLEGOOC
*'*"'
j'~*
HJRABLEGOC
i1 1 1 1 1 1 1 1 1 1 1
• — — *y
S
OS
1 Illlllllll imiliim
BILUONS OF DOLLARS* (RATIO SCALE)
320
280
240
200
160
120
80
- NEW ORDERS
1992
DURABLE GOODS
NONDURABLE GOODS
1993 1994 1995
* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE
480440400360
320
280
240
200
160
120
80
INVENIORIES
"""""*
I M 1 1 1 1 1 1 1 1
KITil
1 1 1 1 1 1 ! 1 1 1 1
*
TOTAL
f \ 1IRABLEGOOC
....NDURABLEGC
1 1 1 1 1 1 1 1 1 1 1
r-*---~
•y^rse „,
1 1 1 1 1 1 1 M 1 1 1 1 1 1 1 1 1 1 1 1 1
1996
1.40 -
1.20
1992 1996
COUNCIL OF ECONOMIC ADVISERS
Period
1986198719881989199019911992199319941995 '1995- Jan
FebMarAprMayJuneJulyAugSeptGetNovDeer . ..
1996- Jan*>
Manufacturers' shipments '
Total Durablegoods
Nondurablegoods
Manufacturers' inventories2
Total Durablegoods
Nondurablegoods
Manufacturers' new orders '
Total
Millions of dollars, seasonally adjusted, excep
194,657206,326223,541232,724239,459235,518244,511258,520280,835299,920297,790298,556298,437295,293297,093298,712293,474303,021304,280302,398
'303,726305,907303,166
103,238108,128117,993121,703122,387119,151125,553135,981151,060162,053161,079161,206161,571157,970159,612160,828155,919164,196165,939164,062
'164,924165,946162,965
91,41998,198
105,549111,022117,072116,367118,958122,539129,775137,867136,711137,350136,866137,323137,481137,884137,555138,825138,341138,336138,802139,961140,201
322,669338,075367,422386,911399,068386,348379,238377,425391,810418,527396,104399,726402,081405,678408,289410,011412,423413,146416,177417,435417,586418,527421,504
212,006220,776241,402256,065259,988249,117237,717236,303247,644263,916250,251252,124253,237255,334256,787257,442259,532260,091261,706263,305263,517263,916266,270
110,663117,299126,020130,846139,080137,231141,521141,122144,166154,611145,853147,602148,844150,344151,502152,569152,891153,055154,471154,130154,069154,611155,234
195,204209,389227,026235,932240,646234,354241,545255,701281,953300,719301,724300,804299,625293,069297,046296,754293,863301,903306,123304,370
'304,146309,467311,052
Durable goods
Total
>t as noted
103,647110,809121,445124,933123,556117,878122,614133,273151,878163,054164,507163,338163,042155,553159,502159,031156,130164,082168,951166,490
'165,165170,234170,636
Capitalgoods
industries,nondefense
23,98326,09530,72932,72532,25429,46829,65331,88937,53043,39841,78542,05542,62840,07243,11542,96440,23341,67646,94143,75546,06748,70048,469
Nondurablegoods
91,55798,579
105,581110,999117,090116,476118,932122,428130,074137,665137,217137,466136,583137,516137,544137,723137,733137,821137,172137,880138,981139,233140,416
Manufac-turers'unfilledorders2
393,412430,288471,951510,459524,846511,122475,304441,947456,838467,045460,772463,020464,208461,984461,937459,979460,368459,250461,093463,065463,485467,045474,931
Manufac-turers'inven-tory —
shipmentsratio3
1.681.591.581.641.651.671.571.471.371.371.331.341.351.371.371.371.411.361.371.381.371.371.39
1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are sea-sonally 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.
01
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESPRODUCER PRICESIn January, the producer price index for all finished goods rose 0.3 percent. Prices of finished consumer foodsfell 0.2 percent and prices of other finished consumer goods rose 0.6 percent. Capital equipment prices fell 0.1percent. (Series revised.)
INDEX, 1982 = 100 (RATIO SCALE) INDEX, 1982 = 100 (RATIO SCALE)
150
CONSUMER GOODSEXCLUDING FOODS
110
100
110
100
1988
SOURCE: DEPARTMeNt Of LABOR COUNC11 OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted!
1986 . .198719881989199019911992199319941995 *•1995: Jan'
Feb'Marr
Aprr
MayJvmer
JulyAugr
SepfOcfNovDec'
1996: Jan
Finished goods
TntaliOIdl
finishedgoods
103.2105.4108.0113.6119.2121.7123.2124.7125.5127.9127.0127.2127.3127.6127.9127.7127.7127.8128.2128.2128.7129.5129.9
G nu011-
sumer
107.3109.5112.6118.7124.4124.1123.3125.7126.8129.0128.1128.2128.2128.5127.8127.4128.5128.6130.1129.9131.3131.5131.2
Finished goods excluding consumer foods
TvAta]lotai
101.9104.0106.5111.8117.4120.9123.1124.4125.1127.5126.6126.8126.9127.3127.8127.6127.4127.4127.6127.6127.9128.9129.4
Consumer goods
Total
98.5100.7103.1108.9115.3118.7120.8121.7121.6123.9123.1123.3123.5123.8124.5124.2123.8123.8123.9123.8124.0125.4126.1
Durable
108.9111.5113.8117.6120.4123.9125.7128.0130.9132.6132.0132.2132.1132.3132.3132.2132.4132.5132.6133.0133.8134.1133.6
Nondurable
93.394.997.3
103.8111.5115.0117.3117.6116.2118.8117.9118.1118.4118.8119.7119.4118.7118.6118.7118.5118.4120.2121.5
CapitaleCjUip*ment
109.7111.7114.3118.8122.9126.7129.1131.4134.1136.7135.5135.8135.9136.2136.4136.5136.7136.9137.1137.2137.8138.0137.9
Totalfinished
consumergoods
101.4103.6106.2112.1118.2120.5121.7123.0123.3125.6124.7124.9125.0125.4125.6125.3125.4125.4125.8125.8126.3127.3127.8
Intermediate materials
Total
99.1101.5107.1112.0114.5114.4114.7116.2118.5124.9122.9123.8124.3125.0125.3125.4125.5125.6125.4125.3125.3125.5125.6
and
96.299.2
109.5113.8113.3111.1110.7112.7114.8114.8112.1111.8112.3111.6110.6111.7113.4114.6115.7119.0121.7123.2123.5
Other
99.3101.7106.9111.9114.5114.6114.9116.4118.7125.5123.5124.4124.9125.7126.1126.1126.1126.1125.9125.6125.5125.6125.7
Crude materials
Total
87.793.796.0
103.1108.9101.2100.4102.4101.8102.6101.4102.0101.2103.0102.2103.1102.4101.0102.9102.9104.4104.8107.0
Food-stutisand
stuffs
93.296.2
106.1111.2113.1105.5105.1108.4106.5105.8101.7102.7100.8100.7
98.6101.8105.6106.0109.7112.0115.3114.9114.4
Other
81.687.985.593.4
101.594.693.594.794.896.697.297.697.5
100.4100.6
99.996.593.994.693.293.594.498.3
1 Intermediate materials for food manufacturing and foods.
NoTK.—Beginning 1996, indexes are based on updated value weights.
79.
Seasonally adjusted data revised beginning 1991 to reflect ujKlated seasonal adjustmentfactors.
Source: Department of Labor, Bureau of Ijabor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER PRICES—ALL URBAN CONSUMERSIn January, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (it rose 0.6percent not seasonally adjusted). The index was 2.7 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
180
170
160
150
140
130
120
110
100
SEASONAUYAUUSIED
INDEX, 1982-84 - 100 (RATIO SCALE]
1180
CONSUMER PRICES—ALL ITEMS
1988 1989 1990 1991 1992 1993 1994 1995
170
160
150
140
130
120
110
1001996
SH NOTE ON IU1£ BBOWSOURCE DeWXM&tt Of UBOR COUNO. OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Period
19861987 -198819891990199119921993 .. .199419951995: Jan'
Feb'Mar'Apr'May
Julv'
Sept'Oct'Novr
Dec' -.
1996: Jan
All items1
Notseason-
allyadjust-
ed(NSA)
100.0109.6113.6118.3124.0130.7136.2140.3144.5148.2152.4
150.3150.9151.4151.9152.2152.5152.5152.9153.2153.7153.6153.5
154.4
Season-ally
adjust-ed
150.6150.9151.3151.8152.2152.6152.7153.0153.2153.7153.8154.1
154.7
Food
15.8109.0113.5118.2125.1132.4136.3137.9140.9144.3148.4
146.8147.1147.2148.0148.3148.5148.7149.0149.5150.0150.0150.2
150.3
Housing
Total1
41.3110.9114.2118.5123.0128.5133.6137.5141.2144.8148.5
146.5146.8147.1147.5147.8148.1148.5148.9149.1149.6149.9150.3
150.8
Shelter
Total
28.3115.8121.3127.1132.8140.0146.3151.2155.7160.5165.7
162.8163.2163.8164.3164.8165.3165.8166.0166.5167.1167.5167.9
168.6
Rent-ers'costs(Dec.
1982=100)
8.0121.9128.1133.6138.9146.7155.6160.9165.0169.4174.3
170.7171.3172.0172.6173.1173.4174.0174.0174.7175.2175.3175.5
176.7
Home-own-ers'costs(Dec.
1982=100)
20 .1119.4124.8131.1137.3144.6150.2155.3160.2165.5171.0
168.3168.7169.2169.7170.3170.8171.3171.7172.2172.8173.4173.9
174.3
Main-te-
nanceandre-
pairs(NSA)
0.2107.9111.8114.7118.0122.2126.3128.6130.6130.8135.0
133.1133.8134.2134.2134.6135.0135.1135.4135.4136.3136.2136.6
136.3
Fueland
otherutili-ties
7.0104.1103.0104.4107.8111.6115.3117.8121.3122.8123.7
123.2123.2123.1123.4123.0123.5123.6124.2123.4124.1124.2124.4
125.0
Ap-parelandup-keep
5.5105.9110.6115.4118.6124.1128.7131.9133.7133.4132.0
132.5131.8132.3132.1131.9131.4131.8132.0131.7132.1132.1132.2
133.1
Transportation
Total1
17.0102.3105.4108.7114.1120.5123.8126.5130.4134.3139.1
137.4137.8138.5139.3140.2140.8140.0139.5139.4139.5138.9139.0
140.0
Newcars
4.0110.6114.6116.9119.2121.0125.3128.4131.5136.0139.0
137.9138.1138.2138.8138.9139.2139.1139.2139.6139.6139.8139.8
140.0
Motorfuel
2.977.180.280.988.5
101.299.499.098.098.5
100.0
101.3100.8100.6101.0103.5103.7101.399.397.997.495.497.5
101.2
Medi-calcare
7.4122.0130.1138.6149.3162.8177.0190.1201.4211.0220.5
216.9217.5218.2218.9219.6220.3221.0221.8222.6223.1223.8224.6
225.4
En-ergy2
6.788.288.689.394.3
102.1102.5103.0104.2104.6105.2
105.4105.2105.0105.4106.1106.5105.4105.0103.6103.9103.0104.1
106.1
Allitemslessfoodanden-ergy
77.5113.5118.2123.4129.0135.5142.1147.3152.2156.5161.2
159.1159.5160.1160.6160.9161.3161.7162.0162.4162.9163.1163.3
163.8
1 Includes items not shown separately.2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.3 Relative importance, December 1995.
NOTE.—Data incorporate a rental equivalence measure for horaeownership costs (beginning1983).
Seasonally adjusted data revised beginning 1991 to reflect updated seasonal adjustment fac-tors.
Source: Department of Labor, Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
1986198719881989199019911992199319941995?
1995- Jan'Feb'Mar'Aprr
May'
JulyAng'Sept'Oct'NovDec'
1996- Jan
Change from preceding period
Totalfinishedgoods
Consumer goods
Poods Excludingfoods
Capitalequip-ment
Change, Dee. to Dec., NSA
-2.32.24.04.95.7-.11.6.2
1.72.2
2.8-.25.75.22.6
-1.51.62.41.11.9
-6.64.13.15.38.7- 71.6
-1.42.02.2
2.11.33.63.83.42.51.71.82.02.2
Change, month to month
0.2.2.1.2.2
__ 20.1.3
0.4.6
.3
-0.7.1
0.2
-.5-.3
.9
.11.2-.21.1
.2
-.2
0.5.2.2.2.6
-.2-.30
.1-.1
.21.1
.6
0.4.2.1.2.1.1.1.1.1.1.4.1
1
Change from 3 months earlier, annual rate
Totalfinishedgoods
5.23.21.61.92.21.3.3
-.31.61.62.84.1
5.4
Consumer goods
Poods
6.23.2
-2.51.3
-1.2-2.5
02.58.84.48.74.4
4.1
Excludingfoods
5.42.63.32.34.02.30
-2.2-1.0
0.6
4.9
7.6
Capitalequip-ment
3.63.92.72.11.81.81.51.51.81.52.72.7
2.1
Change from 6 months earlier, annual rate
Totalfinishedgoods
2.41.62.23.52.71.41.1
.91.4
.91.32.8
3.5
Consumer goods
Poods
3.02.93.03.7
.9-2.5
.6
.63.02.25.66.5
4.2
Excludingfoods
2.31.02,33.83.32.81.1.8.6
0-.81.9
3.8
Capitalequip-ment
1.61.81.32.82.82.21.81.61.81.52.12.2
1.8
Changefrom year
earlier,total
finishedgoodsNSA
-1.42.12.55.24.92.11.21.2
.61.9
1.71.71.82.12.22.11.71.31.82.12.02.2
2.3
Note.—Seasonally adjusted data revised beginning 1991. See Note, p. 22. Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
198619871988 . . . .1989199019911992199319941995
1995- Jan'Feb'Mar'Apr'May-
Sept 'Octr
Dee' ..
1996- Jan
AUitems1 Pood
Housing
Total1
Shelter
Total1Rent-ers'costs
Home-own-ers'costs
andotherutili-ties
Ap-pareland
upkeep
Transportation
Total1 Newcars
Motorfuel
Medi-eal
care
Ener-gy2
Allitemslessfoodand
energy
Change, December to December, NSA
1.14.44.44.66.13,12.92.72.72.5
3.83.55.25.65.31.91.52.92.92.1
1.73.74.03.94.53.42.62.72.23.0
4.64.84.54.95.23.92.93.03.03.5
5.03.93.94.56.74.22.82.62.33.0
4.65.34.75.14.73.72.93.23.33.7
-5.61.62.93.24.02.92.32.5
.21.4
0.94.84.71.05.13.41.4.9
-1.6.1
-596.13.04.0
10.4-1.5
3.02.43.81.5
5.91.82.12.31.43.32.32.83.21.6
-30.718.7
-2.16.8
36.5-16.0
1.8-5.4
5.9-4.0
7.75.86.98.59.67.96.65.44.93.9
-1978.2
.55.1
18.1-74
2.0-1 4
2.2-1.3
3.84.24.74.45.24.43.33.22.63.0
Change, month to month
0,3.2.3.3.3.3.1,2.1.3.1.2
.4
-0.3.2.1.5.2.1.1.2.3.3
0.1
.1
0.3.2.2.3.2.2.3.3.1.3.2.3
.3
0.2.2.4.3.3.3.3.1.3.4.2.2
.4
0.2.4.4.3.3.2.3
0.4.3.1.1
.7
0.3.2.3.3.4.3.3.2.3.3.3.3
.2
0.50
— 1.2
- 3.4.1.5
-.6.6.1.2
.5
0.3
.42
-Z-A
.3
.2-.2
.30.1
.7
0.4.3.5.6.6.4
-.6-.4-.1
.1-A
.1
.7
0.2.1.1.4.1.2
-.1.1.3
0.1
0
.1
-0.2-.5-.2
.42.5.2
-2.3-2.0-1.4-.5
-2.12.2
3.8
0.4.3.3.3.3.3.3.4.4.2.3.4
.4
0-.2-.2
.4
.7
.4-1.0-.4
-1.3.3
-.91.1
1.9
0.3.3.4.3.2.2.22'2.3.1.1
.3
Addendum: All items,percent change(annual rate)
Prompre-
viousquar-ter3
2J
£5
2.1
2A
Prom3
monthsearlier
3.02.73.03.23.53.52.42.11.62.62.12.4
2.6
Prom6
monthsearlier
2.72.42.63.13.13.22.82.82.52.52.12.0
2.6
Promyear
earnerNSA
1.93.64,14.85.44.23,03,02,62.8
2,82.92.93.13.23.02.82.62,52,82.62.5
2.7
1 Includes items not shown separately.2 Household fuels—gas (piped), electricity, fuel oil, etc,—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.3 Quarterly changes are shown in the last month of the quarter.
Note.—Seasonally adjusted data revised beginning 1991.Source: Department of Labor, Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES RECEIVED AND PAID BY FARMERSIn February, prices received by farmers fell 1.9 percent from their January level. Prices paid by farmers In Februarywere up 0.9 percent from their January level. (Data are not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE)120
INDEX, 1990-92-100 (RATIO SCALE)
120
110
80 80
RATK140
120
100
80
60
3^ RAT
DATII-l
-
-
1 1 1 1 1 1 1 1 1 1 1
1988
P-> ^-^
1 I 1 1 1 1 1 1 1 1 11989
f "^
Minimi !
1990
-^ «<—-
1 1 1 1 1 1 1 1 1 1 1
1991
/
! M II 1 1 1 1 1 1
1992
1 1 M 1 1 1 1 1 1 1
1993
-
M 1 1 1 1 1 M 1 1
1995
_-^s— • -
1 M M 1 M 1 M
1995
N,
-
1 1 1 M 1 M 1 M
1996
Qlf140
120
100
80
60
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
[1990-92 = 100; not seasonally adjusted]
Period
198619871988 ..1989199019911992199319941995
1995: PebMar
Mav
July
SeptGot
Dec
1996- Janr
Feb
Prices received by farmers
All farmproducts
878999
10410410098
101100102
979999
101100101102105104106108
108106
Crops
8786
104109103101101102105112
101107113117113114114115114117118
122121
Livestock andproducts
889193
1001059997
1009592
9493908890919293929496
9493
Prices paid by farmers
All commodities,services, interest,taxes, and wage
rates'
8587919699
100101103106109
108(3)
108<3)(3)
108(3)(:1)
111(3)(3)
112113
Productionitems, interest,taxes, and wage
rates
8587929799
100101102106108
107(3)
107(3)<")
107(3)(:1)
109(:1)(3)
111112
Productionitems
8687909599
100101103106108
107(3)
107(3)(:1)
107(3)(:i)
110(3)(3)
112113
Ratio2
103102108108105
9998989494
9092929493949497949597
9694
1 Includes items not shown separately.2 Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates. See also footnote 3.;i Beginning 1996, prices paw! by fanners are. available monthly and for same month a year
earlier. Other data are for first month in quarter, and for each month the received/paid ratiois based on latest data available.
NOTE.—The official indexes are published on a 1910-14 has*1, as required by law. The in-dexes have been converted to a 1990-92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK. LIQUID ASSETS, AND DEBT MEASURESIn January, growth in M2 slowed; growth in M3 accelerated.
BUJONS OF DOUARS* (RATIO SCA1E)4,8004,400
4,000
3,400
3,200
2,800
2,400
2,000
1,600
800
600
400 I.M i M|1988 1989 1990 1992 1993 1994
BI1UONS OF DOUARS* (RATIO SCALE)4,8004,4004,000
3,600
3,200
1995
null 400
2,800
2,400
2,000
1,600
1,200
800
600
1996
' AVBMCB Of DUO HGUffiS, SUSONMil AEUUS1H1SOUiai HOMO Of GOWBINOI1S Of THE fBXUi HESBM SY5TCM CCXNOt OF KONCWIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1986: Dec1987- Dec1988- Dec1989- Dec1990: Dee1991- Dec1992: Dec1993- Dee1994: Dec1995- Dec
1995: JanFebMar
July . .. .
SeptOctNovDec
1996- Jan •"
Ml
Sum of currency,demand deposits,travelers' checks,
and othercheckable depos-
its (OCDs)
724.4749.8786.9794.2825.8897.2
1,024.41,128.61,148.71,124.8
1,149.21,147.81,148.71,151.21,146.21,144.51,145.41,143.81,140.21,131.81,129.01,124.8
1,119.0
M2
Ml plus retailMMMF balances,MMDAs, and sav-
ings and small timedeposits
2,734.62,834.42,997.93,164.03,282.23,383.73,438.73,494.13,509.43,670.2
3,515.33,517.53,525.13,537,33,551.93,582.63,601.53,621.63,635.03,642.13,653.23,670.2
3,684.8
M3
M2 plus largetime deposits,RPs, Euro-dollars, andinstitution-
only MMMPbalances
3,486.43,673.33,912.44,065.54,124.14,178.44,187.34,249.64,319.4
'4,581.4
'4,343.5'4,355.9'4,375.9'4,399.9'4,428.5'4,467.0'4,495.1'4,522.9'4,543.6'4,558.2'4,568.0'4,581.4
4,609.8
L
M3 plusother liquid
assets
'4,122.44,328.54,664.24,894.24,975.85,004.45,075.8
'5,164.5'5,303.7'5,694.8
'5,331.2'5,364.9'5,402.2'5,437.1'5,464.7••5,504.0'5,553.1'5,588.8'5,634.7'5,661.5'5,668.2
"5,694.8
Debt
Debt ofdomestic
nonfinancia!sectors
(monthlyaverage ofadjacent
month-endlevels) '
7,918.08,671.09,446.4
10,173.510,854.011,338.611,881.712,516.413,153.213,841.8
13,201.913,279.813,342.313,419.413,519.613,578.213,613.113,664.913,704.013,745.013,807.8
f 13,841.8
Percent change from year or 6months earlier2
Ml
16.93.54.9
.94.08.6
14.210.21.8
-2.1
-.4-.4-.3
.4-.4-.7-.7-.7
-1,5-3.4-3.0-34
-46
M2
9.53.65.85.53.73.11.61.6.4
4.6
.4
.81.21.92.64.24.95.96.25.95.74.9
4.6
M3
9.05.46.53.91.41.3.2
1.51.66.1
3.13.74.24.95.76.87.07.77.77.26.35.1
5.1
Debt
12.69.58.97.76.74.54.85.35.15.2
5.25.55.55.96.26.56.25.85.44.94.33.9
1 Consists of outstanding credit market debt of the U.S. Government, State and local govern-ments, and private nonfinancial sectors; data from flow of funds accounts.
2AnnuaI changes are from December to December and monthly changes are from 6 monthsearlier at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
26
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS[Averages of daily figures; billions of dollars, seasonally adjusted]
Period
1986- Dec1987: Dec1988- Dec1989- Dec1990: Dec1991- Dec1992- Dec . . .1993: Dee1994- Dec1995: Dec
1995: JanFebMar
May
July
SeptOctNovDec
1996: Jail'
Cur-rency
180.7196.8212.3222.6246.9267.4292.9322.4354.9373.2
357.6359.0362.3365.0367.6367.0367.3368.5369.5370.8371.6373.2
373.6
De-manddepos-
its
302.1286.8286.8279.3277.4289.5339.1384.3382.4389.8
383.3383.5382.9382.1382.1386.5388.5389.3389.4388.1388.2389.8
393.5
Othercheck-able
depos-its
(OCDs)
235.6259.5280.9285.3293.9332.5384.2414.0402.9353.0
399.8396.8394.8395.1387.4382.0380.8377.2372.4364.1360.3353.0
343.0
Money marketmutual fund
balances
Retail1
210.3224.5246.0322.5358.1373.7356.0358.7388.1475.1
392.4394.2396.2401.5410.1427.4440.4452.4459.4464.3469.7475.1
478.9
Insti-tutiononly-
84.591.190.3
106.9133.5179.5199.8197.9183.7226.4
189.3188.4195.0199.4203.7213.2218.6218.5221.7223.6224.0226.4
229.7
Savingsdeposits,including
moneymarketdeposit
accounts(MMDAs)
940.9937.3926.3893.6923.8
1.045.0M87.11,218.81,148.91,134.5
1,134.71,118.01,102.51,091.21,089.51,097.01,096.21,101.61,108.41,116.11,120.61,134.5
1.151.8
Smalldenom-inationtime
depos-its -!
859.0922.7
1,038.61,153.71,174.51,067.8
871.2788.0823.7935.7
839.1857.5877.7893.4906.1913.7919.4923.8927.0929.9933.9935.7
935.0
Largedenom-inationtime de-posits :i
420.2467.0518.3541.5480.9416.5353.7333.8363.5418.6
364.2371.8377.6381.0384.5387.7394.0396.8400.7410.3416.3418.6
420.9
Over-nightandtenn
repur-chaseagree-ments(RPs)(net)
143.3172.6189.0158.0138.8119.4128.1157.5
'180.8'177.3
'187.4'191.9191.1'192.1'197.2'191.7'188.4'192.9'192.5'189.9'185.2'177.3
182.0
Over-nightandtermEuro-dollars(net)
103.9108.2117.095.288.779.366.966.382.3
'88.9
87.386.487.290.191.191.892.693.193.7
'92.2'89.3'88.9
92.3
Sav-ings
bonds
91.8100.6109.4117.5126.0137.9156.6171.5180.3
P 184.8
180.5180.5180.7181.2181.7182.4183.0183.5183.9184.2184.5' 184.8
Short-term
Treas-ury
securi-ties
275.8249.5266.8324.0334.2329.1345.9342.9387.3
c 479.6
387.3400.2411.1412.0
'405.5'414.7'434.0'436.6'455.7'464.9'465.9
>> 479.6
Bank-ers' ac-cept-ances
37.144.540.240.736.123.920.914.914.2
Pll.9
13.613.513.713.412.011.012.112.412.813.412.6
Pll.9
Com-mer-cial
paper
231.3260.6335.4346.5355.3335.2365.0385.6402.4
<• 437.1
406.3414.9420.9430.6437.0428.9429.0433.3438.6440.7437.3
f 437.1
1 Balances in money funds with minimum initial investments of less than $50,000.2 Balances in money funds with minimum initial investments of $50,000 or more.3 Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonbunk issuers are a component of money stock but are notshown here.
Source: Hoard 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]
Period
1986- Dec1987: Dee1988- Dec1989: Dee1990- Dee1991: Dec1992- Dec1993: Dec1994- Dec1995- Dec
1995- JanPebMar
May
JulyAugSeptOctNovDec
1996- Jan'
Adjusted for changes in reserve requirements
Reserves of depository institutions
Total
38,94038,85640,39940,49841,77145,53654,35460,50259,34256,334
59,12458,91958,55257,95757,76157,35257,65557,51557,36856,82156,26956,334
55,594
Non-borrowed
38,11338,07838,68340,23241,44545,34354,23060,42059,13356,077
58,98858,86058,48357,84757,61157,08057,28457,23357,09156,57556,06556,077
55,556
Non-borrowed
plusextended
credit
38,41638,56239,92740,25241,46845,34454,23160,42059,13356,077
58,99258,86058,48357,84757,61157,08057,28457,23357,09156,57556,06556,077
55,556
Required
37,57037,80939,35239,57540,10644,55753,19959,44058,17455,056
57,78557,97357,75757,20456,88156,38856,56556,52756,41855,73955,32655,056
54,110
Monetarybase
223,574239,775256,897267,713293,275317,432351,116386,602418,223435,024
421,054422,497425,207427,544430,090429,264429,785430,782431,652432,702433,152435,024
435,170
Borrowings of depository institu-tions from the Federal
Reserve (NSA)
Total
827777
1,71626532619212482
209257
1365969
111150272371282278245204257
38
Seasonal
3893
1308476381831
10040
46335182
1371722312582521997340
7
Extendedcredit
303483
1,244202311000
400000000000
01 Data arc prorated averages of biweekly (maintenance period) averages of daily figures. Source: Board of Governors of the Federal Reserve System.
27Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK CREDIT AT ALL COMMERCIAL BANKSTotal commercial bank loans and leases rose 1.0 percent in January; commercial and industrial loans rose 0.9percent.
BILLIONS OF DOLLARS* (RATIO SCALE]
4,000
BILLIONS OF DOLLARS* (RATIO SCALE]
4,000
200
160
200
1988 1996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted '
Period
1988- Dec1989- Dec1990- Dec1991- Dec1992- Dec1993- Dec1994- Dec1995- Dec'
1995- JanFeb
AprMay
July
SeptGet'
Dec'
1996- Jan'
Totalbankcredit
2,436.12,609.12,751.62,856.42,957.0
'3,113.83,326.23,597.6
3,354.83,367.53,392.93,470.53,492.03,512.93,526.2
'3,541.4'3,564.2
3,576.43,586.83,597.6
3,623.1
Securities in bank credit
Totalsecurities
562.0584.5633.7745.0843.4
'918.8952.3989.5
950.1939.3942.0996.1986.1985.4975.9978.1982.2985.2987.1989.5
988.6
U.S.Govern-
mentsecurities
366.8400.0455.6565.2666.8733.9732.0712.8
729.3724.8712.0708.7710.8709.9703.9708.5708.4713.9715.8712.8
704.5
Othersecurities
195.2184.5178.2179.8176.7
'184.9220.2276.7
220.8214.5230.0287.4275.3275.5272.0269.6273.8271.2271.3276.7
284.1
Loans and leases in bank credit
Totalloans andleases 2
1,874.12,024.72,117.82,111.42,113.62,195.02,374.02,608.1
2,404.62,428.22,450.92,474.42,505.92,527.52,550.32,563.22,581.92,591.22,599.62,608.1
2,634.4
Commer-cial and
industrial
608.0639.3640.8619.5596.2585.9645.2718.5
656.7670.2673.9680.8687.8692.1697.8701.9708.5710.7715.1718.5
725.1
Real estate
Total
675.1770.2855.3880.0901.3940.5
1,001.71,077.4
1,013.81,021.81,029.01,036.61,043.9
'1,053.1'1,062.4'1,068.2'1,072.2
1,075.61,076.91,077.4
1,084.1
Revolvinghomeequity
40.150.362.369.673.573.075.379.2
75.776.076.176.677.277.878.078.278.478.478.879.2
79.7
Other
635.0719.9793.0810.3827.7867.5926.4998.2
938.0945.9952.9
'960.0966.7
'975.3'984.4'990.0'993.9
997.2998.1998.2
1,004.4
Consumer
357.8378.3383.4366.6358.9390.5451.2493.2
457.2459.4464.3470.3472.9478.6
'481.0485.7
'489.4489.2491.2493.2
497.6
Security
40.741.445.054.464.187.576.282.7
73.373.476.077.888.388.087.184.386.686.686.282.7
83.9
Other
192.5195.5193.2190.9193.0190.6199.6236.3
203.6203.3207.7208.9213.0215.7222.1223.2225.2229.0230.2236.3
243.81 Data are Wednesday values or prorated averages of Wednesday values for domestically char-
tered commercial banks, branches arid agencies of foreign banks, New York State investmentcompanies, and foreign-related institutions. Data are adjusted for breaks caused by redassifica-tioris of assets and liabilities.
-Excludes Federal funds sold to, reverse repurchase agreeicommercial banks in the United States,
Source: IJoantJ of Governors of the Federal Keserve System.
nnts (Kl*s) with, arid loans to
28
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATEBUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1990 r
1991 r
1992'1993'1994 r
1995P
1994- W1995: Ir
II r
inWP
Sources
Total
592.8489.3599.9619.4785.7885.2
993.6
813.3951.5920.2855.9
Internal 1
409.3422.2438.6480.1521.6538.1530.4
517.5526.5561.5547.0
External
Total
183.567.1
161.3139.3264.1347.1463.2
295.8425.0358.7308.9
Credit market funds
Total
47.0-34.8
61.173.384.4
135.121.1
196.2204.745.394.3
Securitiesand mort-
gages
-26.675.967.185.72804.8
-114.3
-10.941.5
-35.423.8
Loans andshort-term
paper
73.61107-6.0
-12.4112.4130.3135.4
207.1163.280.770.5
Other2
136.5101.9100.166.0
179.7212.0442.199.6
220.3313.4214.7
Uses
Total
509.8500.7554.4612.0768.7838.2
982.9
735.6928.0885.4804.0
Capital
tures3
394.5370.9386.9430.6485.0551.5528.6
555.0538.6579.2533.4
Increase infinancialassets
115.3129.8167.5181.4283.7286.7
454.3
180.6389.4306.2270.6
Discrep-ancy
(sourcesless
uses)
83.1-11.4
45.67.4
17.047.010.777.823.534.951.9
1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixedcapital, 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.
3 Plant and equipment, residential structures, inventory investment, and access rights fromU.S. Government.
NOTE.—Series revised to reflect annual benchmarking and seasonal adjustment revisions, aswell as the recent comprehensive revisions of the national income and product accounts releasedby the Department of Commerce.
Annual data prior to 1990 and quarterly data prior to 1994: IV are not yet available.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT[Billions of dollars; seasonally adjusted]
Period
1986- Dec1987- Dec1988- Dec3
1989- Dec1990- Dec1991- Dec1992: Dec1993- Dec1994: Dec1995- Decr
1995- JanPebMarAprMayJuneJulyAueSeptOctNovDecr
1996- JanP
Installment credit outstanding (end of period)
Total
572.0608.7662.6717.2734.9728.4730.8790.4902.9
1,024.8
914.4918.9933.0946.3959.1970.6979.4989.7993.8
1,005.21,015.01,024.81,035.1
Automobile
247.8266.3285.4291.5283.1259.6257.4280.6317.2353.3
319.3321.0323.3326.2328.0330.7337.1339.8341.2344.7349.1353.3356.1
Revolving
135.8153.1174.3199.2223.5245.3258.1286.6334.5395.2
340.2345.1351.5358.7366.1372.3375.3379.7382.1387.2390.1395.2400.5
Other2
188.4189.3202.9226.5228.3223.5215.3223.2251.1276.2
254.9252.8258.2261.4265.0267.5267.0270.3270.6273.3275.8276.2278.5
Net change in installment credit outstanding1
Total
54.336.753.9( 4 )
17.7-6.5
2.459.6
112.5121.911.54.5
14.113.312.811.58.8
10.34.1
11.49.89.8
10.3
Automobile
37.618.519.1( 4 )84
-23.5-2.223.236.636.12.11.72.32.91.82.76.42.71.43.54.44.22.8
Revolving
14.017.321.2
< 4 )24.321.812.828.547.960.7
5.74.96.47.27.46.23.04.42.45.12.95.15.3
Other 2
2.7.9
13.6( 4)1.8
-4.8-8.2
7.927.925.13.8
-2.15.43.23.62.5
53.3
.32.72.5
.42.3
1 For year-end data, change from preceding year-end; for monthly data, change from preced-ing month.
2 Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3 Data newly available in January 1989 result in breaks in many series between December1988 and subsequent months.
4 Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES AND BOND YIELDSInterest rotes rose in the early weeks of March.
PERCENT PER ANNUM PERCENT PER ANNUM14
SOURCE. SEE TAME KLOW COUNCH Of ECONOMIC ADVISERS
[Percent per annum)
Period
1986 .1987198819891990199119921993199419951995: Feb
MarAprMayJuneJulyAuerSeptOctNovDec ,
1996- JanPeb
Week ended:1996: Peb 17
24Mar 2
916
U.S. Treasury security yields
3-month bills(new issues) l
5.985.826.698.127.515.423.453.024.295.515.805.735.675.705.505.475.415.265.305.355.165.024.87
4.804.784.864.894.95
Constant maturities2
3-year
7.067.688.268.558.266.825.304.446.276.257.256.896.686.275.805.896.105.895.775.575.395.205.14
4.945.285.445.52
10-year
7.688.398.858.498.557.867.015.877.096.577.477.207.066.636.176.286.496.206.045.935.715.655.81
5.655.976.066.08
High-grademunicipal
bonds(Standard& Poor's)3
7.387.737.767.247.256.896.415.636.195.956.246.106.015.905.835.986.075.885.775.615.425.425.45
5.325.535.575.62
CorporateAaa bonds(Moody's)
9.029.389.719.269.328.778.147.227.977.598.268.128.037.657.307.417.577.327.127.026.826.816.99
6.867.137.207.21
Prunecommercial
paper,6 months 1
6.396.857.688.807.955.853.803.304.935.936.386.306.196.075.795.685.755.665.715.595.435.234.99
4.934.995.055.12
Discount rate(N.Y. F.B.
Bank)4
6.335.666.206.936.985.453.253.003.605.21
4.75-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.005.00-5.00
5.00-5.005.00-5.005.00-5.005.00-5.005.00-
Prime ratecharged by
banks4
8.338.219.32
10.8710.018.466.256.007.158.83
8.50-9.009.00-9.009.00-9.009.00-9.009.00-9.009.00-8.758.75-8.758.75-8.758.75-8.758.75-8.758.75-8.508.50-8.508.50-8.25
8.25-8.258.25-8.258.25-8.258.25-8.258.25-
New-homemortgage
yields(FHFB) 5
10.179.319.19
10.1310.05
9.328.247.207.497.878.288.218.157.997.737.787.757.697.587.467.407.32
1 Bank-discount basis.2 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.
3 Effective rate (in the primary market) on conventional mortgages, reflecting fees andcharges as well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor'sCorporation.
30
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES AND YIELDSStock prices rose in the early weeks of March.
INDE
340320300280260
240
220
200
180
160
140
120
PEW20
15
10
5
0
X,DEC. 31,1 965-50 (RATIO SCALE) INDEX, DEC. 31,1 965=50 (RATIO SCALE)
e
s\
S~/
^"— — ~~"
S~~
/^^
1 1 1 1 1 INN
1988:ENT
1 1 1 1 1 i i i i i
1989
K's —
V
1 1 1 1 1 1 1 1 1 11990
f~~ .> '
I I I I I M i l l
1991
^~yr \POSITE STCCK P
(NYSE)
M i l l 1 1 1 1 11992
KE IND
I I I I I 1 1 1 1 11993
\ — /"^^\
1 1 1 1 1 1 1 1 1 1 11994
'
I I I I I M i l l
1995
J
t i l l ! i i i i i
1996PERCE
— """
i i1988
— **.1 ^
i i
1989
i
EARNINGS-P
T-—
i
1990
I
•RICE RATIO ON(S&P)
/ii1991
COMMON STOCKS
" 1i i i
1992
1 i
==="i
1993
•
1 1 1
1994
•
i 1
1995
i i
1996
3§8340320300280260
240220
200
180
160
140
120
NT20
15
10
5
0
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL Of ECONOMIC ADVISERS
Period
1986 .198719881989199019911992199319941995
1995- PebMar
May
July
Sept . .Oct
Dec
1996- JanFeb
Week ended:1996- Feb 17
24Mar 2
9
Common stock prices '
New York Stock Exchange indexes (Dec. 31, 1965=50,except as noted) 2
Composite
136.00161.70149.91180.02183.46206.33229.01249.58254.12291.15
261.86266.81274.37281.81289.52298.18300.05310.41311.78317.58327.90
329.22346.46
349.26347.43345.03347.80
Industrial
155.85195.31180.95216.23225.78258.14284.62299.99315.25367.34
328.98337.96347.69357.01366.75379.13379.79390.42389.63398.66412.11
412.71435.92
438.89438.08434.86439.21
Transpor-tation
119.87140.39134.12175.28158.62173.99201.09242.49247.29269.41
237.29244.45254.36254.69256.80279.15285.63295.54291.16300.06303.53
300.30315.29
316.75319.46317.29321.18
Utility3
142.72148.59143.53174.87181.20185.32198.91228.90209.06220.30
207.73204.16208.93211.58216.27219.18221.99229.64236.43238.98247.59
254.07257.80
261.66254.82250.39249.17
Finance
147.20146.48127.26151.88133.26150.82179.26216.42209.73238.45
211.76213.29219.38228.55236.26240.50245.27260.72265.12266.12273.36
273.73290.97
293.59291.67292.20294.47
Dow-Jonesindustrialaverage4
1,792.762,275.992,060.822,508.912,678.942,929.333,284.293,522.063,793.774,493.76
3,953.724,062.784,230.664,391.574,510.764,684.764,639.274,746.764,760.464,935.815,136.10
5,179.375,518.73
5,567.125,553.365,528.545,596.90
Standard &Poor's com-posite index
(1941-43=10)r-
236.34286.83265.79322.84334.59376.18415.74451.41460.33541.64
481.92493.15507.91523.81539.35557.37559.11578.77582.92595.53614.57
614.42649.54
655.37651.67645.45649.15
Common stock yields(percent) 6
Dividend-price ratio
3.493.083.643.453.613.242.992.782.822.56
2.812.762.682.602.552.502.492.422.412.372.30
2.312.22
2.202.222.232.21
Earnings-priee ratio
6.095.488.017.416.474.794.224.465.83
6.51
6.32
6.01
Average of' daily dosing prices.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
ex to facilitate trading of options and futures on the index. All indexes shown here reflectdoubling.Includes 30 stocks.Includes r>00 stocks.
"Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earn-ings-price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's
Corporation.
31Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 4 months of fiscal 1996, there was a deficit of $36.6 billion, compared with a deficit of $57.8 billiona year earlier.
BILLIONS OF DOLLARS
1,600
1,500
1,400
1,300
1,200
1,100
1,000
900
800
700
600
-100
-200
-300
-400
RECEIPTS AND OUTLAYS
BILLIONS OF DOLLARS
1,600
1,500
OUTLAYS-17-
VRECEIPTS-
SURPLUS OR DEFICIT (-)^
I
1986 1987 1988 1989
•" INCLUDES ON-BUDGEI AND OFF-BUDGET ITEMS.5OUBCES: DEPARTMENT Of THE TREASURY AND OFFICE Of MANAGEMENT AND BUDGET
1990 1991
FISCAL YEARS
1992 1993 1994 1995
1,400
1,300
1,200
1,100
1,000
900
800
700
600
-100
-200
-300
-400
COUNOl Of ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
19761977197819791980198119821983198419851986198719881989199019911992199319941995'Cumulative total, first 4
months: 'Fiscal year 1995Fiscal year 1996
Total
Receipts
298.1355.6399.6463.3517.1599.3617.8600.6666.5
734.1769.1854.1909.0990.7
1,031.31,054.31,090.51,153.51,257.71,350.6
439.3466.8
Outlays
371.8409.2458.7504.0590.9678.2745.8808.4851.8946.4990.3
1,003.91,064.11,143.21,252.71,323.41,380.91,408.71,460.91,514.4
497.1503.4
Surplusor deficit
(-)
-73.7-53.7-59.2-40.7-73.8-79.0
-128.0-207.8-185.4
-212.3-221.2- 149.8-155.2-152.5-221.4-269.2-290.4-255.1-203.2-163.8
-57.8-36.6
On-budget
Receipts
231.7278.7314.2365.3403.9469.1474.3453.2500.4
547.9568.9640.7667.5727.0749.7760.4788.0841.6922.7999.5
332.4356.8
Outlays
302.2328.5369.1404.1476.6543.1594.4661.3686.0
769.6806.8810.1861.4932.3
1,027.61,081.81,128.51,142.11,181.51,225.7
410.0413.7
Surplusor deficit
(-)
-70.5-49.8-54.9
38 7-72.7-74.0
-120.1-208.0-185.7
-221.7-238.0-169.3-194.0-205.2-278.0-321.4-340.5-300.5-258.8-226.2
-77.6-56.9
Off-budget
Receipts
66.476.885.498.0
113.2130.2143.5147.3166.1186.2200.2213.4241.5263.7281.7293.9302.4311.9335.0351.1
106.9110.0
Outlays
69.680.789.7
100.0114.3135.2151.4147.1165.8176.8183.5193.8202.7210.9225.1241.7252.3266.6279.4288.7
87.189.7
Surplusor deficit
(-)
-3.2-3.9-4.3-2.0-1.1-5.0-7.9
.2
.39.4
16.719.638.852.856.652.250.145.355.762.4
19.920.3
Gross Federal debt(end of period)
Total
629.0706.4776.6829.5909.1994.8
1,137.31,371.71,564.7
1,817.52,120.62,346.12,601.32,868.03,206.63,598,54,002.14,351.44,643.74,921.0
4,762.54,937.7
Held bythe public
477.4549.1607.1640.3709.8785.3919.8
1,131.61,300.5
1,499.91,736.71,888.72,050.82,189.92,410.72,688.12,998.83,247.53,432.23,603.3
3,505.23,631.9
1 Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Rurltfftt nfthf, UnitcA StntfJi (iovf.rnntf.nt, Fixad Yfjir1996, issued February tt, 1995.
Sources: Department of the Treasury arid Office of Management and Budget.
32
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 4 months of fiscal 1996, receipts were $27.5 billion higher than a year earlier and outlays were $6.3billion higher.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
A" RECEIPTS^
500
"~ OTHER RECEIPTS
0 1 1 1
INDIVIDUAL INCOME TAXES
\
INCOME TAXES
\
1 1 1
AX)
•-• — -=. 500
, — T 400\
TAXES AND CONTRIBUTIONS nnn
1 1 1 n
1,300
800
300
200
OUTLAYS _— —*••* •""**""""
NONDEFENSE\ _-.--
\''
^ •'**
"
NATIONAL DEFENSE
\
XI 1 1 1 1 1 1 1 1 1 NV 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 N
J'lNOUOESON-BUDGE! AM> OFF-BUDGET ITEMS. FISCALSOURCES: DEPARTMENT OF THE TREASURY AND OFFICE Of MANAGEM&4T AND BUDGET COUNCIL Of ECONOMIC ADVISERS
1,300
800
500
400
300
200
[Billions of dollars]
Fiscal year or period
197619771978197919801981198219831984
19851986198719881989199019911992 . . .199319941995'Cumulative total, first 4 months: '
Fiscal year 1995Fiscal year 1996
On-budgct and off-budget receipts
Total
298.1355.6399.6463.3517.1599.3617.8600.6666.5
734.1769.1854.1909.0990.7
1,031.31,054.31,090.51,153.51,257.71,350.6
439.3466.8
indi-vidualincometaxes
131.6157.6181.0217.8244.1285.9297.7288.9298.4
334.5349.0392.6401.2445.7466.9467.8476.0509.7543.1590.2
214.0230.7
Cor-pora-tion
incometaxes
41.454.960.065.764.661.149.237.056.9
61.363.183.994.5
103.393.598.1
100.3117.5140.4157.1
39.747.1
Nodalinsur-ancetaxesand
contri-butions
90.8106.5121.0138.9157.8182.7201.5209.0239.4
265.2283.9303.3334.3359.4380.0396.0413.7428.3461.5484.5
146.9150.3
Other
34.336.637.740.850.669.569.365.671.8
73.073.174.378.982.390.992.3
100.598.0
112.8118.9
38.738.7
Ori-bud^et and off-budget out ays
Total
371.8409.2458.7504.0590.9678.2745.8808.4851.8
946.4990.3
1,003.91,064.11,143.21,252.71,323.41,380.91,408.71,460.91,514.4
497.1503.4
National defense
Total
89.697.2
104.5116.3134.0157.5185.3209.9227.4
252.7273.4282.0290.4303.6299.3273.3298.4291.1281.6272.2
87.885.2
Depart-ment ofDefense,military
87.995.1
102.3113.6130.9153.9180.7204.4220.9
245.2265.5274.0281.9294.9289.8262.4286.9278.6268.6259.6
83.580.9
Inter-nation-
alaffairs
6.46.47.57.5
12.713.112.311.815.9
16.214.211.610.59.6
13.815.916.117.217.116.4
8.84.2
Health
15.717.318.520.523.226.927.428.630.4
33.535.940.044.548.457.771.289.599.4
107.1114.8
36.837.1
Medi-care
15.819.322.826.532.139.146.652.657.5
65.870.275.178.985.098.1
104.5119.0130.6144.7159.9
49.855.6
Incomesecu-rity
60.861.061.566.486.599.7
107.7122.6112.7
128.2119.8123.3129.3136.0147.0170.3196.9207.3214.0220.2
67.169.6
Social
rity
73.985.193.9
104.1118.5139.6156.0170.7178.2
188.6198.8207.4219.3232.5248.6269.0287.6304.6319.6335.8
108.3113.2
Notinter-est
26.729.935.542.652.568.885.089.8
111.1
129.5136.0138.7151.8169.3184.2194.5199.4198.8203.0232.2
75.880.3
Other
82.893.0
114.7120.2131.4133.5125.4122.3118.6
131.8142.1125.9139.4158.8203.9224.8173.9159.7173.8162.9
62.758.3
1 Data from Mtmtiily Tmtsury Statement.
NoTK.—Data (except as noted) an- from Rutbjct of the. Unite/I States Gmwrnmi'.nt, Fixeed Ymr.'/%; issuwl February 6, 1995.
Sources: Department of the Treasury and ()ffu* of Management and
33
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASISIn the third quarter of 1995, Federal receipts rose $3.4 billion (annual rate) and Federal expenditures rose $4.3billion. In the fourth quarter, according to advance estimates, expenditures rose $1.4 billion; receipts data areincomplete.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
-200
-400
SEASONAUY ADJUSTED ANNUAL RATES
-
EXPENDITURES
\ .„
-^ s
-
-
-
-
~\.
i i i1982
— — -
^ '
'
1 1 1
1983
_ „ - •
^
_^
1 1 1
1984
"'
X —
i i i1985
•-
S
-— ., s~
1 1 1
1986
„_-•"
y-"
_^s
CURRENTJRH.US OR DEFICIT (
y
1987
>_
i i i1988
V
s
-)
— ->—,
1 1 11989
--•'>
^—
v^
1 1 !
1990
fs
"VV^™
! 1 1
1991
r*-~'
fjs-
"
i i i1992
r--'
^
^— '
1 1 !
1993
^
y~
\r
i i t1994
-
/- -
-
-
-
-
-
-
-
,— -
i i i1995
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
-200
-400
CALENDAR YEARS
SOURCE: DEPAKTM&JT OF COMMERCE COUNCIL OF ECONOMIC ADVISKS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Calendar year:1989199019911992199319941995P
1990- IV1991- IV1992- IV
1993- IIIIIIIV
1994- IIIIIIIV
1995- IIIIIIrv
Federal Government receipts
Total
1,079.31,129.81,149.01,198.51,275.31,377.0
1,135.21,160.91,230.5
1,225.21,271.31,280.31,324.4
1,321.91,382.81,387.11,416.3
1,449.31,483.21,486.6
Personaltax andnontaxreceipts
463.4485.7476.9490.8523.6561.4615.1
484.9479.0510.0
501.0521.0529.1543.4
539.3571.3560.4574.5
594.6624.4617.3624.2
Cor-porateprofitstax ac-cruals
117.1118.0109.8118.6137.5164.4
117.4111.1123.7
127.5136.5133.7152.2
144.3162.2171.3180.0
183.1180.7189.1
Indirectbusinesstax andnontax
accruals
61.765.179.781.988.292.691.2
67.482.886.5
84.387.587.293.7
92.891.393.393.2
91.793.588.491.3
Contri-butions
forsocialinsur-ance
437.1461.1482.6507.1526.0558.6588.4
465.6488.1510.3
512.4526.2530.3535.1
545.5558.1562.1568.6
579.9584.6591.8597.2
Federal Government current expenditures
Total
1,192.71,284.51,345.01,479.41,530.01,566.91,641.0
1,313.01,399.81,509.5
1,508.91,520.51,533.81,556.8
1,534.71,552.71,573.51,606.8
1,622.61,643.81,648.11,649.5
Consump-tion
expendi-tures
405.2426.6445.9451.0451 .4450.6453.9
437.7440.5457.7
450.8447.9453.0453.8
446.7445.1455.5455.3
454.8456.1453.5451.2
Trans-fer
pay-ments
471.7513.3522.2625.1658.7682.6720.5
526.1565.8643.3
645.6654.3660.4674.6
671.2676.6681.5701.2
708.6715.2727.0731.2
Grants-in-aid
toStateandlocal
govern-ments
118.2132.4153.4172.2185.7195.9206.1
137.1162.7176.3
177.3181.5187.2197.0
192.2197.5196.9196.9
205.8211.3203.8203.3
Netinterest
paid
1667179.9192.7195.8192.3201.4229.3
177.8200.0191.8
190.4193.2192.7192.9
188.2198.2204.4214.9
221.2229.2232.7234.1
Subsi-dies lesscurrentsurplus
ofGovern-
mententer-prises
30.832.430.835.141.836.431.3
34.430.940.3
44.743.640.538.6
36.535.335.238.5
32.332.031.129.7
Less:Wageaccru-als less
dis-burse-ments
0.0.1
-.1.0.0.0.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
Currentsurplus
ordeficit(-),
nationalincome
andproductaccounts
-113.4-154.7-196.0-280.9-254.7- 189.9
-177.7-238.8-279.0
-283.7-249.2-253.5-232.4
-212.9- 169.9- 186.3-190.4
-173.3-160.5-161.6
Source: Department of Commerce, Bureau of Economic Analysis.
34
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Period
1986198719881989199019911992199319941995/>
1994- Oct
Dee
1995- JanFebMar
May
July
SeptOct
Dec*" .'
Industrial iroduction (1987=100; seasonally adjust**!)
UnitedStates
95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9
119.9120.5121.5
121.8121.7121.9121.4121.3121.4121.5122.7122.8122.2122.4122.6
Canada
95.4100.0105.3105.2101.797.498.5
102.9109.6
111.9113.6114.3
114.8114.4113.5113.7114.1113.1114.0114.2114.4114.1114.7
Japan
96.7100.0109.4115.7120.6122.9115.8111.0112.31158
112.5115.7115.3
114.0116.3118.1117.0116.4115.4112.8116.5113.4115.0116.6117.7
France
98.0100.0104.6108.9111.0111.0109.7105.6111.0
112.0112.6113.4
113.9112.5114.8113.0115.2114.9115.4115.4113.1111.0
Germany
99.6100.0103.9108.8114.5118.7116.3107.4110.8
112.7112.9116.1
109.8111.1110.6111.3112.2111.2113.3109.5110.0107.6107.5
Italy
96.2100.0105.9109.2109.4108.4108.2105.5110.7
112.5112.5119.1
114.3115.0116.4117.4115.9116.3117.1124.1118.7118.2
UnitedKingdom
96.2100.0104.8107.0106.7102.8102.7104.7110.0
111.6110.7111.4
111.3112.0113.0112.1112.4112.0112.8112.7113.2112.3112.8
Consumer prices (1982-84=100; NSA)
UnitedStates '
109.6113.6118.3124.0130.7136.2140.3144.5148.2152.4
149.5149.7149.7
150.3150.9151.4151.9152.2152.5152.5152.9153.2153.7153.6153.5
Canada
113.4118.4123.2129.3135.5143.1145.2147.9148.2151.4
148.2149.0149.2
149.8150.5150.8151.2151.6151.6151.9151.8151.8151.8152.0151.8
Japan
104.8104.9105.7108.0111.4115.0116.9118.5119.3119.2
120.0119.7119.4
119.4118.9118.8119.3119.6119.5118.7118.9119.7119.4118.9119.0
France
117.2120.9124.2128.6133.0137.2140.6143.5145.9148.4
146.7146.7146.5
146.9147.5147.9148.0148.3148.3148.0148.7149.2149.3149.5149.6
Germany
104.7104.9106.3109.2112.2116.2120.9125.2128.6130.8
128.9129.0129.4
129.6130.3130.3130.5130.7131.1131.5131.2131.1131.0131.0131.4
Italy
128.5134.4141.1150.4159.5169.8178.8186.3193.6204.0
195.8196.5197.2
197.9199.5201.2202.2203.5204.6204.7205.4206.0207.1208.3208.7
UnitedKingdom
114.9119.7125.6135.4148.2156.9162.7165.3169.3175.2
170.6170.7171.5
171.5172.6173.3175.1175.8176.0175.2176.1176.9176.0176.0177.1
1 Data relate to all urban consumers. Source: National sources as rejwrted by Department of (Vmirnerce (Bureau of EconomicAnalysis and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES[Billions of dollars; monthly data seasonally adjusted]
Period
1986198719881989199019911992199319941995C
1994: Dec
1995: JanFebMarAprMayJuneJulyAugSeptOctNovDec''
Goods: Exports (f.a.s. value)
BOPbasis
223.3250.2320.2362.1389.3416.9440.4456.8002 5574.9
46.2
44.945.647.947.248.347.446.449.149.849.049.650.5
Census basis (by end-use category) '
Total,Censusbasis2
227.2254.1322.4363.8393.6421.7448.2465.15126583.9
47.2
45.646.348.747.849.148.247.149.850.549.850.451.3
Foods,teds,andlev-
erages
22.324.332.337.235.135.740.340.641 950.5
4.2
3.93.94.14.24.03.94.24.54.84.44.44.5
In-dus-trialsup-pliesand
mate-rials
57.366.785.199.3
104.4109.7109.1111.8121.4146.1
11.3
11.611.712.612.312.412.711.812.112.412.611.812.2
Cap-ital
goodsexceptauto-mo-tive
75.886.2
109.2138.8152.7166.7175.9181.7205.2233.0
18.7
17.117.919.218.819.419.519.020.019.720.320.821.3
Auto-mo-tive
vehi-cles,partsanden-
gines
21.724.629.334.837.440.047.052.457.660.6
5.5
5.55.35.15.15.14.54.45.35.64.84.95.3
Con-sumergoods(non-food)ex-ceptauto-mo-tive
14.217.723.136.443.345.951.454.760.064.5
5.3
5.15.35.45.35.55.45.25.55.55.55 55.6
Gooi s: Imports (customs va tie)
BOPbasis
368.4409.8447.2477.4498.3491.0536.5589.4668.6749.3
59.4
60.759.962.563.564.363.962.662.663.562.761.862.7
Census basis (by end-use category)
Total,Censusbasis2
365.4406.2441.0473.2495.3488.5532.7580.7663.3743.4
59.2
60.559.761.662.663.163.062.462.463.362.361.562.5
Foodsfeeds,andbev-
erages
24.424.824.825.126.626.527.627.931.033.2
2.7
2.82.82.92.72.72.82.72.82.82.82.72.7
In-dus-trialsup-pliesand
mate-rials
101.3111.0118.3132.3143.2131.6138.6145.6162.0180.8
14.2
14.514.415.315.515.815.715.314.915.314.714.914.7
Cap-ital
goodsexceptauto-mo-tive
71.884.5
101.4113.3116.4120.7134.3152.4184.4221.6
16.8
17.116.917.618.018.118.718.918.919.319.719.319.4
Auto-mo-tive
vehi-cles,partsanden-
gines
78.285.287.786.187.385.791.8
102.4118.3124.5
10.8
11.010.810.71 1.010.710.41 0.010.410.49.59.6
10.3
Con-sumergoals(non-food)exceptauto-mo-tive
79.488.795.9
102.9105.7108.0122.7134.0146.3160.0
12.9
13.313.113.313.613.813.413.513.513.513.312.913.1
Services(BOP basis)
Ex-ports
86.598.5
111.1127.4147.8164.3178.6187.8198.7208.8
17.0
17.316.517.417.217.317.317.317.317.717.818.017.9
Im-ports
81.091.799.5
103.5118.8119.6122.0130.0138.8145.8
11.6
11.811.712.112.112.112.212.112.112.212.212.512.4
Balance of tradel(.xpo minus imports)
Goods,Censusbasis
-138.3-152.1-118.5-109.4-101.7-66.7-84.5
-115.6- 150.6-159.6
-12.0
-14.9- 13.4-12.9-14.8-14.1-14.7- 15.3- 12.5-12.8- 12.5-11.1-11.2
BOP basis
Goods
-145.1-159.6- 127.0-115.2- 109.0-74.1-96.1
-132.6-166.1- 174.5
-13.3
-15.8-14.3- 14.5-16.3-16.0-16.5-16.2-13.5-13.7-13.7-12.2-12.3
Serv-ices
5.56.9
11.623.929.044.756.657.859.963.1
5.4
5.54.85.35.15.15.15.25.35.55.65.55.5
Goodsand
services
-139.6-152.7-115.3-91.4-80.0-29.4-39.5-74.8
— 106.2-111.4
-7.9
- 10.3-9.5-9.2
-11.2- 10.8-11.4-11.1-8.2-8.2-8.2-6.7-6.8
1 Includes undocumented exports to Canada through 1988.a Total includes "other" exports or imports, not shown separately.
NOTE.—HOI* refers to balance of payments on international transactions basis. BOP datashown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of tlie Census and Bureau of Economic Analysis).
35Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. INTERNATIONAL TRANSACTIONSIn the fourth quarter of 1995, the merchandise trade deficit fell to $38.0 billion, from $43.3 billion in the thirdquarter. The current account deficit fell to $31.1 billion, from $40.3 billion in the third quarter. (Data revised for1995.)
BILLIONS OF DOLLARS* BILLIONS OF DOLLARS"
1985
* SEASONAUY ADJUSTEDSOURCE: DEPARTMENT Of COMMERCE COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits ( — ) ]
Period
1986198719881989199019911992199319941995*>
1993: IIIinIV
1994- IIImIV
1995: I'II'Ill'IVf
Merchandise 1
Exports
223,344250 208320 230362 120389 307416 913440 352456,823502 485574,879
111,862114,131111,576119,254
118 445122,730127,384133,926
138,325142,667145,050148,837
Imports
-368,425-409765— 447 189-477365— 498 337-490981— 536 458- 589,441- 668 584- 749 348
- 140,821- 147,718- 148,181-152,721
- 154 935- 164,224-172,011- 177,414
-182,784-191,321- 188,376-186,867
Netbalance
- 145,081-159557-126959-115245— 109 030- 74 068— 96 106
-132^618-166099-174,469
-28,959-33,587- 36,605-33,467
- 36 490-41,494-44,627- 43,488
- 44,459-48,654-43,326- 38,030
Services
Netmilitarytrans-
tions23
-5,181-3 844-6320-6749
7 599-5274
2 142448
2 1482,810
40190
283-326
-31376
1,124679
542587889792
Nettraveland
trans-
tionreceipts
- 8,484-7613-2 591
40438002
1703220 48419,8851933018,658
5,3025,3895,0624,131
46424,6474,7925,247
5,0174,3474,4804,812
Otherservices,
19,19418319205462655828633329073828437,4443841041,584
9,6839,3159,2729,172
88639,5489,904
10,095
9,99610,37910,65010,557
Balanceon
goodsand
- 139,551- 152 696-115324- 91 392- 79 994- 29 404— 39 480- 74,841
-106212-111,418
-13,573- 18,793-21,988-20,490
-23016-26,923-28,807-27,467
-28,904-33,341-27,307-21,869
Investment income
Receiptson U.S.assetsabroad
91,976100 767129 070152 517160 300137 003118 425119,248137619181,301
28,95029,95829,93130,412
3094232,33836,03138,307
43,18545,40144,45048,264
Paymentson foreignassets in
U.S.
- 79,095- 91 302
-115806-138858— 139 574-121 892— 108 346- 110,248- 146 891-192,703
-25,239-27,893-26,741-30,376
- 30 826- 34,623-38,564-42,878
-45,215-48,085-49,613-49,791
Net
12,8819465
13264136592072515111100799,000
-9272- 11,402
3,7112,0653,190
36
116-2,285-2,533- 4,571
- 2,030-2,684-5,163- 1,527
Balanceon goods,services,
and
-126,670- 143 231- 102 060- 77 733-59268- 14 293— 29402-65,841
-115484- 122,820
-9,862-16,728-18,798-20,454
- 22 900- 29,208-31,340-32,038
- 30,934-36,025-32,470-23,396
Unilateraltransfers,
net4
-24,189- 23 107— 25 023- 26 106— 33393
6869-32 148- 34,084-35761- 30,095
-7,521- 7,609-8,234
-10,722
-7371-8,778-8,374
-11,239
-7,520-7,117-7,780-7,677
oncurrentaccount
- 150,859-166338-127083- 103 839- 92 661-7424
— 61 549-99,925
-151,245-152,915
- 17,383-24,337-27,032-31,176
-30271-37,986-39,714-43,277
-38,454-43,142- 40,250-31,073
1 Adjusted from Census data for differences in timing and coverage; excludes military.2Transfera under U.S. military agency sales contracts (exports) minus direct defense expend-
itures (imports).
36
3 Quarterly data are not seasonally adjusted.4 Includes transfers of goods and services under U.S. military grant programs.
Sm p. 37 for continuation of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $4.4 billion in the fourth quarterof 1995, in contrast to a decrease of $14.6 billion in the third quarter. U.S. liabilities to private foreigners reportedby U.S. banks, excluding Treasury securities, increased $29.8 billion in the fourth quarter, in contrast to a decreaseof $21.6 billion in the third quarter. (Data revised for 1995.)
BIUJONSOF DOUARS* BIUJONSOFDOUARS'
120
100
80
60
40
20
0
-20
-40
-60
-80
-100
120
1985 1986 1987 1988
* SEASONALLY ADJUSTED'SOURCE: DEWRTMENT OF COMMERCE
t •»I I
CHANGE INFOREIGN ASSETSIN THE U.S., NET
-I 1-I II I
1989 1991
CHANGE IN_ U.S. ASSETS
ABROAD, NET
COUNOX Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Period
19861987 ....19881989199019911992199319941995P1993: I
IIinIV
1994: I .IIinIV
1995: I'II 'in--IVP
U.S. assets[increase/capit
Total
-106,753- 72,617
-100,087- 168,744-74,011-57,881-65,875
-184,589- 125,851-280,096
-19,729-40,933-46,270-77,657-36,783-5,973
-27,940-55,156- 75,455
-100,355-27,517-76,769
U.S.officialreserve
assets35
3129,149
-3,912-25,293-2,158
5,7633,901
-1,3795,346
-9,742
-983822
-545-673-59
3,537-1652,033
-5,318-2,722-1,893
191
abroad, net
Other U.S.Govern-
mentassets
-2,0221,0062,9671,2592,3072,911
-1,661-330-322-326
467-281-197
318401491283
-931-152
180246
-240
)1
U.S.privateassets
-105,044-82,771-99,141
-144710-74,160
66555-68,115
-182,880130 875
-270,028-19,213- 41 474-45,529
76 666-37,125-10,001-27,492-56,258-69,985
97 453-25,870-76,720
Foreign assets in the U.S., net[increase/capital inflow (+)]
Total
226,111242,983240,265218,490122,19294,241
153,823248,529291,365426,325
19,86751,27777,92899,45880,39046,52679,73684,71594,841
124,332116,54490,609
Foreignofficialassets3
35,64845,38739,758
8,50333,91017,38940,46672,14639,409
110,48310,95517,49519,38624,31110,9779,162
19,691-421
22,30837,83639,34610,993
Otherforeignassets
190,463197,596200,507209,987
88,28276,853
113,358176,383251,956315,842
8,91233,78258,54275,14769,41337,36460,04585,13672,53386,49677,19879,616
Allocationsof specialdrawingrights
(SDKs)
Statistical discrepancy
Total (sumof the itemswith signreversed)
31,501-4,028
-13,09554,09444,480
-28,936-26,399
35,985- 14,269
6,685
17,24513,993
-4,6269,375
-13,336-2,567- 12,082
13,71819,06819,165
-48,77717,233
Of which:Seasonal
adjustmentdiscrepancy
5,367154
-6,353834
5,274587
-6,641782
6,162317
-7,076600
U.S. officialreserve
assets, net5
(unadjusted,end ofperiod)
48,51145,79847,80274,60983,31677,72171,32373,44274,33585,832
74,37873,96875,83573,44276,80975,73276,53274,33586,76190,06387,15285,832
5 Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserveposition in the IMF.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
37Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ContentsTOTAL OUTPUT. INCOME, AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Implicit Price Deflators for Gross Domestic Product 2Quantity and Price Indexes for GDP and Percent Changes 3Nonfinancial Corporate Business—Output, Costs, and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5Disposition of Personal Income 6Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Fixed Investment by Type 10Business Investment and Plans 10
EMPLOYMENT. UNEMPLOYMENT. AND WAGESStatus of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricultural Employment 14Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries 15Employment Cost Index—Private Industry 15Productivity and Related Data, Business Sector 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial Production—Major Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and Inventories—Manufacturing and Trade 20Manufacturers' Shipments, Inventories, and Orders 21
PRICESProducer Prices 22Consumer Prices—All Urban Consumers 23Changes in Producer Prices for Finished Goods 24Changes in Consumer Prices—All Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY, CREDIT, AND SECURITY MARKETSMoney Stock, Liquid Assets, and Debt Measures 26Components of Money Stock and Liquid Assets 27Aggregate Reserves and Monetary Base 27Bank Credit at All Commercial Banks 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business 29Consumer Installment Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCEFederal Receipts, Outlays, and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector, National Income Accounts Basis 34
INTERNATIONAL STATISTICSIndustrial Production and Consumer Prices—Major Industrial Countries 35U.S. International Trade in Goods and Services 35U.S. International Transactions 36
General Notes
Detail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.Symbols used:
P Preliminary.r Revised.c Corrected.... Not available (also, not applicable).NSA not seasonally adjusted.
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