economic indicators: september 1996 - st. louis fed · 2018-11-07 · 6 800 6,400 6,000 5 600 5 200...

W4th Congress, 2d Session

Economic Indicators

SEPTEMBER 1996(Includes data available as of October 1, 1996)

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

OCT 2 >. 1996FEDERAL RESERVEBANK OF CHICAGO.

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1996

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT ECONOMIC COMMITTEE(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)

CONNIE MACK, Florida, ChairmanJIM SAXTON, New Jersey, Vice Chairman

SENATEWILLIAM V. ROTH, JR. (Delaware)LARRY E. CRAIG (Idaho)ROBERT F. BENNETT (Utah)RICK SANTORUM (Pennsylvania)RODNEY D. GRAMS (Minnesota)JEFF BINGAMAN (New Mexico)PAUL S. SARBANES (Maryland)EDWARD M. KENNEDY (Massachusetts)CHARLES S. ROBB (Virginia)

HOUSE OF REPRESENTATIVESTHOMAS W. EWING (Illinois)JACK QUINN (New York)DONALD A. MANZULLO (Illinois)MARSHALL (MARK) SANFORD (South Carolina)WILLIAM M. (MAC) THORNBERRY (Texas)FORTNEY H. (PETE) STARK (California)LEE H. HAMILTON (Indiana)MAURICE D. HINCHEY (New York)CAROLYN B. MALONEY (New York)

ROBERT N. MOTTICE, Executive Director

COUNCIL OF ECONOMIC ADVISERS

JOSEPH E. STIGLITZ, ChairmanALICIA H. MUNNELL, Member

[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]

JOINT RESOLUTION [SJ. les. 55]

To print the monthly publication entitled "Economic Indicators"

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That theJoint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and thata sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeantat Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copiesto the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required numbers of copies to the Superintendent of Documents for distribution to depositorylibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.

Approved June 23, 1949-

Charts prepared by the Art Production Section, Design and Graphics Branch,Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $3.00 a single($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)from:

SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE

WASHINGTON, D.C. 20402

For sale by the U.S. Government Printing OfficeSuperintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328

ISBN 0-16-053569-7

11


TOTAL OUTPUT, INCOME. AND SPENDINGGBOSS DOMESTIC PRODUCTIn the second quarter of 1996, according to revised estimates, current-dollar gross domestic product (GDP) rose6.5 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 4.7 percent, and the implicit price deflatorrose 1.8 percent.

BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)

7,600

6 800

6,400

6,000

5 600

5 200

4,800

4400

4000

q ZAA

3 200

1982

X

y/1 1 11983

X

X

I I i1984

,x'1

x

1985

INCH

_ — -^

^ .x''

i i i1986

GDIMNED(19

s~

X*

.X/ INC

1987

SEASONAL

3

92)DOLt>

W

Xx \ -GDP

ZURRENT

1988

r ADJUSTED A

\RS

,. *"

X

DOLLARS

i i |1989

h UAL RATES

x

1 1 11990

K^

1991

^^

1992

r l

1993

x^-^-

1994

^1^

i i i1995

X

1 1 i1996

7,600

7 Ofifl

6800

6,400

6,000

5 600

5200

4,800

4/400

4,000

3 600

3 200

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

19871988198919901991 ,19921993199419951990: IV1991: IV1992: IV1993: I

IIIllIV

1994: IIIIllIV

1995: IIIIllIV

1996: III'

Grossdomesticproduct

4,692.35,049.65,438.75,743.85,916.76,244.46,553.06,935.77,253.85,781.56,002.36,383.06,442.66,506.26,574.46,688.66,776.06,890.56,993.17,083.27,149.87,204.97,309.87,350.67,426.87,545.1

Personalcon-

sumptionexpendi-

tures

3,094.53,349.73,594.83,839.33,975.14,219.84,454.14,700.94,924.93,907.04,027.14,329.64,367.64,424.84,481.04,543.14,600.94,666.24,738.34,798.24,840.64,910.54,957.94,990.55,060.55,139.4

Grossprivate

domesticinvest-ment

747.2773.9829.2799.7736.2790.4871.1

1,014.41,065.3

736.1760.9816.1843.6855.9873.8911.2957.6

1,016.51,033.61,050.11,072.01,050.31,074.81,064.01,068.91,096.0

Expoof go

Netexports

-142.1-106.1-80.4-71.3-20.5-29.5-62.7-94.4-94.7-72.0-14.8-42.7-47.9-59.6-74.5-68.8-78.8-93.0- 107.0-98.7- 108.7-115.3-87.6- 67.2-86.3-99.2

rts and imods and se

Exports

365.7447.2509.3557.3601.8639.4657.8719.1807.4577.3624.4649.1646.9660.4645.3678.7678.9707.4729.2761.0776.1797.3819.0837.0839.5850.0

portsrvices

Imports

507.9553.2589.7628.6622.3669.0720.5813.5902.0649.2639.3691.8694.8720.0719.8747.5757.6800.4836.1859.6884.8912.6906.6904.2925.8949.2

Gw

Total

992.81,032.01,095.11,176.11,225.91,263.81,290.41,314.71,358.31,210.41,229.21,280.01,279.31,285.11,294.11,303.21,296.41,300.81,328.21,333.51,345.81,359.41,364.61,363.41,383.71,408.8

eminent cand %

Total

455.7457.3477.2503.6522.6528.0522.6516.4516.6516.7515.5535.0525.5520.1521.3523.5511.3509.4523.8520.9519.7522.0516.8507.7518.6529.6

onsumptioTOSS inves

Federal

Nationaldefense

350.4354.0360.6373.1383.5375.8362.7352.0345.5383.3373.0375.3365.7362.7361.2361.3346.7349.3362.3349.7347.6351.7345.7337.1343.9353.7

n expendittment

Non-defense

105.3103.3116.7130.4139.1152.2159.9164.3171.0133.3142.6159.7159.8157.4160.1162.2164.6160.0161.5171.2172.1170.3171.1170.6174.7175.8

ares

Qta+/a

andlocal

537.2574.7617.9672.6703.4735.8767.8798.4841.7693.7713.6745.1753.8765.0772.7779.7785.0791.4804.4812.6826.1837.3847.7855.7865.1879.2

TPinal

sales of

product

4,668.15,038.75,407.05,735.85,919.06,237.46,532.46,876.27,216.75,812.95,980.96,376.66,422.86,484.66,552.36,669.86,735.96,816.06,928.57,024.67,091.77,170.97,271.57,332.87,428.67,537.1

n

domestic

chases 1

4,834.55,155.65,519.15,815.15,937.26,274.06,615.77,030.17,348.45,853.56,017.16,425.76,490.56,565.86,648.86,757.46,854.86,983.57,100.17,181.97,258.47,320.27,397.37,417.87,513.27,644.3

Adden-dum:Gross

nationalproduct

4,701.35,062.65,452.85,764.95,932.46,255.56,563.56,931.97,246.75,813.66,016.66,390.56,458.66,516.56,587.16,691.96,781.06,888.36,987.07,071.47,146.87,202.47,293.47,344.37,426.67,537.5

less exports of goods and services plus imports of goods ami services. Source: Department of Commerce, Bureau of Economic Analysis,


REAL GROSS DOMESTIC PRODUCT[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]

198719881989199019911992199319941995

1990: IV1991: IV1992: IV

1993: IIIIllIV

1994: IIIIllIV

1995: IIIIllIV

1996: III '

5,648.45,862.96,060.46,138.76,079.06,244.46,386.46,608.76,742.9

6,081.06,104.46,327.3

6,326.46,356.56,393.46,469.16,508.56,587.66,644.96,693.9

6,701.06,713.56,776.46,780.76,814.36,892.6

Personal

tares

3,822.33,972.74,064.64,132.24,105.84,219.84,339.54,473.24,577.8

4,116.44,109.14,282.3

4,289.74,318.84,359.54,390.04,420.54,458.74,489.44,524.0

4,534.84,569.94,597.34,609.44,649.14,687.6

Gdome

Nonresi-dentialfixed

invest-ment

542.4566.0588.8585.2547.7557.9593.6652.1714.3

573.9539.5569.1

577.5586.4593.1617.6628.5639.5660.5679.7

704.4710.5719.0723.3743.5750.5

ross privalstic invest!

Resi-dentialfixed

invest-ment

257.6252.5243.2220.6193.4225.6242.7268.9262.8

200.3202.4236.7

237.9234.8242.2255.8263.6271.6270.3270.3

265.9256.5262.2266.3271.1281.5

enent

Changein busi-

nessinven-tories

26.211.633.310.4

-3.07.3

19.158.933.1

-28.221.45.8

18.520.819.517.440.574.564.556.1

54.530.533.014.6

-3.07.1

Exportgood

exports

-156.2-114.4-82.7-61.9-22.3-29.5-72.0

-105.7-107.6

-42.5-17.9-40.0

-56.0-64.4-86.2-81.5-99.3

-107.3-111.7-104.3

-122.5-121.4-101.6-84.9

-104.0-114.7

s and impos and servi

Exports

402.0465.8520.2564.4599.9639.4658.2712.0775.4

573.9623.5649.1

647.1660.0645.5680.3677.6703.1719.6747.6

752.3763.2783.0803.1806.7817.9

rts ofees

Imports

558.2580.2603.0626.3622.2669.0730.2817.6883.0

616.4641.4689.1

703.1724.4731.7761.8777.0810.4831.3851.9

874.9884:6884.5888.0910.7932.6

Gove

Total

1,165.91,180.91,213.91,250.41,258.01,263.81,261.01,260.01,260.2

1,259.91,250.71,272.5

1,257.71,258.41,261.61,266.21,252.41,249.81,271.21,266.6

1,262.71,265.11,263.41,249.61,254.71,278.2

rnment oand g

Total

534.4524.6531.5541.9539.4528.0509.2489.8472.3

543.5526.9534.0

516.1509.7505.9505.0489.9483.3496.7489.2

481.0479.4472.5456.2462.9473.4

onsumptioijross invest

Federal

Nationaldefense

409.2405.5401.6401.5397.5375.8355.4337.0319.6

403.1381.7376.8

361.6356.9351.6351.2334.8335.5346.2331.3

325.0325.5319.1308.8311.9319.4

i expenditiment

Non-defense

125.3119.1130.1140.5142.0152.2153.8152.6152.3

140.5145.3157.1

154.4152.7154.2153.7154.9147.8150.4157.5

155.6153.5153.1147.0150.6153.7

ires

Stateandlocal

631.8656.6682.6708.6718.7735.8751.8770.5788.6

716.5723.8738.5

741.6748.8755.7761.3762.7766.8774.7777.7

782.2786.3791.5794.4792.6805.5

Finalsales ofdomesticproduct

5,626.05,855.16,028.76,126.76,082.66,237.46,365.56,550.76,708.9

6,108.16,083.86,320.7

6,307.16,334.56,371.36,449.26,467.76,514.96,582.16,638.1

6,647.46,682.46,741.46,764.26,815.26,884.7

Grossdomestic

pur-chases1

5,815.75,983.96,146.16,202.16,101.16,274.06,457.66,711.86,847.1

6,124.36,122.36,367.3

6,382.16,420.46,478.66,549.36,605.96,692.36,753.76,795.3

6,819.86,830.96,874.86,862.96,914.67,003.0

Adden-

produet

5,657.25,876.26,074.06,159.46,094.46,255.56,397.16,606.06,737.1

6,113.46,118.76,334.8

6,342.56,366.96,406.36,472.56,514.06,586.26,640.06,683.5

6,699.16,711.96,762.06,775.66,814.96,886.5

1 GDP less exports of goods and services plus imports of goods and services.Note.—Because of the formula used for calculating real GDP, the chained (1992) dollar esti-

mates for the detailed components do not add to the ehained-dollar value of GDP or to anyintermediate aggregates.

Source: Department of Commerce, Bureau of Economic Analysis.

IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT[Index numbers, 1992=100; quarterly data are seasonally adjusted]

Period

198719881989199019911992199319941995

1990: IV1991: IV1992: IV

1993: IIIIllIV

1994: IIIinIV

1995: IIIIllIV

1996: IIP

ftiwcc

domesticproduct

83.186.189.793.697.3

100.0102.6104.9107.6

95.198.3

100.9

101.8102.4102.8103.4

104.1104.6105.2105.8

106.7107.3107.9108.4

109.0109.5

Total

81.084.388.492.996.8

100.0102.6105.1107.6

94.998.0

101.1

101.8102.5102.8103.5

104.1104.7105.5106.1

106.7107.5107.8108.3

108.9109.6

Personalexpe

Durablegoods

91.693.395.396.698.5

100.0101.3103.4104.6

97.099.1

100.2

100.5101.1101.5101.9

102.4103.2103.9103.9

104.7104.8104.5104.3

104.3103.6

consumptionnditures

Nondura-ble goods

81.884.889.394.698.1

100.0101.5102.8104.5

97.498.7

100.7

101.3101.5101.3101.9

102.0102.4103.3103.6

103.9104.5104.7105.0

106.0107.2

Services

78.282.286.691.295.8

100.0103.6106.7109.9

93.197.4

101.5

102.4103.3103.9104.7

105.6106.2107.1107.9

108.8109.7110.3110.9

111.4112.3

Grossdomestic i

dentialfixed

91.393.796.298.499.9

100.0100.9102.3103.4

99.499.9

100.1

100.5100.8101.0101.1

101.6102.2102.7102.7

102.7103.4103.8103.6

103.4103.1

privatenvestment

Residen-tial fixed

88.392.195.197.898.8

100.0103.7107.0110.3

98.398.9

101.4

102.3103.6104.3104.7

105.7106.2107.4108.6

109.2109.9110.7111.3

111.3111.6

Exports an<goods an

Exports

91.096.097.998.7

100.3100.0

99.9101.0104.1

100.6100.2100.0

100.0100.1100.099.8

100.2100.6101.3101.8

103.2104.5104.6104.2

104.1103.9

I imports ofd services

Imports

91.095.397.8

100.4100.0100.098.799.5

102.2

105.399.7

100.4

98.899.498.498.1

97.598.8

100.6100.9

101.1103.2102.5101.8

101.7101.8

Governn

Total

85.387.289.892.996.9

100.0102.6105.4109.4

95.197.8

100.2

101.8102.0103.0103.6

104.4105.4105.5106.5

108.0108.9109.4111.3

112.0111.9

lent consumand gross ir

Federal

Nationaldefense

85.687.389.892.996.5

100.0102.1104.5108.1

95.197.799.6

101.1101.6102.7102.9

103.6104.1104.7105.5

106.9108.1108.3109.2

110.3110.8

ption expeiivestment

Non-defense

84.086.789.792.897.9

100.0104.0107.7112.3

94.998.1

101.6

103.5103.1103.9105.5

106.3108.3107.4108.7

110.6110.9111.8116.0

116.0114.4

iditures

andlocal

85.087.590.594.997.9

100.0102.1103.6106.7

96.898.6

100.9

101.6102.2102.3102.4

102.9103.2103.8104.5

105.6106.5107.1107.7

109.1109.2



QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT ANDPERCENT CHANGES

(Quarterly data are seasonally adjusted]

Period

Index numbers, 1992=100

Currentdollars

Chain-typequantity

index

Chain-typeprice index

Implicitprice

deflator

Percent change from preceding periodl

Currentdollars

Chain-typequantity

index

Chain-typepriceindex

Implicitprice

deflator

198219831984198519861987198819891990199119921993199419951991: I ...

II ..IllIV .

1992: I ...II ..IllIV .

1993: I ...II ..IllIV .

1994: I ...II ..IllIV .

1995: I ...II ..IllIV .

1996: I ...II'

51.956.362.567.070.875.180.987.192.094.8

100.0104.9111.1116.293.294.495.396.198.099.3

100.4102.2103.2104.2105.3107.1108.5110.3112.0113.4114.5115.4117.1117.7118.9120.8

74.077.082.385.387.990.593.997.198.397.3

100.0102.3105.8108.096.997.397.597.898.999.5

100.3101.3101.3101.8102.4103.6104.2105.5106.4107.2107.3107.5108.5108.6109.1110.4

70.273.275.978.680.683.186.189.793.697.3

100.0102.6105.0107.696.397.097.798.399.199.8

100.2100.9101.8102.4102.8103.4104.1104.6105.2105.8106.7107.3107.9108.4109.0109.6

70.173.175.978.480.683.186.189.793.697.3

100.0102.6104.9107.696.397.097.798.399.199.8

100.2100.9101.8102.4102.8103.4104.1104.6105.2105.8106.7107.3107.9108.4109.0109.5

4.18.4

11.07.15.86.17.67.75.63.05.54.95.84.62.84.94.03.68.25.34.67.33.84.04.37.15.36.96.15.33.83.16.02.34.26.5

-2.14.06.83.73.02.93.83.41.3

-1.02.72.33.52.0

-2.21.71.01.04.72.53.04.3

11.92.34.82.54.93.53.0

.4

.73.8

.32.04.7

6.34.23.83.42.63.13.74.24.43.9

2.32.54.83.2

3.42.81.52.83.82.21.82.32.91.92.42.13.32.42.12.12.32.2

6.34.23.93.32.73.13.74.24.34.02.72.62.32.55.13.12.92.53.32.71.52.93.82.11.92.22.81.92.52.23.42.42.12.02.21.8

1 Percent changes based on unrounded indexes. Quarterly percent changes are at annualrates.


NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS[Quarterly data at seasonally adjusted annual rates]

Gross domestic productof nonfinancial

corporate business(billions of dollars)

Currentdollars

Chained(1992)dollars

Current-dollar cost and profit per unit of real output (dollars)J

Totalcost andprofit2

Consump-tion offixed

capital

Indirectbusinesstax, etc.3

Com-pensation

of em-ployees

Corporate profits with inventoryvaluation and capital consumption

adjustments

TotalProfits

taxliability

Profitsaftertax4

Netinterest

1987198819891990199119921993199419951993: I ...

II ..IllIV.

1994: I ...II ..IllIV.

1995: I ...II ..IllIV,

1996: I ...II'

2,589.62,805.22,950.93,084.03,132.13,262.63,437.53,689.43,885.83,344.23,407.33,459.73,538.73,601.73,663.03,709.53,783.23,803.33,841.93,924.83,973.24,011.64,081.6

2,967.03,122.13,175.43,212.53,168.83,262.63,380.03,567.73,692.33,302.93,356.73,399.23,461.13,503.93,553.03,577.73,636.33,634.13,656.13,719.93,759.13,779.23,831.0

0.873.898.929.960.988

1.0001.0171.0341.0521.0121.0151.0181.0221.0281.0311.0371.0401.0471.0511.0551.0571.0621.065

0.100.101.106.110.116.115.115.116.115.116.115.116.114.122.114.114.113.114.115.115.115.115.115

0.083.084.088.092.100.103.105.106.109.105.105.105.107.106.106.107.106.108.110.108.108.107.105

0.578.591.614.640.660.673.679.682.697.682.679.679.675.680.681.684.686.696.698.696.699.702.706

0.076.082.075.072.070.077.088.102.104.079.085.089.098.092.103.105.108.100.100.109.108.111.113

0.031.033.031.030.027.028.031.036.038.028.031.029.034.035.036.037.039.039.038.038.037.039.039

0.044.050.044.042.043.049.057.066.066.050.055.059.065.058.067.068.070.061.062.071.070.072.074

0.035.039.046.046.042.032.029.027.027.031.030.029.028.027.027.028.027.028.028.027.027.026.027

1 Output is measured by GDP of nonfinancial corporate business in chained (1992) dollars.2 This is equal to the deflator for gross domestic product of nonfinancial corporate business

with the decimal point shifted two places to the left.

3 Indirect business tax aad nontax liability plus business transfer payments les4 With inventory valuation and capital consumption adjustments.

Sources: Department of Commerce, Bureau of Economic Analysis.


NATIONAL INCOME[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

199019911992199319941995

1990: IV1991: IV1992: IV1993: I

IIIllIV

1994: IIIIllIV

1995: IIIIllTV

1996: III'

Nationalincome

4,611.94,719.74,950.85,195.35,501.65,813.5

4,667.24,770.05,061.7

5,096.35,159.45,214.15,311.3

5,304.85,493.25,561.75,646.9

5,709.95,755.45,861.45,927.4

6,015.36,118.7

Compen-sation

of

ees1

3,352.83,457.93,644.93,809.54,009.84,222.7

3,395.93,511.03,707.0

3,744.23,787.93,834.93,871.1

3,932.63,988.04,027.54,091.0

4,150.54,191.64,247.74,301.1

4,344.34,420.9

Proprietowith invei

ation and <sumption a

Farm

36.330.238.032.035.029.033.931.037.331.535.826.134.440.835.131.932.328.527.628.131.838.445.8

rs' incomeitory valu-stpital con-cjjustments

Nonfarm

324.6332.7371.5388.1415.9449.3

327.1341.1385.1382.0381.8388.1400.5

380.3419.3426.8437.1443.5447.1451.5454.9

461.1469.4

Rental

nf

withcapital

consump-tion

adjust-ment

61.468.480.6

102.5116.6122.2

67.373.092.3

98.4102.9104.1104.5

101.1121.0122.2121.9

120.6121.6120.9125.8

126.9124.5

Coil

Total

369.5382.5401.4464.4529.5586.6

365.5379.6427.7

427.4447.8469.6512.8

459.7534.3553.1570.9

560.0562.3612.5611.8

645.1655.8

jorate profitscapital co

Profits wadjustme

consu

Total

358.2378.2398.9457.7517.9570.8

356.5375.2420.5

422.4442.0465.9500.5

471.6516.2534.3549.6

542.6547.3597.9595.3

624.8633.5

5 with inventnsumption ac

ith inventorynt and withomption acyus

Profitsbefore tax

371.7374.2406.4464.3531.2598.9

376.7382.8420.3

437.0457.6458.0504.5

475.5526.0550.8572.4

594.5589.6607.2604.2

642.2644.6

My valuation[justments

valuationut capitaltment

Inventoryvaluationadjust-ment

-13.54.0

-7.5-6.6

-13.3-28.1

-20.3-7.6

.2-14.6-15.6

7.9-4.0

-3.9-9.8

-16.5-22.8

-51.9-42.3-9.3-8.8

-17.4-11.0

and

Capitalconsump-

tionadjust-ment

11.34.32.56.7

11.615.9

9.04.57.25.05.83.8

12.3

-11.818.118.821.3

17.415.014.616.5

20.422.3

. Net

interest

467.3448.0414.3398.9394.9403.6

477.5434.3412.4

412.8403.2391.4388.0

390.2395.5400.1393.8

406.9405.2400.7401.9

399.5402.3

1 Includes employer contributions for social insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES[Billions of chained (1992) dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Period

199019911992199319941995

1990: IV1991: IV1992: IV1993: I

IIIllIV

1994: IIIIllIV

1995: IIIIllIV

1996: IIP

To a

con-sumptionexpendi-

tures

4,132.24,105.84,219.84,339.54,473.24,577.8

4,116.44,109.14,282.3

4,289.74,318.84,359.54,390.0

4,420.54,458.74,489.44,524.0

4,534.84,569.94,597.34,609.4

4,649.14,687.6

Totaldurablegoo

493.3462.0488.5524.1562.0579.8

476.3461.5505.0

506.0519.6528.9541.9

549.6555.4563.1579.8

566.5576.2589.1587.5

599.2615.6

Durable

Motorvehicles

andparts

224,3193.2206.9218.6228.2221.1

210.0194.6213.9

210.8219.0219.1225.3

230.3226.6226.5229.4

216.3220.9226.4220.6

224.2225.9

goods

Fur-nitureand

house-hold

equip-ment

173.5177.0189.4208.4230.1251.1

171.5178.0196.4

200.7205.0211.02.16.8

219.0226.1232.6242.6

243.1247.1254.1259.9

264.1276.0

Other

96.691.892.397.2

104.2109.8

95.588.994.6

94.595.598.999.9

100.3103.0104.7108.8

108.9109.9110.5109.9

113.9117.4

Totalnondura-

blegoods

1,316.11,302.91,321.8

'1,348.81,390.51,421.9

1,308.41,295.71,339.8

1,336.91,344.51,354.01,359.9

1,372.91,383.91,397.01,408.1

1,416.61,422.91,424.71,423.2

1,436.11,440.9

Food

662.9659.6660.0674.3689.1702.1

662.9656.5668.6

670.5672.9675.7677.9

682.3688.6690.5694.9

700.5701.3703.6703.0

709.2704.9

Nondurab

Clothingand

217.9215.9225.5233.3247.2257.2

215.1213.1230.9

227.4232.3235.0238.6

241.1243.3249.0255.5

254.6257.9258.8257.3

262.5268.9

e goods

Gasolineand oil

107.3103.4106.6109.1110.4113.3

104.9102.5107.3

108.2108.0110.9109.3

108.8109.5111.6111.6113.4113.6112.5113.7

112.6114.3

Fueloil

andcoal

11.210.810.910.710.310.3

9.910.610.7

10.910.610.710.6

11.410.010.29.69.9

10.610.010.7

10.710.1

Other

316.7313.2318.8321.5333.5339.3

315.6312.8322.3

319.9320.8321.8323.4

329.3332.3335.8336.7

338.4339.9340.0338.8

341.6343.5

Totalservices 1

2,321.32,341.02,409.42,466.72,521.42,577.0

2,331.22,352.02,437.6

2,446.82,454.92,476.72,488.5

2,498.52,519.92,530.02,537.3

2,552.52,571.62,584.62,599.3

2,614.72,632.3-

Services

Housing

627.2635.2646.8655.0668.2681.7

630.6638.6650.6

652.2653.5655.9658.5

662.1666.1670.7674.1

677.4680.0683.2686.3

689.0691.6

Medicalcare

602.8621.6646.6658.8668.8684.1

610.6630.8652.2

656.6657.5659.7661.4

663.2667.6670.4674.2

677.8681.3686.0691.2

691.1696.1

Retail salesof new pas-senger earsand light

tracks

units)

13.912.312.813.915.014.7

13.012.313.3

13.014.113.814.5

15.114.815.015.2

14.614.415.014.9

15.215.1

1 Includes other items, not shown separately.NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollar

estimates for the detailed components do not add to the ehained-dollar value of GDP or to anyintermed iate aggregates.



SOURCES OF PERSONAL INCOMEPersonal income rose $36.1 billion (annual rate) in August, following an increase of $5.7 billion in July. Wagesand salaries rose $29.7 billion in August, compared with a decrease of $6.1 billion in July. In August, private-sector employment, average weekly hours, and average hourly earnings all rose. In July, on the other hand,declines in hours and earnings offset an increase in employment.

BILUONS OF DOLLARS* (RATIO SCALE)

7,000

6,000

5,000

4,000

3,000

2,000

1,400

800

4001988

l i i I I I I I I 1 11989

* SEASONAUY ADJUSTH3 ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE

1990

WAGE AND SALARY DISBURSEMENTS

. H \

OTHER INCOME

TRANSFER PAYMENTS

1991 1992 1993 1994

BILUONS OF DOLLARS* (RATIO SCALE)

7,000

6,000

5,000

4,000

3,000

2,000

1,400

800

1995

4001996


[Billions of dollars; monthly data at seasonally adjusted annual rates]

Period

1987198819891990199119921993199419951995: Aug

SeptOctNovDee

1996: JanFebMarAprr

May'Juner

Julyr

Aug^

Totalpersonalincome

3,877.34,172,84,489.34,791.64,968.55,264.25,480.15,753.16,115.16,138.96,172.16,206.66,229.46,267.46,270.16,315.26,340.16,371.56,405.26,460.36,466.06,502.1

salarydisburse-ments1

2,272.72,453.62,598.12,757.52,827.62,986.43,090.73,241.83,430.63,443.93,465.63,491.93,495.03,513.63,508.13,546.03,560.63,579.13,597.23,643.13,637.03,666.7

Other laborincome 1 2

235.4251.7273.1300.6322.7351.3380.9402.2424.0425.8427.2428.7430.2431.7427.4429.1430.8432.4434.0435.6437.1438.6

Proprietor

Farm

. 32.328.236.836.330.238.032.035.029.028.028.830.431.933.236.238.840.143.246.248.047.345.4

s' income3

Nonfarm

260.6294.7308.2324.6332.7371.5388.1415.9449.3451.9454.2452.9455.0456.9457.0461.3465.1467.3469.9471.0472.9474.3

Rentalincome

ofpersons4

45.555.752.461.468.480.6

102.5116.6122.2120.6120.2119.5127.4130.7129.1126.7125.0124.1124.8124.6126.3126.6

Personaldividendincome

101.1109.9130.9142.9153.6159.4186.8199.6214.8215.6217.4219.5221.9223.8225.3226.5227.9228.7229.4229.9.230.8231.5

Personalinterestincome

560.0595.5674.5704.4699.2667.2648.1663.7717.1719.7721.7724.2727.0730.3728.4725.6724.3728.1733.6737.5740.1742.3

Transferpayments 5

543.3577.6626.0687.8769.9858.2910.7956.3

1,022.61,028.91,034.11,038.01,039.31,046.91,057.41,062.51,069.01,072.51,075.41,078.91,082.71,086.9

Less: Per-sonal con-tributionsfor socialinsurance

173.7194.2210.8223.9235.8248.4259.6278.1294.5295.6297.2298.4298.4299.7298.9301.5302.7303.9305.2308.4308.1310.2

1 The total of wage and salary disbursements and other labor income differs from compensa-tion of employees (see p. 4) in that it excludes employer contributions for social insurance andthe excess of wage accruals over wage disbursements.

2 Consists primarily of employer contributions to private pension and private welfare funds.

3 With inventory valuation and capital consumption adjustments.4 With capital consumption adjustment.5 Consists mainly of social insurance benefits, direct relief, and veterans payments.



DISPOSITION OF PERSONAL INCOMEAccording to revised estimates, per capita disposable personal income in chained (1992) dollars rose at an annualrate of 0.5 percent in the second quarter.

BILLIONS OF DOLLARS' (RATIO SCALE) BILUONS OF DOLLARS* (RATIO SCALE)

10,000

8,000

10,000

8,0001982

COUNCIL OF KONOMIC ADV1SB5S

Period

19881989199019911992199319941995

1990: IV1991: IV1992: IV1993: I

IIIllIV

1994: IIIIllIV

1995: IIIIllIV

1996: III'

Personal

4,172.84,489.34,791.64,968.55,264.25,480.15,753.16,115.1

4,868.65,048.95,415.35,349.15,459.25,501.65,610.55,562.45,739.15,808.25,902.76,004.56,074.46,146.96,234.56,308.56,412.4

Less:Personaltax andnontax

payments

Billi

532.0594.9624.8624.8650.5689.9731.4794.3

627.1632.5674.8662.4686.9696.4713.8705.5740.8731.3748.1770.0801.5798.4807.2824.9870.6

Equals:Disposable

ons of doll

3,640.83,894.54,166.84,343.74,613.74,790.25,021.75,320.8

4,241.54,416.44,740.54,686.74,772.34,805.24,896.74,856.84,998.35,076.95,154.65,234.55,272.95,348.55,427.35,483.55,541.8

Less:Personaloutlays l

ars

3,451.73,706.73,958.14,097.44,341.04,575.84,832.35,071.5

Se

4,027.94,149.84,450.04,489.24,545.54,602.24,666.34,728.04,796.14,870.84,934.24,980.35,054.45,106.65,144.75,218.15,300.7

Equals:Personalsaving

189.1187.8208.7246.4272.6214.4189.4249.3

asonally «

213.5266.6290.5197.4226.8202.9230.5128.8202.2206.2220.4254.2218.5241.9282.6"265.4241.1

Dispos-able

personalincome in

(1992)dollars

4,318.14,403.74,484.64,486.44,613.74,666.94,778.24,945.8

adjusted am

4,468.84,506.34,688.74,603.04,658.04,674.84,731.74,666.54,776.04,810.24,859,94,903.84,907.14,959.55,012.95,037.65,054.5

Perdisposabl

ine

Cudollars

14,85715,74216,67017,19118,06218,55519,26420,224

raal rates

16,89617,40518,47818,22518,51318,58918,89218,69919,20019,45219,70019,96520,06820,30620,55520,72720,900

eapitae personalome


Dol

17,62117,80117,94117,75618,06218,07818,33018,799

17,80217,75918,27717,90018,06918,08418,25617,93618,34618,43018,57418,70418,67618,82918,98619,04119,063

Per capit,eonsuexpen

Currentdollars

lars

13,66914,53115,36015,73216,52017,25318,03318,719

15,56415,87116,87716,98417,16417,33517,52817,71417,92418,15418,33818,46318,68918,82318,90119,12819,383

a personalmptionlitures


16,21116,43016,53216,24916,52016,80917,15917,400

16,39816,19416,69216,68116,75416,86416,93717,01917,12717,20017,29017,29617,39317,45417,45817,57317,679

Percentchangein real

per capitadisposablepersonalincome

Perc

3.01.0.8

-1.01.7.1

1.42.6

-8.03.8.3

3.9-6.2

8.71.83.22.8-.63.33.41.2.5

Saving aspercent ofdisposablepersonalincome

ent

5.24.85.05.75.94.53.84.7

5.06.06.14.24.84.24.72.74.04.14.34.94.14.55.24.84.3

Population,includingArmedForces

overseas(thou-

sands)2

245,061247,387249,956252,680255,432258,159260,681263,090

251,031253,743256,543257,155257,787258,501259,192259,738260,327261,004261,653262,181262,748263,399264,032264,563265,155

1 Includes personal consumption expenditures, interest paid by persons, and personal transferpayments to rest of the world (net).

2 Annual data are averages of quarterly data, which are averages for the period.

Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).


FARM INCOMEIn the fourth quarter of 1995, according to revised estimates, gross farm income fell $10.1 billion (annual rate)and net farm income fell $9.6 billion.

BILUONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)

240200

'240

200

i AH

19ft

ftft

60

Af\

20

in

^

i /

\j

i i i

1982

X^->

111 ^ i

1 ' VI ' *I'1'

1 1 1

1983

* — —

f

i i i

1984

^N.

GROJ

/\

i i i

1985

\^

»S FARM Ih

A •'V -'N

1 1 1

1986

S*

ICOME

*

X1ETFARMIh

i i i

1987

]— ^

\ /M

COME

i t i

1988

-./

i i i1989

-~^

X /*** /

i i i

1990

* B-

i i i1991

f X ~^x

I 11992

^N /

1

1993

f"«— - — •

\^

i i i

1994

i-— x-^*

\A

i i i1995

160

120

80

60

40

20

10

* SEASONAUY ADJUSTED ANNUAL RATESSOURd: DEPARTMENT Of AGRICULTURE COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally ac^usted annual rates]

Period

19861987 r

1988'1989'1990'1991 '1992'1993'1994'1995'1994: I'

II'Ill'IV

1995: I'II'Ill'IV'

Total1

156.1168.4177.9191.9198.2191.9200.6204.2215.8210.4221.2208.6214.1219.4208.3206.4218.5208.4

(

Gas

Total

135.4141.8151.2160.8169.5167.9171.3177.6180.8185.8179.9170.8186.9185.5180.6181.0199.8181.5

Income of f

jross farm incom

>h marketing rece

Livestock andproducts

71.676.079.683.989.285.885.690.288.186.892.182.997.779.983.281.696.186.5

arm operators fro

e

ipts

Crops

63.865.871.676.980.382.185.787.592.698.987.988.089.2

105.597.499.4

103.795.1

m farming

Value ofinventorychanges 2

-2.2-2.3-4.1

3.83.3-.24.2

-4.58.2

-3.410.29.67.35.8

-4.1-3.9-3.0-2.4

Productionexpenses

125.1131.0139.9146.7153.4153.3152.5160.5167.4175.6164.5166.8168.8169.6172.4175.4177.5177.0

Net farmincome

31.137.438.045.344.838.548.043.748.434.856.741.845.349.835.930.941.031.4

1 Cash marketing receipts and inventory changes phis Government payments, other farm cashincome, and nonmoney income furnished by farms.

2 Physical changes in end-of-year inventory of crop and livestock commodities valued at aver-age prices during the year.

NOTE.—Data include net Commodity Credit Corporation loans and operator households.Quarterly data plotted for 1989 through 1993 in chart do not reflect previous revisions to

annual data in table.

Sources: Department of Agriculture.


CORPORATE PROFITSIn the second quarter of 1996, according to revised estimates, corporate profits before tax rose $2.4 billion (annualrate) and profits after tax fell $0.7 billion.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

650

550

500

450

400

300

250

200

IjO

50

0

-

-

-

-

-

_

_

-

-*— -\.

______

i i i1982

/IJx~"'

~'

-»• >st

1 ! 1

1983

r\^

""•• >

x--*. •<•-%

±i

1 I 11984

S~\

~~ "** "***

f~. .•

* %

i i i1985

_/

v. — <*-

x-)-.L.-r''1986

s^f

^-^^

^,.— .

•^

*••*'

/ UN

i i i1987

SEASONAL

/IS/y

PRC

^.*-*''

^s^' \5ISTRIBUT1

1 i i1988

rADJUSTEDA

PROF

r\\\S

>FrrsAFre

x.-.

s\

D PROFIT

i i i1989

NNUAL RATES

rrsBEFOs

/^JT

RTAX

TAXI

^.-"* 'X,.

'S

i i i1990

ETAX

^^

-^-^

JABILITY\\

"*^-^"

i i i1991

A/]V

^/

" \/

*••*%r % /•\ X

1 1 11992

H/]/

/

S ~"

^

/\

,.—

1 1 1

1993

/

/

^

s

fV

y,~~/

1 1 11994

/

/-^

^ — -*" "

— X*— '

i i 11995

r* ,

-

-

-

___

_

,•-

/-

-

i 1 11996

650

600

550

CAA

450

400

_ _ _

300

250

200

150

inn

50

0

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF fCONQMtC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

1987198819891990199119921993 ,.199419951990: IV1991: IV1992: IV

1993: IIIIllIV

1994: IIIIllIV

1995: IIIIllIV

1996: III-

Total 2

272.9325.0330.6358.2378.2398.9457.7517.9570.8356.5375.2420.5

422.4442.0465.9500.5

471.6516.2534.3549.6

542.6547.3597.9595.3

624.8633.5

Profits (be

Total

231.3274.3272.6292.5309.5334.0388.1453.7494.1282.5303.6361.2

347.0375.7393.1436.8

407.0452.4469.9485.5

467.5468.2527.1513.7

541.6555.1

fore tax) wi

Finan-cial

37.143.053.168.687.483.791.094.4

119.170.587.683.1

85.788.188.8

101.3

64.997.8

108.4106.4

114.3112.6130.4119.3

134.9136.6

th inventor

Domestic

Total3

194.2231.2219.6223.8222.1250.3297.2359.3375.0

212.1216.1278.1

261.2287.6304.3335.4

342.1354.6361.5379.0

353.2355.6396.7394.4

406.7418.5

y valuation a

industries

Nonfin

Manufac-turing

85.0115.1109.3112.3

92.796.3

109.7142.7145.7108.483.8

105.1

90.4108.4106.0134.0

145.3134.2142.8148.4

134.7137.8153.2157.3

161.3164.7

cyustment *

ancial

Whole-sale

16.719.320.417.220.623.025.534.529.616.917.028.3

17.928.627.028.7

28.839.534.335.4

29.726.431.231.2

37.532.8

Retail

23.919.620.720.626.132.239.242.238.722.828.637.3

36.338.142.439.8

38.343.243.743.6

36.036.642.539.6

41.744.3

Profitsbefore

tax

293.6354.3348.1371.7374.2406.4464.3531.2598.9376.7382.8420.3

437.0457.6458.0504.5

475.5526.0550.8572.4

594.5589.6607.2604.2

642.2644.6

Taxliability

127.1137.0141.3140.5133.4143.0163.8195.3218.7139.7135.2149.7

151.5162.6159.3181.7

171.4192.8203.4213.5

217.3214.2224.5218.7

233.4236.4

P

Total

166.5217.3206.8231.2240.8263.4300.5335.9380.2

237.1247.6270.6

285.6295.0298.6322.8

304.1333.3347.4358.8

377.2375.3382.8385.5

408.8408.1

rofits after t

Dividends

107.0116.8138.9151.9163.1169.5197.3211.0227.4

152.0165.3180.4

190.2195.8200.2202.9

204.4208.8212.5218.5

221.7224.6228.5234.7

239.9243.1

ax

Undis-tributedprofits

59.5100.5

67.979.477.793.9

103.2124.8152.885.082.290.3

95.399.298.4

119.9

99.7124.5134.9140.3

155.5150.8154.3150.8

168.9165.1

Inventoryvaluationac^ust-nient

-20.7-29.3-17.5-13.5

4.0-7.5-6.6

-13.3-28.1-20.3-7.6

.2

-14.6-15.6

7.9-4.0

-3.9-9.8

-16.5-22.8

-51.9-42.3-9.3-8.8

-17.4-11.0

1 See p. 4 for profits with inventory valuation and capital consumption t2 Includes rest of the world, not shown separately.

3 Includes industries not shown separately.Source: Department of Commerce, Bureau of Economic Analysis.


REAL GROSS PRIVATE DOMESTIC INVESTMENTIn the second quarter of 1996, according to revised estimates, nonresidential fixed investment in chained (1992)dollars rose $7.0 billion (annual rate) and residential investment rose $10.4 billion. There was an increase of $7.1billion in inventories following a decrease of $3.0 billion in the first quarter.

BILLIONS OF CHAINED (1992) DOLLARS BILLIONS OF CHAINED (1992) DOLLARS

1,100

1,000

900

1,100

900

800

700

600

500

MX)

300

100

0

-100

VX

«— . — '^

^* \

\

1 1 11982

f

J

s

s*

/

.'1 1 11983

r

^ -s

/ • "*x

1 1 11984

K. S

.-^-

1 1 1

1985

-^

^

N\ f

\ —

1 1 1

1986

f

GRC

— -***

RFIXE

CHAN<IN

/% /

i i i1987

SEASONAL

hf)SS PRIVA

INVES1

ESIDENTI/:> INVESTS

\\

3E IN BUJVENTORII

.A

i i i1988

r ADJUSTED A)

pFE DOMESFMENT

**• *** —

tF

\L\ENT

>1NESS:S

i i i1989

NNUAl RATES

FATIC

^V'

MONRESICXED INVE

"-s..

v

V

1 1 1

1990

r^* —)ENTIAL -STMENT

^

- -^

i i i

1991

/"

^--""

. — ••*"

i i i

1992

— """

-..-•-

i i i

1993

r

s

f "** **

1 1 11994

-.--

-x

^

i i i

1995

s

s "

1 1 11996

800

700

600

500

400

300

200

100

-100


[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]

Pe>i*inr1

198719881989199019911992199319941995

1990: IV1991: IV1992: IV

1993: IIIIllIV

1994: IIIIllIV

1995: IIIIllIV

199(>: III'

nprivate

domesticinvestment

820.5826.0861.9817.3737.7790.4857.3979.6

1,010.2

748.1762.4812.4

834.8843.2857.6893.5

933.6984.8994.2

1,005.9

1,023.7996.8

1,015.21,004.9

1,011.91,038.6

Total

799.4818.3832.0805.8741.3783.4836.4921.1975.9

774.4742.0805.8

815.4821.1835.4873.5

892.4911.4930.8949.7

969.5965.7980.0988.5

1,013.31,031.1

F

Total

542.4566.0588.8585.2547.7557.9593.6652.1714.3

573.9539.5569.1

577.5586.4593.1617.6

628.5639.5660.5679.7

704.4710.5719.0723.3

743.5750.5

ixed investme

NTonresidentia

Structures

195.9196.8201.2203.3181.6169.2166.3168.8181.1

196.0171.4165.6

167.0164.8165.1168.2

163.0169.0169.1174.3

178.5180.0182.8183.2

186.6184.9

nt

i

Producers'durable

equipment

346.9369.2387.6381.9366.2388.7427.6484.1534.5

377.9368.1403.5

410.5421.7428.2449.8

466.4471.1492.5506.5

527.2531.7537.4541.4

558.3567.5

Residential

257.6252.5243.2220.6193.4225.6242.7268.9262.8

200.3202.4236.7

237.9234.8242.2255.8

263.6271.6270.3270.3

265.9256.5262.2266.3

271.1281.5

Change ininven

Total

26.211.633.310.4

-3.07.3

19.158.933.1

-28.221.4

5.8

18.520.819.517.4

40.574.564.556.1

54.5, 30.5

33.014.6

-3.07.1

businesstones

Nonfann

34.224.733.57.8

-1.21.9

26.446.837.2

-25.919.97.2

26.026.730.922.1

29.754.050.553.0

57.433.738.619.0

2.911.7

NOTK.—See p. 10 for further detail on fixed investment by type.Because of the formula used for calculating real GDP, the chained (1992) dollar estimates

for the detailed components do not add to the chained-dollar value of GDP or to any intermedi-

ate aggregates.



REAL PRIVATE FIXED INVESTMENT BY TYPE[Billions of chained (1992) dollars; quarterly data at seasonally adjusted annual rates]'

Period

198719881989199019911992199319941995

1990: IV1991: IV1992: IV1993: I

IIIllIV

1994: IIIIllrv

1995: IIIIllIV

1996: III'

Totalnonresi-dential

542.4566.0588.8585.2547.7557.9593.6652.1714.3

573.9539.5569.1577.5586.4593.1617.6628.5639.5660.5679.7704.4710.5719.0723.3743.5750.5

Total1

195.9196.8201.2203.3181.6169.2166.3168.8181.1

196.0171.4165.6167.0164.8165.1168.2163.0169.0169.1174.3178.5180.0182.8183.2186.6184.9

Stra

Non-resi-

dentialbuild-ings,

includ-ing

farm

142.4145.3150.2152.0126.9113.2112.8117.7127.9

143.8116.4109.8111.4110.6112.7116.3112.4117.8117.4123.3125.4126.8129.2130.3131.4129.7

stores

Utili-ties

30.730.030.928.132.034.531.131.735.1

28,933.333.932.431.030.730.530.731.232.132.733.734.835.836.036.436.8

Nc

Miningexplo-ration,shafts,

andwe s

15.515.813.916.115.713.314.812.611.2

16.314.413.715.215.214.614.213.413.312.211.512.510.711.010.512.812.9

mresidenti

Total !

346.9369.2387.6381.9366.2388.7427.6484.1534.5

377.9368.1403.5410.5421.7428.2449.8466.4471.1492.5506.5527.2531.7537.4541.4558.3567.5

al

Produ

Inform!and rel

Total

97.5106.6116.2116.2117.8134.2147.1170.4201.1

115.7122.5138.9139.5142.2150.7156.0161.2166.6171.6182.4189,1199.7201.4214.4225.5234.1

eers' dm

ition pro(ated equi

Com-puters

andpe-

riph-eral

equip-ment 2

21.024.029.429.432.443.956.269.391.5

29.936.647.551.152.958.362.564.567.169.376.380.288.291.9

105.6117.2126.3

able equi

jessingpment

Other

80.285.788.188.285.990.291.5

102.6114.2

87.186.291.588.689.693.194.697.8

100.8103.6108.3111.5115.1114.0116.2118.1119.7

pment

In-dus-trial

equip-ment

91.195.3

101.595.088.389.396.3

105.9116.2

91.486.492.693.794.496.3

100.7102.8104.3107.0109.4114.2118.4116.6115.4117.8120.6

Trans-porta-tionand

relatedequip-ment

82.187.178.981.281.786.297.5

111.7118.1

82.881.691.593.099.595.0

102.7109.0105.3115.8116.6121.9114.9120.3115.4117.5114.9

Totalresi-den-tial3

257.6252.5243.2220.6193.4225.6242.7268.9262.8

200.3202.4236.7237.9234.8242.2255.8263.6271.6270.3270.3265.9256.5262.2266.3271.1281.5

B

Total

251.6246.3237.0214.5187.6219.5236.3262.1255.8

194.4196.6230.5231.7228.5235.7249.2257.0264.8263.5263.2258.9249.6255.3259.3264.1274.3

esidential

Struct

Singlefamily

128.3126.1121.9110.496.4

116.5127.1140.5127.7

9?. 6105.1121.6124.9122.5126.3134.4140.3143.5140.8137.4133.0123.0125.8129.1132.5137.6

ures

Multi-family

28.323.423.319.715.413.110.413.517.6

18.614.211.510.310.010.710.611.212.814.515.616.817.417.818.519.221.0

Other

94.896.891.884.475.789.998.8

108.1110.9

78.177.397.496.596.098.7

104.1105.4108.4108.2110.4109.3109.8112.2112.4113.0116.3

1 Includes other items, not shown separately.2 Includes new computers and peripheral equipment only.3 Includes producers' durable equipment, not shown separately.

NOTE.—Because of the formula used for calculating real GDP, the chained (1992) dollarestimates for the detailed components do not add to the chained-dollar value of GDP or to anyintermediate aggregates.


BUSINESS INVESTMENT AND PLANS[Billions of dollars]

Period

1993 i

19942

19953

1996^

Total

pendi-tures

489.7

549.9

594.5

603.4

Total

488.2

547.8

591.7

600.7

Miningandcon-

struc-tion

31.2

36.1

36.0

33.6

M

Total

134.1

153.3

172.3

184.8

amifacturi

Dura-ble

goods

66.4

78.9

91.4

100.2

ng

Non-durablegoods

67.7

74.4

80.9

84.6

By in

Trans-porta-tion

30.6

33.3

37.0

35.2

Justry

Com-muni-cations

37.1

41.5

46.0

46.3

Utili-ties

41.3

42.2

42.8

40.6

Whole-saleand

retailtrade

60.3

68.9

75.1

71.9

Tji;

nance,insur-ance,andreal

estate

40.2

46.8

57.3

57.7

Serv-ices

111.8

123.5

123.7

129.4

Servingmul-tiple

indus-tries

1.7

2.2

1.5

1.3

Notdistrib-

. lyyindus-

try

1.4

2.2

2.8

2.7

1 Estimates collected from the 1993 Annual Capital Expenditures Survey.2 Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data

are scheduled for release in summer 1996.3 Revised estimates collected from the March 1996 Investment Plans Survey. Final data will

be available upon release of the 1995 Annual Capital Expenditures Survey.4 Estimates of planned capital expenditures from the March 1996 Investment Plans Survey.

NOTE.—Data for 1994-1996 from Business Investment and Plans released March 28, 1996.Data for 1993 from Annual Capital Expenditures: 1993.

The Business Investment and Plans release has been discontinued effective with release ofthe March 1996 survey estimates. Estimates of business investment and plans will be availableannually with release of the Annual Capital Expenditures Survey.

Source: Department of Commerce, Bureau of the Census.

10


EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEIn August, employment rose by 171,000 and unemployment fell by 467,000.

MILLIONS OF PERSONS* MILLIONS OF PERSONS *

138

130

126

122

118

114

110

-~^-**•

u*./'*'

/

^^^— *- *~

..Ill l s^

s

CIVILIAN LABCN

. ^^-^— '

- ,_-„

C1VIL1AEMPLOYE

EASONALLY ADJUSTED

)R FORCE

r^" — 1

NENT

r -~-

_—

— 1

*""'

1 "" 1r "~• ^ —

-

X

138

130

126

122

114

1988 1996


[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]

Period

198631987198819891990319911992199319944

1995

1995: AugSeptOctNovDec

1996: JanPebMarAprMayJuneJulyAug

Civiliannoninstitu-

tionalpopulation

NSA

180,587182,753184,613186,393189,164190,925192,805194,838196,814198,584

198,801199,005199,192199,355199,508

199,634199,772199,921200,101200,278200,459200,641200,847

Civilianlaborforce

117,834119,865121,669123,869125,840126,346128,105129,200131,056132,304

132,298132,501132,473132,471132,352

132,903133,018133,655133,361133,910133,669134,181133,885

Total

109,597112,440114,968117,342118,793117,718118,492120,259123,060124,900

124,859125,036125,244125,062124,981

125,226125,663126,151126,095126,462126,610126,884127,055

Civilian ei

Agricul-tural

3,1633,2083,1693,1993,2233,2693,2473,1153,4093,440

3,3763,3353,4343,3233,325

3,5293,5193,4873,3683,4913,3823,5023,421

nployment

Nonagi

Total

106,434109,232111,800114,142115,570114,449115,245117,144119,651121,460

121,483121,701121,810121,739121,656

121,698122,143122,664122,726122,971123,228123,382123,635

icultural

Part timefor

economicreasons 1

5,3455,1224,9654,6574,9505,8746,2406,2304,4144,279

4,2914,3554,2744,2834,306

3,8424,2744,2234,2874,0684,1464,1594,205

Unemp

Total

8,2377,4256,7016,5287,0478,6289,6138,9407,9967,404

7,4397,4657,2297,4097,371

7,6777,3557,5047,2667,4487,0607,2976,830

oyment

15weeks

over

2,2321,9831,6101,3751,5252,3573,4083,0942,8602,363

2,3712,3232,2812,3052,322

2,3702,3072,4792,3882,3362,4352,3192,248

Not inlaborforce

62,75262,88862,94462,52363,32464,57864,70065,63865,75866,280

66,50366,50466,71966,88467,156

66,73066,75466,26666,74166,36866,79066,46066,962

Laborforce

partici-pationrate

65.365.665.966.566.566.266.466.366.666.6

66.566.666.566.466.3

66.666.666.966.666.966.766.966.7

Percent2

Employ-ment/pop-

ulationratio

60.761.562.363.062.861.761.561.762.562.9

62.862.862.962.762.6

62.762.963.163.063.163.263.263.3

ploy-

rate

7.06.25.55.35.66.87.56.96.15.6

5.65.65.55.65.6

5.85.55.65.45.65.35.45.1

1 Persons at work. Economic reasons include slack work, material shortages, inability to findfulltime work, etc.

2 Civilian labor force (or employment) as percent of civilian noninstitutional population; andunemployment as percent of civilian labor force.

3 Not strictly comparable with earlier data.

4 Data beginning January 1994 are not directly comparable with data tor earlier periods be-cause of a major redesign of the household survey questionnaire.

Source: Department of Labor, Bureau of Labor Statistics.

11


SELECTED UNEMPLOYMENT RATESIn August, the unemployment rate fell to 5.1 percent, from 5.4 percent in July.

PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)

15

10

1992 1996 1992 1993 1994 1995 1996

*UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIEDSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]

Period

1986198719881989199019911992199319942

1995

1995: AugSeptOctNovDee


Allcivilianworkers

7.06.25.55.35.66.87.56.96.15.6

5.65.65.55.65.6

5.85.55.65.45.65.35.45.1

B

Men20 yearsand over

6.15.44.84.55.06.47.16.45.44.8

4.84.84.54.94.8

4.94.95.04.84.84.64.74.2

y sex and aj

Women20 yearsand over

6.25.44.94.74.95.76.35.95.44.9

4.94.95.04.84.7

5.14.84.84.75.04.64.94.6

Unemp

ge

Bothsexes16-19years

18.316.915.315.015.518.720.119.017.617.3

17.617.717.117.818.0

18.216.617.516.716.415.916.417.2

loyment rs

White

6.05.34.74.54.86.16.66.15.34.9

4.84.94.85.04.9

5.04.94.84.74.94.64.74.4

ate (percent

By race

Blackand

other

13.111.610.410.010.111.112.711.710.59.6

10.010.19.49.09.3

9.59.19.89.49.29.09.48.7

of civilian

Black

14.513.011.711.411.412.514.213.011.510.4

11.011.110.09.6

10.2

10.610.311.110.510.210.110.510.5

labor force

Expe-riencedwageand

salaryworkers

6.65.85.25.05.36.67.26.65.95.4

5.45.55.45.45.4

5.45.35.45.35.45.15.24.9

in group)

By

Marriedmen,

spousepresent

4.43.93.33.03.44.45.14.43.73.3

3.33.43.23.33.2

3.33.03.13.02.93.03.02.9

selected groi

Womenwho

maintainfamilies

9.89.28.18.18.39.3

10.09.78.98.0

7.28.07.97.76.8

8.27.57.76.88.77.69.18.8

aps

Pull-timeworkers l

6.96.05.35.15.46.87.56.96.15.5

5.55.55.45.55.5

5.75.45.55.45.55.25.34.9

Part-timeworkers 1

7.46.96.46.26.47.07.57.26.06.0

6.05.95.95.95.9

6.06.26.05.85.95.66.15.9

1 Revised definition; for details, see Employment and Earnings, February 1994.2 Data beginning January 1994 are not directly comparable with data for earlier perioc

NOTE.—Data relate to persons age 16 years and over.Source: Department of Labor, Bureau of Labor Statistics.

12


SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCEPROGRAMSIn August, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14 weeks fell; the percentage for 15-26 weeks rose; and the percentage for 27 weeks and over was unchanged.The mean duration of unemployment rose to 17.4 weeks and the median duration fell to 8.5 weeks.

PERCENT DISTRIBUTION

70

PERCENT DISTRIBUTION *

70

60

- 50

40

- 30

20

REASON FOR UNEMPLOYMENT

o l imiii i i i i1992

* SEASONALLY ADJUSTEDI/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.SOURCE: DEPARTMENT OF LABOR

1992

JOB LOSERS -

—

REENTRANTS

JOB LEAVERS

1 II 1 1 i 1 1 1 1

NEW ENTRANTS

I II I ill I III I HI III! Ill1994 1995

1 1 1 1 1 1 1 1 1 1

1996


[Monthly data seasonally adjusted, except as noted]

Period

1986198719881989199019911992199319943

19951995: Aug

SeptOctNovDee


Unemploy-

ment(thou-sands)

8,2377,4256,7016,5287,0478,6289,6138,9407,9967,4047,4397,4657,2297,4097,3717,6777,3557,5047,2667,4487,0607,2976,830

I

Lessthan

5weeks

41.943.746.048.646.340.335.136.534.136.536.437.537.237.136.436.837.835.433.837.635.136.836.2

Du

^reent d

5-14weeks

31.029.630.030.332.032.429.428.930.131.631.831.231.832.032.531.930.931.132.731.230.531.631.0

ration of

istributio

15-26weeks

12.712.712.011.211.714.415.114.515.514.615.114.213.714.214.514.815.315.715.513.615.813.114.3

unemplo

n

27weeksandover

14.414.012.19.9

10.012.920.320.120.317.316.717.117.216.716.616.516.017.818.017.618.618.518.5

yment

Number

Aver-age

(mean)

15.014.513.511.912.013.717.718.018.816.616.316.316.216.316.216.016.617.317.416.817.616.817.4

of weeks

Median

6.96.55.94.85.36.88.78.39.28.38.48.18.18.08.18.38.08.38.88.38.18.68.5

Rea1

Joblos-ers1

48.948.046.145.748.154.456.154.247.746.946.545.947.546.946.947.648.147.450.046.048.646.144.8

son for ujereent dj

Jobleav-ers

12.313.014.715.714.811.610.410.99.9

11.111.611.710.511.511.911.510.010.49.79.09.6

10.311.3

lemploynstributio

Reen-trants

26.226.627.028.227.424.823.824.634.834.134.034.234.433.733.232.533.734.432.837.834.334.935.9

dent:n

Newen-

trants

12.512.412.210.49.89.29.7

10.37.67.87.88.17.77.98.18.58.27.97.67.27.58.68.0

Staprogr

Insuredunem-ploy-

Weekly

2,6432,3002,0812,1582,5223,3423,2452,7512,6702,5742,6342,6322,6782,6522,6252,6552,6602,6412,5762,5442,5702,5372,523

teEims

Initialclaims

average,

378328310330388447408341340357346357365375363374371393356348356335323

Insuredunem-

ployment,all

regularprograms(unadjust-

ed) 2

thousands

2,7392,3692,1352,2052,5753,4063,3482,8452,7392,6362,4612,1972,2932,4222,6693,4993,3333,1612,9342,3522,3832,5502,264

1 Beginning' Jantmiy 1994, job losers and persons who completed temporary jobs.2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-serv-

icemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1993. Also in-cludes Federal and State extended benefit programs. Does not include Federal supplementalcompensation or Emergency Unemployment Compensation programs.

3 Data beginning January 1994 are not directly comparable with data for earlier periods.

NOTE.—Data relate to persons age 16 years of age and over (except for insured unemploy-ment and initial claims).

Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Ad-ministration).

13


NONAGRICULTURAL EMPLOYMENTTotal nonagriculturai employment as measured by the payroll survey rose by 250,000 in August.

MILLIONS OF PERSONS*

130

120

110

100 -

90

80

70

40

30

20

ALL NONAGRICULTURALESTABLISHMENTS

SERVICE-PRODUCINGINDUSTRIES

_

i l l iniumV 1992

GOC

I M I l l l M I I

1993

>DS-PRODUCINDUSTRIES

\i imlimi

1994

ING

I l l l l l l l l l l

1995

—

1 1 I 1 1 1 1 1 I ! 1 1

1996 N

SERVICES

MILLIONS OF PERSONS* (ENLARGED SCALE)

36

34

32

30

28

26

24

22

20

18

16

20

18

6

4

RETAIL TRADE.

GOVERNMENT -

MANUFACTURING

CONSTRUCTION

1992 1993


[Thousands of wage and salary workers; * seasonally adjusted]

Period

1986198719881989199019911992199319941995 ,1995: Aiig

SeptOctNovDec

1996: JanPebMarAprMayJuner

July-Aug*

Totalnonagri-eulturalemploy-

ment

99,344101,958105,210107,895109,419108,256108,604110,730114,172117,203117,499117,623117,749117,899118,136118,070118,579118,737118,928119,335119,554119,782120,032

Total2

24,53324,67425,12525,25424,90523,74523,23123,35223,90824,20624,17924,17624,15124,13324,16024,11224,25424,19624,20924,26224,27524,26624,295

Goods-p

Con-struc-tion

4,8104,9585,0985,1715,1204,6504,4924,6684,9865,1585,1645,1875,2005,2115,2235,2345,3495,3405,3535,3845,4035,4265,432

reducing ii

M

Total

18,94718,99919,31419,39119,07618,40618,10418,07518,32118,46818,43918,41518,37818,35318,36718,30918,33218,28218,28318,30218,29718,27018,295

idustries

anufacturi

ThlTfllllA

11,19511,15411,36311,39411,10910,56910,27710,22110,44810,65410,65310,64810,63110,62810,66710,64310,65910,62310,65410,67910,69510,68210,714

ng

Non-durablegoods

7,7527,8457,9517,9977,9687,8377,8277,8547,8737,8147,7867,7677,7477,7257,7007,6667,6737,6597,6297,6237,6027,5887,581

Total

74,81177,28480,08682,64284,51484,51185,37387,37890,26492,99793,32093,44793,59893,76693,97693,95894,32594,54194,71995,07395,27995,51695,737

Trans-porta-

tion andpublic

utilities

5,2475,3625,5145,6255,7935,7625,7215,8295,9936,1656,1876,1946,2126,2336,2496,2546,2706,2896,2946,3116,3276,3336,348

Ser\

Whole-sale

trade

5,7615,8486,0306,1876,1736,0815,9975,9816,1626,4126,4376,4516,4656,4786,4986,5126,5296,5486,5506,5676,5766,5866,593

dce-produc

17,88018,42219,02319,47519,60119,28419,35619,77320,50721,17321,22521,25821,26321,30021,33421,26821,34021,34321,42221,49921,57521,66321,684

ing indusl

Finance,insur-ance,

and realestate

6,2736,5336,6306,6686,7096,6466,6026,7576,8966,8306,8336,8426,8596,8716,8876,8946,9196,9326,9426,9646,9676,9877,007

ries

Services

22,95724,11025,50426,90727,93428,33629,05230,19731,57933,10733,26933,37733,46033,54633,66133,69433,90234,03534,11434,27434,38334,45734,538

Goven

Total

16,69317,01017,38617,77918,30418,40218,64518,84119,12819,31019,36919,32519,33919,33819,34719,33619,36519,39419,39719,45819,45119,49019,567

iment

Federal

2,8992,9432,9712,9883,0852,9662,9692,9152,8702,8222,8222,8122,8012,7962,7902,7832,7802,7802,7772,7762,7562,7532,748

1 Includes all full- and part-time wage and salary workers in nonagriculturai establishmentswho received pay for any part of the pay period which includes the 12th of the month. Excludesproprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Totalin this table not comparable with estimates of nonagricultural employment of the civilian laborforce, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;which count persons as employed when they are not at work because of industrial disputes,bad weather, etc., even if they are not paid for the time off; and which are based on a sample

of the working-age population, whereas the estimates in this table are based on reports fromemploying establishments. In the series shown here, persons who work at more than one jobare counted each time they appear on a payroll, in contrast to the series shown on p. 11, wherepersons are counted only once—as employed, unemployed, or not in the labor force.

2 Includes mining, not shown separately.


14


AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES

[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]

Period

1986198719881989199019911992199319941995


1996: JanPebMarAprMayJuner

July'AugP

Avei

Total

nonagri-cultural 1

34.834.834.734.634.534.334.434.534.734.5

34.434.434.534.434.333.834.534.534.334.234.734.334.4

•age weekly h

Manufa

Total

40.741.041.141.040.840.741.041.442.041.6

41.541.541.441.541.240.041.441.441.541.741.841.641.7

ours

cturing

Overtime

3.43.73.93.83.63.63.84.14.74.4

4.34.44.34.34.24.14.34.34.64.64.64.44.4

Average

Totalnonagrk

Currentdollars

$8.768.989.289.66

10.0110.3210.5710.8311.1211.44

11.4611.5211.5511.5911.6111.6211.6511.6811.7211.7311.8311.8111.87

gross hourly

privateultural *

1982dollars2

$7.817.737.697.647.527.457.417.397.407.40

7.397.427.427.447.447.417.427.407.407.387.447.417.45

earnings

M ftaring

$9.739.91

10.1910.4810.8311.1811.4611.7412.0712.37

12.4212.4312.4612.4912.5112.6312.5612.5512.7412.7212.7712.8012.93

Totalnonagrk

Currentdollars

$304.85312.50322.02334.24345.35353.98363.61373.64385.86394.68

394.22396.29398.48398.70398.22392.76401.93402.96402.00401.17410.50405.08408.33

privateultural 1

1982dollars 2

$271.94269.16266.79264.22259.47255.40254.99254.87256.73255.29

254.34255.34255.93255.91255.11250.48255.84255.36253.79252.47258.18254.29256.17

Average

(

Manufac-turing

$396.01406.31418.81429.68441.86455.03469.86486.04506.94514.59

515.43515.85515.84518.34515.41505.20519.98519.57528.71530.42533.79532.48539.18

gross weekly

Current dollai

Construc-tion

$466.75480.44495.73513.17526.01533.40537.70553.63573.00585.10

585.92587.08593.54589.76583.28582.55604.63589.79594.39583.31595.98598.69599.08

earnings

•s

Retailtrade

$176.08178.70183.62188.72194.40198.48205.06209.95216.46221.47

221.56223.49223.49224.84224.15221.59226.08227.73225.94228.38232.00229.03230.98

Percent eh,a year ear

privateagricul

Currentdollars

1.92.53.03.83.32.52.72.83.32.3

2.42.42.02.32.1.2

2.73.12.63.64.62.53.5

ange fromlier, totalnon-

tural8

1982dollars

0.3-1.0-.9

-1.0-1.8-1.6-.2-.0

.7-.6

-.11-.6-.1-.4

-2.5.0.3

-.3.6

1.8-.4

.71 Also includes other private industry groups shown on p. 14.2 Current dollar earnings divided by the consumer price index for urban wage earners and

clerical workers (CPI-W) (on a 1982=100 base).

3 Based on seasonally unadjusted data.Source: Department of Labor, Bureau of Labor Statistics.

EMPLOYMENT COST INDEX—PRIVATE INDUSTRY

Period

1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec1991: Dec1992: Dec1993: Dec1994: Dec1995: Dec'

1993: MarJuneSeptDec



1996: MarJune

Index

Totalcompensa-

tion

90.193.197.6

102.3107.0111.7115.6119.8123.5126.7

116.9117.9118.9119.9120.8121.8122.8123.5124.4125.3126.1126.9127.8128.8

(June 1989 =

Wages andsalaries

91.194.198.0

102.0106.1110.0112.9116.4119.7123.1

113.9114.6115.6116.5

117.2118.1119.0119.7

120.6121.5122.4123.2

124.5125.6

100)

Benefits *

87.590.596.7

102.6109.4116.2122.2128.3133.0135.9

Seasonally

124.8126.5127.7128.9130.3131.5132.9133.6133.8134.6135.4136.1136.0136.9

Totaleompensa-

Nots

f adjusted

1.0.9.8.8.8.8.8.6.7.7.6.7.7.8

{ months earlie

Wages andsalaries

easonally ad>

0.8.6.9.8.6.8.8.6.8.7.7.7

1.1.9

Percent eh

r

Benefits1

usted

1.61.4.9.9

1.1.9

1.1.5.1.6.6.6

-.1.7

ange from

IS

Totalcompensa-

3.23.34.84.84.64.43.53.63.12.6

Nots

3.53.63.73.63.33.43.33.12.92.82.62.62.72.9

5 months earlie

Wages andsalaries

3.23.34.14.14.03.72.63.12.82.8

easonally a^

2.72.73.13.1

2.93.12.92.8

2.92.92.82.8

3.23.4

r

Benefits l

3.43.46.96.16.66.25.25.03.72.2

usted

5.65.85.45.04.43.94.03.72.92.62.12.21.61.7

1 Employer costs for employee benefits.NOTE.—The employment cost index is a measure of the change in the cost of labor, free

from the influence of employment shifts among occupations and industries.

Data exclude farm and household workers.


15


PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR

Period

1986198719881989199019911992199319941995

1993: IIIIllIV

1994: IIIIllIV

1995: IIIIllIV

1996: IIP*

1986198719881989199019911992199319941995

1993: IIIIllrv

1994: IIIIllIV

1995: IIIIllIV

1996: III'*

Output p<allpe

Businesssector

94.294.194.695.396.196.7

100.0100.2100.7101.2

100.299.8

100.0100.9

100.4100.5101.1101.2

100.7101.2101.6101.5

102.0102.3

2.59

.5

.8

.8

.63.4

.2

.5

.5

-3.5-1.6

.73.7

-1.9.6

2.2.6

-1.91.91.7-.62.01.1

sr hour ofrsons

Nonfarmbusinesssector

94.994.695.295.796.296.9

100.0100.2100.7101.3

100.199.7

100.1100.8

100.2100.5101.0101.2

100.8101.3101.8101.5

102.0102.1

2.6-.3

.6

.5

.5

.73.2

.2

.5

.7

-3.7-1.8

1.62.7

-2.01.02.0

.9

-1.62.02.0

-1.11.8.5

Out]

Businesssector

88.691.194.697.898.796.9

100.0102.7107.0109.6

101.4102.1102.8104.5

104.9106.7107.7108.7

108.8109.0110.3110.4

111.2112.7

3.22.93.83.4

.9-1.8

3.22.74.22.5

-1.22.53.06.5

1.76.94.13.8

.3

.74.8

.53.05.2

jut1


88.791.495.198.198.897.1

100.0102.9107.0109.9

101.6102.2103.3104.7

104.9106.7107.8108.8

109.0109.2110.6110.7

111.4112.8

Peree

3.43.04.13.2

.7-1.8

3.02.94.02.7

-.92.74.15.5

.87.04.24.0

.6

.95.0.3

2.74.9

Hourspers<

Businesssector

Indexes,

94.096.8

100.0102.5102.6100.2100.0102.5106.2108.3

101.3102.3102.9103.6

104.5106.1106.6107.4

108.1107.7108.5108.8

109.1110.2

nt chang

0.73.03.32.5.1

-2.3-.22.53.72.0

2.44.22.32.7

3.66.31.93.2

2.3-1.1

3.01.11.04.0

of allMIS2


1992=1

93.596.599.9

102.5102.7100.2100.0102.8106.3108.4

101.4102.6103.2103.9

104.6106.1106.7107.5

108.1107.8108.6109.0

109.3110.4

e; quarte

0.83.23.52.6

.2-2.5-.22.83.52.0

2.94.62.52.7

2.95.92.13.1

2.2-1.0

2.91.51.04.4

Compenshoi

Businesssector

00; quart

77.079.983.585.890.795.1

100.0102.5104.5108.2

101.7102.3102.8103.3

104.0104.2104.7105.6

106.6107.8108.8110.0

110.8111.9

rly data s

5.23.84.52.85.74.85.22.51.93.6

1.92.61.91.8

2.6.8

2.33.4

3.64.63.94.43.04.0

at ion perir3


jerly data

77.380.283.685.990.695.1

100.0102.3104.3108.2

101.5102.0102.5103.0

103.7104.0104.6105.5

106.5107.7108.8109.9

110.7111.7

it season

5.23.74.32.75.54.95.22.32.13.7

1.32.11.71.9

2.81.42.13.9

3.74.64.04.13.33.7

Real compper h(

Businesssector

seasonally

98.598.799.097.197.497.9

100.099.599.099.7

99.699.699.699.3

99.499.098.698.9

99.199.499.8

100.3

100.2100.3

ally adjust

3.3.2.3

-2.0.3.6

2.1~~ .&-.6

.7

-1.0-.3

.1-1.3

.6-1.8-1.4

1.2

.71.21.81.9

-.2.2

>ensationmr4


Y a^juste

99.099.199.297.197.397.9

100.099.398.899.6

99.599.399.398.9

99.198.898.498.8

99.099.399.8

100.2

100.2100.1

-ed annus

3.3.1.1

-2.1.1.7

2.1-.7-.5

.8

-1.6-.8-.1

-1.2

.7-1.2-1.6

1.6

.81.11.91.6.0

-.1

UnitGC

Businesssector

d

81.784.988.390.094.498.3

100.0102.3103.8107.0

101.5102.6102.9102.4

103.6103.6103.6104.4

105.8106.5107.1108.4

108.7109.5

il rates

2.64.04.01.94.94.21.72.31.43.1

5.64.31.2

-1.8

4.6.22

2.8

5.62.72.25.01.02.9

labor)St.S


81.584.787.889.794.298.1

100.0102.1103.7106.7

101.4102.4102.4102.2

103.4103.5103.5104.3

105.6106.3106.8108.2

108.6109.4

2.54.03.72.15.04.21.92.11.53.0

5.24.0.1

-.8

4.8.3.1

2.9

5.42.61.95.21.53.2

Implicidefla

Businesssector

81.683.886.890.594.097.7

100.0102.5104.7107.1

101.7102.3102.7103.3

103.9104.4105.1105.6

106.4106.9107.5107.8

108.2108.8

2.22.73.54.24.03.92.42.52.22.3

3.52.51.32.4

2.41.82.72.0

3.02.22.01.01.52.4

t pricetor5


81.483.586.490.093.897.6

100.0102.5104.9107.2

101.8102.4102.7103.3

103.9104.5105.3105.7

106.5107.1107.5107.8

108.1108.7

2.22.63.44.24.24.12.42.52.32.2

3.82.11.22.5

2.52.22.91.9

3.02.01.7.9

1.42.1

1 Output refers to real gross domestic product originating in the sector.2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family

workers. Estimates based primarily on establishment data.3 Wages and salaries of employees phis employers' contributions for social insurance and pri-

vate benefit plans. Also includes an estimate of wages, salaries, and supplemental payments forthe self-employed.

4 Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).5 Current dollar gross domestic output divided by the output index

NOTE.—Data relate to all persons engaged in the sector.Percent changes are from preceding period and are based on original data; they therefore

may differ slightly from percent changes based on indexes shown here.*Data for 1996: II are based on GDP data released on August 29, 1996. GDP data for

1996: II shown elsewhere in this issue of Economic Indicators were released on September 27,1996.


16


PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production and capacity utilization rose in August.

INDEX, 1987 - 100- (RATIO SCALE)160

1401 <JA

no100

TOTAL 1ND

^—1

USTR1ALPRO

.— - - 1

hi i ii

DUCTION

^^^

Ill II 1 II III 1 1 1 1 1

r^~"

il 1 II 1

150

140

130

120

110

100

90

UTILITIES A

-^^^

1 1 1 1 1 1 1 1 1 1 11992

ND MINING

/ Vx

"**—****' —

1 1 1 1 1 1 1 1 1 1 1

1993

— UTILITIES -

, \— MINING -

_ \

1 1 1 1 1 1 1 1 1 1 11994

^v

1 1 1 1 1 1 1 1 1 1 11995

** ' \x

^/

1 1 1 1 1 1 1 1 1 1 11996

INDEX, 1987 . 100* (RATIO SCALE)180170

160

150

140

130

120

110

100

90

80

70

60

FINAL PRC

x-^^'

^-*.—"~

*"*N ' «s

/E

1 1 1 1 1 1 1 1 1 1 1

PERCENT*

Duas

BUSINESEQUIPME

_^s~>

"N.

DEFENSEkND SPACEQUIPMENT

1 1 1 1 1 1 1 1 1 i i

S

^T x^

"

. — \- —

\-CONSUME

GOODS

*s"v

— • —

1 1 1 i 1 I i 1 1 11

f* — ~>~^~'

R

^.^

"v^

M i l l 1 i i i I

fS^

./•"'"•'1 1 1 1 1 1 1 1 1 1 1

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

1992 1996


(Monthly data seasonally acjjusted]

Period

1986198719881989199019911992199319941995


1996: JanFebMarAprMayr .-.Juner

July'Aug^

Total in

Index,1987=100

95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9

122.7122.8122.2122.6122.8

122.5124.2123.6124.5125.4126.2126.3126.9

dustrial proc

Percent

Frompreced-

ingmonth

1.0.1

-.5.3.2

-.21.3-.5

.8

.7

.6

.1

.5

uetion

change 1

Fromyear

earlier

0.94.94.41.5

.0-1.8

3.43.55.93.2

3.23.21.91.71.1

.62.01.42.63.33.93.93.4

]

I

Total

94.3100.0104.7106.4106.1103.8108.2112.3119.7123.9

124.2124.9124.4124.5124.8

124.5126.2125.2126.5127.4128.4128.8129.1

ndustry proc

^amifaeturin

Durable

93.9100.0106.6108.6107.4104.1109.3115.6125.8132.5

133.2134.4133.5134.3134.8

134.9137.5135.6138.3139.1141.2141.6142.0

uetion indext

g

Nondura-ble

94.9100.0102.3103.7104.4103.4106.7108.6113.0114.3

114.3114.4114.3113.7113.8

113.1113.8113.6113.5114.4114.4114.8114.9

js, 1987=10(

Mining

101.0100.0101.3100.0102.0100.2

98.998.0

100.399.9

100.0100.0

98.298.398.1

97.198.0

101.1100.4100.5101.9100.9103.3

)

Utilities

96.3100.0105.0108.7109.9112.3111.9116.3117.9122.0

128.8122.7121.6125.4125.1

125.6126.6128.0126.4128.4126.2123.9125.8

Capacity irate, pe

Totalindustry

79.281.583.783.782.179.280.381.483.983.8

83.983.783.083.082.9

82.483.382.683.083.383.583.383.5

itilizationreent2

Manufac-turing

79.181.683.683.281.378.079.580.683.383.0

82.782.882.282.081.9

81.482.381.381.982.182.582.482.3

1 Percent changes based on unrounded indexes. 2 Output as percent of capacity.

Source: Board of Governors of the Federal Reserve System.

17


INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES

[1987=100; monthly data seasonally adjusted]

Period

1986198719881989199019911992199319941995

1995: AugSeptOct....NovDec .,

1996: JanFebMarAprMayJune'JulyAug^

Total

95.7100.0104.8106.8107.0105.4108.7112.7118.3121.4

122.4122.6121.3121.9122.1

121.9124.5123.4124.8125.1125.8126.6126.4

Co

Total

96.8100.0102.9104.0103.4103.0106.0109.5113.7115.1

115.9116.0114.9115.9115.7

114.6116.6115.3115.9116.3116.6117.3116.5

I

nsumer gc

Dur-able

goods

94.5100.0104.6106.6102.396.0

103.0113.3124.2124.2

124.0125.8123.4124.9126.3

120.3125.1119.3125.5126.2129.9131.1127.4

Inal produc

>ods

Nondur-able

goods

97.6100.0102.4103.2103.8105.0106.9108.6111.2112.9

113.9113.7112.9113.8113.2

113.3114.5114.4113.6114.0113.4113.9113.9

Produ<

ts

i

Total1

94.5100.0107.6110.9112.1108.8112.5117.5125.3131.4

132.9133.1131.5131.4132.3

133.7137.3136.5139.2139.2140.8141.7142.6

3tS

Iquipment

Busi-ness

93.1100.0110.7115.5116.9115.9123.4131.8144.9155.7

157.5158.2156.5156.9158.4

160.5164.8162.7166.3166.0168.5170.0170.9

fenseand

spaceequip-ment

96.0100.099.7

100.1' 98.8

90.884.879.371.965.9

66.165.264.462.962.0

61.663.164.264.064.363.764.165.0

Interm

Total

91.9100.0101.8102.0101.296.899.3

101.8107.3109.0

109.4109.5109.2109.3110.1

108.5109.3109.6108.6110.1110.9109.9110.2

ediate pr

Con-struc-tionsup-plies

93.8100.0101.5100.598.291.695.298.4

106.2108.2

107.0108.4108.3108.7110.5

107.2109.3111.5109.2111.0113.8112.2111.9

oducts

nesssup-plies

90.7100.0102.0103.0103.2100.2102.0104.1108.2109.6

111.0110.3109.9109.9110.0

109.6109.5108.6108.4109.6109.2108.6109.3

Mate

Total

95.9100.0105.0106.7106.8105.5109.7113.8122.0127.4

128.1128.1128.1128.4128.4

128.5129.4129.1130.3131.6132.5132.2133.8

rials

Energy

99.5100.0102.2103.1104.2104.4103.7103.5105.3106.6

108.5105.8105.5105.7106.0

105.9106.1108.2107.0108.1107.6106.2108.9

1 Includes oil and gas well drilling and manufactured homes, not shown separately.


Period

1986198719881989199019911992199319941995


1996: JanFebMarAprMayJuner

JulyAug/>

Primary

Total

93.7100.0108.7107.2106.598.6

101.9107.7116.4119.2

115.4121.0115.7120.8120.0

121.5117.1118.0119.2118.6121.5120.5120.3

r metals

Ironandsteel

90.8100.0112.7111.2111.5100.5104.7111.9119.3122.4

117.7127.0115.1126.1122.7

128.1119.5120.2122.9121.0125.1126.1124.0

Fabri-catedmetalprod-ucts

93.8100.0104.2102.899.594.599.0

103.1110.5113.9

114.3115.1114.0114.5115.0

115.6117.0116.1115.5116.7117.2117.0117.7

Durable m

Indus-trial

machin-ery andequip-

90.3100.0113.0117.3117.6114.7124.0138.1157.7177.8

179.5181.3183.8186.5190.1

191.9196.1197.8199.0201.2205.1205.4208.1

anufaetures

Elec-trical

machin-ery

94.3100.0108.5111.0111.4113.9123.5134.1154.3174.9

178.7180.8182.4183.6182.8

182.4188.7187.9187.3188.8191.5191.7192.1

Transp<equip

Total

96.9100.0105.2109.6107.0101.1104.8109.2115.3113.3

114.1114.1109.3108.6109.7

108.3112.1103.1114.6114.6116.6120.0119.0

ortationment

Motorvehicles

andparts

98.5100.0105.7106.9101.094.4

107.4122.9141.2141.9

142.1143.3139.7140.7141.2

135.5141.1121.3144.3144.7148.7154.1150.8

Lum-berand

prod-ucts

95.1100.0100.199.497.190.295.297.1

104.0104.5

103.7106.2105.7104.8106.9

103.1103.3107.5108.4107.7110.5108.1107.0

Noi

Ap-parelprod-ucts

96.3100.098.195.092.292.795.097.1

100.195.7

94.594.593.392.491.5

89.290.989.790.490.890.989.689.1

ndurable n

Print-ingandpub-

lishing

90.6100.0100.9101.1100.897.098.198.8

100.199.4

100.599.898.999.398.8

97.998.796.796.397.796.796.497.2

lanufactui

Chemi-calsand

prod-ucts

94.6100.0106.0109.2111.8110.5114.4115.4121.3125.0

124.4125.3126.7126.0126.5

127.1127.1126.5126.0127.7128.1129.2128.6

-es

Foods

97.4100.0101.5102.5103.7105.3106.9109.5113.2115.3

115.5115.5115.4114.8114.8

114.8116.0115.6115.4115.6115.0115.8115.7

Sowee: Board of Governors of the Federal Reserve System.

18Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CONSTRUCTION[Monthly data seasonally adjusted]

Period

1986198719881989199019911992199319941995


1996: JanFebMarAprMay'June1"July>Aug**

Total newconstructionexpenditures

429.9441.6455.6469.8468.5424.2452.1482.7527.1547.1

542.3550.5550.0549.7555.7

559.0544.6557.0565.0558.7562.6554.7

Tote!

345.3351.0360.9371.6361.1314.1336.2362.6400.0410.2

405.9411.3410.6411.0417.2

418.9411.2419.7423.6417.4422.0415.4

Resk

Total*

B

187.1194.7198.1196.6182.9157.8187.8210.5238.9236.6

234.5237.7238.0239.9243.1

242.5238.6245.9247.5247.3246.7244.0

Private

tential

New housing

illions of dollars

133.2139.9138.9139.2128.0110.6129.6144.1167.9162.9

Annual rates

161.8164.3165.8166.4168.1

169.2166.9173.8178.7178.0177.5174.7

Commercialand indus-

trial2

105.5104.4109.6118.0119.4

93.782.284.493.3

107.0

106.6107.5106.0107.3108.9

109.3107.4106.4108.1102.8108.7104.4

Other

53.252.053.257.158.862.666267.767.866.6

64.866.266.663.865.2

67.165.267.468.067.466.567.1

Federaland

Stateandlocal

84.690.694.798.2

107.5110.1115.8120.2127.1136.9

136.4139.1139.4138.7138.5

140.1133.3137.3141.4141.3140.6139.3

Constructioi

Total valueindex

(1987=100)

96100101105958997

105114118

'122120120122117

120'114

126'129

127123122124

i contracts3

Commercialand industrial

floor space(millions ofsquare feet)

1,0161,019

973961783577556589744842

Annual rates

826828731851784

697615750708807723628696

1 Includes residential improvements, not shown separately.2 Includes hotels and motels.3 F.W. Dodge series.

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill InformationSystems Company, F.W. Dodge Division.

NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]

Period

1986198719881989199019911992199319941995

1995: JulyAugSeptGetNovDec

1996: JanFebMarAprMayJune'July'AugP

I

Total

1,805.41,620.51,488.11,376.11,192.71,013.91,199.71,287.61,457.01,354.1

1,4501,4011,4011,3511,4581,425

1,4531,5141,4391,5111,4781,4901,4601,525

Fnits started, bj

1 unit

1,179.41,146.41,081.31,003.3

894.8840.4

1,029.91,125.71,198.41,076.2

1,1251,1351,1301,1091,1291,150

1,1461,1831,1631,2091,1441,2091,1431,238

New private

r type of struct

2-4 units

84.065.358.855.237.535.630.729.435.033.7

Seasonal

392839313229

2033255349464336

housing units

are

5 or moreunits

542.0408.7348.0317.6260.4137.9139.0132.6223.5244.1

ly adjusted annu

286238232211297246

287298251249285235274251

Unitsauthorized

1,769.41,534.81,455.61,338.41,110.8

948.81,094.91,199.1

3 1,371.61,332.5

al rates

1,3581,3791,4271,3931,4501,487

1,3781,4171,4231,4591,4521,4151,4571,423

Unitscompleted

,756.4,668.8,529.8,422.8,308.0,090.8,157.5,192.7,346.9

1,312.6

1,3321,2471,2671,3201,3601,225

1,4031,3281,3911,350

'1,4081,4131,429

New prh

Homessold

750671676650534509610666670667

782707684673679683

743784713740

'734734795832

rate homes

Homes for

of period l

357366368365321284265293337372

344349350360368372

370355368369

'374374379355

Vacancy ratefor rental

housing units(percent)2

7.37.77.7

27.47.27.47.4

2 7.37.47.6

7.7

7.7

7.9

7.8

1 Seasonally adjusted.2 Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993

data have been revised to be comparable with new series beginning in 1994.Quarterly data entered in last month of quarter.3 The 1994 total based on 17,000 permit-issuing places is 1,333.7 thousand units.

NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, unitsauthorized are for 17,000 places.



BUSINESS SALES AND INVENTORIES—Manufacturing and TradeIn July, manufacturing and trade sales rose 1.2 percent and Inventories rose $4.1 billion. According to advancedata, retail sales rose 0.2 percent in August following a rise of 0.1 percent in July.

BILLIONS OF DOLLARS* (RATIO SCALE)

1,200

1,000

900

BOO

700

.400

300

200 1 1 1 1 1 in i1992

MANUFACTURING ANDTRADE INVENTORIES

MANUFACTURINGAND TRADE SALES

1993 1994 1995 1996


400

350

300

250

* SEASONALLY ADJUSIfDSOURCE: DEPARTMENT Of COMMERCE

1996


Period

19861987198819891990199119921993199419951995: July

AugSeptGetNovDec

1996: JanFebMarAprMayJune*"July/*Aug''

Manufacttra

Sales2

430,419457,735497,157527,039545,909542,815567,176595,240637,561679,700677,107

'684,398686,272685,660690,243695,289690,692699,208700,253709,541715,130711,760720,004

uring andde1

Inven-tories3

662,738709,846767,226815,486840,428834,281842,137874,515931,702989,839977,485982,154986,369992,265993,644989,839995,352996,008994,010998,430996,984997,322

1,001,463

Who

Sales2

Milh

114,960122,968134,521143,760149,506148,306154,150161,681172,973187,387187,591187,953188,874189,643191,574194,901192,878194,053195,379197,507198,258198,543203,214

esale

tones

ons of dolla

153,574163,903178,801187,009195,550200,062207,663215,878234,893254,616251,179252,209253,111254,738254,727254,616256,258255,569256,444259,592258,834259,262259,445

Total

rs, seasona

120,803128,442138,017146,581153,718154,661162,632172,924185,936195,068195,615

'196,637196,644196,193197,914199,104199,129203,392204,228204,031205,669204,366

'204,662204,998

Sales2

Durablegoodsstores

ly adjusted,

45,05747,98952,43054,76355,73654,16558,63464,79573,04278,01878,281

'79,40878,71179,16080,29680,85280,62383,28584,10882,79484,05383,472

'83,55083,776

Re

Nondura-ble goods

stores

except as r

75,74680,45385,58791,81897,981

100,497103,999108,129112,894117,050117,334

'117,229117,933117,033117,618118,252118,506120,107120,120121,237121,616120,894

'121,112121,222

tail

Total

oted

186,510207,836219,047237,234239,773243,275251,994267,916290,602302,879299,584302,700303,299306,224307,265302,879304,370304,824302,153303,397303,930304,192307,522

[nventories

Durablegoodsstores

89,983105,481112,453121,347121,105119,039122,948133,949150,441160,363157,476159,326160,195162,165163,243160,363161,316161,575159,659160,490161,156161,489163,159

3

Nondura-ble goods

stores

96,527102,355106,594115,887118,668124,236129,046133,967140,161142,516142,108143,374143,104144,059144,022142,516143,054143,249142,494142,907142,774142,703144,363

Inventorat

Manufac-turing

andtrade l

1.551.501.491.521.521.531.481.451.411.431.44

'1.441.441.451.441.421.441.421.421.411.391.401.39

ry-sales10 4

T>_x •!

1.561.551.541.581.551.541.521.511.501.541.531.541.541.561.551.521.531.501.481.491.481.491.50

1 See page 21 for manufacturing.2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are sea-

sonally adjusted totals for month.

3 Seasonally adjusted, end of period.4 Annual data are averages of seasonally adjusted monthly ratios.Source: Department of Commerce, Bureau of the Census.

20


MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn July, manufacturers' shipments, inventories, and orders rose. In August, according to advance estimates, durablegoods shipments rose and new orders fell.

BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)

- SHIPMENTS -

DURABLE GOODS

-A-

320

280

240

200

160

120

80


TOTAL

NONDURABLE GOODS

1 1 1 1 1 1 1 1 1 1

370

200

160

120

80

- NEWORD

. *~S\

1 1 1 1 1 1 1 1 1 11992

ERSTOTA

p^J-

C

,.v>.%.--''

NON

1 1 1 1 1 1 1 1 1 1 11993

L _^»*

DURABLE GOO\

XIRABLEGOC

1 1 1 1 1 1 1 1 1 1 11994

r-^~" 1

OS*.,,

5DS

1 1 1 1 1 1 1 1 1 1 11995

^— S"*

%,— *""*s

.-—

1 1 1 1 1 1 1 1 1 1 11996

48044040036/0

320

280

•J.IA

200

160

120

80

RATIO

~INVENTOI

1 1 1 1 1 1 1 1 1 1 1

*

IIES

DL

NO

1 1 1 1 1 1 1 1 1 1

~==\ ^\

TOTAL H

\IRABLEGOOC

\NDURABLEGC

i i i i i l l M i i

-*-—-"

s

""xos

1 1 1 1 1 1 1 1 1 I !

•S^^mssz

1 1 1 1 1 | 1 1 1 1 1

2.00

1.80

1.60

1.40

1.20

INVENTOI

^^1 1 1 1 1 1 1 1 1 1 1

1992

?Y-SHIPMENTS

r^^^1 1 1 1 1 1 1 1 1 1 1

1993

RATIO

1 1 1 1 1 i 1 1 1 1 11994

^1 1 1 1 1 1 1 1 1 1 1

1995

r-v

1 1 1 \L I i 1 1 1

1996

* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

1986198719881989199019911992199319941995

1995: JulyAugSeptOctNovDec

1996: JanFebMarAprMayJuneJuly'Augp

Manuf

Total

194,657206,326224,619236,698242,686239,847250,394260,635278,652297,244

293,901299,808300,754299,824300,755301,284

298,685301,763300,646308,003311,203308,851312,128

acturers' ship

Durablegoods

103,238108,128118,458123,158123,776121,000128,489135,886148,916159,215

156,108160,625162,281160,706161,360161,976

159,125161,918160,377164,615167,487166,902167,703168,239

ments1

Nondurablegoods

91,41998,198

106,161113,540118,910118,847121,905124,749129,736138,029

137,793139,183138,473139,118139,395139,308

139,560139,845140,269143,388143,716141,949144,425

Manuf;

Total

Millions o

322,654338,107369,378391,243405,105390,944382,480390,721406,207432,344

426,722427,245429,959431,303431,652432,344

434,724435,615435,413435,441434,220433,868434,496

icturers' inver

Durablegoods

' dollars, se<

211,997220,778242,450257,513263,213250,006238,096243,476254,798270,356

266,482266,987268,267269,971270,389270,356

272,657273,400273,535273,870273,857273,649274,731

itories 2

Nondurablegoods

isonally a^j

110,657117,329126,928133,730141,892140,938144,384147,245151,409161,988

160,240160,258161,692161,332161,263161,988

162,067162,215161,878161,571160,363160,219159,765

Total

usted, excep

195,204209,389228,270239,572244,507238,805248,212257,698279,560298,092

293,595298,670302,744301,467302,155306,155

307,151302,648305,091307,001314,194312,139317,044

Manufacturer

Durabl

T t 1o a

t as noted

103,647110,809122,076126,055125,583119,849126,308133,081149,505160,214

155,476160,400165,364162,792162,492167,520

167,355163,146165,519163,472170,287169,994172,401167,012

s' new orders

e goods

Capitalgoods

industries,nondefense

23,98226,09431,10832,98833,33130,47131,52531,69335,84741,302

37,97639,53244,88041,31044,27947,586

46,16344,55546,61340,48744,97942,92146,00941,373

Nondurablegoods

91,55798,579

106,194113,516118,924118,957121,905124,617130,055137,877

138,119138,270137,380138,675139,663138,635

139,796139,502139,572143,529143,907142,145144,643

Manufac-turers'unfilledorders2

393,515430,468474,192508,853531,115519,143493,104458,161469,450480,128

471,362470,224472,214473,857475,257480,128

488,594489,479493,924492,922495,913499,201504,117

Manufac-turers'inven-tory —

shipmentsratio 3

1.681.591.581.631.651.651.541.491.431.43

.45

.43: .43.44.44.44

1.461.441.451.411.401.401.39

1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are sea-sonally adjusted totals for month. Shipments are the same as sales.

2 Seasonally adjusted, end of period.

1 Annual data are averages of seasonally adjusted monthly ratios.


21


PRICESPRODUCER PRICESThe producer price index for all finished goods rose 0.3 percent in August. Prices of finished consumer foodsrose 1.0 percent and prices of other finished consumer goods rose 0.2 percent. Capital equipment prices fell0.1 percent.

INDEX, 1982* 100 (RATIO SCALE) INDEX, 1982 - 100 (RATIO SCALE)

100

110

100

1988 1989

SOURCE DEPARTMENT OF IABOR

1995 1996



Period

19861987198819891990199119921993199419951995: Aug

SeptOctNovDec

1996: JanFebMarAprr

MayJuneJulyAug

Totalfinishedgoods

103.2105.4108.0113.6119.2121.7123.2124.7125.5127.9127.8128.2128.4128.8129.6129.8129.7130.4130.7130.8131.0131.0131.4

Con-sumerfoods

107.3109.5112.6118.7124.4124.1123.3125.7126.8129.0128.6130.1130.0131.4131.5131.0130.7131.7131.1131.2133.3133.6135.0

Pi

Total

101.9104.0106.5111.8117.4120.9123.1124.4125.1127.5127.4127.6127.9128.0129.0129.4129.3129.9130.5130.7130.3130.2130.3

Fini

nished goo<

(

Total

98.5100.7103.1108.9115.3118.7120.8121.7121.6123.9123.8123.9124.1124.1125.4126.2126.0126.9127.7127.8127.4127.1127.3

shed goods

Is excluding

Consumer go

Durable

108.9111.5113.8117.6120.4123.9125.7128.0130.9132.7132.5132.6133.2134.0134.2133.7133.8134.0133.8134.1134.7134.3134.3

consumer foo

ods

ble

93.394.997.3

103.8111.5115.0117.3117.6116.2118.8118.6118.7118.8118.4120.2121.5121.2122.3123.6123.6122.7122.5122.8

ds

Capitalequip-ment

109.7111.7114.3118.8122.9126.7129.1131.4134.1136.7136.9137.1137.5138.1138.1138.0138.0138.1138.1138.2138.0138.4138.3

Totalfinished

consumer

8

101.4103.6106.2112.1118.2120.5121.7123.0123.3125.6125.4125.8126.0126.4127.4127.7127.5128.4128.9128.9129.3129.1129.7

Interm

Total

99.1101.5107.1112.0114.5114.4114.7116.2118.5124.9125.6125.4125.4125.3125.5125.7125.1125.2125.7126.3125.7125.3125.5

ediate ms

Foodsand

feeds1

96.299.2

109.5113.8113.3111.1110.7112.7114.8114.8114.6115.7119.0121.5123.3123.2123.0123.0125.3130.2131.9131.8132.1

iterials

Other

99.3101.7106.9111.9114.5114.6114.9116.4118.7125.5126.1125.9125.7125.5125.7125.8125.2125.4125.7126.1125.4124.9125.2

Cra

Total

87.793.796.0

103.1108.9101.2100.4102.4101.8102.7101.0102.9103.0104.6106.3108.7110.4108.9113.8115.2112.6

'114.9115.1

de materi

Food-stuffsand

feed-stuffs

93.296.2

106.1111.2113.1105.5105.1108.4106.5105.8106.0109.7112.3115.5115.0114.5113.7113.8118.7125.8127.6131.0130.6

als

Other

81.687.985.593.4

101.594.693.594.794.896.893.994.693.293.696.7

100.9104.3101.7106.4104.098.5

r 100.2100.6

1 Intei .mediate materials for food manufacturing and feeds.NOTE.—Beginning 1996, indexes are based on updated value weights.


22


CONSUMER PRICES—ALL URBAN CONSUMERSIn August, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted (it rose 0.2percent not seasonally adjusted). The index was 2.9 percent above its year-earlier level.

INDE

180

170

160

150

140

130

120

110

100

X, 1982

^

19

SEE NOTE (SOURCE: D

-84 -1

^^

88

DN TABLE BlEPARTMENT

00 (RA11

fS

M i l l19

ELOWOF LABOR

OSCAL

^\

1 1 1 1 189

E)

-^

,1990

CONSUM

^^

,1991

SEASONALLY ADJUSTE

ER PRICES— ALL

r^^

,1992

D

TEMS^^-

i i i i i i i i i i i1993

ir

^^ — "r* "

i1994

vIDEX, 1982-84

^^^

1 i i i i i1995

COUNCIL Of

"100 (RATIO SC

11996

ECONOMIC ADVISERS

:ALE)180

170

160

150

140

130

120

110

100

[1982—84=100, except as noted; monthly data seasonally adjusted, except as noted]

Period

Bel imp.3

19861987198819891990199119921993199419951995: Aug

SeptGetNovDec


All it

Notseason-

allya4j list-

ed(NSA)

100.0109.6113.6118.3124.0130.7136.2140.3144.5148.2152.4152.9153.2153.7153.6153.5154.4154.9155.7156.3156.6156.7157.0157.3

ems1

Season-ally

adjust-ed

153.0153.2153.7153.8154.1154.7155.0155.6156.2156.7156.8157.2157.4

Pood

15.8109.0113.5118.2125.1132.4136.3137.9140.9144.3148.4149.0149.5150.0150.0150.2150.3150.5151.4151.9152.0153.1153.8154.4

Total !

41.3110.9114.2118.5123.0128.5133.6137.5141.2144.8148.5148.9149.1149.6149.9150.3150.8151.1151.5151.9152.2152.3152.9153.2

Total

28.3115.8121.3127.1132.8140.0146.3151.2155.7160.5165.7166.0166.5167.1167.5167.9168.6168.9169.3169.7170.1170.4171.2171.4

Hou

Sh€

Rent-ers'costs(Dec.

1982=i rim

8.0121.9128.1133.6138.9146.7155.6160.9165.0169.4174.3174.0174.7175.2175.3175.5176.7177.1177.7178.1178.4178.7180.2180.3

sing

Iter

Home-own-ers'costs(Dec.

1982=100)

'20.1119.4124.8131.1137.3144.6150.2155.3160.2165.5171.0171.7172.2172.8173.4173.9174.3174.6175.0175.4175.9176.2176.7177.0

Main-te-

nanceandre-

pairs(NSA)

0.2107.9111.8114.7118.0122.2126.3128.6130.6130.8135.0135.4135.4136.3136.2136.6136.3137.0137.5138.0138.8138.8139.4139.7

Fueland

otherutili-ties

7.0104.1103.0104.4107.8111.6115.3117.8121.3122.8123.7124.2123.4124.1124.2124.4125.0125.7126.0126.8127.2126.9127.5128.0

Ap-parelandup-keep

5.5105.9110.6115.4118.6124.1128.7131.9133.7133.4132.0132.0131.7132.1132.1132.2133.1131.9132.7132.2132.3131.8131.7129.9

Tra

Total1

17.0102.3105.4108.7114.1120.5123.8126.5130.4134.3139.1139.5139.4139.5138.9139.0140.0140.7141.7143.3144.3143.7143.4143.1

nsporta

New,cars

4.0110.6114.6116.9119.2121.0125.3128.4131.5136.0139.0139.2139.6139.6139.8139.8140.0140.4140.6140.7140.8141.4141.7142.1

ion

Motorfuel

2.977.180.280.988.5

101.299.499.098.098.5

100.099.397.997.495.497.5

101.2101.0104.6110.3112.8108.7106.6104.5

Medi-cal

care

7.4122.0130.1138.6149.3162.8177.0190.1201.4211.0220.5221.8222.6223.1223.8224.6225.4225.8226.4227.0227.7228.3228.9229.4

En-ergy2

6.788.288.689.394.3

102.1102.5103.0104.2104.6105.2105.0103.6103.9103.0104.1106.1106.5108.0111.5112.7110.2109.8109.1

Allitemslessfoodanden-ergy

77.5113.5118.2123.4129.0135.5142.1147.3152.2156.5161.2162.0162.4162.9163.1163.3163.8164.2164.7164.9165.3165.6166.1166.2

1 Includes items not shown separately.2 Household fuels—pis (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,

etc. excluded beginning 1983.3 Relative importance, December 1995.

NOTE.—Data incorporate a rental equivalence measure for homeowuership costs (beginning1983).


23


CHANGES IN PRODUCER PRICES FOR FINISHED GOODS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]

Period

1986198719881989199019911992199319941995

1995: AugSeptGetNovDee

1996: JanFebMarApr'MayJuneJulyAug

Cha

Totalfinishedgoods

Cha

-2.32.24.04.95.7-.11.6

.21.72.3

Ch

0.1.32.3.6

.2-.1

.5

.2r.l.2

0.3

nge from pr

Consum

Foods

nge, Dee.

2.8_ 9

5.75.22.6

-1.51.62.41.11.9

ange, mon

0.11.2-.11.1.1

-.4— .2

.8-.5'.11.6.2

1.0

eceding peri

er goods

Excludingfoods

to Dee., N

-6.64.13.15.38.7-.71.6

-1.42.02.3

th to mom

0.1.2

01.0

.6-.2

.7

.6r.l

-.3-.2

.2

od

Capitalequip-ment

SA

2.11.33.63.83.42.51.71.82.02.2

h

0.1.1.3.4

0

-.10.1

0'.1

-.1.3

-.1

Change

Totalfinishedgoods

-0.31.62.23.24.4

4.42.82.52.83.41.9'.91.8

from 3 montl

Consum

Foods

2.58.84.89.04.4

3.1- -2.1

.6

.31.54.9

'7.812.1

is earlier, ann

er goods

Excludingfoods

-.2.2^1.0

1.01.04.9

6.96.34.94.85.81.6

'-1.9-1.6

ual rate

Capitalequip-ment

1.51.82.43.62.9

r.so

0.3.6

-.3'.9.3

Change

Totalfinishedgoods

0.91.41.31.43.0

3.33.03.53.63.12.21.92.6

from 6 montl

Consum

Foods

0.63.02.35.76.5

3.93.32.51.7-.32.84.06.7

»s earlier, ann

er goods

Excludingfoods

0.8.6.5

-.61.9

3.93.64.95.96.13.21.42.1

ual rate

Capitalequip-ment

1.61.81.92.52.4

1.91.61.5.9.1

-.1.6.4

Change

earlier,total

finishedgoodsNSA

-1.42.12.55.24.92.11.21.2

.61.9

1.31.82.32.12.3

2.22.02.42.42.32.72.63.0


CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSAJ

Period

1986198719881989199019911992199319941995

1995: AugSeptGetNovDee

1996: JanFebMarAprMayJuneJulyAug

Allitems1

1.14.44.44.66.13.12.92.72.72.5

0.2.1.3.1.2

.49.4.4.3.1.3.1

Food

3.83.55.25.65.31.91.52.92.92.1

0.2.3.3

0.1

.1

.1

.6

.3

.1

.7

.5

.4

Total1

1.73.74.03.94.53.42.6279 9

3.0

0.3.1.39

.3

.39

.3

.39

.1

.49

Total i

4.64.84.54.95.23.92.93 03.03.5

0.1.3.49

.2

.49

9

2.29

.5

.1

Housing

Shelter

Rent-ers'costs

Cl

5.03.93.94.56.74,22.82.62.33.0

0.4.3.1.1

.79

.3

.29

9

.8

.1

Home-own-ers'costs

^lange, 3

4.65.34.75.14.73.72.9323.33.7

Ch

0.2.3.3.3.3

99

9

2.39

.32

Fueland

otherutili-ties

)eeembe

-5.61.62.93.24.02.92.32.5

21.4

ange, m

0.5-.6

.6

.1

.2

.5

.6

.2

.6

.39

.5

.4

Ap-pareland

upkeep

rto Dei

0.94.84.71.05.13.41.4

9-1.6

.1

anth to

0.29

.30.1

.7-.9

.6-.4

.1-.4-.1

-1.4

T

Total1

member,

-5.96.13.04.0

10.4-1.5

3.02 43.81.5

month

-0.4-.1

.1-.4

.1

.7

.5

.71.1.7

-.4_ 9

_ _ 2

ransporta

Newcars

NSA

5.91.82.12.31.43.32.32.83.21.6

0.1.3

0.1

0

.1

.3

.1

.1

.1

.49

.3

tion

Motoraiel

-30.718.7

-2.16.8

36.5-16.0

1.8-5.4

5.9-4.0

-2.0-1.4-.5

-2.12.2

3.8_ 9

3.65.42.3

-3.6-1.9-2.0

Medi-cal

care

7.75.86.98.59.67.96.6544.93.9

0.4.49

.3

.4

.49

.3

.3

.3

.3

.3

.2

Ener-gy2

-19.78.2.5

5.118.1

-7.42.0

-1.42.2

-1.3

-0.4-1.3

.3-.91.1

1.9.4

1.43.21.1

— 9 9

-.4-.6

All

lessfoodand

energy

3.84.24.74.45.24.43.3322.63.0

0.2<y.3.1.1

.39

.3

.19

9

.3

.1

A

Frompre-viousquar-ter 3

2.1

2.4

3.2

3.9

Jdendumpercent(annua

From3

monthsearlier

2.11.62.62.12.4

2.63.24.03.94.53.12.61.8

All itemchangeIrate)

From6

monthsearlier

2.82.52.52.12.0

2.62.63.23.33.83.53.33.1

%

Fromyear

earlierNSA

1.93.64.14.85.44.23.0302.62.8

2.62.52.82.62.5

2.72.72.82.92.92.83.02.9

1 Includes items not shown separately.2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,,

etc., excluded beginning 1983.

3 Quarterly changes are shown in the last month of the quarter.


24


PRICES RECEIVED AND PAID BY FARMERSIn September, prices received by formers fell 0.9 percent and prices paid by farmers were unchanged. (Dataare not seasonally adjusted.)

INDEX, 1990-92-100 (RATIO SCALE) INDEX, 1990-92-100 (RATIO SCALE)

120

60 60

1988 1989 1990 1991 1992 1993 1994 1995 1996

U RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS

[1990-92=100; not seasonally adjusted]

Period

1986198719881989199019911992199319941995


1996: JanFebMarAprMayJuneJulyAugSept

Pn

All farmproducts

878999

10410410098

101100102

102105104106108

108106109108111118118116115

ees received by farm

Crops

8786

104109103101101102105112

114115114117118

122122128128131141136

'130124

tens

Livestock andproducts

889193

1001059997

1009592

9294929496

949393939699

103103105

F

All commodities,services, interest,taxes, and wage

rates1

8587919699

100101102106109

110110111111112

113113114114115115115115115

'rices paid by farmer

Productionitems, interest,taxes, and wage

rates

8587929799

100101102106109

109109110111112

113113114114114114114114114

•s

Productionitems

8687909599

100101103106109

109109110111112

113113114114115115116116115

Ratio2

1031021081081059997989492

9395949596

9694969597

103103101100

1 Includes items not shown separately.2 Percentage ratio of index of prices received by farmers to index of prices paid, interest,

taxes, and wage rates.

NOTE.—The official indexes are published on a 1910-14 base as required by law. The in-dexes have been converted to a 1990—92=100 base to facilitate comparison with other indexes.

Source: Department of Agriculture.

25


MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESGrowth in M2 and M3 accelerated in August.

BILUOh4,8004,4004,000

3,600

3,200

2,800

2,400

2,000

1,600

1,200

800

600

400

IS OF DOLLARS*

,,.~-*""

=mr: — |

M M . I

1988

'AVERAGES OF DAILYSOURCE BOARD OF Gl

(RATIO SCALE)

-•

— - — '-=•

Inn,

1989

FIGURES; SEASONALLYOVERNORSOFTHEFE:

,••.•• •

—

,1990

ADJUSTED€RAL RESERVE SYSTEM

\

M3

"

-"

,1991

\Ml

Inn,

1992

— \: —M2

— x— "

1 1 1 1 1 1 1 1 1 1 11993

1 LLI I L 1 1 1 I L

1994

BILLIONS OF D

-• — *"•

. -j

,1995

COUNQLOF

OLLARS* (RATIO

—•*•"*"""""

i i i i i 1 i i i i i1996

ECONOMIC ADVISERS

SCALE)4,8004,4004,000

3,600

3,200

2,800

2,400

2,000

1,600

1,200

800

600

400

[Averages of daily figures, except as noted; billions of dollars, seasonally a^justedj

Period

1986: Dee1987: Dee1988: Dee1989: Dee1990: Dee1991: Dee1992: Dee1993: Dee1994: Dec'1995: Dee'

1995: JulyAurSept'Get'NoVDee'

1996: Jan'Feb'Mar'Apr'May'June'July'Aug

Ml

Sum of currency,demand deposits,travelers' cheeks,

and othercheckable depos-

its (OCDs)

724.4749.8786.9794.2825.8897.2

1,024.41,128.61,148.71,124.9

1,145.41,143.81,140.11,131.81,129.01,124.9

1,119.21,117.31,126.71,123.61,117.21,116.71,108.51,099.6

M2

Ml plus retailMMMP balances,MMDAs, and sav-

ings and small timedeposits

2,734.62,834.42,997.93,164.03,282.23,383.73,438.7

'3,494.03,509.23,657.4

3,587.03,607.33,620.83,628.43,640.23,657.4

3,671.73,687.43,722.33,727.53,721.23,737.53,743.03,755.1

M3

M2 plus largetime deposits,EPs, Euro-dollars, andinstitution-

only MMMFbalances

3,486.43,673.33,912.44,065.54,124.14,178.4

'4,187.14,249.64,319.14,570.5

4,480.14,508.24,529.04,544.54,556.24,570.5

4,598.14,635.74,677.64,683.84,693.94,711.04,720.64,741.6

L

M3 plusother liquid

assets

4,122.44,328.54,664.24,894.24,975.85,004.4

'5,075.65,164.55,302.85,679.8

5,537.85,574.45,621.05,648.15,654.65,679.8

5,697.95,718.05,776.95,802.15,797.15,824.4

^5,838.7

Debt

Debt ofdomestic

nonfinancialsectors

(monthlyaverage ofadjacent

month-endlevels)1

'7,906.5'8,664.2'9,440.5

'10,170.9'10,851.8'11,337.2'11,880.1'12,507.613,148.813,869.4

13,614.713,655.013,706.413,765.813,822.413,869.4

13,920.013,991.414,066.914,131.514,185.714,244.5

/> 14,307.1

Pereei

Ml

16.93.54.9.9

4.08.6

14.210.21.8

-2.1

-.7-.7

-1.5-3.4-3.0-3.4

-4.6-4.6-2.4-1.4-2.1-1.5-1.9-3.2

it changemonths i

M2

9.53.65.85.53.73.11.61.6

.44.2

4.25.35.85.75.64.9

4.74.45.65.54.54.43.93.7

from yearjarlier2

M3

9.05.46.53.91.41.3.2

1.51.65.8

6.47.27.37.06.35.3

5.35.76.66.16.06.15.34.6

or 6

Debt

'12.59.69.07.76.74.54.8

'5.35.15.5

6.35.75.45.45.04.5

4.54.95.35.35.35.45.6

1 Consists of outstanding credit market debt of the U.S. Government, State and local govern-ments, and private nonfinancial sectors; data from flow of funds accounts.

2 Annual changes are from December to December and monthly changes are from 6 monthsearlier at a simple annual rate.

NOTE.—See p. 27 for components.


26


COMPONENTS OF MONEY STOCK AND LIQUID ASSETS[Averages of daily figures; billions of dollars, seasonally a^usted]

Period

1986: Dee1987: Dee1988: Dee1989: Dee1990: Dee1991: Dee1992: Dee1993: Dee1994: Dee1995: Dee

1995: JulvAugSeptOetNovDee

1996: JanFebMarAprMayJune ,JulyAug

Cur-rency

180.7196.8212.3222.6246.9267.4292.9322.4354.9373.2

367.3368.5369.5370.8371.6373.2

373.6373.3375.2376.0377.1379.4382.6385.0

De-manddepos-

its

302.1286.8286.8279.3277.4289.5339.1384.3382.4389.8

388.5389.3389.4388.1388,2389.8

393.5397.4407.1406.3' 409.7'413.7r 410.6407.5

Othercheck-able

depos-its

(OCDs)

235.6259.5280.9285.3293.9332.5384.2414.0402.9353.0

380.8377.2372.4364.1360.4353.0

343.2337.8335.4332.4321.8315.0306.8298.7

Money nrmutual

balan<

Retail *

210.3224.5246.0322.5358.1373.7356.0358.7388.1

'460.3

'426.3'438.7'445.9'450.6'455.5'460.3

'463.2'468.4'480.1'480.3'478.3'486.3'491.6

497.7

larketfund3CS

Insti-tutiononly2

84.591.190.3

106.9133.5179.5199.8197.9183.7227.2

218.6218.5221.7223.7224.8227.2

230.6243.9248.3245.6243.5249.4252.9257.2

Savingsdeposits,including

moneymarketdeposit

accounts(MMDAs)

940.9937.3926.3893.6923.8

1,045.01,187.11,218.81,148.91,134.6

1,096.21,101.61,108.41,116.11,120.61,134.6

1,151.81,164.51,183.01,193.21,197.51,206.91,213.61,224.5

Smalldenom-ination

timedepos-its3

859.0922.7

1,038.61,153.71,174.51,067.8

871.2'787.9'823.5'937.7

919.0923.3

'926.4'929.8'935.1'937.7

'937.5937.1

'932.5'930.4'928.2'927.5'929.3933.3

Large

inationtime de-posits3

420.2467.0518.3541.5480.9416.5

'353.6'333.7'363.1'417.2

'393.5'396.4'400.3'409.7'415.3'417.2

'416.1'421,5'428.4'430.8'436.2'442.2'448.2454.1

Over-nightandterm

repur-chaseagree-ments(RPs)(net)

143.3172.6189.0158.0138.8119.4128.1157.5180.8177.6

188.4192.9192.5190.0185.3177.6

184.4186.3184.1182.9195.1183.6

'179.9177.5

Overnight

termEuro-dollars(net)

103.9108.2117.0

95.288.779.366.966.382.391.1

92.693.193.792.990.791.1

95.496.694.4

'97.0'97.8'98.3'96.6

97.6

Sav-ings

bonds

91.8100.6109.4117,5126.0137.9156.6171.5180.3184.8

183.0'183.5

183.9184.2184.5184.8

185.0185.0185.2185.6186.0186,4

P 186.8

Short-term

Treas-ury

securi-ties

275.8249.5266.8324.0334.2329.1345.9342.8

'387.0'475.4

'433.6'437.0'456.6'465.4'464.2'475.4

'465.8'444.8'459.2'461.3'433.1'444.8P 446.7

Bank-ers' ac-cept-ances

37.144.540.240.736.123.920.914.914.2

'12.0

12.112.412.813.412.6

'12.0

'11.8'10.3

9.810.3

'10.8'11.4PllA

Com-mer-cial

paper

231.3260.6335.4346.5355.3335.2365.0385.5402.4437.1

429.0433.3438.6440.5437.1437.1

437.2442.3445.1461.0473.4470.9

P 473.1

1 Balances in money funds with minimum initial investments of less than $50,000.2 Balances in money funds with minimum initial investments of $50,000 or more.3 Small denomination and large denomination deposits are those issued in amounts of less

than $100,000 and more than $100,000, respectively.

NOTE.—Travelers checks of nonbank issuers are a component of money stock but are notshown here.


AGGREGATE RESERVES AND MONETARY BASE[Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA]

Period

1986: Dee ,1987: Dec1988: Dec1989: Dee1990: Dee1991: Dec1992: Dec1993: Dec1994: Dec ,1995: Dee


1996: JanFebMarAprMayJuneJulyAngP ...

4

Res

Total

38,95038,86640,41040,50841,78045,54754,36760,51959,36456,364

57,49957,34456,83956,33356,364

55,60654,84855,727S5,18254,22754,11253,19752,268

Icyusted for el

>erves of depos

Non-borrowed

38,12338,08938,69440,24241,45545,35554,24360,43759,15656,106

57,21757,06656,59356,12956,106

55,56854,81355,70655,09154,10053,72652,82951,934

langes in rese

itory instituti

Non-

plusextended

credit

38,42638,57239,93840,26241,47845,35654,24460,43759,15656,106

57,21757,06656,59356,12956,106

55,56854.81355,70655,09154,10053,72652,82951,934

rve requiremer

ons

Required

37,58037,82039,36239,58540,11644,56953,21259,45658,19655,086

56,51256,39455,75855,39055,086

54,12153t99754,59054,06253,36852,96252,13251,307

its

Monetarybase

223,571239,784256,920267,723293,332317,502351,244386,877418,723435,006

430,807431,685432,737433,206435,006

435,182433,667436,871436,644437,009439,079441,846444,144

Borrowingstions

R

Total

827777

1,71626532619212482

209257

282278245204257

38352191

127386368334

> of depositoiTom the Feesserve (NSA

Seasonal

3893

1308476381831

10040

2582521997340

77

1034

105192284309

y institu-eral

)

Extendedcredit

303483

1,244202311000

00000

00000000

1 Data are prorated averages of biweekly (maintenance period) averages of daily fignres. Source: Board of Governors of the Federal Reserve System.

27


BANK CREDIT AT ALL COMMERCIAL BANKSTotal commercial bank loans and leases rose 0.2 percent in August; commercial and industrial loans also rose0.2 percent.

- ALL COMMERCIAL BANKS -


4,0003,600

3,200

2,800

2,400

2,000

1,600

1,200

800

400

200

160 I I I M i l l i | i i1988

I I I I I I I M I I

1989 1990

- U.S. GOVERNMENT SECURITIES-

1991

\

OTHER SECURITIES

i I i i i i i1992

-v1993


4,0003,6003,200

2,800

2,400

2,000

1,600

1,200

800

1994 1995

400

200

1601996


[Billions of dollars, seasonally accostedl

Period

1988: Dec1989: Dec1990: Dec1991: Dec1992: Dec1993: Dec1994: Dec1995: Dec


1996: JanFebMarAprr

Mayr

Juner

JulyAug

Totalbankcredit

2,436.12,609.12,751.62,856.42,957.03,113.83,326.93,604.9

3,548.43,571.13,581.93,593.83,604.9

3,633.9r 3,647.93,641.73,660.23,664.33,669.33,673.43,669.6

Securi

Totalsecurities

562.0584.5633.7745.0843.4918.8952.2990.8

985.2989.1988.8989.6990.8

991.5998.6

r 983.5982.6989.1980.9976.6967.4

ties in bank

U.S.Govern-

mentsecurities

366.8400.0455.6565.2666.8733.9732.0710.7

708.5708.4713.2714.5710.7

703.1716.3705.9705.9714.7708.1708.0702.3

credit

Othersecurities

195.2184.5178.2179.8176.7184.9220.2280.1

276.6280.6275.5275.1280.1

288.3282.3277.5276.7274.4272.8268.6265.1

Totalloans andleases2

1,874.12,024.72,117.82,111.42,113.62,195.02,374.72,614.1

2,563.32,582.12,593.12,604.22,614.1

2,642.52,649.32,658.32,677.62,675.32,688.42,696.82,702.2

Commer-cial and

industrial

608.0639.3640.8619.5596.2585.9645.2716.8

701.4707.6709.6713.8716.8

723.9728.4727.4733.4735.7738.8742.6744.0

Loar

Total

675.1770.2855.3880.0901.3940.5

1,002.51,078.7

1,067.91,071.91,075.81,077.71,078.7

1,086.1r 1,089.7

1,095.01,096.81,098.51,101.81,102.81,109.7

s and lease

Real estate

Revolvinghomeequity

40.150.362.369.673.573.075.379.1

78.278.478.478.879.1

79.679.879.880.079.579.179.580.3

s in bank cr

Other

635.0719.9793.0810.3827.7867.5927.2999.7

989.7993.5997.3998.9999.7

1,006.6'1,009.91,015.2,016.9

1,019.01,022.61,023.31,029.5

edit

Consumer

357.8378.3383.4366.6358.9390.5451.2496.2

485.7489.5490.1493.3496.2

500.5500.6504.1507.7505.3510.5512.4513.5

Security

40.741.445.054.464.187.576.283.8

84.386.787.087.083.8

85.085.784.985.982.682.180.376.7

Other

192.5195.5193.2190.9193.0190.6199.6238.6

223.9226.4230.8232.4238.6

246.9244.9246.9253.8253.2255.3258.7258.2

1 Data are Wednesday values or prorated averages of Wednesday values for domestically char-tered commercial banks, branches and agencies of foreign banks, New York State investmentcompanies, and foreign-related institutions. Data are adjusted for breaks caused by reelassifiea-tions of assets and liabilities.

2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans tocommercial banks in the United States.


28


SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATEBUSINESS


Period

198619871988198919901991199219931994"1995'1994: lr

IFIIPIV

1995: PIPIIP ;IV

1996: PHP

Total

533.4648.4851.9744.3592.6489.3599.9698.1758.9894.9663.5755.3698.1918.5754.7963.3906.4955.2976.6878.1

Internal 1

343.4374.5408.2396.9409.1422.2438.6480.2524.9543.8517.1524.7524.7532.8517.7527.5559.1571.0578.4584.5

Total

190.0273.9443.7347.4183.567.1

161.3217.9234.0351.1146.4230.6173.4385.7237.0435.8347.3384.2398.2293.6

Sources

Cr,

Total

151.373.295.559.047.0

-34.861.1

'67.879.4

134.397.4

121.377.621.4

179.0187.562.2

108.559.6

140.5

External

edit market fu

Securitiesand mort-

gages

58.929.1-.2

-35.9-26.6

75.967.1

'80.2-33.0

2.85.7

29.8-47.3- 120.4

-4.927.4

-31.720.3

-46.663.4

inds

Loans andshort-term

paper

92.444.195.794.973.6

-110.7-6.0

-12.4112.4131.591.791.5

124.9141.8183.9160.193.988.2

106.277.1

Other2

38.7200.8348.1288.4136.5101.9100.1

'150.1154.6216.748.8

109.395.8

364.358.0

248.4285.1275.7338.6153.0

Total

519.4592.0756.2632.9509,8500.7554.4787.9763.1882.6680.6698.8671.9

1,001.2726.4929.3857.3

1,017.3960.0859.7

Uses

Capitalexpendi-tures3

347.3357.4373.3399.4394.5370.9386.9430.6485.0546.6443.8476.8490.7528.7552.9534.1573.0526.3520.7529.5

Increase infinancialassets

172.1234.6382.9233.5115.3129.8167.5357.3278.1336.0236.8222.0181.2472.5173.5395.2284.3491.0439.3330.2

Discrep-ancy

(sourcesless

uses)

14.056.595.7

111.482.9

-11.445.6

-89.8-4.312.3

-17.156.526.2

-82.628.434.049.1

-62.216.518.4

1 Profits before tax (book) less profit tax accruals and dividends plus consumption of fixedcapital, foreign earnings retained abroad, and inventory valuation adjustment.

2 Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investmentin the U.S.

3 Plant and equipment, residential structures, inventory investment, and access rights fromU.S. Government.


CONSUMER CREDIT[Billions of dollars; seasonally adjusted]

Period

1986: Dec1987: Dec1988: Dec3

1989: Dec1990: Dee1991: Dec1992: Dec1993: Dec1994: Dec1995: Dec'1995: July

AugSeptOctNovDecr

1996: Janr

Feb'Marr

Aprr

Mayr

Juner

July'7

Consu

Total

638.9671.7729.9781.9796.4781.1784.9844.1966.5

1,103.31,047.51,059.91,074.71,082.71,094.41,103.31,113.41,124.71,135.71,143.31,149.31,156.01,163.7

tner credit outstai

Automobile

247.2266.1285.5291.0282.4259.3257.1279.8317.2350.8336.9339.2341.0344.1347.2350.8352.5355.1357.8360.5361.6367.2369.1

tiding (end of pe

Revolving

136.0153.3174.5198.6223.3245.8257.8287.0339.3413.9382.2390.1399.5404.6407.4413.9419.0425.7431.2438.4444.7446.8454.0

riod)

Other 2

255.7252.4269.9292.3290.7276.1269.9277.3309.9338.6328.4330.6334.2334.0339.7338.6341.9343.9346.7344.5343.0342.1340.6

Net eh,

Total

54.232.858.2( 4 )

14.5- 15.3

3.859.2

122.4136.810.512.414.88.0

11.78.9

10.111.311.07.66.06.77.7

inge in consume

Automobile

36.318.919.4( 4 )

-8.6-23.1-2.222.737.433.64.32.31.83.13.13.61.72.62.72.71.15.61.9

r credit outstan

Revolving

13.917.321.2(4)

24.722.512.029.252.374.63.47.99.45.12.86.55.16.75.57.26.32.17.2

ding1

Others

4.0-3.317.5(4)

-1.6-14.6-6.2

7.432.628.72.82.23.6-.25.7

-1.13.32.02.8

-2.2-1.5

n

-1.51 For year-end data, change from preceding year-end; for monthly data, change from preced-

ing month.2 Outstanding loans for mobile homes, education, boats, trailers, vacations, etc., plus non-

installment credit.

3 Data newly available in January 1989 result in breaks in many series between December1988 and subsequent months.

4 Because of breaks in series, net change not available.Source: Board of Governors of the Federal Eeserve System.


INTEREST RATES AND BOND YIELDSInterest rotes rose in September.

PER(

14

12

10

8

6

2

0

s

:ENT PER ANNU

\ . \

H' *

1 1 1 1 1 1 1 1 1 1 11988

OURCE: SEE TABLE BEtC

M

x"^>\

M M ! 1 1 1 1 M

1989

w

yX""N"X \

.-•-—-,

"«%

1 1 1 1 1 1 1 1 1 1 1

1990

(

\]%L.-?>

\

DISCR

FEERE!BAr

NE\A

ll | I I 1 I 1 I l I

1991

:ORPORATE Aaa(MOODY'J

-""""•~-v -~

-T\ .-:OUNTATE5ERALJERVEMKOFf YORK

l 1 1 I 1 1 l l l I |

1992

BONDS>)

V

"v\ *"

( . . > . ! . . . , .1993

//

x

TREASURY /BILLS •'

>t/H

1 1 1 i 1 1 1 1 1 1 1

1994

PE

\

x\

**""*»

J

1 1 1 1 1 1 1 1 1 1 11995

COUNCIL C

RCENT PER ANN

.-S

***

I I I I l 1 I I l l (

1996

F ECONOMIC ADVISER

UM

14

12

10

8

6

4

2

0

[Percent per annum]

Period

19861987198819891990199119921993199419951995: Sept

GetNovDec


Week ended:1996: Aug 31

Sept 7142128

U.S. T

3-monthbills (new is-

sues) l

5.985.826.698.127.515.423.453.024.295.515.265.305.355.165.024.874.964.995.025.115.175.095.15

5.075.195.175.075.18

reasuiy security

Constant n

3-year

7.067.688.268.558.266.825.304.446.276.255.895.775.575.395.205.145.796.116.276.496.456.216.41

6.416.556.456.406.29

yields

natalities2

10-year

7.688.398.858.498.557.867.015.877.096.576.206.045.935.715.655.816.276.516.746.916.876.646.83

6.846.956.886.826.73

High-grademunicipal

bonds(Standard& Poor's)3

7.387.737.767.247.256.896.415.636.195.955.885.775.615.425.425.455.825.935.986.035.915.725.86

5.815.955.915.815.77

CorporateAaa bonds(Moody's)

9.029.389.719.269.328.778.147.227.977.597.327.127.026.826.816.997.357.507.627.717.65

'7.467.66

7.647.757.717.637.58

Primecommercial

6 months1

6.396.857.688.807.955.853.803.304.935.935.665.715.595.435.234.995.265.385.425.575.675.515.66

5.545.705.685.655.62

Discount rate(N.Y. F.R.

Bank)4

6.335.666.206.936.985.453.253.003.605.21

5.25-5.255.25-5.255.25-5.255.25-5.255.25-5.005.00-5.005.00-5.005.00-5.005.00-5.005.00-5.005.00-5.005.00-5.005.00-5.00

5.00-5.005.00-5.005.00-5.005.00-5.005.00-5.00

Prime ratecharged by

banks4

8.338.219.32

10.8710.018.466.256.007.158.83

8.75-8.758.75-8.758.75-8.758.75-8.508.50-8.508.50-8.258.25-8.258.25-8.258.25-8.258.25-8.258.25-8.258.25-8.258.25-8.25

8.25-8.258.25-8.258.25-8.258.25-8.258.25-8.25

New-homemortgage

(FHFB)5

10.179.319.19

10.1310.05

9.328.247.207.497.877.697.587.467.407.327.207.497.767.808.058.018.08

1 Bank-discount basis.2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury

Department.3 Weekly data are Wednesday figures.4 Average effective rat* for year, opening and closing rate for month and week.

5 Effective rate (in the primary market) on conventional mortgages, reflecting fees andcharges as well as contract rate and assumed, on the average, repayment at end of 10 years.

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corpora-tion.

30


COMMON STOCK PRICES AND YIELDSStock prices rose in September.

INDEX, DEC. 31,1965=50 (RATIO SCALE) INDEX, DEC. 31,1965=50 (RATIO SCALE)380360340320OAA

o?n

OOA

200

180

i xn

1 A(\

170

/-V^/

11988

^/

19

/~^\

89

\^\V

M M . I1990

^-^ '-/^ COMI/

1

1991

r**-s~^~^\

>OSITE STOCK Pf(NYSE)

|

1992

^s— -

UCE IND

19

^^

EX

M i l l

93

r—%_

^\-—

1 1 1 1 1

19

^ - 1

I l i i i

94

//

i i i i t

19

>q

M 1 1 195

-—/^J

1 1 1 1 1

19

s/^

1 1 1 1 1

96

m•3OA

OQA

2 )

240^O

TOO

1QA

}6Q

~\Af\

120

PER20

1 jr

10

5

0

CENT

i i i

1988

"""""-x^^x^— — _

i i i

1989

EARI

~-~~^ — ,

i i i1990

NINGS-PRICE RA

F** -~

"^-ji i i

1991

TIOONCOMMC(S&P)/

=1i i i

1992

)N STOCKS

1 -~

i i i

1993

,. "^"

1 i i1994

— i i i

1995

PERCE

•Si

1 1 1

1996

NT20

15

10

5

0

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS

Period

1986198719881989199019911992199319941995

1995: AugSeptGetNovDec


Week ended:1996: Aug 31

Sept 7142128

New

Composite

136.00161.70149.91180.02183.46206.33229.01249.58254.12291.15

300.05310.41311.78317.58327.90

329.22346.46346.73347.50354.84358.32345.52354.59360.96

354.84351.61358.84364.60365.66

York Stock Exe

Industrial

155.85195.31180.95216.23225.78258.14284.62299.99315.25367.34

379.79390.42389.63398.66412.11

412.71435.92439.56441.99452.63458.30438.58

r 449.41459.69

'450.14447.23456.63464.75466.01

Con

change indexesxcept as noted)

Transpor-tation

119.87140.39134.12175.28158.62173.99201.09242.49247.29269.41

285.63295.54291.16300.06303.53

300.30315.29324.76326.42334.66331.57316.66321.61323.12

322.84316.74320.93326.33326.24

nmon stock pri<

(Dec. 31, 19652

Utility3

142.72148.59143.53174.87181.20185.32198.91228.90209.06220.30

221.99229.64236.43238.98247.59

254.07257.80245.77244.87249.73247.20245.31244.74242.25

243.06238.03241.27244.49243.96

^es1

-50,

Finance

147.20146.48127.26151.88133.26150.82179.26216.42209.73238.45

245.27260.72265.12266.12273.36

273.73290.97290.45287.92290.43294.42287.89302.95308.16

303.32299.86306.98310.28312.47

Dow-Jonesindustrialaverage4

1,792.762,275.992,060.822,508.912,678.942,929.333,284.293,522.063,793.774,493.76

4,639.274,746.764,760.464,935.815,136.10

5,179.375,518.735,612.245,579.865,616.715,671.515,496.265,685.505,804.01

5,676.285,643.035,765.285,882.325,877.58

Standard &Poor's com-posite index

(1941-43=10)5

236.34286.83265.79322.84334.59376.18415.74451.41460.33541.64

559.11578.77582.92595.53614.57

614.42649.54647.07647.17661.23668.50644.07662.68674.88

660.90653.86669.31683.68685.99

Common six(peree

Dividend-price ratio

3.493.083.643.453.613.242.992.782.822.56

2.492.422.412.372.30

2.312.222.222 242.212.212.282.222.20

2 212.262.222.172.16

:>ek yieldsnt)6

Earnings-price ratio

6.095.488.017.416.474.794.224.465.836.09

6.02

5.51

5.27

1 Average of daily closing prices.2 Includes all the stocks (more than 2,000 in 1992) listed on the NYSE.3 Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility

index to facilitate trading of options and futures on the index. All indexes shown here reflectthe doubling.

4 Includes 30 stocks.5 Includes 500 stocks.

6 Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earn-ings-price ratios based on prices at end of quarter.

NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).

Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor'sCorporation.


FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 11 months of fiscal 1996, there was a deficit of $144.0 billion, compared with a deficit of $171.1 billiona year earlier.

BILLIONS OF DOLLARS

1,600

1,500

1,400

1,300

1,200

1,100

1,000

900

800

700

600

-100

-200

-300

-400

RECEIPTS AND OUTLAYS

BILLIONS OF DOLLARS

1,600

1,500

OUTLAYS J/-

-vRECEIPTS-

— SURPLUS OR DEFICIT ( - )

^

A I 1 1V 1987 1988 1989 1990

i

^

1 I I 1 1 I S

1991 1992 1993 1994 1995 1996 N

FISCAL YEARS

1,400

1,300

1,200

1,100

1,000

900

800

700

600

-100

-200

-300

-400

SOURCES: DEPARTMENT OF THE TREASURY AND OFRCE OF MANAGEMENT AND BUDGET COUNQl OF ECONOMIC ADVISERS

[Billions of dollars]

Fiscal year or period

19771978197919801981198219831984198519861987198819891990199119921993199419951996 (estimates)Cumulative total, first 11

months: l

Fiscal year 1995Fiscal year 1996

Receipts

355.6399.6463.3517.1599.3617.8600.6666.5734.1769.1854.1909.0990.7

1,031.31,054.31,090.51,153.51,257.71,355.21,453.4

1,208.21,295.1

Total

Outlays

409.2458.7504.0590.9678.2745.8808.4851.8946.4990.3

1,003.91,064.11,143.21,252.51,323.61,380.91,408.71,460.81,519.11,570.1

1,379.31,439.1

Surplus

deficit

-53.7-59.2-40.7-73.8-79.0

-128.0-207.8-185.4-212.3-221.2-149.8- 155.2- 152.5-221.2-269.4-290.4-255.1-203.1-163.9-116.8

-171.1- 144.0

Receipts

278.7314.2365.3403.9469.1474.3453.2500.4547.9568.9640.7667.5727.0749.7760.4788.0841.6922.7

1,004.11,085.7

887.8959.5

On-budget

Outlays

328.5369.1404.1476.6543.1594.4661.3686.0769.6806.8810.1861.4932.3

1,027.51,081.91,128.51,142.11,181.51,230.51,268.3

1,121.51,170.6

Surplus

deficit

-49.8-54.9-38.7-72.7-74.0

-120.1-208.0-185.7-221.7-238.0-169.3- 194.0-205.2-277.8-321.6-340.5-300.5-258.8-226.3-182.7

-233.6-211.1

Receipts

76.885.498.0

113.2130.2143.5147.3166.1186.2200.2213.4241.5263.7281.7293.9302.4311.9335.0351.1367.7

320.4335.6

Off-budget

Outlays

80.789.7

100.0114.3135.2151.4147.1165.8176.8183.5193.8202.7210.9225.1241.7252.3266.6279.4288.7301.8

257.8268.5

Surplus

deficit

-3.9-4.3-2.0-1.1-5.0-7.9

.2

.39.4

16.719.638.852.856.652.250.145.355.762.465.9

62.567.2

Gross Fee(end of

Total

706.4776.6829.5909.1994.8

1,137.31,371.71,564.71,817.52,120.62,346.12,601.32,868.03,206.63,598.54,002.14,351.44,643.74,921.05,180.1

4,917.45,165.2

leral debtperiod)

Held bythe public

549.1607.1640.3709.8785.3919.8

1,131.61,300.51,499.91,736.71,888.72,050.82,189.92,410.72,688.12,998.83,247.53,432.13,603.43,747.1

3,610.03,738.9

1 Data from Monthly Treasury Statement.

NOTE.—Data for fiscal 1996 are from Mid-Session Review of the 1997 Budget issued July16, 1996. Other data (except as noted) are from Budget of the United States Oovernment, FiscalYear J997, issued March 19, 1996.

32

Sources: Department of the Treasury and Office of Management and Budget.


FEDERAL RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first If months of fiscal 1996, receipts were $86.9 billion higher than a year earlier and outlays were $59.8billion higher.

BIUIONSOFDOUARS BILUONS OF DOLLARS700

600

Af\f\

300

200

100

0

RECEIPTS ' • INDIVIDUAL INCOME TAXES

\

^ CORPORATION ,INCOME TAXES

1 \\

1 1 i 1 1 1

^ t , , .",«•"• **'.

.\

SOCIAL INSURANCETAXES AND CONTRIBUTIONS

— --: . I'Tr;*---- y

, OTHER RECEIPTS ,

700

600

400

300

200

100

0

I,4UUi "jnn

1,2001 i(y\

1 000

OAA

QfiTi

7fiA

AnnCAT)

400

300200

OUTIAYS-17

— — —• * — "~i • NONDEFENSE -.---- "

\ """\ _ ; '

-»«>» *"*""*

-*"•**"*

->— —•*"*"**

.» — •" *"* — ' *" * — *

• NATIONAL DEFENSE

Vxi 1 1 1 1 I I I 1 I KV 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 ^

•/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS

1,400

1,300

1,200

1,1001 rjfifi

Qftfi

800

7ftn

600

500

400

300

200

[Billions of dollars]

Fiscal year or period

19771978197919801981198219831984

198519861987198819891990 .....199119921993199419951996 (estimates)Cumulative total, first 1 1 months: 1

Fiscal year 1995Fiscal year 1996

On-

Total

355.6399.6463.3517.1599.3617.8600.6666.5

734.1769.1854.1909.0990.7

1,031.31,054.31,090.51,153.51,257.71,355.21,453.4

1,208.21.295.1

>udget ar

Indi-vidualincometaxes

157.6181.0217.8244.1285.9297.7288.9298.4

334.5349.0392.6401.2445.7466.9467.8476.0509.7543.1590.2653.3

529.2587.7

id off-buc

Cor-pora-tion

incometaxes

54.960.065.764.661.149.237.056.9

61.363.183.994.5

103.393.598.1

100.3117.5.140.4157.0170.7

124.1136.7

Iget recei

Socialinsur-ancetaxesand

contri-butions

106.5121.0138.9157.8182.7201.5209.0239.4

265.2283.9303.3334.3359.4380.0396.0413.7428.3461.5484.5508.3

444.6466.0

pts

Other

36.637.740.850.669.569.365.671.8

73.073.174.378.982.390.992.3

100.598.0

112.8123.5121.1

110.3104.6

Total

409.2458.7504.0590.9678.2745.8808.4851.8

946.4990.3

1,003.91,064.11,143.21,252.51,323.61,380.91,408.71,460.81,519.11,570.1

1,379.31,439.1

» Nations

Total

97.2104.5116.3134.0157.5185.3209.9227.4

252.7273.4282.0290.4303.6299.3273.3298.4291.1281.6272.1266.0

245.9246.9

C

il defense

Depart-ment ofDefense,military

95.1102.3113.6130.9153.9180.7204.4220.9

245.2265.5274.0281.9294.9289.8262.4286.9278.6268.6259.6254.8

234.5235.7

)n-budget

Inter-nation-

alaffairs

6.47.57.5

12.713.112.311.815.9

16.214.211.610.59.6

13.815.916.117.217.116.414.0

15.012.7

and off-

Health

17.318.520.523.226.927.428.630.4

33.535.940.044.548.457.771.289.599.4

107.1115.4119.4

105.6108.9

>udget 01

Medi-care

19.322.826.532.139.146.652.657.5

65.870.275.178.985.098.1

104.5119.0130.6144.7159.9177.6

145.4161.7

itlays

Incomesecu-rity

61.061.566.486.599.7

107.7122.6112.7

128.2119.8123.3129.3136.0147.0170.3196.9207.3214.0220.4228.5

200.2211.6

Socialsecu-rity

85.193.9

104.1118.5139.6156.0170.7178.2

188.6198.8207.4219.3232.5248.6269.0287.6304.6319.6335.8350.7

307.7320.5

Netinter-est

29.935.542.652.568.885.089.8

111.1

129.5136.0138.7151.8169.3184.2194.5199.4198.8203.0232.2241.5

2.13.2221.9

Other

93.0114.7120.2131.4133.5125.4122.3118.6

131.8142.1125.9139.4158.8203.7225.0173.9159.7173.7166.9172.4

146.3154.9

1 Data from Monthly Treasury Statement.NOTE.—Data for fiscal 1996 are from Mid-Session Review of the 1997 Budget issued July

16, 1996. Other data (except as noted) are from Budget of the United States Government, FiscalYear 1997, issued March 19, 1996.

Sources: Department of the Treasury and Office of Management and Budget.

33


FEDERAL SECTOB, NATIONAL INCOME ACCOUNTS BASISIn the second quarter of 1996, according to revised estimates, Federal receipts rose $52.5 billion (annual rate);Federal current expenditures rose $24.0 billion.

BlUJOh

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

-200

-400

IS OF DO

-

~'••" n

-

— v\-

1 1 !

1982

JARS

^ MK> —

^ '

^

1 1 1

1983

-* — 1****

^—

i i i1984

**

AXyX

> '"-i— .

1 1 1

1985

^-w

— - "

C

U^ ^x-

i i i1986

CURREh

— ***

/"

URRENTS

S""*-*-/

i i |1987

SEASONAHY

IT EXPEND

X'

^\

RECEIPTS

JRPLUSO

A

j_i i1988

ADJUSTED At

)ITURES

Y~~f

^^

R DEFICIT

— **^

i i i

1989

•4NUAL RATES

--^S

^~~~

(-)

-— Xx

i i i1990

__»*./•

— — -"

^-^

i i i1991

s ***

^ S"

"*• -

1992

"

^x-~s

^-^

1993

^ ««»

-—y

,»X*^-" ~

J I 11994

BILUC

r" **" ™"

x —

^*- —

i i i1995

>NSOFD

^^

-

_

-

i i i1996

OUARS

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

-200

-400

CALENDAR YEARS



Period

Calendar year:1989199019911992 ,199319941995

1990: IV1991: IV1992: IV

1993: IIIIllIV

1994: IIIIllIV

1995: IIIIllIV

1996: IIP

Total

1,079.31,129.81,149.01,198.51,275.31,377.01,478.4

1,135.21,160.91,230.5

1,225.21,271.31,280.31,324.4

1,321.91,382.81,387.11,416.3

1,449.31,483.21,486.61,494.7

1,523.11,575.6

Federal G

Personaltax andnontaxreceipts

463.4485.7476.9490.8523.6561.4614.9

484.9479.0510.0

501.0521.0529.1543.4

539.3571.3560.4574.5

594.6624.4617.3623.3

639.6681.4

rovernmen

Cor-porateprofitstax ac-cruals

117.1118.0109.8118.6137.5164.4184.3

117.4111.1123.7

127.5136.5133.7152.2

144.3162.2171.3180.0

183.1180.7189.1184.3

196.4199.0

t receipts

Indirectbusinesstax and 'nontaxaccruals

61.765.179.781.988.292.691.2

67.482.886.5

84.387.587.293.7

92.891.393.393.2

91.793.588.491.3

84.483.2

Contri-butions

forsocialinsur-ance

437.1461.1482.6507.1526.0558.6588.0

465.6488.1510.3

512.4526.2530.3535.1

545.5558.1562.1568.6

579.9584.6591.8595.9

602.6612.0

Total

1,192.71,284.51,345.01,479.41,530.91,567.31,640.1

1,313.01,399.81,509.5

1,509.71,521.51,534.71,557.7

1,534.61,552.51,575.71,606.4

1,621.91,644.31,645.01,649.3

1,678.31,702.3

Feden

Con-sump-tion

expen-di-

tures

405.2426.6445.9451.0451.9450.7453.8

437.7440.5457.7

451.3448.5453.5454.3

446.7445.1455.7455.3

454.6455.6453.6451.4

453.6463.5

il Governi

Trans-fer

pay-ments

471.7513.3522.2625.1659.1682.9719.9

526.1565.8643.3

645.9654.7660.8675.0

670.9676.4683.5700.9

708.3716.2724.2730.9

756.2757.9

nent curn

Grants-in-aid

toStateandlocal

govern-ments

118.2132.4153.4172.2185.7195.9206.1

137.1162.7176.3

177.3181.5187.2197.0

192.2197.5196.9196.9

205.8211.3203.8203.3

207.6219.3

jnt expenc

Netinterest

paid

166.7179.9192.7195.8192.3201.4229.1

177.8200.0191.8

190.5193.2192.7192.8

188.3198.3204.3214.8

220.9229.3232.3233.9

230.5230.8

iitures

Subsi-dies lesscurrentsurplus

ofGovern-

mententer-prises

30.832.430.835.141.836.431.3

34.430.940.3

44.743.640.538.6

36.535.335.238.5

32.332.031.129.9

30.430.8

Less:Wageaccru-als less

dis-burse-ments

0.0.1

-.1.0.0.0.0

.2

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

Currentsurplus

ordeficit(-),

nationalincome

andproductaccounts

-113.4- 154.7- 196.0-280.9-255.6- 190.2-161.7

-177.7-238.8-279.0

-284.5-250.2-254.4-233.3

-212.7- 169.6- 188.5- 190.1

-172.6-161.1- 158.5-154.5

-155.2-126.7


34


INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR

INDUSTRIAL COUNTRIES

Period

1986198719881989199019911992199319941995*

1995: JuneJulyAugSeptGetNovDec

1996: JanFebMarAprMayJuneJulyAugP

UnitedStates

95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9

121.4121.5122.7122.8122.2122.6122.8

122.5124.2123.6124.5

'125.4' 126.2'126.3126.9

Industrial ]

Canada

95.4100.0105.3105.2101.797.498.5

102.9110.1113.8

113.0113.8113.9113.9113.5113.7113.5

114.2'114.1113.7114.2

'114.7'114.6

116.2

reduction

Japan

96.7100.0109.4115.7120.6122.9115.8111.0112.3115.8

115.4112.8116.5113.4115.0116.6117.7

117.7121.0113.6117.2119.9

'115.6120.1117.9

(1987=10

Prance

98.8100.0104.6108.5110.1108.7107.5103.4107.3109.0

110.0110.1110.1

'108.2107.2107.5

'108.6

'108.8'109.1'109.7'108.8'109.7

109.4

); seasonally

Ger-many

99.6100.0103.9108.8114.5117.8115.8107.1110.4110.0

112.2113.7110.7112.1109.5110.6110.8

111.1'109.1111.1

'110.4111.4' 112.2

112.2

adjusted)

Italy

96.2100.0105.9109.2109.4108.4108.2105.5111.0116.8

115.2117.9118.6117.6116.7116.0126.1

113.1114.5118.8113.6113.6

UnitedKingdom

96.2100.0104.8107.0106.7102.8102.7104.9110.1113.0

112.6113.1113.6114.1113.0113.6114.0

'113.2'113.6

114.4'113.3'114.5'113.6114.1

UnitedStates1

109.6113.6118.3124.0130.7136.2140.3144.5148.2152.4

152.5152.5152.9153.2153.7153.6153.5

154.4154.9155.7156.3156.6156.7157.0157.3

Con

Canada

113.4118.4123.2129.3135.5143.1145.2147.9148.2151.4

151.6151.9151.8151.8151.8152.0151.8

152.2152.4153.0153.4153.9153.7153.7153.9

isumer pric

Japan

104.8'104.8'105.6'108.1111.4115.0116.9

'118.4119.3

'119.1

'119.4'118.8

118.9'119.6'119.3118.9

'118.9

'118.8'118.5'118.8'119.5'119.7'119.4119.3119.1

es (1982-J

France

117,2120.9124.2128.6133.0137.2140.6143.5145.9148.4

148.3148.0148.7149.2149.3149.5149.6

149.9150.4151.3151.6151.9151.7

'151.5151.1

*4=100; NSJ

Ger-many

104.7104.9106.3109.2112.2116.2120.9125.2128.6130.8

131.1131.5131.2131.1131.0131.0131.4

131.5132.2132.2132.3132.6132.8

'133.2133.1

L)

Italy

128.5134.4141.1150.4159.5169.8178.8186.3193.6204.0

204.6204.7205.4206.0207.1208.3208.7

209.0209.6210.2211.4212.2212.7212.2212.4

UnitedKingdom

1149119.7125.6135.4148.2156.9162.7165.3169.3175.2

176.0175.2176.1176.9176.0176.0177.1

176.5177.3178.0179.3179.6179.8179.1179.9

1 Data relate to all urban consumers. Source: National sources as reported by Department of Commerce (Bureau of EconomicAnalysis and International Trade Administration, Office of Trade and Economic Analysis).

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES[Billions of dollars; monthly data seasonally actuated]

Period

1986198719881989199019911992199319941995

1995: JulyAugSeptOctNovDec

1996: JanFebMarAprMayJune' ...July

BOPbasis

223.3250.2320.2362.1389.3416.9440.4456.8502.5575.9

46.648.749.749.549.850.1

'48.750.950.550.751.451.048.6

Go

Ce

Total,Censusbasis2

227.2254.1322.4363.8393.6421.7448.2465.1512.6584.7

47.349.550.350.350.650.9

49.351.751.451.652.551.950.1

ods: Exp

nsus bas

Foods,feeds,andbev-

erages

22.324.332.337.235.135.740.340.641.950.5

4.14.54.74.44.44.5

4.74.54.94.74.74.54.7

«rts (f.a

is (by er

In-dus-trialsup-plies

mate-rials

57.366.785.199.3

104.4109.7109.1111.8121.4146.3

11.912.112.412.511.912.1

11.912.212.512.712.512.311.5

.s. value

id-use ci

Cap-ital

goodsexceptauto-mo-tive

75.886.2

109.2138.8152.7166.7175.9181.7205.2233.0

19.120.019.820.320.721.2

19.921.320.821.121.120.720.0

)

itegory)

Auto-mo-tive

vehi-cles,partsanden-

gines

21.724.629.334.837.440.047.052.457.661.8

4.85.15.65.25.15.2

5.25.44.94.95.45.55.2

i

Con-sumergoods(non-food)ex-eeotccpi,auto-mo-tive

14.217.723.136.443.345.951.454.760.064.4

5.25.55.45.55.55.5

5.55.85.75.85.95.95.6

BOPbasis

368.4409.8447.2477.4498.3491.0536.5589.4668.6749.4

62.562.262.962.662.162.7

64.263.764.966.368.265.666.1

Good

Ct

Total,Censusbasis2

365.4406.2441.0473.2495.3488.5532.7580.7663.3743.4

62.361.962.762.261.862.5

63.963.363.764.766.964.765.7

s: Impor

nsus bas

Foods,feeds,andbev-

erages

24.424.824.825.126.626.527.627.931.033.2

2.72.72.82.82.72.7

2.82.83.03.03.02.92.9

s (custc

as (by e

In-dus-trialsup-pliesand

mate-rials

101.3111.0118.3132.3143.2131.6138.6145.6162.0180.7

15.214.815.314.714.914.8

15.614.715.316.617.016.317.0

ms valu

rid-use e

Cap-ital

goodsexceptauto-mo-tive

71.884.5

101.4113.3116.4120.7134.3152.4184.4221.4

18.818.819.019.519.219.3

19.519.419.518.819.018.618.6

e)

ategory)

Auto-mo-tive

vehi-cles,partsanden-

gines

78.285.287.786.187.385.791.8

102.4118.3124.8

10.010.210.29.69.9

10.3

10.610.610.010.511.510.811.1

Con-sumergoods(non-food)exceptauto-mo-tive

79.488.795.9

102.9105.7108.0122.7134.0146.3160.0

13.413.413.413.413.113.2

13.513.713.713.514.213.913.9

Sen(BOP

Ex-ports

85.998.3

110.9127.0147.5163.8177.3186.1195.8210.6

17.818.118.418.018.218.0

'17.918.318.8

'18.5'18.8

18.818.6,

ricesbasis)

Im-ports

81.091.799.5

103.5118.8119.6119.5125.5134.1142.2

11.912.112.011.812.011.8

12.0'12.3

12.312.3

'12.512.312.7

(e

Goods,Censusbasis

- 138.3- 152.1-118.5- 109.4-101.7-66.7-84.5

-115.6-150.6- 158.7

-15.0-12.4-12.4-11.9-11.2-11.6

-14.5-11.6-12.3-13.1-14.4-12.9-15.6

Balancexports min

Goods

-145.1-159.6-127.0-115.2- 109.0-74.1-96.1- 132.6-166.1-173.4

-15.9-13.4-13.2-13.1-12.3-12.6

-15.5-12.8-14.4-15.6-16.8-14.6-17.5

of tradeus impon

5OP basi

Serv-ices

4.96.6

11.423.528.744.257.860.661.768.4

5.86.06.36.26.26.2

'5.9'6.06.6

'6.2'6.36.45.8

ts)

Goodsand

- 140.1- 152.9-115.5-91.8-80.3-29.9-38.3-72.0

-104.4- 105.1

-10.1-7.4-6.9-6J-6.1-6.4

'-9.6'-6.8

-7.9'-9.4-10.5-8.2

-11.7

1 Includes undocumented exports to Canada through 1988.2 Total includes "other" exports or imports, not shown separately.

NOTE.—BOP refers to balance of payments on international transactions basis. BOP datashown here are consistent with figures shown on pp. 36 and 37.

Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35


U.S. INTERNATIONAL TRANSACTIONSIn the second quarter of 1996, the merchandise trade deficit rose to $46.8 billion, from $42.7 billion in the firstquarter. The current account deficit rose to $38.8 billion, from $34.9 billion in the first quarter.

BILLIONS OF DOLLARS* BILLIONS OF DOLLARS *

1996

* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally a^usted, except as noted. Credits (+), debits ( — ) ]

Period

1986198719881989199019911992199319941995

1994: IIIIllIV

1995: IIIIllIV

1996: lr

HP

Exports

223,344250,208320,230362,120389,307416,913440,352456,832502,463575,940

118,462122,909127,237133,855

138,551142,983144,984149,422

150,028153,316

Goods1

Imports

-368,425-409,765-447,189-477,365-498,337-490,981-536,458-589,441-668,584-749,364

-155,301-163,993-171,652-177,638

- 183,474-190,910-187,532-187,448

-192,758-200,146

*

Netbalance

- 145,081- 159,557- 126,959-115,245-109,030-74,068-96,106- 132,609- 166,121- 173,424

-36,839-41,084- 44,415-43,783

-44,923-47,927-42.548-38,026

-42,730-46,830

Netmilitarytrans-

ac-tions23

-5,181- 3,844- 6,320-6,749- 7,599-5,274- 1,448

8801,9633,585

-38367

1,171463

628859

1,120978

489835

Services

Nettraveland

trans-porta-tion

receipts

-8,484-7,613-2,591

4,0438,002

17,03220,48420,02616,71118,361

4,0164,2213,7584,717

3,7703,8345,0875,670

5,3625,559

Otherserv-ices,net

18,60918,09720,35226,19228,29132,44038,80539,66543,06846,415

10,15910,61411,03911,257

11,01011,41012,00611,987

12,65212,561

Balanceon

goodsand

services

- 140,136-152,918-115,518-91,758-80,336-29,872-38,264- 72,039- 104,379- 105,064

-22,702-25,882-28,447-27,346

-29,515-31,824-24,335-19,391

-24,227-27,875

Ini

Receiptson U.S.assetsabroad

91,976100,767129,070152,517160,300137,003119,046119,900141,704182,659

31,84133,28737,21239,368

44,10046,77945,26946,513

47,49748,195

vestment ino

Paymentson foreignassets in

U.S.

-79,095-91,302

-115,722-138,639- 139,402-121,159-107,851-110,158- 145,863-190,674

-30,678-33,923-38,801-42,462

-45,000-47,641-49,630-48,403

-47,235-49,799

ome

Net

12,8819,465

13,34813,87820,89715,84411,1959,742

-4,159-8,016

1,163-636

- 1,589-3,094

-900-862

- 4,361-1,890

262- 1,604

Balanceon goods,services,

andincome

-127,255-143,453-102,170-77,880-59,439-14,028-27,069-62,297

-108,539-113,079

-21,539-26,518-30,036-30,440

-30,415-32,686-28,696-21,281

-23,965-29,479

Unilateraltransfers,

net4

-24,833-23,939-26,266-27,696-35,219

4,510-35,514-37,640-39,866-35,075

-8,169-9,507-9,975

-12,215

-8,639- 8,290-8,992-9,154

-10,904-9,300

Balanceon

currentaccount

-152,088-167,392- 128,436- 105,575-94,657-9,518

-62,583-99,936- 148,405-148,154

-29,708-36,025-40,011- 42,655

-39,054-40,976-37,688-30,435

-34,869-38,779

1 Adjusted from Census data for differences in timing and coverage; excludes military.2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expend-

itures (imports).

3 Quarterly data are not seasonally adjusted.4 Includes transfers of goods and services under U.S. military grant programs.

See p. 37 for continuation of table.

36


U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $5.1 billion in the secondquarter of 1996, in contrast to a decrease of $1.7 billion in the first quarter. U.S. liabilities to private foreignersreported by U.S. banks, excluding Treasury securities, decreased $3.9 billion in the second quarter, following adecrease of $35.6 billion in the first quarter.

BILUONSOF DOLLARS* BILLIONS OF DOLLARS*

1986 I 1987 1988 1989 | 1990


[Millions of dollars; quarterly data seasonally ac^usted, except as noted]

Period

1986198719881989199019911992199319941995

1994: IIIIllIV

1995: IIIIllIV

1996: PHP

[i

Total

-106,753-72,617- 100,087-168,744-74,011-57,881- 68,622

-194,609-150,695-307,856

-36,897-28,627-25,569-59,603-61,747

-108,299-39,595-98,214-68,750-49,165

U.S. assetstierease/eapitj

U.S.officialreserve

assets35

3129,149

-3,912-25,293-2,158

5,7633,901

-1,3795,346

-9,742

-593,537-1652,033

-5,318-2,722-1,893

19117

-523

abroad, netil outflow ( —

Other U.S.Govern-

mentassets

-2,0221,0062,9671,2592,3072,911

-1,657-342-341-280

399491

-288-943-154-179

252-199-152-429

)]

U.S.privateassets

- 105,044-82,771-99,141- 144,710-74,160-66,555-70,866- 192,889- 155,700-297,834

-37,237-32,655-25,116-60,693-56,275- 105,398-37,954-98,206-68,615-48,213

Foreign[inerea*

Total

226,111242,983240,265218,490122,19294,241

154,285250,996285,376424,462

83,23545,88983,61972,63290,995

115,421118,81699,22999,47180,315

assets in the»e/capitaJ infl

Foreignofficialassets 3

35,64845,38739,7588,503

33,91017,38940,47772,15340,253

109,757

11,0369,166

19,785266

' 21,82237,38039,18611,36952,02113,197

U.S., netow(+)]

Otherforeignaasets

190,463197,596200,507209,987

88,28276,853

113,808178,843245,123314,705

72,19936,72363,83472,36669,17378,04179,63087,86047,45067,118

Allocationsof specialdrawingrights

(SDKs)

Statistical

Total (sumof the items

with signreversed)

32,729-2,974

-11,74355,83046,476

-26,843-23,080

43,55013,72431,548

-16,63018,763

-18,03929,626

9,80633,854

-41,53329,4204,1487,629

discrepancy

Of which:Seasonal

adjustmentdiscrepancy

5,105274

-6,4901,1076,519-266

-7,4071,1536,279-743

TT Q ftfFifiifil

assets, net5

(unadjusted,end ofperiod)

48,51145,79847,80274,60983,31677,72171,32373,44274,33585,832

76,80975,73276,53274,33586,76190,06387,15285,83284,21283,455

5 Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserveposition in the IMP.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of theTreasury.

37


ContentsTOTAL OUTPUT. INCOME. AND SPENDING Page

Gross Domestic Product 1Real Gross Domestic Product 2Implicit Price Deflators for Gross Domestic Product 2Quantity and Price Indexes for GDP and Percent Changes 3Nonfinancial Corporate Business—Output, Costs, and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5Disposition of Personal Income 6Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by Type 10Business Investment and Plans 10

EMPLOYMENT. UNEMPLOYMENT. AND WAGESStatus of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricultural Employment 14Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries 15Employment Cost Index—Private Industry 15Productivity and Related Data, Business Sector 16

PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization » 17Industrial Production—Major Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and Inventories—Manufacturing and Trade 20Manufacturers' Shipments, Inventories, and Orders 21

PRICESProducer Prices 22Consumer Prices—All Urban Consumers 23Changes in Producer Prices for Finished Goods 24Changes in Consumer Prices—All Urban Consumers 24Prices Received and Paid by Farmers 25

MONEY. CREDIT, AND SECURITY MARKETSMoney Stock, Liquid Assets, and Debt Measures 26Components of Money Stock and Liquid Assets 27Aggregate Reserves and Monetary Base 27Bank Credit at All Commercial Banks 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31

FEDERAL FINANCEFederal Receipts, Outlays, and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector, National Income Accounts Basis 34

INTERNATIONAL STATISTICSIndustrial Production and Consumer Prices—Major Industrial Countries 35U.S. International Trade in Goods and Services 35U.S. International Transactions 36

General Notes

Detail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.Symbols used:

P Preliminary.r Revised.c Corrected.... Not available (also, not applicable).NSA not seasonally adjusted.

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