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W4th Congress, 2d Session
Economic Indicators
SEPTEMBER 1996(Includes data available as of October 1, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
OCT 2 >. 1996FEDERAL RESERVEBANK OF CHICAGO.
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)LEE H. HAMILTON (Indiana)MAURICE D. HINCHEY (New York)CAROLYN B. MALONEY (New York)
ROBERT N. MOTTICE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
JOSEPH E. STIGLITZ, ChairmanALICIA H. MUNNELL, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. les. 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($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
For sale by the U.S. Government Printing OfficeSuperintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-053569-7
11
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TOTAL OUTPUT, INCOME. AND SPENDINGGBOSS DOMESTIC PRODUCTIn the second quarter of 1996, according to revised estimates, current-dollar gross domestic product (GDP) rose6.5 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 4.7 percent, and the implicit price deflatorrose 1.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
7,600
6 800
6,400
6,000
5 600
5 200
4,800
4400
4000
q ZAA
3 200
1982
X
y/1 1 11983
X
X
I I i1984
,x'1
x
1985
INCH
_ — -^
^ .x''
i i i1986
GDIMNED(19
s~
X*
.X/ INC
1987
SEASONAL
3
92)DOLt>
W
Xx \ -GDP
ZURRENT
1988
r ADJUSTED A
\RS
,. *"
X
DOLLARS
i i |1989
h UAL RATES
x
1 1 11990
K^
1991
^^
1992
r l
1993
x^-^-
1994
^1^
i i i1995
X
1 1 i1996
7,600
7 Ofifl
6800
6,400
6,000
5 600
5200
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
19871988198919901991 ,19921993199419951990: IV1991: IV1992: IV1993: I
IIIllIV
1994: IIIIllIV
1995: IIIIllIV
1996: III'
Grossdomesticproduct
4,692.35,049.65,438.75,743.85,916.76,244.46,553.06,935.77,253.85,781.56,002.36,383.06,442.66,506.26,574.46,688.66,776.06,890.56,993.17,083.27,149.87,204.97,309.87,350.67,426.87,545.1
Personalcon-
sumptionexpendi-
tures
3,094.53,349.73,594.83,839.33,975.14,219.84,454.14,700.94,924.93,907.04,027.14,329.64,367.64,424.84,481.04,543.14,600.94,666.24,738.34,798.24,840.64,910.54,957.94,990.55,060.55,139.4
Grossprivate
domesticinvest-ment
747.2773.9829.2799.7736.2790.4871.1
1,014.41,065.3
736.1760.9816.1843.6855.9873.8911.2957.6
1,016.51,033.61,050.11,072.01,050.31,074.81,064.01,068.91,096.0
Expoof go
Netexports
-142.1-106.1-80.4-71.3-20.5-29.5-62.7-94.4-94.7-72.0-14.8-42.7-47.9-59.6-74.5-68.8-78.8-93.0- 107.0-98.7- 108.7-115.3-87.6- 67.2-86.3-99.2
rts and imods and se
Exports
365.7447.2509.3557.3601.8639.4657.8719.1807.4577.3624.4649.1646.9660.4645.3678.7678.9707.4729.2761.0776.1797.3819.0837.0839.5850.0
portsrvices
Imports
507.9553.2589.7628.6622.3669.0720.5813.5902.0649.2639.3691.8694.8720.0719.8747.5757.6800.4836.1859.6884.8912.6906.6904.2925.8949.2
Gw
Total
992.81,032.01,095.11,176.11,225.91,263.81,290.41,314.71,358.31,210.41,229.21,280.01,279.31,285.11,294.11,303.21,296.41,300.81,328.21,333.51,345.81,359.41,364.61,363.41,383.71,408.8
eminent cand %
Total
455.7457.3477.2503.6522.6528.0522.6516.4516.6516.7515.5535.0525.5520.1521.3523.5511.3509.4523.8520.9519.7522.0516.8507.7518.6529.6
onsumptioTOSS inves
Federal
Nationaldefense
350.4354.0360.6373.1383.5375.8362.7352.0345.5383.3373.0375.3365.7362.7361.2361.3346.7349.3362.3349.7347.6351.7345.7337.1343.9353.7
n expendittment
Non-defense
105.3103.3116.7130.4139.1152.2159.9164.3171.0133.3142.6159.7159.8157.4160.1162.2164.6160.0161.5171.2172.1170.3171.1170.6174.7175.8
ares
Qta+/a
andlocal
537.2574.7617.9672.6703.4735.8767.8798.4841.7693.7713.6745.1753.8765.0772.7779.7785.0791.4804.4812.6826.1837.3847.7855.7865.1879.2
TPinal
sales of
product
4,668.15,038.75,407.05,735.85,919.06,237.46,532.46,876.27,216.75,812.95,980.96,376.66,422.86,484.66,552.36,669.86,735.96,816.06,928.57,024.67,091.77,170.97,271.57,332.87,428.67,537.1
n
domestic
chases 1
4,834.55,155.65,519.15,815.15,937.26,274.06,615.77,030.17,348.45,853.56,017.16,425.76,490.56,565.86,648.86,757.46,854.86,983.57,100.17,181.97,258.47,320.27,397.37,417.87,513.27,644.3
Adden-dum:Gross
nationalproduct
4,701.35,062.65,452.85,764.95,932.46,255.56,563.56,931.97,246.75,813.66,016.66,390.56,458.66,516.56,587.16,691.96,781.06,888.36,987.07,071.47,146.87,202.47,293.47,344.37,426.67,537.5
less exports of goods and services plus imports of goods ami services. Source: Department of Commerce, Bureau of Economic Analysis,
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 adjusted annual rates]
198719881989199019911992199319941995
1990: IV1991: IV1992: IV
1993: IIIIllIV
1994: IIIIllIV
1995: IIIIllIV
1996: III '
5,648.45,862.96,060.46,138.76,079.06,244.46,386.46,608.76,742.9
6,081.06,104.46,327.3
6,326.46,356.56,393.46,469.16,508.56,587.66,644.96,693.9
6,701.06,713.56,776.46,780.76,814.36,892.6
Personal
tares
3,822.33,972.74,064.64,132.24,105.84,219.84,339.54,473.24,577.8
4,116.44,109.14,282.3
4,289.74,318.84,359.54,390.04,420.54,458.74,489.44,524.0
4,534.84,569.94,597.34,609.44,649.14,687.6
Gdome
Nonresi-dentialfixed
invest-ment
542.4566.0588.8585.2547.7557.9593.6652.1714.3
573.9539.5569.1
577.5586.4593.1617.6628.5639.5660.5679.7
704.4710.5719.0723.3743.5750.5
ross privalstic invest!
Resi-dentialfixed
invest-ment
257.6252.5243.2220.6193.4225.6242.7268.9262.8
200.3202.4236.7
237.9234.8242.2255.8263.6271.6270.3270.3
265.9256.5262.2266.3271.1281.5
enent
Changein busi-
nessinven-tories
26.211.633.310.4
-3.07.3
19.158.933.1
-28.221.45.8
18.520.819.517.440.574.564.556.1
54.530.533.014.6
-3.07.1
Exportgood
exports
-156.2-114.4-82.7-61.9-22.3-29.5-72.0
-105.7-107.6
-42.5-17.9-40.0
-56.0-64.4-86.2-81.5-99.3
-107.3-111.7-104.3
-122.5-121.4-101.6-84.9
-104.0-114.7
s and impos and servi
Exports
402.0465.8520.2564.4599.9639.4658.2712.0775.4
573.9623.5649.1
647.1660.0645.5680.3677.6703.1719.6747.6
752.3763.2783.0803.1806.7817.9
rts ofees
Imports
558.2580.2603.0626.3622.2669.0730.2817.6883.0
616.4641.4689.1
703.1724.4731.7761.8777.0810.4831.3851.9
874.9884:6884.5888.0910.7932.6
Gove
Total
1,165.91,180.91,213.91,250.41,258.01,263.81,261.01,260.01,260.2
1,259.91,250.71,272.5
1,257.71,258.41,261.61,266.21,252.41,249.81,271.21,266.6
1,262.71,265.11,263.41,249.61,254.71,278.2
rnment oand g
Total
534.4524.6531.5541.9539.4528.0509.2489.8472.3
543.5526.9534.0
516.1509.7505.9505.0489.9483.3496.7489.2
481.0479.4472.5456.2462.9473.4
onsumptioijross invest
Federal
Nationaldefense
409.2405.5401.6401.5397.5375.8355.4337.0319.6
403.1381.7376.8
361.6356.9351.6351.2334.8335.5346.2331.3
325.0325.5319.1308.8311.9319.4
i expenditiment
Non-defense
125.3119.1130.1140.5142.0152.2153.8152.6152.3
140.5145.3157.1
154.4152.7154.2153.7154.9147.8150.4157.5
155.6153.5153.1147.0150.6153.7
ires
Stateandlocal
631.8656.6682.6708.6718.7735.8751.8770.5788.6
716.5723.8738.5
741.6748.8755.7761.3762.7766.8774.7777.7
782.2786.3791.5794.4792.6805.5
Finalsales ofdomesticproduct
5,626.05,855.16,028.76,126.76,082.66,237.46,365.56,550.76,708.9
6,108.16,083.86,320.7
6,307.16,334.56,371.36,449.26,467.76,514.96,582.16,638.1
6,647.46,682.46,741.46,764.26,815.26,884.7
Grossdomestic
pur-chases1
5,815.75,983.96,146.16,202.16,101.16,274.06,457.66,711.86,847.1
6,124.36,122.36,367.3
6,382.16,420.46,478.66,549.36,605.96,692.36,753.76,795.3
6,819.86,830.96,874.86,862.96,914.67,003.0
Adden-
produet
5,657.25,876.26,074.06,159.46,094.46,255.56,397.16,606.06,737.1
6,113.46,118.76,334.8
6,342.56,366.96,406.36,472.56,514.06,586.26,640.06,683.5
6,699.16,711.96,762.06,775.66,814.96,886.5
1 GDP less exports of goods and services plus imports of goods and services.Note.—Because of the formula used for calculating real GDP, the chained (1992) dollar esti-
mates for the detailed components do not add to the ehained-dollar value of GDP or to anyintermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT[Index numbers, 1992=100; quarterly data are seasonally adjusted]
Period
198719881989199019911992199319941995
1990: IV1991: IV1992: IV
1993: IIIIllIV
1994: IIIinIV
1995: IIIIllIV
1996: IIP
ftiwcc
domesticproduct
83.186.189.793.697.3
100.0102.6104.9107.6
95.198.3
100.9
101.8102.4102.8103.4
104.1104.6105.2105.8
106.7107.3107.9108.4
109.0109.5
Total
81.084.388.492.996.8
100.0102.6105.1107.6
94.998.0
101.1
101.8102.5102.8103.5
104.1104.7105.5106.1
106.7107.5107.8108.3
108.9109.6
Personalexpe
Durablegoods
91.693.395.396.698.5
100.0101.3103.4104.6
97.099.1
100.2
100.5101.1101.5101.9
102.4103.2103.9103.9
104.7104.8104.5104.3
104.3103.6
consumptionnditures
Nondura-ble goods
81.884.889.394.698.1
100.0101.5102.8104.5
97.498.7
100.7
101.3101.5101.3101.9
102.0102.4103.3103.6
103.9104.5104.7105.0
106.0107.2
Services
78.282.286.691.295.8
100.0103.6106.7109.9
93.197.4
101.5
102.4103.3103.9104.7
105.6106.2107.1107.9
108.8109.7110.3110.9
111.4112.3
Grossdomestic i
dentialfixed
91.393.796.298.499.9
100.0100.9102.3103.4
99.499.9
100.1
100.5100.8101.0101.1
101.6102.2102.7102.7
102.7103.4103.8103.6
103.4103.1
privatenvestment
Residen-tial fixed
88.392.195.197.898.8
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
111.3111.6
Exports an<goods an
Exports
91.096.097.998.7
100.3100.0
99.9101.0104.1
100.6100.2100.0
100.0100.1100.099.8
100.2100.6101.3101.8
103.2104.5104.6104.2
104.1103.9
I imports ofd services
Imports
91.095.397.8
100.4100.0100.098.799.5
102.2
105.399.7
100.4
98.899.498.498.1
97.598.8
100.6100.9
101.1103.2102.5101.8
101.7101.8
Governn
Total
85.387.289.892.996.9
100.0102.6105.4109.4
95.197.8
100.2
101.8102.0103.0103.6
104.4105.4105.5106.5
108.0108.9109.4111.3
112.0111.9
lent consumand gross ir
Federal
Nationaldefense
85.687.389.892.996.5
100.0102.1104.5108.1
95.197.799.6
101.1101.6102.7102.9
103.6104.1104.7105.5
106.9108.1108.3109.2
110.3110.8
ption expeiivestment
Non-defense
84.086.789.792.897.9
100.0104.0107.7112.3
94.998.1
101.6
103.5103.1103.9105.5
106.3108.3107.4108.7
110.6110.9111.8116.0
116.0114.4
iditures
andlocal
85.087.590.594.997.9
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
109.1109.2
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 are seasonally adjusted]
Period
Index numbers, 1992=100
Currentdollars
Chain-typequantity
index
Chain-typeprice index
Implicitprice
deflator
Percent change from preceding periodl
Currentdollars
Chain-typequantity
index
Chain-typepriceindex
Implicitprice
deflator
198219831984198519861987198819891990199119921993199419951991: I ...
II ..IllIV .
1992: I ...II ..IllIV .
1993: I ...II ..IllIV .
1994: I ...II ..IllIV .
1995: I ...II ..IllIV .
1996: I ...II'
51.956.362.567.070.875.180.987.192.094.8
100.0104.9111.1116.293.294.495.396.198.099.3
100.4102.2103.2104.2105.3107.1108.5110.3112.0113.4114.5115.4117.1117.7118.9120.8
74.077.082.385.387.990.593.997.198.397.3
100.0102.3105.8108.096.997.397.597.898.999.5
100.3101.3101.3101.8102.4103.6104.2105.5106.4107.2107.3107.5108.5108.6109.1110.4
70.273.275.978.680.683.186.189.793.697.3
100.0102.6105.0107.696.397.097.798.399.199.8
100.2100.9101.8102.4102.8103.4104.1104.6105.2105.8106.7107.3107.9108.4109.0109.6
70.173.175.978.480.683.186.189.793.697.3
100.0102.6104.9107.696.397.097.798.399.199.8
100.2100.9101.8102.4102.8103.4104.1104.6105.2105.8106.7107.3107.9108.4109.0109.5
4.18.4
11.07.15.86.17.67.75.63.05.54.95.84.62.84.94.03.68.25.34.67.33.84.04.37.15.36.96.15.33.83.16.02.34.26.5
-2.14.06.83.73.02.93.83.41.3
-1.02.72.33.52.0
-2.21.71.01.04.72.53.04.3
11.92.34.82.54.93.53.0
.4
.73.8
.32.04.7
6.34.23.83.42.63.13.74.24.43.9
2.32.54.83.2
3.42.81.52.83.82.21.82.32.91.92.42.13.32.42.12.12.32.2
6.34.23.93.32.73.13.74.24.34.02.72.62.32.55.13.12.92.53.32.71.52.93.82.11.92.22.81.92.52.23.42.42.12.02.21.8
1 Percent changes based on unrounded indexes. Quarterly percent changes are at annualrates.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS[Quarterly data at seasonally adjusted annual rates]
Gross domestic productof nonfinancial
corporate business(billions of dollars)
Currentdollars
Chained(1992)dollars
Current-dollar cost and profit per unit of real output (dollars)J
Totalcost andprofit2
Consump-tion offixed
capital
Indirectbusinesstax, etc.3
Com-pensation
of em-ployees
Corporate profits with inventoryvaluation and capital consumption
adjustments
TotalProfits
taxliability
Profitsaftertax4
Netinterest
1987198819891990199119921993199419951993: I ...
II ..IllIV.
1994: I ...II ..IllIV.
1995: I ...II ..IllIV,
1996: I ...II'
2,589.62,805.22,950.93,084.03,132.13,262.63,437.53,689.43,885.83,344.23,407.33,459.73,538.73,601.73,663.03,709.53,783.23,803.33,841.93,924.83,973.24,011.64,081.6
2,967.03,122.13,175.43,212.53,168.83,262.63,380.03,567.73,692.33,302.93,356.73,399.23,461.13,503.93,553.03,577.73,636.33,634.13,656.13,719.93,759.13,779.23,831.0
0.873.898.929.960.988
1.0001.0171.0341.0521.0121.0151.0181.0221.0281.0311.0371.0401.0471.0511.0551.0571.0621.065
0.100.101.106.110.116.115.115.116.115.116.115.116.114.122.114.114.113.114.115.115.115.115.115
0.083.084.088.092.100.103.105.106.109.105.105.105.107.106.106.107.106.108.110.108.108.107.105
0.578.591.614.640.660.673.679.682.697.682.679.679.675.680.681.684.686.696.698.696.699.702.706
0.076.082.075.072.070.077.088.102.104.079.085.089.098.092.103.105.108.100.100.109.108.111.113
0.031.033.031.030.027.028.031.036.038.028.031.029.034.035.036.037.039.039.038.038.037.039.039
0.044.050.044.042.043.049.057.066.066.050.055.059.065.058.067.068.070.061.062.071.070.072.074
0.035.039.046.046.042.032.029.027.027.031.030.029.028.027.027.028.027.028.028.027.027.026.027
1 Output is measured by GDP of nonfinancial corporate 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.
3 Indirect business tax aad nontax liability plus business transfer payments les4 With inventory valuation and capital consumption adjustments.
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
199019911992199319941995
1990: IV1991: IV1992: IV1993: I
IIIllIV
1994: IIIIllIV
1995: IIIIllTV
1996: III'
Nationalincome
4,611.94,719.74,950.85,195.35,501.65,813.5
4,667.24,770.05,061.7
5,096.35,159.45,214.15,311.3
5,304.85,493.25,561.75,646.9
5,709.95,755.45,861.45,927.4
6,015.36,118.7
Compen-sation
of
ees1
3,352.83,457.93,644.93,809.54,009.84,222.7
3,395.93,511.03,707.0
3,744.23,787.93,834.93,871.1
3,932.63,988.04,027.54,091.0
4,150.54,191.64,247.74,301.1
4,344.34,420.9
Proprietowith invei
ation and <sumption a
Farm
36.330.238.032.035.029.033.931.037.331.535.826.134.440.835.131.932.328.527.628.131.838.445.8
rs' incomeitory valu-stpital con-cjjustments
Nonfarm
324.6332.7371.5388.1415.9449.3
327.1341.1385.1382.0381.8388.1400.5
380.3419.3426.8437.1443.5447.1451.5454.9
461.1469.4
Rental
nf
withcapital
consump-tion
adjust-ment
61.468.480.6
102.5116.6122.2
67.373.092.3
98.4102.9104.1104.5
101.1121.0122.2121.9
120.6121.6120.9125.8
126.9124.5
Coil
Total
369.5382.5401.4464.4529.5586.6
365.5379.6427.7
427.4447.8469.6512.8
459.7534.3553.1570.9
560.0562.3612.5611.8
645.1655.8
jorate profitscapital co
Profits wadjustme
consu
Total
358.2378.2398.9457.7517.9570.8
356.5375.2420.5
422.4442.0465.9500.5
471.6516.2534.3549.6
542.6547.3597.9595.3
624.8633.5
5 with inventnsumption ac
ith inventorynt and withomption acyus
Profitsbefore tax
371.7374.2406.4464.3531.2598.9
376.7382.8420.3
437.0457.6458.0504.5
475.5526.0550.8572.4
594.5589.6607.2604.2
642.2644.6
My valuation[justments
valuationut capitaltment
Inventoryvaluationadjust-ment
-13.54.0
-7.5-6.6
-13.3-28.1
-20.3-7.6
.2-14.6-15.6
7.9-4.0
-3.9-9.8
-16.5-22.8
-51.9-42.3-9.3-8.8
-17.4-11.0
and
Capitalconsump-
tionadjust-ment
11.34.32.56.7
11.615.9
9.04.57.25.05.83.8
12.3
-11.818.118.821.3
17.415.014.616.5
20.422.3
. Net
interest
467.3448.0414.3398.9394.9403.6
477.5434.3412.4
412.8403.2391.4388.0
390.2395.5400.1393.8
406.9405.2400.7401.9
399.5402.3
1 Includes employer contributions for social 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 adjusted annual rates]
Period
199019911992199319941995
1990: IV1991: IV1992: IV1993: I
IIIllIV
1994: IIIIllIV
1995: IIIIllIV
1996: IIP
To a
con-sumptionexpendi-
tures
4,132.24,105.84,219.84,339.54,473.24,577.8
4,116.44,109.14,282.3
4,289.74,318.84,359.54,390.0
4,420.54,458.74,489.44,524.0
4,534.84,569.94,597.34,609.4
4,649.14,687.6
Totaldurablegoo
493.3462.0488.5524.1562.0579.8
476.3461.5505.0
506.0519.6528.9541.9
549.6555.4563.1579.8
566.5576.2589.1587.5
599.2615.6
Durable
Motorvehicles
andparts
224,3193.2206.9218.6228.2221.1
210.0194.6213.9
210.8219.0219.1225.3
230.3226.6226.5229.4
216.3220.9226.4220.6
224.2225.9
goods
Fur-nitureand
house-hold
equip-ment
173.5177.0189.4208.4230.1251.1
171.5178.0196.4
200.7205.0211.02.16.8
219.0226.1232.6242.6
243.1247.1254.1259.9
264.1276.0
Other
96.691.892.397.2
104.2109.8
95.588.994.6
94.595.598.999.9
100.3103.0104.7108.8
108.9109.9110.5109.9
113.9117.4
Totalnondura-
blegoods
1,316.11,302.91,321.8
'1,348.81,390.51,421.9
1,308.41,295.71,339.8
1,336.91,344.51,354.01,359.9
1,372.91,383.91,397.01,408.1
1,416.61,422.91,424.71,423.2
1,436.11,440.9
Food
662.9659.6660.0674.3689.1702.1
662.9656.5668.6
670.5672.9675.7677.9
682.3688.6690.5694.9
700.5701.3703.6703.0
709.2704.9
Nondurab
Clothingand
217.9215.9225.5233.3247.2257.2
215.1213.1230.9
227.4232.3235.0238.6
241.1243.3249.0255.5
254.6257.9258.8257.3
262.5268.9
e goods
Gasolineand oil
107.3103.4106.6109.1110.4113.3
104.9102.5107.3
108.2108.0110.9109.3
108.8109.5111.6111.6113.4113.6112.5113.7
112.6114.3
Fueloil
andcoal
11.210.810.910.710.310.3
9.910.610.7
10.910.610.710.6
11.410.010.29.69.9
10.610.010.7
10.710.1
Other
316.7313.2318.8321.5333.5339.3
315.6312.8322.3
319.9320.8321.8323.4
329.3332.3335.8336.7
338.4339.9340.0338.8
341.6343.5
Totalservices 1
2,321.32,341.02,409.42,466.72,521.42,577.0
2,331.22,352.02,437.6
2,446.82,454.92,476.72,488.5
2,498.52,519.92,530.02,537.3
2,552.52,571.62,584.62,599.3
2,614.72,632.3-
Services
Housing
627.2635.2646.8655.0668.2681.7
630.6638.6650.6
652.2653.5655.9658.5
662.1666.1670.7674.1
677.4680.0683.2686.3
689.0691.6
Medicalcare
602.8621.6646.6658.8668.8684.1
610.6630.8652.2
656.6657.5659.7661.4
663.2667.6670.4674.2
677.8681.3686.0691.2
691.1696.1
Retail salesof new pas-senger earsand light
tracks
units)
13.912.312.813.915.014.7
13.012.313.3
13.014.113.814.5
15.114.815.015.2
14.614.415.014.9
15.215.1
1 Includes other items, not shown separately.NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar
estimates for the detailed components do not add to the ehained-dollar value of GDP or to anyintermed iate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES OF PERSONAL INCOMEPersonal income rose $36.1 billion (annual rate) in August, following an increase of $5.7 billion in July. Wagesand salaries rose $29.7 billion in August, compared with a decrease of $6.1 billion in July. In August, private-sector employment, average weekly hours, and average hourly earnings all rose. In July, on the other hand,declines in hours and earnings offset an increase in employment.
BILUONS OF DOLLARS* (RATIO SCALE)
7,000
6,000
5,000
4,000
3,000
2,000
1,400
800
4001988
l i i I I I I I I 1 11989
* SEASONAUY ADJUSTH3 ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE
1990
WAGE AND SALARY DISBURSEMENTS
. H \
OTHER INCOME
TRANSFER PAYMENTS
1991 1992 1993 1994
BILUONS OF DOLLARS* (RATIO SCALE)
7,000
6,000
5,000
4,000
3,000
2,000
1,400
800
1995
4001996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1987198819891990199119921993199419951995: Aug
SeptOctNovDee
1996: JanFebMarAprr
May'Juner
Julyr
Aug^
Totalpersonalincome
3,877.34,172,84,489.34,791.64,968.55,264.25,480.15,753.16,115.16,138.96,172.16,206.66,229.46,267.46,270.16,315.26,340.16,371.56,405.26,460.36,466.06,502.1
salarydisburse-ments1
2,272.72,453.62,598.12,757.52,827.62,986.43,090.73,241.83,430.63,443.93,465.63,491.93,495.03,513.63,508.13,546.03,560.63,579.13,597.23,643.13,637.03,666.7
Other laborincome 1 2
235.4251.7273.1300.6322.7351.3380.9402.2424.0425.8427.2428.7430.2431.7427.4429.1430.8432.4434.0435.6437.1438.6
Proprietor
Farm
. 32.328.236.836.330.238.032.035.029.028.028.830.431.933.236.238.840.143.246.248.047.345.4
s' income3
Nonfarm
260.6294.7308.2324.6332.7371.5388.1415.9449.3451.9454.2452.9455.0456.9457.0461.3465.1467.3469.9471.0472.9474.3
Rentalincome
ofpersons4
45.555.752.461.468.480.6
102.5116.6122.2120.6120.2119.5127.4130.7129.1126.7125.0124.1124.8124.6126.3126.6
Personaldividendincome
101.1109.9130.9142.9153.6159.4186.8199.6214.8215.6217.4219.5221.9223.8225.3226.5227.9228.7229.4229.9.230.8231.5
Personalinterestincome
560.0595.5674.5704.4699.2667.2648.1663.7717.1719.7721.7724.2727.0730.3728.4725.6724.3728.1733.6737.5740.1742.3
Transferpayments 5
543.3577.6626.0687.8769.9858.2910.7956.3
1,022.61,028.91,034.11,038.01,039.31,046.91,057.41,062.51,069.01,072.51,075.41,078.91,082.71,086.9
Less: Per-sonal con-tributionsfor socialinsurance
173.7194.2210.8223.9235.8248.4259.6278.1294.5295.6297.2298.4298.4299.7298.9301.5302.7303.9305.2308.4308.1310.2
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.
3 With inventory valuation and capital consumption adjustments.4 With 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 revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annualrate of 0.5 percent in the second quarter.
BILLIONS OF DOLLARS' (RATIO SCALE) BILUONS OF DOLLARS* (RATIO SCALE)
10,000
8,000
10,000
8,0001982
COUNCIL OF KONOMIC ADV1SB5S
Period
19881989199019911992199319941995
1990: IV1991: IV1992: IV1993: I
IIIllIV
1994: IIIIllIV
1995: IIIIllIV
1996: III'
Personal
4,172.84,489.34,791.64,968.55,264.25,480.15,753.16,115.1
4,868.65,048.95,415.35,349.15,459.25,501.65,610.55,562.45,739.15,808.25,902.76,004.56,074.46,146.96,234.56,308.56,412.4
Less:Personaltax andnontax
payments
Billi
532.0594.9624.8624.8650.5689.9731.4794.3
627.1632.5674.8662.4686.9696.4713.8705.5740.8731.3748.1770.0801.5798.4807.2824.9870.6
Equals:Disposable
ons of doll
3,640.83,894.54,166.84,343.74,613.74,790.25,021.75,320.8
4,241.54,416.44,740.54,686.74,772.34,805.24,896.74,856.84,998.35,076.95,154.65,234.55,272.95,348.55,427.35,483.55,541.8
Less:Personaloutlays l
ars
3,451.73,706.73,958.14,097.44,341.04,575.84,832.35,071.5
Se
4,027.94,149.84,450.04,489.24,545.54,602.24,666.34,728.04,796.14,870.84,934.24,980.35,054.45,106.65,144.75,218.15,300.7
Equals:Personalsaving
189.1187.8208.7246.4272.6214.4189.4249.3
asonally «
213.5266.6290.5197.4226.8202.9230.5128.8202.2206.2220.4254.2218.5241.9282.6"265.4241.1
Dispos-able
personalincome in
(1992)dollars
4,318.14,403.74,484.64,486.44,613.74,666.94,778.24,945.8
adjusted am
4,468.84,506.34,688.74,603.04,658.04,674.84,731.74,666.54,776.04,810.24,859,94,903.84,907.14,959.55,012.95,037.65,054.5
Perdisposabl
ine
Cudollars
14,85715,74216,67017,19118,06218,55519,26420,224
raal rates
16,89617,40518,47818,22518,51318,58918,89218,69919,20019,45219,70019,96520,06820,30620,55520,72720,900
eapitae personalome
Chained(1992)dollars
Dol
17,62117,80117,94117,75618,06218,07818,33018,799
17,80217,75918,27717,90018,06918,08418,25617,93618,34618,43018,57418,70418,67618,82918,98619,04119,063
Per capit,eonsuexpen
Currentdollars
lars
13,66914,53115,36015,73216,52017,25318,03318,719
15,56415,87116,87716,98417,16417,33517,52817,71417,92418,15418,33818,46318,68918,82318,90119,12819,383
a personalmptionlitures
Chained(1992)dollars
16,21116,43016,53216,24916,52016,80917,15917,400
16,39816,19416,69216,68116,75416,86416,93717,01917,12717,20017,29017,29617,39317,45417,45817,57317,679
Percentchangein real
per capitadisposablepersonalincome
Perc
3.01.0.8
-1.01.7.1
1.42.6
-8.03.8.3
3.9-6.2
8.71.83.22.8-.63.33.41.2.5
Saving aspercent ofdisposablepersonalincome
ent
5.24.85.05.75.94.53.84.7
5.06.06.14.24.84.24.72.74.04.14.34.94.14.55.24.84.3
Population,includingArmedForces
overseas(thou-
sands)2
245,061247,387249,956252,680255,432258,159260,681263,090
251,031253,743256,543257,155257,787258,501259,192259,738260,327261,004261,653262,181262,748263,399264,032264,563265,155
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 period.
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 fourth quarter of 1995, according to revised estimates, gross farm income fell $10.1 billion (annual rate)and net farm income fell $9.6 billion.
BILUONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)
240200
'240
200
i AH
19ft
ftft
60
Af\
20
in
^
i /
\j
i i i
1982
X^->
111 ^ i
1 ' VI ' *I'1'
1 1 1
1983
* — —
f
i i i
1984
^N.
GROJ
/\
i i i
1985
\^
»S FARM Ih
A •'V -'N
1 1 1
1986
S*
ICOME
*
X1ETFARMIh
i i i
1987
]— ^
\ /M
COME
i t i
1988
-./
i i i1989
-~^
X /*** /
i i i
1990
* B-
i i i1991
f X ~^x
I 11992
^N /
1
1993
f"«— - — •
\^
i i i
1994
i-— x-^*
\A
i i i1995
160
120
80
60
40
20
10
* SEASONAUY ADJUSTED ANNUAL RATESSOURd: DEPARTMENT Of AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally ac^usted annual rates]
Period
19861987 r
1988'1989'1990'1991 '1992'1993'1994'1995'1994: I'
II'Ill'IV
1995: I'II'Ill'IV'
Total1
156.1168.4177.9191.9198.2191.9200.6204.2215.8210.4221.2208.6214.1219.4208.3206.4218.5208.4
(
Gas
Total
135.4141.8151.2160.8169.5167.9171.3177.6180.8185.8179.9170.8186.9185.5180.6181.0199.8181.5
Income of f
jross farm incom
>h marketing rece
Livestock andproducts
71.676.079.683.989.285.885.690.288.186.892.182.997.779.983.281.696.186.5
arm operators fro
e
ipts
Crops
63.865.871.676.980.382.185.787.592.698.987.988.089.2
105.597.499.4
103.795.1
m farming
Value ofinventorychanges 2
-2.2-2.3-4.1
3.83.3-.24.2
-4.58.2
-3.410.29.67.35.8
-4.1-3.9-3.0-2.4
Productionexpenses
125.1131.0139.9146.7153.4153.3152.5160.5167.4175.6164.5166.8168.8169.6172.4175.4177.5177.0
Net farmincome
31.137.438.045.344.838.548.043.748.434.856.741.845.349.835.930.941.031.4
1 Cash marketing receipts and inventory changes phis Government payments, other farm cashincome, and nonmoney income furnished by farms.
2 Physical changes in end-of-year inventory of crop and livestock commodities valued at aver-age prices during the year.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to
annual data in table.
Sources: Department of Agriculture.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITSIn the second quarter of 1996, according to revised estimates, corporate profits before tax rose $2.4 billion (annualrate) and profits after tax fell $0.7 billion.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
650
550
500
450
400
300
250
200
IjO
50
0
-
-
-
-
-
_
_
-
-*— -\.
______
i i i1982
/IJx~"'
~'
-»• >st
1 ! 1
1983
r\^
""•• >
x--*. •<•-%
±i
1 I 11984
S~\
~~ "** "***
f~. .•
* %
i i i1985
_/
v. — <*-
x-)-.L.-r''1986
s^f
^-^^
^,.— .
•^
*••*'
/ UN
i i i1987
SEASONAL
/IS/y
PRC
^.*-*''
^s^' \5ISTRIBUT1
1 i i1988
rADJUSTEDA
PROF
r\\\S
>FrrsAFre
x.-.
s\
D PROFIT
i i i1989
NNUAL RATES
rrsBEFOs
/^JT
RTAX
TAXI
^.-"* 'X,.
'S
i i i1990
ETAX
^^
-^-^
JABILITY\\
"*^-^"
i i i1991
A/]V
^/
" \/
*••*%r % /•\ X
1 1 11992
H/]/
/
S ~"
^
/\
,.—
1 1 1
1993
/
/
^
s
fV
y,~~/
1 1 11994
/
/-^
^ — -*" "
— X*— '
i i 11995
r* ,
-
-
-
___
_
,•-
/-
-
i 1 11996
650
600
550
CAA
450
400
_ _ _
300
250
200
150
inn
50
0
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF fCONQMtC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1987198819891990199119921993 ,.199419951990: IV1991: IV1992: IV
1993: IIIIllIV
1994: IIIIllIV
1995: IIIIllIV
1996: III-
Total 2
272.9325.0330.6358.2378.2398.9457.7517.9570.8356.5375.2420.5
422.4442.0465.9500.5
471.6516.2534.3549.6
542.6547.3597.9595.3
624.8633.5
Profits (be
Total
231.3274.3272.6292.5309.5334.0388.1453.7494.1282.5303.6361.2
347.0375.7393.1436.8
407.0452.4469.9485.5
467.5468.2527.1513.7
541.6555.1
fore tax) wi
Finan-cial
37.143.053.168.687.483.791.094.4
119.170.587.683.1
85.788.188.8
101.3
64.997.8
108.4106.4
114.3112.6130.4119.3
134.9136.6
th inventor
Domestic
Total3
194.2231.2219.6223.8222.1250.3297.2359.3375.0
212.1216.1278.1
261.2287.6304.3335.4
342.1354.6361.5379.0
353.2355.6396.7394.4
406.7418.5
y valuation a
industries
Nonfin
Manufac-turing
85.0115.1109.3112.3
92.796.3
109.7142.7145.7108.483.8
105.1
90.4108.4106.0134.0
145.3134.2142.8148.4
134.7137.8153.2157.3
161.3164.7
cyustment *
ancial
Whole-sale
16.719.320.417.220.623.025.534.529.616.917.028.3
17.928.627.028.7
28.839.534.335.4
29.726.431.231.2
37.532.8
Retail
23.919.620.720.626.132.239.242.238.722.828.637.3
36.338.142.439.8
38.343.243.743.6
36.036.642.539.6
41.744.3
Profitsbefore
tax
293.6354.3348.1371.7374.2406.4464.3531.2598.9376.7382.8420.3
437.0457.6458.0504.5
475.5526.0550.8572.4
594.5589.6607.2604.2
642.2644.6
Taxliability
127.1137.0141.3140.5133.4143.0163.8195.3218.7139.7135.2149.7
151.5162.6159.3181.7
171.4192.8203.4213.5
217.3214.2224.5218.7
233.4236.4
P
Total
166.5217.3206.8231.2240.8263.4300.5335.9380.2
237.1247.6270.6
285.6295.0298.6322.8
304.1333.3347.4358.8
377.2375.3382.8385.5
408.8408.1
rofits after t
Dividends
107.0116.8138.9151.9163.1169.5197.3211.0227.4
152.0165.3180.4
190.2195.8200.2202.9
204.4208.8212.5218.5
221.7224.6228.5234.7
239.9243.1
ax
Undis-tributedprofits
59.5100.5
67.979.477.793.9
103.2124.8152.885.082.290.3
95.399.298.4
119.9
99.7124.5134.9140.3
155.5150.8154.3150.8
168.9165.1
Inventoryvaluationac^ust-nient
-20.7-29.3-17.5-13.5
4.0-7.5-6.6
-13.3-28.1-20.3-7.6
.2
-14.6-15.6
7.9-4.0
-3.9-9.8
-16.5-22.8
-51.9-42.3-9.3-8.8
-17.4-11.0
1 See p. 4 for profits with inventory valuation and capital consumption t2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL GROSS PRIVATE DOMESTIC INVESTMENTIn the second quarter of 1996, according to revised estimates, nonresidential fixed investment in chained (1992)dollars rose $7.0 billion (annual rate) and residential investment rose $10.4 billion. There was an increase of $7.1billion in inventories following a decrease of $3.0 billion in the first quarter.
BILLIONS OF CHAINED (1992) DOLLARS BILLIONS OF CHAINED (1992) DOLLARS
1,100
1,000
900
1,100
900
800
700
600
500
MX)
300
100
0
-100
VX
«— . — '^
^* \
\
1 1 11982
f
J
s
s*
/
.'1 1 11983
r
^ -s
/ • "*x
1 1 11984
K. S
.-^-
1 1 1
1985
-^
^
N\ f
\ —
1 1 1
1986
f
GRC
— -***
RFIXE
CHAN<IN
/% /
i i i1987
SEASONAL
hf)SS PRIVA
INVES1
ESIDENTI/:> INVESTS
\\
3E IN BUJVENTORII
.A
i i i1988
r ADJUSTED A)
pFE DOMESFMENT
**• *** —
tF
\L\ENT
>1NESS:S
i i i1989
NNUAl RATES
FATIC
^V'
MONRESICXED INVE
"-s..
v
V
1 1 1
1990
r^* —)ENTIAL -STMENT
^
- -^
i i i
1991
/"
^--""
. — ••*"
i i i
1992
— """
-..-•-
i i i
1993
r
s
f "** **
1 1 11994
-.--
-x
^
i i i
1995
s
s "
1 1 11996
800
700
600
500
400
300
200
100
-100
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Pe>i*inr1
198719881989199019911992199319941995
1990: IV1991: IV1992: IV
1993: IIIIllIV
1994: IIIIllIV
1995: IIIIllIV
199(>: III'
nprivate
domesticinvestment
820.5826.0861.9817.3737.7790.4857.3979.6
1,010.2
748.1762.4812.4
834.8843.2857.6893.5
933.6984.8994.2
1,005.9
1,023.7996.8
1,015.21,004.9
1,011.91,038.6
Total
799.4818.3832.0805.8741.3783.4836.4921.1975.9
774.4742.0805.8
815.4821.1835.4873.5
892.4911.4930.8949.7
969.5965.7980.0988.5
1,013.31,031.1
F
Total
542.4566.0588.8585.2547.7557.9593.6652.1714.3
573.9539.5569.1
577.5586.4593.1617.6
628.5639.5660.5679.7
704.4710.5719.0723.3
743.5750.5
ixed investme
NTonresidentia
Structures
195.9196.8201.2203.3181.6169.2166.3168.8181.1
196.0171.4165.6
167.0164.8165.1168.2
163.0169.0169.1174.3
178.5180.0182.8183.2
186.6184.9
nt
i
Producers'durable
equipment
346.9369.2387.6381.9366.2388.7427.6484.1534.5
377.9368.1403.5
410.5421.7428.2449.8
466.4471.1492.5506.5
527.2531.7537.4541.4
558.3567.5
Residential
257.6252.5243.2220.6193.4225.6242.7268.9262.8
200.3202.4236.7
237.9234.8242.2255.8
263.6271.6270.3270.3
265.9256.5262.2266.3
271.1281.5
Change ininven
Total
26.211.633.310.4
-3.07.3
19.158.933.1
-28.221.4
5.8
18.520.819.517.4
40.574.564.556.1
54.5, 30.5
33.014.6
-3.07.1
businesstones
Nonfann
34.224.733.57.8
-1.21.9
26.446.837.2
-25.919.97.2
26.026.730.922.1
29.754.050.553.0
57.433.738.619.0
2.911.7
NOTK.—See p. 10 for further detail on fixed investment by type.Because of the formula used for calculating real GDP, the chained (1992) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermedi-
ate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL PRIVATE FIXED INVESTMENT BY TYPE[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]'
Period
198719881989199019911992199319941995
1990: IV1991: IV1992: IV1993: I
IIIllIV
1994: IIIIllrv
1995: IIIIllIV
1996: III'
Totalnonresi-dential
542.4566.0588.8585.2547.7557.9593.6652.1714.3
573.9539.5569.1577.5586.4593.1617.6628.5639.5660.5679.7704.4710.5719.0723.3743.5750.5
Total1
195.9196.8201.2203.3181.6169.2166.3168.8181.1
196.0171.4165.6167.0164.8165.1168.2163.0169.0169.1174.3178.5180.0182.8183.2186.6184.9
Stra
Non-resi-
dentialbuild-ings,
includ-ing
farm
142.4145.3150.2152.0126.9113.2112.8117.7127.9
143.8116.4109.8111.4110.6112.7116.3112.4117.8117.4123.3125.4126.8129.2130.3131.4129.7
stores
Utili-ties
30.730.030.928.132.034.531.131.735.1
28,933.333.932.431.030.730.530.731.232.132.733.734.835.836.036.436.8
Nc
Miningexplo-ration,shafts,
andwe s
15.515.813.916.115.713.314.812.611.2
16.314.413.715.215.214.614.213.413.312.211.512.510.711.010.512.812.9
mresidenti
Total !
346.9369.2387.6381.9366.2388.7427.6484.1534.5
377.9368.1403.5410.5421.7428.2449.8466.4471.1492.5506.5527.2531.7537.4541.4558.3567.5
al
Produ
Inform!and rel
Total
97.5106.6116.2116.2117.8134.2147.1170.4201.1
115.7122.5138.9139.5142.2150.7156.0161.2166.6171.6182.4189,1199.7201.4214.4225.5234.1
eers' dm
ition pro(ated equi
Com-puters
andpe-
riph-eral
equip-ment 2
21.024.029.429.432.443.956.269.391.5
29.936.647.551.152.958.362.564.567.169.376.380.288.291.9
105.6117.2126.3
able equi
jessingpment
Other
80.285.788.188.285.990.291.5
102.6114.2
87.186.291.588.689.693.194.697.8
100.8103.6108.3111.5115.1114.0116.2118.1119.7
pment
In-dus-trial
equip-ment
91.195.3
101.595.088.389.396.3
105.9116.2
91.486.492.693.794.496.3
100.7102.8104.3107.0109.4114.2118.4116.6115.4117.8120.6
Trans-porta-tionand
relatedequip-ment
82.187.178.981.281.786.297.5
111.7118.1
82.881.691.593.099.595.0
102.7109.0105.3115.8116.6121.9114.9120.3115.4117.5114.9
Totalresi-den-tial3
257.6252.5243.2220.6193.4225.6242.7268.9262.8
200.3202.4236.7237.9234.8242.2255.8263.6271.6270.3270.3265.9256.5262.2266.3271.1281.5
B
Total
251.6246.3237.0214.5187.6219.5236.3262.1255.8
194.4196.6230.5231.7228.5235.7249.2257.0264.8263.5263.2258.9249.6255.3259.3264.1274.3
esidential
Struct
Singlefamily
128.3126.1121.9110.496.4
116.5127.1140.5127.7
9?. 6105.1121.6124.9122.5126.3134.4140.3143.5140.8137.4133.0123.0125.8129.1132.5137.6
ures
Multi-family
28.323.423.319.715.413.110.413.517.6
18.614.211.510.310.010.710.611.212.814.515.616.817.417.818.519.221.0
Other
94.896.891.884.475.789.998.8
108.1110.9
78.177.397.496.596.098.7
104.1105.4108.4108.2110.4109.3109.8112.2112.4113.0116.3
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
1993 i
19942
19953
1996^
Total
pendi-tures
489.7
549.9
594.5
603.4
Total
488.2
547.8
591.7
600.7
Miningandcon-
struc-tion
31.2
36.1
36.0
33.6
M
Total
134.1
153.3
172.3
184.8
amifacturi
Dura-ble
goods
66.4
78.9
91.4
100.2
ng
Non-durablegoods
67.7
74.4
80.9
84.6
By in
Trans-porta-tion
30.6
33.3
37.0
35.2
Justry
Com-muni-cations
37.1
41.5
46.0
46.3
Utili-ties
41.3
42.2
42.8
40.6
Whole-saleand
retailtrade
60.3
68.9
75.1
71.9
Tji;
nance,insur-ance,andreal
estate
40.2
46.8
57.3
57.7
Serv-ices
111.8
123.5
123.7
129.4
Servingmul-tiple
indus-tries
1.7
2.2
1.5
1.3
Notdistrib-
. lyyindus-
try
1.4
2.2
2.8
2.7
1 Estimates collected from the 1993 Annual Capital Expenditures Survey.2 Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are scheduled for release in summer 1996.3 Revised estimates collected from the March 1996 Investment Plans Survey. Final data will
be available upon release of the 1995 Annual Capital Expenditures Survey.4 Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.
NOTE.—Data for 1994-1996 from Business Investment and Plans released March 28, 1996.Data for 1993 from Annual Capital Expenditures: 1993.
The Business Investment and Plans release has been discontinued effective with release ofthe March 1996 survey estimates. Estimates of business investment and plans will be availableannually with release of the Annual Capital Expenditures Survey.
Source: Department of Commerce, Bureau of the Census.
10
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEIn August, employment rose by 171,000 and unemployment fell by 467,000.
MILLIONS OF PERSONS* MILLIONS OF PERSONS *
138
130
126
122
118
114
110
-~^-**•
u*./'*'
/
^^^— *- *~
..Ill l s^
s
CIVILIAN LABCN
. ^^-^— '
- ,_-„
C1VIL1AEMPLOYE
EASONALLY ADJUSTED
)R FORCE
r^" — 1
NENT
r -~-
_—
— 1
*""'
1 "" 1r "~• ^ —
-
X
138
130
126
122
114
1988 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
198631987198819891990319911992199319944
1995
1995: AugSeptOctNovDec
1996: JanPebMarAprMayJuneJulyAug
Civiliannoninstitu-
tionalpopulation
NSA
180,587182,753184,613186,393189,164190,925192,805194,838196,814198,584
198,801199,005199,192199,355199,508
199,634199,772199,921200,101200,278200,459200,641200,847
Civilianlaborforce
117,834119,865121,669123,869125,840126,346128,105129,200131,056132,304
132,298132,501132,473132,471132,352
132,903133,018133,655133,361133,910133,669134,181133,885
Total
109,597112,440114,968117,342118,793117,718118,492120,259123,060124,900
124,859125,036125,244125,062124,981
125,226125,663126,151126,095126,462126,610126,884127,055
Civilian ei
Agricul-tural
3,1633,2083,1693,1993,2233,2693,2473,1153,4093,440
3,3763,3353,4343,3233,325
3,5293,5193,4873,3683,4913,3823,5023,421
nployment
Nonagi
Total
106,434109,232111,800114,142115,570114,449115,245117,144119,651121,460
121,483121,701121,810121,739121,656
121,698122,143122,664122,726122,971123,228123,382123,635
icultural
Part timefor
economicreasons 1
5,3455,1224,9654,6574,9505,8746,2406,2304,4144,279
4,2914,3554,2744,2834,306
3,8424,2744,2234,2874,0684,1464,1594,205
Unemp
Total
8,2377,4256,7016,5287,0478,6289,6138,9407,9967,404
7,4397,4657,2297,4097,371
7,6777,3557,5047,2667,4487,0607,2976,830
oyment
15weeks
over
2,2321,9831,6101,3751,5252,3573,4083,0942,8602,363
2,3712,3232,2812,3052,322
2,3702,3072,4792,3882,3362,4352,3192,248
Not inlaborforce
62,75262,88862,94462,52363,32464,57864,70065,63865,75866,280
66,50366,50466,71966,88467,156
66,73066,75466,26666,74166,36866,79066,46066,962
Laborforce
partici-pationrate
65.365.665.966.566.566.266.466.366.666.6
66.566.666.566.466.3
66.666.666.966.666.966.766.966.7
Percent2
Employ-ment/pop-
ulationratio
60.761.562.363.062.861.761.561.762.562.9
62.862.862.962.762.6
62.762.963.163.063.163.263.263.3
ploy-
rate
7.06.25.55.35.66.87.56.96.15.6
5.65.65.55.65.6
5.85.55.65.45.65.35.45.1
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 noninstitutional population; andunemployment as percent of civilian labor force.
3 Not strictly comparable with earlier data.
4 Data beginning January 1994 are not directly comparable with data tor earlier periods be-cause of a major redesign of the household survey questionnaire.
Source: Department of Labor, Bureau of Labor Statistics.
11
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED UNEMPLOYMENT RATESIn August, the unemployment rate fell to 5.1 percent, from 5.4 percent in July.
PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)
15
10
1992 1996 1992 1993 1994 1995 1996
*UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIEDSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1986198719881989199019911992199319942
1995
1995: AugSeptOctNovDee
1996: JanPebMarAprMayJuneJulyAug
Allcivilianworkers
7.06.25.55.35.66.87.56.96.15.6
5.65.65.55.65.6
5.85.55.65.45.65.35.45.1
B
Men20 yearsand over
6.15.44.84.55.06.47.16.45.44.8
4.84.84.54.94.8
4.94.95.04.84.84.64.74.2
y sex and aj
Women20 yearsand over
6.25.44.94.74.95.76.35.95.44.9
4.94.95.04.84.7
5.14.84.84.75.04.64.94.6
Unemp
ge
Bothsexes16-19years
18.316.915.315.015.518.720.119.017.617.3
17.617.717.117.818.0
18.216.617.516.716.415.916.417.2
loyment rs
White
6.05.34.74.54.86.16.66.15.34.9
4.84.94.85.04.9
5.04.94.84.74.94.64.74.4
ate (percent
By race
Blackand
other
13.111.610.410.010.111.112.711.710.59.6
10.010.19.49.09.3
9.59.19.89.49.29.09.48.7
of civilian
Black
14.513.011.711.411.412.514.213.011.510.4
11.011.110.09.6
10.2
10.610.311.110.510.210.110.510.5
labor force
Expe-riencedwageand
salaryworkers
6.65.85.25.05.36.67.26.65.95.4
5.45.55.45.45.4
5.45.35.45.35.45.15.24.9
in group)
By
Marriedmen,
spousepresent
4.43.93.33.03.44.45.14.43.73.3
3.33.43.23.33.2
3.33.03.13.02.93.03.02.9
selected groi
Womenwho
maintainfamilies
9.89.28.18.18.39.3
10.09.78.98.0
7.28.07.97.76.8
8.27.57.76.88.77.69.18.8
aps
Pull-timeworkers l
6.96.05.35.15.46.87.56.96.15.5
5.55.55.45.55.5
5.75.45.55.45.55.25.34.9
Part-timeworkers 1
7.46.96.46.26.47.07.57.26.06.0
6.05.95.95.95.9
6.06.26.05.85.95.66.15.9
1 Revised definition; for details, see Employment and Earnings, February 1994.2 Data beginning January 1994 are not directly comparable with data for earlier perioc
NOTE.—Data relate to persons age 16 years and over.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 August, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14 weeks fell; the percentage for 15-26 weeks rose; and the percentage for 27 weeks and over was unchanged.The mean duration of unemployment rose to 17.4 weeks and the median duration fell to 8.5 weeks.
PERCENT DISTRIBUTION
70
PERCENT DISTRIBUTION *
70
60
- 50
40
- 30
20
REASON FOR UNEMPLOYMENT
o l imiii i i i i1992
* SEASONALLY ADJUSTEDI/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.SOURCE: DEPARTMENT OF LABOR
1992
JOB LOSERS -
—
REENTRANTS
JOB LEAVERS
1 II 1 1 i 1 1 1 1
NEW ENTRANTS
I II I ill I III I HI III! Ill1994 1995
1 1 1 1 1 1 1 1 1 1
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Period
1986198719881989199019911992199319943
19951995: Aug
SeptOctNovDee
1996: JanPebMarAprMayJuneJulyAug
Unemploy-
ment(thou-sands)
8,2377,4256,7016,5287,0478,6289,6138,9407,9967,4047,4397,4657,2297,4097,3717,6777,3557,5047,2667,4487,0607,2976,830
I
Lessthan
5weeks
41.943.746.048.646.340.335.136.534.136.536.437.537.237.136.436.837.835.433.837.635.136.836.2
Du
^reent d
5-14weeks
31.029.630.030.332.032.429.428.930.131.631.831.231.832.032.531.930.931.132.731.230.531.631.0
ration of
istributio
15-26weeks
12.712.712.011.211.714.415.114.515.514.615.114.213.714.214.514.815.315.715.513.615.813.114.3
unemplo
n
27weeksandover
14.414.012.19.9
10.012.920.320.120.317.316.717.117.216.716.616.516.017.818.017.618.618.518.5
yment
Number
Aver-age
(mean)
15.014.513.511.912.013.717.718.018.816.616.316.316.216.316.216.016.617.317.416.817.616.817.4
of weeks
Median
6.96.55.94.85.36.88.78.39.28.38.48.18.18.08.18.38.08.38.88.38.18.68.5
Rea1
Joblos-ers1
48.948.046.145.748.154.456.154.247.746.946.545.947.546.946.947.648.147.450.046.048.646.144.8
son for ujereent dj
Jobleav-ers
12.313.014.715.714.811.610.410.99.9
11.111.611.710.511.511.911.510.010.49.79.09.6
10.311.3
lemploynstributio
Reen-trants
26.226.627.028.227.424.823.824.634.834.134.034.234.433.733.232.533.734.432.837.834.334.935.9
dent:n
Newen-
trants
12.512.412.210.49.89.29.7
10.37.67.87.88.17.77.98.18.58.27.97.67.27.58.68.0
Staprogr
Insuredunem-ploy-
Weekly
2,6432,3002,0812,1582,5223,3423,2452,7512,6702,5742,6342,6322,6782,6522,6252,6552,6602,6412,5762,5442,5702,5372,523
teEims
Initialclaims
average,
378328310330388447408341340357346357365375363374371393356348356335323
Insuredunem-
ployment,all
regularprograms(unadjust-
ed) 2
thousands
2,7392,3692,1352,2052,5753,4063,3482,8452,7392,6362,4612,1972,2932,4222,6693,4993,3333,1612,9342,3522,3832,5502,264
1 Beginning' Jantmiy 1994, job losers and persons who completed temporary jobs.2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-serv-
icemen (UCX), and Federal (UCFE). Railroad (RR) 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).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Ad-ministration).
13
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NONAGRICULTURAL EMPLOYMENTTotal nonagriculturai employment as measured by the payroll survey rose by 250,000 in August.
MILLIONS OF PERSONS*
130
120
110
100 -
90
80
70
40
30
20
ALL NONAGRICULTURALESTABLISHMENTS
SERVICE-PRODUCINGINDUSTRIES
_
i l l iniumV 1992
GOC
I M I l l l M I I
1993
>DS-PRODUCINDUSTRIES
\i imlimi
1994
ING
I l l l l l l l l l l
1995
—
1 1 I 1 1 1 1 1 I ! 1 1
1996 N
SERVICES
MILLIONS OF PERSONS* (ENLARGED SCALE)
36
34
32
30
28
26
24
22
20
18
16
20
18
6
4
RETAIL TRADE.
GOVERNMENT -
MANUFACTURING
CONSTRUCTION
1992 1993
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Period
1986198719881989199019911992199319941995 ,1995: Aiig
SeptOctNovDec
1996: JanPebMarAprMayJuner
July-Aug*
Totalnonagri-eulturalemploy-
ment
99,344101,958105,210107,895109,419108,256108,604110,730114,172117,203117,499117,623117,749117,899118,136118,070118,579118,737118,928119,335119,554119,782120,032
Total2
24,53324,67425,12525,25424,90523,74523,23123,35223,90824,20624,17924,17624,15124,13324,16024,11224,25424,19624,20924,26224,27524,26624,295
Goods-p
Con-struc-tion
4,8104,9585,0985,1715,1204,6504,4924,6684,9865,1585,1645,1875,2005,2115,2235,2345,3495,3405,3535,3845,4035,4265,432
reducing ii
M
Total
18,94718,99919,31419,39119,07618,40618,10418,07518,32118,46818,43918,41518,37818,35318,36718,30918,33218,28218,28318,30218,29718,27018,295
idustries
anufacturi
ThlTfllllA
11,19511,15411,36311,39411,10910,56910,27710,22110,44810,65410,65310,64810,63110,62810,66710,64310,65910,62310,65410,67910,69510,68210,714
ng
Non-durablegoods
7,7527,8457,9517,9977,9687,8377,8277,8547,8737,8147,7867,7677,7477,7257,7007,6667,6737,6597,6297,6237,6027,5887,581
Total
74,81177,28480,08682,64284,51484,51185,37387,37890,26492,99793,32093,44793,59893,76693,97693,95894,32594,54194,71995,07395,27995,51695,737
Trans-porta-
tion andpublic
utilities
5,2475,3625,5145,6255,7935,7625,7215,8295,9936,1656,1876,1946,2126,2336,2496,2546,2706,2896,2946,3116,3276,3336,348
Ser\
Whole-sale
trade
5,7615,8486,0306,1876,1736,0815,9975,9816,1626,4126,4376,4516,4656,4786,4986,5126,5296,5486,5506,5676,5766,5866,593
dce-produc
17,88018,42219,02319,47519,60119,28419,35619,77320,50721,17321,22521,25821,26321,30021,33421,26821,34021,34321,42221,49921,57521,66321,684
ing indusl
Finance,insur-ance,
and realestate
6,2736,5336,6306,6686,7096,6466,6026,7576,8966,8306,8336,8426,8596,8716,8876,8946,9196,9326,9426,9646,9676,9877,007
ries
Services
22,95724,11025,50426,90727,93428,33629,05230,19731,57933,10733,26933,37733,46033,54633,66133,69433,90234,03534,11434,27434,38334,45734,538
Goven
Total
16,69317,01017,38617,77918,30418,40218,64518,84119,12819,31019,36919,32519,33919,33819,34719,33619,36519,39419,39719,45819,45119,49019,567
iment
Federal
2,8992,9432,9712,9883,0852,9662,9692,9152,8702,8222,8222,8122,8012,7962,7902,7832,7802,7802,7772,7762,7562,7532,748
1 Includes all full- and part-time wage and salary workers in nonagriculturai establishmentswho received pay for any part of the pay period which includes the 12th of the month. Excludesproprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Totalin this table not comparable with estimates of nonagricultural employment of the civilian laborforce, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;which count persons as employed when they are not at work because of industrial disputes,bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports fromemploying establishments. In the series shown here, persons who work at more than one jobare counted each time they appear on a payroll, in contrast to the series shown on p. 11, wherepersons are counted only once—as employed, unemployed, or not in the labor force.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
14
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Period
1986198719881989199019911992199319941995
1995: AugSeptOctNovDec
1996: JanPebMarAprMayJuner
July'AugP
Avei
Total
nonagri-cultural 1
34.834.834.734.634.534.334.434.534.734.5
34.434.434.534.434.333.834.534.534.334.234.734.334.4
•age weekly h
Manufa
Total
40.741.041.141.040.840.741.041.442.041.6
41.541.541.441.541.240.041.441.441.541.741.841.641.7
ours
cturing
Overtime
3.43.73.93.83.63.63.84.14.74.4
4.34.44.34.34.24.14.34.34.64.64.64.44.4
Average
Totalnonagrk
Currentdollars
$8.768.989.289.66
10.0110.3210.5710.8311.1211.44
11.4611.5211.5511.5911.6111.6211.6511.6811.7211.7311.8311.8111.87
gross hourly
privateultural *
1982dollars2
$7.817.737.697.647.527.457.417.397.407.40
7.397.427.427.447.447.417.427.407.407.387.447.417.45
earnings
M ftaring
$9.739.91
10.1910.4810.8311.1811.4611.7412.0712.37
12.4212.4312.4612.4912.5112.6312.5612.5512.7412.7212.7712.8012.93
Totalnonagrk
Currentdollars
$304.85312.50322.02334.24345.35353.98363.61373.64385.86394.68
394.22396.29398.48398.70398.22392.76401.93402.96402.00401.17410.50405.08408.33
privateultural 1
1982dollars 2
$271.94269.16266.79264.22259.47255.40254.99254.87256.73255.29
254.34255.34255.93255.91255.11250.48255.84255.36253.79252.47258.18254.29256.17
Average
(
Manufac-turing
$396.01406.31418.81429.68441.86455.03469.86486.04506.94514.59
515.43515.85515.84518.34515.41505.20519.98519.57528.71530.42533.79532.48539.18
gross weekly
Current dollai
Construc-tion
$466.75480.44495.73513.17526.01533.40537.70553.63573.00585.10
585.92587.08593.54589.76583.28582.55604.63589.79594.39583.31595.98598.69599.08
earnings
•s
Retailtrade
$176.08178.70183.62188.72194.40198.48205.06209.95216.46221.47
221.56223.49223.49224.84224.15221.59226.08227.73225.94228.38232.00229.03230.98
Percent eh,a year ear
privateagricul
Currentdollars
1.92.53.03.83.32.52.72.83.32.3
2.42.42.02.32.1.2
2.73.12.63.64.62.53.5
ange fromlier, totalnon-
tural8
1982dollars
0.3-1.0-.9
-1.0-1.8-1.6-.2-.0
.7-.6
-.11-.6-.1-.4
-2.5.0.3
-.3.6
1.8-.4
.71 Also includes other private industry groups shown on p. 14.2 Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982=100 base).
3 Based on seasonally unadjusted data.Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Period
1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec1991: Dec1992: Dec1993: Dec1994: Dec1995: Dec'
1993: MarJuneSeptDec
1994: MarJuneSeptDec
1995: MarJuneSeptDec
1996: MarJune
Index
Totalcompensa-
tion
90.193.197.6
102.3107.0111.7115.6119.8123.5126.7
116.9117.9118.9119.9120.8121.8122.8123.5124.4125.3126.1126.9127.8128.8
(June 1989 =
Wages andsalaries
91.194.198.0
102.0106.1110.0112.9116.4119.7123.1
113.9114.6115.6116.5
117.2118.1119.0119.7
120.6121.5122.4123.2
124.5125.6
100)
Benefits *
87.590.596.7
102.6109.4116.2122.2128.3133.0135.9
Seasonally
124.8126.5127.7128.9130.3131.5132.9133.6133.8134.6135.4136.1136.0136.9
Totaleompensa-
Nots
f adjusted
1.0.9.8.8.8.8.8.6.7.7.6.7.7.8
{ months earlie
Wages andsalaries
easonally ad>
0.8.6.9.8.6.8.8.6.8.7.7.7
1.1.9
Percent eh
r
Benefits1
usted
1.61.4.9.9
1.1.9
1.1.5.1.6.6.6
-.1.7
ange from
IS
Totalcompensa-
3.23.34.84.84.64.43.53.63.12.6
Nots
3.53.63.73.63.33.43.33.12.92.82.62.62.72.9
5 months earlie
Wages andsalaries
3.23.34.14.14.03.72.63.12.82.8
easonally a^
2.72.73.13.1
2.93.12.92.8
2.92.92.82.8
3.23.4
r
Benefits l
3.43.46.96.16.66.25.25.03.72.2
usted
5.65.85.45.04.43.94.03.72.92.62.12.21.61.7
1 Employer costs for employee benefits.NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Period
1986198719881989199019911992199319941995
1993: IIIIllIV
1994: IIIIllIV
1995: IIIIllIV
1996: IIP*
1986198719881989199019911992199319941995
1993: IIIIllrv
1994: IIIIllIV
1995: IIIIllIV
1996: III'*
Output p<allpe
Businesssector
94.294.194.695.396.196.7
100.0100.2100.7101.2
100.299.8
100.0100.9
100.4100.5101.1101.2
100.7101.2101.6101.5
102.0102.3
2.59
.5
.8
.8
.63.4
.2
.5
.5
-3.5-1.6
.73.7
-1.9.6
2.2.6
-1.91.91.7-.62.01.1
sr hour ofrsons
Nonfarmbusinesssector
94.994.695.295.796.296.9
100.0100.2100.7101.3
100.199.7
100.1100.8
100.2100.5101.0101.2
100.8101.3101.8101.5
102.0102.1
2.6-.3
.6
.5
.5
.73.2
.2
.5
.7
-3.7-1.8
1.62.7
-2.01.02.0
.9
-1.62.02.0
-1.11.8.5
Out]
Businesssector
88.691.194.697.898.796.9
100.0102.7107.0109.6
101.4102.1102.8104.5
104.9106.7107.7108.7
108.8109.0110.3110.4
111.2112.7
3.22.93.83.4
.9-1.8
3.22.74.22.5
-1.22.53.06.5
1.76.94.13.8
.3
.74.8
.53.05.2
jut1
Nonfarmbusinesssector
88.791.495.198.198.897.1
100.0102.9107.0109.9
101.6102.2103.3104.7
104.9106.7107.8108.8
109.0109.2110.6110.7
111.4112.8
Peree
3.43.04.13.2
.7-1.8
3.02.94.02.7
-.92.74.15.5
.87.04.24.0
.6
.95.0.3
2.74.9
Hourspers<
Businesssector
Indexes,
94.096.8
100.0102.5102.6100.2100.0102.5106.2108.3
101.3102.3102.9103.6
104.5106.1106.6107.4
108.1107.7108.5108.8
109.1110.2
nt chang
0.73.03.32.5.1
-2.3-.22.53.72.0
2.44.22.32.7
3.66.31.93.2
2.3-1.1
3.01.11.04.0
of allMIS2
Nonfarmbusinesssector
1992=1
93.596.599.9
102.5102.7100.2100.0102.8106.3108.4
101.4102.6103.2103.9
104.6106.1106.7107.5
108.1107.8108.6109.0
109.3110.4
e; quarte
0.83.23.52.6
.2-2.5-.22.83.52.0
2.94.62.52.7
2.95.92.13.1
2.2-1.0
2.91.51.04.4
Compenshoi
Businesssector
00; quart
77.079.983.585.890.795.1
100.0102.5104.5108.2
101.7102.3102.8103.3
104.0104.2104.7105.6
106.6107.8108.8110.0
110.8111.9
rly data s
5.23.84.52.85.74.85.22.51.93.6
1.92.61.91.8
2.6.8
2.33.4
3.64.63.94.43.04.0
at ion perir3
Nonfarmbusinesssector
jerly data
77.380.283.685.990.695.1
100.0102.3104.3108.2
101.5102.0102.5103.0
103.7104.0104.6105.5
106.5107.7108.8109.9
110.7111.7
it season
5.23.74.32.75.54.95.22.32.13.7
1.32.11.71.9
2.81.42.13.9
3.74.64.04.13.33.7
Real compper h(
Businesssector
seasonally
98.598.799.097.197.497.9
100.099.599.099.7
99.699.699.699.3
99.499.098.698.9
99.199.499.8
100.3
100.2100.3
ally adjust
3.3.2.3
-2.0.3.6
2.1~~ .&-.6
.7
-1.0-.3
.1-1.3
.6-1.8-1.4
1.2
.71.21.81.9
-.2.2
>ensationmr4
Nonfarmbusinesssector
Y a^juste
99.099.199.297.197.397.9
100.099.398.899.6
99.599.399.398.9
99.198.898.498.8
99.099.399.8
100.2
100.2100.1
-ed annus
3.3.1.1
-2.1.1.7
2.1-.7-.5
.8
-1.6-.8-.1
-1.2
.7-1.2-1.6
1.6
.81.11.91.6.0
-.1
UnitGC
Businesssector
d
81.784.988.390.094.498.3
100.0102.3103.8107.0
101.5102.6102.9102.4
103.6103.6103.6104.4
105.8106.5107.1108.4
108.7109.5
il rates
2.64.04.01.94.94.21.72.31.43.1
5.64.31.2
-1.8
4.6.22
2.8
5.62.72.25.01.02.9
labor)St.S
Nonfarmbusinesssector
81.584.787.889.794.298.1
100.0102.1103.7106.7
101.4102.4102.4102.2
103.4103.5103.5104.3
105.6106.3106.8108.2
108.6109.4
2.54.03.72.15.04.21.92.11.53.0
5.24.0.1
-.8
4.8.3.1
2.9
5.42.61.95.21.53.2
Implicidefla
Businesssector
81.683.886.890.594.097.7
100.0102.5104.7107.1
101.7102.3102.7103.3
103.9104.4105.1105.6
106.4106.9107.5107.8
108.2108.8
2.22.73.54.24.03.92.42.52.22.3
3.52.51.32.4
2.41.82.72.0
3.02.22.01.01.52.4
t pricetor5
Nonfarmbusinesssector
81.483.586.490.093.897.6
100.0102.5104.9107.2
101.8102.4102.7103.3
103.9104.5105.3105.7
106.5107.1107.5107.8
108.1108.7
2.22.63.44.24.24.12.42.52.32.2
3.82.11.22.5
2.52.22.91.9
3.02.01.7.9
1.42.1
1 Output refers to real gross domestic product originating in the sector.2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.3 Wages and salaries of employees 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).5 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.*Data for 1996: II are based on GDP data released on August 29, 1996. GDP data for
1996: II shown elsewhere in this issue of Economic Indicators were released on September 27,1996.
Source: Department of Labor, Bureau of Labor 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 rose in August.
INDEX, 1987 - 100- (RATIO SCALE)160
1401 <JA
no100
TOTAL 1ND
^—1
USTR1ALPRO
.— - - 1
hi i ii
DUCTION
^^^
Ill II 1 II III 1 1 1 1 1
r^~"
il 1 II 1
150
140
130
120
110
100
90
UTILITIES A
-^^^
1 1 1 1 1 1 1 1 1 1 11992
ND MINING
/ Vx
"**—****' —
1 1 1 1 1 1 1 1 1 1 1
1993
— UTILITIES -
, \— MINING -
_ \
1 1 1 1 1 1 1 1 1 1 11994
^v
1 1 1 1 1 1 1 1 1 1 11995
** ' \x
^/
1 1 1 1 1 1 1 1 1 1 11996
INDEX, 1987 . 100* (RATIO SCALE)180170
160
150
140
130
120
110
100
90
80
70
60
FINAL PRC
x-^^'
^-*.—"~
*"*N ' «s
/E
1 1 1 1 1 1 1 1 1 1 1
PERCENT*
Duas
BUSINESEQUIPME
_^s~>
"N.
DEFENSEkND SPACEQUIPMENT
1 1 1 1 1 1 1 1 1 i i
S
^T x^
"
. — \- —
\-CONSUME
GOODS
*s"v
— • —
1 1 1 i 1 I i 1 1 11
f* — ~>~^~'
R
^.^
"v^
M i l l 1 i i i I
fS^
./•"'"•'1 1 1 1 1 1 1 1 1 1 1
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
1992 1996
COUNCIL OF ECONOMIC ADVISERS
(Monthly data seasonally acjjusted]
Period
1986198719881989199019911992199319941995
1995: AugSeptOctNovDec
1996: JanFebMarAprMayr .-.Juner
July'Aug^
Total in
Index,1987=100
95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9
122.7122.8122.2122.6122.8
122.5124.2123.6124.5125.4126.2126.3126.9
dustrial proc
Percent
Frompreced-
ingmonth
1.0.1
-.5.3.2
-.21.3-.5
.8
.7
.6
.1
.5
uetion
change 1
Fromyear
earlier
0.94.94.41.5
.0-1.8
3.43.55.93.2
3.23.21.91.71.1
.62.01.42.63.33.93.93.4
]
I
Total
94.3100.0104.7106.4106.1103.8108.2112.3119.7123.9
124.2124.9124.4124.5124.8
124.5126.2125.2126.5127.4128.4128.8129.1
ndustry proc
^amifaeturin
Durable
93.9100.0106.6108.6107.4104.1109.3115.6125.8132.5
133.2134.4133.5134.3134.8
134.9137.5135.6138.3139.1141.2141.6142.0
uetion indext
g
Nondura-ble
94.9100.0102.3103.7104.4103.4106.7108.6113.0114.3
114.3114.4114.3113.7113.8
113.1113.8113.6113.5114.4114.4114.8114.9
js, 1987=10(
Mining
101.0100.0101.3100.0102.0100.2
98.998.0
100.399.9
100.0100.0
98.298.398.1
97.198.0
101.1100.4100.5101.9100.9103.3
)
Utilities
96.3100.0105.0108.7109.9112.3111.9116.3117.9122.0
128.8122.7121.6125.4125.1
125.6126.6128.0126.4128.4126.2123.9125.8
Capacity irate, pe
Totalindustry
79.281.583.783.782.179.280.381.483.983.8
83.983.783.083.082.9
82.483.382.683.083.383.583.383.5
itilizationreent2
Manufac-turing
79.181.683.683.281.378.079.580.683.383.0
82.782.882.282.081.9
81.482.381.381.982.182.582.482.3
1 Percent changes based on unrounded indexes. 2 Output as percent of capacity.
Source: Board of Governors of the Federal Reserve 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
1986198719881989199019911992199319941995
1995: AugSeptOct....NovDec .,
1996: JanFebMarAprMayJune'JulyAug^
Total
95.7100.0104.8106.8107.0105.4108.7112.7118.3121.4
122.4122.6121.3121.9122.1
121.9124.5123.4124.8125.1125.8126.6126.4
Co
Total
96.8100.0102.9104.0103.4103.0106.0109.5113.7115.1
115.9116.0114.9115.9115.7
114.6116.6115.3115.9116.3116.6117.3116.5
I
nsumer gc
Dur-able
goods
94.5100.0104.6106.6102.396.0
103.0113.3124.2124.2
124.0125.8123.4124.9126.3
120.3125.1119.3125.5126.2129.9131.1127.4
Inal produc
>ods
Nondur-able
goods
97.6100.0102.4103.2103.8105.0106.9108.6111.2112.9
113.9113.7112.9113.8113.2
113.3114.5114.4113.6114.0113.4113.9113.9
Produ<
ts
i
Total1
94.5100.0107.6110.9112.1108.8112.5117.5125.3131.4
132.9133.1131.5131.4132.3
133.7137.3136.5139.2139.2140.8141.7142.6
3tS
Iquipment
Busi-ness
93.1100.0110.7115.5116.9115.9123.4131.8144.9155.7
157.5158.2156.5156.9158.4
160.5164.8162.7166.3166.0168.5170.0170.9
fenseand
spaceequip-ment
96.0100.099.7
100.1' 98.8
90.884.879.371.965.9
66.165.264.462.962.0
61.663.164.264.064.363.764.165.0
Interm
Total
91.9100.0101.8102.0101.296.899.3
101.8107.3109.0
109.4109.5109.2109.3110.1
108.5109.3109.6108.6110.1110.9109.9110.2
ediate pr
Con-struc-tionsup-plies
93.8100.0101.5100.598.291.695.298.4
106.2108.2
107.0108.4108.3108.7110.5
107.2109.3111.5109.2111.0113.8112.2111.9
oducts
nesssup-plies
90.7100.0102.0103.0103.2100.2102.0104.1108.2109.6
111.0110.3109.9109.9110.0
109.6109.5108.6108.4109.6109.2108.6109.3
Mate
Total
95.9100.0105.0106.7106.8105.5109.7113.8122.0127.4
128.1128.1128.1128.4128.4
128.5129.4129.1130.3131.6132.5132.2133.8
rials
Energy
99.5100.0102.2103.1104.2104.4103.7103.5105.3106.6
108.5105.8105.5105.7106.0
105.9106.1108.2107.0108.1107.6106.2108.9
1 Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Period
1986198719881989199019911992199319941995
1995: AugSeptOctNovDec
1996: JanFebMarAprMayJuner
JulyAug/>
Primary
Total
93.7100.0108.7107.2106.598.6
101.9107.7116.4119.2
115.4121.0115.7120.8120.0
121.5117.1118.0119.2118.6121.5120.5120.3
r metals
Ironandsteel
90.8100.0112.7111.2111.5100.5104.7111.9119.3122.4
117.7127.0115.1126.1122.7
128.1119.5120.2122.9121.0125.1126.1124.0
Fabri-catedmetalprod-ucts
93.8100.0104.2102.899.594.599.0
103.1110.5113.9
114.3115.1114.0114.5115.0
115.6117.0116.1115.5116.7117.2117.0117.7
Durable m
Indus-trial
machin-ery andequip-
90.3100.0113.0117.3117.6114.7124.0138.1157.7177.8
179.5181.3183.8186.5190.1
191.9196.1197.8199.0201.2205.1205.4208.1
anufaetures
Elec-trical
machin-ery
94.3100.0108.5111.0111.4113.9123.5134.1154.3174.9
178.7180.8182.4183.6182.8
182.4188.7187.9187.3188.8191.5191.7192.1
Transp<equip
Total
96.9100.0105.2109.6107.0101.1104.8109.2115.3113.3
114.1114.1109.3108.6109.7
108.3112.1103.1114.6114.6116.6120.0119.0
ortationment
Motorvehicles
andparts
98.5100.0105.7106.9101.094.4
107.4122.9141.2141.9
142.1143.3139.7140.7141.2
135.5141.1121.3144.3144.7148.7154.1150.8
Lum-berand
prod-ucts
95.1100.0100.199.497.190.295.297.1
104.0104.5
103.7106.2105.7104.8106.9
103.1103.3107.5108.4107.7110.5108.1107.0
Noi
Ap-parelprod-ucts
96.3100.098.195.092.292.795.097.1
100.195.7
94.594.593.392.491.5
89.290.989.790.490.890.989.689.1
ndurable n
Print-ingandpub-
lishing
90.6100.0100.9101.1100.897.098.198.8
100.199.4
100.599.898.999.398.8
97.998.796.796.397.796.796.497.2
lanufactui
Chemi-calsand
prod-ucts
94.6100.0106.0109.2111.8110.5114.4115.4121.3125.0
124.4125.3126.7126.0126.5
127.1127.1126.5126.0127.7128.1129.2128.6
-es
Foods
97.4100.0101.5102.5103.7105.3106.9109.5113.2115.3
115.5115.5115.4114.8114.8
114.8116.0115.6115.4115.6115.0115.8115.7
Sowee: Board of Governors of the Federal Reserve System.
18Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTION[Monthly data seasonally adjusted]
Period
1986198719881989199019911992199319941995
1995: AugSeptOctNovDee
1996: JanFebMarAprMay'June1"July>Aug**
Total newconstructionexpenditures
429.9441.6455.6469.8468.5424.2452.1482.7527.1547.1
542.3550.5550.0549.7555.7
559.0544.6557.0565.0558.7562.6554.7
Tote!
345.3351.0360.9371.6361.1314.1336.2362.6400.0410.2
405.9411.3410.6411.0417.2
418.9411.2419.7423.6417.4422.0415.4
Resk
Total*
B
187.1194.7198.1196.6182.9157.8187.8210.5238.9236.6
234.5237.7238.0239.9243.1
242.5238.6245.9247.5247.3246.7244.0
Private
tential
New housing
illions of dollars
133.2139.9138.9139.2128.0110.6129.6144.1167.9162.9
Annual rates
161.8164.3165.8166.4168.1
169.2166.9173.8178.7178.0177.5174.7
Commercialand indus-
trial2
105.5104.4109.6118.0119.4
93.782.284.493.3
107.0
106.6107.5106.0107.3108.9
109.3107.4106.4108.1102.8108.7104.4
Other
53.252.053.257.158.862.666267.767.866.6
64.866.266.663.865.2
67.165.267.468.067.466.567.1
Federaland
Stateandlocal
84.690.694.798.2
107.5110.1115.8120.2127.1136.9
136.4139.1139.4138.7138.5
140.1133.3137.3141.4141.3140.6139.3
Constructioi
Total valueindex
(1987=100)
96100101105958997
105114118
'122120120122117
120'114
126'129
127123122124
i contracts3
Commercialand industrial
floor space(millions ofsquare feet)
1,0161,019
973961783577556589744842
Annual rates
826828731851784
697615750708807723628696
1 Includes residential improvements, not shown separately.2 Includes hotels and motels.3 F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and 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: JulyAugSeptGetNovDec
1996: JanFebMarAprMayJune'July'AugP
I
Total
1,805.41,620.51,488.11,376.11,192.71,013.91,199.71,287.61,457.01,354.1
1,4501,4011,4011,3511,4581,425
1,4531,5141,4391,5111,4781,4901,4601,525
Fnits started, bj
1 unit
1,179.41,146.41,081.31,003.3
894.8840.4
1,029.91,125.71,198.41,076.2
1,1251,1351,1301,1091,1291,150
1,1461,1831,1631,2091,1441,2091,1431,238
New private
r type of struct
2-4 units
84.065.358.855.237.535.630.729.435.033.7
Seasonal
392839313229
2033255349464336
housing units
are
5 or moreunits
542.0408.7348.0317.6260.4137.9139.0132.6223.5244.1
ly adjusted annu
286238232211297246
287298251249285235274251
Unitsauthorized
1,769.41,534.81,455.61,338.41,110.8
948.81,094.91,199.1
3 1,371.61,332.5
al rates
1,3581,3791,4271,3931,4501,487
1,3781,4171,4231,4591,4521,4151,4571,423
Unitscompleted
,756.4,668.8,529.8,422.8,308.0,090.8,157.5,192.7,346.9
1,312.6
1,3321,2471,2671,3201,3601,225
1,4031,3281,3911,350
'1,4081,4131,429
New prh
Homessold
750671676650534509610666670667
782707684673679683
743784713740
'734734795832
rate homes
Homes for
of period l
357366368365321284265293337372
344349350360368372
370355368369
'374374379355
Vacancy ratefor rental
housing units(percent)2
7.37.77.7
27.47.27.47.4
2 7.37.47.6
7.7
7.7
7.9
7.8
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.3 The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, unitsauthorized are for 17,000 places.
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 July, manufacturing and trade sales rose 1.2 percent and Inventories rose $4.1 billion. According to advancedata, retail sales rose 0.2 percent in August following a rise of 0.1 percent in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,200
1,000
900
BOO
700
.400
300
200 1 1 1 1 1 in i1992
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURINGAND TRADE SALES
1993 1994 1995 1996
BILLIONS OF DOLLARS* (RATIO SCALE)
400
350
300
250
* SEASONALLY ADJUSIfDSOURCE: DEPARTMENT Of COMMERCE
1996
COUNCIL OF ECONOMIC ADVISERS
Period
19861987198819891990199119921993199419951995: July
AugSeptGetNovDec
1996: JanFebMarAprMayJune*"July/*Aug''
Manufacttra
Sales2
430,419457,735497,157527,039545,909542,815567,176595,240637,561679,700677,107
'684,398686,272685,660690,243695,289690,692699,208700,253709,541715,130711,760720,004
uring andde1
Inven-tories3
662,738709,846767,226815,486840,428834,281842,137874,515931,702989,839977,485982,154986,369992,265993,644989,839995,352996,008994,010998,430996,984997,322
1,001,463
Who
Sales2
Milh
114,960122,968134,521143,760149,506148,306154,150161,681172,973187,387187,591187,953188,874189,643191,574194,901192,878194,053195,379197,507198,258198,543203,214
esale
tones
ons of dolla
153,574163,903178,801187,009195,550200,062207,663215,878234,893254,616251,179252,209253,111254,738254,727254,616256,258255,569256,444259,592258,834259,262259,445
Total
rs, seasona
120,803128,442138,017146,581153,718154,661162,632172,924185,936195,068195,615
'196,637196,644196,193197,914199,104199,129203,392204,228204,031205,669204,366
'204,662204,998
Sales2
Durablegoodsstores
ly adjusted,
45,05747,98952,43054,76355,73654,16558,63464,79573,04278,01878,281
'79,40878,71179,16080,29680,85280,62383,28584,10882,79484,05383,472
'83,55083,776
Re
Nondura-ble goods
stores
except as r
75,74680,45385,58791,81897,981
100,497103,999108,129112,894117,050117,334
'117,229117,933117,033117,618118,252118,506120,107120,120121,237121,616120,894
'121,112121,222
tail
Total
oted
186,510207,836219,047237,234239,773243,275251,994267,916290,602302,879299,584302,700303,299306,224307,265302,879304,370304,824302,153303,397303,930304,192307,522
[nventories
Durablegoodsstores
89,983105,481112,453121,347121,105119,039122,948133,949150,441160,363157,476159,326160,195162,165163,243160,363161,316161,575159,659160,490161,156161,489163,159
3
Nondura-ble goods
stores
96,527102,355106,594115,887118,668124,236129,046133,967140,161142,516142,108143,374143,104144,059144,022142,516143,054143,249142,494142,907142,774142,703144,363
Inventorat
Manufac-turing
andtrade l
1.551.501.491.521.521.531.481.451.411.431.44
'1.441.441.451.441.421.441.421.421.411.391.401.39
ry-sales10 4
T>_x •!
1.561.551.541.581.551.541.521.511.501.541.531.541.541.561.551.521.531.501.481.491.481.491.50
1 See page 21 for manufacturing.2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are sea-
sonally adjusted totals for month.
3 Seasonally adjusted, end of period.4 Annual data are averages of seasonally adjusted monthly ratios.Source: Department of Commerce, Bureau of the Census.
20
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn July, manufacturers' shipments, inventories, and orders rose. In August, according to advance estimates, durablegoods shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)
- SHIPMENTS -
DURABLE GOODS
-A-
320
280
240
200
160
120
80
BILLIONS OF DOLLARS* (RATIO SCALE)
TOTAL
NONDURABLE GOODS
1 1 1 1 1 1 1 1 1 1
370
200
160
120
80
- NEWORD
. *~S\
1 1 1 1 1 1 1 1 1 11992
ERSTOTA
p^J-
C
,.v>.%.--''
NON
1 1 1 1 1 1 1 1 1 1 11993
L _^»*
DURABLE GOO\
XIRABLEGOC
1 1 1 1 1 1 1 1 1 1 11994
r-^~" 1
OS*.,,
5DS
1 1 1 1 1 1 1 1 1 1 11995
^— S"*
%,— *""*s
.-—
1 1 1 1 1 1 1 1 1 1 11996
48044040036/0
320
280
•J.IA
200
160
120
80
RATIO
~INVENTOI
1 1 1 1 1 1 1 1 1 1 1
*
IIES
DL
NO
1 1 1 1 1 1 1 1 1 1
~==\ ^\
TOTAL H
\IRABLEGOOC
\NDURABLEGC
i i i i i l l M i i
-*-—-"
s
""xos
1 1 1 1 1 1 1 1 1 I !
•S^^mssz
1 1 1 1 1 | 1 1 1 1 1
2.00
1.80
1.60
1.40
1.20
INVENTOI
^^1 1 1 1 1 1 1 1 1 1 1
1992
?Y-SHIPMENTS
r^^^1 1 1 1 1 1 1 1 1 1 1
1993
RATIO
1 1 1 1 1 i 1 1 1 1 11994
^1 1 1 1 1 1 1 1 1 1 1
1995
r-v
1 1 1 \L I i 1 1 1
1996
* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
Period
1986198719881989199019911992199319941995
1995: JulyAugSeptOctNovDec
1996: JanFebMarAprMayJuneJuly'Augp
Manuf
Total
194,657206,326224,619236,698242,686239,847250,394260,635278,652297,244
293,901299,808300,754299,824300,755301,284
298,685301,763300,646308,003311,203308,851312,128
acturers' ship
Durablegoods
103,238108,128118,458123,158123,776121,000128,489135,886148,916159,215
156,108160,625162,281160,706161,360161,976
159,125161,918160,377164,615167,487166,902167,703168,239
ments1
Nondurablegoods
91,41998,198
106,161113,540118,910118,847121,905124,749129,736138,029
137,793139,183138,473139,118139,395139,308
139,560139,845140,269143,388143,716141,949144,425
Manuf;
Total
Millions o
322,654338,107369,378391,243405,105390,944382,480390,721406,207432,344
426,722427,245429,959431,303431,652432,344
434,724435,615435,413435,441434,220433,868434,496
icturers' inver
Durablegoods
' dollars, se<
211,997220,778242,450257,513263,213250,006238,096243,476254,798270,356
266,482266,987268,267269,971270,389270,356
272,657273,400273,535273,870273,857273,649274,731
itories 2
Nondurablegoods
isonally a^j
110,657117,329126,928133,730141,892140,938144,384147,245151,409161,988
160,240160,258161,692161,332161,263161,988
162,067162,215161,878161,571160,363160,219159,765
Total
usted, excep
195,204209,389228,270239,572244,507238,805248,212257,698279,560298,092
293,595298,670302,744301,467302,155306,155
307,151302,648305,091307,001314,194312,139317,044
Manufacturer
Durabl
T t 1o a
t as noted
103,647110,809122,076126,055125,583119,849126,308133,081149,505160,214
155,476160,400165,364162,792162,492167,520
167,355163,146165,519163,472170,287169,994172,401167,012
s' new orders
e goods
Capitalgoods
industries,nondefense
23,98226,09431,10832,98833,33130,47131,52531,69335,84741,302
37,97639,53244,88041,31044,27947,586
46,16344,55546,61340,48744,97942,92146,00941,373
Nondurablegoods
91,55798,579
106,194113,516118,924118,957121,905124,617130,055137,877
138,119138,270137,380138,675139,663138,635
139,796139,502139,572143,529143,907142,145144,643
Manufac-turers'unfilledorders2
393,515430,468474,192508,853531,115519,143493,104458,161469,450480,128
471,362470,224472,214473,857475,257480,128
488,594489,479493,924492,922495,913499,201504,117
Manufac-turers'inven-tory —
shipmentsratio 3
1.681.591.581.631.651.651.541.491.431.43
.45
.43: .43.44.44.44
1.461.441.451.411.401.401.39
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.
1 Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESPRODUCER PRICESThe producer price index for all finished goods rose 0.3 percent in August. Prices of finished consumer foodsrose 1.0 percent and prices of other finished consumer goods rose 0.2 percent. Capital equipment prices fell0.1 percent.
INDEX, 1982* 100 (RATIO SCALE) INDEX, 1982 - 100 (RATIO SCALE)
100
110
100
1988 1989
SOURCE DEPARTMENT OF IABOR
1995 1996
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Period
19861987198819891990199119921993199419951995: Aug
SeptOctNovDec
1996: JanFebMarAprr
MayJuneJulyAug
Totalfinishedgoods
103.2105.4108.0113.6119.2121.7123.2124.7125.5127.9127.8128.2128.4128.8129.6129.8129.7130.4130.7130.8131.0131.0131.4
Con-sumerfoods
107.3109.5112.6118.7124.4124.1123.3125.7126.8129.0128.6130.1130.0131.4131.5131.0130.7131.7131.1131.2133.3133.6135.0
Pi
Total
101.9104.0106.5111.8117.4120.9123.1124.4125.1127.5127.4127.6127.9128.0129.0129.4129.3129.9130.5130.7130.3130.2130.3
Fini
nished goo<
(
Total
98.5100.7103.1108.9115.3118.7120.8121.7121.6123.9123.8123.9124.1124.1125.4126.2126.0126.9127.7127.8127.4127.1127.3
shed goods
Is excluding
Consumer go
Durable
108.9111.5113.8117.6120.4123.9125.7128.0130.9132.7132.5132.6133.2134.0134.2133.7133.8134.0133.8134.1134.7134.3134.3
consumer foo
ods
ble
93.394.997.3
103.8111.5115.0117.3117.6116.2118.8118.6118.7118.8118.4120.2121.5121.2122.3123.6123.6122.7122.5122.8
ds
Capitalequip-ment
109.7111.7114.3118.8122.9126.7129.1131.4134.1136.7136.9137.1137.5138.1138.1138.0138.0138.1138.1138.2138.0138.4138.3
Totalfinished
consumer
8
101.4103.6106.2112.1118.2120.5121.7123.0123.3125.6125.4125.8126.0126.4127.4127.7127.5128.4128.9128.9129.3129.1129.7
Interm
Total
99.1101.5107.1112.0114.5114.4114.7116.2118.5124.9125.6125.4125.4125.3125.5125.7125.1125.2125.7126.3125.7125.3125.5
ediate ms
Foodsand
feeds1
96.299.2
109.5113.8113.3111.1110.7112.7114.8114.8114.6115.7119.0121.5123.3123.2123.0123.0125.3130.2131.9131.8132.1
iterials
Other
99.3101.7106.9111.9114.5114.6114.9116.4118.7125.5126.1125.9125.7125.5125.7125.8125.2125.4125.7126.1125.4124.9125.2
Cra
Total
87.793.796.0
103.1108.9101.2100.4102.4101.8102.7101.0102.9103.0104.6106.3108.7110.4108.9113.8115.2112.6
'114.9115.1
de materi
Food-stuffsand
feed-stuffs
93.296.2
106.1111.2113.1105.5105.1108.4106.5105.8106.0109.7112.3115.5115.0114.5113.7113.8118.7125.8127.6131.0130.6
als
Other
81.687.985.593.4
101.594.693.594.794.896.893.994.693.293.696.7
100.9104.3101.7106.4104.098.5
r 100.2100.6
1 Intei .mediate materials for food manufacturing and feeds.NOTE.—Beginning 1996, indexes are based on updated value weights.
Source: Department of Labor, Bureau of Labor Statistics.
22
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER PRICES—ALL URBAN CONSUMERSIn August, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted (it rose 0.2percent not seasonally adjusted). The index was 2.9 percent above its year-earlier level.
INDE
180
170
160
150
140
130
120
110
100
X, 1982
^
19
SEE NOTE (SOURCE: D
-84 -1
^^
88
DN TABLE BlEPARTMENT
00 (RA11
fS
M i l l19
ELOWOF LABOR
OSCAL
^\
1 1 1 1 189
E)
-^
,1990
CONSUM
^^
,1991
SEASONALLY ADJUSTE
ER PRICES— ALL
r^^
,1992
D
TEMS^^-
i i i i i i i i i i i1993
ir
^^ — "r* "
i1994
vIDEX, 1982-84
^^^
1 i i i i i1995
COUNCIL Of
"100 (RATIO SC
11996
ECONOMIC ADVISERS
:ALE)180
170
160
150
140
130
120
110
100
[1982—84=100, except as noted; monthly data seasonally adjusted, except as noted]
Period
Bel imp.3
19861987198819891990199119921993199419951995: Aug
SeptGetNovDec
1996: JanPebMarAprMayJuneJulyAug
All it
Notseason-
allya4j list-
ed(NSA)
100.0109.6113.6118.3124.0130.7136.2140.3144.5148.2152.4152.9153.2153.7153.6153.5154.4154.9155.7156.3156.6156.7157.0157.3
ems1
Season-ally
adjust-ed
153.0153.2153.7153.8154.1154.7155.0155.6156.2156.7156.8157.2157.4
Pood
15.8109.0113.5118.2125.1132.4136.3137.9140.9144.3148.4149.0149.5150.0150.0150.2150.3150.5151.4151.9152.0153.1153.8154.4
Total !
41.3110.9114.2118.5123.0128.5133.6137.5141.2144.8148.5148.9149.1149.6149.9150.3150.8151.1151.5151.9152.2152.3152.9153.2
Total
28.3115.8121.3127.1132.8140.0146.3151.2155.7160.5165.7166.0166.5167.1167.5167.9168.6168.9169.3169.7170.1170.4171.2171.4
Hou
Sh€
Rent-ers'costs(Dec.
1982=i rim
8.0121.9128.1133.6138.9146.7155.6160.9165.0169.4174.3174.0174.7175.2175.3175.5176.7177.1177.7178.1178.4178.7180.2180.3
sing
Iter
Home-own-ers'costs(Dec.
1982=100)
'20.1119.4124.8131.1137.3144.6150.2155.3160.2165.5171.0171.7172.2172.8173.4173.9174.3174.6175.0175.4175.9176.2176.7177.0
Main-te-
nanceandre-
pairs(NSA)
0.2107.9111.8114.7118.0122.2126.3128.6130.6130.8135.0135.4135.4136.3136.2136.6136.3137.0137.5138.0138.8138.8139.4139.7
Fueland
otherutili-ties
7.0104.1103.0104.4107.8111.6115.3117.8121.3122.8123.7124.2123.4124.1124.2124.4125.0125.7126.0126.8127.2126.9127.5128.0
Ap-parelandup-keep
5.5105.9110.6115.4118.6124.1128.7131.9133.7133.4132.0132.0131.7132.1132.1132.2133.1131.9132.7132.2132.3131.8131.7129.9
Tra
Total1
17.0102.3105.4108.7114.1120.5123.8126.5130.4134.3139.1139.5139.4139.5138.9139.0140.0140.7141.7143.3144.3143.7143.4143.1
nsporta
New,cars
4.0110.6114.6116.9119.2121.0125.3128.4131.5136.0139.0139.2139.6139.6139.8139.8140.0140.4140.6140.7140.8141.4141.7142.1
ion
Motorfuel
2.977.180.280.988.5
101.299.499.098.098.5
100.099.397.997.495.497.5
101.2101.0104.6110.3112.8108.7106.6104.5
Medi-cal
care
7.4122.0130.1138.6149.3162.8177.0190.1201.4211.0220.5221.8222.6223.1223.8224.6225.4225.8226.4227.0227.7228.3228.9229.4
En-ergy2
6.788.288.689.394.3
102.1102.5103.0104.2104.6105.2105.0103.6103.9103.0104.1106.1106.5108.0111.5112.7110.2109.8109.1
Allitemslessfoodanden-ergy
77.5113.5118.2123.4129.0135.5142.1147.3152.2156.5161.2162.0162.4162.9163.1163.3163.8164.2164.7164.9165.3165.6166.1166.2
1 Includes items not shown separately.2 Household fuels—pis (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 homeowuership costs (beginning1983).
Source: Department of Labor, Bureau of Labor Statistics.
23
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: AugSeptGetNovDee
1996: JanFebMarApr'MayJuneJulyAug
Cha
Totalfinishedgoods
Cha
-2.32.24.04.95.7-.11.6
.21.72.3
Ch
0.1.32.3.6
.2-.1
.5
.2r.l.2
0.3
nge from pr
Consum
Foods
nge, Dee.
2.8_ 9
5.75.22.6
-1.51.62.41.11.9
ange, mon
0.11.2-.11.1.1
-.4— .2
.8-.5'.11.6.2
1.0
eceding peri
er goods
Excludingfoods
to Dee., N
-6.64.13.15.38.7-.71.6
-1.42.02.3
th to mom
0.1.2
01.0
.6-.2
.7
.6r.l
-.3-.2
.2
od
Capitalequip-ment
SA
2.11.33.63.83.42.51.71.82.02.2
h
0.1.1.3.4
0
-.10.1
0'.1
-.1.3
-.1
Change
Totalfinishedgoods
-0.31.62.23.24.4
4.42.82.52.83.41.9'.91.8
from 3 montl
Consum
Foods
2.58.84.89.04.4
3.1- -2.1
.6
.31.54.9
'7.812.1
is earlier, ann
er goods
Excludingfoods
-.2.2^1.0
1.01.04.9
6.96.34.94.85.81.6
'-1.9-1.6
ual rate
Capitalequip-ment
1.51.82.43.62.9
r.so
0.3.6
-.3'.9.3
Change
Totalfinishedgoods
0.91.41.31.43.0
3.33.03.53.63.12.21.92.6
from 6 montl
Consum
Foods
0.63.02.35.76.5
3.93.32.51.7-.32.84.06.7
»s earlier, ann
er goods
Excludingfoods
0.8.6.5
-.61.9
3.93.64.95.96.13.21.42.1
ual rate
Capitalequip-ment
1.61.81.92.52.4
1.91.61.5.9.1
-.1.6.4
Change
earlier,total
finishedgoodsNSA
-1.42.12.55.24.92.11.21.2
.61.9
1.31.82.32.12.3
2.22.02.42.42.32.72.63.0
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSAJ
Period
1986198719881989199019911992199319941995
1995: AugSeptGetNovDee
1996: JanFebMarAprMayJuneJulyAug
Allitems1
1.14.44.44.66.13.12.92.72.72.5
0.2.1.3.1.2
.49.4.4.3.1.3.1
Food
3.83.55.25.65.31.91.52.92.92.1
0.2.3.3
0.1
.1
.1
.6
.3
.1
.7
.5
.4
Total1
1.73.74.03.94.53.42.6279 9
3.0
0.3.1.39
.3
.39
.3
.39
.1
.49
Total i
4.64.84.54.95.23.92.93 03.03.5
0.1.3.49
.2
.49
9
2.29
.5
.1
Housing
Shelter
Rent-ers'costs
Cl
5.03.93.94.56.74,22.82.62.33.0
0.4.3.1.1
.79
.3
.29
9
.8
.1
Home-own-ers'costs
^lange, 3
4.65.34.75.14.73.72.9323.33.7
Ch
0.2.3.3.3.3
99
9
2.39
.32
Fueland
otherutili-ties
)eeembe
-5.61.62.93.24.02.92.32.5
21.4
ange, m
0.5-.6
.6
.1
.2
.5
.6
.2
.6
.39
.5
.4
Ap-pareland
upkeep
rto Dei
0.94.84.71.05.13.41.4
9-1.6
.1
anth to
0.29
.30.1
.7-.9
.6-.4
.1-.4-.1
-1.4
T
Total1
member,
-5.96.13.04.0
10.4-1.5
3.02 43.81.5
month
-0.4-.1
.1-.4
.1
.7
.5
.71.1.7
-.4_ 9
_ _ 2
ransporta
Newcars
NSA
5.91.82.12.31.43.32.32.83.21.6
0.1.3
0.1
0
.1
.3
.1
.1
.1
.49
.3
tion
Motoraiel
-30.718.7
-2.16.8
36.5-16.0
1.8-5.4
5.9-4.0
-2.0-1.4-.5
-2.12.2
3.8_ 9
3.65.42.3
-3.6-1.9-2.0
Medi-cal
care
7.75.86.98.59.67.96.6544.93.9
0.4.49
.3
.4
.49
.3
.3
.3
.3
.3
.2
Ener-gy2
-19.78.2.5
5.118.1
-7.42.0
-1.42.2
-1.3
-0.4-1.3
.3-.91.1
1.9.4
1.43.21.1
— 9 9
-.4-.6
All
lessfoodand
energy
3.84.24.74.45.24.43.3322.63.0
0.2<y.3.1.1
.39
.3
.19
9
.3
.1
A
Frompre-viousquar-ter 3
2.1
2.4
3.2
3.9
Jdendumpercent(annua
From3
monthsearlier
2.11.62.62.12.4
2.63.24.03.94.53.12.61.8
All itemchangeIrate)
From6
monthsearlier
2.82.52.52.12.0
2.62.63.23.33.83.53.33.1
%
Fromyear
earlierNSA
1.93.64.14.85.44.23.0302.62.8
2.62.52.82.62.5
2.72.72.82.92.92.83.02.9
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.
Source: Department of Labor, Bureau of Labor Statistics.
24
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES RECEIVED AND PAID BY FARMERSIn September, prices received by formers fell 0.9 percent and prices paid by farmers were unchanged. (Dataare not seasonally adjusted.)
INDEX, 1990-92-100 (RATIO SCALE) INDEX, 1990-92-100 (RATIO SCALE)
120
60 60
1988 1989 1990 1991 1992 1993 1994 1995 1996
U 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
1986198719881989199019911992199319941995
1995: AugSeptOctNovDec
1996: JanFebMarAprMayJuneJulyAugSept
Pn
All farmproducts
878999
10410410098
101100102
102105104106108
108106109108111118118116115
ees received by farm
Crops
8786
104109103101101102105112
114115114117118
122122128128131141136
'130124
tens
Livestock andproducts
889193
1001059997
1009592
9294929496
949393939699
103103105
F
All commodities,services, interest,taxes, and wage
rates1
8587919699
100101102106109
110110111111112
113113114114115115115115115
'rices paid by farmer
Productionitems, interest,taxes, and wage
rates
8587929799
100101102106109
109109110111112
113113114114114114114114114
•s
Productionitems
8687909599
100101103106109
109109110111112
113113114114115115116116115
Ratio2
1031021081081059997989492
9395949596
9694969597
103103101100
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.
NOTE.—The official indexes are published on a 1910-14 base 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.
25
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESGrowth in M2 and M3 accelerated in August.
BILUOh4,8004,4004,000
3,600
3,200
2,800
2,400
2,000
1,600
1,200
800
600
400
IS OF DOLLARS*
,,.~-*""
=mr: — |
M M . I
1988
'AVERAGES OF DAILYSOURCE BOARD OF Gl
(RATIO SCALE)
-•
— - — '-=•
Inn,
1989
FIGURES; SEASONALLYOVERNORSOFTHEFE:
,••.•• •
—
,1990
ADJUSTED€RAL RESERVE SYSTEM
\
M3
"
-"
,1991
\Ml
Inn,
1992
— \: —M2
— x— "
1 1 1 1 1 1 1 1 1 1 11993
1 LLI I L 1 1 1 I L
1994
BILLIONS OF D
-• — *"•
. -j
,1995
COUNQLOF
OLLARS* (RATIO
—•*•"*"""""
i i i i i 1 i i i i i1996
ECONOMIC ADVISERS
SCALE)4,8004,4004,000
3,600
3,200
2,800
2,400
2,000
1,600
1,200
800
600
400
[Averages of daily figures, except as noted; billions of dollars, seasonally a^justedj
Period
1986: Dee1987: Dee1988: Dee1989: Dee1990: Dee1991: Dee1992: Dee1993: Dee1994: Dec'1995: Dee'
1995: JulyAurSept'Get'NoVDee'
1996: Jan'Feb'Mar'Apr'May'June'July'Aug
Ml
Sum of currency,demand deposits,travelers' cheeks,
and othercheckable depos-
its (OCDs)
724.4749.8786.9794.2825.8897.2
1,024.41,128.61,148.71,124.9
1,145.41,143.81,140.11,131.81,129.01,124.9
1,119.21,117.31,126.71,123.61,117.21,116.71,108.51,099.6
M2
Ml plus retailMMMP balances,MMDAs, and sav-
ings and small timedeposits
2,734.62,834.42,997.93,164.03,282.23,383.73,438.7
'3,494.03,509.23,657.4
3,587.03,607.33,620.83,628.43,640.23,657.4
3,671.73,687.43,722.33,727.53,721.23,737.53,743.03,755.1
M3
M2 plus largetime deposits,EPs, Euro-dollars, andinstitution-
only MMMFbalances
3,486.43,673.33,912.44,065.54,124.14,178.4
'4,187.14,249.64,319.14,570.5
4,480.14,508.24,529.04,544.54,556.24,570.5
4,598.14,635.74,677.64,683.84,693.94,711.04,720.64,741.6
L
M3 plusother liquid
assets
4,122.44,328.54,664.24,894.24,975.85,004.4
'5,075.65,164.55,302.85,679.8
5,537.85,574.45,621.05,648.15,654.65,679.8
5,697.95,718.05,776.95,802.15,797.15,824.4
^5,838.7
Debt
Debt ofdomestic
nonfinancialsectors
(monthlyaverage ofadjacent
month-endlevels)1
'7,906.5'8,664.2'9,440.5
'10,170.9'10,851.8'11,337.2'11,880.1'12,507.613,148.813,869.4
13,614.713,655.013,706.413,765.813,822.413,869.4
13,920.013,991.414,066.914,131.514,185.714,244.5
/> 14,307.1
Pereei
Ml
16.93.54.9.9
4.08.6
14.210.21.8
-2.1
-.7-.7
-1.5-3.4-3.0-3.4
-4.6-4.6-2.4-1.4-2.1-1.5-1.9-3.2
it changemonths i
M2
9.53.65.85.53.73.11.61.6
.44.2
4.25.35.85.75.64.9
4.74.45.65.54.54.43.93.7
from yearjarlier2
M3
9.05.46.53.91.41.3.2
1.51.65.8
6.47.27.37.06.35.3
5.35.76.66.16.06.15.34.6
or 6
Debt
'12.59.69.07.76.74.54.8
'5.35.15.5
6.35.75.45.45.04.5
4.54.95.35.35.35.45.6
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.
2 Annual 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 a^usted]
Period
1986: Dee1987: Dee1988: Dee1989: Dee1990: Dee1991: Dee1992: Dee1993: Dee1994: Dee1995: Dee
1995: JulvAugSeptOetNovDee
1996: JanFebMarAprMayJune ,JulyAug
Cur-rency
180.7196.8212.3222.6246.9267.4292.9322.4354.9373.2
367.3368.5369.5370.8371.6373.2
373.6373.3375.2376.0377.1379.4382.6385.0
De-manddepos-
its
302.1286.8286.8279.3277.4289.5339.1384.3382.4389.8
388.5389.3389.4388.1388,2389.8
393.5397.4407.1406.3' 409.7'413.7r 410.6407.5
Othercheck-able
depos-its
(OCDs)
235.6259.5280.9285.3293.9332.5384.2414.0402.9353.0
380.8377.2372.4364.1360.4353.0
343.2337.8335.4332.4321.8315.0306.8298.7
Money nrmutual
balan<
Retail *
210.3224.5246.0322.5358.1373.7356.0358.7388.1
'460.3
'426.3'438.7'445.9'450.6'455.5'460.3
'463.2'468.4'480.1'480.3'478.3'486.3'491.6
497.7
larketfund3CS
Insti-tutiononly2
84.591.190.3
106.9133.5179.5199.8197.9183.7227.2
218.6218.5221.7223.7224.8227.2
230.6243.9248.3245.6243.5249.4252.9257.2
Savingsdeposits,including
moneymarketdeposit
accounts(MMDAs)
940.9937.3926.3893.6923.8
1,045.01,187.11,218.81,148.91,134.6
1,096.21,101.61,108.41,116.11,120.61,134.6
1,151.81,164.51,183.01,193.21,197.51,206.91,213.61,224.5
Smalldenom-ination
timedepos-its3
859.0922.7
1,038.61,153.71,174.51,067.8
871.2'787.9'823.5'937.7
919.0923.3
'926.4'929.8'935.1'937.7
'937.5937.1
'932.5'930.4'928.2'927.5'929.3933.3
Large
inationtime de-posits3
420.2467.0518.3541.5480.9416.5
'353.6'333.7'363.1'417.2
'393.5'396.4'400.3'409.7'415.3'417.2
'416.1'421,5'428.4'430.8'436.2'442.2'448.2454.1
Over-nightandterm
repur-chaseagree-ments(RPs)(net)
143.3172.6189.0158.0138.8119.4128.1157.5180.8177.6
188.4192.9192.5190.0185.3177.6
184.4186.3184.1182.9195.1183.6
'179.9177.5
Overnight
termEuro-dollars(net)
103.9108.2117.0
95.288.779.366.966.382.391.1
92.693.193.792.990.791.1
95.496.694.4
'97.0'97.8'98.3'96.6
97.6
Sav-ings
bonds
91.8100.6109.4117,5126.0137.9156.6171.5180.3184.8
183.0'183.5
183.9184.2184.5184.8
185.0185.0185.2185.6186.0186,4
P 186.8
Short-term
Treas-ury
securi-ties
275.8249.5266.8324.0334.2329.1345.9342.8
'387.0'475.4
'433.6'437.0'456.6'465.4'464.2'475.4
'465.8'444.8'459.2'461.3'433.1'444.8P 446.7
Bank-ers' ac-cept-ances
37.144.540.240.736.123.920.914.914.2
'12.0
12.112.412.813.412.6
'12.0
'11.8'10.3
9.810.3
'10.8'11.4PllA
Com-mer-cial
paper
231.3260.6335.4346.5355.3335.2365.0385.5402.4437.1
429.0433.3438.6440.5437.1437.1
437.2442.3445.1461.0473.4470.9
P 473.1
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 nonbank issuers are a component of money stock but are notshown here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE[Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA]
Period
1986: Dee ,1987: Dec1988: Dec1989: Dee1990: Dee1991: Dec1992: Dec1993: Dec1994: Dec ,1995: Dee
1995: AugSeptOctNovDee
1996: JanFebMarAprMayJuneJulyAngP ...
4
Res
Total
38,95038,86640,41040,50841,78045,54754,36760,51959,36456,364
57,49957,34456,83956,33356,364
55,60654,84855,727S5,18254,22754,11253,19752,268
Icyusted for el
>erves of depos
Non-borrowed
38,12338,08938,69440,24241,45545,35554,24360,43759,15656,106
57,21757,06656,59356,12956,106
55,56854,81355,70655,09154,10053,72652,82951,934
langes in rese
itory instituti
Non-
plusextended
credit
38,42638,57239,93840,26241,47845,35654,24460,43759,15656,106
57,21757,06656,59356,12956,106
55,56854.81355,70655,09154,10053,72652,82951,934
rve requiremer
ons
Required
37,58037,82039,36239,58540,11644,56953,21259,45658,19655,086
56,51256,39455,75855,39055,086
54,12153t99754,59054,06253,36852,96252,13251,307
its
Monetarybase
223,571239,784256,920267,723293,332317,502351,244386,877418,723435,006
430,807431,685432,737433,206435,006
435,182433,667436,871436,644437,009439,079441,846444,144
Borrowingstions
R
Total
827777
1,71626532619212482
209257
282278245204257
38352191
127386368334
> of depositoiTom the Feesserve (NSA
Seasonal
3893
1308476381831
10040
2582521997340
77
1034
105192284309
y institu-eral
)
Extendedcredit
303483
1,244202311000
00000
00000000
1 Data are prorated averages of biweekly (maintenance period) averages of daily fignres. Source: Board of Governors of the Federal Reserve System.
27
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK CREDIT AT ALL COMMERCIAL BANKSTotal commercial bank loans and leases rose 0.2 percent in August; commercial and industrial loans also rose0.2 percent.
- ALL COMMERCIAL BANKS -
BILLIONS OF DOLLARS* (RATIO SCALE)
4,0003,600
3,200
2,800
2,400
2,000
1,600
1,200
800
400
200
160 I I I M i l l i | i i1988
I I I I I I I M I I
1989 1990
- U.S. GOVERNMENT SECURITIES-
1991
\
OTHER SECURITIES
i I i i i i i1992
-v1993
BILLIONS OF DOLLARS* (RATIO SCALE)
4,0003,6003,200
2,800
2,400
2,000
1,600
1,200
800
1994 1995
400
200
1601996
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally accostedl
Period
1988: Dec1989: Dec1990: Dec1991: Dec1992: Dec1993: Dec1994: Dec1995: Dec
1995: AugSeptOctNovDec
1996: JanFebMarAprr
Mayr
Juner
JulyAug
Totalbankcredit
2,436.12,609.12,751.62,856.42,957.03,113.83,326.93,604.9
3,548.43,571.13,581.93,593.83,604.9
3,633.9r 3,647.93,641.73,660.23,664.33,669.33,673.43,669.6
Securi
Totalsecurities
562.0584.5633.7745.0843.4918.8952.2990.8
985.2989.1988.8989.6990.8
991.5998.6
r 983.5982.6989.1980.9976.6967.4
ties in bank
U.S.Govern-
mentsecurities
366.8400.0455.6565.2666.8733.9732.0710.7
708.5708.4713.2714.5710.7
703.1716.3705.9705.9714.7708.1708.0702.3
credit
Othersecurities
195.2184.5178.2179.8176.7184.9220.2280.1
276.6280.6275.5275.1280.1
288.3282.3277.5276.7274.4272.8268.6265.1
Totalloans andleases2
1,874.12,024.72,117.82,111.42,113.62,195.02,374.72,614.1
2,563.32,582.12,593.12,604.22,614.1
2,642.52,649.32,658.32,677.62,675.32,688.42,696.82,702.2
Commer-cial and
industrial
608.0639.3640.8619.5596.2585.9645.2716.8
701.4707.6709.6713.8716.8
723.9728.4727.4733.4735.7738.8742.6744.0
Loar
Total
675.1770.2855.3880.0901.3940.5
1,002.51,078.7
1,067.91,071.91,075.81,077.71,078.7
1,086.1r 1,089.7
1,095.01,096.81,098.51,101.81,102.81,109.7
s and lease
Real estate
Revolvinghomeequity
40.150.362.369.673.573.075.379.1
78.278.478.478.879.1
79.679.879.880.079.579.179.580.3
s in bank cr
Other
635.0719.9793.0810.3827.7867.5927.2999.7
989.7993.5997.3998.9999.7
1,006.6'1,009.91,015.2,016.9
1,019.01,022.61,023.31,029.5
edit
Consumer
357.8378.3383.4366.6358.9390.5451.2496.2
485.7489.5490.1493.3496.2
500.5500.6504.1507.7505.3510.5512.4513.5
Security
40.741.445.054.464.187.576.283.8
84.386.787.087.083.8
85.085.784.985.982.682.180.376.7
Other
192.5195.5193.2190.9193.0190.6199.6238.6
223.9226.4230.8232.4238.6
246.9244.9246.9253.8253.2255.3258.7258.2
1 Data are Wednesday values or prorated averages of Wednesday values for domestically char-tered commercial banks, branches and agencies of foreign banks, New York State investmentcompanies, and foreign-related institutions. Data are adjusted for breaks caused by reelassifiea-tions of assets and liabilities.
2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans tocommercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
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
198619871988198919901991199219931994"1995'1994: lr
IFIIPIV
1995: PIPIIP ;IV
1996: PHP
Total
533.4648.4851.9744.3592.6489.3599.9698.1758.9894.9663.5755.3698.1918.5754.7963.3906.4955.2976.6878.1
Internal 1
343.4374.5408.2396.9409.1422.2438.6480.2524.9543.8517.1524.7524.7532.8517.7527.5559.1571.0578.4584.5
Total
190.0273.9443.7347.4183.567.1
161.3217.9234.0351.1146.4230.6173.4385.7237.0435.8347.3384.2398.2293.6
Sources
Cr,
Total
151.373.295.559.047.0
-34.861.1
'67.879.4
134.397.4
121.377.621.4
179.0187.562.2
108.559.6
140.5
External
edit market fu
Securitiesand mort-
gages
58.929.1-.2
-35.9-26.6
75.967.1
'80.2-33.0
2.85.7
29.8-47.3- 120.4
-4.927.4
-31.720.3
-46.663.4
inds
Loans andshort-term
paper
92.444.195.794.973.6
-110.7-6.0
-12.4112.4131.591.791.5
124.9141.8183.9160.193.988.2
106.277.1
Other2
38.7200.8348.1288.4136.5101.9100.1
'150.1154.6216.748.8
109.395.8
364.358.0
248.4285.1275.7338.6153.0
Total
519.4592.0756.2632.9509,8500.7554.4787.9763.1882.6680.6698.8671.9
1,001.2726.4929.3857.3
1,017.3960.0859.7
Uses
Capitalexpendi-tures3
347.3357.4373.3399.4394.5370.9386.9430.6485.0546.6443.8476.8490.7528.7552.9534.1573.0526.3520.7529.5
Increase infinancialassets
172.1234.6382.9233.5115.3129.8167.5357.3278.1336.0236.8222.0181.2472.5173.5395.2284.3491.0439.3330.2
Discrep-ancy
(sourcesless
uses)
14.056.595.7
111.482.9
-11.445.6
-89.8-4.312.3
-17.156.526.2
-82.628.434.049.1
-62.216.518.4
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 investmentin the U.S.
3 Plant and equipment, residential structures, inventory investment, and access rights fromU.S. Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER CREDIT[Billions of dollars; seasonally adjusted]
Period
1986: Dec1987: Dec1988: Dec3
1989: Dec1990: Dee1991: Dec1992: Dec1993: Dec1994: Dec1995: Dec'1995: July
AugSeptOctNovDecr
1996: Janr
Feb'Marr
Aprr
Mayr
Juner
July'7
Consu
Total
638.9671.7729.9781.9796.4781.1784.9844.1966.5
1,103.31,047.51,059.91,074.71,082.71,094.41,103.31,113.41,124.71,135.71,143.31,149.31,156.01,163.7
tner credit outstai
Automobile
247.2266.1285.5291.0282.4259.3257.1279.8317.2350.8336.9339.2341.0344.1347.2350.8352.5355.1357.8360.5361.6367.2369.1
tiding (end of pe
Revolving
136.0153.3174.5198.6223.3245.8257.8287.0339.3413.9382.2390.1399.5404.6407.4413.9419.0425.7431.2438.4444.7446.8454.0
riod)
Other 2
255.7252.4269.9292.3290.7276.1269.9277.3309.9338.6328.4330.6334.2334.0339.7338.6341.9343.9346.7344.5343.0342.1340.6
Net eh,
Total
54.232.858.2( 4 )
14.5- 15.3
3.859.2
122.4136.810.512.414.88.0
11.78.9
10.111.311.07.66.06.77.7
inge in consume
Automobile
36.318.919.4( 4 )
-8.6-23.1-2.222.737.433.64.32.31.83.13.13.61.72.62.72.71.15.61.9
r credit outstan
Revolving
13.917.321.2(4)
24.722.512.029.252.374.63.47.99.45.12.86.55.16.75.57.26.32.17.2
ding1
Others
4.0-3.317.5(4)
-1.6-14.6-6.2
7.432.628.72.82.23.6-.25.7
-1.13.32.02.8
-2.2-1.5
n
-1.51 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., plus non-
installment credit.
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 Eeserve System.
29Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES AND BOND YIELDSInterest rotes rose in September.
PER(
14
12
10
8
6
2
0
s
:ENT PER ANNU
\ . \
H' *
1 1 1 1 1 1 1 1 1 1 11988
OURCE: SEE TABLE BEtC
M
x"^>\
M M ! 1 1 1 1 M
1989
w
yX""N"X \
.-•-—-,
"«%
1 1 1 1 1 1 1 1 1 1 1
1990
(
\]%L.-?>
\
DISCR
FEERE!BAr
NE\A
ll | I I 1 I 1 I l I
1991
:ORPORATE Aaa(MOODY'J
-""""•~-v -~
-T\ .-:OUNTATE5ERALJERVEMKOFf YORK
l 1 1 I 1 1 l l l I |
1992
BONDS>)
V
"v\ *"
( . . > . ! . . . , .1993
//
x
TREASURY /BILLS •'
>t/H
1 1 1 i 1 1 1 1 1 1 1
1994
PE
\
x\
**""*»
J
1 1 1 1 1 1 1 1 1 1 11995
COUNCIL C
RCENT PER ANN
.-S
***
I I I I l 1 I I l l (
1996
F ECONOMIC ADVISER
UM
14
12
10
8
6
4
2
0
[Percent per annum]
Period
19861987198819891990199119921993199419951995: Sept
GetNovDec
1996: JanFebMarAprMayJuneJulyAugSept
Week ended:1996: Aug 31
Sept 7142128
U.S. T
3-monthbills (new is-
sues) l
5.985.826.698.127.515.423.453.024.295.515.265.305.355.165.024.874.964.995.025.115.175.095.15
5.075.195.175.075.18
reasuiy security
Constant n
3-year
7.067.688.268.558.266.825.304.446.276.255.895.775.575.395.205.145.796.116.276.496.456.216.41
6.416.556.456.406.29
yields
natalities2
10-year
7.688.398.858.498.557.867.015.877.096.576.206.045.935.715.655.816.276.516.746.916.876.646.83
6.846.956.886.826.73
High-grademunicipal
bonds(Standard& Poor's)3
7.387.737.767.247.256.896.415.636.195.955.885.775.615.425.425.455.825.935.986.035.915.725.86
5.815.955.915.815.77
CorporateAaa bonds(Moody's)
9.029.389.719.269.328.778.147.227.977.597.327.127.026.826.816.997.357.507.627.717.65
'7.467.66
7.647.757.717.637.58
Primecommercial
6 months1
6.396.857.688.807.955.853.803.304.935.935.665.715.595.435.234.995.265.385.425.575.675.515.66
5.545.705.685.655.62
Discount rate(N.Y. F.R.
Bank)4
6.335.666.206.936.985.453.253.003.605.21
5.25-5.255.25-5.255.25-5.255.25-5.255.25-5.005.00-5.005.00-5.005.00-5.005.00-5.005.00-5.005.00-5.005.00-5.005.00-5.00
5.00-5.005.00-5.005.00-5.005.00-5.005.00-5.00
Prime ratecharged by
banks4
8.338.219.32
10.8710.018.466.256.007.158.83
8.75-8.758.75-8.758.75-8.758.75-8.508.50-8.508.50-8.258.25-8.258.25-8.258.25-8.258.25-8.258.25-8.258.25-8.258.25-8.25
8.25-8.258.25-8.258.25-8.258.25-8.258.25-8.25
New-homemortgage
(FHFB)5
10.179.319.19
10.1310.05
9.328.247.207.497.877.697.587.467.407.327.207.497.767.808.058.018.08
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 rat* for year, opening and closing rate for month and week.
5 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's Corpora-tion.
30
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES AND YIELDSStock prices rose in September.
INDEX, DEC. 31,1965=50 (RATIO SCALE) INDEX, DEC. 31,1965=50 (RATIO SCALE)380360340320OAA
o?n
OOA
200
180
i xn
1 A(\
170
/-V^/
11988
^/
19
/~^\
89
\^\V
M M . I1990
^-^ '-/^ COMI/
1
1991
r**-s~^~^\
>OSITE STOCK Pf(NYSE)
|
1992
^s— -
UCE IND
19
^^
EX
M i l l
93
r—%_
^\-—
1 1 1 1 1
19
^ - 1
I l i i i
94
//
i i i i t
19
>q
M 1 1 195
-—/^J
1 1 1 1 1
19
s/^
1 1 1 1 1
96
m•3OA
OQA
2 )
240^O
TOO
1QA
}6Q
~\Af\
120
PER20
1 jr
10
5
0
CENT
i i i
1988
"""""-x^^x^— — _
i i i
1989
EARI
~-~~^ — ,
i i i1990
NINGS-PRICE RA
F** -~
"^-ji i i
1991
TIOONCOMMC(S&P)/
=1i i i
1992
)N STOCKS
1 -~
i i i
1993
,. "^"
1 i i1994
— i i i
1995
PERCE
•Si
1 1 1
1996
NT20
15
10
5
0
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS
Period
1986198719881989199019911992199319941995
1995: AugSeptGetNovDec
1996: JanFebMarAprMayJuneJulyAugSept
Week ended:1996: Aug 31
Sept 7142128
New
Composite
136.00161.70149.91180.02183.46206.33229.01249.58254.12291.15
300.05310.41311.78317.58327.90
329.22346.46346.73347.50354.84358.32345.52354.59360.96
354.84351.61358.84364.60365.66
York Stock Exe
Industrial
155.85195.31180.95216.23225.78258.14284.62299.99315.25367.34
379.79390.42389.63398.66412.11
412.71435.92439.56441.99452.63458.30438.58
r 449.41459.69
'450.14447.23456.63464.75466.01
Con
change indexesxcept as noted)
Transpor-tation
119.87140.39134.12175.28158.62173.99201.09242.49247.29269.41
285.63295.54291.16300.06303.53
300.30315.29324.76326.42334.66331.57316.66321.61323.12
322.84316.74320.93326.33326.24
nmon stock pri<
(Dec. 31, 19652
Utility3
142.72148.59143.53174.87181.20185.32198.91228.90209.06220.30
221.99229.64236.43238.98247.59
254.07257.80245.77244.87249.73247.20245.31244.74242.25
243.06238.03241.27244.49243.96
^es1
-50,
Finance
147.20146.48127.26151.88133.26150.82179.26216.42209.73238.45
245.27260.72265.12266.12273.36
273.73290.97290.45287.92290.43294.42287.89302.95308.16
303.32299.86306.98310.28312.47
Dow-Jonesindustrialaverage4
1,792.762,275.992,060.822,508.912,678.942,929.333,284.293,522.063,793.774,493.76
4,639.274,746.764,760.464,935.815,136.10
5,179.375,518.735,612.245,579.865,616.715,671.515,496.265,685.505,804.01
5,676.285,643.035,765.285,882.325,877.58
Standard &Poor's com-posite index
(1941-43=10)5
236.34286.83265.79322.84334.59376.18415.74451.41460.33541.64
559.11578.77582.92595.53614.57
614.42649.54647.07647.17661.23668.50644.07662.68674.88
660.90653.86669.31683.68685.99
Common six(peree
Dividend-price ratio
3.493.083.643.453.613.242.992.782.822.56
2.492.422.412.372.30
2.312.222.222 242.212.212.282.222.20
2 212.262.222.172.16
:>ek yieldsnt)6
Earnings-price ratio
6.095.488.017.416.474.794.224.465.836.09
6.02
5.51
5.27
1 Average of daily closing prices.2 Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.3 Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility
index to facilitate trading of options and futures on the index. All indexes shown here reflectthe doubling.
4 Includes 30 stocks.5 Includes 500 stocks.
6 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'sCorporation.
31Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 11 months of fiscal 1996, there was a deficit of $144.0 billion, compared with a deficit of $171.1 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 J/-
-vRECEIPTS-
— SURPLUS OR DEFICIT ( - )
^
A I 1 1V 1987 1988 1989 1990
i
^
1 I I 1 1 I S
1991 1992 1993 1994 1995 1996 N
FISCAL YEARS
1,400
1,300
1,200
1,100
1,000
900
800
700
600
-100
-200
-300
-400
SOURCES: DEPARTMENT OF THE TREASURY AND OFRCE OF MANAGEMENT AND BUDGET COUNQl OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
19771978197919801981198219831984198519861987198819891990199119921993199419951996 (estimates)Cumulative total, first 11
months: l
Fiscal year 1995Fiscal year 1996
Receipts
355.6399.6463.3517.1599.3617.8600.6666.5734.1769.1854.1909.0990.7
1,031.31,054.31,090.51,153.51,257.71,355.21,453.4
1,208.21,295.1
Total
Outlays
409.2458.7504.0590.9678.2745.8808.4851.8946.4990.3
1,003.91,064.11,143.21,252.51,323.61,380.91,408.71,460.81,519.11,570.1
1,379.31,439.1
Surplus
deficit
-53.7-59.2-40.7-73.8-79.0
-128.0-207.8-185.4-212.3-221.2-149.8- 155.2- 152.5-221.2-269.4-290.4-255.1-203.1-163.9-116.8
-171.1- 144.0
Receipts
278.7314.2365.3403.9469.1474.3453.2500.4547.9568.9640.7667.5727.0749.7760.4788.0841.6922.7
1,004.11,085.7
887.8959.5
On-budget
Outlays
328.5369.1404.1476.6543.1594.4661.3686.0769.6806.8810.1861.4932.3
1,027.51,081.91,128.51,142.11,181.51,230.51,268.3
1,121.51,170.6
Surplus
deficit
-49.8-54.9-38.7-72.7-74.0
-120.1-208.0-185.7-221.7-238.0-169.3- 194.0-205.2-277.8-321.6-340.5-300.5-258.8-226.3-182.7
-233.6-211.1
Receipts
76.885.498.0
113.2130.2143.5147.3166.1186.2200.2213.4241.5263.7281.7293.9302.4311.9335.0351.1367.7
320.4335.6
Off-budget
Outlays
80.789.7
100.0114.3135.2151.4147.1165.8176.8183.5193.8202.7210.9225.1241.7252.3266.6279.4288.7301.8
257.8268.5
Surplus
deficit
-3.9-4.3-2.0-1.1-5.0-7.9
.2
.39.4
16.719.638.852.856.652.250.145.355.762.465.9
62.567.2
Gross Fee(end of
Total
706.4776.6829.5909.1994.8
1,137.31,371.71,564.71,817.52,120.62,346.12,601.32,868.03,206.63,598.54,002.14,351.44,643.74,921.05,180.1
4,917.45,165.2
leral debtperiod)
Held bythe public
549.1607.1640.3709.8785.3919.8
1,131.61,300.51,499.91,736.71,888.72,050.82,189.92,410.72,688.12,998.83,247.53,432.13,603.43,747.1
3,610.03,738.9
1 Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1996 are from Mid-Session Review of the 1997 Budget issued July16, 1996. Other data (except as noted) are from Budget of the United States Oovernment, FiscalYear J997, issued March 19, 1996.
32
Sources: Department of the Treasury and Office of Management and Budget.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first If months of fiscal 1996, receipts were $86.9 billion higher than a year earlier and outlays were $59.8billion higher.
BIUIONSOFDOUARS BILUONS OF DOLLARS700
600
Af\f\
300
200
100
0
RECEIPTS ' • INDIVIDUAL INCOME TAXES
\
^ CORPORATION ,INCOME TAXES
1 \\
1 1 i 1 1 1
^ t , , .",«•"• **'.
.\
SOCIAL INSURANCETAXES AND CONTRIBUTIONS
— --: . I'Tr;*---- y
, OTHER RECEIPTS ,
700
600
400
300
200
100
0
I,4UUi "jnn
1,2001 i(y\
1 000
OAA
QfiTi
7fiA
AnnCAT)
400
300200
OUTIAYS-17
— — —• * — "~i • NONDEFENSE -.---- "
\ """\ _ ; '
-»«>» *"*""*
-*"•**"*
->— —•*"*"**
.» — •" *"* — ' *" * — *
• NATIONAL DEFENSE
Vxi 1 1 1 1 I I I 1 I KV 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 ^
•/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
1,400
1,300
1,200
1,1001 rjfifi
Qftfi
800
7ftn
600
500
400
300
200
[Billions of dollars]
Fiscal year or period
19771978197919801981198219831984
198519861987198819891990 .....199119921993199419951996 (estimates)Cumulative total, first 1 1 months: 1
Fiscal year 1995Fiscal year 1996
On-
Total
355.6399.6463.3517.1599.3617.8600.6666.5
734.1769.1854.1909.0990.7
1,031.31,054.31,090.51,153.51,257.71,355.21,453.4
1,208.21.295.1
>udget ar
Indi-vidualincometaxes
157.6181.0217.8244.1285.9297.7288.9298.4
334.5349.0392.6401.2445.7466.9467.8476.0509.7543.1590.2653.3
529.2587.7
id off-buc
Cor-pora-tion
incometaxes
54.960.065.764.661.149.237.056.9
61.363.183.994.5
103.393.598.1
100.3117.5.140.4157.0170.7
124.1136.7
Iget recei
Socialinsur-ancetaxesand
contri-butions
106.5121.0138.9157.8182.7201.5209.0239.4
265.2283.9303.3334.3359.4380.0396.0413.7428.3461.5484.5508.3
444.6466.0
pts
Other
36.637.740.850.669.569.365.671.8
73.073.174.378.982.390.992.3
100.598.0
112.8123.5121.1
110.3104.6
Total
409.2458.7504.0590.9678.2745.8808.4851.8
946.4990.3
1,003.91,064.11,143.21,252.51,323.61,380.91,408.71,460.81,519.11,570.1
1,379.31,439.1
» Nations
Total
97.2104.5116.3134.0157.5185.3209.9227.4
252.7273.4282.0290.4303.6299.3273.3298.4291.1281.6272.1266.0
245.9246.9
C
il defense
Depart-ment ofDefense,military
95.1102.3113.6130.9153.9180.7204.4220.9
245.2265.5274.0281.9294.9289.8262.4286.9278.6268.6259.6254.8
234.5235.7
)n-budget
Inter-nation-
alaffairs
6.47.57.5
12.713.112.311.815.9
16.214.211.610.59.6
13.815.916.117.217.116.414.0
15.012.7
and off-
Health
17.318.520.523.226.927.428.630.4
33.535.940.044.548.457.771.289.599.4
107.1115.4119.4
105.6108.9
>udget 01
Medi-care
19.322.826.532.139.146.652.657.5
65.870.275.178.985.098.1
104.5119.0130.6144.7159.9177.6
145.4161.7
itlays
Incomesecu-rity
61.061.566.486.599.7
107.7122.6112.7
128.2119.8123.3129.3136.0147.0170.3196.9207.3214.0220.4228.5
200.2211.6
Socialsecu-rity
85.193.9
104.1118.5139.6156.0170.7178.2
188.6198.8207.4219.3232.5248.6269.0287.6304.6319.6335.8350.7
307.7320.5
Netinter-est
29.935.542.652.568.885.089.8
111.1
129.5136.0138.7151.8169.3184.2194.5199.4198.8203.0232.2241.5
2.13.2221.9
Other
93.0114.7120.2131.4133.5125.4122.3118.6
131.8142.1125.9139.4158.8203.7225.0173.9159.7173.7166.9172.4
146.3154.9
1 Data from Monthly Treasury Statement.NOTE.—Data for fiscal 1996 are from Mid-Session Review of the 1997 Budget issued July
16, 1996. Other data (except as noted) are from Budget of the United States Government, FiscalYear 1997, issued March 19, 1996.
Sources: Department of the Treasury and Office of Management and Budget.
33
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL SECTOB, NATIONAL INCOME ACCOUNTS BASISIn the second quarter of 1996, according to revised estimates, Federal receipts rose $52.5 billion (annual rate);Federal current expenditures rose $24.0 billion.
BlUJOh
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
-200
-400
IS OF DO
-
~'••" n
-
— v\-
1 1 !
1982
JARS
^ MK> —
^ '
^
1 1 1
1983
-* — 1****
^—
i i i1984
**
AXyX
> '"-i— .
1 1 1
1985
^-w
— - "
C
U^ ^x-
i i i1986
CURREh
— ***
/"
URRENTS
S""*-*-/
i i |1987
SEASONAHY
IT EXPEND
X'
^\
RECEIPTS
JRPLUSO
A
j_i i1988
ADJUSTED At
)ITURES
Y~~f
^^
R DEFICIT
— **^
i i i
1989
•4NUAL RATES
--^S
^~~~
(-)
-— Xx
i i i1990
__»*./•
— — -"
^-^
i i i1991
s ***
^ S"
"*• -
1992
"
^x-~s
^-^
1993
^ ««»
-—y
,»X*^-" ~
J I 11994
BILUC
r" **" ™"
x —
^*- —
i i i1995
>NSOFD
^^
-
_
-
i i i1996
OUARS
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
-200
-400
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Calendar year:1989199019911992 ,199319941995
1990: IV1991: IV1992: IV
1993: IIIIllIV
1994: IIIIllIV
1995: IIIIllIV
1996: IIP
Total
1,079.31,129.81,149.01,198.51,275.31,377.01,478.4
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
1,449.31,483.21,486.61,494.7
1,523.11,575.6
Federal G
Personaltax andnontaxreceipts
463.4485.7476.9490.8523.6561.4614.9
484.9479.0510.0
501.0521.0529.1543.4
539.3571.3560.4574.5
594.6624.4617.3623.3
639.6681.4
rovernmen
Cor-porateprofitstax ac-cruals
117.1118.0109.8118.6137.5164.4184.3
117.4111.1123.7
127.5136.5133.7152.2
144.3162.2171.3180.0
183.1180.7189.1184.3
196.4199.0
t receipts
Indirectbusinesstax and 'nontaxaccruals
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
84.483.2
Contri-butions
forsocialinsur-ance
437.1461.1482.6507.1526.0558.6588.0
465.6488.1510.3
512.4526.2530.3535.1
545.5558.1562.1568.6
579.9584.6591.8595.9
602.6612.0
Total
1,192.71,284.51,345.01,479.41,530.91,567.31,640.1
1,313.01,399.81,509.5
1,509.71,521.51,534.71,557.7
1,534.61,552.51,575.71,606.4
1,621.91,644.31,645.01,649.3
1,678.31,702.3
Feden
Con-sump-tion
expen-di-
tures
405.2426.6445.9451.0451.9450.7453.8
437.7440.5457.7
451.3448.5453.5454.3
446.7445.1455.7455.3
454.6455.6453.6451.4
453.6463.5
il Governi
Trans-fer
pay-ments
471.7513.3522.2625.1659.1682.9719.9
526.1565.8643.3
645.9654.7660.8675.0
670.9676.4683.5700.9
708.3716.2724.2730.9
756.2757.9
nent curn
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
207.6219.3
jnt expenc
Netinterest
paid
166.7179.9192.7195.8192.3201.4229.1
177.8200.0191.8
190.5193.2192.7192.8
188.3198.3204.3214.8
220.9229.3232.3233.9
230.5230.8
iitures
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
32.332.031.129.9
30.430.8
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
.0
.0
Currentsurplus
ordeficit(-),
nationalincome
andproductaccounts
-113.4- 154.7- 196.0-280.9-255.6- 190.2-161.7
-177.7-238.8-279.0
-284.5-250.2-254.4-233.3
-212.7- 169.6- 188.5- 190.1
-172.6-161.1- 158.5-154.5
-155.2-126.7
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*
1995: JuneJulyAugSeptGetNovDec
1996: JanFebMarAprMayJuneJulyAugP
UnitedStates
95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9
121.4121.5122.7122.8122.2122.6122.8
122.5124.2123.6124.5
'125.4' 126.2'126.3126.9
Industrial ]
Canada
95.4100.0105.3105.2101.797.498.5
102.9110.1113.8
113.0113.8113.9113.9113.5113.7113.5
114.2'114.1113.7114.2
'114.7'114.6
116.2
reduction
Japan
96.7100.0109.4115.7120.6122.9115.8111.0112.3115.8
115.4112.8116.5113.4115.0116.6117.7
117.7121.0113.6117.2119.9
'115.6120.1117.9
(1987=10
Prance
98.8100.0104.6108.5110.1108.7107.5103.4107.3109.0
110.0110.1110.1
'108.2107.2107.5
'108.6
'108.8'109.1'109.7'108.8'109.7
109.4
); seasonally
Ger-many
99.6100.0103.9108.8114.5117.8115.8107.1110.4110.0
112.2113.7110.7112.1109.5110.6110.8
111.1'109.1111.1
'110.4111.4' 112.2
112.2
adjusted)
Italy
96.2100.0105.9109.2109.4108.4108.2105.5111.0116.8
115.2117.9118.6117.6116.7116.0126.1
113.1114.5118.8113.6113.6
UnitedKingdom
96.2100.0104.8107.0106.7102.8102.7104.9110.1113.0
112.6113.1113.6114.1113.0113.6114.0
'113.2'113.6
114.4'113.3'114.5'113.6114.1
UnitedStates1
109.6113.6118.3124.0130.7136.2140.3144.5148.2152.4
152.5152.5152.9153.2153.7153.6153.5
154.4154.9155.7156.3156.6156.7157.0157.3
Con
Canada
113.4118.4123.2129.3135.5143.1145.2147.9148.2151.4
151.6151.9151.8151.8151.8152.0151.8
152.2152.4153.0153.4153.9153.7153.7153.9
isumer pric
Japan
104.8'104.8'105.6'108.1111.4115.0116.9
'118.4119.3
'119.1
'119.4'118.8
118.9'119.6'119.3118.9
'118.9
'118.8'118.5'118.8'119.5'119.7'119.4119.3119.1
es (1982-J
France
117,2120.9124.2128.6133.0137.2140.6143.5145.9148.4
148.3148.0148.7149.2149.3149.5149.6
149.9150.4151.3151.6151.9151.7
'151.5151.1
*4=100; NSJ
Ger-many
104.7104.9106.3109.2112.2116.2120.9125.2128.6130.8
131.1131.5131.2131.1131.0131.0131.4
131.5132.2132.2132.3132.6132.8
'133.2133.1
L)
Italy
128.5134.4141.1150.4159.5169.8178.8186.3193.6204.0
204.6204.7205.4206.0207.1208.3208.7
209.0209.6210.2211.4212.2212.7212.2212.4
UnitedKingdom
1149119.7125.6135.4148.2156.9162.7165.3169.3175.2
176.0175.2176.1176.9176.0176.0177.1
176.5177.3178.0179.3179.6179.8179.1179.9
1 Data relate to all urban consumers. Source: National sources as reported by Department of Commerce (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 actuated]
Period
1986198719881989199019911992199319941995
1995: JulyAugSeptOctNovDec
1996: JanFebMarAprMayJune' ...July
BOPbasis
223.3250.2320.2362.1389.3416.9440.4456.8502.5575.9
46.648.749.749.549.850.1
'48.750.950.550.751.451.048.6
Go
Ce
Total,Censusbasis2
227.2254.1322.4363.8393.6421.7448.2465.1512.6584.7
47.349.550.350.350.650.9
49.351.751.451.652.551.950.1
ods: Exp
nsus bas
Foods,feeds,andbev-
erages
22.324.332.337.235.135.740.340.641.950.5
4.14.54.74.44.44.5
4.74.54.94.74.74.54.7
«rts (f.a
is (by er
In-dus-trialsup-plies
mate-rials
57.366.785.199.3
104.4109.7109.1111.8121.4146.3
11.912.112.412.511.912.1
11.912.212.512.712.512.311.5
.s. value
id-use ci
Cap-ital
goodsexceptauto-mo-tive
75.886.2
109.2138.8152.7166.7175.9181.7205.2233.0
19.120.019.820.320.721.2
19.921.320.821.121.120.720.0
)
itegory)
Auto-mo-tive
vehi-cles,partsanden-
gines
21.724.629.334.837.440.047.052.457.661.8
4.85.15.65.25.15.2
5.25.44.94.95.45.55.2
i
Con-sumergoods(non-food)ex-eeotccpi,auto-mo-tive
14.217.723.136.443.345.951.454.760.064.4
5.25.55.45.55.55.5
5.55.85.75.85.95.95.6
BOPbasis
368.4409.8447.2477.4498.3491.0536.5589.4668.6749.4
62.562.262.962.662.162.7
64.263.764.966.368.265.666.1
Good
Ct
Total,Censusbasis2
365.4406.2441.0473.2495.3488.5532.7580.7663.3743.4
62.361.962.762.261.862.5
63.963.363.764.766.964.765.7
s: Impor
nsus bas
Foods,feeds,andbev-
erages
24.424.824.825.126.626.527.627.931.033.2
2.72.72.82.82.72.7
2.82.83.03.03.02.92.9
s (custc
as (by e
In-dus-trialsup-pliesand
mate-rials
101.3111.0118.3132.3143.2131.6138.6145.6162.0180.7
15.214.815.314.714.914.8
15.614.715.316.617.016.317.0
ms valu
rid-use e
Cap-ital
goodsexceptauto-mo-tive
71.884.5
101.4113.3116.4120.7134.3152.4184.4221.4
18.818.819.019.519.219.3
19.519.419.518.819.018.618.6
e)
ategory)
Auto-mo-tive
vehi-cles,partsanden-
gines
78.285.287.786.187.385.791.8
102.4118.3124.8
10.010.210.29.69.9
10.3
10.610.610.010.511.510.811.1
Con-sumergoods(non-food)exceptauto-mo-tive
79.488.795.9
102.9105.7108.0122.7134.0146.3160.0
13.413.413.413.413.113.2
13.513.713.713.514.213.913.9
Sen(BOP
Ex-ports
85.998.3
110.9127.0147.5163.8177.3186.1195.8210.6
17.818.118.418.018.218.0
'17.918.318.8
'18.5'18.8
18.818.6,
ricesbasis)
Im-ports
81.091.799.5
103.5118.8119.6119.5125.5134.1142.2
11.912.112.011.812.011.8
12.0'12.3
12.312.3
'12.512.312.7
(e
Goods,Censusbasis
- 138.3- 152.1-118.5- 109.4-101.7-66.7-84.5
-115.6-150.6- 158.7
-15.0-12.4-12.4-11.9-11.2-11.6
-14.5-11.6-12.3-13.1-14.4-12.9-15.6
Balancexports min
Goods
-145.1-159.6-127.0-115.2- 109.0-74.1-96.1- 132.6-166.1-173.4
-15.9-13.4-13.2-13.1-12.3-12.6
-15.5-12.8-14.4-15.6-16.8-14.6-17.5
of tradeus impon
5OP basi
Serv-ices
4.96.6
11.423.528.744.257.860.661.768.4
5.86.06.36.26.26.2
'5.9'6.06.6
'6.2'6.36.45.8
ts)
Goodsand
- 140.1- 152.9-115.5-91.8-80.3-29.9-38.3-72.0
-104.4- 105.1
-10.1-7.4-6.9-6J-6.1-6.4
'-9.6'-6.8
-7.9'-9.4-10.5-8.2
-11.7
1 Includes undocumented exports to Canada through 1988.2 Total includes "other" exports or imports, not shown separately.
NOTE.—BOP 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 the Census and Bureau of Economic Analysis).
35
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. INTERNATIONAL TRANSACTIONSIn the second quarter of 1996, the merchandise trade deficit rose to $46.8 billion, from $42.7 billion in the firstquarter. The current account deficit rose to $38.8 billion, from $34.9 billion in the first quarter.
BILLIONS OF DOLLARS* BILLIONS OF DOLLARS *
1996
* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally a^usted, except as noted. Credits (+), debits ( — ) ]
Period
1986198719881989199019911992199319941995
1994: IIIIllIV
1995: IIIIllIV
1996: lr
HP
Exports
223,344250,208320,230362,120389,307416,913440,352456,832502,463575,940
118,462122,909127,237133,855
138,551142,983144,984149,422
150,028153,316
Goods1
Imports
-368,425-409,765-447,189-477,365-498,337-490,981-536,458-589,441-668,584-749,364
-155,301-163,993-171,652-177,638
- 183,474-190,910-187,532-187,448
-192,758-200,146
*
Netbalance
- 145,081- 159,557- 126,959-115,245-109,030-74,068-96,106- 132,609- 166,121- 173,424
-36,839-41,084- 44,415-43,783
-44,923-47,927-42.548-38,026
-42,730-46,830
Netmilitarytrans-
ac-tions23
-5,181- 3,844- 6,320-6,749- 7,599-5,274- 1,448
8801,9633,585
-38367
1,171463
628859
1,120978
489835
Services
Nettraveland
trans-porta-tion
receipts
-8,484-7,613-2,591
4,0438,002
17,03220,48420,02616,71118,361
4,0164,2213,7584,717
3,7703,8345,0875,670
5,3625,559
Otherserv-ices,net
18,60918,09720,35226,19228,29132,44038,80539,66543,06846,415
10,15910,61411,03911,257
11,01011,41012,00611,987
12,65212,561
Balanceon
goodsand
services
- 140,136-152,918-115,518-91,758-80,336-29,872-38,264- 72,039- 104,379- 105,064
-22,702-25,882-28,447-27,346
-29,515-31,824-24,335-19,391
-24,227-27,875
Ini
Receiptson U.S.assetsabroad
91,976100,767129,070152,517160,300137,003119,046119,900141,704182,659
31,84133,28737,21239,368
44,10046,77945,26946,513
47,49748,195
vestment ino
Paymentson foreignassets in
U.S.
-79,095-91,302
-115,722-138,639- 139,402-121,159-107,851-110,158- 145,863-190,674
-30,678-33,923-38,801-42,462
-45,000-47,641-49,630-48,403
-47,235-49,799
ome
Net
12,8819,465
13,34813,87820,89715,84411,1959,742
-4,159-8,016
1,163-636
- 1,589-3,094
-900-862
- 4,361-1,890
262- 1,604
Balanceon goods,services,
andincome
-127,255-143,453-102,170-77,880-59,439-14,028-27,069-62,297
-108,539-113,079
-21,539-26,518-30,036-30,440
-30,415-32,686-28,696-21,281
-23,965-29,479
Unilateraltransfers,
net4
-24,833-23,939-26,266-27,696-35,219
4,510-35,514-37,640-39,866-35,075
-8,169-9,507-9,975
-12,215
-8,639- 8,290-8,992-9,154
-10,904-9,300
Balanceon
currentaccount
-152,088-167,392- 128,436- 105,575-94,657-9,518
-62,583-99,936- 148,405-148,154
-29,708-36,025-40,011- 42,655
-39,054-40,976-37,688-30,435
-34,869-38,779
1 Adjusted from Census data for differences in timing and coverage; excludes military.2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expend-
itures (imports).
3 Quarterly data are not seasonally adjusted.4 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
36
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U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $5.1 billion in the secondquarter of 1996, in contrast to a decrease of $1.7 billion in the first quarter. U.S. liabilities to private foreignersreported by U.S. banks, excluding Treasury securities, decreased $3.9 billion in the second quarter, following adecrease of $35.6 billion in the first quarter.
BILUONSOF DOLLARS* BILLIONS OF DOLLARS*
1986 I 1987 1988 1989 | 1990
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally ac^usted, except as noted]
Period
1986198719881989199019911992199319941995
1994: IIIIllIV
1995: IIIIllIV
1996: PHP
[i
Total
-106,753-72,617- 100,087-168,744-74,011-57,881- 68,622
-194,609-150,695-307,856
-36,897-28,627-25,569-59,603-61,747
-108,299-39,595-98,214-68,750-49,165
U.S. assetstierease/eapitj
U.S.officialreserve
assets35
3129,149
-3,912-25,293-2,158
5,7633,901
-1,3795,346
-9,742
-593,537-1652,033
-5,318-2,722-1,893
19117
-523
abroad, netil outflow ( —
Other U.S.Govern-
mentassets
-2,0221,0062,9671,2592,3072,911
-1,657-342-341-280
399491
-288-943-154-179
252-199-152-429
)]
U.S.privateassets
- 105,044-82,771-99,141- 144,710-74,160-66,555-70,866- 192,889- 155,700-297,834
-37,237-32,655-25,116-60,693-56,275- 105,398-37,954-98,206-68,615-48,213
Foreign[inerea*
Total
226,111242,983240,265218,490122,19294,241
154,285250,996285,376424,462
83,23545,88983,61972,63290,995
115,421118,81699,22999,47180,315
assets in the»e/capitaJ infl
Foreignofficialassets 3
35,64845,38739,7588,503
33,91017,38940,47772,15340,253
109,757
11,0369,166
19,785266
' 21,82237,38039,18611,36952,02113,197
U.S., netow(+)]
Otherforeignaasets
190,463197,596200,507209,987
88,28276,853
113,808178,843245,123314,705
72,19936,72363,83472,36669,17378,04179,63087,86047,45067,118
Allocationsof specialdrawingrights
(SDKs)
Statistical
Total (sumof the items
with signreversed)
32,729-2,974
-11,74355,83046,476
-26,843-23,080
43,55013,72431,548
-16,63018,763
-18,03929,626
9,80633,854
-41,53329,4204,1487,629
discrepancy
Of which:Seasonal
adjustmentdiscrepancy
5,105274
-6,4901,1076,519-266
-7,4071,1536,279-743
TT Q ftfFifiifil
assets, net5
(unadjusted,end ofperiod)
48,51145,79847,80274,60983,31677,72171,32373,44274,33585,832
76,80975,73276,53274,33586,76190,06387,15285,83284,21283,455
5 Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserveposition in the IMP.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of theTreasury.
37
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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 Private 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 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.
For sale by the Superintendent of Documents, U.S. Government Printing Office,Washington, B.C. 20402. Price $3.00 (single copy) ($3.75 foreign).
nf+ Subscription price: $33.00 per year; $41.25 for foreign mailing.38 U.S. GOVERNMENT PRINTING OFFICE : 1996 27-429
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