economic indicators: april 1996 - fraser · 2018-11-07 · total output, income, and spending gross...
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104th Congress, 2d Session
Economic Indicators
APRIL 1996(Includes data available as of May 7, 1996)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
L I B R A R Y
2 3 1996
FEDERAL 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, ChairmanMARTIN N. BAILY, Member
ALICIA H. MUNNELL, Member
{PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That theJoint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and thata sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeantat Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copiesto the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required numbers of copies to the Superintendent of Documents for distribution to depositorylibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Chans prepared by the An Production Section, Design and Graphics Branch,Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)from:
SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing OfficeSuperintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-052627-2
11
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[ERRATA]
ERRATA sheet for Economic Indicators, April 1996, Page 32Subtitle should read as follows:In the first 6 months of fiscal 1996, there was a deficit of $128.2 billion,compared with a deficit of $146.7 billion a year earlier.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TOTAL OUTPUT, INCOME, AND SPENDINGGROSS DOMESTIC PRODUCTIn the first quarter of 1996, according to advance estimates, current-dollar gross domestic product (GDP) rose5.0 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 2.8 percent, and the implicit price deflatorrose 2.1 percent.
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
7,600
7,200
6,800
6,400
6,000
5,600
5,200
4,800
4,400
4,000
3,600
3,200
5EASONAU.Y ADJUSTED ANNUAl RATES ,
^GDP
AINED( 1992) DOLL
\
^ *s
S
^
\ \ \
1982
s
/
i > i1983
''
/•
i i i1984
^,-'
/
I i i1985
^ — — "~
.
i I I1986
.— ''
^
^<
/^
/ GDP/ IN CURRENT DOLLARS
I I i
1987
i i i1988
i I i1989
r~~-^-—
i i i1990
_ _
^
i i I1991 ,
^
i i i1992
I > I1993
jr
ff
i I i1994
"
• — •
i i i1995
f
i I I1996
7,600
7,200
6,800
6,400
6,000
5,600
5,200
4,800
4,400
4,000
3,600
3,200
SOURCE: DEBMITMENTOF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
19861987198819891990199119921993199419951990: TV1991- IV1992; IV1993: I
IIIIIIV
1994- IIIinrv
1995: IIJinIV
1996- IF
Grossdomesticproduct
4,422.24,692.35,049.65,438.75,743.85,916.76,244.46,550.26,931.47,245.85,781.56,002.36,383.06,442.86,503.26,571.36,683.76,772.86,885.06,987.67,080.07,147.87,196.57,298.57,340.47,430.7
Personalcon-
sumptionexpendi-
tures
2,892.73,094.53,349.73,594.83,839.33,975.14,219.84,454.14,698.74,924.33,907.04,027.14,329.64,367.84,424.74,481.04,543.04,599.24,665.14,734.44,796.04,836.34,908.74,960.04,992.35,061.6
Grossprivate
domestic
ment
722.5747.2773.9829.2799.7736.2790.4871.1
1,014.41,065.3
736.1760.9816.1843.6855.9873.8911.2957.6
1,016.51,033.61,050.11,072.01,050.31,074.81,064.01,079.4
Exports and importsof goods and services
Netexports
-131.5-142 1-106.1-80.4-71.3-205-29.5-649-96.4
-1023-72.0-14.8-42.7-47.4-620-77.1-73.2-803-97.41084
-99.7- 106.6-1224- 100.8
79 3-95.0
Exports
320.7365.7447.2509.3557.3601.8639.4660.0722.0804.5577.3624.4649.1649.4662.5648.5679.4681.5708.6734.2763.6778.6796.9812.5829.9832.7
Imports
452.2507.9553.2589.7628.6622.3669.0724.9818.4906.7649.2639.3691.8696.8724.6725.6752.6761.7806.0842.6863.3885.1919.3913.3909.2927.8
Government consumption expendituresand gross investment
Total
938.5992.8
1,032.01,095.11,176.11,225.91,263.81,289.91,314.71,358.51,210.41,229.21,280.01,278.81,284.61,293.61,302.71,296.41,300.81,328.01,333.51,346.01,359.91,364.51,363.51,384.7
Federal
Total
435.2455.7457.3477.2503.6522.6528.0522.1516.3516.7516.7515.5535.0525.0519.6520.8522.9511.3509.4523.6520.9519.9522.6516.7507.8519.2
Nationaldefense
332.4350.4354.0360.6373.1383.5375.8362.2352.0345.7383.3373.0375.3365.2362.2360.7360.8346.7349.3362.1349.6347.7352.3345.6337.2346.7
Non-defense
102.9105.3103.3116.7130.4139.1152.2159.9164.3171.0133.3142.6159.7159.8157.4160.1162.2164.6160.0161.5171.2172.1170.3171.1170.6172.5
Stateandlocal
503.3537.2574.7617.9672.6703.4735.8767.8798.4841.7693.7713.6745.1753.8765.0772.7779.7785.0791.4804.4812.6826.1837.3847.7855.7865.5
Finalsales of
domesticproduct
4,412.64,668.15,038.75,407.05,735.85,919.06,237.46,529.76,871.87,208.85,812.95,980.96,376.66,422.96,481.66,549.36,664.96,732.66,810.56,922.97,021.37,089.77,162.57,260.37,322.67,420.9
Grossdomestic
pur-chases1
4,553.74,834.55,155.65,519.15,815.15,937.26,274.06,615.27,027.87,348.15,853.56,017.16,425.76,490.16,565.26,648.46,756.96,853.16,982.57,096.07,179.67,254.37,318.97,399.37,419.77,525.7
Adden-dum:Gross
nationalproduct
4,435.14,701.35,062.65,452.85,764.95,932.46,255.56,560.06,922.47,237.55,813.66,016.66,390.56,458.46,512.36,584.86,684.56,773.66,876.36,977.67,062.27,140.57,187.07,283.07,339.6
1 GDP less exports of goods and services plus imports of goods and 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]
Period
1986198719881989 .199019911992199319941995
1990: IV1991: IV1992: IV
1993: IIIIllIV
1994: IIImrv
1995- IIIIllrv
1996- IP
Grossdomesticproduct
5,489.95,648.45,862.96,060.46,138.76,079.06,244.46,383.86,604.26,739.0
6,081.06,104.46,327.3
6,327.06,353.76,390.46,463.9
6,504.66,581.56,639.56,691.3
6,701.66,709.46,768.36,776.56,823.6
Personalcon-
sumptionexpendi-
tures
3,708.73,822.33,972.74,064.64,132.24,105.84,219.84,339.74,471.14,578.5
4,116.44,109.14,282.3
4,290.04,319.04,359.74,390.0
4,418.84,457.74,485.84,522.3
4,530.94,568.84,600.44,614.14,653.5
Gross privatedomestic investment
Nonresi-dentialfixed
invest-ment
548.5542.4566.0588.8585.2547.7557.9593.6652.1715.0
573.9539.5569.1
577.5586.4593.1617.6
628.6639.5660.4679.7
704.4710.6719.7725.3746.3
Resi-dentialfixed
invest-ment
257.0257.6252.5243.2220.6193.4225.6242.7268.9262.8
200.3202.4236.7
237.9234.8242.2255.8
263.6271.6270.3270.3
265.9256.6262.3266.4269.3
Changein busi-
nessinven-tories
10.926.211.633.310.4
-3.07.3
19.158.933.7
-28.221.45.8
18.520.819.517.4
40.174.164.057.3
54.530.633.216.57.9
Exports and imports ofgoods and services
Netexports
-163.9- 156.2-114.4-827-61.9-22.3-29.5-74.4
-1081-114.2
-42.5-17.9-40.0
-55.2-67.0-89.1-86.2
-101.3-112.2-113.3- 105.8
-119.0-126.8-114.3-96.6
-111.0
Exports
362.2402.0465.8520.2564.4599.9639.4660.6715.1774.8
573.9623.5649.1
649.8662.3648.9681.4
680.4704.3724.8751.0
755.8764.3779.1799.8805.2
Imports
526.1558.2580.2603.0626.3622.2669.0735.0823.3888.9
616.4641.4689.1
705.1729.4738.1767.6
781.7816.5838.1856.8
874.9891.2893.4896.4916.2
Government consumption expendituresand gross investment
Total
1,135.01,165.91,180.91,213.91,250.41,258.01,263.81,260.51,259.91,260.7
1,259.91,250.71,272.5
1,257.21,257.91,261.11,265.7
1,252.31,249.71,271.01,266.6
1,263.01,265.81,263.61,250.41,256.1
Federal
Total
518.4534.4524.6531.5541.9539.4528.0508.7489.7472.7
543.5526.9534.0
515.7509.2505.4504.5
489.8483.3496.6489.1
481.3479.9472.7456.8464.3
Nationaldefense
393.4409.2405.5401.6401.5397.5375.8354.9336.9320.0
403.1381.7376.8
361.2356.4351.2350.8
334.8335.5346.1331.3
325.3326.1319.3309.3314.9
Non-defense
125.2125.3119.1130.1140.5142.0152.2153.8152.6152.4
140.5145.3157.1
154.5152.7154.2153.7
154.8147.7150.5157.5
155.6153.6153.1147.2149.0
andlocal
616.9631.8656.6682.6708.6718.7735.8751.8770.5788.6
716.5723.8738.5
741.6748.8755.7761.3
762.7766.8774.7777.7
782.2786.3791.5794.4792.5
Finalsales of
domesticproduct
5,480.95,626.05,855.16,028.76,126.76,082.66,237.46,362.96,546.36,704.7
6,108.16,083.86,320.7
6,307.76,331.66,368.26,444.1
6,464.06,509.06,576.86,635.2
6,647.56,677.46,733.36,760.56,815.5
Grossdomestic
pur-chases1
5,666.15,815.75,983.96,146.16,202.16,101.16,274.06,457.36,709.76,849.7
6,124.36,122.36,367.3
6,382.06,420.26,478.36,548.7
6,603.96,691.06,749.76,794.0
6,816.96,832.06,879.46,870.56,931.2
Adden-dum:Gross
nationalproduct
5,503.45,657.25,876.26,074.06,159.46,094.46,255.56,393.76,596.66,732.1
6,113.46,118.76,334.8
6,342.76,362.96,404.06,465.1
6,506.26,573.96,631.16,675.4
6,695.76,701.26,754.66,776.7
1 GDP less exports of goods and services phis 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
1986198719881989199019911992199319941995
1990: IV1991- IV1992: IV
1993: IIIinrv
1994- Iiimrv
1995: IIIIllrv
1996: I?
Grossdomesticproduct
80.683.186.189.793.697.3
100.0102.6105.0107.5
95.198.3
100.9
101.8102.4102.8103.4
104.1104.6105.2105.8
106.7107.3107.8108.3
108.9
Personal consumptionexpenditures
Total
78.081.084.388.492.996.8
100.0102.6105.1107.6
94.998.0
101.1
101.8102.4102.8103.5
104.1104.7105.5106.1
106.7107.4107.8108.2
108.8
Durablegoods
88.991.693.395.396.698.5
100.0101.3103.4104.4
97.099.1
100.2
100.5101.1101.5101.9
102.4103.2104.0103.9
104..5104.7,04.41C3.8
1GU.7
Nondura-ble goods
78.781.884.889.394.698.1
100.0101.5102.8104.5
97.498.7
100.7
101.3101.5101.3101.9
102.0102.4103.3103.6
103.9104.5104.6105.0
106.0
Services
75.378.282.286.691.295.8
100.0103.6106.7109.9
93.197.4
101.5
102.4103.3103.9104.7
105.6106.2107.1107.9
108.8109.7110.3110.9
111.4
Gross privatedomestic investment
Nonresi-dentialfixed
90.291.393.796.298.499.9
100.0100.9102.3103.3
99.499.9
100.1
100.5100.8101.0101.1
101.6102.2102.7102.7
102.7103.4103.7103.4
103.0
Residen-tial fixed
84.988.392.195.197.898.8
100.0103.7107.0110.3
98.398.9
101.4
102.3103.6104.3104.7
105.7106.2107.4108.6
109.2109.9110.7111.3
111.7
Exports and imports ofgoods and services
Exports
88.591.096.097.998.7
100.3100.0
99.9101.0103.8
100.6100.2100.0
99.9100.C99.999.7
100.2100.6101.3101.7
103.0104.3104.3103.8
103.4
Imports
86.091.095.397.8
100.4100.0100.098.699.4
102.0
105.399.7
100.4
98.899.398.398.0
97.498.7
100.5100.8
101.2103.2102.2101.4
101.3
Government consumption expendituresand gross investment
Federal
Total
84.085.387.289.892.996.9
100.0102.6105.4109.3
95.197.8
100.2
101.8102.0103.0103.6
104.4105.4105.4106.5
108.0108.9109.3111.2
111.8
Nationaldefense
84.585.687.389.892.996.5
100.0102.1104.5108.0
95.197.799.6
101.1101.6102.7102.8
103.6104.1104.6105.6
106.9108.0108.2109.0
110.1
Non-defense
82.284.086.789.792.897.9
100.0104.0107.7112.3
94.998.1
101.6
103.4103.1103.9105.5
106.3108.3107.3108.7
110.6110.9111.8115.9
115.8
Stateandlocal
81.685.087.590.594.997.9
100.0102.1103.6106.7
96.898.6
100.9
101.6102.2102.3102.4
102.9103.2103.8104.5
105.6106.5107.1107.7
109.2
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 arc seasonally adjusted)
Index numbers, 1992=100
Currentdollars
Chain-typequantity
index
Chain-typeprice index
Implicitprice
deflator
Percent change from preceding period '
Currentdollars
Chain-typequantity
index
Chain-typepriceindex
Implicitprice
deflator
198219831984198519861987198819891990199119921993199419951991: I ...
II ..mIV .
1992: I ...II ..inIV .
1993: I ...II ..inIV .
1994: I ...n..inIV .
1995: I ...II..inIV .
1996: IP .
51.956.362.567.070.875.180.987.192.094.8100.0104.9111.0116.093.294.495.396.198.099.3100.4102.2103.2104.1105.2107.0108.5110.3111.9113.4114.5115.2116.9117.6119.0
74.077.082.385.387.990.593.997.198.397.3100.0102.2105.8107.996.997.397.597.898.999.5100.3101.3101.3101.7102.3103.5104.2105.4106.3107.2107.3107.4108.4108.5109.3
70.273.275.978.680.683.186.189.793.697.3100.0102.6105.0107.696.397.097.798.399.199.8100.2100.9101.8102.4102.8103.4104.1104.6105.2105.8106.7107.3107.9108.5109.2
70.173.175.978.480.683.186.189.793.697.3100.0102.6105.0107.596.397.097.798.399.199.8100.2100.9101.8102.4102.8103.4104.1104.6105.2105.8106.7107.3107.8108.3108.9
4.18.411.07.15.86.17.67.75.63.05.54.95.84.52.84.94.03.68.25.34.67.33.83.84.37.05.46.86.15.43.92.85.82.35.0
-2.14.06.83.73.02.93.83.41.3
-1.02.72.23.52.0
-2.21.71.01.04.72.53.04.3.01.72.34.72.54.83.63.2.6.53.6.52.8
6.34.23.83.42.63.13.74.24.43.92.82.62.32.54.83.22.82.53.42.81.52.83.82.21.82.32.81.92.42.23.32.52.22.22.5
6.34.23.93.32.73.13.74.24.34.02.72.62.32.45.13.12.92.53.32.71.52.93.82.11.92.22.81.92.42.23.22.32.21.82.1
1 Percent changes shown here arc calculated using unrounded data. Quarterly percentchanges are at annual rates.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT. COSTS. AND PROFITS[Quarterly data at seasonally adjusted annual rates]
Period
Gross domestic productof nonfinancial
corporate business(billions of dollars)
Currentdollars
Chained(1992)dollars
Current-dollar cost and profit per unit of real output (dollars)'
Totalcost andprofit2
Consump-tion offixed
capital
Indirectbusinesstax, etc."
Com-pensation
of em-ployees
Corporate profits with inventoryvaluation and capital consumption
adjustments
TotalProfits
taxliability
Profitsaftertax4
Netinterest
1986198719881989199019911992199319941995
1993: I ...II..inIV.
1994: I ...II..inIV.
1995: I ...n..inIV.
2,416.32,589.62,805.22,950.93,084.03,132.13,262.63,437.53,688.43,875.6
3,345.33,407.83,458.73,538.0
3,594.43,664.93,707.23,786.9
3,796.43,832.43,916.13,957.7
2,832.42,967.03,122.13,175.43,212.53,168.83,262.63,380.03,567.13,685.7
3,304.03,357.43,398.43,460.1
3,496.23,554.53,576.23,641.5
3,631.63,646.13,715.13,749.9
0.853.873.898.929.960.9881.0001.0171.0341.052
1.0121.0151.0181.0231.0281.0311.0371.040
1.0451.0511.0541.055
0.100.100.101.106.110.116.115.115.116.115
.116
.115
.116
.114
.122
.114
.114
.113
.114
.116
.115
.115
0.083.083.084.088.092.100.103.105.106.109
.105
.105
.105
.107
.107
.106
.107
.106
.109
.110
.108
.109
0.566.578.591.614.640.660.673.679.682.696
.681
.679
.679
.676
.679
.681
.683
.686
.694
.698
.695
.696
0.069.076.082.075.072.070.077.088.102.104
.079
.085
.089
.098
.093
.103
.105
.108
.100
.100
.109
.108
0.027.031.033.031.030.027.028.031.036.038
.028
.031
.029
.034
.035
.036
.037
.039
.039
.038
.038
.037
0.042.044.050.044.042.043.049.057.066.066
.050
.055
.059
.065
.058
.067
.068
.070
.061
.062
.071
.070
0.035.035.039.046.046.042.032.029.027.028
.031
.030
.029
.028
.027
.028
.028
.027
.028
.028
.027
.027
'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 and nontax liability plus business transfer payments less subsidies.
4 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
1989199019911992199319941995
1990- IV1991- IV1992: IV
1993: IIImIV
1994- IIImIV
1995- IIIinrv
1996- IP
Nationalincome
4,362.14,611.94,719.74,950.85,194.45,495.15,799.2
4,667.24,770.05,061.7
5,094.95,159.95,213.05,309.9
5,300.55,493.75,551.25,635.05,697.75,738.95,849.25,911.1
Compen-sation
ofemploy-
ees1
3,151.63,352.83,457.93,644.93,809.44,008.34,209.13,395.93,511.03,707.03,744.13,787.83,834.83,871.0
3,933.63,993.34,022.74,083.7
4,141.64,178.94,235.94,280.24,321.0
Proprietors' incomewith inventory valu-
ation and capital con-sumption adjustments
Farm
36.836.330.238.032.035.029.033.931.037.331.535.826.134.440.835.131.932.328.527.628.131.838.6
Nonfarm
308.2324.6332.7371.5388.1415.9449.3327.1341.1385.1382.0381.8388.1400.5380.3419.3426.8437.1443.5447.1451.5454.9460.0
Kentalincome
ofpersons
withcapital
consump-tion
adjust-ment
52.461.468.480.6
102.5116.6122.2
67.373.092.398.4
102.9104.1104.5101.1121.0122.2121.9120.6121.6120.9125.8126.9
Corporate profits with inventory valuation andcapital consumption adjustments
Total
356.4369.5382.5401.4464.5526.5588.6365.5379.6427.7426.4449.0469.6512.8455.9531.5549.8568.9
559.6561.1614.9618.6
Profits with inventory valuationadjustment and without capital
consumption adjustment
Total
330.6358.2378.2398.9457.7514.9572.7356.5375.2420.5421.4443.2465.9500.4
467.8513.4531.0547.6
542.2546.1600.3602.2
Profitsbefore tax
348.1371.7374.2406.4464.3528.2600.8376.7382.8420.3436.0458.8458.0504.5471.7523.2547.5570.4
594.1588.4609.6611.0
Inventoryvaluationadjust-ment
-17.5-13.5
4.0-7.5-6.6
-133-28.1-20.3-7.6
.2-14.6-156
7.9-40— 3 9-9.8
-16.5-22.8
-51.9-42.3-9.3-8.8
-13.2
Capitalconsump-
tionadjust-ment
25.811.34.32.56.7
11.615.9
9.04.57.2
5.05.83.8
12.3
11 818.118.821.3
17.415.014.616.5
19.8
Netinterest
456.6467.3448.0414.3398.1392.8401.0
477.5434.3412.4
412.6402.6390.4386.7
388.7393.5397.8391.1
403.9402.6397.8399.7
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
1989199019911992199319941995
1990: IV1991- IV1992: IV ....
1993: IIImrv
1994- III .. . .mrv
1995- IIImrv
1996: I"
Totalpersona)
con-sumptionexpendi-
tures
4,064.64,132.24,105.84,219.84,339.74,471.14,578.54,116.44,109.14,282.34,290.04,319.04,359.74,390.04,418.84,457.74,485.84,522.34,530.94,568.84,600.44,614.1
4.653.5
Durable goods
Totaldurablegoods
496.2493.3462.0488.5524.1562.0580.8476.3461.5505.0506.0519.6528.9541.9
549.6555.4563.0579.9566.9576.6589.7590.1
600.2
Motorvehicles
andparts
230.3224.3193.2206.9218.6228.2221.0
210.0194.6213.9
210.8219.0219.1225.4
230.3226.7226.4229.4
216.2220.7225.9220.9
222.7
Fur-nitureand
house-hold
equip-ment
170.9173.5177.0189.4208.4230.1251.8
171.5178.0196.4
200.8205.1211.0216.8
219.0226.1232.5242.7
243.3247.5254.9261.5
265.4
Other
96.496.691.892.397.2
104.2109.8
95.588.994.6
94.595.598.999.9
100.4103.0104.7108.8
108.9109.9110.5109.9
114.3
Nondurable goods
Totalnondura-
blegoods
1,303.51,316.11,302.91,321.81,348.91,390.51,422.51,308.41,295.71,339.8
1,336.91,344.71,354.21,359.8
1,372.71,383.71,397.21,408.4
1,416.81,423.51,425.41,424.2
1.435.2
Pood
650.1662.9659.6660.0674.3689.1702.4
662.9656.5668.6
670.5672.9675.7677.9
682.2688.5690.6695.1
700.7701.6703.9703.3
708.5
Clothingand
shoes
220.7217.9215.9225.5233.3247.2257.2
215.1213.1230.9227.4232.3235.0238.6
241.1243.3249.0255.5
254.6258.0258.9257.3
262.5
Gasolineand oil
108.1107.3103.4106.6109.1110.4113.3
104.9102.5107.3
108.2108.0110.9109.3
108.8109.5111.6111.6
113.4113.6112.5113.7
113.1
Fueloilandcoal
12.611.210.810.910.710.310.3
9.910.610.7
10.910.610.710.6
11.410.010.29.6
9.910.610.010.7
10.7
Other
311.5316.7313.2318.8321.6333.6339.5
315.6312.8322.3
319.9320.9322.0323.4
329.2332.4336.0336.7
338.3340.0340.3339.4
340.6
Services
Totalservices1
2,262.32,321.32,341.02,409.42,466.82,519.42,576.12,331.22,352.02,437.6
2,447.02,454.92,476.72,488.6
2,497.02,519.02,526.32,535.1
2,548.12,569.62,586.32,600.4
2.618.9
Housing
614.6627.2635.2646.8655.0668.2681.7
630.6638.6650.6
652.2653.5655.9658.5662.1666.1670.7674.1
677.4680.0683.2686.3
689.6
Medicalcare
575.8602.8621.6646.6658.8668.8684.1
610.6630.8652.2
656.6657.5659.7661.4
663.2667.6670.4674.2
677.8681.3686.1691.3
694.6
Retail sales of newpassenger cars
(millions of units)
Domestics
7.16.96.16.36.77.37.1
6.66.16.4
6.36.96.77.1
7.37.27.27.3
7.06.97.57.3
7.3
Imports
2.72.42.01.91.81.71.5
2.22.01.9
1.81.91.81.7
1.81.81.81.6
1.61.61.51.4
1.3
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 chained-dollar value of GDP or to anyintermediate 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 $28.5 billion (annual rate} in March, following an increase of $47.4 billion in February. TheMarch increase reflects the effects of a strike in the motor vehicle industry, which reduced wages and salariesin that industry by about $9 billion (annual rate). Other effects of the strike cannot easily be quantified.
BILUONS OF DOUARS* (RATIO SCALE)
7,000
6,000
5,000
4,000
3,000
2,000
1,400
800
400 1 I I M I M I I I
1988
i i i i i I 1 1 1 1 l1989 1990
WAGE AND SALARY DISBURSEMENTS
•~\v-OTHER INCOME
-vTRANSFER PAYMENTS
I I i I 1 I I I I M
1991 1992 1993 1994
BILUONS OF DOLLARS* (RATIO SCALE)
7,000
6,000
5,000
4,000
3,000
2,000
1,400
800
i l 1 1 l I l l l i l1995
l I I I I I l l l l I 4001996
OOUNQLOF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
19861987 . ..198819891990199119921993199419951995- Mar
July
SeptOctNovDec
1996- Janr
Feb'Mar** ..
personalincome
3 647 53 87734 172 8448934 791 6496855264 2547925 75026 101 7601596 053 960462608556 123 16 12596 157 96 187 962073624646250 26297663261
Wage andsalary
disburse-ments1
2 116 59 279 7
2 453 6259812 7575282762 9864309063241 13419733694339923374 7340593 438 7343333 4548347653474534937348633522935384
Other laborincome 1 2
2160235.4251 7273.1300 6322.7351 3380.9402 2424.0419.24206422.0423.4424.6425.84272428.7430.2431.7427 4429.1430.8
Proprietor
Farm
25.232.328.236.836.330.238.032.035.029.027.827.827.627.427.628.028.830.431.933.236.238.840.6
s' income3
Nonfarm
242.6260.6294.7308.2324.6332.7371 5388.14159449.3444.74455446.2449.7448.4451.94542452.9455.0456.94565460.2463.4
Rentalincome
ofpersons*
42345.555.752.461 468.4806
102.51166122.2119.11204122.1122.3122.0120.61202119.5127.4130.71291126.7125.0
dividendincome
1051101 1109913091429153615941868199621482104211 5212121292143215621742195221 9223.822532265227.9
interestincome
543 3560.05955674.57044699.26672647.3661 67146707.6711 4714 1716.47168717.4718 37209725.4729.372997308731.7
Transferpayments 5
5186543357766260687 87699858 291079563
1 022 6100841 010 61 01881 021 01 026 61 02891 034 11 03801 03941 04691 05821 063 81 0707
Less: Per-
tributionsfor socialinsurance
162 1173 7194 22108223 9235 8248 42596278 1294 52909293 0291 4293 6295 9295 6297 2298 429842997298 7301 3302 4
1The 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.
2Consists primarily of employer contributions to privet* 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 advance estimates, per capita disposable personal income in chained (1992) dollars rose in thefirst quarter of 1996.
BIlilONS OF DOLLARS' (RAJ1O SCALE)6,0005,500
5,000
4,500
BILLIONS OF DOLLARS' IDAHO SCALE)
2,000
DOLLARS* (RATIO SCALE)
I I 12,000
DOLLARS' (RATIO SCALE)22,00020,000
18,000
16,000
14,000
12,000
10,000
8,000
PER CAPITA DISPOSABLE PERSONAL INCOMECHAINED (1992) DOLLARS
\_
_-- ,
•—
1982
_ _ — "
^
l I I1983
^
\ 1 1
1984
.x
1 1 11985
t i i1986
\ _
^**•^
\ i t1987
• v\
CURREr-
t i i
1988
. • —
JTDOLLAf
i i I
1989
.
S
1 1 !
1990
^Z-—
i I I
1991
•. "
i i i
1992
-=*SrH
1 1 1
1993
rrH^ ^
1 I 1
1994
-. — —
1995i i i
1996
22,00020,000
18,000
16,000
14,000
12,000
10,000
8,000
COUNCIL Of KONOHK AIMSERS
Period
19871988 ....19891990 ...19911992199319941995
1990: IV1991: IV1992: IV1993: I
IIIllIV
1994: IIIIllIV
1995: IIIIll ..IV
1996- IP
Personalincome
Less:Personaltix. andnontax
payments
Equals:Disposablepersonalincome
Less:Personaloutlays1
Equals:Personalsaving
Billions of dollars
3,877.34,172.84,489.34,791.64,968.55,264.25,479.25,750.26,101.7
514.2532.0594.9624.8624.8650.5689.9731.4794.3
3,363.13,640.83,894.54,166.84,343.74,613.74,789.35,018.85,307.4
3,194,73,451.73,706.73,958.14,097.44,341.04,572.94,826.55,066.7
168.4
189.1187.8208.7246.4272.6216.4192.4240.8
Dispos-able
personalincome inbillions ofchained(1992)dollars
4,154.14,318.14,403.74,484.64,486.44,613.74,666.24,775.64,934.7
Per capitadisposable personal
income
Currentdollars
Chained(1992)dollars
Per capita personalconsumptionexpenditures
Currentdollars
Chained(1992)dollars
Dollars
13,84914,85715,74216,67017,19118,06218,55219,25320,174
17,10617,62117,80117,94117,75618,06218,07518,32018,757
12,74313,66914,53115,36015,73216,52017,25318,02518,717
15,74016,21116,43016,53216,24916,52016,81017,15217,403
Percentchangein real
per capitadisposablepersonalincome
Saving aspercent ofdisposablepersonalincome
Percent
0.73.01.0.8
-1.01.7.1
1.42.4
Seasonally adjusted annual rates
4,868.65,048.95,415.35,348.75,458.45,500.55,609.15,562.45,743.05,801.75,893.95,995.56,061.96,135.66,213.96,291.3
627.1632.5674.8662.4686.9696.4713.8705.5740.8731.3748.1770.0801.5798.4807.2812.4
4,241.54,416.44,740.54,686.34,771.64,804.14,895.34,856.95,002.25,070.45,145.85,225.55,260.45,337.25,406.75,478.9
4,027.94,149.84,450.04,486.64,542.64,599.34,663.24,723.04,791.94,863.04,927.94,972.25,049.05,104.65,140.95,214.7
213.5266.6290.5199.6228.9204.9232.1133.9210.3207.4217.8253.3211.4232.6265.8264.2
4,468.84,506.34,688.74,602.84,657.64,674.04,730.44,666.44,779.84,804.24,852.04,895.54,896.14,950.34,997.15,037.1
16,89617,40518,47818,22318,51018,58518,88718,69919,21519,42719,66619,93120,02120,26320,47720,710
17,80217,75918,27717,89918,06818,08118,25117,96618,36118,40718,54418,67218,63418,79418,92619,040
15,56415,87116,87716,98517,16417,33517,52817,70717,92018,13918,33018,44718,68218,83118,90819,132
16,39816,19416,69216,68216,75416,86516,93717,01317,12317,18717,28317,28217,38817,46517,47517,590
-3.8-.06.7
-8.03.8.3
3.8-6.1
9.11.03.02.8-.83.52.82.4
5.05.24.85.05.75.94.53.84.5
5.06.06.14.34.84.34.72.84.24.14.24.84.04.44.94.8
Population,includingArmedForces
overseas(thou-
sands)3
242,842245,061247,387249,956252,680255,432258,159260,681263,090
251,031253,743256,543257,155257,787258,501259,192259,738260,327261,004261,653262,181262,748263,399264,032264,557
1 Includes personal consumption expenditures, interest paid by persons, and personal transferpayments to rest of the world (net).
2Annnal 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 third quarter of 1995, according to preliminary estimates, gross farm income rose $15.2 billion (annual rate)and net farm income rose $13.2 billion.
HWONS OF DOLLARS' (RATIO SCAIE) BILLIONS OF DOLLARS* (RATIO SCALE)
240200
160
240
120
40
20
2
V
1 ,'\\ /'t 1
i i i
1982
v^
\I K I
i ' Mi ' •I'i'i
i i i1983
l\x/ V
I
i i I1984
GRO
f\___/ '
i i i
1985
\\
5S FARM 1C.
A '/ '
COME
*
^ '
\
r~^"
— y /X /\/
'/ ' NET FARM INCOME
i i i
1986
i i i
1987
i i i
1988
r —-
f
i i i1989
'
•
i i i
1990
•
*"\ 1S^
1 1 11991
r*"--^
i i i
1992
>. /
\'
i i
1993
r — ~" ' —
-^ ~
i i i1994
. .
\ /\/
i i i
1995
120
80
60
40
20
10
' SEASONALLY AQJUS1ED ANNUAL RATESSOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1986198719881989199019911992 . ..199319941993- I
IIIIIIV
1994- IIIIllIV
1995- IIIHIP
Income of farm operators from farming
Gross farm income
Total1
156.1168.3177.3191.9198.5191.8200.5203.0213.5203.9203.4198.9205.6218.8206.1211.8217.1210.4203.8219.0
Cash marketing receipts
Total
135.4141.8151.2160.8169.4167.8171.3177.1179.7174.3177.2187.7169.4178.8169.7185.8184.4183.6179.6202.1
Livestock andproducts
71.676.079.683.989.285.885.690.088.183.787.9
101.387.392.082.897.679.986.778.499.8
Crops
63.865.871.676.980.382.085.787.191.690.689.386.382.186.886.988.2
104.596.8
101.2102.4
Value ofinventorychanges2
-2.2-2.3
4 13.83.5
24.2
-4.58.7
-8.063
-7.43.7
10.610.07.86.3
6.(3
-.5
Productionexpenses
125.1130.2139.8146.9153.7153.4152.6160.9166.7158.5160.8162.6161.7164.3166.5168.5167.6163.1165.5167.5
Net farmincome
31.138.037.545.044.838.447.942.146.745.442.736.343.954.539.643.349.547.338.351.5
1 Cash marketing receipts and inventory changes plus 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 1992 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 fourth quarter of 1995, according to current estimates, corporate profits before tax rose $1.4 billion (annualrate) and profits after tax rose $7.2 billion.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
650
600
550
500
450
400
350
300
250
200
150
100
50
0
SEASONALLY ADJUSTED ANNUAL RATES
/—
/
.{
J
PROFITS BEFORE TAX >\ /
s-
^\
/
- r\- —
~ — — .~ ^
i i i1982
Js
/
*"•**/
. *
i i i1983
V
^••^
1 1 1
1984
—^~\
*---,
i i i1985
\~^
^ /_ . ~. -s '
'•fcj-r'1986
x
// _..s'
^s
/"
/ UNDII
1 1 1
1987
yPROF
^ s *y ~~
^•n*1*1"
k>TRIBUTED
i i i1988
y^\s
TS AFTER!
^\
'V_.,
\V\
N— *
'ROFITS
I I I1989
AX
s — ~"f
TAXI
i t i1990
^
— -
LABILITY
\\
^ /
1 1 t
1991
V
,^\ /
' \/
y-\
\ /""\/
\ \ \1992
y
/,/s
/"s"~'
y\/
I 1 t
1993
7
ss
t^ t
s''
,/
^f
/, /
1 1 1
1994
/~~S
-
-
-
r~'~-
-
' -
S • ..-
-
-
-
i i i1995
650
600
550
500
450
400
350
300
250
200
150
100
50
0
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19861987198819891990199119921993199419951990: IV1991: TV1992: TV
1993: IIIIIITV
1994: IIIIllTV
1995: IIIIIITV
1996: IP
Profits (before tax) with inventoiy valuation adjustment l
Total2
234.0272.9325.0330.6358.2378.2398.9457.7514.9572.7
356.5375.2420.5
421.4443.2465.9500.4
467.8513.4531.0547.6
542.2546.1600.3602.2
Domestic industries
Total
199.3231.3274.3272.6292.5309.5334.0388.1453.7494.1282.5303.6361.2
347.0375.7393.1436.8
407.0452.4469.9485.5
467.5468.2527.1513.7
Finan-cial
36.437.143.053.168.687.483.791.094.4
119.170.587.683.1
85.788.188.3
101.3
64.997.8
108.4106.4
114.3112.6130.4119.3
Nonfinancial
Totals
162.9194.2231.2219.6223.8222.1250.3297.2359.3375.0212.1216.1278.1
261.2287.6304.3335.4
342.1354.6361.5379.0
353.2355.6396.7394.4
Manufac-turing
60.285.0
115.1109.3112.392.796.3
109.7142.7145.7108.483.8
105.1
90.4108.4106.0134.0
145.3134.2142.8148.4
134.7137.8153.2157.3
Whole-sale
22.916.719.320.417.220.623.025.534.529.616.917.028.3
17.928.627.028.7
28.839.534.335.4
29.726.431.231.2
Retail
23.723.919.620.720.626.132.239.242.238.722.828.637.3
36.338.142.439.8
38.343.243.743.6
36.036.642.539.6
Profitsbefore
tax
222.6293.6354.3348.1371.7374.2406.4464.3528.2600.8
376.7382.8420.3
436.0458.8458.0504.5
471.7523.2547.5570.4
594.1588.4609.6611.0
Taxliability
106.5127.1137.0141.3140.5133.4143.0163.8195.3218.7139.7135.2149.7
151.5162.6159.3181.7
171.4192.8203.4213.5
217.3214.2224.5218.7
Profits after tax
Total
116.1166.5217.3206.8231.2240.8263.4300.5332.9382.1237.1247.6270.6
284.6296.2298.6322.7
300.3330.4344.1356.8
376.8374.1385.1392.3
Dividends
110.2107.0116.8138.9151.9163.1169.5197.3211.0227.4
152.0165.3180.4
190.2195.8200.2202.9
204.4208.8212.5218.5
221.7224.6228.5234.7
239.9
Undis-tributedprofits
5.859.5
100.567.979.477.793.9
103.3121.9154.785.082.290.3
94.4100.498.4
119.8
95.9121.7131.6138.3
155.1149.6156.6157.6
Inventoiyvaluationadjust-ment
11.4-20.7-29.3-17.5-13.5
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
-13.21 See p. 4 for profits with inventory valuation and capital consumption adjustments.2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.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 first quarter of 1996, according to advance estimates, nonresidential fixed investment in chained (1992)dollars rose $21.0 billion (annual rate) and residential investment rose $2.9 billion. There was an increase of $7.9billion in inventories following an increase of $16.5 billion in the fourth quarter.
3IUJONS OF CHAINED (1992) DOUARS BIWONS OF CHAINED (1992) DOUARS
1,100
1,000
900
1,100
1,000
900
800
700
600
500
400
300
200
100
0
-100
SEASONALLY ADJUSTED ANNUAL RATES
^1
S~^
/. /
VX
""^r'
— . — '"^
' \
X
I I I
1982
J
/^ jf
s
ts
s
\ \ 1
1983
^s
i~ " "*N
i i i1984
1 -s\
' - ~ - -
1 1 1
1985
-N\
V ..
1 E 1
1986
^t-r^T\
\ I I VGROSS PRIVATE DOMESTIC
~'
RFIXE
CHAN
\
'»,/
I I I .
1987
INVES
^
ESIDENTI/D INVEST/
\ _j\,
GEINBU!VENTORI
i t i1V88
MENT
^
F
M.rtENT
1 ~"
INESS
, ~ N
1 1 1
1989
A '•JONRESICXEDINVE
' .
,'\V
1 1 1
1990
r^~)ENTIALSTMENT
L -'i i i1991
y
'"'
,— •*"
i i i1992
^•
"
^.*^
i i i
1993
f
ss
/ "" ••
i t i1994
rx^~
^
" V _ ^
~ ^
1 1 t
1995
'
1 1 1
1996
800
700
600
500
400
300
200
100
0
-100
SOUKE: IWARTMENT Of COMMERCE COUNOL OF ECONOMIC ADVISERS
[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Period
19861987198819g919901991 . .1992199319941995
1990- IV1991- IV1992- IV1993. I
IIinIV
1994. jiiinIV
1995- IIIIllIV
1996- \r
Grossprivate
domesticinvestment
813.8820.5826.0861.9817.3737.7790.4857.3979.6
1,011.3
748.1762.4812.4
834.8843.2857.6893.4
933.5984.6994.1
1,006.3
1,024.2998.3
1,016.21,006.7
1,022.5
Fixed investment
Total
805.0799.4818.3832.0805.8741.3783.4836.4921.1976.9
774.4742.0805.8
815.4821.1835.4873.5
892.4911.4930.8949.7
969.6966.1981.0990.7
1,014.5
Nonresidential
Total
548.5542.4566.0588.8585.2547.7557.9593.6652.1715.0
573.9539.5569.1
577.5586.4593.1617.6
638.6639.5660.4679.7
704.4710.6719.7725.3
746.3
Structures
203.3195.9196.8201.2203.3181.6169.2166.3168.8181.1
196.0171.4165.6
167.0164.8165.1168.2
163.0169.0169.1174.3
178.5180.0182.7183.1
185.7
Producers'durable
equipment
345.9346.9369.2387.6381.9366.2388.7427.6484.1535.2
377.9368.1403.5
410.5421.7428.2449.8
466.5471.2492.4506.4
527.1531.9538.2543.5
562.2
Residential
257.0257.6252.5243.2220.6193.4225.6242.7268.9262.8
200.3202.4236.7
237.9234.8242.2255.8
263.6271.6270.3270.3
265.9256.6262.3266.4
269.3
Change in businessinventories
Total
10.926.211.633.310.4
-3.07.3
19.158.933.7
-28.221.45.8
18.520.819.517.4
40.174.164.057.3
54.530.633.216.5
7.9
Nonfarm
12.434.224.733.5
7.8-1.2
1.926.446.837.4
-25.919.97.2
26.026.730.922.1
29.854.150.153.3
58.133.838.319.5
12.8
NOTE.—See p. 10 for further detail on fixed investment by type.Because of the formula used for calculating real 6DP, the chained (1992) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermedi-Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL FIXED INVESTMENT BY TYPE[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]
Period
1986198719881989 ....199019911992199319941995
1990- IV1991: IV1992: IV1993: I
IIin ....IV
1994: IIIin.IV
1995: IIImIV
1996: IP
Nonresidential
Totalnonresi-dential
548.5542.4566.0588.8585.2547.7557.9593.6652.1715.0
573.9539.5569.1577.5586.4593.1617.6628.6639.5660.4679.7704.4710.6719.7725.3746.3
Structures
Total1
203.3195.9196.8201.2203.3181.6169.2166.3168.8181.1
196.0171.4165.6167.0164.8165.1168.2163.0169.0169.1174.3178.5180.0182.7183.1185.7
Non-resi-
dentialbuild-ings,
includ-ing
farm
144.5142.4145.3150.2152.0126.9113.2112.8117.7127.9
143.8116.4109.8111.4110.6112.7116.3112.4117.8117.4123.3125.4126.8129.2130.3132.4
Utili-ties
36.530.730.030.928.132.034.531.131.735.1
28.933.333.932.431.030.730.530.731.232.132.733.734.835.836.035.9
Miningexplo-ration,shafts,
andwells
15.815.515.813.916.115.713.314.812.611.2
16.314.413.715.215.214.614.213.413.312.211.512.510.711.010.511.3
Producers' durable equipment
Total1
345.9346.9369.2387.6381.9366.2388.7427.6484.1535.2
377.9368.1403.5410.5421.7428.2449.8466.5471.2492.4506.4527.1531.9538.2543.5562.2
Information processingand related equipment
Total
94.197.5
106.6116.2116.2117.8134.2147.1170.4201.8
115.7122.5138.9139.5142.2150.7156.0161.2166.6171.5182.5189.2199.9201.9216.1229.9
Com-putersandPe-
nph-eral
equip-ment2
16.721.024.029.429.432.443.956.269.391.6
29.936.647.551.152.958.362.564.667.169.376.380.288.292.0
106.1117.5
Other
84.680.285.788.188.285.990.291.5
102.6114.2
87.186.291.588.689.693.194.697.8
100.8103.6108.3111.5115.1114.1116.3120.1
In-dus-trial
equip-ment
93.591.195.3
101.595.088.389.396.3
105.9116.2
91.486.492.693.794.496.3
100.7102.8104.3107.0109.4114.2118.4116.7115.5118.4
porta-tionand
relatedequip-ment
85.682.187.178.981.281.786.297.5
111.7118.0
82.881.691.593.099.595.0
102.7109.0105.3115.9116.5121.7114.8120.4115.1114.4
Residential
Totalresi-den-tial3
257.0257.6252.5243.2220.6193.4225.6242.7268.9262.8
200.3202.4236.7237.9234.8242.2255.8263.6271.6270.3270.3265.9256.6262.3266.4269.3
Structures
Total
251.3251.6246.3237.0214.5187.6219.5236.3262.1255.8
194.4196.6230.5231.7228.5235.7249.2257.0264.8263.5263.2258.9249.7255.3259.4262.3
Singlefamily
119.3128.3126.1121.9110.496.4
116.5127.1140.5127.7
97.6105.1121.6124.9122.5126.3134.4140.3143.5140.8137.4133.0123.0125.8129.1131.5
Multi-family
35.928.323.423.319.715.413.110.413.517.6
18.614.211.510.310.010.710.611.212.814.515.616.817.417.818.518.3
Other
95.894.896.891.884.475.789.998.8
108.1110.9
78.177.397.496.596.098.7
104.1105.4108.4108.2110.4109.3109.8112.2112.3112.9
1 Includes other items, not shown separately.2 Includes new computers and peripheral equipment only.3 Includes producers' durable equipment, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollarestimates for the detailed components do not add to the chained-dollar value of GDP or to anyintermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT AND PLANS[Billions of dollars]
Period
1993 1
1994 2
1995 3 .
1996 4
Totalex-
pendi-tures
489.7
549.9
594.5
603.4
By industry
Total
488.2
547.8
591.7
600.7
Miningandcon-
struc-tion
31.2
36.1
36.0
33.6
Manufacturing
Total
134.1
153.3
172.3
184.8
Dura-ble
goods
66.4
78.9
91.4
100.2
Non-durablegoods
67.7
74.4
80.9
84.6
Trans-
tion
30.6
33.3
37.0
35.2
Corn-
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
Pi-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-
utedby
indus-try
1.4
2.2
2.8
2.7
1 Estimates collected from the 1993 Annual Capital Expenditures Survey.8 Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data
are scheduled for release in summer 1996.aReyised estimates collected from the March 1996 Investment Plans Survey. Final data will
be available upon release of the 1995 Annual Capital Expenditures Survey.4Estimates 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 fiom 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 April, employment fell by 56,000 and unemployment fell by 238,000.
MILLI
134
130
126
122
118
114
110
106
ONS OF PERSONS * MILLIONS OF PERSO
^SS""
-
,
_^-
"*" •""•*• -*»
s
IAN LABOR FO
^
EASONALLY ADJUSTED ^^ -
^ "
,
\CIVILIAN
EMPLOYMENT
_-/
-^- "^f
~s'"
H
*-"^. *--•"•"
^
X*"
-
V
NS*
134
130
126
122
118
114
110
104
4 -
COUNCIl OF ECONOMIC AOVISEDS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1986 3
1987198819891990 3
199119921993199441995
1995- Apr . . .
July
SeptOctNovDec
1996- JanFebMar
Civiliannoninstitu-
tionalpopulation
NSA
180,587182,753184,613186,393189,164190,925192,805194,838196,814198,584
198,148198,286198,453198,615198,801199,005199,192199,355199,508
199,634199,772199,921200,101
Civilianlaborforce
117,834119,865121,669123,869125,840126,346128,105129,200131,056132,304
132,529132,058131,962132,342132,298132,501132,473132,471132,352
132,903133,018133,655133,361
Civilian employment
Total
109,597112,440114,968117,342118,793117,718118,492120,259123,060124,900
124,973124,598124,566124,832124,859125,036125,244125,062124,981
125,226125,663126,151126,095
Agricul-tural
3,1633,2083,1693,1993,2233,2693,2473,1153,4093,440
3,5283,3603,4353,4093,3763,3353,4343,3233,325
3,5293,5193,4873,368
Nonagricultural
Total
106,434109,232111,800114,142115,570114,449115,245117,144119,651121,460
121,445121,238121,131121,423121,483121,701121,810121,739121,656
121,698122,143122,664122,726
Part timefor
economicreasons1
5,3455,1224,9654,6574,9505,8746,2406,2304,4144,279
4,2114,2734,2634,2564,2914,3554,2744,2834,306
3,8424,2744,2234,287
Unemployment
Total
8,2377,4256,7016,5287,0478,6289,6138,9407,9967,404
7,5567,4607,3967,5107,4397,4657,2297,4097,371
7,6777,3557,5047,266
15weeksandover
2,2321,9831,6101,3751,5252,3573,4083,0942,8602,363
2,4392,5262,3532,3322,3712,3232,2812,3052,322
2,3702,3072,4792,388
Not inlaborforce
62,75262,88862,94462,52363,32464,57864,70065,63865,75866,280
65,61966,22866,49166,27366,50366,50466,71966,88467,156
66,73066,75466,26666,741
Percent2
Laborforce
partici-pationrate
65.365.665.966.566.566.266.466.366.666.6
66.966.666.566.666.566.666.566.466.3
66.666.666.966.6
Employ-ment/pop-
ulationratio
60.761.562.363.062.861.761.561.762.562.9
63.162.862.862.962.862.862.962.762.6
62.762.963.163.0
Unem-ploy-mentrate
7.06.25.55.35.66.87.56.96.15.6
5.75.65.65.75.65.65.55.65.6
5.85.55.65.4
1 Persons at work. Economic reasons include slack work, material shortages, inability to findfulttime work, etc.
2 Civilian labor force (or employment) as percent of civilian noninstitutionat population; andunemployment as percent of civilian labor force.
3 Not strictly comparable with earlier data.
4Data beginning January 1994 are not directly comparable with data for 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
UNEMPLOYMENT RATESIn April, the unemployment rote fell to 5.4 percent.
PERCENT* (SEASONALLY ADJUSTED)
15
PERCENT* (SEASONALLY ADJUSTED)
25
10
1992 1996 1992
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIEDSOURCE: DEPARTMENT OF LABOR
1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1986 .19871988198919901991199219931994 2
1995
1995: AprMay
July
Amr ...SeptOctNovDec
1996- JanPebMarApr
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
7.06.25.55.35.66.87.56.96.15.6
5.75.65.65.75.65.65.55.65.6
5.85.55.65.4
By sex and age
Men20 yearsand over
6.15.44.84.55.06.47.16.45.44.84.95.04.84.84.84.84.54.94.8
4.94.95.04.8
Women20 yearsand over
6.25.44.94.74.95.76.35.95.44.9
5.14.95.05.04.94.95.04.84.7
5.14.84.84.7
Bothsexes16-19years
18.316.915.315.015.518.720.119.017.617.3
17.217.316.917.817.617.717.117.818.0
18.216.617.516.7
By race
White
6.05.34.74.54.86.16.66.15.34.9
4.95.04.94.94.84.94.85.04.9
5.04.94.84.7
Blackand
other
13.111.610.410.010.111.112.711.710.5
9.6
9.79.29.79.9
10.010.19.49.09.3
9.59.19.89.4
Black
14.513.011.711.411.412.514.213.011.510.4
10.710.010.510.811.011.110.0
9.610.2
10.610.311.110.5
By selected groups
Expe-riencedwageand
salaryworkers
6.65.85.25.05.36.67.26.65.95.4
5.55.65.45.55.45.55.45.45.4
5.45.35.45.3
Marriedmen,
spousepresent
4.43.93.33.03.44.45.14.43.73.3
3.33.43.43.43.33.43.23.33.2
3.33.03.13.0
Womenwho
maintainfamilies
9.89.28.18.18.39.3
10.09.78.98.0
8.78.28.38.27.28.07.97.76.8
8.27.57.76.8
Full-timeworkers l
6.96.05.35.15.46.87.56.96.15.5
5.65.55.55.55.55.55.45.55.55.75.45.55.4
Part-timeworkers a
7.46.96.46.26.47.07.57.26.06.0
6.16.16.26.46.05.95.95.95.9
6.06.26.05.8
1 Revised definition; for details, see Employment and Earnings, February 1994.2 Data beginning January 1994 are not directly comparable with data for earlier periods.
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 April, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15-26 weeks fell; the percentages for 5-14 weeks and for 27 weeks and over rose. The mean duration of unemploymentrose to 17.4 weeks and the median duration rose to 8.8 weeks.
PERCENT DISTRIBUTION
70
PERCENT DISTRIBUTION '
70
30
10 -
20
— 10
REASON FOR UNEMPLOYMENT
1996
* SEASONALLY ADJUSTED1/BEGINNING JANUARY 199i, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.SOUfiCE: DEPARTMENT Of LABOR
1992
JOB LOSERS-^
A A.-,'
REENTRANTS
JOB LEAVERS
1993
NEW ENTRANTS
imilm 1 1 ! i i mlmi I1994 1995 1996
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Period
198619871988198919901991199219931994s
1995
1995: Apr
T •*
July
SeptGetNovDee
1996- JanFebMar
Un-employ-
ment(thou-sands)
8,2377,4256,7016,5287,0478,6289,6138,9407,9967,404
7,5567,4607,3967,5107,4397,4657 2297^4097,371
7,6777,3557,5047,266
Duration of unemployment
Percent distribution
Lessthan
5weeks
41.943.746.048.646.340.335.136.534.136.5
35.435.336.535.336.437.537.237.136.4
36.837.835.433.8
5-14weeks
31.029.630.030.332.032.429.428.930.131.6
31.831.031.733.831.831.231.832.032.5
31.930.931.132.7
15-26weeks
12.712.712.011.211.714.415.114.515.514.6
14.416.415.613.915.114.213.714.214.5
14.815.315.715.5
27weeksandover
14.414.012.19.9
10.012.920.320.120.317.3
18.417.316.317.016.717.117.216.716.6
16.516.017.818.0
Number of weeks
Aver-age
(mean)
15.014.513.511.912.013.717.718.018.816.6
17.616.816.016.516.316.316.216.316.2
16.016.617.317.4
Median
6.96.55.94.85.36.88.78.39.28.3
8.48.97.78.78.48.18.18.08.1
8.38.08.38.8
Reason for unemployment:percent distribution
Joblos-ers1
48.948.046.145.748.154.456.154.247.746.9
46.347.447.047.046.545.947.546.946.9
47.648.147.450.0
Jobleav-ers
12.313.014.715.714.811.610.410.99.9
11.1
10.711.511.311.211.611.710.511.511.9
11.510.010.49.7
Reen-trants
26.226.627.028.227.424.823.824.634.834.1
35.133.734.334.334.034.234.433.733.2
32.533.734.432.8
Newen-
trants
12.512.412.210.49.89.29.7
10.37.67.8
7.97.47.47.67.88.17.77.98.1
8.58.27.97.6
Stateprograms
Insuredunem-ploy-ment
Initialclaims
Insuredunem-
ployment,all
regularprograms(unadjust-
ed)2
Weekly average, thousands
,643,300,081,158,522,342,245,751,670,574
,496,558,636,683,634,632,678,652,625
,655,660,641
378328310330388447408341340357
352373376373346357365375363
374371393
P357
2,7392,3692,1352,2052,5753,4063,3482,8452,7392,636
2,7212,4762,3982,6352,4612,1972,2932,4222,669
3,499r3,3333,161
1 Beginning January 1994, job losers and persons who completed temporary jobs.2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-serv-
ieemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 3993. 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 nonagricultural employment as measured by the payroll survey rose by 2,000 in April.
MILLIONS OF PERSONS*120
110
100
90
80
70
60 -
50
40 -
30
201992
ALL NONAGRICULTURALESTABLISHMENTS
SERVICE-PRODUCINGINDUSTRIES
GOODS-PRODUCINGINDUSTRIES
I ill I1993
.V.1994 1995 1996
* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF LABOR
MILLIONS OF PERSONS* (ENLARGED SCALE]
1992 I 1993 1994 1995 1996
[Thousands of wage and salary workers;l seasonally adjusted]
Period
19861987198819891990199119921993199419951995: Apr
MayJuneJuly ...AugSeptOctNov .Dec
1996: Janr
Febr
Mar/>Apr*7
Totalnonagri-culturalemploy-
ment
99,344101,958105,210107,895109,419108,256108,604110,730114,034116,607116,310116,248116,547116,575116,838116,932117,000117,212117,357117,211117,842118,020118,022
Goods-producing industries
Total2
24,53324,67425,12525,25424,90523,74523,23123,35223,91324,22724,33124,22824,24024,15624,16524,15724,15924,13424,17324,11624,26424,21024,139
Con-struc-tion
4,8104,9585,0985,1715,1204,6504,4924,6685,0105,2465,2425,1905,2305,2265,2335,2625,2875,2955,2975,3145,4265,4315,378
Manufacturing
Total
18,94718,99919,31419,39119,07618,40618,10418,07518,30318,40318,50618,45618,42818,35318,35718,32218,30118,27218,30718.23518,26518,20418,187
Durablegoods
11,19511,15411,36311,39411,10910,56910,27710,22110,43110,59510,63210,61110,59710,56910,58710,57210,56510,55310,60710,58110,60210,55810,573
Non-durablegoods
7,7527,8457,9517,9977,9687,8377,8277,8547,8727,8087,8747,8457,8317,7847,7707,7507,7367,7197,7007,6547,6637,6467,614
Service-producing industries
Total
74,81177,28480,08682,64284,51484,51185,37387,37890,12192,38091,97992,02092,30792,41992,67392,77592,84193,07893,18493,09593,57893,81093,883
Trans-
tion andpublic
utilities
5,2475,3625,5145,6255,7935,7625,7215,8296,0066,1926,1846,1776,1926,1956,2176,2066,2176,2406,2316,2316,2446,2536,262
Whole-sale
trade
5,7615,8486,0306,1876,1736,0815,9975,9816,1406,3246,3006,2986,3206,3336,3406,3466,3596,3736,3956,4016,4226,4396,444
Retailtrade
17,88018,42219,02319,47519,60119^8419,35619,77320,43720,84120,76220,74720,79820,85120,83720,89920,89720,98920,98120,93321,04021,08021,100
Finance,insur-ance,
and realestate
6,2736,5336,6306,6686,7096,6466,6026,7576,9336,9496,9246,9256,9306,9386,9476,9576,9776,9917,0017,0077,0337,0437,060
Services
22,95724,11025,50426,90727,93428,33629,05230,19731,48832,79632,54832,63032,78432,82032,98633,04733,07633,18533,24833,23233,50533,62233,642
Government
Total
16,69317,01017,38617,77918,30418,40218,64518,84119,11819,27919,26119,24319,28319,28219,34619,32019,31519,30019,32819,29119,33419,37319,375
Federal
2,8992,9432,9712,9883,0852,9662,9692,9152,8702 8222,8262,8312,8382,8342,8252,8122,8012,8002,7992,7802,7792,7762,775
1 Includes all full- and part-time wage and salary workers in nonagricultural establishmentswho received pay for any part of the pay period which includes the 12th of the month. Excludesproprietors, self-employed persoas, 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 1Y EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Period
198619871988 .1989199019911992199319941995 .
1995- AprMay
July
SeptOctNovDec
1996: Jan'Feb'Mar*AprP
Average weekly hours
Totalprivate
nonagri-enltural1
34.834.834.734.634.534.334.434.534.734.5
34.634.234.434.634.434.534.634.434.333.834.534.534.3
Manufacturing
Total
40.741.041.141.040.840.741.041.442.041.5
41.541.441.541.341.541.741.541.541.239.941.641.441.5
Overtime
3.43.73.93.83.63.63.84.14.74.4
4.54.44.24.34.34.54.44.44.34.24.54.34.4
Average gross hourly earnings
Total privatenonagricultnral l
Currentdollars
$8.768.989.289.66
10.0110.3210.5710.8311.1311.46
11.4011.3711.4311.5011.4811.5411.5911.5811.6111.6511.6611.6811.75
1982dollars2
$7.817.737.697.647.527.457.417.397.417.41
7.407.367.397.437.417.447.447.437.447.437.427.40
Manufac-turing
$9.739.91
10.1910.4810.8311.1811.4611.7412.0612.35
12.2812.2812.3212.4012.4112.4312.4512.4712.4912.6112.5612.5212.69
Average gross weekly earnings
Total privatenonagricultural *
Currentdollars
$304.85312.50322.02334.24345.35353.98363.61373.64386.21395.37
394.44388.85393.19397.90394.91398.13401.01398.35398.22393.77402.27402.96403.03
1982dollars 2
$271.94269.16266.79264.22259.47255.40254.99254.87256.96255.74
256.13251.85254.16257.21254.78256.53257.55255.68255.11251.13256.06255.36
Current dollars
Manufac-turing
$396.01406.31418.81429.68441,86455.03469.86486.04506.52512.53
509.62508.39511.28512.12515.02518.33516.68517.51514.59503.14522.50518.33526.64
Construc-tion
$466.75480.44495.73513.17526.01533.40537.70553.63572.61583.55
566.61563.62582.86590.02583.98588.95593.49588.60577.95583.70605.28586.69595.10
Detailtrade
$176.08178.70183.62188.72194.40198.48205.06209.95216.46221.76
222.03219.56220.90223.11222.14223.49224.26224.06224.43222.44227.65228.81227.02
Percent change froma year earlier, total
private non-agricultural3
Currentdollars
1.92.53.03.83.32.52.72.83.42.4
2.51.12.43.02.52.52.02.32.2.5
3.02.72.8
1982dollars
0.3-1.0-.9
-1.0-1.8-1.6-.2-.0
.8-.5
— n-i.\-.6
.2-.0
.0-.6-.1-.3
-2.2.3
-.1
1 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).
8 Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Period
1986- Dec1987: Dee1988: Dec1989: Dee1990: Dec1991: Dee1992: Dee1993: Dec1994- Dee1995: Dec
1993: Mar
SeptDec'
1994: Mar' .June1"Sept'Dec'
1995: Mar'
Sept'Dec'
1996: Mar
Index (June 1989 = 100)
Totalcompensa-
tion
Wages andsalaries Benefits >
Percent change from
3 months earlier
Totalcompensa-
tionWages and
salaries Benefits1
12 months earlier
Totalcompensa-
tion
Wages andsalaries Benefited
Not seasonally adjusted
90.193.197.6
102.3107.0111.7115.6119.8123.5126.9
91.194.198.0
102.0106.1110.0112.9116.4119.7123.1
87.590.596.7
102.6109.4116.2122.2128.3133.0136.6
Seasonally adjusted
116.9117.9118.9119.9
120.8121.8122.8123.5
124.4125.3126.1127.1
128.0
113.9114.6115.6116.5
117.2118.1119.0119.7
120.6121.5122.4123.2
124.6
124.8126.5127.7128.9
130.3131.5132.9133.6
133.8134.6135.4136.8
136.5
1.0.9.8.8
.8
.8
.8
.6
.7
.7
.6
.8
.7
0.8.6.9.8
.6
.8
.8
.6
.8
.7
.7.7
1.1
'1.61.4.9.9
1.1.9
1.1.5.1.6.6
1.0
-.2
3.23.34.84.84.64.43.53.63.12.8
Nots
3.53.63.73.6
3.33.43.33.1
2.92.82.62.8
3.0
3.23.34.14.14.03.72.63.12.82.8
3.43.46.96.16.66.25.25.03.72.7
eiisonally adjusted
2.72.73.13.1
2.93.12.92.8
2.92.92.82.8
3.3
5.65.85.45.0
4.43.94.03.7
2.92.62.12.7
2.0
1 Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, freefrom the influence of employment shifts among occupations and industries.
Data exclude farm and household workers.Seasonally adjusted data revised beginning 1991.
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
19861987198819891990199119921993 ..19941995
1992- IIIinIV
1993- IIIinIV ..
1994- IIIinIV
1995- III ..inIV r .
1986198719881989199019911992199319941995
1992- IIIinIV
1993- III ....inrv . .
1994. iiiinIV
1995. iiiinIVr .
Output per hour ofall persons
Businesssector
Nonfarmbusinesssector
Output1
Businesssector
Nonfarmbusiness
sector
Hour
Businesssector
s of all*ns2
Non£armbusinesssector
Compensation perhour3
Businesssector
Nonfarmbusinesssector
Real compensationper hour4
Businesssector
Nonfarmbusinesssector
Unit laborcosts
Businesssector
Nonfarmbusinesssector
Implicit pricedeflator5
Businesssector
Nonuurmbusinesssector
Indexes, 1992=100; quarterly data seasonally adjusted
94.294.194.695.496.296.7
100.0100.2101.0101.9
99.399.999.7
101.1
100.299.8
100.1100.8
100.3100.7101.4101.5
101.1101.9102.3102.1
94.994.795.395.896.396.9
100.0100.2100.7101.8
99.3100.099.6
101.1
100.199.7
100.2100.6
100.0100.4101.1101.3
101.0101.8102.2102.0
88.691.194.697.898.796.9
100.0102.6106.9109.6
98.899.699.8
101.7
101.4102.0102.8104.3
104.8106.5107.6108.7
108.8108.9110.1110.3
88.791.495.198.198.897.1
100.0102.9106.9109.8
98.899.699.8
101.8
101.6102.2103.2104.6
104.8106.6107.7108.8
109.0109.1110.4110.6
94.096.8
100.0102.5102.6100.3100.0102.4105.9107.6
99.599.7
100.1100.6
101.3102.2102.6103.5
104.5105.8106.2107.1
107.6106.9107.7108.0
93.596.599.8
102.4102.7100.2100.0102.7106.2107.9
99.699.6
100.1100.7
101.5102.5103.0103.9
104.8106.1106.5107.4
107.9107.2108.0108.4
76.979.983.585.890.895.1
100.0102.6104.8108.5
98.699.5
100.7101.2
101.6102.5103.0103.3
104.2104.5104.9105.7
106.6108.0109.2110.0
77.380.283.685.890.695.1
100.0102.3104.5108.2
98.599.6
100.7101.2
101.4102.1102.6102.9
103.7104.3104.6105.4
106.4107.8108.9109.7
98.498.699.097.197.497.9
100.099.699.299.9
99.799.8
100.399.9
99.699.799.899.2
99.699.398.898.9
99.199.6
100.1100.3
98.999.099.297.197.397.9
100.099.398.999.6
99.799.9
100.299.9
99.499.399.498.9
99.299.198.498.7
98.999.499.9
100.0
81.684.988.289.994.398.3
100.0102.4103.8106.5
99.399.6
101.0100.1
101.4102.6102.9102.5
103.8103.9103.5104.1
105.4106.0106.8107.7
81.484.787.889.694.198.1
100.0102.1103.8106.3
99.399.6
101.0100.1
101.3102.4102.4102.3
103.7103.8103.4104.1
105.3105.9106.6107.6
81.683.886.890.594.097.7
100.0102.5104.8107.1
99.399.7
100.1100.9
101.7102.3102.7103.3
103.9104.4105.1105.6
106.3106.9107.4107.7
81.483.586.490.093.897.6
100.0102.5104.9107.2
99.299.8
100.1100.9
101.8102.4102.7103.3
103.9104.5105.3105.7
106.5107.0107.5107.7
Percent change; quarterly data at seasonally adjusted annual rates
2.6-.1
.5
.8
.8
.53.4
.2
.7
.9
8.12.5
n
5.6
-3.7-1.3
1.32.7
-1.91.42.8
.7
-1.63.01.6
-.5
2.72.6.5.5.7
3.2.2.5
1.1
7.32.8
-1.26.1
-3.9-1.7
2.11.6
-2.51.92.6
.9
-1.13.01.7
-1.0
3.22.93.83.4
.9-1.8
3.22.64.22.5
6.23.2
.87.9
-1.12.23.06.3
1.86.74.14.0
.6
.34.4
.7
3.43.04.13.2
.7-1.8
3.02.94.02.7
5.63.1
.78.4
-.92.44.15.3
.96.84.24.2
.8
.54.7.6
0.63.03.32.5.1
23-.32.43.41.6
-1.7.7
1.62.2
2.63.61.73.5
3.75.31.33.3
2.2-2.5
2.81.3
0.73.23.52.6
.2-2.4-.22.73.41.6
-1.5.3
2.02.2
3.14.22.03.6
3.54.81.63.3
1.9-2.4
2.91.6
5.23.94.52.85.84.85.22.62.23.5
7.83.74.82.1
1.63.42.21.1
3.41.51.52.9
3.45.64.33.1
5.23.74.32.75.54.95.22.32.23.6
7.74.24.42.1
1.02.72.01.1
3.32.11.23.3
3.75.44.32.8
3.3.2.4
-1.9.4.5
2.1-.4-.4
.6
5.0.3
1.8-1.4
-1.3.4.3
-2.0
1.4-1.0-2.2
.7
.52.12.3
.7
3.3.1.1
-2.1.1.7
2.1-.7-.4
.7
4.9.9
1.4-1.4
-1.9-.2
.1-2.0
1.2-.4
-2.51.0
.82.02.2.4
2.64.04.01.94.94.21.72.41.4
r2.6
-.31.25.6
-3.3
5.44.8
.9-1.6
5.4.1
-1.32.3
5.02.52.73.7
2.54.03.72.15.04.31.92.11.62.5
.41.45.7
-3.7
5.14.5-.1
.O
5.9.2
-1.42.4
4.92.32.53.8
2.22.73.54.24.03.92.42.52.22.2
2.81.91.53.0
3.42.51.42.4
2.41.82.62.0
2.82.12.1
.8
2.22.63.44.24.24.12.42.52.32.2
3.02.11.43.2
3.82.11.22.6
2.52.22.91.8
2.91.91.8
.71 Output refers to real gross domestic product originating in the sector.2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for 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.
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 fell in March.
• INDE150
140
130
120
110
100
150140
130
120
110
100
150
140
130
120
110
100
90
«, 1987-100* ffcATIO SCALES
TOTAL INDUSTRIAL PRODUCTION
^
.—-
MANUFACTURING
DURABLE ^r- '
_>"^_
<f—«•'*/
NONDURABLE
i f 1 1 1 1 i 1 1 1 1 inii lnii i
j**
1 1 1 1 II ! 1 1 1 1
UTILITIES AND MINING
- «"•"*•. - "•
1 1 1 1 1 1 1 1 n
•v»_^^^ — 11 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 n 1 1 1 1 1 1 1 n
-
ii 1 1 1 1 1 1 n
INDE170160150
140
130
120
100
90
80
70
60
50
8886
8482
8078
<, 1987 . 100' (RATIO SCALE)
FINAL PRODUCTS y-
iIUSINE3UIPME
\-~S^
s-^~
*'--"'"
*" '**•*,
,
*"*"*.
\- oANEQ
EFENSIDSPACUtPMtt
n i n
55
,^~*
^f — "s^
\CONSUMED
GOODS
"-•x
:E«•
1 1 1 I ]
*^-*
'\ .,
PERCENT*
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
^T^x/•"
y~--p-
milhl l l i I l l l l
^"" jA
M i l l HIM INN HIM
COUNQl Of ECONOMIC ADVISERS
fMonthly data seasonally a4ju$ted]
Period
19861987198819891990199119921993 .19941995
1995: Mar
MayJune ...July ...
SeptGet . . .Nov ..Decr
1996- Jan1"Febr
MarP
Totalindustrialproduction
Index,1987=100
95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9
121.9121.4121.3121.4121.5122.7122.8122 2122^6122.8
122.5124.1123.5
Percentchange
from yearearlier
0.94.94.41.5.0
-1.83.43.55.93.2
4.73.93.22.82.63.23.11.91.71.1
.62.01.3
Industty production indexes, 1987=100
Manufacturing
Total
94.3100.0104.7106.4106.1103.8108.2112.3119.7123.9
124.0123.5123.2123.3123.3124.2124.9124.4124.5124.8
124.5126.4125.4
Durable
93.9100.0106.6108.6107.4104.1109.3115.6125.8132.5
132.2131.6131.1131.5131.5133.2134.4133.5134.3134.8
134.9137.6135.7
Nondura-ble
94.9100.0102.3103.7104.4103.4106.7108.6113.0114.3
115.1114.6114.4114.3114.3114.3114.4114.3113.7113.8
113.0114.0114.0
Mining
101.0100.0101.3100.0102.0100.2
98.998.0
100.399.9
100.3100.6100.5101.0100.7100.0100.0
98.298.398.1
97.098.5
100.4
Utilities
96.3100.0105.0108.7109.9112.3111.9116.3117.9
'122.0
119.2118.8122.1121.0122.7128.8122.7121.6125.4125.1
125.7124.3125.1
Capacity utilizationrate, percent *
Totalindustry
79.281.583.783.782.179.280.381.483.983.7
84.684.083.783.583.383.883.682.982.982.8
82.383.282.5
Manufac-turing
79.181.683.683.281.378.079.580.683.382.9
84.083.382.882.682.382.682.882.181.981.9
81.382.381.4
1 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- Mar
May
July
SeptOct
Dec' .. ..
1996- Jan'Feb'Mar**
Products
Final products
Total
95.7100.0104.8106.8107.0105.4108.7112.7118.3121.4
121.5120.9120.6121.1121.2122.4122.6121.3121.9122.1
121.8124.2123.2
Consumer goods
Total
96.8100.0102.9104.0103.4103.0106.0109.5113.7115.1
115.3114.4114.1114.8114.6115.9116.0114.9115.9115.7
114.3116.2115.1
Dur-able
goods
94.5100.0104.6106.6102.396.0
103.0113.3124.2124.2
126.0124.9121.6122.3121.4124.0125.8123.4124.9126.3
120.1124.5117.5
Nondur-able
goods
97.6100.0102.4103.2103.8105.0106.9108,6111.2112.9
112.7111.8112.4113.1113.0113.9113.7112.9113.8113.2
113.0114.2114.6
Equipment
Total'
94.5100.0107.6110.9112.1108.8112.5117.5125.3131.4
131.4131.3130.8131.2131.6132.9133.1131.5131.4132.3
133.8137.1136.2
Busi-ness
93.1100.0110.7115.5116.9115.9123.4131.8144.9155.7
155.1155.0154.3155.1155.7157.5158.2156.5156.9158.4
160.6164.7162.9
De-fenseand
spaceequip-ment
96.0100.099.7
100.198.890.884.879.371.965.9
67.867.166.866.866.566.165.264.462.962.0
61.762.562.8
Intermediate products
Total
91.9100.0101.8102.0101.296.899.3
101.8107.3109.0
109.2108.2108.2108.2108.5109.4109.5109.2109.3110.1
109.0109.8110.1
Con-struc-tionsup-plies
93.8100.0101.5100.5
98.291.695.298.4
106.2108.2
109.2108.0106.6107.2107.3107.0108.4108.3108.7110.5
108.0110.3110.7
Busi-nesssup-plies
90.7100.0102.0103.0103.2100.2102.0104.1108.2109.6
109.3108.5109.4109.1109.5111.0110.3109.9109.9110.0
109.8109.6110.0
Materials
Total
95.9100.0105.0106.7106.8105.5109.7113.8122.0127.4
127.2127.0127.2126.8126.8128.1128.1128.1128.4128.4
128.4129.5128.9
Energy
99.5100.0102.2103.1104.2104.4103.T103.5105.3106.6
106.4106.6107.2107.2107.5108,5105.8105.5105.7106.0
105.9106.1107.1
1 Includes oil and gas well drilling and manufactured homes, not shown separately,
(1987=100; monthly data seasonally adjusted]
Period
198619871988 . . .398919901991 ,1992199319941995'
1995: Mar
July
SeptOet
Dec'
1996- Janr
Feb'Marf . ... ..
Durable manufactures
Primary metals
Total
93.7100.0108.7107.2106.598.6
101.9107.7116.4119.2
121.3120.2119.5117.5118.3115.4121.0115.7120.8120.0
121.4118.8120.1
Ironandsteel
90.8100.0112.7111.2111.5100.5104.7111.9119.3122.4
125.8123.5123.0119.2119.3117.7127.0115.1126.1122.7
128.1120.1123.5
Fabri-catedmetalprod-ucts
93.8100.0104.2102.899.594.599.0
103.1110.5113.9
114.3112.3113.7113.7112.4114.3115.1114.0114.5115.0
115.4117.0115.9
Indus-trial
machin-ery andequip-ment
90.3100.0113.0117.3117.6114.7124.0138.1157.7177.8
172.4174.3174.6174.4176.0179.5181.3183.8186.5190.1
192.1196.3197.6
Elec-trical
machin-ery
94.3100.0108.5111.0111.4113.9123.5134.1154.3174,9
169.4169.6171.1173.0175.7178.7180.8182.4183.6182.8
182.1188.5188.0
Transportationequipment
Total
96.9100.0105.2109.6107.0101.1104.8109.2115.3113,3
118.0115.7113.2113.4111.6114.1114.1109.3108.6109.7
108.3111.9102.0
Motorvehicles
andparts
98.5100.0105.7106.9101.094.4
107.4122.9141.2141.9
147.6143.0138.8139.7136.7142.1143.3139.7140.7141.2
135.4141.0120.0
Lum-berand
prod-ucts
95.1100.0100.199.497.190.295.297.1
104.0104.5
103.9103.9101.7103.0103.7103.7106.2105.7104.8106.9
104.7104.9106.3
Nondurable manufactures
Ap-pare!prod-ucts
96.3100.098.195.092.292.795,097.1
100.195.7
99.397.497.595.594.894.594.593.392.491.5
89.291.190.2
Print-ingandpub-
lishing
90.6100.0100.9101.1100.897.098.198.8
100.199.4
99.399.299.098.699.0
100.599.898.999.398.8
98.099.398.6
Chemi-calsand
prod-ucts
94.6100.0106.0109.2111.8110.5114.4115.4121.3125.0
125.0123.5124.0124.4124.0124.4125.3126.7126.0126.5
126.8126.7126.3
Foods
97,4100.0101.5102,5103.7105.3106.9109.5113.2115.3
115,0115.1115.9116.1115.3115.5115.5115.4114.8114.8
115.0116.4117,1
Source: Board of Governors of the Federal Reserve System,
18
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTION[Monthly data seasonally adjusted]
Period
1986198719881989199019911992199319941995
1995- Mar
May
July
SeptOct .
Dec .
1996: Jan'Feb'
Total newconstructionexpenditures
Private
Total
Residential
Total1 New housingunits
Commercialand indus-
trial2Other
Federaland
Stateandlocal
Billions of dollars
407.7419.4432.3443.7442.2403.4435.0464.5506.9526.6
323.1328.7337.5345.5334.7293.3315.7339.2376.6383.9
187.1194.7198.1196.6182.9157.8187.9210.5238.9236.1
133.2139.9138.9139.2128.0110.6129.6144.1167.9162.4
84.484.088.094.396.477.065.866.473.885.7
51.650.151.554.655.458.462.162.363.962.0
84.690.694.798.2
107.5110.1119.3125.3130.3142.7
Annual rates
523.5522.1514.5518.9528.7528.4535.1534.5531.7535.1
540.6532.1548.4
383.3382.2376.1377.5384.3385.7387.0388.9386.7390.3
392.7390.6401.1
237.9234.1231.3228.4231.0234.0237.6237.7239.4242.0
241.6241.3248.5
163.9159.8156.4153.2158.0161.3164.3165.6165.9167.0
166.7168.4174.8
84.785.081.985.988.087.285.688.888.290.7
91.689.091.1
60.763.162.963.265.364.563.862.459.157.6
59.659.861.5
140.2139.9138.4141.4144.4142.7148.1145.6145.0144.9
147.8141.5147.3
Construction contracts3
Total valueindex
(1987=100)
96100101105958997
105114117
117108119122119123120119120113
114108
Commercialand industrial
floor space(millions ofsquare feet)
1,0161,019
973961783577556589744842
Annual rates
778632727800713826828731851784
697615
1 Includes residential improvements, not shown separately.2 Includes hotels and motels.3F.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
19861987198819891990 .19911992 ..199319941995
1995- Mar .
May
Sept ..Oct
Dec .
1996- Jan' ...Feb'Mar''
New private housing units
Units started, by type of structure
Total
1,805.41,620.51,488.11,376.11,192.71,013.91,199.71,287.61,457.01,354,1
1 unit
1,179.41,146.41,081.31,003.3
894.8840.4
1,029.91,125.71,198.41,076.2
2-4 units
84.065.358.855.237.535.630.729.435.033.7
5 or moreunits
542.0408.7348.0317.6260.4137.9139.0132.6223.5244.1
Seasonally adjusted annu
1,2411,2781,3001,3011,4501,4011,4011.3511,4581,425
1,4531,5051,447
9921,0171,0051,0361,1251.1351,1301,1091,1291,150
1,1461,1751,159
35253635392839313229
203122
214236259230286238232211297246
287299266
Unitsauthorized
1,769.41,534.81,455.61,338.41,110.8
948.81,094.91,199.1
3 1,371.61,333.0
al rates
1,2351,2431,2431,2751,3551,3681,4051,3841,4481,478
1,3721,4111,415
Unitscompleted
1,756.41,668.81,529.81,422.81,308.01,090.81,157.51,192.71.346.9
'1,312.6
New private homes
Homessold
750671676650534509610666670667
1,4421,3311,3241,2561,3321,2471,2671,3201,360
'1,225
1,4031,3221,390
614608667724782707684673679
'683
729727672
Homes forsale at endof period *
357366368365321284265293337
'372
346349347347344349350360368
'372
373363379
Vacancy ratefor rental
housing units(percent) 2
7.37.77.7
27.47.27.47.4
- 7.37.47.6
7.4
7.7
7.7
7.7
7.9
1 Seasonally adjusted.2 Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993
data have been revised to be comparable with new series beginning in 1994.Quarterly data entered in last month of quarter.3The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.
NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, unit*;iithorized are for 17,000 places.
Source: Department of Commerce, Bureau of the Census.
19
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS SALES AND INVENTORIES—Manufacturing and TradeIn February, manufacturing and trade sales rose 1.1 percent and inventories rose $1.1 billion. According to advancedata, retail sales rose 0.1 percent in March following a rise of 1.9 percent in February. (Data for wholesale traderevised.)
BILUONS OF DOLLARS' (RATIO SCALE}1,200
1,100
1,000
900
800
700
600
500
400
300
2001992:
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURINGAND TRADE SALES
1993 1994 1995
BILLIONS OF DOLLARS* (RATIO SCALE)
400
350
300
250
1996
RATIO1.80
1.70
1.60
1.50
1.40
1.30
«
INVENTORY-SALES RATIO
RETAIL
'\^x A
""Xli-l_^^MANUFACTURING
1 AND TRADE1 E I 1 1 1 H 1 1 1 II M 1 i 1 li H 1
1992 1993
/ ~/s '\
s''
^™\s~*^,
II H 1 1 1 H
1994
s-*S^~\
1 HI I 1 |ll 1
1995...Jnm
1996
» SEASONAliY ADJUSTEDSOURCE: DBWSTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS
Period
19861987198819891990199119921993 . ..1994'1995'1995- Feb'
Mar'Apr'May'
July
Sept'Get'
Dec'1996: Jan'
PebJ>Mar*"
Manufacturing andtrade1
Sales 2 Inven-tories3
Wholesale
Sales 2 Inven-tories3
Ketail
Sales2
TotalDurablegoodsstores
Nondura-ble goods
stores
Inventories3
TotalDurablegoodsstores
Nondura-ble goods
stores
Millions of dollars, seasonally adjusted, except as noted
430,419457,735496,079523,065542,682538,485561,293593,125639,744682,375675,047675,345672,997678,682683,082676,094687,690689,798688,234693,214699,912693,424701,059
662,753709,814765,270811,154834,391829,685838,895861,219917,305976,022935,012941,779951,338955,683959,452963,361968,085972,587978,397979,578976,022981,945983,040
114,960122,968134,521143,760149,506148,306154,150161,681172,973187,387185,456183,928185,279186,859188,290187,155187,953188,874189,643191,574194,901192,878194,353
153,574163,903178,801187,009195,550200,062207,663215,878234,893254,616239,785242,665246,253247,018248,925251,897252,209253,111254,738254,727254,616256,258255,756
120,803128,442138,017146,581153,718154,661162,632172,924185,936195,068191,035192,980192,425194,730196,080195,465196,716196,644196,193197,914199,104199,129
'202,894203,044
45,05747,98952,43054,76355,73654,16558,63464,79573,04278,01875,62976,84576,04677,41378,32978,00679,52778,71179,16080,29680,85280,623
'83,07883,045
75,74680,45385,58791,81897,981
100,497103,999108,129112,894117,050115,406116,135116,379117,317117,751117,459117,189117,933117,033117,618118,252118,506
'119,816119,999
186,510207,836219,047237,234239,773243,275251,994267,916290,602302,879295,501297,033299,407300,376300,516299,041302,700303,299306,224307,265302,879304,370305,081
89,983105,481112,453121,347121,105119,039122,948133,949150,441160,363154,155155,992158,360158,454158,057156,810159,326160,195162,165163,243160,363161,316161,687
96,527102,355106,594115,887118,868124,236129,046133,967140,161142,516141,346141,041141,047141,922142,459142,231143,374143,104144,059144,022142,516143,054143,394
Inventory-salesratio 4
Manufac-turingand
trade '
1.551.501.491.521.521.541.491.441.391.401.391.391.411.411.401.421.411.411.421.411.391.421.40
Ketail
1.561.551.541.581.551.541.521.511.501.541.551.541.561.541.531.531.541.541.561.551.521.531.50
1 See page 21 for manufacturing. NOTE,—Wholesale trade data (and therefore total manufacturing and trade data) have been2Annual data are averages of monthly not seasonally adjusted figures; monthly data are sea- revised to reflect annual benchmarking and other revisions. Sales were revised beginning 1993;" ...... ~sonaily adjusted totals for month.3 Seasonally adjusted, end of period.* Annual data are averages of seasonally adjusted monthly ratios.
20
inventories, beginning 1994.Source: Department of Commerce, Bureau of the Census,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn March, manufacturers' shipments, inventories, and orders rose.
BILLIONS OF DOLLARS' (RATIO SCALE)
320
120
80
BILLIONS OF DOLLARS' (RATIO SCALE)
320
280
240
200
160
120
NEW ORDERS
80 I i i i i i l i u1992
DURABLE GOODS
_Y...-•v'"
NONDURABLE GOODS
1993 1994 1995 1996
* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE
BILLIONS OF DOLLARS' (RATIO SCALE)
480440400360
320
280
240
200
160
120
80
~INVENTO (Ihb
_^->- 1
1 1 F | 1 1 1 I 1 1 | 1 1 1 1 1 1 1 1 1 1 1
*\
TOTAL
\ 1RABLEGOOD
--.\— •NlDURABLEGC
1 1 1 1 1 M i l l
.-.-•*"""
1 1 1 1 1 1 1 1 1 1
_.
1 1 1 1 1 1 1 | 1 | |
RATIO'2.00
1992 1993 1994 1995 1996
1.20
COUNOl Of ECONOMIC ADVISERS
Period
1986198719881989 .199019911992199319941995
1995: Mar
May
July
SeptGetNovDec
1996: JanFeb' ..MarP
Manufacturers' shipments I
Total Durablegoods
Nondurablegoods
Manufacturers' inventories a
Total Durablegoods
Nondurablegoods
Manufacturers' new orders *
Total
Durable goods
Total
Capitalgoods
industries,nondefense
Nondurablegoods
Manufac-turers'unfilledorders2
Millions of dollars, seasonally adjusted, except as noted
194,657206,326223,541232,724239,459235,518244,511258,520280,835299,920
298,437295,293297,093298,712293,474303,021304,280302,398303,726305,907
301,417303,812304,105
103,238108,128117,993121,703122,387119,151125,553135,981151,060162,053
161,571157,970159,612160,828155,919164,196165,939164,062164,924165,946
162,126164,254163,578
91,41998,198
105,549111,022117,072116,367118,958122,539129,775137,867
136,866137,323137,481137,884137,555138,825138,341138,336138,802139,961
139,291139,558140,527
322,669338,075367,422386,911399,068386,348379,238377,425391,810418,527
402,081405,678408,289410,011412,423413,146416,177417,435417,586418,527
421,317422,203422,359
212,006220,776241,402256,065259,988249,117237,717236,303247,644263,916
253,237255,334256,787257,442259,532260,091261,706263,305263,517263,916
266,530267,264267,597
110,663117,299126,020130,846139,080137,231141,521141,122144,166154,611
148,844150,344151,502152,569152,891153,055154,471154,130154,069154,611
154,787154,939154,762
195,204209,389227,026235,932240,646234,354241,545255,701281,953300,719
299,625293,069297,046296,754293,863301,903306,123304,370304,146309,467
308,839304,281308,952
103,647110,809121,445124,933123,556117,878122,614133,273151,878163,054
163,042155,553159,502159,031156,130164,082168,951166,490165,165170,234
169,238164,980169,075
23,98326,09530,72932,72532,25429,46829,65331,88937,53043,398
42,62840,07243,11542,96440,23341,67646,94143,75546,06748,700
47,77946,60548,857
91,55798,579
105,581110,999117,090116,476118,932122,428130,074137,665
136,583137,516137,544137,723137,733137,821137,172137,880138,981139,233
139,601139,301139,877
393,412430,288471,951510,459524,846511,122475,304441,947456,838467,045
464,208461,984461,937459,979460,368459,250461,093463,065463,485467,045
474,467474,936479,783
Manufac-turers'inven-tory —
shipmentsratio3
1.681.591.581.641.651.671.571.471.371.37
1.351.371.371.371.411.361.371.381.371.37
1.401.391.39
1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are sea-sonally adjusted totals for month. Shipments are the same as sales.
2 Seasonally adjusted, end of period.
3 Annual data are averages of seasonally adjusted monthly ratios.Source: Department of Commerce, Bureau of the Census.
21
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESPRODUCER PRICESIn March, the producer price index for all finished goods rose 0.5 percent. Prices of finished consumer foodsrose 0.6 percent and prices of other finished consumer goods rose 0.8 percent. Capital equipment prices fell0.1 percent.
INDEX, 1982-100 (RATIO SCALE) INDEX7l 982= 100 (RATIO SCALE)
no
100
110
100
1988
SOURCE: DEPARTMENT OF tABOR
1995 1996
COUNCIl OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Period
1986198719881989199019911992199319941995P1995: Mar
AprMay•JuneJulyAugSeptGetNovr
Dec1996: Jan
PebMar
Finished goods
Totalfinishedgoods
103.2105.4108.0113.6119.2121.7123.2124.7125.5127.9127.3127.6127.9127.7127.7127.8128.2128.4128.8129.5129.9129.7130.4
Con-sumerfoods
107.3109.5112.6118.7124.4124.1123.3125.7126.8129.0128.2128.5127.8127.4128.5128.6130.1130.0131.4131.5131.2130.8131.6
Finished goods excluding consumer foods
Total
101.9104.0106.5111.8117.4120.9123.1124.4125.1127.5126.9127.3127.8127.6127.4127.4127.6127.9128.0128.9129.4129.3130.0
Consumer goods
Total
98.5100.7103.1108.9115.3118.7120.8121.7121.6123.9123.5123.8124.5124.2123.8123.8123.9124.1124.1125.4126.1126.0127.0
Durable
108.9111.5113.8117.6120.4123.9125.7128.0130.9132.6132.1132.3132.3132.2132.4132.5132.6133.2134.0134.1133.6133.8134.0
Nondura-ble
93.394.997.3
103.8111.5115.0117.3117.6116.2118.8118.4118.8119.7119.4118.7118.6118.7118.8118.4120.2121.5121.2122.5
Capitalequip-ment
109.7111.7114.3118.8122.9126.7129.1131.4134.1136.7135.9136.2136.4136.5136.7136.9137.1137.5138.1138.0137.9138.1138.0
Totalfinished
consumergoods
101.4103.6106.2112.1118.2120.5121.7123.0123.3125.6125.0125.4125.6125.3125.4125.4125.8126.0126.4127.3127.8127.6128.5
Intermediate materials
Total
99.1101.5107.1112.0114.5114.4114.7116.2118.5124.9124.3125.0125.3125.4125.5125.6125.4125.4125.3125.5125.6125.1125.3
Foodsand
feeds1
96.299.2
109.5113.8113.3111.1110.7112.7114.8114.8112.3111.6110.6111.7113.4114.6115.7119.0121.5123.2123.5122.9'123.1
Other
99.3101.7106.9111.9114.5114.6114.9116.4118.7125.5124.9125.7126.1126.1126.1126.1125.9125.7125.5125.6125.7125.3125.4
Crude materials
Total
87.793.796.0
103.1108.9101.2100.4102.4101.8102.6101.2103.0102.2103.1102.4101.0102.9103.0104.6104.8107.0106.3108.0
Food-stuffsand
feed-stuffs
93.296.2
106.1111.2113.1105.5105.1108.4106.5105.8100.8100.798.6
101.8105.6106.0109.7112.3115.5114.9114.4113.8113.9
Other
81.687.985.593.4
101.594.693.594.794.896.697.5
100.4100.699.996.593.994.693.293.694.498.397.5
100.21 Intermediate materials for food manufacturing and feeds.
22NOTE.—Beginning 1996, indexes are based on updated value weights.Source: Department of Labor, Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER PRICES—ALL URBAN CONSUMERSIn March, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (it rose 0.5percent not seasonally adjusted). The index was 2.8 percent above its year-earlier level.
INDEX, 1982-84 =100 (RATIO SCALE)
180
170
160
150
140
130
120
110
100
SEASONAUY ADJUSTED
INDEX, 1982-84 = 100 (RATIO SCALE)
180
CONSUMER PRICES—All ITEMS
1988 1989 1990 1991 1992 1993 1994 1995
170
160
150
140
130
120
110
1001996
COUNCIL Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Period
19861987198819891990199119921993199419951995- Mar . .
AprMay .
July ..AugSeptOct
Dec ..1996- Jan ... ... . ..
FebMar
All items >
Notseason-
allyadjust-
ed(NSA)
1000109.6113611831240130.7136.2140.3144.51482152.4151.4151.9152.2152.5152.5152.9153.2153.7153.6153.5154.4154.9155.7
Season-ally
adjust-ed
151.3151.8152.2152.6152.7153.0153.2153.7153.8154.1154.7155.0155.6
Food
1S.8109.0113.5118.2125.1132.4136.3137.9140.9144.3148.4147.2148.0148.3148.5148.7149.0149.5150.0150.0150.2150.3150.5151.4
Housing
Total'
41.3110.9114.2118.5123.0128.5133.6137.5141.2144.8148.5147.1147.5147.8148.1148.5148.9149.1149.6149.9150.3150.8151.1151.5
Shelter
Total
28.3115.8121.3127.1132.8140.0146.3151.2155.7160.5165.7163.8164.3
' 164.8165.3165.8166.0166.5167.1167.5167.9168.6168.9169.3
Rent-ers'
costs(Dec.
1982 =100)
8.0121.9128.1133.6138.9146.7155.6160.9165.0169.4174.3172.0172.6173.1173.4174.0174.0174.7175.2175.3175.5176.7177.1177.7
Home-own-ers'
costs(Dec.
1982=100)
20.1119.4124.8131.1137.3144.6150.2155.3160.2165.5171.0169.2169.7170.3170.8171.3171.7172.2172.8173.4173.9174.3174.6175.0
Main-te-
nanceandre-
pairs(NSA)
0.2107.9111.8114.7118.0122.2126.3128.6130.6130.8135.0134.2134.2134.6135.0135.1135.4135.4136.3136.2136.6136.3137.0137.5
Fueland
otherutili-ties
7.0104.1103.0104.4107.8111.6115.3117.8121.3122.8123.7123.1123.4123.0123.5123.6124.2123.4124.1124.2124.4125.0125.7126.0
Ap-parel ,andup-
keep
5.5105.9110.6115.4118.6124.1128.7131.9133.7133.4132.0132,3132.1131.9131.4131.8132.0131.7132.1132.1132.2133.1131.9132.7
Transportation
Total1
17.0102.3105.4108.7114.1120.5123.8126.5130.4134.3139.1138.5139.3140.2140.8140.0139.5139.4139.5138.9139.0140.0140.7141.7
Newears
4.0110.6114.6116.9119.2121.0125.3128.4131.5136.0139.0138.2138.8138.9139.2139.1139.2139.6139.6139.8139.8140.0140.4140.6
Motorfuel
2.977.180.280.988.5
101.299.499.098.098.5
100.0100.6101.0103.5103.7101.399.397.997.495.497.5
101.2101.0104.6
Medi-cal
care
7.4122.0130.1138.6149.3162.8177.0190.1201.4211.0220.5218.2218.9219.6220.3221.0221.8222.6223.1223.8224.6225.4225.8226.4
En-ergy2
6.788.288.689.394.3
102.1102.5103.0104.2104.6105.2105.0105.4106.1106.5105.4105.0103.6103.9103.0104.1106.1106.5108.0
Allitemslessfoodanden-ergy
7-7.5113.5118.2123.4129.0135.5142.1147.3152.2156.5161.2160.1160.6160.9161.3161.7162.0162.4162.9163.1163.3163.8164.2164.7
1 Includes items not shown separately.2 Household fuels—gas (piped), elwrtnc.ity, ftiel oil, ctx--—ami motor fuel. Motor oil,
etc. excluded beginning 1983.;i Relative important*, Decernlwr 1995.
NOTE.—Data incorporate a rental equivalence measure for homeowner-ship costs (beginning1983).
Source: Department of Ijabor, Bureau of Ijalmr 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
1986198719881989199019911992199319941995P
1995- Mar
May
July
SeptOct
Dee
1996- JanFebMar
Change from preceding period
finishedgoods
Consumer goods
Foods Excludingfoods
Capitalequip-ment
Change, Dec. to Dec., NSA
-2.32.24.04.95.7-.11.6
.21.72.2
2.8-.25.75.22.6
-1.51.62.41.11.9
-6.64.13.15.38.7-.71.6
-1 42.02.2
2.11.33.63.83.42.51.71.82.02.2
Change, month to month
0.1.2.2o
o'.1.3.2.3'.5
.3-.2
.5
0.2
-.5-.3
.9
.11.2-.11.1'.1
— 2-.3
.6
0.2.2.6
-.2-.30
,1.2
0'1.0
.6-.1
.8
0.1.2.1.1.1.1.1.3.4
'-.1
-.1.1
-.1
Change from 3 months earlier, annual rate
finishedgoods
1.61.92.21.3.3o
1.62.23.24.1
4.8'2,82.8
Consumer goods
Foods
-2.51.3
-1.2-2.5
02.58.84.89.04.4
3.7'-1.8
.3
Excludingfoods
3.32.34.02.30
-2.2-1.0
1.01.04.9
6.6'6.35.2
Capitalequip-ment
2.72.11.81.81.51.51.82.43.62.7
1.2'00
Change from 6 months earlier, annual rate
Totalfinishedgoods
2.23.52.71.41.1.9
1.41.31.42.8
3.53.03.5
Consumer goods
Foods
3.03.7
.9-2.5
.6
.63.02.35.76.5
4.23.52.3
Excludingfoods
2.33.83.32.81.1.8.6.5
-.61.9
3.83.65.1
Capitalequip-ment
1.32.82.82.21.81.61.81.92.52.2
1.81.81.3
Changefrom yearearlier,total
finishedgoodsNSA
-1.42.12.55.24.92.11.21.2.6
1.9
1.82.12.22.11.71.31.82.32.12.2
2.32.02.4
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
1986198719881989199019911992199319941995
1995- Mar .. ..
May
July
SeptOctNovDec .. ..
1996- JanFeb . .Mar
Allitems1 Food
Housing
Total1
Shelter
Total1Remvers'costs
Home-own-ers'
costs
Fueland
otherutili-ties
Ap-pareland
upkeep
Transportation
Total1
Change, December to December,
1.14.44.44.66.13.12.92.72.72.5
3.83.55.25.65.31.91.52.92.92.1
1.73.74.03.94.53.42.62.72.23.0
4.64.84.54.95.23.92.93.03.03.5
5.03.93.94.56.74.22.82.62.33.0
4.65.34.75.14.73.72.93.23.33.7
-5.61.62.93.24.02.92.32.5
.21.4
0.94.84.71.05.13.41.4.9
-1.6.1
-5.96.13.04.0
10.4-1.5
3.02.43.81.5
Newcars
NSA
5.91.82.12.31.43.32.32.83.21.6
Motorfuel
-30.718.7
-2.16.8
36.5-16.0
1.8-5.4
5.9-4.0
Medi-cal
care
7.75.86.98.59.67.96.65.44.93.9
Ener-gy2
Allitemslessfoodand
energy
-1978.2
.55.1
18.1-7.4
2.0-1.4
2.2-1.3
3.84.24.74.45.24.43.33.22.63.0
Change, month to month
0.3.3.3.3.1_2.1.3.1.2
.4
.2
.4
0.1.5.2.1.1.2.3.3
0.1
.1
.1
.6
0.2.3.2_2.3.3.1.3.2.3
.3
.2
.3
0.4.3.3.3.3.1.3.42
_2
.4
.22
0.4.3.3.2.3
0.4.3.1.1
.7
.2
.3
0.3.3.4.3.3.2.3.3.3.3
.22.2
-0.1.2
-.3.4.1.5
-.6.6.1_2
.5
.6
.2
0.4()
-.2— 4
.3
.2?
.30
.1
.7-.9
.6
0.5.6.6.4
-.6-.4-.1
.1-.4
.1
.7
.5
.7
0.1.4.1.2
-.1.1.3
0.1
0
.1
.3
.1
-0.2.4
2.5.2
-2.3-2.0-1.4-.5
-2.12.2
3.89
3.6
0.3.3.3.3.3.4.4.2.3.4
.4
.2
.3
-0.2.4.7.4
-1.0-.4
-1.3.3
-.91.1
1.9.4
1.4
0.4.3.2_2.2.2.2.3.1.1
.3_2.3
Addendum: All items,percent change(annual rate)
Frompre-
viousquar-ter3
2.7
3.5
2.1
2.4
3.2
From3
monthsearlier
3.03.23.53.52.42.11.62.62.12.4
2.63.24.0
From6
monthsearlier
2.63.13.13.22.82.82.52.52.12.0
2.62.63.2
Fromyear
earlierNSA
1.93.64.14.85.44.23.03.02.62.8
2.93.13.23.02.82.62.52.82.62.5
2.72.72.8
1 Includes items not shown separately.2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
3 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 April, prices received by farmers and prices paid by farmers rose 0.9 percent from their March levels. (Dataare not seasonally adjusted.)
INDEX, 1990-92=100 (RATIO SCALE)
120
INDEX, 1990-92=100 (RATIO SCALE]
120
80
RATK140
120
100
80
60
D-!/ RAT
DATI/-1
L--
1 1 1 1 1 1 1 1 1 1 11988
r^ — *->i
1 1 1 1 1 1 1 1 1 1 11989
r ^
1 1 1 1 1 1 1 1 1 1 11990
_ /
1 1 1 1 1 1 1 1 I I I1991
1 1 1 1 1 1 I 1 1 1 1
1992
I 1 1 1 1 1 I 1 1 I I
1993
-
H" |
1 1 1 1 1 1 1 1 1 1 1r 1995
s. ' '
I 1 I I I 1 II 1 1 I1995
" " __
-
I 1 1 1 1 1 1 1 1 1 11996
O-"140
120
100
80
60
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.SOURCE-. DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
[1990-92=100; not seasonally a^usted]
Period
1986198719881989199019911992 ..199319941995'
1995: AprMayJune ,.JulyAugSeptOctNovDec .
1996- JanPebMar'Apr
Prices received by farmers
All farmproducts
878999
10410410098
101100102
99'100100101102105104106108
108106109110
Crops
8786
104109103101101102105112
'112117113114114115114117118
122122128134
Livestock andproducts
889193
1001059997
1009592
9088909192
'94929496
94939393
Prices paid by farmers
All commodities,services, interest,taxes, and wage
rates1
8587919699
100101103106110
'109'109'109'110'109'110'110'111'112
112113114115
Productionitems, interest,taxes, and wage
rates
8587929799
100101102106109
'109'108'109'109'108'109109
'110'111
111112114114
Productionitems
8687909599
100101103106109
'108'107'108'109'108'109'109'110'111
112113113114
Katio2
1031021081081059998989493
'91'92'92'9294
'95'9595
'96
96949696
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESIn March, growth accelerated in M2 and M3.
BILUONS OF DOLLARS* (RATIO SCALE)4,8004,400
4,000
3,600
3,200
2,800
2,400
2,000
1,600
1,200
800
600
400
1988 1990 199) 1992
M2
1993 1994
BILLIONS OF DOLLARS' (RATIO SCALE)4,8004,400
4,000
3,600
3,200
1995
2,800
2,400
2,000
1,600
1,200
800
600
1996
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1986: Dec1987- Dec1988- Dec1989- Dec1990- Dee1991- Dec1992: Dec1993- Dec1994: Dec1995- Dee'
1995- FebMar
May
July
SeptOctNovDee'
1996- Jan'Feb'Mar
Ml
Sum of currency,demand deposits,travelers' checks,
and othercheckable depos-
its (OCDs)
724.4749.8786.9794.2825.8897.2
1,024.41,128.61,148.71,124.9
1,147.81,148.71,151.21,146.21,144.51,145.41,143.81,140.21,131.81,129.01,124.9
1,119.11,117.11,126.2
M2
Ml plus retailMMMP balances,MMDAs, and sav-
ings and small timedeposits
2,734.62,834.42,997.93,164.03,282.23,383.73,438.73,494.13,509.43,660.3
3,514.13,519.13,529.23,543.53,574.03,592.83,612.73,625.83,632.83,643.63,660.3
3,675.03,690.43,724.8
M3
M2 plus largetime deposits,BPs, Euro-dollars, andinstitution-
only MMMPbalances
3,486.43,673.33,912.44,065.54,124.14,178.44,187.34,249.64,319.74,573.5
4,352.54,369.84,391.84,420.04,458.44,486.3
'4,513.84,534.24,549.14,559.94,573.5
4,602.34,639.94,680.3
L
M3 plusother liquid
assets
4,122.44,328.54,664.24,894.24,975.85,004.45,075.85,164.55,303.75,684.2
5,361.45,396.25,429.05,456.2
'5,495.3'5,544.65,580.65,626.8
'5,653.25,659.15,684.2
5,704.0P 5,734.2
Debt
Debt ofdomestic
nonfinancialsectors
(monthlyaverage ofadjacent
month-endlevels) i
'7,913.98,671.09,446.4
10,173.510,854.011,338.611,881.712,516.413,153.213,871.3
13,280.913,344.113,421.613,522.113,580.913,616.313,669.213,709.413,758.713,829.713,871.3
13,900.1"13,963.4
Percent change from year or 6months earlier2
. Ml
16.93.54.9
.94.08.6
14.210.21.8
-2.1
-.4-.3
.4-.4
n
-.7-.7
-1.5-3.4-3.0-3.4
-4.6-4.7-2.5
M2
9.53.65.85.53.73.11.61.6.4
4.3
.6
.91.42.13.74.55.66.15.95.64.8
4.64.35.5
M3
9.05.46.53.91.41.3.2
1.51.65.9
3.64.04.65.46.46.67.47.57.26.35.2
5.25.66.4
Debt
12.69.68.97.76.74.54.85.35.15.5
5.55.55.96.36.56.35.85.55.04.54.3
4.24.3
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 %stem.
26
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS[Averages of daily figures; billions of dollars, seasonally adjusted]
Period
1986: Dec1987: Dec1988: Dec ..1989: Dee1990- Dec1991: Dec1992- Dec1993: Dec1994- Dec1995: Dec
1995: FebMar
July
SeptSet .:::::::::::::::""NovDec
1996: JanFeb'Mar
Cur-rency
180.7196.8212.3222.6246.9267.4292.9322.4354.9373.2
359.0362.3365.0367.6367.0367.3368.5369.5370.8371.6373.2
373.6373.2375.2
De-manddepos-
its
302.1286.8286.8279.3277.4289.5339.1384.3382.4389.8
383.5382.9382.1382.1386.5388.5389.3389.4388.1388.2389.8
393.5397.4407.1
Othercheck-able
depos-its
(OCDs)
235.6259.5280.9285.3293.9332.5384.2414.0402.9353.0
396.8394.8395.1387.4382.0380.8377.2372.4364.1
'360.4353.0
'343.1337.5335.0
Money marketmutual fund
balances
Betail>
210.3224.5246.0322.5358.1373.7356.0358.7388.1465.1
390.8390.2393.3401.6418.8431.7443.6450.3455.0460.1465.1
468.6474.7487.6
Insti-tutiononly2
84.591.190.3
106.9133.5179.5199.8197.9183.7
'227.2
188.4195.0199.4203.7213.2218.6218.5221.7
'223.7'224.8'227.2
'230.6243.9248.3
Savingsdeposits,
moneymarketdeposit
accounts(MMDAs)
940.9937.3926.3893.6923.8
1,045.01,187.11,218.81,148.9
'1,134.6
1,118.01,102.51,091.21,089.51,097.01,096.21,101.61,108.41,116.11,120.61,134.6
1,151.81,164.71,183.4
Smalldenom-ination
timedepos-its3
859.0922.7
1,038.61,153.71,174.51,067.8
871.2788.0823.7935.7
857.5877.7893.4906.1913.7919.4923.7927.0929.8933.8935.7
935.5933.9927.6
Largedenom-inationtime de-posits3
420.2467.0518.3541.5480.9416.5353.7333.8363.5
'417.5
371.8377.6381.0384.5
'387.6'393.9396.7400.5409.8415.5
'417.5
416.5422.3429.4
Over-nightandterm
repur-chaseagree-ments(BPs)(net)
143.3172.6189.0158.0138.8119.4128.1157.5180.8177.3
191.9191.1192.1197.2191.7188.4192.9192.5189.9185.2177.3
184.6186.9184.7
Over-nightandtermEuro-dollars
(net)
103.9108.2117.0
95.288.779.366.966.382.391.4
86.487.290.191.191.892.693.193.792.9
'90.891.4
'95.696.493.1
Sav-ings
bonds
91.8100.6109.4117.5126.0137.9156.6171.5180.3184.8
180.5180.7181.2181.7182.4183.0183.5183.9184.2184.5184.8
185.0f 185.0
Short-term
Treas-ury
securi-ties
275.8249.5266.8324.0334.2329.1345.9
'342.8387.3
'476.9
400.2411.1412.0405.5414.7434.2437.5457.2
'465.8'464.9'476.9
'467.7"456.7
Bank-ers' ac-cept-ances
37.144.540.240.736.123.920.914.914.211.9
13.513.713.412.011.012.112.412.813.412.611.9
11.7"10.2
Com-mer-cial
paper
231.3260.6335.4346.5355.3335.2365.0385.6402.4437.1
414.9420.9430.6437.0428.9429.0433.3438.6440.7437.3437.1
437.2r 442.3
1 Balances in money funds with minimum initial investments of less than $50,000. NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not2 Balances in money funds with minimum initial investments of $50,000 or more. shown here.3 Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively. Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE[Averages of daily figures *; millions of dollars; seasonally adjusted, except as noted by NSA]
Period
1986- Dec'1987: Dec'1988: Dec'1989: Dec'1990: Dec'1991: Dec'1992: Dec'1993: Dec'1994: Dec'1995: Dec ....
1995: MarAprMayJuneJulyAug •.Sept ...Oct
Dec
1996: JanFebMar ....
Adjusted for changes in reserve requirements
Reserves of depository institutions
Total
38,95038,86640,41040,50841,78045,54754,36760,51959,36456,364
58,50057,98857,80157,38357,68057,49957,34456,83956,33356,364
55,60654,84855,706
Non-borrowed
38,12338,08938,69440,24241,45545,35554,24360,43759,15656,106
58,43157,87757,65157,11057,30957,21757,06656,59356,12956,106
55,56854,81355,685
Non-borrowed
plusextended
credit
38,42638,57239,93840,26241,47845,35654,24460,43759,15656,106
° 58,43157,87757,65157,11057,30957,21757,06656,59356,12956,106
55,56854,81355,685
Required
37,58037,82039,36239,58540,11644,56953,21259,45658,19655,086
57,70657,23556,92156,41856,59056,51256,39455,75855,39055,086
54,12153,99754,592
Monetarybase
223,571239,784256,920267,723293,332317,502351,244386,877418,723435,008
425,165427,551430,112429,308429,822430,807431,685432,737433,206435,008
'435,150433,619436,784
Borrowings of depository institu-tions from the Federal
Reserve (NSA)
Total
827777
1,71626532619212482
209257
69111150272371282278245204257
383521
Seasonal
3893
1308476381831
10040
5182
1371722312582521997340
77
10
Extendedcredit
303483
1,244202311000
0000000000
000
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 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 0.3 percent in March; commercial and industrial loans fell 0.3 percent.
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS* (RATIO SCALE]
4,0003,600
3,200
2,800
2,400
2,000
1/00
1,200
800
400
200
160 I I I I i I I I I I n1988
I I i I 1 1 1 1 1 1 I
1989
M I 1 I I I I 1 I I
1990
- U.S. GOVERNMENT SECURITIES-
\
1991
OTHER SECURITIES
I M I I I I i M
1992
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
*5EASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted'
Period
1988- Deo1989- Dec1990- Dec1991: Dec1992- Dec1993: Dec1994- Dec1995- Dec'
1995- Marr
Aprr
Mayr
JTuner
Julyr
SepfOcfNovr
Decr
1996- Janr
Pebr
Mar
Totalbankcredit
2,436.12,609.12,751.62,856.42,957.03,113.83,326.23,603.3
3,392.53,466.03,489.63,512.33,527.83,543.13,566.13,579.23,591.13,603.3
3,630.53,640.33,631.7
Securities in bank credit
Totalsecurities
562.0584.5633.7745.0843.4918.8952.2988.7
941.6991.8983.8985.0977.5979.9984.2986.1987.0988.7
988.8993.4977.5
U.S.Govern-
mentsecurities
366.8400.0455.6565.2666.8733.9732.0710.8
712.0708.7710.6709.8703.8708.4708.3713.2714.5710.8
702.9715.6705.0
Othersecurities
195.2184.5178.2179.8176.7184.9220.2277.9
229.6283.1273.2275.3273.7271.5275.8272.9272.4277.9
285.9277.8272.5
Loans and leases in bank credit
Totalloans andleases2
1,874.12,024.72,117.82,111.42,113.62,195.02,373.92,614.6
2,450.92,474.22,505.72,527.22,550.32,563.22,582.02,593.12,604.22,614.6
2,641.62,646.92,654.2
Commer-cial and
industrial
608.0639.3640.8619.5596.2585.9645.2718.4
673.9680.8687.8692.1697.8701.8708.4710.6715.1718.4
724.9728.4726.3
Real estate
Total
675.1770.2855.3880.0901.3940.5
1,001.71,078.9
1,029.01,036.51,043.81,052.91,062.21,068.01,072.01,075.91,077.81,078.9
1,085.81,088.51,093.3
Kevohrfnghomeequity
40.150.362.369.673.573.075.379.1
76.176.677.277.878.078.278.478.578.879.1
79.779.979.9
Other
635.0719.9793.0810.3827.7867.5926.4999.8
952.9959.9966.6975.2984.3989.8993.7997.4999.0999.8
1,006.11,008.71,013.5
Consumer
357.8378.3383.4366.6358.9390.5451.2496.0
464.3470.3472.9478.6481.0485.6489.4490.0493.1496.0
500.6500.8504.2
Security
40.741.445.054.464.187.576.283.7
76.077.888.388.087.184.386.686.986.983.7
84.985.685.0
Other
192.5195.5193.2190.9193.0190.6199.6237.7
207.7208.8213.0215.7222.2223.5225.6229.8231.3237.7
245.5243.4245.4
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 reclassifiea-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?1993: I
II . ..IllIV
1994- IIIIllIV
1995: IIIinrv>
Sources
Total
533.6648.5852.2744.5592.8489.3599.9619.4785.7885.2783.1538.8550.7605.0659.7792.3697.2993.6813.3951.5920.2855.9
Internal *
343.6374.6408.5397.1409.3422.2438.6480.1521.6538.1453.4465.3495.0506.6513.1521.8521.2530.4517.5526.5561.5547.0
External
Total
190.0273,9443.7347.4183.567.1
161.3139.3264.1347.1329.7
73.555.798.4
146.6270.5176.0463.2295.8425.0358.7308.9
Credit market funds
Total
151.373.295.559.047.0
-34 861.173.384.4
135.121.192.799.779.8
128.2119.768.821.1
196.2204.745.394.3
Securitiesand mort-
gages
58.929.1-.2
-35.926 675.967.185.7
-28.04.8
90.269.6
115.368.010.234.8
-42.81143-10.9
41.5-354
23.8
Loans andshort-term
paper
92.444.195.794.973.6
110 7-6.012 4
112.4130.3
-69.223.1
-15.611.8
118.184.9
111.6135.4207.1163.280.770.5
Other2
38.7200.8348.1288.4136.5101.9100.166.0
179.7212.0308.7
-19.2-44.0
18.618.5
150.8107.2442.199.6
220.3313.4214.7
Uses
Total
519.4592.0756.2632.9509.8500.7554.4612.0768.7838.2764.0542.3532.4609.2660.7729.2702.1982.9735.6928.0885.4804.0
Capital
tares3
347.3357.4373.3399.4394.5370.9386.9430.6485.0551.5417.6427.9433.8443.0443.9476.9490.6528.6555.0538.6579.2533.4
Increase infinancialassets
172.1234.6382.9233.5115.3129.8167.5181.4283.7286.7346.4114.498.6
166.2216.8252.3211.5454.3180.6389.4306.2270.6
Discrep-ancy
(sourcesless
uses)
14.356.696.0
111.683.1
-11.445.6
7.417.047.019.1
-3.518.4
-4.2-.963.2
-4.910.777.823.534.951.9
1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixedcapital, foreign earnings retained abroad, and inventory valuation adjustment.
2 Consists of tax liabilities, trade debt, pension fiind 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 INSTALLMENT CREDIT[Billions of dollars; seasonally adjusted]
Period
1986- Dec1987- Dec1988- Dec3
1989- Dec1990- Dec1991- Dec1992: Dec1993- Dec1994- Dec1995: Dec1995- Mar
AprMay
July
SeptGetNovDec
1996: Janr
PebMar?
Installment credit outstanding (end of period)
Total
572.0608.7662.6717.2734.9728.4730.8790.4902.9
1,024.8933.0946.3959.1970.6979.4989.7993.8
1,005.21,015.01,024.81,035.61,047.81,054.2
Automobile
247.8266.3285.4291.5283.1259.6257.4280.6317.2353.3323.3326.2328.0330.7337.1339.8341.2344.7349.1353.3356.2360.0360.0
Revolving
135.8153.1174.3199.2223.5245.3258.1286.6334.5395.2351.5358.7366.1372.3375.3379.7382.1387.2390.1395.2400.8406.1410.9
Other2
188.4189.3202.9226.5228.3223.5215.3223.2251.1276.2258.2261.4265.0267.5267.0270.3270.6273.3275.8276.2278.6281.7283.2
Net change in installment credit outstanding1
Total
54.336.753.9( 4 )
17.7-6.5
2.459.6
112.5121.914.113.312.811.58.8
10.34.1
11.49.89.8
10.812.26.4
Automobile
37.618.519.1( 4 )84
-23.5-2.223.236.636.12.32.91.82.76.42.71.43.54.44.22.93.8
.0
Revolving
14.017.321.2(4)
24.321.812.828.547.960.7
6.47.27.46.23.04.42.45.12.95.15.65.34.8
Other2
2.7.9
13.6(*)1.848
-8.27.9
27.925.15.43.23.62.5-.53.3
.32.72.5
.42.43.11.5
1 For year-end data, change from preceding year-end; for monthly data, change from preced-ing month.
2 Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3 Data newly available in January 1989 result in breaks in many series between December1988 and subsequent months.
4 Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES AND BONDInterest rotes rose in April.
PERCENT PER ANNUM
14
PERCENT PER ANNUM
14
V/" ^i
/ r~
1986
SOURCE: SEE TABLE BEL
-'\v. _ _ _
J
1 1 1 1 il 1 1 1 1 11989
OW
X~^X~\
' TREASURY V
BILLS/
, , , , , |
1990
CORPORATE Aaa BONDS(MOODY'S)— x /
v--. , ,y i
\]
^1DISC
R
RE!BAt
NE\A
1991
~T^: .-
OUNTATE
ERVE•(KOFfYORK
1992
X^ >*
^j"~
11993
//
•<"r/H
i ii n 1 1 1 1 M1994
X
\\s\
*"""•--.
J
i l l1995
COUNCIL OF
/
/
IT-
HI 1 1 III l..t|1996
ECONOMIC ADVISEES
[Percent per annum]
Period
19861987198819891990199119921993199419951995- Apr ....
July
SeptOctNovDec
1996: JanFebMarApr
Week ended:1996: Apr 6
132027
May 4
U.S. Treasury security yields
3-month bills(new issues) 1
5.985.826.698.127.515.423.453.024.295.515.675.705.505.475.415.265.305.355.165.024.874.964.99
5.075.034.874.975.00
Constant maturities2
3-year
7.067.688.268.558.266.825.304.446.276.256.686.275.805.896.105.895.775.575.395.205.145.796.11
5.976.236.116.106.24
10-year
7.688.398.858.498.557.867.015.877.096.577.066.636.176.286.496.206.045.935.715.655.816.276.51
6.356.606.526.536.74
High-grademunicipal
bonds(Standard& Poor's) *
7.387.737.767.247.256.896.415.636.195.956.015.905.835.986.075.885.775.615.425.425.455.825.93
5.846.005.945.936.00
CorporateAaa bonds(Moody's)
9.029.389.719.269.328.778.147.227.977.598.037.657.307.417.577.327.127.026.826.816.997.357.50
7.417.607.507.487.65
Primecommercial
paper,6 months 1
6.396.857.688.807.955.853.803.304.935.936.196.075.795.685.755.665.715.595.435.234.995.265.38
5.325.425.405.385.41
Discount rate(N.Y. F.B.Bank)"
6.335.666.206.936.985.453.253.003.605.21
5.25-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.255.25-5.005.00-5.005.00-5.005.00-5.00
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
9.00-9.009.00-9.009.00-9.009.00-8.758.75-8.758.75-8.758.75-8.758.75-8.758.75-8.508.50-8.508.50-8.258.25-8.258.25-8.25
8.25-8.258.25-8.258.25-8.258.25-8.258.25-8.25
New-homemortgage
yields(PHFB)s
10.179.319.19
10.1310.059.328.247.207.497.878.157.997.737.787.757.697.587.467.407.327.207.49
1 Bank-discount basis.2YieWs on the more actively tc&ded issues Blasted to constant maturities by the Treasury
Department.3Weekly data are Wednesday figures.4 Average effective rate for year; opening and closing rate for month and week.
8 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, MoooVs Investors Service, and Standard & Poor's Corpora-
30
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES AND YIELDSThe brooder measures of stock prices rose slightly in April; the narrower fell.
INDE380360340320300280260
240
220
200
180
160
140
120
PER20
15
10
5
0
X, DEC. 31,1 965=50 (RATIO SCALE) INDEX, DEC. 31,1 965=50 (RATIO SC
, —si
S'/
/
^^~ —
/
/-^
s^r^^
1 1 1 1 1 1 I! M
1988;ENT
M i l l i i i i i
1989
^\ fV
M 1 M 1 M 1 M
1990
y^^-V
s 'COM
1 M M M i l l1991
S*~**r
\>OSITE STOCK PF
INYSE)
M 1 M INN
1992
ICE INDEX
II 1 M M i l l
1993
\ ' -~|
1 1 1 M 1 1 M M
1994
/
i i | i | i i i i i
1995
/
M i l l E M M
1996PERC!
-~~~~^
i i1988
•»«.
i
EARNINGS-F
" P "" ^
i1989
i i i
1990I
RICE RATIO ON(S&P)
/•> — /
1991
COMMON STOCKS
1i i
1992
^^=-
i
1993
i i i1994
i i1995
i 1
1996
ALE)380360340320300280260
240220
200
180
160
140
120
"NT20
15
10
5
0
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS
Period
1986198719881989199019911992199319941995 ..
1995: AprMay
July
SeptOctNov .Dec
1996: JanFeb
Week ended:1996- Apr 6
132027
Common stock prices l
New York Stock Exchange indexes (Dec. 31, 1965=50,except as noted) 2
Composite
136.00161.70149.91180.02183.46206.33229.01249.58254.12291.15
274.37281.81289.52298.18300.05310.41311.78317.58327.90
329.22346.46346.73347.50
351.57342.70345.57349.50349.12
Industrial
155.85195.31180.95216.23225.78258.14284.62299.99315.25367.34
347.69357.01366.75379.13379.79390.42389.63398.66412.11
412.71435.92439.56441.99
445.40436.49439.96444.71444.84
Transpor-tation
119.87140.39134.12175.28158.62173.99201.09242.49247.29269.41
254.36254.69256.80279.15285.63295.54291.16300.06303.53
300.30315.29324.76326.42
324.51318.04327.30332.58332.81
Utility3
142.72148.59143.53174.87181.20185.32198.91228.90209.06220.30
208.93211.58216.27219.18221.99229.64236.43238.98247.59
254.07257.80245.77244.87
248.03239.77243.40247.44246.60
Finance
147.20146.48127.26151.88133.26150.82179.26216.42209.73238.45
219.38228.55236.26240.50245.27260.72265.12266.12273.36
273.73290.97290.45287.92
296.65283.97284.87287.66286.07
Dow-Jonesindustrialaverage4
1,792.762,275.992,060.822,508.912,678.942,929.333,284.293,522.063,793.774,493.76
4,230.664,391.574,510.764,684.764,639.274,746.764,760.464,935.815,136.10
5,179.375,518.735,612.245,579.86
5,670.515,532.085,570.025,568.435,538.80
Standard &Poor's com-posite index
(1941-43=10)5
236.34286.83265.79322.84334.59376.18415.74451.41460.33541.64
507.91523.81539.35557.37559.11578.77582.92595.53614.57
614.42649.54647.07647.17
655.18637.56643.56651.19649.58
Common stock yields(percent) 6
Dividend-price ratio
3.493.083.643.453.613.242.992.782.822.56
2.682.602.552.502.492.422.412.372.30
2.312.222.222.24
2.202.282.252.222.21
Earnings-price ratio
6.095.488.017.416.474.794.224.465.836.09
6.32
6.01
5.53
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. AH 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's
Corporation.
31Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 6 months of fiscal 1996, there was a deficit of $128.2 billion, compared with a deficit of $96.1 billiona year earlier.
BILLIONS OF DOUARS1,600
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 DOUARS1,600
1,500
OUTLAYS -
RECEIPTS-1
<ii IRPI t K fM? HFFirrr ( \
~~"*~*^^ _____
^~~~~~~-—- ---__— ~—~ — '/i i i i i' 1987 1988 1989 1990
1 1 1 1 1 K
1991 1992 1993 1994 1995 1996 ^
FISCAL YEARS
1,400
1,300
1,200
1,100
1,000
900
800
700
-100
-200
-300
-400
OXINQl Of ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
1977 ..1978197919801981198219831984
198519861987198819891990199119921993199419951996 (estimates)Cumulative total, first 6
months: J
Fiscal year 1995Fiscal year 1996
Total
Receipts
355.6399.6463.3517.1599.3617.8600.6666.5734.1769.1854.1909.0990.7
1,031.31,054.31,090.51,153.51,257.71,355.21,426.8
614.4645.2
Outlays
409.2458.7504.0590.9678.2745.8808.4851.8946.4990.3
1,003.91,064.11,143.21,252.51,323.61,380.91,408.71,460.81,519.11,572.4
761.0773.4
Surplusor
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- 145.6
-146.7- 128.2
On-budget
Receipts
278.7314.2365.3403.9469.1474.3453.2500.4547.9568.9640.7667.5727.0749.7760.4788.0841.6922.7
1,004.11,059.3
448.7474.4
Outlays
328.5369.1404.1476.6543.1594.4661.3686.0769.6806.8810.1861.4932.3
1,027.51,081.91,128.51,142.11,181.51,230.51,270.3
621.5627.8
Surplusor
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- 340.5-300.5-258.8-226.3-211.0
-172.8-153.4
Off-budget
Re-ceipts
76.885.498.0
113.2130.2143.5147.3166.1186.2200.2213.4241.5263.7281.7293.9302.4311.9335.0351.1367.4
165.6170.8
Out-lays
80.789.7
100.0114.3135.2151.4147.1165.8176.8183.5193.8202.7210.9225.1241.7252.3266.6279.4288.7302.1
139.5145.6
Sur-plusor
deficit(-)
-3.9-4.3-2.0-1.1-5.0-7.9
.2
.39.4
16.719.638.852.856.652.250.145.355.762.465.3
26.125.2
Gross Federal debt(end of period)
Total
706.4776.6829.5909.1994.8
1,137.31,371.71,564.71,817.52,120.62,346.12,601.32,868.03,206.63,598.54,002.14,351.44,643.74,921.05,207.3
4,810.55,074.8
Held bythe public
549.1607.1640.3709.8785.3919.8
1,131.61,300.51,499.91,736.71,888.72,050.82,189.92,410.72,688.12,998.83,247.53,432.13,603.43,768.7
3,557.93,717.1
1 Data from Monthly Treasury Statement.
NOTE,—Data (except as noted) are from Budget of the United States Government, Fiscal Year199?, 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 6 months of fiscal 1996, receipts were $30.8 billion higher than a year earlier and outlays were $12.4billion higher.
BILLIONS OF DOLLARS
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
400
300200
/OO
500
400
300
100
n
RECEIPTS
rnppnpATinwINCOME TAXES
_
1 1 1 1 1 1
.•• • "•"
^rr^ :SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
, OTHER RECEIPTS |
BILLIONS OF DOLLARS700
600
500
400
300
200
OUTLAYS^
\
— — — —•*""""""
— — ——"""""
^,--"~
.•"•""
— -•"""""" """ "™
1 ' '" 1987 1988 1989
1 1 1
1990 1991 1992
1 1 1 1 N
1993 1994 1995 .^96 N
100
0
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
400
300
200
^ INCUDES dN-MJDGET AND Of F-BUDGET ITEMS.SOURCES: DEBUrTMENT Of THE TREASURY AND Of HCE Of MANAGEMENT AND BUDGET COUNOt Uf KXJNOMC ADVISERS
[Billions of dollars]
Fiscal year or period
19771978197919801981198219831984 . .
198519861987198819891990199119921993 . .199419951996 (estimates) ..Cumulative total, first 6 months: l
Fiscal year 1995Fiscal year 1996
On-budget and off-budget receipts
Total
355.6399.6463.3517.1599.3617.8600.6666.5
734.1769.1854.1909.0990.7
1,031.31,054.31,090.51,153.51,257.71,355.21,426.8
614.4645.2
Indi-vidualincometaxes
157.6181.0217.8244.1285.9297.7288.9298.4
334.5349.0392.6401.2445.7466.9467.8476.0509.7543.1590.2630.9
274.7293.6
Cor-pora-tion
incometaxes
54.960.065.764.661.149.237.056.9
61.363.183.994.5
103.393.598.1
100.3117.5140.4157.0167.1
56.764.2
Socialinsur-ancetaxesand
contri-butions
106.5121.0138.9157.8182.7201.5209.0239.4
265.2283.9303.3334.3359.4380.0396.0413.7428.3461.5484.5507.5
224.9231.0
Other
36.637.740.850.669.569.365.671.8
73.073.174.378.982.390.992.3
100.598.0
112.8123.5121.3
58.156.4
On-budget and off-budget outlays
Total
409.2458.7504.0590.9678.2745.8808.4851.8
946.4990.3
1,003.91,064.11,143.21,252.51,323.61,380.91,408.71,460.81,519.11,572.4
761.0773.4
National defense
Total
97.2104.5116.3134.0157.5185.3209.9227.4
252.7273.4282.0290.4303.6299.3273.3298.4291.1281.6272.1265.6
136.7129.4
Depart-ment ofDefense,military
95.1102.3113.6130.9153.9180.7204.4220.9
245.2265.5274.0281.9294.9289.8262.4286.9278.6268.6259.4254.3
130.1122.9
Inter-nation-
alaffairs
6.47.57.5
12.713.112.311.815.9
16.214.211.610.59.6
13.815.916.117.217.116.414.8
10.48.2
Health
17.318.520.523.226.927.428.630.4
33.535.940.044.548.457.771.289.599.4
107.1115.4121.2
56.456.9
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
77.083.8
Incomesecu-rity
61.061.566.486.599.7
107.7122.6112.7
128.2119.8123.3129.3136.0147.0170.3196.9207.3214.0220.4228.3
112.4119.4
Socialsecu-rity
85.193.9
104.1118.5139.6156.0170.7178.2
188.6198.8207.4219.3232.5248.6269.0287.6304.6319.6335.8350.9
163.7171.1
Netinter-est
29.935.542.652.568.885.089.8
111.1
129.5136.0138.7151.8169.3184.2194.5199.4198.8203.0232.2241.1
113.5120.3
Other
93.0114.7120.2131.4133.5125.4122.3118.6
131.8142.1125.9139.4158.8203.7225.0173.9159.7173.7166.9172.9
91.084.2
1 Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year1997, issued March 19, 1996.
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 SECTOR, NATIONAL INCOME ACCOUNTS BASISIn the fourth quarter of 1995, Federal receipts rose $8.1 billion (annual rate) and Federal current expendituresrose $1.6 billion. In the first quarter of 1996, according to advance estimates, Federal current expenditures rose$25.8 billion; receipts data are incomplete.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
1,800
1,400
1,400
1,200
1,000
800
600
400
200
0
-200
-400
SEASONALLY ADJUSrtD ANNUAL RATES
-
CURRENT EXPENDITURES
\ *
-
^ s
" mm: n
-
-
~\
t 1 1
1982
— —
^ — '
— — • •*
i i i1983
,„-'
"•
^_
i 1 1
1984
"""
•\^-~
t i i
1985
•"
C
• s~
1 1 1
1986
^ _ *
s~^
URRENTS
>
i i i
1987
^S
RECEIPTS
URPLUSO
i i i
1988
0
* DEFICIT
~ -
1 1 1
1989
UfNDARYE
f """
- -~-
(-)
s/
1 1 1
1990
ftRS
/•/
'
-N•
1991
^--
/-
-i E i
1992
--•"
^
./— '
I 1 1
1993
• "-
/"
f+*~
i i i1994
^-
„
i i i1995
.
-
-
-
-
-
-
-
-
t i i
1996
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
-200
-400
SOURCE: OEPABTMENT OF COMMERCE COUNOi Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates j
Period
Calendar year:1989199019911992199319941995
1990- IV1991- IV1992: IV
1993: IIIIIIIV
1994- IIIinrv
1995: IIIIIIIV
1996- IP
Federal Government receipts
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
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
627.5
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
Indirectbusinesstax andnontax
accruals
61.765.179.781.988.292.691.2
67.482.886.5
84.387.587.293.7
92.891.393.393.2
91.793.588.491.3
84.3
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
601.9
Federal Government current expenditures
Total
1,192.71,284.51,345.01,479.41,530.01,566.91,641.0
1,313.01,399.81,509.5
1,508.91,520.51,533.81,556.8
1,534.71,552.71,573.51,606.8
1,622.61,643.81,648.11,649.7
1,675.5
Consump-tion
expendi-tures
405.2426.6445.9451.0451.4450.6454.0
437.7440.5457.7
450.8447.9453.0453.8
446.7445.1455.5455.3
454.8456.1453.5451.4
456.4
Trans-fer
pay-ments
471.7513.3522.2625.1658.7682.6720.4
526.1565.8643.3
645.6654.3660.4674.6
671.2676.6681.5701.2
708.6715.2727.0731.0
755.1
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
204.0
Netinterest
paid
166.7179.9192.7195.8192.3201.4229.3
177.8200.0191.8
190.4193.2192.7192.9
188.2198.2204.4214.9
221.2229.2232.7234.1
230.8
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
29.2
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
Currentsurplus
ordeficit(-),
nationalincome
andproductaccounts
-113.4- 154.7- 196.0-280.9-254.7-189.9- 162.6
-177.7-238.8-279.0
-283.7-249.2-253.5-232 .4
-212.9-169.9-186.3- 190.4
-173.3-160.5-161.6-154.9
Source; Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Period
198619871988198919901991199219931994 ...1995P
1995: JanFebMar
May
July
SeptGetNovDec
1996- Jan ..PebMar
Industrial production (1987=100; seasonally adjusted)
UnitedStates
95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9
121.8121.7121.9121.4121.3121.4121.5122.7122.8122.2122.6
'122.8
-•122.5••124.1123.5
Canada
95.4100.0105.3105.2101.7
97.498.5
102.9109.6
'113.8
'114.4'114.6'113.7'113.8114.1113.1113.7114.0
'114.1'113.5'113.5'113.2
'114.4114.0
Japan
96.7100.0109.4115.7120.6122.9115.8111.0112.3115.8
114.0116.3118.1117.0116.4115.4112.8116.5113.4115.0116.6117.7
117.7'121.01157
Prance
98.0100.0104.6108.9111.0111.0109.7105.6111.0
113.9112.4114.8113.0115.1114.9115.4115.4113.1111.1111.7110.9
Ger-many
99.6100.0103.9108.8114.5118.7116.3107.4110.7110.5
109.8'111.3'110.7'111.2
112.2'110.9'112.7'109.6
110.2'108.0'108.9
109.6
'110.4108.8
Italy
96.2100.0105.9109.2109.4108.4108.2105.5111.0116.8
'115.3115.0116.4
'117.0'116.4'116.7'117.5'124.4118.7
'117.7'117.8
122.0
116.2
UnitedKingdom
96.2100.0104.8107.0106.7102.8102.7104.7110.0112.7
111.4112.0113.0112.4112.6112.2112.9113.0113.7112.6113.0113.4
112.9113.3
Consumer prices (1982-84=100; NSA)
UnitedStates1
109.6113.6118.3124.0130.7136.2140.3144.5148.2152.4
150.3150.9151.4151.9152.2152.5152.5152.9153.2153.7153.6153.5
154.4154.9155.7
Canada
113.4118.4123.2129.3135.5143.1145.2147.9148.2151.4
149.8150.5150.8151.2151.6151.6151.9151.8151.8151.8152.0151.8
152.2152.4153.0
Japan
104.8104.9105.7108.0111.4115.0116.9118.5119.3119.2
119.4118.9118.8119.3119.6119.5118.7118.9119.7119.4118.9119.0
118.9118.7118.9
France
117.2120.9124.2128.6133.0137.2140.6143.5145.9148.4
146.9147.5147.9148.0148.3148.3148.0148.7149.2149.3149.5149.6
149.9150.4151.3
Ger-many
104.7104.9106.3109.2112.2116.2120.9125.2128.6130.8
129.6130.3130.3130.5130.7131.1131.5131.2131.1131.0131.0131.4
131.5132.2132.2
Italy
128.5134.4141.1150.4159.5169.8178.8186.3193.6204.0
197.9199.5201.2202.2203.5204.6204.7205.4206.0207.1208.3208.7
209.0209.6210.2
UnitedKingdom
114.9119.7125.6135.4148.2156.9162.7165.3169.3175.2
171.5172.6173.3175.1175.8176.0175.2176.1176.9176.0176.0177.1
176.5177.3178.0
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 adjusted]
Period
1986198719881989199019911992199319941995
1995: FebMar ....Apr ....May ....June ....July ....Aug ....Sept ....OctNov ....Dec
1996: Jan' ....Peb
Goods: Exports (f.a.s. value)
BOPbasis
223.3250.2320.2362.1389.3416.9440.4456.8502.5574.9
45.647.947.148.247.346.349.049.748.949.550.4
49.049.7
Census basis (by end-use category) l
Total,Censusbasis2
227.2254.1322.4363.8393.6421.7448.2465.1512.6583.9
46.348.747.849.048.247.049.850.449.750.351.2
49.750.5
Foods,feeds,andbev-
erages
22.324.332.337.235.135.740.340.641.950.5
3.94.14.14.03.94.14.54.84.34.44.5
4.74.4
In-
trialsup-pliesand
mate-rials
57.366.785.199.3
104.4109.7109.1111.8121.4146.1
11.712.612.312.412.611.812.112.412.611.812.2
11.912.0
Cap-ital
goodsexceptauto-mo-tive
75.886.2
109.2138.8152.7166.7175.9181.7205.2233.0
17.919.218.819.419.519.020.019.720.320.821.2
20.020.7
Auto-mo-tive
vehi-cles,partsanden-
gines
21.724.629.334.837.440.047.052.457.660.6
5.35.15.05.14.54.45.25.64.74.95.3
5.45.3
Con-sumergoods(non-food)ex-
ceptauto-mo-tive
14.217.723.136.443.345.951.454.760.064.5
5.35.35.35.55.45.25.55.55.55.45.5
5.55.7
Goods: Imports (customs value)
BOPbasis
368.4409.8447.2477.4498.3491.0536.5589.4668.6749.4
59.862.463.464.263.862.562.563.462.661.662.7
64.163.5
Census basis (by end-use category)
Total,Censusbasis3
365.4406.2441.0473.2495.3488.5532.7580.7663.3743.5
59.661.562.563.062.862.362.263.262.261.362.5
63.863.1
Foodsfeeds,andbev-
erages
24.424.824.825.126.626.527.627.931.033.2
2.72.92.72.72.72.72.82.82.82.72.7
2.82.8
In-
trialsup-pliesand
mate-rials
101.3111.0118.3132.3143.2131.6138.6145.6162.0180.8
14.415.315.515.815.615.314.915.314.714.814.8
15.614.7
Cap-ital
goodsexceptauto-mo-tive
71.884.5
101.4113.3116.4120.7134.3152.4184.4221.6
16.817.518.018.118.718.918.919.319.719.319.4
19.219.1
Auto-mo-tive
vehi-cles,partsanden-
gines
78.285.287.786.187.385.791.8
102.4118.3124.5
10.810.611.010.710.310.010.410.49.59.5
10.3
10.810.8
Con-sumergoods(non-food)exceptauto-mo-tive
79.488.795.9
102.9105.7108.0122.7134.0146.3160.0
13.113.313.613.713.413.413.413.413.312.913.1
13.513.7
Services(BOP basis)
Ex-ports
86.598.5
111.1127.4147.8164.3178.6187.8198.7208.8
16.417.417.217.217.317.417.517.917.717.917.7
17.818.4
Im-ports
81.091.799.5
103.5118.8119.6122.0130.0138.8145.8
11.712.112.112.112.212.212.312.212.212.612.4
12.612.8
Balance of trade(exports minus imports)
Goods,Censusbasis
- 138.3— 152.1-118.5— 109.4-101.7
— 66.7-84.5
-115.6- 150.6— 159.7
-13.3-12.8-14.7-14.0-14.7-15.2-12.5-12.8-12.5-11.0-11.3
-14.1-12.6
.rtUr basis
Goods
- 145.1— 159.6- 127.0— 115.2- 109.0
— 74.1-96.1
— 132.6-166.1— 174.6
-14.2-14.5-16.3-15.9-16.4-16.2-13.5-13.7-13.7-12.1-12.3
-15.1-13.8
Services
5.56.9
11.623.929.044.756.657.859.963.1
4.75.35.15.15.15.25.25.65.55.35.3
5.25.6
Goodsand
services
-139.6— 152.7-115.3
— 91.4-80.0-29.4-39.5— 74.8
-106.2— 111.5
-9.5-9.2
-11.2-10.8-11.4-11.0-8.3-8.1-8.2-6.8-7.0
-9.9-8.2
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).
35Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. INTERNATIONAL TRANSACTIONSIn the fourth quarter of 1995, the merchandise trade deficit fell to $38.0 billion, from $43.3 billion in the thirdquarter. The current account deficit fell to $31.1 billion, from $40.3 billion in the third quarter.
BIIDONS OF DOLLARS' MUONSOFDOIURS'
BALANCE ON GOODSAND SERVICES
• SEASONAUY AWUSIEDSOURCE: DEPARTMENT Of COMMERCE COUNCH. Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits { — ) J
Period
198619871988198919901991199219931994\995f1993: I
IIIDIV
1994: IIIinW
1995: IIIinTVf
Merchandise1
Exports
223,344250 208320 230362,120389 307416913440352456 823502485574,879
111,862114,131111,576119,254
118,445122,730127,384133,926
138,325142,667145,050148,837
Imports
-368425-409765- 447 189-477,365- 498 337-490981— 536 458— 589 441- 668 584- 749,348
-140,821- 147,718- 148,181- 152,721
- 154,935- 164,224-172,011- 177,414
- 182,784- 191,321- 188,376- 186,867
Net
- 145,081-159557- 126,959-115,245
109 030- 74 068-96106- 132 618- 166 099- 174,469
-28,959-33,587-36,605-33,467
-36,490-41,494- 44,627-43,488
-44,459- 48,654-43,326-38,030
Services
Netmilitarytrans-
ac-tions23
-5,181-3844-6320-6,749— 7 599-5274— 2 142
4482 1482,810
40190
283-326
-31376
1,124679
542587889792
Nettraveland
trans-porta-tion
receipts
- 8,484— 7613-2591
4,0438 002
1703220484198851933018,658
5,3025,3895,0624,131
4,6424,6474,7925,247
5,0174,3474,4804,812
Otherservices,
net
19,194183192054626,55828 6333290738284374443841041,584
9,6839,3159,2729,172
8,8639,5489,904
10,095
9,99610,37910,65010,557
Balanceon
goodsand
services
- 139 551— 152 696— 115 324-91,392
79 994-29404— 39 480— 74841
— 106 212-111 418
-13,573-18,793-21,988-20,490
-23,016-26,923-28,807-27,467
-28,904-33,341-27,307-21,869
Investment income
Receiptson U.S,
abroad
91 976100767129 070152517160 300137003118 425119 248137 619181 301
28,95029,95829,93130,412
30,94232,33836,03138,307
43,18545,40144,45048,264
Paymentson foreign
U.S.
- 79 095— 91 302
— 115 806-138858
139 574— 121 892— 108 346— 110 248— 146 891- 192 703
-25,239-27,893-26,741-30,376
-30,826-34,623-38,564-42,878
-45,215- 48,085- 49,613-49,791
Net
128819465
13 2641365920 72515 11110 0799000
— 9 272- 11 402
3,7112,0653,190
36
116-2,285-2,533-4,571
-2,030-2,684-5,163-1,527
Balanceon goods,services,
andincome
— 126 670— 143 231— 102 060
— 77 73359 268
— 14993— 29 402— 65 841
— 115484— 122 820
-9,862-16,728- 18,798-20,454
-22,900-29,208-31,340-32,038
- 30,934-36,025-32,470-23,396
Unilateraltransfers,
net4
— 24 18923 107
— 25 023— 26 106
686932 14834 084
— 35 761— 30 095
- 7,521- 7,609-8,234- 10,722
-7,371-8,778-8,374- 11,239
-7,520-7,117-7,780-7,677
oncurrent
— 150859— 166 338— 127 083— 103 839
— 742461 549
— 99 925— 151 245— 152915
- 17,383- 24,337-27,032-31,176
-30,271-37,986-39,714- 43,277
- 38,454- 43,142- 40,250-31,073
1 Adjusted from Census date for differences in timing and coverage; excludes military,3 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 oftabk.
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U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $4.4 billion in the fourth quarterof 1995, in contrast to a decrease of $14.6 billion in the third quarter. U.S. liabilities to private foreigners reportedby U.S. banks, excluding Treasury securities, increased $29.8 billion in the fourth quarter, in contrast to a decreaseof $21.6 billion in the third quarter.
BILLIONS OF DOLLARS' BILUONSOF DOLLARS'
/x / \ / \ I \
1989 1990 1991 1992 1993 1994 1995
* SEASONAUY ADJUSTEDSOURCE: DEWRTMENT OF COMMERCE COUNO. OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Period
1986198719881989 .199019911992 .199319941995P
1993- IIIIllIV
1994: IIIIllIV
1995: IIIIllrw
U.S. assets[increase/capita
Total
-106,753-72,617- 100,087-168,744-74,011-57,881-65,875
-184,589-125,851-280,096
-19,729-40,933-46,270-77,657-36,783-5,973
-27,940-55,156-75,455
-100,355-27,517-76,769
U.S.officialreserve
assets35
3129,149
-3,912-25,293-2,158
5,7633,901
-1,3795,346
-9,742
-983822
-545-673-59
3,537-1652,033
-5,318-2,722-1,893
191
abroad, net
Other U.S.Govern-
mentassets
-2,0221,0062,9671,2592,3072,911
-1,661-330-322-326
467-281-197-318
401491
-283-931-152-180
246-240
)]
U.S.privateassets
- 105,044-82,771-99,141- 144,710-74,160-66,555-68,115- 182,880
130 875-270,028
-19,213-41,474-45,529- 76 666-37,125-10,001-27,492-56,258-69,985-97,453-25,870- 76,720
Foreign assets in the U.S., net[increase/capital inflow ( + )]
Total
226,111242,983240,265218,490122,19294,241
153,823248,529291,365426,325
19,86751,27777,92899,45880,39046,52679,73684,71594,841
124,332116,54490,609
Foreignofficialassets3
35,64845,38739,7588,503
33,91017,38940,46672,14639,409
110,483
10,95517,49519,38624,31110,9779,162
19,691-421
22,30837,83639,34610,993
Otherforeignassets
190,463197,596200,507209,98788,28276,853
113,358176,383251,956315,842
8,91233,78258,54275,14769,41337,36460,04585,13672,53386,49677,19879,616
Allocationsof specialdrawingrights
(SDKs)
Statistical discrepancy
Total (sumof the items
with signreversed)
31,501-4,028
-13,09554,09444,480
-28,936-26,399
35,985-14,269
6,685
17,24513,993
-4,6269,375
-13,336-2,567- 12,082
13,71819,06819,165
-48,77717,233
Of which:Seasonal
adjustmentdiscrepancy
5,367154
-6,353834
5,274587
-6,641782
6,162317
-7,076600
U.S. officialreserve
assets, net5
(unadjusted,end ofperiod)
48,51145,79847,80274,60983,31677,72171,32373,44274,33585,832
74,37873,96875,83573,44276,80975,73276,53274,33586,76190,06387,15285,832
5Consiste of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserveposition in the IMF.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of theTreasury.
37Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ContentsTOTAL OUTPUT, INCOME. AND SPENDING **
Gross Domestic Product 1Real Gross Domestic Product 2Implicit Price Deflators for Gross Domestic Product 2Quantity and Price Indexes for GDP and Percent Changes 3Nonfinancial Corporate Business—Output, Costs, and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5Disposition of Personal Income 6Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Fixed Investment by Type 10Business Investment and Plans 10
EMPLOYMENT, UNEMPLOYMENT. AND WAGESStatus of the Labor Force 11Selected Unemployment Rates '. 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricultural Employment 14Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries 15Employment Cost Index—Private Industry 15Productivity and Related Data, Business Sector 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial Production—Major Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and Inventories—Manufacturing and Trade 20Manufacturers' Shipments, Inventories, and Orders 21
PRICESProducer Prices , 22Consumer Prices—All Urban Consumers 23Changes in Producer Prices for Finished Goods 24Changes in Consumer Prices—All Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY, CREDIT. AND SECURITY MARKETSMoney Stock, Liquid Assets, and Debt Measures 26Components of Money Stock and Liquid Assets 27Aggregate Reserves and Monetary Base v 27Bank Credit at All Commercial Banks 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business 29Consumer Installment Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCEFederal Receipts, Outlays, and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector, National Income Accounts Basis 34
INTERNATIONAL STATISTICSIndustrial Production and Consumer Prices—Major Industrial Countries 35U.S. International Trade in Goods and Services 35U.S. International Transactions , 36
General Notes
Detail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.Symbols used:
f Preliminary.r Revised.c Corrected.... Not available (also, not applicable).NSA not seasonally adjusted.
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