Economic Indicators: August 1996 - FRASER · L I B R A It Y •qcp 9 o ... Charts prepared by the Art Production Section, ... 6,713.5 6,776.4 6,780.7 6,814.3 6,894.5 Personal con-sumption

104th Congress, 2d Session

Economic Indicators

AUGUST 1996(Includes data available as of August 30, 1996)

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

L I B R A It Y

•qcp 9 o««IG.F ,'j sj lyjOv

FEDERAL RESERVEBANK OF CHICAGO

UNITED STATES

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

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

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

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

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

ROBERT N. MOTTICE, Executive Director

COUNCIL OF ECONOMIC ADVISERS

JOSEPH E. STIGLITZ, ChairmanMARTIN N. BAILY, Member

ALICIA H. MUNNELL, Member

{PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]

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11


TOTAL OUTPUT, INCOME AND SPENDINGGROSS DOMESTIC PRODUCTIn the second quarter of 1996, according to revised estimates, current-dollar gross domestic product (GDP) rose6.7 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 4.8 percent, and the implicit price deflatorrose 1.8 percent.

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

7,600

7,200

6,800

6,400

6,000

5,600

5,200

4,800

4,400

4,000

3,600

3,200

SEASONAliY ADJUSTED ANNUM. RATES ^^,

/*

INCHGDP

MNED( 1992) DOLL.\

--'

X

I i t

1982

x

/v\I I I -1983

s

V^

1 i i

1984

— ̂ ""

/

I i i1985

r — ~"

s/

1 1 !

1986

^"'

*

SJiS

x^

X GDP..\ CURRENT DOLLARS

i i I1987 1988

1 1 11989

f---^

^—

\ \ {

1990

_ —

^

\ \ \1991

^

\ \ \

1992

^<!

1993

>*

1994

- —

\ I i1995

^

1996

7,600

7,200

6,800

6,400

6,000

5,600

5,200

4,800

4,400

4,000

3,600

3,200

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

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

Period

1987 ..19881989 ..19901991 ..19921993 . .199419951990- IV1991: IV1992- IV1993: I

IIinrv

1994: IIIIIIrv

1995- IIIIIIIV

1996- III'

Grossdomesticproduct

4,692.35,049.65,438.75,743.85,916.76,244.46,553.06,935.77,253.85,781.56,002.36,383.06,442.66,506.26,574.46,688.66,776.06,890.56,993.17,083.27,149.87.204.97,309.87,350.67,426.87,547.6

Personal

sumptionexpendi-

tures

3,094.53,349.73,594.83,839.33,975.14,219.84,454.14,700.94,924.93,907.04,027.14,329.64,367.64,424.84,481.04,543.14,600.94,666.24,738.34,798.24,840.64,910.54,957.94,990.55,060.55,140.0

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

1,016.51,033.61,050.11,072.01,050.31,074.81,064.01,068.91,097.0

Exports and importsof goods and services

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

-108.7-115.3-87.6-67.2-86.3-99.7

Exports

365.7447.2509.3557.3601.8639.4657.8719.1807.4577.3624.4649.1646.9660.4645.3678.7678.9707.4729.2761.0776.1797.3819.0837.0839.5848.8

Imports

507.9553.2589.7628.6622.3669.0720.5813.5902.0649.2639.3691.8694.8720.0719.8747.5757.6800.4836.1859.6884.8912.6906.6904.2925.8948.6

Government consumption expendituresand gross investment

Total

992.81,032.01,095.11,176.11,225.91,263.81,290.41,314.71,358.31,210.41,229.21,280.01.279.31,285.11,294.11,303.21,296.41,300.81,328.21,333.51,345.81,359.41,364.61,363.41,383.71,410.3

Federal

Total

455.7457.3477.2503.6522.6528.0522.6516.4516.6516.7515.5

- 535.0525.5520.1521.3523.5511.3509.4523.8520.9519.7522.0516.8507.7518.6530.8

Nationaldefense

350.4354.0360.6373.1383.5375.8362.7352.0345.5383.3373.0375.3365.7362.7361.2361.3346.7349.3362.3349.7347.6351.7345.7337.1343.9354.7

Non-defense

105.3103.3116.7130.4139.1152.2159.9164.3171.0133.3142.6159.7159.8157.4160.1162.2164.6160.0161.5171.2172.1170.3171.1170.6174.7176.1

Stateandlocal

537.2574.7617.9672.6703.4735,8767.8798.4841.7693.7713.6745.1753.8765.0772.7779.7785.0791.4804.4812.6826.1837.3847.7855.7865.1879.5

Finalsales of

domesticproduct

4,668.15,038.75,407.05,735.85,919.06,237.46,532.46,876.27,216.75,812.95,980.96,376.66,422.86,484.66,552.36,669.86,735.96,816.06,928.57,024.67,091.77,170.97,271.57,332.87,428.67,539.1

Grossdomestic

pur-chases '

4,834.55,155.65,519.15,815.15,937.26,274.06,615.77,030.17,348.45,853.56,017.16,425.76,490.56,565.86,648.86,757.46,854.86,983.57,100.17,181.97,258.47,320.27,397.37,417.87,513.27,647.4

Adden-dum:Gross

nationalproduct

4,701.35,062.65,452.85,764.95,932.46,255.56,563.56,931.97,246.75,813.66,016.66,390.56,458.66,516.56.587.16,691.96,781.06,888.36,987.07,071.47,146.87,202.47,293.47,344.37,426.67,540.2

1 OOP jess exfjort-s of frowis and xecvi«;s jilus im K»t.s of grcods ami .services. Souree: Department of < >0)m» , Bureau of Kcouojnje Analysis.


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

Period

198719881989199019911992199319941995

1990- IV1991: IV .1992: IV

1993- III ...mIV

1994: IIIin ...IV

1995- IIIin .rv

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

6,701.06,713.56,776.46,780.76,814.36,894.5

Personalcon-

sumptionexpendi-

tures

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

4,534.84,569.94,597.34,609.44,649.14,688.1

Gross privatedomestic investment

Nonresi-dentia!fixed

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

704.4710.5719.0723.3743.5750.9

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

265.9256.5262.2266.3271.1281.3

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

54.530.533.014.6-3.0

7.2

Exports and imports ofgoods and services

Netexports

-1562-114.4-82.7-61.9-22.3-29.5-72.0

-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- 104.0-115.2

Exports

402.0465.8520.2564.4599.9639.4658.2712.0775.4

573.9623.5649.1

647.1660.0645.5680.3677.6703.1719.6747.6

752.3763.2783.0803.1806.7816.2

Imports

558.2580.2603.0626.3622.2669.0730.2817.6883.0

616.4641.4689.1

703.1724.4731.7761.8777.0810.4831.3851.9

874.9884.6884.5888.0910.7931.4


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

1,262.71,265.11,263.41,249.61,254.71,279.8

Federal

Total

534.4524.6531.5541.9539.4528.0509.2489.8472.3

543.5526.9534.0

516.1509.7505.9505.0489.9483.3496.7489.2

481.0479.4472.5456.2462.9474.8

Nationaldefense

409.2405.5401.6401.5397.5375.8355.4337.0319.6

403.1381.7376.8

361.6356.9351.6351.2334.8335.5346.2331.3

325.0325.5319.1308.8311.9320.5

Non-defcnse

125.3119.1130.1140.5142.0152.2153.8152.6152.3

140.5145.3157.1

154.4152.7154.2153.7154.9147.8150.4157.5

155.6153.5153.1147.0150.6153.9

Stateandlocal

631.8656.6682.6708.6718.7735.8751.8770.5788.6

716.5723.8738.5

741.6748.8755.7761.3762.7766.8774.7777.7

782.2786.3791.5794.4792.6805.7

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

6,647.46,682.46,741.46,764.26,815.26,886.4

Grossdomestic

pur-chases l

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

6,819.86,830.96,874.86,862.96,914.67,005.5

Adden-dum:Gross

nationalproduct

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

6,699.16,711.96,762.06,775.66,814.96.888.6

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

mates for the detailed components <ti> not tultl 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

19871988198919901991 .1992199319941995

1990: IV1991: IV1992: IV

1993- IIIIllIV

1994- IIIIllIV

1995- IIIinrv

1996- III'


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

Personal consumptionexpenditures

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

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

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

Gross >rivatedomestic investment

Nonresi-dent] alfixed

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

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 and imports ofgoods and services

Exports

91.096.097.998.7

100.3100.099.9

101.0104.1

100.6100.2100.0

100.0100.1100.099.8

100.2100.6101.3101.8

103.2104.5104.6104.2

104.1104.0

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


Federal

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

112.0111.8

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

110.3110.7

Non-defeuse

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

Stateandlocal

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

Kource: Department of Commerce, Bureau of Economic Analysis.


QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT ANDPERCENT CHANGES

[Quarterly data are seasonally adjusted]

Index numbers, 1992=100

Currentdollars

Chain-typequantity

index

Chain-tyi>eprice index

Implicitprice

deflator

Percent change from preceding period1

Chain-typequantity

index

Chain-typepriceindex

Implicitprice

deflator

198219831984198519861987198819891990199119921993199419951991: I ...

II ..IllIV .

1992: I ...II ..IllIV .

1993: I ...II ..IllIV .

1994: I ...II ..Illrv .

1995: I ...II ..IllIV .

1996: I ...II'

51.956.362.567.070.875.180.987.192.094.8

100.0104.9

r 111.1116.2

93.294.495.396.198.099.3

100.4102.2103.2104.2105.3107.1108.5110.3112.0113.4114.5115.4117.1117.7118.9120.9

74.077.082.385.387.990.593.997.198.397.3

100.0102.3105.8108.0

96.997.397.597.898.999.5

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

100.0102.6105.0107.6

96.397.097.798.399.199.8

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

11.07.15.86.17.67.75.63.05.54.95.84.62.84.94.03.68.25.34.67.33.84.04.37.15.36.96.15.33.83.16.02.34.26.7

-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

.32.04.8

6.34.23.83.42.63.13.74.24.43.92.82.62.32.54.83.22.82.53.42.81.52.83.82.21.82.32.91.92.42.13.32.42.12.12.32.2

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 changerates.

'• based on unrounded indoxes. Quarterly !>crcerit changes are at annual Source: Department of Commerce, Bureau of Economic Analysis.

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

(iross domestic productof rionfinaneial

corporate business(billions of dollars)

Currentdollars

Chained(1992)dollars

Current-dollar cost and profit per unit of real output (dollars)1

Totalcost andprofit 2

Consump-tion offixed

capital

Indirectbusinesstax, cte.»

Com-pensation

of em-ployees

(Corporate profits with inventoryvaluation and capital consumption

adjustments

Profitstax

liability

Profitsafter-tax4

198719881989199019911992199319941995

1993: IIIIllIV

1994: IIIIllIV

1995: IIIIllIV

1996: I

2,589.62,805.22,950.93,084.03,132.13,262.63,437.53,689.43,885.83,344.23,407.33,459.73,538.7

3,601.73,663.03,709.53,783.2

3,803.33,841.93,924.83,973.2

4,011.64,087.3

2,967.03,122.13,175.43,212.53,168.83,262.63,380.03,567.73,692.3

3,302.93,356.73,399.23,461.13,503.93,553.03,577.73,636.3

3,634.13,656.13,719.93,759.1

3,779.23,835.7

0.873.898.929.960.9881.0001.0171.0341.052

1.0121.0151.0181.022

1.0281.0311.0371.040

1.0471.0511.0551.057

1.0621.066

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

.107

0.578.591.614.640.660.673.679.682.697.682.679.679.675

.680

.681

.684

.686

.696

.698

.696

.699

.702

.705

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

.026

'Output is mea-sui-ed by 01)]* of rionfinaneial corporate business in chained (1992) dollars.'- This is equal to the deflator for gross domestic product of rionfinaneial corporate business

with the decimal iHtint shifted two places to the left.

•' Indirect business tax and nontax liability plus business transfer payments less sulisidics.4 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

1990 . . .199119921993 .199419951990- IV1991: IV1992- IV1993: I ..

IIinrv

1994- IIIinIV

1995- IIIin ... .rv

1996- III'

Nationalincome

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

4,667.24,770.05,061.75,096.35,159.45,214.15,311.3

5,304.85,493.25,561.75,646.9

5,709.95,755.45,861.45,927.46,015.36.116.4

Compen-sation

of

ees1

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

3,395.93,511.03,707.0

3,744.23,787.93,834.93,871.13,932.63,988.04,027.54,091.04,150.54,191.64,247.74,301.14,344.34.421.0

Proprietors' incomewith inventory valu-

ation and capital con-sumption adjustments

Farm

36.330.238.032.035.029.033.931.037.331.535.826.134.440.835.131.932.328.527.628.131.838.446.1

Noiifarm

324.6332.7371.5388.1415.9449.3

327.1341.1385.1382.0381.8388.1400.5380.3419.3426.8437.1443.5447.1451.5454.9

461.1470.0

Rentalincome

ofpereons

withcapital

consump-tion

adjust-ment

61.468.480.6

102.5116.6122.2

67.373.092.398.4

102.9104.1104.5101.1121.0122.2121.9120.6121.6120.9125.8126.9123.1

Corporate profits with inventory valuation andcapital consumption adjustments

Total

369.5382.5401.4464.4529.5586.6

365.5379.6427.7

427.4447.8469.6512.8459.7534.3553.1570.9

560.0562.3612.5611.8645.1653.8

Profits with inventor}7 valuationadjustment and without capital

consumption adjustment

Total

358.2378.2398.9457.7517.9570.8356.5375.2420.5422.4442.0465.9500.5

471.6516.2534.3549.6542.6547.3597.9595.3624.8631.0

Profitsbefore tax

371.7374.2406.4464.3531.2598.9

376.7382.8420.3

437.0457.6458.0504.5475.5526.0550.8572.4

594.5589.6607.2604.2

642.2644.0

Inventoryvaluationadjust-ment

-13.54.0

-7.5-6.6

-133-28.1-20.3-7.6

.2-14.6-15.6

7.9-4.0-3.9-9.8

-165-22.8-51 9-42.3-9.3-8.8

-174-13.0

Capitalconsump-

tionadjust-ment

11.34.32.56.7

11.615.99.04.57.25.05.83.8

12.3-11.8

18.118.821.317.415.014.616.520.422.7

Netinterest

467.3448.0414.3398.9394.9403.6

477.5434.3412.4412.8403.2391.4388.0

390.2395.5400.1393.8406.9405.2400.7401.9399.5402.5

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

1990199119921993199419951990- IV1991: IV1992- IV1993- I

IIinIV

1994: IIIinIV

1995- IIIinrv

1996- III'

Total|>crsonal

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

4,649.14,688.1

Durable goods

Totaldurablegoods

493.3462.0488.5524.1562.0579.8

476.3461.5505.0

506.0519.6528.9541.9549.6555.4563.1579.8

566.5576.2589.1587.5

599.2616.1

Motorvehicles

andparts

224.3193.2206.9218.6228.2221.1210.0194.6213.9210.8219.0219.1225.3

230.3226.6226.5229.4

216.3220.9226.4220.6

224.2226.4

Fur-nitureand

house-hold

equip-ment

173.5177.0189.4208.4230.1251.1171.5178.0196.4200.7205.0211.0216.8219.0226.1232.6242.6

243.1247.1254.1259.9

264.1276.1

Other

96.691.892.397.2

104.2109.8

95.588.994.694.595.598.999.9

100.3103.0104.7108.8108.9109.9110.5109.9113.9117.3

Nondurable goods

Totalnondura-

blegoods

1,316.11,302.91,321.8

'1,348.81,390.51,421.9

1,308.41,295.71,339.81,336.91,344.51,354.01,359.91,372.91,383.91,397.01,408.1

1,416.61,422.91,424.71,423.2

1,436.11,442.0

Food

662.9659.6660.0674.3689.1702.1662.9656.5668.6

670.5672.9675.7677.9

682.3688.6690.5694.9

700.5701.3703.6703.0

709.2705.8

Clothingand

shoes

217.9215.9225.5233.3247.2257.2

215.1213.1230.9227.4232.3235.0238.6241.1243.3249.0255.5

254.6257.9258.8257.3

262.5269.1

Gasolineand oil

107.3103.4106.6109.1110.4113.3104.9102.5107.3108.2108.0110.9109.3108.8109.5111.6111.6113.4113.6112.5113.7112.6114.4

Fueloilandeoal

11.210.810.910.710.310.3

9.910.610.710.910.610.710.611.410.010.29.69.9

10.610.010.710.710.2

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

341.6343.4

Services

Totalserviees '

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

2,614.72,631.2

Housing

627.2635.2646.8655.0668.2681.7630.6638.6650.6652.2653.5655.9658.5

662.1666.1670.7674.1677.4680.0683.2686.3

689.0691.7

Medical

602.8621.6646.6658.8668.8684.1610.6630.8652.2

656.6657.5659.7661.4663.2667.6670.4674.2

677.8681.3686.0691.2691.1695.4

Ketail salesof new pas-senger ears

and lighttrucks

(millions ofunits)

13.912.312.813.915.014.713.012.313.313.014.113.814.5]5.114.815.015.214.614.415.014.915.215.1

1 Includes other items, not shown separately.

NOTE.—Because of the formula used for calculating real GDP, the chained (199*2) dollarestimates for the detailed components do not luiil to the chained-dollar value of GDI* or to anyintermediate aggregates.



SOURCES OF PERSONAL INCOMEPersonal income rose $7.0 billion (annual rate) in July, following an increase of $55.2 billion in June. Wages andsalaries rose $5.0 billion in July, compared with an increase of $46.2 billion in June. In July, declines in private-sector average weekly hours and average hourly earnings more than offset an increase in employment. In June,on the other hand, hours, earnings, and employment had all increased.

BILLIONS OF DOLLARS* (RATIO SCALE)7,000

4,000

5,000

4,000

3,000

2,000

1,400

800

4001988

I I I I I I I I I I I1989 1990

WAGE AND SALARY DISBURSEMENTS

"T""'OTHER INCOME

TRANSFER PAYMENTS

1991 1992 1993 1994

BILLIONS OF DOLLARS* (RATIO SCALE)

7,000

6,000

5,000

4,000

3,000

2,000

1,400

800

I I I I [ I M I I I

1995

I I I I I I I I I I I 4001996

COUNCIL Of ECONOMIC ADVISERS

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

Period

19871988 . ..19891990199119921993199419951995: July

SeptGet

Dec1996- Jan

FebMarApr1"May

July**

Totalpersonalincome

3,877.34,172.84,489.34,791.64,968.55,264.25,480.15,753.16,115.16,129.86,138.96.172.16,206.66,229.46,267.46,270.16,315.26,340.16,371.36,404.96,460.16,467.1

Wage andsalary

disburse-ments '

2,272.72,453.62,598.12,757.52,827.62,986.43,090.73,241.83,430.63,444.03,443.93,465.63,491.93,495.03,513.63,508.13,546.03,560.63,579.13,597.23,643.43,638.4

Other laborincome ' 2

235.4251.7273.1300.6322.7351.3380.9402.2424.0424.6425.8427.2428.7430.2431.7427.4429.1430.8432.4434.0435.6437.1

Proprietors' income3

Farm

32.328.236.836.330.238.032.035.029.027.628.028.830.431.933.236.238.840.143.346.548.550.0

Nonfarm

260.6294.7308.2324.6332.7371.5388.1415.9449.3448.4451.9454.2452.9455.0456.9457.0461.3465.1467.9470.7471.4473.3

Rentalincome

ofpersons4

45.555.752.461.468.480.6

102.5116.6122.2122.0120.6120.2119.5127.4130.7129.1126.7125.0123.2123.4122.7123.6

Personaldividendincome

101.1109.9130.9142.9153.6159.4186.8199.6214.8214.3215.6217.4219.5221.9223.8225.3226.5227.9228.7229.4229.9230.8

Personalinterestincome.

560.0595.5674.5704.4699.2667.2648.1663.7717.1718.2719.7721.7724.2727.0730.3728.4725.6724.3727.9733.5737.4739.0

Transferpayments5

543.3577.6626.0687.8769.9858.2910.7956.3

1,022.61,026.61,028.91,034.1 '1,038.01,039.31,046.91,057.41,062.51,069.01,072.51,075.41,079.51,083.0

Less: Per-sonal con-tributionsfor socialinsurance

173.7194.2210.8223.9235.8248.4259.6278.1294.5295.9295.6297.2298.4298.4299.7298.9301.5302.7303.9305.2308.3308.2

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 a<ljustincnts.*With capita! consumption adjustment.5 Consists mainly of social insurance benefits, direct relief, and veterans payments.



DISPOSITION OF PERSONAL INCOMEAccording to revised estimates, per capita disposable persona! income in chained (1992) dollars rose at an annualrate of 0.7 percent in the second quarter.

BILLIONS OF DOUARS- (RATIO SCALE)6,000

BILLIONS OF DOLLARS' (RATIO SCALE]

2,500

2,000

DOLLARS* (RATIO SCALE)

2,500

2,000

DOUARS* (RATIO SCALE)

20,000

18,000

16,000

14,000

12,000

10,000

8,000

PER CAPITA DISPOSABLE PERSONAL INCOME

CHAINED (1 992) DOLLARS

. • —

i i i

1982

p--"

^

1 1 !

1983

^

i i i1984

r

^-— '

i I i1985

•••

1 1 1

1986

\ _

^*^~

\ 1 !

1987

\\

CURRENT

i i I1988

1 "

XM1ARS

: i i1989

.

I I I1990

— •

! 1 1

19911 1 !

1992

i i i1993

j^**1 ' __.

1 1 !

1994

— — — •

i i i1995

p» ••

.-

I I I1996

22,00020,000

18,000

16,000

14,000

12,000

10,000

8,000


Period

19881989199019911992199319941995

1990- IV1991- IV1992- IV1993- I

IIIllrv

1994- IIIIllrv

1995- IIIIIIIV

1996: III r

Personalincome

Less:Personaltax aridnontax

payments

Equals:Disposable[wrsonalincome

Less:Personaloutlays '

Equals:Persona!saving

Billions of dollars

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

532.0594.9624.8624.8650.5689.9731.4794.3

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

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

189.1187.8208.7246.4272.6214.4189.4249.3

Dispos-able

|>ersonalincome inbillions ofchained(1992)dollars

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

Per capitadisposable persona]

income

Currentdollars


Per capitconsuexpen

Currentdollars

a personalmptioriitures


Dollars

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

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

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

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

Percentchangein real

per capitadisposablepersonalincome

Saving aspercent ofdisposablepersonalincome

Percent

3.01.0

.8-1.0

1.7.1

1.42.6

Seasonally adjusted annual rates

4,868.65,048.95,415.35,349.15,459.25,501.65,610.55,562.45,739.15,808.25,902.76,004.56,074.46,146.96,234.56,308.56,412.1

627.1632.5674.8662.4686.9696.4713.8705.5740.8731.3748.1770.0801.5798.4807.2824.9867.3

4,241.54,416.44,740.54,686.74,772.34,805.24,896.74,856.84,998.35,076.95,154.65,234.55,272.95,348.55,427.35,483.55,544.7

4,027.94,149.84,450.04,489.24,545.54,602.24,666.34,728.04,796.14,870.84,934.24,980.35,054.45,106.65,144.75,218.15,300.9

213.5266.6290.5197.4226.8202.9230.5128.8202.2206.2220.4254.2218.5241.9282.6265.4243.9

4,468.84,506.34,688.74,603.04,658.04,674.84,731.74,666.54,776.04,810.24,859.94,903.84,907.14,959.55,012.95,037.65,057.2

16,89617,40518,47818,22518,51318,58918,89218,69919,20019,45219,70019,96520,06820,30620,55520,72720,911

17,80217,75918,27717,90018,06918,08418,25617,96618,34618,43018,57418,70418,67618,82918,98619,04119,073

15,56415,87116,87716,98417,16417,33517,52817,71417,92418,15418,33818,46318,68918,82318,90119,12819,385

16,39816,19416,69216,68116,75416,86416,93717,01917,12717,20017,29017,29617,39317,45417,45817,57317,681

-8.03.8.3

3.9-6.2

8.71.83.22.8-.63.33.41.2

.7

5.24.85.05.75.94.53.84.7

5.06.06.14.24.84.24.72.74.04.14.34.94.14.55.24.84.4

Population,includingArmedForces

overseas(thou-

sands) 2

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

251,031253,743256,543257,155257,787258,501259,192259,738260,327261,004261,653262,181262,748263,399264,032264,563265,154

1 Includes personal (-onsuinption expenditures, interest paid by jwi-sons, and personal transferpayments to rest of the world (net).

2 Annual data are averages of quarterly data, which are averages for the |>eriod.

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


FARM INCOMEIn the fourth quarter of 1995, according to preliminary estimates, gross farm income fell $9.8 billion (annual rate)and net farm income fell $8.1 billion.

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

240200

160

40

20

10

7

.„ ,-f

v. ^

\\ ',\ '

\J

1 1 1

1982

^v^-'

\1i N ii ' \ ii ' \iI ' 'i'

i

1 ! 1

1983

<y

1 ! 1

1984

\i \GROSS FARM Ir-

.l\

\'~

i i i1985

A '' \ 1

\ ' \l

<! 'N

i i i

1986

COME

'\^ /

\ET FARM IN

1 ! 1

1987

r~*~^"

k~" \ '\ /\/COME

1 ! !

1988

1 '

' *"• /"̂

i i i1989

"

^\ />^ f

i i l

1990

^ /\s

i i i

1991

x1 •*

i i i

1992

\f

i i l

1993

r̂ "~ — *

,\\ ^\. s

1994

r— -̂̂ .

v / \s

i i i

240

160

60

40

20

10

21995

" SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT Of AGRICULTURE COUNCIL OF ECONOMIC ADVISERS

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

Period

198619871988198919901991 ...199219931994 . . . . .1995?1994: I

IIIIIIV

1995: IIIIllTVf .

Income of farm operators from farming

Gross farm income

Total '

156.1168.3177.3191.9198.5191.8200.5203.0213.5207.1218.8206.1211.8217.1205.2203.1215.1205.3

Cash marketing receipts

Total

135.4141.8151.2160.8169.4167.8171.3177.1179.7185.6178.8169.7185.8184.4180.5180.9199.6181.4

Livestock andproducts

71.676.079.683.989.285.885.690.088.186.892.082.897.679.983.281.696.186.4

Crops

63.865.871.676.980.382.085.787.191.698.886.886.988.2

104.597.399.3

103.694.9

Value ofinventorychanges -

-2.2-2.3-4,1

3.83.5

-.24.2

-4.58.7

-3.410.610.0

7.86.3

-4.1-3.9-3.0-2.5

Productionexpenses

125.1130.2139.8146.9153.7153.4152.6160.9166.7171.9164.3166.5168.5167.6169.2170.7174.7172.9

Net farmincome

31.138.037.545.044.838.447.942.146.735.354.539.643.349.536.132.440.432.3

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

~ Hrysiea) ehartgvs in (ind-of-y«ar inventory of m>{? ami livestock w>7mrKx)itit\s valjiei) at aver-age prices during the year.

NOTE.—Data include rmt Commodity Credit Corporation loans and operator households.Quarterly data plotted for 1989 through 1992 in chart do not reflect previous revision

annual data in table.Sources: Department of Agriculture.


CORPORATE PROFITSIn the second quarter of 1996, according to preliminary estimates, corporate profits before tax rose $1.8 billion(annual rate) and profits after tax fell $1.4 billion.

BILLIONS Of DOLLARS BILLIONS OF DOLLARS

650

600

550

500

450

400

350

300

250

200

150

100

50

0

SEASONAE1Y ADJUSTED ANNUAL RATES

sJ

/

/

J

PROFITS BEFORE TAX /\ /

y

s\1/~^

- — ̂

~ —

~ . ̂

1 1 11982

/

s/

.'•"•'/ -.--'

_/

1 1 i

1983

* •"**~x

1 1 11984

. -̂N

--•">

\

1 I !

1985

^/

/

\_ — •<•"•

N,n'1986^

//

./'

ffr~

,' UN/

i i l1987

/

PRC

s ""

^.**'

"\3ISTRIBUT

I I >

1988

_N,

V

)FITS AFTE

N\

'N. —

\.x

D PROFIT

! ! 1

1989

RTAX

s

TAX

••''" "*'

,'"

S

I 1 I

1990

J

~~ — "̂

JABILITY

l_\\_.

/°*^ •*

1 1 1

1991

V

'V\'

' \/f \ f

\ t

1 1 11992

/

^<s ~~/

/ •S'-*

/\/

i ! 1

1993

7

s

s/

V

^/

r/

1 ! i

1994

/-s

J/ —

'"""•

1 I 11995

r

-

-

-

-

-

-

-,•—

/ —-

-

i i i1996

650

600

550

500

450

400

350

300

250

200

150

100

50

0

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally acljusted amnial ratesl

Period

198719881989199019911992 ....199319941995

1990: IV1991: IV1992: IV1993- I

IIIllIV

1994: IIIIIIIV

1995: IIIinIV

1996: IHP

Profits (before tax) with inventory valuation adjustment '

Total 2

272.9325.0330.6358.2378.2398.9457.7517.9570.8

356.5375.2420.5

422.4442.0465.9500.5

471.6516.2534.3549.6

542.6547.3597.9595.3

624.8631.0

Domestic industries

Total

231.3274.3272.6292.5309.5334.0388.1453.7494.1

282.5303.6361.2

347.0375.7393.1436.8

407.0452.4469.9485.5

467.5468.2527.1513.7

541.6553.8

Finan-cial

37.143.053.168.687.483.791.094.4

119.1

70.587.683.1

85.788.188.8

101.3

64.997.8

108.4106.4

114.3112.6130.4119.3

134.9135.8

Nonfmancial

Total :'

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

406.7418.0

Manufac-turing

85.0115.1109.3112.3

92.796.3

109.7142.7145.7

108.483.8

105.1

90.4108.4106.0134.0

145.3134.2142.8148.4

134.7137.8153.2157.3

161.3

Whole-sale

16.719.320.417.220.623.025.534.529.6

16.917.028.3

17.928.627.028.7

28.839.534.335.4

29.726.431.231.2

37.5

Retail

23.919.620.720.626.132.239.242.238.7

22.828.637.3

36.338.142.439.8

38.343.243.743.6

36.036.642.539.6

41.7

Profitsbefore

tax

293.6354.3348.1371.7374.2406.4464.3531.2598.9

376.7382.8420.3

437.0457.6458.0504.5

475.5528.0550.8572.4

594.5589.6607.2604.2

642.2644.0

Taxliability

127.1137.0141.3140.5133.4143.0163.8195.3218.7

139.7135.2149.7

151.5162.6159.3181.7

171.4192.8203.4213.5

217.3214.2224.5218.7

233.4236.7

Profits after tax

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

408.8407.4

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

Undis-tributedprofits

59.5100.567.979.477.793.9

103.2124.8152.8

85.082.290.3

95.399.298.4

119.9

99.7124.5134.9140.3

155.5150.8154.3150.8

168.9164.3

Inventoryvaluation

adjust-ment

-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'-13.0

1 Sw p, 4 for profits with inventory valuation and capita! consumption ailjustm«nts.2 Includes rest of the world, not shown separately.

:i 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 $7.4 billion (annual rate) and residential investment rose $10.2 billion. There was an increase of $7.2billion in inventories following a decrease of $3.0 billion in the First quarter.

BILLIONS OF CHAINED 11992) DOLLARS

1,100

1,000

900

800

700

600

500

400

300

200

100

0

-100

SEASONARY ADJUSTED ANNUAL RATES

^

S^

I

, /

XN.

•V

"

1982

J

/___ s

s*

s

f

1983

/

*> "

s

r --^

1 1 1

1984

r /I

. • —

i

' •• -« - ̂

l i i

1985

[\ _A^T^r\\-s

-*._.^

\\\ w

1 1 11986

GRC

_^~ •

\)SS PRIVA

INVES1

.

"E DOMESMENT

F

RESIDENTIALFIXED INVESTMENT

\

CHAN

\,^ '

i i l

1987

\

3E IN BUSVENTORI

i i i

1988

• — ...

INESS

i i i

1989

VTIC

*Y<•IONRESICXED INVE

•-*,

,'N%,

l ! i

1990

^

STMENT

f __ f

i i i1991

-/

-""'

^._.~

1 ! !

1992

^

"

i l i

1993

r

ss

/ "" —

1994

fV^—

^

** \ — % x

i i i

1995

-/

'-

! 1 !

1996

BILLIONS OF CHAINED (1992) DOLLARS

1,100

1,000

900

800

700

600

500

400

300

200

100

0

-100

SOURCE: DEPARTMENT Of COMMERCE COUNCIL Of ECONOMIC ADVISERS

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

Period

19871988 .1989199019911992 ..199319941995

1990- IV1991- IV1992- IV

1993- IIIIll .IV

1994- IIIin . ...IV

1995- IIImIV

1996- IIP

Grossprivate

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

1,011.91,038.9

Fixed investment

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

1,013.31,031.2

Nonresidential

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

743.5750.9

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

186.6186.1

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

558.3566.5

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

271.1281.3

Change iu businessinventories

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

54.530.533.014.6

-3.07.2

Nonfarm

34.224.733.5

7.8-1.2

1.926.446.837.2

-25.919.97.2

26.026.730.922.1

29.754.050.553.0

57.433.738.619.0

2.911.9

NOTE.—See p. 10 for further detail on fixed investment by ty|>e.Because of the formula used for ealc-nlating real GDP, the eliained (1992) dollar estimates

for the detailed components do not (i(Ul to the ehained-doltar value of GDP or to any intermedi-Source: Department of (*ornrnerv.e, llureaii of Economic Analysis.


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

Period

19871988 .19891990 .19911992 ..19931994 .1995

1990: IV1991: IV1992: IV1993: I

IIinrv

1994: IIIinIV

1995: IIImIV

1996: III'

Nonresident! al

Totalnonresi-dential

542.4566.0588.8585.2547.7557.9593.6652.1714.3

573.9539.5569.1577 5586.4593.1617.6

'6285639.5660.5679.7704.4710.5719.0723.3743.5750.9

Structures

Total '

195.9196.8201.2203.3181.6169.2166.3168.8181.1

196.0171.4165.6167.0164.8165.1168.2163.0169.0169.1174.3178.5180.0182.8183.2186.6186.1

Non-resi-

dentialbuild-ings,

includ-ing

farm

142.4145.3150.2152.0126.9113.2112.8117.7127.9

143.8116.4109.8111.4110.6112.7116.3112.4117.8117.4123.3125.4126.8129.2130.3131.4130.7

Utili-ties

30.730.030.928.132.034.531.131.735.1

28.933.333.932.431.030.730.530.731.232.132.733.734.835.836.036,437.1

Miningexplo-ration,shafts,

andwe s

15.515.813.916.115.713.314.812.611.2

16.314.413.715.215.214.614.213.413.312.211.512.510.711.010.512.812.8

Producers1 durable equipment

Total1

346.9369.2387.6381.9366.2388.7427.6484.1534.5

377.9368.1403.5410.5421.7428.2449.8466.4471.1492.5506.5527.2531.7537.4541.4558.3566.5

Information processingand related equipment

Total

97.5106.6116.2116.2117.8134.2147.1170.4

'201.1

115.7122.5138.9139.5142.2150.7156.0161.2166.6171.6182.4189.1199.7201.4214.4225.5233.7

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

105.6117.2125.5

Other

80.285.788.188.285.990.291.5

102.6114.2

87.186.291.588.689.693.194.697.8

100.8103.6108.3111.5115.1114.0116.2118.1119.9

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 .4117.5114.5

Residential

Totalresi-den-tial3

257.6252.5243.2220.6193.4225.6242.7268.9262.8

200.3202.4236.7237.9234.8242.2255.8263.6271.6270.3270.3265.9256.5262.2266.3271.1281.3

Structures

Total

251.6246.3237.0214.5187.6219.5236.3262.1255.8

194.4196.6230.5231.7228.5235.7249.2257.0264.8263.5263.2258.9249.6255.3259.3264.1274.1

Singlefamily

128.3126.1121.9110.496.4

116.5'127.1140.5127.7

97.6105.1121.6124.9122.5126.3134.4140.3143.5140.8137.4133.0123.0125.8129.1132.5137.4

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

104.11054108.4108.2110.4109.3109.8112.2112.4113.0116.3

1 Includes other items, not shown separately.2 Includes new computers and peripheral equipment only.:i 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 tukl to the chainod-dollar value of GDP or to anyintermediate aggregates.

Sourav. Department of Commerce, Bureau of Kconotmc*. Analysis.

BUSINESS INVESTMENT AND PLANS[Billions of dollars]

Period

1993 '

1994 a

1995:i

1996 4

Totalex-

pendi-tures

489.7

549.9

594.5

603.4

By industry

Total

488.2

547.8

591.7

600.7

Miningandcon-

struc-tion

31.2

36.1

36.0

33.6

Manufacturing

Total

134.1

153.3

172.3

184.8

Dura-ble

goods

66.4

78.9

91.4

100.2

Non-durablegoods

67.7

74.4

80.9

84.6

Trans-porta-tion

30.6

33.3

37.0

35.2

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

Fi-nance,insur-ance,andreal

estate

40.2

46.8

57.3

57.7

Serv-ices

111.8

123.5

123.7

129.4

Servingmul-tiple

indus-tries

1.7

2.2

1.5

1.3

Notdistrib-

utedby

indus-try

1.4

2.2

2.8

2.7

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

am scheduled for release in suimner 199(i.3 Revised estimates collected from the March I99ti Investment Plans Survey. Final data will

Ix? 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 Annwd Capittd Kxpewliturex: 1<W3.

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

Sour(*: Department of Commerce, Bureau of the Census.

10


EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEIn July, employment rose by 274,000 and unemployment rose by 237,000.

MILL

138

134

130

126

122

118

114

110

ONS OF PERSONS * MILLIONS OF PERSO

SEASONALLY ADJUSTED

CIVILIAN LABOR FORCE

_)̂ ~1

~~""1

-./•^ "

'

r"~"\\

CIVILIAEMPLOYM

MENT

r"' — "

-'•- "

— x-1

***^4-*S

** -**

~^-^_

-^^+

-

•*

NS*

138

134

130

126

122

118

114

110

SOURCE: DEPARTMENT OF LABOR

1996


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

Period

1986 3

19871988198919903

199119921993199441995

1995- July

Oct

Dec

1996- JanFeb

AprMavJuneJuly

Civiliannoninstitu-

tionalpopulation

NSA

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

198,615198,801199,005199,192199,355199,508

199,634199,772199,921200,101200,278200,459200,641

Civilianlaborforce

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

132,342132,298132,501132,473132,471132,352

132,903133,018133,655133,361133,910133,669134,181

Civilian employment

Total

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

124,832124,859125,036125,244125,062124,981

125,226125,663126,151126,095126,462126,610126,884

Agricul-tural

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

3,4093,3763,3353,4343,3233,325

3,5293,5193,4873,3683,4913.3823,502

Nonagrieultural

Total

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

121,423121,483121,701121,810121,739121,656

121.698122,143122,664122,726122,971123,228123,382

Part timefor

economicreasons *

5,3455.1224,9654,6574,9505,8746,2406,2304,4144,279

4,2564,2914,3554,2744,2834,306

3,8424,2744,2234,2874.0684,1464,159

Unemployment

Total

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

7,5107,4397,4657.2297,4097,371

7,6777,3557,5047,2667,4487.0607,297

15weeks

andover

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

2,3322,3712,3232.2812,3052,322

2,3702,3072,4792,3882,3362,4352,319

Not inlaborforce

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

66,27366,50366,50466,71966,88467,156

66,73066,75466,26666,74166,36866,79066.460

Percent -'

Laborforce

partici-pationrate

65.365.665.966.566.566.266.466.366.666.6

66.666.566.666.566.466.3

66.666.666.966.666.966.766.9

Employ-ment/pop-

ulationratio

60.761.562.363.062.861.761.561.762.562.9

62.962.862.862.962.762.6

62.762.963.163.063.163.263.2

Unem-ploy-mentrate

7.06.25.55.35.66.87.56.96.15.6

5.75.65.65.55.65.6

5.85.55.65.45.65.35.4

1 Persons at work. Economic reasons inc.iude slack work, material shortages, inability to findfull time work, etc.

-Civilian Ja!x)r f»m> (or employment) its persist of civilian noni restitution si population; andunemployment as percent of civilian labor force.

;f Not strictly comparable with earlier data.

4 Data beginning January 1994 are not directly comparable with data for earlier periods IHScause of a major rodesiî of the household survey questionnaire.

Source: Department of Labor, Bureau of Labor Statistic.

11


SELECTED UNEMPLOYMENT RATESIn July, the unemployment rote rose to 5.4 percent from 5.3 percent in June.

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

10

1992 1996 1992

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

[Monthly data seasonally adjusted]

Period

19861987198819891990 ...199119921993 . .19942

19951995: July

Aucr

SeptOct ...NovDec

1996- JanFebMar .AprMayJuneJuly ...

Unemployment rate (percent of civilian labor force in group)

Allcivilianworkers

7.06.25.55.35.66.87.56.96.15.6

5.75.65.65.55.65.6

5.85.55.65.45.65.35.4

By sex and age

Men20 yearsand over

6.15.44.84.55.06.47.16.45.44.8

4.84.84.84.54.94.8

4.94.95.04.84.84.64.7

Women20 yearsand over

6.25.44.94.74.95.76.35.95.44.9

5.04.94.95.04.84.7

5.14.84.84.75.04.64.9

Bothsexes16-19years

18.316.915.315.015.518.720.119.017.617.3

17.817.617.717.117.818.0

18.216.617.516.716.415.916.4

By race

White

6.05.34.74.54.86.16.66.15.34.94.94.84.94.85.04.9

5.04.94.84.74.94.64.7

Blackand

other

13.111.610.410.010.111.112.711.710.59.6

9.910.010.19.49.09.3

9.59.19.89.49.29.09.4

Black

14.513.011.711.411.412.514.213.011.510.4

10.811.011.110.0

9.610.2

10.610.311.110.510.210.110.5

By selected groups

Expe-riencedwageand

salaryworkers

6.65.85.25.05.36.67.26.65.95.4

5.55.45.55.45.45.4

5.45.35.45.35.45.15.2

Marriedmen,

spousepresent

4.43.93.33.03.44.45.14.43.73.3

3.43.33.43.23.33.2

3.33.03.13.02.93.03.0

Womenwho

maintainfamilies

9.89.28.18.18.39.3

10.09.78.98.0

8.27.28.07.97.76.8

8.27.57.76.88.77.69.1

Pull-timeworkers ]

6.96.05.35.15.46.87.56.96.15.5

5.55.55.55.45.55.5

5.75.45.55.45.55.25.3

Part-timeworkers '

7.46.96.46.26.47.07.57.26.06.06.46.05.95.95.95.9

6.06.26.05.85.95.66.1

1 Revised definition; for details, see Emphnfnumt awl Kamintjs, February 1994.2 Data beginning January 1994 are not directly comparable with data for earlier periods.

NOTE.—Data relate to persons age 16 years and over.

Source: Department of Lalior, Bureau of Ijalior Statistics.

12


SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCEPROGRAMSIn Juiy, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14weeks rose; the percentages for 15-26 weeks and for 27 weeks and over feli. The mean duration of unemploymentfell to 16.8 weeks and the median duration rose to 8.6 weeks.

PERCENT DISTRIBUTION

70

50 -

PERCENT DI57RI8UTION '

70

60

- 50

40

P-A

20

- 10

REASON FOR UNEMPLOYMENT

1992

* SEASONAiLY ADJUSTEDI/BEGINNING JANUARY 1994 JOB IOSERS AND PERSONS WHO COMPUTED TEMPOHARY JOBSSOURCE; DEPARTMENT OF LABOR

JOB LOSERS-^

/ X-NX-''\REENTRANTS

JOB LEAVERS

\

NEW ENTRANTS

I l l l l l l l l l

1994

COUNCIl OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]

Period

198619871988198919901991199219931994;i .1995

1995- July

SeptOct

Dec

1996- JanFebMar

May

Julv

Un-employ-

ment(thou-sands)

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

7,5107,4397,4657,2297,4097,371

7,6777,3557,5047,2667,4487,0607,297

Duration of unemployment

Percent distribution

Lessthan

5weeks

41.943.746.048.646,340.335.136.534.136.5

35.336.437.537.237.136.4

36.837.835.433.837.635.136.8

5-14weeks

31.029.630.030.332.032.429.428.930.131.6

33.831.831.231.832.032.5

31.930.931.132.731.230.531.6

15-26weeks

12.712.712.011.211.714.415.114.515.514.6

13.915.114.213.714.214.5

14.815.315.715.513.615.813.1

27weeksandover

14.414.012.19.9

10.012.920.320.120.317.3

17.016.717.117.216.71K.6

16.516.017.818.017.618.618.5

Number of weeks

Aver-age

(mean)

15.014.513.511.912.013.717.718.018.816.6

16.516.316.316.216.316.2

16.016.617.317.416.817.616.8

Median

6.96.55.94.85.36.88.78.39.28.3

8.78.48.18.18.08.1

8.38.08.38.88.38.18.6

Reason for unemployment:percent distribution

Joblos-ers '

48.948.046.145.748.154.456.154.247.746.9

47.046.545.947.546.946.9

47.648.147.450.046.048.646.1

Jobleav-ers

12.313.014.715.714.811.610.410.99.9

11.1

11.211.611.710.511.511.9

11.510.010.4

9.79.09.6

10.3

Reen-trants

26.226.627.028.227.424.823.824.634.834.1

34.334.034.234.433.733.2

32.533.734.432.837.834.334.9

Newen-

trants

12.512.412.210.49.89.29.7

10.37.67.8

7.67.88.17.77.98.1

8.58.27.97.67.27.58.6

Stateprograms

Insuredunem-ploy-ment

Initialclaims

Insuredunem-

ployment,all

regularprograms(unadjust-

ed)2

Weekly average, thousands

2,6432,3002,0812,1582,5223,3423,2452,7512,6702,574

2,6832,6342,6322,6782,6522,625

2,6552,6602,6412,5762,5442,5702.537

378328310330388447408341340357

373346357365375363

374371393356348356

'335

2,7392,3692,1352,2052,5753,4063,3482,8452,7392,636

2,6352,4612,1972,2932,4222,669

3,4993,3333,1612,9342,3522,3832,550

1 Beginning January 1994, job losers and [X^rsons who completed temjwrary jobs,'2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ox-serv-

icemen (UCX), and Federal (UOFE). Railroad (RR) programs included through 199:1 Also in-cludes Federal am! State extended I>erier1t programs. Does not include Federal supplementalcompensation or Kmi'rjjoncy Unemployment Compensation programs.

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

NOTE.—Data relate to persons age If i 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 nonagricuSfura! employment as measured by the payroll survey rose by 193,000 in Ju!y.

MILLIONS OF PERSONS*

120

110

70

60

50

30

20 iTm1992

SERVICE-PRODUCINGINDUSTRIES

GOODS-PRODUCINGINDUSTRIES

A..1995

MILLIONS OF PERSONS* (ENLARGED SCALE)

SERVICES

RETAIL TRADE .

GOVERNMENT "

II I II I II I I II I II

MANUFACTURING

CONSTRUCTION

1993 1994 1995 1996


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

Period

19861987198819891990 .. .199119921993199419951995: July

SeptOctMen-Dec

1996- JanFebMar

May

Julvf

Totalnonagri-culturalemploy-

ment

99,344101,958105,210107,895109,419108,256108,604110,730114,172117,203117,201117,499117,623117,749117,899118,136118,070118,579118,737118,928119,335119,555119,748

Goods-producing industries

Total2

24,53324,67425.12525,25424,90523,74523,23123,35223,90824,20624,17124,17924,17624,15124,13324,16024,11224,25424,19624.20924,26224,27824,279

Con-struc-tion

4,8104,9585,0985,1715,1204,6504,4924,6684,9865,1585,1465,1645,1875,2005,2115,2235,2345,3495,3405,3535,3845,4065,431

Manufacturing

Total

18,94718,99919,31419,39119,07618,40618,10418,07518,32118,46818,44718,43918,41518,37818,35318,36718,30918,33218,28218,28318,30218,29818.278

Durablegoods

11,19511,15411,36311,39411,10910,56910,27710,22110,44810,65410,64710,65310,64810,63110,62810,66710,64310,65910,62310,65410,67910,69410,687

Non-durablegoods

7,7527,8457,9517,9977,9687,8377,8277,8547,8737,8147,8007,7867,7677,7477,7257,7007,6667,6737,6597,6297,6237,6047,591

Service-producing industries

Total

74,81177.28480,08682,64284,51484,51185,37387,37890,26492,99793,03093,32093,44793,59893,76693,97693,95894,32594,54194,71995,07395,27795,469

Trans-porta-

tion andpublic

utilities

5,2475,3625,5145,6255,7935,7625,7215,8295,9936,1656,1606,1876,1946,2126,2336,2496,2546,2706,2896,2946,3116,3296,336

Whole-sale

trade

5,7615,8486,0306,1876,1736,0815,9975,9816,1626,4126,4276,4376,4516,4656,4786,4986,5126,5296,5486,5506,5676,5776,589

Retailtrade

17,88018,42219,02319,47519,60119,28419,35619,77320,50721,17321.19621,22521,25821,26321.30021,33421,26821,34021,34321,42221,49921,58521,674

Finance,insur-ance,

and realestate

6,2736,5336,6306,6686,7096,6466,6026,7576,8966,8306,8216,8336,8426,8596,8716,8876,8946,9196,9326,9426,9646,9686,987

Services

22,95724,11025,50426,90727,93428,33629,05230,19731,57933,10733,10633,26933,37733,46033,54633,66133,69433,90234,03534,11434,27434.36434^392

Government

Total

16,69317,01017,38617,77918,30418,40218,64518,84119,12819,31019,32019,36919,32519,33919,33819,34719,33619,36519,39419,39719,45819,45419,491

Federal

2,8992,9432,9712,9883,0852,9662,9692,9152,8702,8222,8252,8222,8122,8012,7962,7902,7832,7802,7802,7772,7762,7562,753

Includes all ful l - and part-time wage and salary workers in nona£ncultura establishments) received pay for any part of the pay period which includes the 12th of the month. Exe. udcsprietors, self-employed persons, domestic servants, and personne of the Armed Forces. Totalhis table not comparable with estimates of nona£nc.ultnra] employment of the civilian H!XH--e. shown on p. 11, which include proprietors, self-employed persons, and domestic servants;eh count persons as employe,! when they are not at work l,ecause of in, ustrial disputes,weather. eUr., even if they are not paid for the time off; arid wi ich 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 oniy once—as employed, unemployed, or not in the lalx>r force.

- Includes mining, not shown separately.

Source: Department of Labor, Bureau of Labor Statistics.

14


AVERAGE WEEKLY HOURS, HOURLY EARNINGS. AND WEEKLY EARNINGSPRIVATE NONAGRICULTUHAL INDUSTRIES

| For production or non-supervisory workers; monthly data seasonally adjusted, except as noted |

Period

198619871988198919901991 . ..199219931994 . . . . . .1995

1995: July

SeptOctNovDec

1996- JanPebMar

Jiilv**

Average weekly hours

Totalprivate

nonagri-cultural !

34.834.834.734.634.534.334.434.534.734.5

34.534.434.434.534.434.333.834.534.534.334.234.734.3

Manufacturing

Total

40.741.041.141.040.840.741.041.442.041.6

41.341.541.541.441.541.240.041.441.441.541.741.941.6

Overtime

3.43.73.93.83.63.63.84.14.74.4

4.24.34.44.34.34.24.14.34.34.64.64.64.4

Average gross hourly earnings

Total >rivatenonagrieultural '

Currentdollars

$8.768.989.289.66

10.0110.3210.5710.8311.1211.44

11.4711.4611.5211.5511.5911.6111.6211.6511.6811.7211.7311.8211.80

1982dollars'2

$7.817.737.697.647.527.457.417.397.407.40

7.417.397.427.427.447.447.417.427.407.407.387.437.41

Manufac-turing

$9.739.91

10.1910.4810.8311.1811.4611.7412.0712.37

12.3912.4212.4312.4612.4912.5112.6312.5612.5512.7412.7212.7812.83

Average gross weekly earning

Total mvatenonagricultural l

Currentdollars

$304.85312.50322.02334.24345.35353.98363.61373.64385.86394.68

395.72394.22396.29398.48398.70398.22392.76401.93402.96402.00401.17410.15404.74

1982dollars2

$271.94269.16266.79264.22259.47255.40254.99254.87256.73255.29

255.80254.34255.34255.93255.91255.11250.48255.84255.36253.79252.47257.96254.07

Current dollars

Manufac-turing

$396.01406.31418.81429.68441.86455.03469.86486.04506.94514.59

511.71515.43515.85515.84518.34515.41505.20519.98519.57528.71530.42535.48533.73

Construc-tion

$466.75480.44495.73513.17526.01533.40537.70553.63573.00585.10

588.17585.92587.08593.54589.76583.28582.55604.63589.79594.39583.31596.37599.46

Ifctailtrade

$176.08178.70183.62188.72194.40198.48205.06209.95216.46221.47

222.05221.56223.49223.49224.84224.15221.59226.08227.73225.94228.38231.42229.25

Percent change froma year earlier, total

private non-agricultural :i

Currentdollars

1.92.53.03.83.32.52.72.83.32.3

2.82.42.42.02.32.1

.22.73.12.63.64.52.5

1982dollars

0.3-1.0-.9

-1.0-1.8-1.6_ 2-.0

.7-.6

-.0-.1-.1-.6

1

-A-2.5

.0

.3O

.61.7-.4

1 Also indudes other private industry groups shown on p. 14.2 Current dollar earnings divided by the consumer price index ft>r urban wajw earners and

clerical workers (CP1-W) (on a 19S2=100 base).

;1 Based on seasonally unadjusted data.

Source: Department of Lalx>r, Bureau of Labor Statistics.

EMPLOYMENT COST INDEX—PRIVATE INDUSTRY

Period

1986- Dec1987- Deo1988- Dec .iqgq. Dec1990- Dec .1991- Dec1992- Dec1993- Dec1994- Dec1995- Dec7"

1993- Mar

Sept ...Dec

1994- Mar

SeptDec

1995- Mar

SeptDec

1996- Mar

Index (June 1989 = 10(1)

Totalcompensa-

tion

Wages aridsalaries Benefits '

Percent change fi-om

8 months earlier

Totalcompensa-

tion

Wages andsalaries Benefits '

12 montiis earlier

Totalcompensa-

tion

Wages aridsalaries Benefits'

Not seasonally adjusted

90.193.197.6

102.3107.0111.7115.6119.8123.5126.7

91.194.198.0

102.0106.1110.0112.9116.4119.7123.1

87.590.596.7

102.6109.4116.2322.2128.3133.0135.9

Seasonally adjusted

116.9117.9118.9119.9

120.8121.8122.8123.5

124.4125.3]26.1126.9

127.8128.8

113.9114.6115.6116.5

117.2118.1119.0119.7

120.6121.5122.4123.2

124.5125.6

124.8126.5127.7128.9

130.3131.5132.9133.6

133.8134.6135.4136.1

136.0136.9

1.0.9.8.8

.8

.8

.8

.6

.7

.7

.6

.7

.7

.8

0.8.6.9.8

.6

.8

.8

.6

.8

.7

.7

.7

1.1.9

1.61.4.9.9

1.1.9

1.1.5

.1

.6

.6

.6i

3.23.34.84.84.64.43.53.63.12.6

3.23.34.14.14.03.72.63.12.82.8

3.43.46.96.16 66.25.25.03.72.2

Not seasonally adjusted

3.53.63.73.6

3.33.43.33.1

2.92.82.62.6

2.72.9

2.72.73.13.1

2.93.12 92.8

2.92.92.82.8

3.23.4

5.65.85.45.0

4.43.94.03.7

2.92.62.12.2

1.61.7

! Employer costs for employee l>enefits.

NOTE.—The employment cost index is a measure of thefrom the influence of employment shifts antorif j occupations ai

Huinge in the cost, of la!>ord industries.

Data exclude farm and household worker's.

Source: Department of Ijalx>r, Bureau of Labor Statistic

15


PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR

Period

19861987198819891990199119921993 r

1994r

1995 r

1993- \r

IPIIPTVr

1994- lr

II r

IIPIVr

1995- Ir

II 'HPIV'

1996- lr

UP

1986198719881989199019911992199319941995

1993- lr

Hr

HPIV '

1994- PII "IIPrv>

1995- lr

IPHPWr

1996- PHP

Output per hour ofall persons

Businesssector

Nonfannbusinesssector

Output'

Businesssector

Nonfarmbusinesssector

Hours of allpersons2

Businesssector


Compensation perhour3

Businesssector


Real compensationper hour4

Businesssector

Nonfarmbusiness

sector

Unit laborcosts

Businesssector


Implicit pricedeflator 5

Businesssector


Indexes, 1992=100; quarterly data seasonally adjusted\

94.294.194.695.396.196.7

100.0100.2100.7101.2

100.299.8

100.0100.9

100.4100.5101.1101.2

c 100.7101.2101.6101.5

102.0102.1

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

102.0102.0

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

111.2112.4

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

111.4112.6

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

109.1110.1

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

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

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

110.7111.8

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

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

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

108.7109.6

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

108.6109.6

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

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

Percent change; quarterly data at seasonally adjusted annual rates

2.5-.2

.5

.8

.8

.63.4

.2

.5

.5

-3.5-1.6

.73.7

-1.9.6

2.2.6

-1.91.91.7

-.62.0

.5

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-.1

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

.53.04.4

3.43.04.13.2

.7-1.8

3.02.94.02.7

-.92.74.15.5

.87.04.24.0

.6

.95.0

.32.74.2

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

3.01.11.03.9

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

2.91.51.04.3

5.23.84.52.85.74.85.22.51.93.6

1.92.61.91.8

2.6.8

2.33.4

3.64.63.94.43.04.1

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

3.3.2.3

-2.0.3.6

2.1-.5-.6

.7

-1.00

.1-1.3

.6-1.8-1.4

1.2

.71.21.81.9

9

.2

3.3.1.1

-2.1.1.7

2.1ij

-.5.8

-1.6-.8-.1

-1.2

.7-1.2-1.6

1.6

.81.11.91.6.0

-.1

2.64.04.01.94.94.21.72.31.43.1

5.64.31.2

-1.8

4.6.2.2

2.8

5.62.72.25.01.03.6

2.54.03.72.15.04.21.92.11.53.0

5.24.0

.1Q

.O

4.8.3.1

2.9

5.42.61.95.21.53.8

2.22.73.54.24.03.92.42.52.22.3

3.52.51.32.4

2.41.82.72.0

3.02.22.01.01.52.5

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

.91.42.2

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 plus employers' contributions for social insurance and pri-

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

4 Hourly compensation divided by the consumer price index for all urban consumers (CP1-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 j>eriod and are based on original data; they therefore

may differ slightly from percent changes based on indexes shown here.Data beginning 1993 reflect the "limited" annual revision of GDI* and related series released

August 1, 1996. GDP data for 1996: II shown elsewhere in this issue of Economic Ii\dicfit0rswere released August 29, 1996.

Source: Department of Ijabor, Bureau of Ijabor Statistics.

16


AND ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production rose in July; capacity utilization fell.

INDEX, 1987= 100* (RATIO SCALE)150

100

TOTAL INDUSTRIAL PRODUCTION

-""

1 1 1 1 1 i 1 1 1 1 1

. -i

1 1 1 H i n 1 1 1

^-- —

1 1 M 1 1 II I 1 1

.

1 1 1 1 1 M 1 1 II

f~^~

1 1 1 1 1 1 1 II I 1

120

110

100

130

120

110

90

MANUFACTURING

DURABLE

NONDURABLE

UTILITIES AND MINING

\ .,/V1s*

^^^ —

I I M H 1 1 1 1 1

1992

,'X'"-"1

•V .- —1

1993

|J1 - T"

/y •*•"

I 1 1 it 1 1 1 1 1 11994

1 1 1 I l l l MM

1995

,»^»*NV

s

1996

INDEX, 1987 - 100' (RATIO SCALE)170160150

140

130

120

110

100

90

60

FINAL PRODUCTS /^"BUSINESS ^

tUUIFMENT sS^"

__^-

^_^-^~

^~ ̂ f- — *"

"'"•••v

M i l l i l l 1 1

"/

'

CONSUMERGOODS

"x

AND SPACEEQUIPMENT

r~~^^

's

!

/' """

PERCENT-

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

1992 1996


[Monthly data seasonally adjusted]

Period

198619871988 .19891990 . .199119921993 ....19941995

1995- July

SeptOctNovDec . . .

1996- JanFebMar

MayJune r

July?

Total industrial production

Index,1987=100

95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9

121.5122.7122.8122.2122.6122.8

122.5124.2123.6124.5125.2126.0126.2

Percent change '

Frompreced-

ingmonth

0.11.0.1.t)

.3

.2

-.21.3-.5

.8

.5

.6

.1

Fromyear

earlier

0.94.94.41.5

.0-1.8

3.43.55.93.2

2.73.23.21.91.71.1

.62.01.42.63.23.73.8

Industry production indexes, 1987=100

Manufacturing

Total

94.3100.0104.7106.4106.1103.8108.2112.3119.7123.9

123.3124.2124.9124.4124.5124.8

124.5126.2125.2126.5127.2128.1128.6

Durable

93.9100.0106.6108.6107.4104.1109.3115.6125.8132.5

131.5133.2134.4133.5134.3134.8

134.9137.5135.6138.3139.2141.2142.0

Nondura-ble

94.9100.0102.3103.7104.4103.4106.7108.6113.0114.3

114.3114.3114.4114.3113.7113.8

113.1113.8113.6113.5114.0113.8113.8

Mining

101.0100.0101.3100.0102.0100.2

98.998.0

100.399.9

100.7100.0100.0

98.298.398.1

97.198.0

101.1100.4100.2101.9101.6

Utilities

96.3100.0105.0108.7109.9112.3111.9116.3117.9122.0

122.7128.8122.7121.6125.4125.1

125.6126.6128.0126.4127.9125.9123.6

Capacity utilizationrate, percent2

Totalindustry

79.281.583.783.782.179.280.381.483.983.8

83.383.983.783.083.082.9

82.483.382.683.083.283.483.2

Manufac-turing

79.181.683.683.281.378.079.580.683.383.0

82.482.782.882.282.081.9

81.482.381.381.982.082.382.3

1 Permit changes based on unrounded indexes. a Output as percent of capacity.

Sou re*: Board of Governors of the Federal Ifcserve System.

17


INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES

[1987 = 100; montlJy data seasonally adjusted]

Period

1986198719881989199019911992199319941995

1995- July

SeptOctNovDec

1996- JanFeb

Aprr

June''July/5

Products

Final products

Total

95.7100.0104.8106.8107.0105.4108.7112.7118.3121.4

121.2122.4122.6121.3121.9122.1

121.9124.5123.4124.8125.0125.5125.9

Coiisumer goods

Total

96.8100.0102.9104.0103.4103.0106.0109.5113.7115.1

114.6115.9116.0114.9115.9115.7

114.6116.6115.3115.9116.1116.1116,5

Dur-able

goods

94.5100.0104.6106.6102.396.0

103.0113.3124.2124.2

121.4124.0125.8123.4124.9126.3

120.3125.1119.3125.5126.1130.1133.5

Nondur-able

goods

97.6100.0102.4103.2103.8105.0106.9108.6111.2112.9

113.0113.9113.7112.9113.8113.2

113.3114.5114.4113.6113.7112.7112.3

Equipment

Total >

94.5100.0107.6110,9112.1108.8112.5117.5125.3131.4

131.6132.9133.1131.5131.4132.3

133.7137.3136.5139.2139.4140.8141.2

Busi-ness

93.1100.0110.7115.5116.9115.9123.4131.8144.9155.7

155.7157.5158.2156.5156.9158.4

160.5164.8162.7166.3166.2168.5169.3

De-fenseand

spaceequip-ment

96.0100.099.7

100.198.890.884.879.371.965.9

66.566.165.264.462.962.0

61.663.164.264.064.463.863.6

Intermediate products

Total

91.9100.0101.8102.0101.296.899.3

101.8107.3109.0

108.5109.4109.5109.2109.3110.1

108.5109.3109.6108.6109.7110.5110.2

Con-struc-tionsup-plies

93.8100.0101.5100.598.291.695.298.4

106.2108.2

107.3107.0108.4108.3108.7110.5

107.2109.3111.5109.2110.4112.8112.8

Busi-nesssup-plies

90.7100.0102.0103.0103.2100.2102.0104.1108.2109.6

109.5111.0110.3109.9109.9110.0

109.6109.5108.6108.4109.4109.2108.7

Materials

Total

95.9100.0105.0106.7106.8105.5109.7113.8122.0127.4

126.8128. 1128.1128.1128.4128.4

128.5129.4129.1130.3131.4132.5132.6

Energy

99.5100.0102.2103.1104.2104.4103.7103.5105.3106.6

107.5108.5105.8105.5105.7106.0

105.9106.1108.2107.0107.5107.8106.9

1 Includes oil arid R«S well drilling: and manufactured homos, not shown separately.

[1987 = 100; monthly data seasonally adjusted]

Period

19861987 . .19881989199019911992199319941995

1995. July

SeptOct

Dec

1996- JanFeb

May

July/*

Durable manufactures

Primary metals

Total

93.7100.0108.7107.2106.598.6

101.9107.7116.4119.2

118.3115.4121.0115.7120.8120.0

121.5117.1118.0119.2119.0121.1120.0

Ironandsteel

90.8100.0112.7111.2111.5100.5104.7111.9119.3122.4

119.3117.7127.0115.1126.1122.7

128.1119.5120.2122.9121.8125.4124.1

Fabri-catedmetalprod-ucts

93.8100.0104.2102.899.594.599.0

103.1110.5113.9

112.4114.3115.1114.0114.5115.0

115.6117.0116.1115.5116.7117.4117.5

Indus-trial

machin-ery andequip-ment

90.3100.0113.0117.3117.6114.7124.0138.1157.7177.8

176.0179.5181.3183.8186.5190.1

191.9196.1197.8199.0201.0204.2205.7

Elec-trical

maehiii-ery

94.3100.0108.5111.0111.4113.9123.5134.1154.3174.9

175.7178.7180.8182.4183.6182.8

182.4188,7187.9187,3188.8192.0194.2

Transportationequipment

Total

96.9100.0105.2109.6107.0101.1104.8109.2115.3113.3

111.6114.1114.1109.3108.6109.7

108.3112.1103.1114.6114.9117.1120.1

Motorvehicles

andparts

98.5100.0105.7106.9101.094.4

107.4122.9141.2141.9

136.7142.1143.3139.7140.7141.2

135.5141.1121.3144.3144.7148.7155.0

Lum-berand

prod-ucts

95.1100.0100.1

99.497.190.295.297.1

104.0104.5

103.7103.7106.2105.7104.8106.9

103.1103.3107.5108.4107.3109.1107.8

Nondurable manufactures

Ap-parelprod-ucts

96.3100.098.195.092.292.795.097.1

100.195.7

94.894.594.593.392.491.5

89.290.989.790.490.890.990.5

Print-ingandpub-

lishing

90.6100.0100.9101.1100.897.098.198.8

100.199.4

99.0100.599.898.999.398.8

97.998.796.796.397.596.696.7

Chemi-calsand

prod-ucts

94.6100.0106.0109.2111.8110.5114.4115.4121.3125.0

124.0124.4125.3126.7126.0126.5

127.1127.1126.5126.0126.4126.5126.6

Foods

97.4100.0101.5102.5103.7105.3106,9109.5113.2115.3

115.3115.5115.5115.4114.8114.8

114.8116.0115.6115.4115.4114.6114.1

Soum;: lioarti of Governors of the Federal Ileserve System.

18


HEW CONSTRUCTION[Monthly data seasonally adjusted]

Period

1986198719881989199019911992199319941995

1995- JuneJuly

SeptOet

Dec

1996- JanFeb

July

Total newconstructionexpenditures

Private

Total

Residential

Total1 New housingunits

Commercialand indus-

trial2Other

Federaland

Stateandlocal

Billions of dollars

429.9441.6455.6469.8468.5424.2452.1482.7527.1547.1

345.3351.0360.9371.6361.1314.1336.2362.6400.0410.2

545.1545.0542.3550,5550.0549.7555.7

559.0544.6557.0565.0559.2565.9

406.8409.4405.9411.3410.6411.0417.2

418.9411.2419.7423.6417.4424.7

187.1194.7198.1196.6182.9157.8187.8210.5238.9236.6

231.1231.3234.5237.7238.0239.9243.1

242.5238.6245.9247.5246.7246.1

133.2139.9138.9139.2128.0110.6129.6144.1167.9162.9

105.5104.4109.6118.0119.493.782.284.493.3

107.0

Annual rates

155.9158.3161.8164.3165.8166.4168.1

169.2166.9173.8178.7177.4176.9

108.2110.9106.6107.5106.0107.3108.9

109.3107.4106.4108.1103.2109.8

53.252.053.257.158.862.666.267.767.866.6

67.567.364.866.266.663.865.2

67.165.267.468.067.568.9

84.690.694.798.2

107.5110.1115.8120.2127.1136.9

138.3135.6136.4139.1139.4138.7138.5

140.1133.3137.3141.4141.8141.1

Construction contracts3

Total valueindex

(1987=100)

96100101105958997

105114118

'122'121124120120122117

'120113

'126'127'125'120118

Commercialand industrial

floor space(millions ofsquare feet)

1,0161,019

973961783577556589744842

Annual rates

800713826828731851784

697615750708807723628

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- JuneJuly

SeptOctNovDec

1996: JanFeb

May'

July*7

New private housing units

Units started, by type of structure

Total

1,805.41,620.51.488.11,376.11,192.71,013.91,199.71,287.61,457.01,354.1

1 unit

1,179.41,146.41,081.31,003.3

894.8840.4

1,029.91,125.71,198.41,076.2

2-4 units

84.065.358.855.237.535.630.729.435.033.7

5 or moreunits

542.0408.7348.0317.6260.4137.9139.0132.6223.5244.1

Unitsauthorized

1,769.41,534.81,455.61,338.41,110.8

948.81,094.91,199.1

:n,371.61,332.5

Unitscompleted

1,756.41,668.81,529.81,422.81,308.01,090.81,157.51,192.71,346.91,312.6

New private homes

Homessold

750671676650534509610666670667

Seasonally adjusted annual rates

1,3011,4501,4011,4011,3511,4581,425

1,4531,5141,4391,5111,4781,4741,455

1,0361,1251,1351,1301,1091,1291,150

1,1461,1831,1631,2091,1441,2011,133

35392839313229

20332553494234

230286238232211297246

287298251249285231288

1,2901,3581,3791,4271,3931,4501,487

1,3781,4171,4231,4591,4521,4151,457

1,2561,3321,2471,2671,3201,3601,225

1,4031,3281,3911,3501,3921,398

724782707684673679683

743784713

'740739726783

Homes forsale at endof period !

357366368365321284265293337372

347344349350360368372

370355368

'369365363365

Vacancy ratefor rental

housing units(percent) 2

7.37.77.7

2 7.47.27.47.4

2 7.37.47.6

7.7

7.7

7.7

7.9

7.8

1 Seasonally adjusted.- Revised series Ixiginning 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 pmnit-issuing places is 1,333.7 thousand units.

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

Source: Department of Commerce, Bureau of the Census.

19


BUSINESS SALES AND INVENTORIES—Manufacturing and TradeIn June, manufacturing and trade safes fail 0.4 percent and inventories rose $0.2 billion. According to advancedata, retail sales rose 0.1 percent in July following a decline of 0.5 percent in June.

BILLIONS OF DOUARS* (RATIO SCALE)1,200

1,100

1,000

900

800

700

600

<00

400

300

200

^

--— *""•"""

1 1 1 1 1 1 1 1 1 1 11992

_- rT lMANUFACTURING AND

TRADE INVENTORIES

4-'-r~~— i \ iMANUFACTURINGAND TRADE SALES

M 1 1 1 1 1 1 1 1 11993

1 1 1 1 1 M i l l1994

1 1 n i i 1 1 i 1 11995

1 1 M 1 1 1 1 1 II

1996

BILLIONS OF DOUARS* (RATIO SCALE)

400

RATIO*1.80

1.70

1.60

1.50

1.40

1.30

INVENTORY-SALES RATIO

MANUFACTURINGAND TRADE

1 1 1 I I I 1 1 1

* SEASONAilY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE

1992 1993 1994 1995 1996

COUNOL OF ECONOMIC ADVISERS

Period

19861987198819891990199]1992199319941995

1995- Juuer

July

SeptOct

Dec

1996- JanFeb

May

Julyp

Manufacturing andtrade1

Sales2 Inven-tories3

Wholesale

Sales2 Inven-tories3

Retail

Sales2

TotalDurablegoodsstores

Nondura-ble goods

stores

Inventories 3

TotalDurable

goodsstores

Nondura-ble goods

stores

Millions of dollars, seasonally adjusted, except as noted

430,419457,735497,157527,039545,909542,815567,176595,240637,561679,700

681,343'676,569684,477686,272685,660690,243695,289

690,692699,208700,253709,541715,130712,209

662,738709,846767,226815,486840,428834,281842,137874,515931,702989,839

973,914977,660982,154986,369992,265993,644989,839

995,352996,008994,010998,430996,984997,226

114,960122,968134,521143,760149,506148,306154,150161,681172,973187,387

188,359187,155187,953188,874189,643191,574194,901

192,878194,053195,379197,507198,258198,812

153,574163,903178,801187,009195,550200,062207,663215,878234,893254,616

249,252251,897252,209253,111254,738254,727254,616

256,258255,569256,444259,592258,834258,735

120,803128,442138,017146,581153,718154,661162,632172,924185,936195,068

196,107'195,513196,716196,644196,193197,914199,104

199,129203,392204,228204,031205,669

'204,546204,689

45,05747,98952,43054,76355,73654,16558,63464,79573,04278,018

78,361'78,125

79,52778,71179,16080,29680,852

80,62383,28584,10882,79484,053

'83,39983,094

75,74680,45385,58791,81897,981

100,497103,999108,129112,894117,050

117,746'117,388117,189117,933117,033117,618118,252

118,506120,107120,120121,237121,616

'121,147121,595

186,510207,836219,047237,234239,773243,275251,994267,916290,602302,879

300,369299,041302,700303,299306,224307,265302,879

304,370304,824302,153303,397303,930304,623

89,983105,481112,453121,347121,105119,039122,948133,949150,441160,363

158,042156,810159,326160,195162,165163,243160,363

161,316161,575159,659160,490161,156161,989

96,527102,355106,594115,887118,668124,236129,046133,967140,161142,516

142,327142,231143,374143,104144,059144,022142,516

143,054143,249142,494142,907142,774142,634

Inventory-salesratio4

Manufac-turing

andtrade1

1.551.501.491.521.521.531.481.451.411.43

1.431.451.431.441.451.441.42

1.441.421.421.411.391.40

Retail

1.561.551.541.581.551.541.521.511.501.54

1.531.531.541.541.561.551.52

1.531.501.481.491.481.49

] See page 21 for manufacturing.2Annua! data arc 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 rati(Source: Department, of Commerce, Bureau of the Census.

20


MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn July, manufacturers' shipments, Inventories, and orders all rose.

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

320

280

240

200

160

120

80

BILUC

320

280

240

200

160

120

80

- SHIPMENTs

^ — '

1 1 1 1 1 1 1 1 1 1 1

" ^-^~

DL

. •%•*'*

NONC

1 1 1 1 1 1 1 1 ! 1 1

^*~\̂TOTAL

RABLEGOOC\

lURABLEGOC

M i l l INN

, . -,*—

S

DS

1 1 1 1 1 1 M 1 1 1

p-—

,--•

1 1 1 1 1 1 1 1 1 1

INS OF DOLLARS' (RATIO SCALE)

_ NEWORD

_ ^-S

3.'&*ti

1 1 1 1 E 1 1 1 1 1 11992

FP,STOTAL ^

^^^^ /̂ »"

C

,-vv.^.-'x

NON

1 1 1 1 1 1 1 M 1

1993

HJRABLEGOC

J* s,*»'^*

-'-—"'DURABLE GOC

HIM 1 1 1 1 1

1994

1 '

OS•».x

"•"'

DOS

Hi l l 1 1 1 M

1995

v--"

N,— '"

•• ̂ *

1 1 1 1 1 1 1 1 1 1

1996

18014000160

20

80

40

•00

60

20

80

- INVENTOKlbb

- — _ i ~\TOTAL

\RABLEGOOD

"V"sIDURABLE GC

| 1 1 M 1 1 I 1 1 I

r — —

•- —

1 1 1 1 1 ! i u 1 1

^ —

1 1 M 1 1 1 1 i ! 1

RAHO2.00

1.80

1.60

1.40

1.20

INVENTORY-SHIPMENTS RATIO

^^

1 1 1 1 1 1 1 1 1 ! 1

1992

~^-v~^

i l 1 1 1 1 1 1 1 11993

•X-^.^ _—+~—*

1 1 1 1 1 1 1 1 1 1 11994

1 1 1 1 1 1 1 1 i 1 11995

r^M ! ! 1 i 1 i ! I !

1996

* SEASONALLY ADJUSTEDSOURCE; DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

198619871988198919901991 ... .19921993 . .19941995

1995- July

SeptGetNovDec

1996: JailPebMarApr

Julyp

Manufacturers' shipments '

Total Durablegoods

Nondurablegoods

Manufacturers' inventories2

Total Durablegoods

Millions of dollars, sei

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

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

298,685301,763300,646308,003311,203308,851312,672

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

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

159,125161,918160,377164,615167,487166,902168,180

91,41998,198

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

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

139,560139,845140,269143,388143,716141,949144,492

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;521

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

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

272,657273,400273,535273,870273,857273,649274,644

Nondurablegoods

Manufacturers' new orders '

Total

Durable goods

Total

isonally adjusted, except as noted

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

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

162,067162,215161,878161,571160,363160,219159,877

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

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

307,151302,648305,091307,001314,194312,139317,633

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

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

167,355163,146165,519163,472170,287169,994172,928

Capitalgoods

industries,nondefense

Nondurablegoods

Manufac-turers'unfilledorders2

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

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

46,16344,55546,61340,48744,97942,92146,177

91,55798,579

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

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

139,796139,502139,572143,529143,907142,145144,705

393,515430,468474,192508,853531,115519,143493.104458,161469,450480,128

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

488,594489,479493,924492,922495,913499,201504,162

Manufac-turers'inven-tory —

shipmentsratio3

1.681.591.581.631.651.651.541.491.431.43

1.451.431.431.441.441.44

1.461.441.451.411.401.401.39

'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.

•''Annual data are averages of seasonally adjusted monthly ratios.Source: Department of Commerce, Bureau of the Census.

21


PRICESPRODUCER PRICESThe producer price index for all finished goods was unchanged in July. Prices of finished consumer foods rose0.2 percent and prices of other finished consumers goods fell 0.2 percent. Capital equipment prices rose 0.3percent.

INDEX, 1982= ) 00 (RATIO SCALE)

150

INDEX, 1982 = 100 (RATIO SCALE)

150

CONSUMER GOODSEXCLUDING FOODS

110

!00

1988

SOURCE: DEPARTMENT Of LABOR COUNCIL OF ECONOMIC ADVISERS

(1982 = 100; montlily data seasonally adjusted]

Period

19861987198819891990199119923993199419951995: July

AugSeptOctNovDec

1996: JanFebMar''AprMayJuneJuly

Finished goods

Totalfinishedgoods

103.2105,4108.0113.6119.2121.7123.2124.7125.5127.9127.7127.8128.2128.4128.8129.6129.8129.7130.4130.9130.8131.0131 .0

Con-sumerfoods

107.3109.5112.6118.7124.4124.1123.3125.7126.8129.0128.5128.6130.1130.0131.4131.5131.0130.7131.7131.2131.2133.3133.6

Finished goods excluding consumer foods

Total

101.9104.0106.5111.8117.4120.9123.1124.4125.1127.5127.4127.4127.6127.9128.0129.0129.412.9.3129.9130.7130.7130.3130.2

Consumer goods

Total

98.5100.7103.1108.9115.3118.7120.8121.7121.6123.9123.8123.8123.9124.1124.1125.4126.2126.0126.9127.9127.8127.4127.1

Durable

108.9111.5113.8117.6120.4123.9125.7128.0130.9132.7132.4132.5132.6133.2134.0134.2133.7133.8134.0134.1134.1134.7134.3

Nble

93.394.997.3

103.8111.5115.0117.3117.6116.2118.8118.7118.6118.7118.8118.4120.2121.5121.2122.3123.8123.6122.7122.5

Capitalequip-ment

109.7111.7114.3118.8122.9126.7129.1131.4134.1136.7136.7136.9137.1137.5138.1138.1138.0138.0138.1138.3138.2138.0138.4

Totalfinished

consumergo«s

101.4103.6106.2112.1118.2120.5121.7123.0123.3125.6125.4125.4125.8126.0126.4127.4127.7127.5128.4129.0128.9129.3129.1

Intermediate materials

Total

99.1101.5107.1112.0114.5114.4114.7116.2118.5124.9125.5125.6125.4125.4125.3125.5125.7125.1125.2125.7126.3125.7125.3

Foodsand

feeds '

96.299.2

109.5113.8113.3111.1110.7112.7114.8114.8113.4114.6115.7119.0121.5123.3123.2123.0123.0125.5130.2131.9131.8

Other

99.3101.7106.9111.9114.5114.6114.9116.4118.7125.5126.1126.1125.9125.7125.5125.7125.8125.2125.4125.8126.1125.4124.9

Crude materials

Total

87.793.796.0

103.1108.9101.2100.4102.4101.8102.7102.4101.0102.9103.0104.6106.3108.7110.4108.9113.7115.2112.6114.0

Food-stuffsand

feed-stuffs

93.296.2

106.1111.2113.1105.5105.1108.4106.5105.8105.6106.0109.7112.3115.5115.0114.5113.7113.8118.4125.8127.6131.0

Other

81.687.985.593.4

101.594.693.594.794.896.896.593.994.693.293.696.7

100.9104.3101.7106.5104.0

98,598.6

22liatfi materittKs for food iminiifavtiiring ar ifJ fwils.

NOTK.—Beginning; 1996, indexes an1 based on updated value weights.Source: Department of Lalw, Bureau of I - Statistics.


CONSUMER PRICES—ALL URBAN CONSUMERSin July, the consumer price index for aii urban consumers rose 0.3 percent seasonally adjusted and 0.2 percentnot seasonally adjusted. The index was 3.0 percent above its year-earlier level.

INDEX, 1982-84 - 100 (RATIO SCALE)

ISO

170

150

140

130

120

UO

SEASONALLY ADJUSTED

INDEX, 1982-84 = 100 {RATIO SCALE)

180

CONSUMER PRICES—ALL ITEMS

V

1988 1989 1990 1991 1993 1994

170

160

150

130

120

110

100


[1982-84=100, except as noted; montlily data seasonally adjusted, except as noted]

Period

1986198719881989199019911992199319941995

1995- JulvAugSeptOctNov ..Dec

1996: JanFeb

May

Jnly

All items '

Notseason-

allyadjust-

ed(NSA)

100.0109.6113.6118,3124.0130.7136.2140.3144.5148.2152.4

152.5152.9153.2153.7153.6153.5

154.4154.9155.7156.3156.6156.7157.0

Season-ally

adjust-ed

152.7153.0153.2153.7153.8154.1

154.7155.0155.6156.2156.7156.8157.2

Food

15.8109.0113.5118.2125.1132.4136.3137.9140.9144.3148.4

148.7149.0149.5150.0150.0150.2

150.3150.5151.4151.9152.0153.1153.8

Housing

Total '

41.3110.9114.2118.5123.0128.5133.6137.5141.2144.8148.5

148.5148.9149.1149.6149.9150.3

150.8151.1151.5151.9152.2152.3152.9

Shelter

Total

38.3115.8121.3127.1132.8140.0146.3151.2155.7160.5165.7

165.8166.0166.5167.1167.5167.9

168.6168.9169.3169.7170.1170.4171.2

Rent-ers'

costs(Dec.

1982 =100)

8.0121.9128.1133.6138.9146.7155.6160.9165.0169.4174.3

174.0174.0174.7175.2175.3175.5

176.7177.1177.7178.1178.4178.7180.2

Home-own-ers'

costs(Dec.

1982 =100)

20.1119.4124.8131.1137.3144.6150.2155.3160.2165.5171.0

171.3171.7172.2172.8173.4173.9

174.3174.6175.0175.4175.9176.2176.7

Main-te-

nanceandre-

pairs(NSA)

0.2107.9111.8114.7118.0122.2126.3128.6130.6130.8135.0

135.1135.4135.4136.3136.2136.6

136.3137.0137.5138.0138.8138.8139.4

Fueland

otherutili-ties

7.0104.1103.0104.4107.8111.6115.3117.8121.3122.8123.7

123.6124.2123.4124.1124.2124.4

125.0125.7126.0126.8127.2126.9127.5

Ap-parelandup-

keep

5.5105.9110.6115.4118.6124.1128.7131.9133.7133.4132.0

131.8132.0131.7132.1132.1132.2

133.1131.9132.7132.2132.3131.8131.7

Transportation

Total '

17.0102.3105.4108.7114.1120.5123.8126.5130.4134.3139.1

140.0139.5139.4139.5138.9139.0

140.0140.7141.7143.3144.3143.7143.4

Newcars

4.0110.6114.6116.9119.2121.0125.3128.4131.5136.0139.0

139.1139.2139.6139.6139.8139.8

140.0140.4140.6140.7140.8141.4141.7

Motorfuel

2.977.180.280.988.5

101.299.499.098.098.5

100.0

101.399.397.997.495.497.5

101.2101.0104.6110.3112.8108.7106.6

Medi-cal

care

7.4122.0130.1138.6149.3162.8177.0190.1201.4211.0220.5

221.0221.8222.6223.1223.8224.6

225.4225.8226.4227.0227.7228.3228.9

En-ergy2

S. 788.288.689.394.3

102.1102.5103.0104.2104.6105.2

105.4105.0103.6103.9103.0104.1

106.1106.5108.0111.5112.7110.2109.8

Allitemslessfoodanden-ergy

77.5113.5118.2123.4129.0135.5142.1147.3152.2156.5161.2

161.7162.0162.4162.9163.1163.3

163.8164.2164.7164.9165.3165.6166.1

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

etc. excluded beginning 1983.:< Relative importance, DecemlxM- 199;").

NoTK.—Data incorporate a rental equivalence measure for homeowner-ship costs (beginningL-oolant, 1983).

Source: Department of LalK>r, Bureau of Labor Statistics.

23


IN PRODUCER PRICES FOR FINISHED GOODSj Percent change from preceding period; monthly data seasonally a<ljusted, except as noted by NSA|

Period

1986198719881989199019911992199319941995

1995- July

SeptOct

Dec

1996- JanFeb .Marr

July

Change from preceding period

Totalfinishedgoods

Consumer goods

Koods Bxel tidingfoods

Capitalequip-ment

Change, Dec. to Dee., NSA

-2.32.24.04.95.7-.11.6.2

1.72.3

2.8-.25.75.22.6

-1.51.6

-2.41.11.9

-6.64.13.15.38.7-.71.6

-1.42.02.3

2.11.33.63.83.42.51.71.82.02.2

Change, month to month

0.1.3.2.3.6

.2-.1

.5

.4-.1

.20

0.9.1

1.2-.11.1.1

-.4- 2

.8'-.4

01.6

.2

-0.30

.1

.201.0

.60

.7'.8

-.1-.3-.2

0.1.1.1.3.4

0

-.10.1'.1

-.11.3

Change from 3 months earlier, annual rate

Totalfinishedgoods

0.3-.31.62.23.24.4

4.42.82.53.43.41.9

.3

Consumer goods

Foods

02.58.84.89.04.4

3.1-2.1

.6

.61.5

'4.97.5

Excludingfoods

0-2.2-1.0

1.01.04.9

6.96.34.95.55.8'1.6

-2.5

Capita!equip-ment

1.51.51.82.43.62.9

1.5-.30

.9

.6r o

'.3

Change from 6 months earlier, annual rate

Totalfinishedgoods

1.1.9

1.41.31.43.0

3.33.03.53.93.12.21.9

Consumer goods

Foods

0.6.6

3.02.35.76.5

3.93.32.51.9-.32.84.0

Excludingfoods

1.1.8.6.5

-.61.9

3.93.64.96.26.13.21.4

Capitalequip-ment

1.81.61.81.92.52.4

1.91.61.51.2.1

-.1.6

Changefrom year

earlier,total

finishedgoodsNSA

-1.42.12.55.24.92.11.21.2

.61.9

1.71.31.82.32.12.3

2.22.02.42.52.32.72.6

Source: Department of Labor, Bureau of Labor Statistics,

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

Period

1986198719881989199019911992199319941995

1995- July

SeptOctNovDec

1996- JanFebMar

May

July

Allitems ' Food

Housing

Total"

Shelter

Total'Rent-ers'costs

Home-own-ers'costs

Fuelam]

otherutili-ties

Ap-pare!and

upkeep

Transportation

Total' Newcars

Motorfuel

Medi-cal

care

Ener-gy2

Allitemslessfoodand

energy

Change, December to December, NSA

1.14.44.44.66.13.12.92.72.72.5

3.83.55.25.65.31.91.52.92.92.1

1.73.74.03.94.53.42.62,72.23.0

4.64.84.54.95.23.92.93.03.03.5

5.03.93.94.56.74.22.82.62.33.0

4.65.34.75.14.73.72.93.23.33.7

-5.61.62.93.24.02.92.32.5

.21.4

0.94.84.71.05.13.41.4

.9-1 6

.1

-5.96.13.04.0

10.4-1.5

3.02.43.81.5

5.91.82.12.31.43.32.32.83.21.6

-30718.7

-2.16.8

36.5-16.0

1.8-5.4

5.9-4.0

7.75.86.98.59.67.96.65.44.93.9

-19.78.2.5

5.118.1

-7.42.0

-1.42.2

-1.3

3.84.24.74.45.24.43.33.22.63.0

Change, month to month

0.1.2.1.3.1.2

.4

.2

.4

.4

.3

.1

.3

0.1.2.3.3

0.1

.1

.1

.6

.3

.1

.7

.5

0.3.3.1.3.2.3

.3

.2

.3

.3

.2

.1

.4

0.3.1.3.4.2.2

.4

.2

.2

.2

.2

.2

.5

0.30A.3.1.1

.7

.2

.3

.2

.2.2.8

0.3.2.3.3.3.3

.2

.2

.2

.2

.3

.2

.3

0.1.5

- 6.6.1.2

.5

.6

.2

.6

.3-.2

.5

0.3.2

-.2.3

0.1

.7-.9

.6-.4

.1-.4-.1

-0.6-.4-.1

.1-.4

.1

.7

.5

.71.1

.7-.4-.2

-0.1.1.3

0.1

0

.1

.3

.1

.1

.1

.4

.2

-2.3-2.0-1.4

-2^12.2

3.8-.23.65.42.3

-3.6-1.9

0.3.4.4.2.3.4

.4

.2g.3.3.3.3

-1.04

-1.3.3

-.91.1

1.9.4

1.43.21.1

-2.2-.4

0.2.223.1.1

.3

.2

.3

.1

.2

.2

.3

Addendum: All items,percent change(annual rate)

Frompre-

viousquar-ter*

2.1

2.4

£2

3.9

From3

monthsearlier

2.42.11.62.62.12.4

2.63.24.03.94.53.12.6

From6

monthsearlier

2.82.82.52.52.12.0

2.62.63.23.33.83.53.3

Fromyear

earlierNSA

1.93.64.14.85.44.23.03.02.62.8

2.82.62.52.82.62.5

2.72.72.82.92.92.83.0

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

etc., excluded beginning 1983.

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

Source: Department of Ijabor, Bureau of Labor Statistics.

24


PRICES RECEIVED AND PAID BY FARMERSIn August, prices received by farmers fell 1.7 percent and prices paid by farmers were unchanged. (Data arenot seasonally adjusted.)

INDEX, 1990-92-100 (RATIO SCALE)

120

110

INDEX, 1990-92-100 (RATIO SCALE]

120

SO 80

RATK140

120

100

80

60

D-" RAT

PATin

-

-

1 1 1 1 1 1 1 1 1 1 11988

r^ — "-̂ i1 1 1 1 1 1 1 1 1 1 1

19R9

P S-

1 1 1 1 1 1 1 1 1 1 1

1990

— - * ==

1 1 1 1 1 1 1 1 1 1 11991

/«•"— "-"*• .

1 1 1 1 1 1 1 1 1 1 11999

1 1 1 1 1 1 1 1 1 1 1

1993

~̂ ~

1 1 1 1 1 1 1 1 II 1

1994

r "1 1 1 1 1 1 1 1 1 1 1

1995

•». '

-

1 1 1 1 1 1 1 1 1 1 11996

0-̂140

120

100

80

60

_!/ 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

198619871988198919901991199219931994 ..1995

1995: AugSeptOctNovDec

1996: JanPebMar

MayJuneJuly

Prices received by farmers

All farmproducts

878999

10410410098

101100102

102105104106108

108106109108111118118116

Crops

8786

104109103101101102105112

114115114117118

122122128128131141136131

Livestock andproducts

889193

1001059997

1009592

9294929496

949393939699

103103

Prices paid by farmers

All commodities,services, interest,taxes, and wage

rates1

8587919699

100101102106109

110110111111112

113113114114115115115115

Productionitems, interest,taxes, and wage

rates

8587929799

100101102106109

109109110111112

113113114114114114114114

Productionitems

8687909599

100101103106109

109109110111112

113113114114115115116116

Ratio2

103102108108105

9997989492

9395949596

9694969597

103103101

1 Includes items not shown separately.2 Percentage ratio of index of prices received by farmer

taxes, and wage rates.to index of prices paid, interest.

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 slowed in July.

2,000

1,600

800

600

BILLIONS OF DOLLARS* (RATIO SCALE)4,8004,400

4,000

3,600

3,200

2,800

2,400

1988 1990

M3

1991 1992 1993

BILLIONS OF COLLARS* (RATIO SCALE)4,8004,400

4,000

3,600

3,200

1994 1995

2,800

2,400

2,000

1,600

1,200

800

400

1996

COUNCIL OF ECONOMIC ADVISESS

[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]

Period

1986- Dec1987: Dee1988- Dec1989- Dec1990- Dee1991- Dec1992: Dec1993- Dec1994: Dec1995- Dec'

1995- June'JulyA\lg'

Sept'Octr

NovDec'

1996- Jan'Feb'Mar'Apr'May'June'July

Ml

Sum of currency,demand deposits,travelers' checks,

aud othercheckable depos-

its (OCDs)

724.4749.8786.9794.2825.8897.2

1,024.41,128.61,148.71,124.9

1,144.51,145.41,143.81,140.21,131.81,129.01,124.9

1,119.21,117.31,126.61,123.61,117.21,116.71,108.4

M2

Ml plus retailMMMF balances,MMDAs, and sav-

ings and small timedeposits

2,734.62,834.42,997.93,164.03,282.23,383.73,438.73,494.13,509.43,662.3

3,573.73,592.43,612.23,625.33,632.83,645.03,662.3

3,677.13,693.73.729.73,735.73,730.03,746.83,753.1

M3

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

only MMMFbalances

3,486.43,673.33,912.44,065.54,124.14,178.44,187.34,249.64,319.74,575.7

4,458.14,486.04,513.44,533.74,549.14,561.24,575.7

4,604.04,642.84,686.24,693.44,704.74,722.74,736.5

L

M3 plusother liquid

assets

4,122.44,328.54,664.24,894.24,975.85,004.45.075.85,164.55,303.75,685.1

5,494.85,544.15,580.05,626.15,653.15,659.95,685.1

5,704.05,725.15.785.35,813.05,812.3

f 5,843.5

Debt

Debt ofdomestic

nonfinancialsectors

(monthlyaverage ofadjacent

month-endlevels) '

7,909.48,667.29,443.1

10,173.110,852.311,340.211,880.512,517.413,159.313,894.8

13,595.913,634.313.689.413,734.313,786.513.857.313,894.8

13,933.214,009.414,080.414,132.914,177.0

!• 14,222.4

Percent change from year or 6months earlier2

Ml

16.93.54.9

.94.08.6

14.210.21.8

-2.1

-.7rj

-.7-1.5-3.4-3.0-3.4

-4.6-4.6-2.4-1.4-2.1-1.5-l.S

M2

9.53.65.85.53.73.11.61.6.4

4.4

3.74.55.66.15.95.75.0

4.74.55.85.74.74.64.1

M3

9.05.46.53.91.41.3

.21.51.65.9

6.46.67.47.57.26.45.3

5.35.76.76.36.36.45.8

Debt

12.69.69.07.76.74.54.85.45.15.6

6.66.56.05.65.34.84.4

4.44.75.05.04.64.7

1 Consists' of outstanding m-dit market dobt of the U.S. Govern incut, State and local govi'rn-/mvif.s, arid private nojjfimmi-JiiJ scrtoj-s; data from flow of funds accounts.

-Annual dianês are from Doc<>m!>er to l)wmilx*r and monthly changes art; from 6 monthsoarl'nT at a simple annual rate.

NOTE.—Si>c p. 27 for components.

.S;wra:: Board of Gowrnors of thv Fedora) Ifcsswve

26


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

Period

1986- Dec .1987: Dec1988- Dee1989- Dec .1990- Dec1991- Dec1992- Dee1993- Dee1994- Dec1995- Dec

1995- JuneJuly

SeptOctNovDee

1996- Jan .FebMar

July

Cur-rency

180.7196.8212.3222.6246.9267.4292.9322.4354.9373.2

367.0367.3368.5369.5370.8371.6373.2

373.6373.3375.2376.0377.1379.4382.6

De-manddepos-

its

302.1286.8286.8279.3277.4289.5339.1384.3382.4389.8

386.5388.5389.3389.4388.1388.2389.8

393.5397.4407.1406.3409.6413.6410.5

Othercheck-able

depos-its

(OCDs)

235.6259.5280.9285.3293.9332.5384.2414.0402.9353.0

382.0380.8377.2372.4364.1360.4353.0

343.2337.8335.4

'332.4'321.8315.0306.8

Money marketmutual fund

balances

Retail i

210.3224.5246.0322.5358.1373.7356.0358.7388.1465.1

418.8431.7443.6450.3455.0460.1465.1

468.6474.7487.fr488.7487.4496.0501.8

Insti-tutiononly2

84.591.190.3

106.9133.5179.5199.8197.9183.7227.2

213.2218.6218.5221.7223.7224.8227.2

230.6243.9248.3245.6243.5249.4252.9

Savingsdeposits,including

moneymarketdeposit

accounts(MMDAs)

940.9937.3926.3893.6923.8

1,045.01,187.11,218.81,148.91,134.6

1,097.01,096.21,101.61,108.41,116.11,120.61,134.6

1,151.81,164.51,183.0

'1,193.2'1,197.51,206.91,213.6

Smalldenom-inationtime

depos-its3

859.0922.7

1,038.61,153.71,174.51,067.8

871.2788.0823.7

'937.8

'913.4'919.0'923.3'926.5'929.9'935.2'937.8

'937.6'937.1'932.4'930.2'927.9927.2929.2

Largedenom-ination

time de-posits 3

420.2467.0518.3541.5480.9416.5353.7333.8363.5417.5

387.6393.9396.6400.5409.8415.5417.5

416.6422.4429.7

'432.2'437.6443.6451.9

Over-nightandterm

repur-chaseagree-ments(BPs)(net)

143.3172.6189.0158.0138.8119.4128.1157.5180.8177.6

191.7188.4192.9192.5190.0185.3177.6

184.4'186.3184.1182.9195.1183.6180.8

Over-nightandtermEuro-dollars(net)

103.9108.2117.095.288.779.366.966.382.3

'91.1

91.892.693.193.792.9

'90.7'91.1

'95.4'96.6'94.4'97.1'98.599.397.7

Sav-ings

bonds

91.8100.6109.4117.5126.0137.9156.6171.5180.3184.8

182.4183.0183.5183.9184.2184.5184.8

185.0185.0185.2185.6186.0

f 186.4

Short-term

Treas-ury

securi-ties

275.8249.5266.8324.0334.2329.1345.9342.8387.3475.6

'414.4'434.0437.4

'457.0'465.7464.5475.6

'466.0'444.8'459.1'462.7'437.6P 452.2

Bank-ers' ac-cept-ances

37.144.540.240.736.123.920.914.914.211.9

11.012.112.412.813.412.611.9

11.710.29.8

10.310.7

fll.3

Com-mer-cial

paper

231.3260.6335.4346.5355.3335.2365.0385.6402.4437.1

428.9429.0433.3438.6440.5437.1437.1

437.2442.3445.1461.0

'473.4P 470.9

' 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 cheeks of nonbank issuers are a w>nipoiient of money stock but are notshown here.

Source: Board of Governors of the Federal Reserve System.

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

Period

1986: Dee1987- Dec1988- Dec1989- Dec1990- Dec1991- Dec1992- Dee1993- Dec1994- Dec .1995: Dee

1995- July

SeptGet

Dec

1996- JanPeb

July

Adjusted for changes in reserve requirements

Reserves of depository institutions

Total

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

57,68057,49957,34456,83956,33356,364

55,60654,84855,72755,18254,22754,11253,197

Non-borrowed

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

57,30957,21757,06656,59356,12956,106

55,56854,81355,70655,09154,10053,72652,829

Non-borrowed

plusextended

credit

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

57,30957,21757,06656,59356,12956,106

55,56854,81355,70655,09154,10053,72652,829

Required

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

56,59056,51256,39455,75855,39055,086

54,12153,99754,59054,06253,36852,96252,132

Monetarybase

223,571239,784256,920267,723293,332317,502351,244386,877418,723

'435,006

429,822430,807431,685432,737433,206435,006

435,182433,667436,871436,644

'437,009'439,079441,846

Borrowings of depository institu-tions from the Federal

Reserve (NSA)

Total

827777

1,71626532619212482

209257

371282278245204257

38352191

127386368

Seasonal

3893

1308476381831

10040

2312582521997340

77

1034

105192284

Extendedcredit

303483

1,244202311000

000000

0000000

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

27


BANK CREDIT AT ALL COMMERCIAL BANKSTotal commercial bank loans and leases rose 0.3 percent in July; commercial and industrial loans rose 0.5 percent.

I- ALL COMMERCIAL BANKS

BILLIONS OF DOLLARS* (RATIO SCALE)

4,0003,600

3,200

2,800

2,400

2,000

1,600

1,200

800

400

200

1601988 1989 1990

• U.S. GOVERNMENT SECURITIES-

\ .

1991

OTHER SECURITIES

1 M I I I 1

1992

\H I I I 1 I

1993

BILLIONS OF DOLLARS* {RATIO SCALE)

4,0003,6003,200

2,800

2,400

2,000

1,600

1,200

800

I I i I I I M I I 1

1994

I I I I I I I t M 1

1995

400

200

1601996

*SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted'

Period

1988- Dec1989- Dec1990- Dec1991: Dec1992: Dec1993- Dec ...1994: Dec1995- Decr

1995- July'Augr ...SepfOetr

Nov ...Decr

1996: Janr

Feb'Marr

Apr' ...May ..Juner

July

Totalbankcredit

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

3,533.23,548.43,571.13,581.93,593.83,604.9

3,633.93,647.83,641.73,659.63,663.83,668.53,671.9

Securities in bank credit

Totalsecurities

562.0584.5633.7745.0843.4918.8

r952.2990.8

982.8985.2989.1988.8989.6990.8

991.5998.6983.4982.0988.5980.1975.0

U.S.Govern-

mentsecurities

366.8400.0455.6565.2666.8733.9732.0710.7

703.9708.5708.4713.2714.5710.7

703.1716.3705.9705.9714.7708.0707.9

Othersecurities

195.2184.5178.2179.8176.7184.9220.2280.1

278.8276.6280.6275.5275.1280.1

288.3282.3277.5276.1273.8272.1267.1

Loans and leases in bank credit

Totalloans andleases 2

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

2,550.42,563.32,582.12,593.12,604.22,614.1

2,642.52,649.32,658.32,677.62,675.22,688.42,696.9

Commer-cial and

industrial

608.0639.3640.8619.5596.2585.9645.2716.8

697.7701.4707.6709.6713.8716.8

723.9728.4727.4733.4735.8738.8742.7

Real estate

Total

675.1770.2855.3880.0901.3940.5

••1,002.51,078.7

1,062.21,067.91,071.91,075.81,077.71,078.7

1,086.11,089.61,095.01,096.71,098.41,101.61,102.6

Revolvinghomeequity

40.150.362.369.673.573.075.379.1

78.078.278.478.478.879.1

79.679.879.879.979.579.179.5

Other

635.0719.9793.0810.3827.7867.5

r 927.2999.7

984.2989.7993.5997.3998.9999.7

1,006.61,009.81,015.21,016.81,018.91,022.51,023.1

Consumer

357.8378.3383.4366.6358.9390.5451.2496.2

481.0485.7489.5490.1493.3496.2

500.5500.6504.1507.8505.4510.6512.7

Security

40.741.445.054.464.187.576.283.8

87.184.386.787.087.083.8

85.085.784.985.982.682.180.3

Oilier

192.5195.5193.2190.9193.0190.6199.6238.6

222.4223.9226.4230.8232.4238.6

246.9244.9246.9253.7253.2255.3258.5

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

2 Excludes Federal fluids sold to, reverse repurchase agreements (Ill's) with, and loans tocommercial hanks in the United States.

Source: Board of Governors of the Federal Reserve System.

28


SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATEBUSINESS

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

Period

1986198719881989199019911992199319941995

1994- IIIIIIIV

1995- IIIIllIV

1996: IP

Sources

Total

533.4648.4851.9744.3592.6489.3599.9698.1755.9892.5659,9752.6694.8916.3752.3964.7908.1944.9900.8

Internal '

343.4374.5408.2396.9409.1422.2438.6480.2521.9545.7513.5522.0521.4530.6517.3526.3561.4577.8578.5

External

Total

190.0273.9443.7347.4183.567.1

161.3217.9234.0346.8146.4230.6173.4385.7235.0438.4346.7367.1322.3

Credit market funds

Total

151.373.295.559.047.0

-34.861.173.384.4

138.5110.4128.1

70,928.3

187.9194.3

54.6117.242.5

Securitiesand mort-

gages

58.929.1

0

35 9-26.6

75.967.185.7280

6.410.134.7

-42.8-114.3

-4.729.230 331.0

-58,1

Loans andshort-term

paper

92.444.195.794.973.6

-110.7-6.0

-12.4112.4132.1100.393.4

113.7142.6192.6165.184.986.2

100.6

Other2

38.7200.8348.1288.4136.5101.9100.1144.6149.6208.336.0

102.3102.4357.447.2

244.1292.2249.9279.8

Uses

Total

519.4592.0756.2632.9509.8500.7554.4787.9763.1879.2

674.6695.4677.1

1,005.3707.6928.0869.3

1,011.8890.1

Capitalexpendi-tures :i

347.3357.4373.3399.4394.5370.9386.9430.6485.0546.6

443.9476.9490.6528.6552.9534.1573.0526.3519.9

Increase infinancialassets

172.1234.6382.9233.5115.3129.8167.5357.3278.1332.6230.7218.5186.5476.7154.7393.9296.3485.5370.2

Discrep-ancy

(sourcesless

uses)

14.056.595.7

111.482.9

-11.445.6

-89.8-7.213.3

-14.757.217.6

-89.044.836.738.8

-67.010.6

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

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

:t Plant and equipment, residential structures, inventory investment, arid access rights fromU.S. Government.

Source: Hoard of Governors of the Federal Reserve System.

CONSUMER CREDITj Hi I lions of dollars; seasonally adjusted |

Period

1986- Dec1987- Dee1988- Dee3

1989- Dee .1990: Dee1991- Dec1992: Dec1993- Dec1994- Dee . .1995: Dec1995- June

JulyAugSeptOctNovDec

1996- JanFebMarApr

June p

Consumer credit outstanding (end of period)

Total

638.9671.7729.9781.9796.4781.1784.9844.1966.5

1,103.21,037.01,047.51,059.91,074.71,082.71,094.41,103.21,112.21,123.21,132.91,139.81,145.41,153.7

Automobile

247.2266.1285.5291.0282.4259.3257.1279.8317.2351.1332.6336.9339.2341.0344.1347.2351.1352.5355.1357.8360.5361.6366.9

Revolving

136.0153.3174.5198.6223.3245.8257.8287.0339.3413.9378.8382.2390.1399.5404.6407.4413.9419.0425.7431.0438.2443.9446.7

Other2

255.7252.4269.9292.3290.7276.1269.9277.3309.9338.2325.6328.4330.6334.2334.0339.7338.2340.7342.4344.1341.1339.9340.1

Net change in consumer credit outstanding '

Total

54.232.858.2( 4 )

14.5-15.3

3.859.2

122.4136.7

12.610.512.414.88.0

11.78.89.0

11.09.76.95.68.3

Automobile

36.318.919.4( 4 )

-8.6-23.1-2.222.737.433.92.44.32.31.83.13.13.91.42.62.72.71.15.3

Revolving

13.917.321.2

( 4 )24.722.512.029.252.374.67.03.47.99.45.12.86.5

5.16.75.37.25.72.8

Other2

4.0-3.317.5( 4 )

-1.6-14.6

-6.27.4

32.628.3

3.22.82.23.6-.25.7

-1.52.51.71.7

-3.01 9_L .£i

.21 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, eta., plus non-

installment credit.

:s Data newly available in January 1989 result in breaks in many series between Dece1988 and subsequent months.

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

29Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES AND BOND YIELDSinterest rotes fell in August.

PER

14

12

10

8'

6

4

2

0

s

CENT PER ANNUM PERCENT PER ANN

v./ — -

/ r~

1 M 1 1 1 1 M 1 1

1988

OUSCE: SEE TABLE &EiC

"'\__

•-....

J

1 | 1 1 M 1 M M

1989

w

>• *-

"""•--,

t 1 I 1 1 1 t 1 1 M

1990

CORPORATE Aaa BONDS(MOODY'S)

\l

'/ K •"

DISCOUNTRATE

RESBAI-

NE^

1 M 1 1 ! 1 1 1 1 1

1991

ERVEJKOFYORK

M It 1 1 M 1 M

1992

^~-N

1993

!

TREASURYBILLS

>t/H

1994

\

X

""—-,.

J

M M , I

1995

COUNCIL O

.S

'••

l l l l. l j1996

f ECONOMIC ADVISERS

UM

14

12

10

8

6

4

2

0

[Percent per annum]

Period

198619871988198919901991 ..19921993199419951995- Aug

SeptOctNovDec

1996: JanPebMarApr

July

Week ended:1996: Aug 3

101724ZIP

U.S. Treasury security yields

3-monthbills (new is-

sues) '

5.985.826.698.127.515.423.453.024.295.515.415.265.305.355.165.024.874.964.995.025.115.175.09

5.205.085.045.065.07

Constant maturities2

3-year

7.067.688.268.558.266.825.304.446.276.256.105.895.775.575.395.205.145.796.116.276.496.456.21

6.346.126.136.186.41

10-year

7.688.398.858.498.557.867.015.877.096.576.496.206.045.935.715.655.816.276.516.746.916.876.64

6.766.546.566.636.84

High-grademunicipal

bonds(Standard& Poor's)3

7.387.737.767.247.256.896.415.636.195.956.075.885.775.615.425.425.455.825.935.986.035.915.72

5.865.655.695.735.81

CorporateAaa bonds(Mood/si

9.029.389.719.269.328.778.147.227.977.597.577.327.127.026.826.816.997.357.507.627.717.657.45

7.557.357.397.487.64

Primecommercial

paper,6 months '

6.396.857.688.807.955.853.803.304.935.935.755.665.715.595.435.234.995.265.385.425.575.675.51

5.655.495.485.475.54

Discount rate(N.Y. F.R.

Bank)4

6.335.666.206.936,985.453.253.003.605.21

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

5.00-5.005.00-5.005.00-5.005.00-5.005.00-5.00

Prime ratecharged by

banks 4

8.338.219.32

10.8710.018.466.256.007.158.83

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

8.25-8.258.25-8.258.25-8.258.25-8.258.25-8.25

New-homemortgage

yields(PHFB) s

10.179.319.19

10.1310.059.328.247.207.497.877.757.697.587.467.407.327.207.497.767.808.058.01

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

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

5 Effective rate (in the primary market) on conventional mortgages, reflecting fees andcharges as well as contract rate anil 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 August.

INDEX, DEC. 31,1965=50 (RATO SCALE) INDEX, DEC. 31, 1965=50 (RATIO SCALE)JBU360340320300280260

240

220

200

180

160

140

120

PER20

15

10

5

0

r-^\S

f

y-'/

_ /

•̂~— — "*"

s~^^/

/~^r^^

MI 1 1 1 1 1 11988

:ENT

i i i i i l l l l l1989

\^

/

A /\s

1 1 1 1 1

1990

/->

s (COM

i i i i i 1 : 1 1 11991

*^~*s\

OSITE STOCK Pf(NYSE)

M i l l l l l l l1992

ilCE 1NDEX

i i i i i INN

1993

"N — -/ -v-

l l l l l i i i i i

1994

'

i i M i 1 i i i i i

1995

J

M I N I M .

1996

PERCE

—

i i i1988

i

' — | ^-

i

1989

i

EARNINGS-P

' ^—

i

1990

i

RICE RATIO ON(S&P)/

""" — Ti

1991

COMMON STOCKS

„

l i i

1992

l

"•

1

1993

. . '

i i1994

i i i

1995

Ka

I 1 1

1996

J8U360340320300280260

240220

200

180

160

140

120

NT20

15

10

5

0

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

Period

1986198719881989199019911992199319941995

1995- July

SeptOct

Dec

1996- JanFebMar

July

Week ended:1996- Aug 3

1017243lP

Common stock prices '

New York Stock Exchange indexes (Dec. 31, 1965except as noted) 2

Composite

136.00161.70149.91180.02183.46206.33229.01249.58254.12291.15

298.18300.05310.41311.78317.58327.90

329.22346.46346.73347.50354.84358.32345.52354.59

344.67353.65354.31357.06354.84

Industrial

155.85195.31180.95216.23225.78258.14284.62299.99315.25367.34

379.13379.79390.42389.63398.66412.11

412.71435.92439.56441.99452.63458.30438.58449.33

436.46448.48448.96452.17449.77

Transpor-tation

119.87140.39134.12175.28158.62173.99201.09242.49247.29269.41

279.15285.63295.54291.16300.06303.53

300.30315.29324.76326.42334.66331.57316.66321.61

312.24319.76321.30325.02322.84

Utility3

142.72148.59143.53174.87181.20185.32198.91228.90209.06220.30

219.18221.99229.64236.43238.98247.59

254.07257.80245.77244.87249.73247.20245.31244.74

242.19245.43244.42245.53243.06

Finance

147.20146.48127.26151.88133.26150.82179.26216.42209.73238.45

240.50245.27260.72265.12266.12273.36

273.73290.97290.45287.92290.43294.42287.89302.95

292.26300.54303.09306.66303.32

Dow-Jonesindustrialaverage4

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

4,684.764,639.274,746.764,760.464,935.815,136.10

5,179.375,518.735,612.245,579.865,616.715,671.515,496.265,685.50

5,544.005,696.775,674.875,713.355,676.28

Standard &Poor's com-posite index

(1941-43=10)0

236.34286.83265.79322.84334.59376.18415.74451 .41460.33541.64

557.37559.11578.77582.92595.53614.57

614.42649.54647.07647.17661.23668.50644.07662.68

643.73662.29663.10667.01660.90

Common stock yields(percent) 6

Dividend-price ratio

3.493.083.643.453.613.242.992.782.822.56

2.502.492.422.412.372.30

2.312.222.222.242.212.212.282.22

2.312.232.232.212.21

Eaniings-priee ratio

6.095.488.017.416.474.794.224.465.836.09

6.02

5.51

5.27

1 Average of daily closing prices.* Includes ail th« stocks (more than 2,000 in 1992) listed on the NYSE.3 Due. 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.•"'Includes 500 stocks.

6 Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Karn-ings-priee 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 & CTompany, Inc., and Stand an! & Poor's(Corporation.

31


FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 10 months of fiscal 1996, there was a deficit of $102.1 billion, compared with a deficit of $137.2 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/

RECEIPTS ~

— SURPLUS OR DEFICIT ( -)J/-

_L

1,400

1,300

1,200

1,100

1,000

900

800

700

600

-100

-200

-300

-400

1987 1988 1989 1990

-" INOJUDES ON-BUOOET AND OF F-BUDGET ITEMS.SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE Of MANAGEMENT AND BUDGET

1991 1992

FISCAL YEARS

1993 1994 1995 1996


[Billions of dollars]

Fiscal year or period

1977197819791980198119821983198419851986198719881989199019911992199319941995 . . .1996 (estimates)Cumulative total, first 10

months: 'Fiscal year 1995Fiscal vear 1996 ..

Total

Receipts

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

1,110.81,194.3

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

1,248.01,296.4

Surplusor

deficit(-)

-53.7-59.2-40.7-73.8-79.0

-128.0-207.8-185.4

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

-137.2-102.1

On-budget

Receipts

278.7314.2365.3403.9469.1474.3453.2500.4

547.9568.9640.7667.5727.0749.7760.4788.0841.6922.7

1,004.11,085.7

817.7887.2

Outlays

328.5369.1404.1476.6543.1594.4661.3686.0

769.6806.8810.1861.4932.3

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

1,016.51,056.0

Surplusor

deficit(-)

-49.8549

-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

-198.8-168.9

Off-budget

Receipts

76.885.498.0

113.2130.2143.5147.3166.1186.2200.2213.4241.5263.7281.7293.9302.4311.9335.0351.1367.7

293.1307.1

Outlays

80.789.7

100.0114.3135.2151.4147.1165.8176.8183.5193.8202.7210.9225.1241.7252.3266.6279.4288.7301.8

231.6240.4

Surplusor

deficit(-)

-3.9-4.3-2.0-1.1

50-7.9

.2

.39.4

16.719.638.852.856.652.250.145.355.762.465.9

61.566.7

Gross Federal debt(end of period)

Total

706.4776.6829.5909.1994.8

1,137.31,371.71,564.7

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

4,906.75,145.8

Held bythe public

549.1607.1640.3709.8785.3919.8

1,131.61,300.5

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

3,594.13,722.8

1 Data from Monthly Treaxury Statement.

NOTK.—Data for fiscal 1996 are from Mifl-Sejudon Retnew of the, 1!)!)7 Budget issued July16, 1996. Other data (except as noted) are from Budget tfthe United Stntat (Jwernment, FiscalYear 1997, issued March 19, 1996.

32

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


FEDERAL RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 10 months of fiscal 1996, receipts were $83.5 billion higher than a year earlier and outlays were $48.4billion higher.

BILLIONS OF DOLLARS/oo

'SOO

n

RECEIPTSÎNDIVIDUAL INCOME TAXES

rnpprwATpnNINCOME TAXES

-

1 1 1 1 1

•

r—\

SOCIAL INSURANCETAXES AND CONTRIBUTIONS

, OTHER RECEIPTS ,

BILLIONS OF DOLLARS700

600

500

400

300

200

100

0

1,400

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300

200

OUTLAYS^

\

__ •—*""

„,--'''

'

A \ \ 1 1 1

" 1987 1988 1989 1990 1991 1992

1 1 1 1 N1993 1994 1995 1996 ̂

1,400

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300

200

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

[Billions of dollars]

Fiscal year or period

19771978197919801981198219831984

198519861987198819891990199119921993199419951996 (estimates)Cumulative total, first 10 months: J

Fiscal year 1995Fiscal year 1996

On-bud{jet arid off-budget rcec >ts

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

1,110.81,194.3

Indi-vidualincometaxes

157.6181.0217.8244.1285.9297.7288.9298.4

334.5349.0392.6401.2445.7466.9467.8476.0509.7543.1590.2653.3

485.1541.6

Cor-pora-tion

incometaxes

54.960.065.764.661.149.237.056.9

61.363.183.994.5

103.393.598.1

100.3117.5140.4157.0170.7

121.6133.6

Socialinsur-ance

tjiXCS

andcontri-butions

106.5121.0138.9157.8182.7201.5209.0239.4

265.2283.9303.3334.3359.4380.0396.0413.7428.3461.5484.5508.3

404.8425.1

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

99.393.9

On-budget arid off-budget outlays

Total

409.2458.7504.0590.9678.2745.8808.4851.8

946.4990.3

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

1,248.01,296.4

National defense

Total

97.2104.5116.3134.0157.5185.3209.9227.4

252.7273.4282.0290.4303.6299.3273.3298.4291.1281.6272.1266.0

222.0220.9

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

211.6210.8

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

13.211.7

Health

17.318.520.523.226.927.428.630.4

33.535.940.044.548.457.771.289.599.4

107.1115.4119.4

95.398.5

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

130.6144.7

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

183.2191.5

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

279.7291.3

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

192.6200.4

Other

93.0114.7120.2131.4133.5125.4122.3118.6

131.8142.1125.9139.4158.8203.7225.0173.9159.7173.7166.9172.4

131.5137.4

1 Data from Monthly Tmtumry Strttummt.

NOTE.—Data for fiscal 199fi are from Mid-fiction K&nKw of thr, 1!)!)7 Budget issued July16, 1996. Other data (except as rioted) aw from liutlget of the, Unital State* Gomrnnwnt, FixadYear 1997, issued March 19, 1996.

Sources: Department of the Treasury and Offiw of Management and Bud<ji>t.

33


FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISIn the second quarter of 1996, according to revised estimates, Federal receipts rose $49.4 billion (annual rate);Federal current expenditures rose $25.2 billion.

BlUJOh

!,800

1,600

1,400

1,200

1,000

800

600

400

200

0

-400

IS OF DOUARS BILUONS OF CX

SEASONALLY ADJUSTED ANNUAL RATES

-

CURRENT EXPENDITURES

\ -

-

^ s

- -.

-

-

-

^J1 1 1

1982

SOURCE: OEP

-* — —

^ '

— ~^*

1 1 1

1983

yjTMENTOf1

_ —

'"""''

^— -~^^

1 1 1

1984

OMMERCE

"*

iA" ^* *"*

^ —

1 ! 1

1985

^

C

-. s-

\ 1 1

1986

_ _ - • "

S^~

LIRRENT S

-/ 1

! 1 !

1987

^

RECEIPTS

URPlUS O

1 ! 1

1988

O

f •

R DEFICIT

~ -̂

1 1 1

1989

UfNDARYE,

— •** N**•

^

(-)

^

i i i1990

«,RS

sf

/

• •

'\

1 1 !

1991

s

^—~/~

' --

i i i

1992

_ - - •

^

^^\ 1 1

1993

^ **• ""

I/""

>"-N™-

1 1 1

1994

COUNC

x- — **

/-^

1 1 1

1995

LOFECONO

-' -

/

-

-

-

-

-

-

-

-^

! I t

1996

M3C ADVCER,

OLLARS

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

-200

-400

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

Period

Calendar year:1989199019911992199319941995

1990- IV1991: IV1992: IV

1993: IIIIIIIV

1994: IIImIV

1995: IIIinrv

1996: IIP

Federal Government receipts

Total

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

1,135.21,160.91,230.5

1,225.21,271.31,280.31,324.4

1,321.91,382.81,387.11,416.3

1,449.31,483.21,486.61,494.7

1,523.11,572.5

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

639.6678.1

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

196.4199.2

Indirectbusinesstax andnontax

accruals

61.765.179.781.988.292.691.2

67.482.886.5

84.387.587.293.7

92.891.393.393.2

91.793.588.491.3

84.483.2

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

Federal Government current expenditures

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

1,678.31,703.5

Consump-tion

expendi-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

453.6464.7

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

756.2757.6

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

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

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

30.431.1

Less:Wageaccru-als less

dis-burse-ments

0.0.1I

'o.0.0.02.0.0

.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

-155.2-131.0

Source: Department of Commerce., Bureau of Economic Analysis.

34


INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR

INDUSTRIAL COUNTRIES

Period

1986198719881989 . .199019911992199319941995P

1995: May

July

SeptOct

Dec

1996- JanFebMar

May

July/7

Industrial production (1987=100; seasonally adjusted)

UnitedStates

95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9

121.3121.4121.5122.7122.8122.2122.6122.8

122.5124.2123.6124.5

'125.2'126.0

126.2

Canada

95.4100.0105.3105.2101.7

97.498.5

102.9'110.1'113.8

'113.7113.0

'113.8'113.9'113.9'113.5113.7

'113.5

114.2114.0

'113.7'114.2

114.9114.7

Japan

96.7100.0109.4115.7120.6122.9115.8111.0112.3115.8

116.4115.4112.8116.5113.4115.0116.6117.7

117.7121.0113.6117.2119.9115.3

France

98.8100.0104.6108.5110.1108.7107.5103.4107.3109.0

109.6110.0110.1110.1108.1107.2107.5108.5

108.7109.0109.6

'108.5109.0

Ger-many

99.6100.0103.9108.8114.5117.8115.8107.1110.4110.0

'113.3'112.2'113.7'110.7'112.1'109.5'110.6'110.8

'111.1'109.2'111.1'110.5'111.4112.1

Italy

96.2100.0105.9109.2109.4108.4108.2105.5111.0116.8

'115.4'115.2'117.9'118.6'117.6'116.7'116.0'126.1

'113.1114.5

'118.8'113.6113.6

UnitedKingdom

96.2100.0104.8107.0106.7102.8102.7

'104.9'110.1113.0

113.0112.6113.1113.6114.1113.0113.6114.0

113.1113.7114.4113.7

'114.7113.4

Consumer prices (1982-84=10(1; NSA)

UnitedStates '

109.6113.6118.3124.0130.7136.2140.3144.5148.2152.4

152.2152.5152.5152.9153.2153.7153.6153.5

154.4154.9155.7156.3156.6156.7157.0

Canada

113.4118.4123.2129.3135.5143.1145.2147.9148.2151.4

151.6151.6151.9151.8151.8151.8152.0151.8

152.2152.4153.0153.4153.9153.7153.7

Japan

104.8104.9105.7108.0111.4115.0116.9118.5119.3119.2

119.6119.5118.7118.9119.7119.4118.9119.0

118.9118.7118.9119.7119.9119.5

France

117.2120.9124.2128.6133.0137.2140.6143.5145.9148.4

148.3148.3148.0148.7149.2149.3149.5149.6

149.9150.4151.3151.6151.9151.7151.3

Ger-mariy

104.7104.9106.3109.2112.2116.2120.9125.2128.6130.8

130.7131.1131.5131.2131.1131.0131.0131.4

131.5132.2132.2132.3132.6132.8136.1

Italy

128.5134.4141.1150.4159.5169.8178.8186.3193.6204.0

203.5204.6204.7205.4206.0207.1208.3208.7

209.0209.6210.2211.4212.2212.7

UnitedKingdom

114.9119.7125.6135.4148.2156.9162.7165.3169.3175.2

175.8176.0175.2176.1176.9176.0176.0177.1

176.5177.3178.0179.3179.6179.8179.1

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

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

Period

1986198719881989199019911992199319941995

1995: JuneJulyAugSept(X*NovDec

1996: JanFcbAprMay'June

Goods: Exports (f.a.s. value)

BOPbasis

223 3250.2320.2362.1389.3416.9440.4456.8502.5575.9

47.846.648.749.749.549.850.1

48.650.950.751.451.2

(Census basis (by end-use category) '

Total,Censusbasis*

2272254.1322.4363.8393.6421.7448.2465.1512.6584.7

48.647.349.550.350.350.650.9

49.351.751.652.552.1

Foods,feeds,andbev-

erages

22324.332.337.235.135.740.340.641.950.5

3.94.14.54.74.44.44.5

4.74.54.74.74.5

In-dus-trialsup-pliesand

mate-rials

57 366.785.)99.3

104.4109.7109.1111.8121.4146.3

12.711.912.112.412.511.912.1

11.912.212.712.512.3

Cap-ital

goodsexceptauto-mo-tive

75.886.2

109.2138.8152.7166.7175.9181.7205.2233.0

19.519.120.019.820.320.721.2

19.921.321.121.120.8

Auto-mo-tive

velii-clcs,partsanden-

gines

21.724.629.334.837.440.047.052.457.661.8

4.84.85.15.65.25.15.2

5.25.44.95.45.5

Con-sumergoods(non-food)ex-

raptauto-mo-tive

14.217.723.136.443.345.951.454.760.064.4

.42.5.4.5.5.5

.5

.8

.8

.96.0

Goods: Imports (customs value)

BOPbasis

368.4409.8447.2477.4498.3491.0536.5589.4668.6749.4

63.662.562.262.962.662.162.7

64.263.766.368.265.6

Census basis (by end-use category)

Total,Censusbasis2

365.4406.2441.0473.2495.3488.5532.7580.7663.3743.4

62.762.361.962.762.261.862.5

63.963.364.766.964.8

Foodsfeeds,and|X!V-

erages

24.424.824.825.126.626.527.627.931.033.2

2.82.72.72.82.82.72.7

2.82.83.03.02.9

In-dus-trialsup-pliesand

mate-rials

101.3111.0118.3132.3143.2131.6138.6145.6162.0180.7

15.715.214.815.314.714.914.8

15.614.716.617.016.3

Cap-ital

goodsexceptauto-mo-tive

71.884.5

101.4113.3116.4120.7134.3152.4184.4221.4

18.618.818.819.019.519.219.3

19.519.418.819.018.6

Auto-mo-tive

vehi-cles,partsandenr

gines

78.285.287.786.187.385.791.8

102.4118.3124.8

10.310.010.210.29.69.9

10.3

10.610.610.511.510.8

Con-sumergoods(non-food)

exceptauto-mo-tive

79.488.795.9

102.9105.7108.0122.7134.0146.3160.0

13.313.413.413.413.413.113.2

13.513.713.514.213.8

Serviecs(BOP basis)

Ex-ports

85.998.3

110.9127.0147.51 63.8177.3186.1195.8210.6

17.217.818.118.418.018.218.0

17.818.318.318.518.5

Im-ports

81.091.799.5

103.5118.8119.61 19.5125.5134.1142.2

11.911.912.112.011.812.011.8

12.012.212.312.312.2

Balance of trade(expo s minus imports)

Goo-Is,Censusbasis

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

-115.6-150.6-158.7

-14.1-15.0-12.4-12.4-11.9-11.2-11.6

-14.5-11.6-13.1-14.4-12.7

BOP basis

Goods

-145.1-159.6- 127.0-115.2- 109.0-74.1-96.1

-132.6-166.1-173.4

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

-15.5-12.8-15.6-16.8-14.5

Serv-ices

4.96.6

11.423.528.744.257.860.661.768.4

5.25.86.06.36.26.26.2

5.86.16.06.26.3

Goodsand

services

— 140.1-152.9- 1 15.5-91.8-80.3-29.9— 38.3-72.0

-104.4-105.1

-10.6-10.1-7.4-6.9-6.9-6.1-6.4

-9.7-6.7-9.6

-10.5-8.1

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

NOTE.—BO!' refers to balance of payments on international transactions basis. HOI* datashown here are consistent with figures shown oil pp. 36 and 37.

Source: Department of Commerce (Bureau of t!ie Census and Bureau of Economic Analysis).

35


U.S. INTERNATIONAL TRANSACTIONSIn the first quarter of 1996, the merchandise trade deficit rose to $42.7 billion, from $38.0 billion in the fourthquarter of 1995. The current account deficit rose to $35.6 billion, from $30.4 billion in the fourth quarter.

BILLIONS OF DOLLARS* BILLIONS OF DOLLARS *

-45 ~

-50

-40

45

-50198«

* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS

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

Period

19861987198819891990199119921993 ....19941995

1994- IIIIIIIV

1995: IIIIllIV . ..

1996: IP . ..

Goods '

Exports

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

118,462122,909127,237133,855

138,551142,983144,984149,422

150,019

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

-192,757

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

-42,738

Services

Netmilitarytrans-

ac-tions 2 *

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

8801,9633,585

-38367

1,171463

628859

1,120978

628

Nettraveland

trans-Pporta-

tionreceipts

- 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

5,410

Otherserv-ices,net

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

10,15910,61411,03911,257

11,01011,41012,00611,987

12,348

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

-24,352

Investment income

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

47,983

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

-48,378

Net

12,8819,465

13,34813,87820,89715,84411,195

9,742- 4,159-8,016

1,163-636

- 1,589- 3,094

-900-862

- 4,361-1,890

-395

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

-24,747

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

-10,841

Balanceon

currentaccount

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

-62,583- 99,936- 148,405-148,254

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

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

-35,5881 Adjnstod from Census data for diffm;n(*s in timing and coverage; excludes military.2 Transfers under H..S. mifi ta/y agtwty saltw wntrarts (exacts) minus tiircc.t <M«nsft <!xp«ri<J-

itim>s (imports).

36


U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $4.5 billion in the first quarterof 1996, in contrast to an increase of $7.3 billion in the fourth quarter of 1995. U.S. liabilities to private foreignersreported by U.S. banks, excluding Treasury securities, decreased $29.4 billion in the first quarter, in contrast toan increase of $32.8 billion in the fourth quarter.

BILLIONS OF DOLLARS* BILLIONS OF DOLLARS *


[Millions of dollars; quarterly data seasonally adjusted, except as noted]

Period

19861987198819891990199119921993199419951994: I

IIIllrv

1995: IIIIllIV

1996: IP

U.S. assets[inerease/capit

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

-108,299-39,595-98,214-55,732

U.S.officialreserve

assets ;i f)

3129,149

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

5,7633,901

-1,3795,346

-9,742

-593,537-1652,033t),o .10

-2,722-1,893

19117

abroad, net

Other U.S.Govern-

mentassets

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

-1,657-342-341-280

399491

-288-943-154-179

252-199

52

)]

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- 105,398-37,954-98,206-55,801

Foreign assets in the U.S., net[increase/capital inflow ( + )]

Total

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

154,285250,996285,376424,462

83,23545,88983,61972,63290,995

115,421118,816

99,22998,816

Foreignofficialassets :J

35,64845,38739,7588,503

33,91017,38940,47772,15340,253

109,757

11,0369,166

19,785266

21,82237,38039,18611,36951,582

Otherforeignassets

190,463197,596200,507209,987

88,28276,853

113,808178,843245,123314,705

72,19936,72363,83472,36669,17378,04179,63087,86047,234

Allocationsof specialdrawingrights

(SDRs)

Statistical discrepancy

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

-41,53329,420

-7,496

Of which:Seasonal

adjustmentdiscrepancy

5,105274

- 6,4901,1076,519-266

-7,4071,1536,365

U.S. officialreserve

assets, net-1"'(unadjusted,

end ofperiod)

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

76,80975,73276,53274,33586,76190,06387,15285,83284,212

f) Consists of gold, special drawing rights (SDlls), foreign currencies, and the U.S. reserveposition in the IMF.

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.

For sale by the Superintendent of Documents. U.S. Government Printing Office,Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign).

nr. Subscription price: $33.00 per year; $41.25 for foreign mailing.38 U.S. GOVERNMENT PRINTING OFFICE : 1996 26-822
