Economic Indicators: April 1996 - FRASER · 2018-11-07 · TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the first quarter of 1996, according to advance estimates,

104th Congress, 2d Session

Economic Indicators

APRIL 1996(Includes data available as of May 7, 1996)

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

L I B R A R Y

2 3 1996

FEDERAL RESERVEBANK OF CHICAGO

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1996

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

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

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

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

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

ROBERT N. MOTTICE, Executive Director

COUNCIL OF ECONOMIC ADVISERS

JOSEPH E. STIGLITZ, ChairmanMARTIN N. BAILY, Member

ALICIA H. MUNNELL, Member

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To print the monthly publication entitled "Economic Indicators"

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

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11


[ERRATA]

ERRATA sheet for Economic Indicators, April 1996, Page 32Subtitle should read as follows:In the first 6 months of fiscal 1996, there was a deficit of $128.2 billion,compared with a deficit of $146.7 billion a year earlier.


TOTAL OUTPUT, INCOME, AND SPENDINGGROSS DOMESTIC PRODUCTIn the first quarter of 1996, according to advance estimates, current-dollar gross domestic product (GDP) rose5.0 percent (annual rate), real GDP (GDP in chained 1992 dollars) rose 2.8 percent, and the implicit price deflatorrose 2.1 percent.

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

7,600

7,200

6,800

6,400

6,000

5,600

5,200

4,800

4,400

4,000

3,600

3,200

5EASONAU.Y ADJUSTED ANNUAl RATES ,

^GDP

AINED( 1992) DOLL

\

^ *s

S

^

\ \ \

1982

s

/

i > i1983

''

/•

i i i1984

^,-'

/

I i i1985

^ — — "~

.

i I I1986

.— ''

^

^<

/^

/ GDP/ IN CURRENT DOLLARS

I I i

1987

i i i1988

i I i1989

r~~-^-—

i i i1990

_ _

^

i i I1991 ,

^

i i i1992

I > I1993

jr

ff

i I i1994

"

• — •

i i i1995

f

i I I1996

7,600

7,200

6,800

6,400

6,000

5,600

5,200

4,800

4,400

4,000

3,600

3,200

SOURCE: DEBMITMENTOF COMMERCE COUNCIL OF ECONOMIC ADVISERS

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

Period

19861987198819891990199119921993199419951990: TV1991- IV1992; IV1993: I

IIIIIIV

1994- IIIinrv

1995: IIJinIV

1996- IF

Grossdomesticproduct

4,422.24,692.35,049.65,438.75,743.85,916.76,244.46,550.26,931.47,245.85,781.56,002.36,383.06,442.86,503.26,571.36,683.76,772.86,885.06,987.67,080.07,147.87,196.57,298.57,340.47,430.7

Personalcon-

sumptionexpendi-

tures

2,892.73,094.53,349.73,594.83,839.33,975.14,219.84,454.14,698.74,924.33,907.04,027.14,329.64,367.84,424.74,481.04,543.04,599.24,665.14,734.44,796.04,836.34,908.74,960.04,992.35,061.6

Grossprivate

domestic

ment

722.5747.2773.9829.2799.7736.2790.4871.1

1,014.41,065.3

736.1760.9816.1843.6855.9873.8911.2957.6

1,016.51,033.61,050.11,072.01,050.31,074.81,064.01,079.4

Exports and importsof goods and services

Netexports

-131.5-142 1-106.1-80.4-71.3-205-29.5-649-96.4

-1023-72.0-14.8-42.7-47.4-620-77.1-73.2-803-97.41084

-99.7- 106.6-1224- 100.8

79 3-95.0

Exports

320.7365.7447.2509.3557.3601.8639.4660.0722.0804.5577.3624.4649.1649.4662.5648.5679.4681.5708.6734.2763.6778.6796.9812.5829.9832.7

Imports

452.2507.9553.2589.7628.6622.3669.0724.9818.4906.7649.2639.3691.8696.8724.6725.6752.6761.7806.0842.6863.3885.1919.3913.3909.2927.8

Government consumption expendituresand gross investment

Total

938.5992.8

1,032.01,095.11,176.11,225.91,263.81,289.91,314.71,358.51,210.41,229.21,280.01,278.81,284.61,293.61,302.71,296.41,300.81,328.01,333.51,346.01,359.91,364.51,363.51,384.7

Federal

Total

435.2455.7457.3477.2503.6522.6528.0522.1516.3516.7516.7515.5535.0525.0519.6520.8522.9511.3509.4523.6520.9519.9522.6516.7507.8519.2

Nationaldefense

332.4350.4354.0360.6373.1383.5375.8362.2352.0345.7383.3373.0375.3365.2362.2360.7360.8346.7349.3362.1349.6347.7352.3345.6337.2346.7

Non-defense

102.9105.3103.3116.7130.4139.1152.2159.9164.3171.0133.3142.6159.7159.8157.4160.1162.2164.6160.0161.5171.2172.1170.3171.1170.6172.5

Stateandlocal

503.3537.2574.7617.9672.6703.4735.8767.8798.4841.7693.7713.6745.1753.8765.0772.7779.7785.0791.4804.4812.6826.1837.3847.7855.7865.5

Finalsales of

domesticproduct

4,412.64,668.15,038.75,407.05,735.85,919.06,237.46,529.76,871.87,208.85,812.95,980.96,376.66,422.96,481.66,549.36,664.96,732.66,810.56,922.97,021.37,089.77,162.57,260.37,322.67,420.9

Grossdomestic

pur-chases1

4,553.74,834.55,155.65,519.15,815.15,937.26,274.06,615.27,027.87,348.15,853.56,017.16,425.76,490.16,565.26,648.46,756.96,853.16,982.57,096.07,179.67,254.37,318.97,399.37,419.77,525.7

Adden-dum:Gross

nationalproduct

4,435.14,701.35,062.65,452.85,764.95,932.46,255.56,560.06,922.47,237.55,813.66,016.66,390.56,458.46,512.36,584.86,684.56,773.66,876.36,977.67,062.27,140.57,187.07,283.07,339.6

1 GDP less exports of goods and services plus imports of goods and services. Source; Department of Commerce, Bureau of Economic Analysis.


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

Period

1986198719881989 .199019911992199319941995

1990: IV1991: IV1992: IV

1993: IIIIllIV

1994: IIImrv

1995- IIIIllrv

1996- IP


5,489.95,648.45,862.96,060.46,138.76,079.06,244.46,383.86,604.26,739.0

6,081.06,104.46,327.3

6,327.06,353.76,390.46,463.9

6,504.66,581.56,639.56,691.3

6,701.66,709.46,768.36,776.56,823.6

Personalcon-

sumptionexpendi-

tures

3,708.73,822.33,972.74,064.64,132.24,105.84,219.84,339.74,471.14,578.5

4,116.44,109.14,282.3

4,290.04,319.04,359.74,390.0

4,418.84,457.74,485.84,522.3

4,530.94,568.84,600.44,614.14,653.5

Gross privatedomestic investment

Nonresi-dentialfixed

invest-ment

548.5542.4566.0588.8585.2547.7557.9593.6652.1715.0

573.9539.5569.1

577.5586.4593.1617.6

628.6639.5660.4679.7

704.4710.6719.7725.3746.3

Resi-dentialfixed

invest-ment

257.0257.6252.5243.2220.6193.4225.6242.7268.9262.8

200.3202.4236.7

237.9234.8242.2255.8

263.6271.6270.3270.3

265.9256.6262.3266.4269.3

Changein busi-

nessinven-tories

10.926.211.633.310.4

-3.07.3

19.158.933.7

-28.221.45.8

18.520.819.517.4

40.174.164.057.3

54.530.633.216.57.9

Exports and imports ofgoods and services

Netexports

-163.9- 156.2-114.4-827-61.9-22.3-29.5-74.4

-1081-114.2

-42.5-17.9-40.0

-55.2-67.0-89.1-86.2

-101.3-112.2-113.3- 105.8

-119.0-126.8-114.3-96.6

-111.0

Exports

362.2402.0465.8520.2564.4599.9639.4660.6715.1774.8

573.9623.5649.1

649.8662.3648.9681.4

680.4704.3724.8751.0

755.8764.3779.1799.8805.2

Imports

526.1558.2580.2603.0626.3622.2669.0735.0823.3888.9

616.4641.4689.1

705.1729.4738.1767.6

781.7816.5838.1856.8

874.9891.2893.4896.4916.2


Total

1,135.01,165.91,180.91,213.91,250.41,258.01,263.81,260.51,259.91,260.7

1,259.91,250.71,272.5

1,257.21,257.91,261.11,265.7

1,252.31,249.71,271.01,266.6

1,263.01,265.81,263.61,250.41,256.1

Federal

Total

518.4534.4524.6531.5541.9539.4528.0508.7489.7472.7

543.5526.9534.0

515.7509.2505.4504.5

489.8483.3496.6489.1

481.3479.9472.7456.8464.3

Nationaldefense

393.4409.2405.5401.6401.5397.5375.8354.9336.9320.0

403.1381.7376.8

361.2356.4351.2350.8

334.8335.5346.1331.3

325.3326.1319.3309.3314.9

Non-defense

125.2125.3119.1130.1140.5142.0152.2153.8152.6152.4

140.5145.3157.1

154.5152.7154.2153.7

154.8147.7150.5157.5

155.6153.6153.1147.2149.0

andlocal

616.9631.8656.6682.6708.6718.7735.8751.8770.5788.6

716.5723.8738.5

741.6748.8755.7761.3

762.7766.8774.7777.7

782.2786.3791.5794.4792.5

Finalsales of

domesticproduct

5,480.95,626.05,855.16,028.76,126.76,082.66,237.46,362.96,546.36,704.7

6,108.16,083.86,320.7

6,307.76,331.66,368.26,444.1

6,464.06,509.06,576.86,635.2

6,647.56,677.46,733.36,760.56,815.5

Grossdomestic

pur-chases1

5,666.15,815.75,983.96,146.16,202.16,101.16,274.06,457.36,709.76,849.7

6,124.36,122.36,367.3

6,382.06,420.26,478.36,548.7

6,603.96,691.06,749.76,794.0

6,816.96,832.06,879.46,870.56,931.2

Adden-dum:Gross

nationalproduct

5,503.45,657.25,876.26,074.06,159.46,094.46,255.56,393.76,596.66,732.1

6,113.46,118.76,334.8

6,342.76,362.96,404.06,465.1

6,506.26,573.96,631.16,675.4

6,695.76,701.26,754.66,776.7

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

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

Source: Department of Commerce, Bureau of Economic Analysis.

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

Period

1986198719881989199019911992199319941995

1990: IV1991- IV1992: IV

1993: IIIinrv

1994- Iiimrv

1995: IIIIllrv

1996: I?


80.683.186.189.793.697.3

100.0102.6105.0107.5

95.198.3

100.9

101.8102.4102.8103.4

104.1104.6105.2105.8

106.7107.3107.8108.3

108.9

Personal consumptionexpenditures

Total

78.081.084.388.492.996.8

100.0102.6105.1107.6

94.998.0

101.1

101.8102.4102.8103.5

104.1104.7105.5106.1

106.7107.4107.8108.2

108.8

Durablegoods

88.991.693.395.396.698.5

100.0101.3103.4104.4

97.099.1

100.2

100.5101.1101.5101.9

102.4103.2104.0103.9

104..5104.7,04.41C3.8

1GU.7

Nondura-ble goods

78.781.884.889.394.698.1

100.0101.5102.8104.5

97.498.7

100.7

101.3101.5101.3101.9

102.0102.4103.3103.6

103.9104.5104.6105.0

106.0

Services

75.378.282.286.691.295.8

100.0103.6106.7109.9

93.197.4

101.5

102.4103.3103.9104.7

105.6106.2107.1107.9

108.8109.7110.3110.9

111.4

Gross privatedomestic investment

Nonresi-dentialfixed

90.291.393.796.298.499.9

100.0100.9102.3103.3

99.499.9

100.1

100.5100.8101.0101.1

101.6102.2102.7102.7

102.7103.4103.7103.4

103.0

Residen-tial fixed

84.988.392.195.197.898.8

100.0103.7107.0110.3

98.398.9

101.4

102.3103.6104.3104.7

105.7106.2107.4108.6

109.2109.9110.7111.3

111.7

Exports and imports ofgoods and services

Exports

88.591.096.097.998.7

100.3100.0

99.9101.0103.8

100.6100.2100.0

99.9100.C99.999.7

100.2100.6101.3101.7

103.0104.3104.3103.8

103.4

Imports

86.091.095.397.8

100.4100.0100.098.699.4

102.0

105.399.7

100.4

98.899.398.398.0

97.498.7

100.5100.8

101.2103.2102.2101.4

101.3


Federal

Total

84.085.387.289.892.996.9

100.0102.6105.4109.3

95.197.8

100.2

101.8102.0103.0103.6

104.4105.4105.4106.5

108.0108.9109.3111.2

111.8

Nationaldefense

84.585.687.389.892.996.5

100.0102.1104.5108.0

95.197.799.6

101.1101.6102.7102.8

103.6104.1104.6105.6

106.9108.0108.2109.0

110.1

Non-defense

82.284.086.789.792.897.9

100.0104.0107.7112.3

94.998.1

101.6

103.4103.1103.9105.5

106.3108.3107.3108.7

110.6110.9111.8115.9

115.8

Stateandlocal

81.685.087.590.594.997.9

100.0102.1103.6106.7

96.898.6

100.9

101.6102.2102.3102.4

102.9103.2103.8104.5

105.6106.5107.1107.7

109.2



QUANTITY AND PRICE INDEXES FOR GROSS DOMESTIC PRODUCT ANDPERCENT CHANGES

[Quarterly data arc seasonally adjusted)

Index numbers, 1992=100

Currentdollars

Chain-typequantity

index

Chain-typeprice index

Implicitprice

deflator

Percent change from preceding period '

Currentdollars

Chain-typequantity

index

Chain-typepriceindex

Implicitprice

deflator

198219831984198519861987198819891990199119921993199419951991: I ...

II ..mIV .

1992: I ...II ..inIV .

1993: I ...II ..inIV .

1994: I ...n..inIV .

1995: I ...II..inIV .

1996: IP .

51.956.362.567.070.875.180.987.192.094.8100.0104.9111.0116.093.294.495.396.198.099.3100.4102.2103.2104.1105.2107.0108.5110.3111.9113.4114.5115.2116.9117.6119.0

74.077.082.385.387.990.593.997.198.397.3100.0102.2105.8107.996.997.397.597.898.999.5100.3101.3101.3101.7102.3103.5104.2105.4106.3107.2107.3107.4108.4108.5109.3

70.273.275.978.680.683.186.189.793.697.3100.0102.6105.0107.696.397.097.798.399.199.8100.2100.9101.8102.4102.8103.4104.1104.6105.2105.8106.7107.3107.9108.5109.2

70.173.175.978.480.683.186.189.793.697.3100.0102.6105.0107.596.397.097.798.399.199.8100.2100.9101.8102.4102.8103.4104.1104.6105.2105.8106.7107.3107.8108.3108.9

4.18.411.07.15.86.17.67.75.63.05.54.95.84.52.84.94.03.68.25.34.67.33.83.84.37.05.46.86.15.43.92.85.82.35.0

-2.14.06.83.73.02.93.83.41.3

-1.02.72.23.52.0

-2.21.71.01.04.72.53.04.3.01.72.34.72.54.83.63.2.6.53.6.52.8

6.34.23.83.42.63.13.74.24.43.92.82.62.32.54.83.22.82.53.42.81.52.83.82.21.82.32.81.92.42.23.32.52.22.22.5

6.34.23.93.32.73.13.74.24.34.02.72.62.32.45.13.12.92.53.32.71.52.93.82.11.92.22.81.92.42.23.22.32.21.82.1

1 Percent changes shown here arc calculated using unrounded data. Quarterly percentchanges are at annual rates.


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

Period

Gross domestic productof nonfinancial

corporate business(billions of dollars)

Currentdollars

Chained(1992)dollars

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

Totalcost andprofit2

Consump-tion offixed

capital

Indirectbusinesstax, etc."

Com-pensation

of em-ployees

Corporate profits with inventoryvaluation and capital consumption

adjustments

TotalProfits

taxliability

Profitsaftertax4

Netinterest

1986198719881989199019911992199319941995

1993: I ...II..inIV.

1994: I ...II..inIV.

1995: I ...n..inIV.

2,416.32,589.62,805.22,950.93,084.03,132.13,262.63,437.53,688.43,875.6

3,345.33,407.83,458.73,538.0

3,594.43,664.93,707.23,786.9

3,796.43,832.43,916.13,957.7

2,832.42,967.03,122.13,175.43,212.53,168.83,262.63,380.03,567.13,685.7

3,304.03,357.43,398.43,460.1

3,496.23,554.53,576.23,641.5

3,631.63,646.13,715.13,749.9

0.853.873.898.929.960.9881.0001.0171.0341.052

1.0121.0151.0181.0231.0281.0311.0371.040

1.0451.0511.0541.055

0.100.100.101.106.110.116.115.115.116.115

.116

.115

.116

.114

.122

.114

.114

.113

.114

.116

.115

.115

0.083.083.084.088.092.100.103.105.106.109

.105

.105

.105

.107

.107

.106

.107

.106

.109

.110

.108

.109

0.566.578.591.614.640.660.673.679.682.696

.681

.679

.679

.676

.679

.681

.683

.686

.694

.698

.695

.696

0.069.076.082.075.072.070.077.088.102.104

.079

.085

.089

.098

.093

.103

.105

.108

.100

.100

.109

.108

0.027.031.033.031.030.027.028.031.036.038

.028

.031

.029

.034

.035

.036

.037

.039

.039

.038

.038

.037

0.042.044.050.044.042.043.049.057.066.066

.050

.055

.059

.065

.058

.067

.068

.070

.061

.062

.071

.070

0.035.035.039.046.046.042.032.029.027.028

.031

.030

.029

.028

.027

.028

.028

.027

.028

.028

.027

.027

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

with the decimal point shifted two places to the left.3 Indirect business tax and nontax liability plus business transfer payments less subsidies.

4 With inventory valuation and capital consumption adjustments.

Sources: Department of Commerce, Bureau of Economic Analysis.


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

Period

1989199019911992199319941995

1990- IV1991- IV1992: IV

1993: IIImIV

1994- IIImIV

1995- IIIinrv

1996- IP

Nationalincome

4,362.14,611.94,719.74,950.85,194.45,495.15,799.2

4,667.24,770.05,061.7

5,094.95,159.95,213.05,309.9

5,300.55,493.75,551.25,635.05,697.75,738.95,849.25,911.1

Compen-sation

ofemploy-

ees1

3,151.63,352.83,457.93,644.93,809.44,008.34,209.13,395.93,511.03,707.03,744.13,787.83,834.83,871.0

3,933.63,993.34,022.74,083.7

4,141.64,178.94,235.94,280.24,321.0

Proprietors' incomewith inventory valu-

ation and capital con-sumption adjustments

Farm

36.836.330.238.032.035.029.033.931.037.331.535.826.134.440.835.131.932.328.527.628.131.838.6

Nonfarm

308.2324.6332.7371.5388.1415.9449.3327.1341.1385.1382.0381.8388.1400.5380.3419.3426.8437.1443.5447.1451.5454.9460.0

Kentalincome

ofpersons

withcapital

consump-tion

adjust-ment

52.461.468.480.6

102.5116.6122.2

67.373.092.398.4

102.9104.1104.5101.1121.0122.2121.9120.6121.6120.9125.8126.9

Corporate profits with inventory valuation andcapital consumption adjustments

Total

356.4369.5382.5401.4464.5526.5588.6365.5379.6427.7426.4449.0469.6512.8455.9531.5549.8568.9

559.6561.1614.9618.6

Profits with inventory valuationadjustment and without capital

consumption adjustment

Total

330.6358.2378.2398.9457.7514.9572.7356.5375.2420.5421.4443.2465.9500.4

467.8513.4531.0547.6

542.2546.1600.3602.2

Profitsbefore tax

348.1371.7374.2406.4464.3528.2600.8376.7382.8420.3436.0458.8458.0504.5471.7523.2547.5570.4

594.1588.4609.6611.0

Inventoryvaluationadjust-ment

-17.5-13.5

4.0-7.5-6.6

-133-28.1-20.3-7.6

.2-14.6-156

7.9-40— 3 9-9.8

-16.5-22.8

-51.9-42.3-9.3-8.8

-13.2

Capitalconsump-

tionadjust-ment

25.811.34.32.56.7

11.615.9

9.04.57.2

5.05.83.8

12.3

11 818.118.821.3

17.415.014.616.5

19.8

Netinterest

456.6467.3448.0414.3398.1392.8401.0

477.5434.3412.4

412.6402.6390.4386.7

388.7393.5397.8391.1

403.9402.6397.8399.7

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

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

Period

1989199019911992199319941995

1990: IV1991- IV1992: IV ....

1993: IIImrv

1994- III .. . .mrv

1995- IIImrv

1996: I"

Totalpersona)

con-sumptionexpendi-

tures

4,064.64,132.24,105.84,219.84,339.74,471.14,578.54,116.44,109.14,282.34,290.04,319.04,359.74,390.04,418.84,457.74,485.84,522.34,530.94,568.84,600.44,614.1

4.653.5

Durable goods

Totaldurablegoods

496.2493.3462.0488.5524.1562.0580.8476.3461.5505.0506.0519.6528.9541.9

549.6555.4563.0579.9566.9576.6589.7590.1

600.2

Motorvehicles

andparts

230.3224.3193.2206.9218.6228.2221.0

210.0194.6213.9

210.8219.0219.1225.4

230.3226.7226.4229.4

216.2220.7225.9220.9

222.7

Fur-nitureand

house-hold

equip-ment

170.9173.5177.0189.4208.4230.1251.8

171.5178.0196.4

200.8205.1211.0216.8

219.0226.1232.5242.7

243.3247.5254.9261.5

265.4

Other

96.496.691.892.397.2

104.2109.8

95.588.994.6

94.595.598.999.9

100.4103.0104.7108.8

108.9109.9110.5109.9

114.3

Nondurable goods

Totalnondura-

blegoods

1,303.51,316.11,302.91,321.81,348.91,390.51,422.51,308.41,295.71,339.8

1,336.91,344.71,354.21,359.8

1,372.71,383.71,397.21,408.4

1,416.81,423.51,425.41,424.2

1.435.2

Pood

650.1662.9659.6660.0674.3689.1702.4

662.9656.5668.6

670.5672.9675.7677.9

682.2688.5690.6695.1

700.7701.6703.9703.3

708.5

Clothingand

shoes

220.7217.9215.9225.5233.3247.2257.2

215.1213.1230.9227.4232.3235.0238.6

241.1243.3249.0255.5

254.6258.0258.9257.3

262.5

Gasolineand oil

108.1107.3103.4106.6109.1110.4113.3

104.9102.5107.3

108.2108.0110.9109.3

108.8109.5111.6111.6

113.4113.6112.5113.7

113.1

Fueloilandcoal

12.611.210.810.910.710.310.3

9.910.610.7

10.910.610.710.6

11.410.010.29.6

9.910.610.010.7

10.7

Other

311.5316.7313.2318.8321.6333.6339.5

315.6312.8322.3

319.9320.9322.0323.4

329.2332.4336.0336.7

338.3340.0340.3339.4

340.6

Services

Totalservices1

2,262.32,321.32,341.02,409.42,466.82,519.42,576.12,331.22,352.02,437.6

2,447.02,454.92,476.72,488.6

2,497.02,519.02,526.32,535.1

2,548.12,569.62,586.32,600.4

2.618.9

Housing

614.6627.2635.2646.8655.0668.2681.7

630.6638.6650.6

652.2653.5655.9658.5662.1666.1670.7674.1

677.4680.0683.2686.3

689.6

Medicalcare

575.8602.8621.6646.6658.8668.8684.1

610.6630.8652.2

656.6657.5659.7661.4

663.2667.6670.4674.2

677.8681.3686.1691.3

694.6

Retail sales of newpassenger cars

(millions of units)

Domestics

7.16.96.16.36.77.37.1

6.66.16.4

6.36.96.77.1

7.37.27.27.3

7.06.97.57.3

7.3

Imports

2.72.42.01.91.81.71.5

2.22.01.9

1.81.91.81.7

1.81.81.81.6

1.61.61.51.4

1.3

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

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



SOURCES OF PERSONAL INCOMEPersonal income rose $28.5 billion (annual rate} in March, following an increase of $47.4 billion in February. TheMarch increase reflects the effects of a strike in the motor vehicle industry, which reduced wages and salariesin that industry by about $9 billion (annual rate). Other effects of the strike cannot easily be quantified.

BILUONS OF DOUARS* (RATIO SCALE)

7,000

6,000

5,000

4,000

3,000

2,000

1,400

800

400 1 I I M I M I I I

1988

i i i i i I 1 1 1 1 l1989 1990

WAGE AND SALARY DISBURSEMENTS

•~\v-OTHER INCOME

-vTRANSFER PAYMENTS

I I i I 1 I I I I M

1991 1992 1993 1994

BILUONS OF DOLLARS* (RATIO SCALE)

7,000

6,000

5,000

4,000

3,000

2,000

1,400

800

i l 1 1 l I l l l i l1995

l I I I I I l l l l I 4001996

OOUNQLOF ECONOMIC ADVISERS

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

Period

19861987 . ..198819891990199119921993199419951995- Mar

July

SeptOctNovDec

1996- Janr

Feb'Mar** ..

personalincome

3 647 53 87734 172 8448934 791 6496855264 2547925 75026 101 7601596 053 960462608556 123 16 12596 157 96 187 962073624646250 26297663261

Wage andsalary

disburse-ments1

2 116 59 279 7

2 453 6259812 7575282762 9864309063241 13419733694339923374 7340593 438 7343333 4548347653474534937348633522935384

Other laborincome 1 2

2160235.4251 7273.1300 6322.7351 3380.9402 2424.0419.24206422.0423.4424.6425.84272428.7430.2431.7427 4429.1430.8

Proprietor

Farm

25.232.328.236.836.330.238.032.035.029.027.827.827.627.427.628.028.830.431.933.236.238.840.6

s' income3

Nonfarm

242.6260.6294.7308.2324.6332.7371 5388.14159449.3444.74455446.2449.7448.4451.94542452.9455.0456.94565460.2463.4

Rentalincome

ofpersons*

42345.555.752.461 468.4806

102.51166122.2119.11204122.1122.3122.0120.61202119.5127.4130.71291126.7125.0

dividendincome

1051101 1109913091429153615941868199621482104211 5212121292143215621742195221 9223.822532265227.9

interestincome

543 3560.05955674.57044699.26672647.3661 67146707.6711 4714 1716.47168717.4718 37209725.4729.372997308731.7

Transferpayments 5

5186543357766260687 87699858 291079563

1 022 6100841 010 61 01881 021 01 026 61 02891 034 11 03801 03941 04691 05821 063 81 0707

Less: Per-

tributionsfor socialinsurance

162 1173 7194 22108223 9235 8248 42596278 1294 52909293 0291 4293 6295 9295 6297 2298 429842997298 7301 3302 4

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

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

3 With inventory valuation and capital consumption adjustments.4 With capital consumption adjustment.5 Consists mainly of social insurance benefits, direct relief, and veterans payments.Source: Department of Commerce, Bureau of Economic Analysis.


DISPOSITION OF PERSONAL INCOMEAccording to advance estimates, per capita disposable personal income in chained (1992) dollars rose in thefirst quarter of 1996.

BIlilONS OF DOLLARS' (RAJ1O SCALE)6,0005,500

5,000

4,500

BILLIONS OF DOLLARS' IDAHO SCALE)

2,000

DOLLARS* (RATIO SCALE)

I I 12,000

DOLLARS' (RATIO SCALE)22,00020,000

18,000

16,000

14,000

12,000

10,000

8,000

PER CAPITA DISPOSABLE PERSONAL INCOMECHAINED (1992) DOLLARS

\_

_-- ,

•—

1982

_ _ — "

^

l I I1983

^

\ 1 1

1984

.x

1 1 11985

t i i1986

\ _

^**•^

\ i t1987

• v\

CURREr-

t i i

1988

. • —

JTDOLLAf

i i I

1989

.

S

1 1 !

1990

^Z-—

i I I

1991

•. "

i i i

1992

-=*SrH

1 1 1

1993

rrH^ ^

1 I 1

1994

-. — —

1995i i i

1996

22,00020,000

18,000

16,000

14,000

12,000

10,000

8,000

COUNCIL Of KONOHK AIMSERS

Period

19871988 ....19891990 ...19911992199319941995

1990: IV1991: IV1992: IV1993: I

IIIllIV

1994: IIIIllIV

1995: IIIIll ..IV

1996- IP

Personalincome

Less:Personaltix. andnontax

payments

Equals:Disposablepersonalincome

Less:Personaloutlays1

Equals:Personalsaving

Billions of dollars

3,877.34,172.84,489.34,791.64,968.55,264.25,479.25,750.26,101.7

514.2532.0594.9624.8624.8650.5689.9731.4794.3

3,363.13,640.83,894.54,166.84,343.74,613.74,789.35,018.85,307.4

3,194,73,451.73,706.73,958.14,097.44,341.04,572.94,826.55,066.7

168.4

189.1187.8208.7246.4272.6216.4192.4240.8

Dispos-able

personalincome inbillions ofchained(1992)dollars

4,154.14,318.14,403.74,484.64,486.44,613.74,666.24,775.64,934.7

Per capitadisposable personal

income

Currentdollars


Per capita personalconsumptionexpenditures

Currentdollars


Dollars

13,84914,85715,74216,67017,19118,06218,55219,25320,174

17,10617,62117,80117,94117,75618,06218,07518,32018,757

12,74313,66914,53115,36015,73216,52017,25318,02518,717

15,74016,21116,43016,53216,24916,52016,81017,15217,403

Percentchangein real

per capitadisposablepersonalincome

Saving aspercent ofdisposablepersonalincome

Percent

0.73.01.0.8

-1.01.7.1

1.42.4

Seasonally adjusted annual rates

4,868.65,048.95,415.35,348.75,458.45,500.55,609.15,562.45,743.05,801.75,893.95,995.56,061.96,135.66,213.96,291.3

627.1632.5674.8662.4686.9696.4713.8705.5740.8731.3748.1770.0801.5798.4807.2812.4

4,241.54,416.44,740.54,686.34,771.64,804.14,895.34,856.95,002.25,070.45,145.85,225.55,260.45,337.25,406.75,478.9

4,027.94,149.84,450.04,486.64,542.64,599.34,663.24,723.04,791.94,863.04,927.94,972.25,049.05,104.65,140.95,214.7

213.5266.6290.5199.6228.9204.9232.1133.9210.3207.4217.8253.3211.4232.6265.8264.2

4,468.84,506.34,688.74,602.84,657.64,674.04,730.44,666.44,779.84,804.24,852.04,895.54,896.14,950.34,997.15,037.1

16,89617,40518,47818,22318,51018,58518,88718,69919,21519,42719,66619,93120,02120,26320,47720,710

17,80217,75918,27717,89918,06818,08118,25117,96618,36118,40718,54418,67218,63418,79418,92619,040

15,56415,87116,87716,98517,16417,33517,52817,70717,92018,13918,33018,44718,68218,83118,90819,132

16,39816,19416,69216,68216,75416,86516,93717,01317,12317,18717,28317,28217,38817,46517,47517,590

-3.8-.06.7

-8.03.8.3

3.8-6.1

9.11.03.02.8-.83.52.82.4

5.05.24.85.05.75.94.53.84.5

5.06.06.14.34.84.34.72.84.24.14.24.84.04.44.94.8

Population,includingArmedForces

overseas(thou-

sands)3

242,842245,061247,387249,956252,680255,432258,159260,681263,090

251,031253,743256,543257,155257,787258,501259,192259,738260,327261,004261,653262,181262,748263,399264,032264,557

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

2Annnal data are averages of quarterly data, which are averages for the period.Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).


FARM INCOMEIn the third quarter of 1995, according to preliminary estimates, gross farm income rose $15.2 billion (annual rate)and net farm income rose $13.2 billion.

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

240200

160

240

120

40

20

2

V

1 ,'\\ /'t 1

i i i

1982

v^

\I K I

i ' Mi ' •I'i'i

i i i1983

l\x/ V

I

i i I1984

GRO

f\___/ '

i i i

1985

\\

5S FARM 1C.

A '/ '

COME

*

^ '

\

r~^"

— y /X /\/

'/ ' NET FARM INCOME

i i i

1986

i i i

1987

i i i

1988

r —-

f

i i i1989

'

•

i i i

1990

•

*"\ 1S^

1 1 11991

r*"--^

i i i

1992

>. /

\'

i i

1993

r — ~" ' —

-^ ~

i i i1994

. .

\ /\/

i i i

1995

120

80

60

40

20

10

' SEASONALLY AQJUS1ED ANNUAL RATESSOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS

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

Period

1986198719881989199019911992 . ..199319941993- I

IIIIIIV

1994- IIIIllIV

1995- IIIHIP

Income of farm operators from farming

Gross farm income

Total1

156.1168.3177.3191.9198.5191.8200.5203.0213.5203.9203.4198.9205.6218.8206.1211.8217.1210.4203.8219.0

Cash marketing receipts

Total

135.4141.8151.2160.8169.4167.8171.3177.1179.7174.3177.2187.7169.4178.8169.7185.8184.4183.6179.6202.1

Livestock andproducts

71.676.079.683.989.285.885.690.088.183.787.9

101.387.392.082.897.679.986.778.499.8

Crops

63.865.871.676.980.382.085.787.191.690.689.386.382.186.886.988.2

104.596.8

101.2102.4

Value ofinventorychanges2

-2.2-2.3

4 13.83.5

24.2

-4.58.7

-8.063

-7.43.7

10.610.07.86.3

6.(3

-.5

Productionexpenses

125.1130.2139.8146.9153.7153.4152.6160.9166.7158.5160.8162.6161.7164.3166.5168.5167.6163.1165.5167.5

Net farmincome

31.138.037.545.044.838.447.942.146.745.442.736.343.954.539.643.349.547.338.351.5

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

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

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

annual data in table.Sources: Department of Agriculture.


CORPORATE PROFITSIn the fourth quarter of 1995, according to current estimates, corporate profits before tax rose $1.4 billion (annualrate) and profits after tax rose $7.2 billion.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

650

600

550

500

450

400

350

300

250

200

150

100

50

0

SEASONALLY ADJUSTED ANNUAL RATES

/—

/

.{

J

PROFITS BEFORE TAX >\ /

s-

^\

/

- r\- —

~ — — .~ ^

i i i1982

Js

/

*"•**/

. *

i i i1983

V

^••^

1 1 1

1984

—^~\

*---,

i i i1985

\~^

^ /_ . ~. -s '

'•fcj-r'1986

x

// _..s'

^s

/"

/ UNDII

1 1 1

1987

yPROF

^ s *y ~~

^•n*1*1"

k>TRIBUTED

i i i1988

y^\s

TS AFTER!

^\

'V_.,

\V\

N— *

'ROFITS

I I I1989

AX

s — ~"f

TAXI

i t i1990

^

— -

LABILITY

\\

^ /

1 1 t

1991

V

,^\ /

' \/

y-\

\ /""\/

\ \ \1992

y

/,/s

/"s"~'

y\/

I 1 t

1993

7

ss

t^ t

s''

,/

^f

/, /

1 1 1

1994

/~~S

-

-

-

r~'~-

-

' -

S • ..-

-

-

-

i i i1995

650

600

550

500

450

400

350

300

250

200

150

100

50

0

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS


Period

19861987198819891990199119921993199419951990: IV1991: TV1992: TV

1993: IIIIIITV

1994: IIIIllTV

1995: IIIIIITV

1996: IP

Profits (before tax) with inventoiy valuation adjustment l

Total2

234.0272.9325.0330.6358.2378.2398.9457.7514.9572.7

356.5375.2420.5

421.4443.2465.9500.4

467.8513.4531.0547.6

542.2546.1600.3602.2

Domestic industries

Total

199.3231.3274.3272.6292.5309.5334.0388.1453.7494.1282.5303.6361.2

347.0375.7393.1436.8

407.0452.4469.9485.5

467.5468.2527.1513.7

Finan-cial

36.437.143.053.168.687.483.791.094.4

119.170.587.683.1

85.788.188.3

101.3

64.997.8

108.4106.4

114.3112.6130.4119.3

Nonfinancial

Totals

162.9194.2231.2219.6223.8222.1250.3297.2359.3375.0212.1216.1278.1

261.2287.6304.3335.4

342.1354.6361.5379.0

353.2355.6396.7394.4

Manufac-turing

60.285.0

115.1109.3112.392.796.3

109.7142.7145.7108.483.8

105.1

90.4108.4106.0134.0

145.3134.2142.8148.4

134.7137.8153.2157.3

Whole-sale

22.916.719.320.417.220.623.025.534.529.616.917.028.3

17.928.627.028.7

28.839.534.335.4

29.726.431.231.2

Retail

23.723.919.620.720.626.132.239.242.238.722.828.637.3

36.338.142.439.8

38.343.243.743.6

36.036.642.539.6

Profitsbefore

tax

222.6293.6354.3348.1371.7374.2406.4464.3528.2600.8

376.7382.8420.3

436.0458.8458.0504.5

471.7523.2547.5570.4

594.1588.4609.6611.0

Taxliability

106.5127.1137.0141.3140.5133.4143.0163.8195.3218.7139.7135.2149.7

151.5162.6159.3181.7

171.4192.8203.4213.5

217.3214.2224.5218.7

Profits after tax

Total

116.1166.5217.3206.8231.2240.8263.4300.5332.9382.1237.1247.6270.6

284.6296.2298.6322.7

300.3330.4344.1356.8

376.8374.1385.1392.3

Dividends

110.2107.0116.8138.9151.9163.1169.5197.3211.0227.4

152.0165.3180.4

190.2195.8200.2202.9

204.4208.8212.5218.5

221.7224.6228.5234.7

239.9

Undis-tributedprofits

5.859.5

100.567.979.477.793.9

103.3121.9154.785.082.290.3

94.4100.498.4

119.8

95.9121.7131.6138.3

155.1149.6156.6157.6

Inventoiyvaluationadjust-ment

11.4-20.7-29.3-17.5-13.5

4.0-7.5-6.6

-13.3-28.1-20.3-7.6

.2

-14.6-15.6

7.9-4.0

-3.9-9.8

-16.5-22.8

-51.9-42.3-9.3-8.8

-13.21 See p. 4 for profits with inventory valuation and capital consumption adjustments.2 Includes rest of the world, not shown separately.

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


REAL GROSS PRIVATE DOMESTIC INVESTMENTIn the first quarter of 1996, according to advance estimates, nonresidential fixed investment in chained (1992)dollars rose $21.0 billion (annual rate) and residential investment rose $2.9 billion. There was an increase of $7.9billion in inventories following an increase of $16.5 billion in the fourth quarter.

3IUJONS OF CHAINED (1992) DOUARS BIWONS OF CHAINED (1992) DOUARS

1,100

1,000

900

1,100

1,000

900

800

700

600

500

400

300

200

100

0

-100

SEASONALLY ADJUSTED ANNUAL RATES

^1

S~^

/. /

VX

""^r'

— . — '"^

' \

X

I I I

1982

J

/^ jf

s

ts

s

\ \ 1

1983

^s

i~ " "*N

i i i1984

1 -s\

' - ~ - -

1 1 1

1985

-N\

V ..

1 E 1

1986

^t-r^T\

\ I I VGROSS PRIVATE DOMESTIC

~'

RFIXE

CHAN

\

'»,/

I I I .

1987

INVES

^

ESIDENTI/D INVEST/

\ _j\,

GEINBU!VENTORI

i t i1V88

MENT

^

F

M.rtENT

1 ~"

INESS

, ~ N

1 1 1

1989

A '•JONRESICXEDINVE

' .

,'\V

1 1 1

1990

r^~)ENTIALSTMENT

L -'i i i1991

y

'"'

,— •*"

i i i1992

^•

"

^.*^

i i i

1993

f

ss

/ "" ••

i t i1994

rx^~

^

" V _ ^

~ ^

1 1 t

1995

'

1 1 1

1996

800

700

600

500

400

300

200

100

0

-100

SOUKE: IWARTMENT Of COMMERCE COUNOL OF ECONOMIC ADVISERS

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

Period

19861987198819g919901991 . .1992199319941995

1990- IV1991- IV1992- IV1993. I

IIinIV

1994. jiiinIV

1995- IIIIllIV

1996- \r

Grossprivate

domesticinvestment

813.8820.5826.0861.9817.3737.7790.4857.3979.6

1,011.3

748.1762.4812.4

834.8843.2857.6893.4

933.5984.6994.1

1,006.3

1,024.2998.3

1,016.21,006.7

1,022.5

Fixed investment

Total

805.0799.4818.3832.0805.8741.3783.4836.4921.1976.9

774.4742.0805.8

815.4821.1835.4873.5

892.4911.4930.8949.7

969.6966.1981.0990.7

1,014.5

Nonresidential

Total

548.5542.4566.0588.8585.2547.7557.9593.6652.1715.0

573.9539.5569.1

577.5586.4593.1617.6

638.6639.5660.4679.7

704.4710.6719.7725.3

746.3

Structures

203.3195.9196.8201.2203.3181.6169.2166.3168.8181.1

196.0171.4165.6

167.0164.8165.1168.2

163.0169.0169.1174.3

178.5180.0182.7183.1

185.7

Producers'durable

equipment

345.9346.9369.2387.6381.9366.2388.7427.6484.1535.2

377.9368.1403.5

410.5421.7428.2449.8

466.5471.2492.4506.4

527.1531.9538.2543.5

562.2

Residential

257.0257.6252.5243.2220.6193.4225.6242.7268.9262.8

200.3202.4236.7

237.9234.8242.2255.8

263.6271.6270.3270.3

265.9256.6262.3266.4

269.3

Change in businessinventories

Total

10.926.211.633.310.4

-3.07.3

19.158.933.7

-28.221.45.8

18.520.819.517.4

40.174.164.057.3

54.530.633.216.5

7.9

Nonfarm

12.434.224.733.5

7.8-1.2

1.926.446.837.4

-25.919.97.2

26.026.730.922.1

29.854.150.153.3

58.133.838.319.5

12.8

NOTE.—See p. 10 for further detail on fixed investment by type.Because of the formula used for calculating real 6DP, the chained (1992) dollar estimates

for the detailed components do not add to the chained-dollar value of GDP or to any intermedi-Source: Department of Commerce, Bureau of Economic Analysis.


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

Period

1986198719881989 ....199019911992199319941995

1990- IV1991: IV1992: IV1993: I

IIin ....IV

1994: IIIin.IV

1995: IIImIV

1996: IP

Nonresidential

Totalnonresi-dential

548.5542.4566.0588.8585.2547.7557.9593.6652.1715.0

573.9539.5569.1577.5586.4593.1617.6628.6639.5660.4679.7704.4710.6719.7725.3746.3

Structures

Total1

203.3195.9196.8201.2203.3181.6169.2166.3168.8181.1

196.0171.4165.6167.0164.8165.1168.2163.0169.0169.1174.3178.5180.0182.7183.1185.7

Non-resi-

dentialbuild-ings,

includ-ing

farm

144.5142.4145.3150.2152.0126.9113.2112.8117.7127.9

143.8116.4109.8111.4110.6112.7116.3112.4117.8117.4123.3125.4126.8129.2130.3132.4

Utili-ties

36.530.730.030.928.132.034.531.131.735.1

28.933.333.932.431.030.730.530.731.232.132.733.734.835.836.035.9

Miningexplo-ration,shafts,

andwells

15.815.515.813.916.115.713.314.812.611.2

16.314.413.715.215.214.614.213.413.312.211.512.510.711.010.511.3

Producers' durable equipment

Total1

345.9346.9369.2387.6381.9366.2388.7427.6484.1535.2

377.9368.1403.5410.5421.7428.2449.8466.5471.2492.4506.4527.1531.9538.2543.5562.2

Information processingand related equipment

Total

94.197.5

106.6116.2116.2117.8134.2147.1170.4201.8

115.7122.5138.9139.5142.2150.7156.0161.2166.6171.5182.5189.2199.9201.9216.1229.9

Com-putersandPe-

nph-eral

equip-ment2

16.721.024.029.429.432.443.956.269.391.6

29.936.647.551.152.958.362.564.667.169.376.380.288.292.0

106.1117.5

Other

84.680.285.788.188.285.990.291.5

102.6114.2

87.186.291.588.689.693.194.697.8

100.8103.6108.3111.5115.1114.1116.3120.1

In-dus-trial

equip-ment

93.591.195.3

101.595.088.389.396.3

105.9116.2

91.486.492.693.794.496.3

100.7102.8104.3107.0109.4114.2118.4116.7115.5118.4

porta-tionand

relatedequip-ment

85.682.187.178.981.281.786.297.5

111.7118.0

82.881.691.593.099.595.0

102.7109.0105.3115.9116.5121.7114.8120.4115.1114.4

Residential

Totalresi-den-tial3

257.0257.6252.5243.2220.6193.4225.6242.7268.9262.8

200.3202.4236.7237.9234.8242.2255.8263.6271.6270.3270.3265.9256.6262.3266.4269.3

Structures

Total

251.3251.6246.3237.0214.5187.6219.5236.3262.1255.8

194.4196.6230.5231.7228.5235.7249.2257.0264.8263.5263.2258.9249.7255.3259.4262.3

Singlefamily

119.3128.3126.1121.9110.496.4

116.5127.1140.5127.7

97.6105.1121.6124.9122.5126.3134.4140.3143.5140.8137.4133.0123.0125.8129.1131.5

Multi-family

35.928.323.423.319.715.413.110.413.517.6

18.614.211.510.310.010.710.611.212.814.515.616.817.417.818.518.3

Other

95.894.896.891.884.475.789.998.8

108.1110.9

78.177.397.496.596.098.7

104.1105.4108.4108.2110.4109.3109.8112.2112.3112.9

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

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


BUSINESS INVESTMENT AND PLANS[Billions of dollars]

Period

1993 1

1994 2

1995 3 .

1996 4

Totalex-

pendi-tures

489.7

549.9

594.5

603.4

By industry

Total

488.2

547.8

591.7

600.7

Miningandcon-

struc-tion

31.2

36.1

36.0

33.6

Manufacturing

Total

134.1

153.3

172.3

184.8

Dura-ble

goods

66.4

78.9

91.4

100.2

Non-durablegoods

67.7

74.4

80.9

84.6

Trans-

tion

30.6

33.3

37.0

35.2

Corn-

cations

37.1

41.5

46.0

46.3

Utili-ties

41.3

42.2

42.8

40.6

Whole-saleand

retailtrade

60.3

68.9

75.1

71.9

Pi-nance,insur-ance,andreal

estate

40.2

46.8

57.3

57.7

Serv-ices

111.8

123.5

123.7

129.4

Servingmul-tiple

indus-tries

1.7

2.2

1.5

1.3

Notdistrib-

utedby

indus-try

1.4

2.2

2.8

2.7

1 Estimates collected from the 1993 Annual Capital Expenditures Survey.8 Revised estimates collected from the 1994 Annual Capital Expenditures Survey. Final data

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

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

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

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

Source: Department of Commerce, Bureau of the Census.

10


EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEIn April, employment fell by 56,000 and unemployment fell by 238,000.

MILLI

134

130

126

122

118

114

110

106

ONS OF PERSONS * MILLIONS OF PERSO

^SS""

-

,

_^-

"*" •""•*• -*»

s

IAN LABOR FO

^

EASONALLY ADJUSTED ^^ -

^ "

,

\CIVILIAN

EMPLOYMENT

_-/

-^- "^f

~s'"

H

*-"^. *--•"•"

^

X*"

-

V

NS*

134

130

126

122

118

114

110

104

4 -

COUNCIl OF ECONOMIC AOVISEDS

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

Period

1986 3

1987198819891990 3

199119921993199441995

1995- Apr . . .

July

SeptOctNovDec

1996- JanFebMar

Civiliannoninstitu-

tionalpopulation

NSA

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

198,148198,286198,453198,615198,801199,005199,192199,355199,508

199,634199,772199,921200,101

Civilianlaborforce

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

132,529132,058131,962132,342132,298132,501132,473132,471132,352

132,903133,018133,655133,361

Civilian employment

Total

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

124,973124,598124,566124,832124,859125,036125,244125,062124,981

125,226125,663126,151126,095

Agricul-tural

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

3,5283,3603,4353,4093,3763,3353,4343,3233,325

3,5293,5193,4873,368

Nonagricultural

Total

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

121,445121,238121,131121,423121,483121,701121,810121,739121,656

121,698122,143122,664122,726

Part timefor

economicreasons1

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

4,2114,2734,2634,2564,2914,3554,2744,2834,306

3,8424,2744,2234,287

Unemployment

Total

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

7,5567,4607,3967,5107,4397,4657,2297,4097,371

7,6777,3557,5047,266

15weeksandover

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

2,4392,5262,3532,3322,3712,3232,2812,3052,322

2,3702,3072,4792,388

Not inlaborforce

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

65,61966,22866,49166,27366,50366,50466,71966,88467,156

66,73066,75466,26666,741

Percent2

Laborforce

partici-pationrate

65.365.665.966.566.566.266.466.366.666.6

66.966.666.566.666.566.666.566.466.3

66.666.666.966.6

Employ-ment/pop-

ulationratio

60.761.562.363.062.861.761.561.762.562.9

63.162.862.862.962.862.862.962.762.6

62.762.963.163.0

Unem-ploy-mentrate

7.06.25.55.35.66.87.56.96.15.6

5.75.65.65.75.65.65.55.65.6

5.85.55.65.4

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

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

3 Not strictly comparable with earlier data.

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

Source: Department of Labor, Bureau of Labor Statistics.

11


UNEMPLOYMENT RATESIn April, the unemployment rote fell to 5.4 percent.

PERCENT* (SEASONALLY ADJUSTED)

15

PERCENT* (SEASONALLY ADJUSTED)

25

10

1992 1996 1992

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

1996


[Monthly data seasonally adjusted]

Period

1986 .19871988198919901991199219931994 2

1995

1995: AprMay

July

Amr ...SeptOctNovDec

1996- JanPebMarApr

Unemployment rate (percent of civilian labor force in group)

Allcivilianworkers

7.06.25.55.35.66.87.56.96.15.6

5.75.65.65.75.65.65.55.65.6

5.85.55.65.4

By sex and age

Men20 yearsand over

6.15.44.84.55.06.47.16.45.44.84.95.04.84.84.84.84.54.94.8

4.94.95.04.8

Women20 yearsand over

6.25.44.94.74.95.76.35.95.44.9

5.14.95.05.04.94.95.04.84.7

5.14.84.84.7

Bothsexes16-19years

18.316.915.315.015.518.720.119.017.617.3

17.217.316.917.817.617.717.117.818.0

18.216.617.516.7

By race

White

6.05.34.74.54.86.16.66.15.34.9

4.95.04.94.94.84.94.85.04.9

5.04.94.84.7

Blackand

other

13.111.610.410.010.111.112.711.710.5

9.6

9.79.29.79.9

10.010.19.49.09.3

9.59.19.89.4

Black

14.513.011.711.411.412.514.213.011.510.4

10.710.010.510.811.011.110.0

9.610.2

10.610.311.110.5

By selected groups

Expe-riencedwageand

salaryworkers

6.65.85.25.05.36.67.26.65.95.4

5.55.65.45.55.45.55.45.45.4

5.45.35.45.3

Marriedmen,

spousepresent

4.43.93.33.03.44.45.14.43.73.3

3.33.43.43.43.33.43.23.33.2

3.33.03.13.0

Womenwho

maintainfamilies

9.89.28.18.18.39.3

10.09.78.98.0

8.78.28.38.27.28.07.97.76.8

8.27.57.76.8

Full-timeworkers l

6.96.05.35.15.46.87.56.96.15.5

5.65.55.55.55.55.55.45.55.55.75.45.55.4

Part-timeworkers a

7.46.96.46.26.47.07.57.26.06.0

6.16.16.26.46.05.95.95.95.9

6.06.26.05.8

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

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

12


SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCEPROGRAMSIn April, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15-26 weeks fell; the percentages for 5-14 weeks and for 27 weeks and over rose. The mean duration of unemploymentrose to 17.4 weeks and the median duration rose to 8.8 weeks.

PERCENT DISTRIBUTION

70

PERCENT DISTRIBUTION '

70

30

10 -

20

— 10

REASON FOR UNEMPLOYMENT

1996

* SEASONALLY ADJUSTED1/BEGINNING JANUARY 199i, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.SOUfiCE: DEPARTMENT Of LABOR

1992

JOB LOSERS-^

A A.-,'

REENTRANTS

JOB LEAVERS

1993

NEW ENTRANTS

imilm 1 1 ! i i mlmi I1994 1995 1996


[Monthly data seasonally adjusted, except as noted]

Period

198619871988198919901991199219931994s

1995

1995: Apr

T •*

July

SeptGetNovDee

1996- JanFebMar

Un-employ-

ment(thou-sands)

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

7,5567,4607,3967,5107,4397,4657 2297^4097,371

7,6777,3557,5047,266

Duration of unemployment

Percent distribution

Lessthan

5weeks

41.943.746.048.646.340.335.136.534.136.5

35.435.336.535.336.437.537.237.136.4

36.837.835.433.8

5-14weeks

31.029.630.030.332.032.429.428.930.131.6

31.831.031.733.831.831.231.832.032.5

31.930.931.132.7

15-26weeks

12.712.712.011.211.714.415.114.515.514.6

14.416.415.613.915.114.213.714.214.5

14.815.315.715.5

27weeksandover

14.414.012.19.9

10.012.920.320.120.317.3

18.417.316.317.016.717.117.216.716.6

16.516.017.818.0

Number of weeks

Aver-age

(mean)

15.014.513.511.912.013.717.718.018.816.6

17.616.816.016.516.316.316.216.316.2

16.016.617.317.4

Median

6.96.55.94.85.36.88.78.39.28.3

8.48.97.78.78.48.18.18.08.1

8.38.08.38.8

Reason for unemployment:percent distribution

Joblos-ers1

48.948.046.145.748.154.456.154.247.746.9

46.347.447.047.046.545.947.546.946.9

47.648.147.450.0

Jobleav-ers

12.313.014.715.714.811.610.410.99.9

11.1

10.711.511.311.211.611.710.511.511.9

11.510.010.49.7

Reen-trants

26.226.627.028.227.424.823.824.634.834.1

35.133.734.334.334.034.234.433.733.2

32.533.734.432.8

Newen-

trants

12.512.412.210.49.89.29.7

10.37.67.8

7.97.47.47.67.88.17.77.98.1

8.58.27.97.6

Stateprograms

Insuredunem-ploy-ment

Initialclaims

Insuredunem-

ployment,all

regularprograms(unadjust-

ed)2

Weekly average, thousands

,643,300,081,158,522,342,245,751,670,574

,496,558,636,683,634,632,678,652,625

,655,660,641

378328310330388447408341340357

352373376373346357365375363

374371393

P357

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

2,7212,4762,3982,6352,4612,1972,2932,4222,669

3,499r3,3333,161

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

ieemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 3993. Also in-cludes Federal and State extended benefit programs. Does not include Federal supplementalcompensation or Emergency Unemployment Compensation programs.

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

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

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

13


NONAGRICULTURAL EMPLOYMENTTotal nonagricultural employment as measured by the payroll survey rose by 2,000 in April.

MILLIONS OF PERSONS*120

110

100

90

80

70

60 -

50

40 -

30

201992

ALL NONAGRICULTURALESTABLISHMENTS

SERVICE-PRODUCINGINDUSTRIES

GOODS-PRODUCINGINDUSTRIES

I ill I1993

.V.1994 1995 1996

* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF LABOR

MILLIONS OF PERSONS* (ENLARGED SCALE]

1992 I 1993 1994 1995 1996

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

Period

19861987198819891990199119921993199419951995: Apr

MayJuneJuly ...AugSeptOctNov .Dec

1996: Janr

Febr

Mar/>Apr*7

Totalnonagri-culturalemploy-

ment

99,344101,958105,210107,895109,419108,256108,604110,730114,034116,607116,310116,248116,547116,575116,838116,932117,000117,212117,357117,211117,842118,020118,022

Goods-producing industries

Total2

24,53324,67425,12525,25424,90523,74523,23123,35223,91324,22724,33124,22824,24024,15624,16524,15724,15924,13424,17324,11624,26424,21024,139

Con-struc-tion

4,8104,9585,0985,1715,1204,6504,4924,6685,0105,2465,2425,1905,2305,2265,2335,2625,2875,2955,2975,3145,4265,4315,378

Manufacturing

Total

18,94718,99919,31419,39119,07618,40618,10418,07518,30318,40318,50618,45618,42818,35318,35718,32218,30118,27218,30718.23518,26518,20418,187

Durablegoods

11,19511,15411,36311,39411,10910,56910,27710,22110,43110,59510,63210,61110,59710,56910,58710,57210,56510,55310,60710,58110,60210,55810,573

Non-durablegoods

7,7527,8457,9517,9977,9687,8377,8277,8547,8727,8087,8747,8457,8317,7847,7707,7507,7367,7197,7007,6547,6637,6467,614

Service-producing industries

Total

74,81177,28480,08682,64284,51484,51185,37387,37890,12192,38091,97992,02092,30792,41992,67392,77592,84193,07893,18493,09593,57893,81093,883

Trans-

tion andpublic

utilities

5,2475,3625,5145,6255,7935,7625,7215,8296,0066,1926,1846,1776,1926,1956,2176,2066,2176,2406,2316,2316,2446,2536,262

Whole-sale

trade

5,7615,8486,0306,1876,1736,0815,9975,9816,1406,3246,3006,2986,3206,3336,3406,3466,3596,3736,3956,4016,4226,4396,444

Retailtrade

17,88018,42219,02319,47519,60119^8419,35619,77320,43720,84120,76220,74720,79820,85120,83720,89920,89720,98920,98120,93321,04021,08021,100

Finance,insur-ance,

and realestate

6,2736,5336,6306,6686,7096,6466,6026,7576,9336,9496,9246,9256,9306,9386,9476,9576,9776,9917,0017,0077,0337,0437,060

Services

22,95724,11025,50426,90727,93428,33629,05230,19731,48832,79632,54832,63032,78432,82032,98633,04733,07633,18533,24833,23233,50533,62233,642

Government

Total

16,69317,01017,38617,77918,30418,40218,64518,84119,11819,27919,26119,24319,28319,28219,34619,32019,31519,30019,32819,29119,33419,37319,375

Federal

2,8992,9432,9712,9883,0852,9662,9692,9152,8702 8222,8262,8312,8382,8342,8252,8122,8012,8002,7992,7802,7792,7762,775

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

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

2 Includes mining, not shown separately.


14


AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND 1Y EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES

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

Period

198619871988 .1989199019911992199319941995 .

1995- AprMay

July

SeptOctNovDec

1996: Jan'Feb'Mar*AprP

Average weekly hours

Totalprivate

nonagri-enltural1

34.834.834.734.634.534.334.434.534.734.5

34.634.234.434.634.434.534.634.434.333.834.534.534.3

Manufacturing

Total

40.741.041.141.040.840.741.041.442.041.5

41.541.441.541.341.541.741.541.541.239.941.641.441.5

Overtime

3.43.73.93.83.63.63.84.14.74.4

4.54.44.24.34.34.54.44.44.34.24.54.34.4

Average gross hourly earnings

Total privatenonagricultnral l

Currentdollars

$8.768.989.289.66

10.0110.3210.5710.8311.1311.46

11.4011.3711.4311.5011.4811.5411.5911.5811.6111.6511.6611.6811.75

1982dollars2

$7.817.737.697.647.527.457.417.397.417.41

7.407.367.397.437.417.447.447.437.447.437.427.40

Manufac-turing

$9.739.91

10.1910.4810.8311.1811.4611.7412.0612.35

12.2812.2812.3212.4012.4112.4312.4512.4712.4912.6112.5612.5212.69

Average gross weekly earnings

Total privatenonagricultural *

Currentdollars

$304.85312.50322.02334.24345.35353.98363.61373.64386.21395.37

394.44388.85393.19397.90394.91398.13401.01398.35398.22393.77402.27402.96403.03

1982dollars 2

$271.94269.16266.79264.22259.47255.40254.99254.87256.96255.74

256.13251.85254.16257.21254.78256.53257.55255.68255.11251.13256.06255.36

Current dollars

Manufac-turing

$396.01406.31418.81429.68441,86455.03469.86486.04506.52512.53

509.62508.39511.28512.12515.02518.33516.68517.51514.59503.14522.50518.33526.64

Construc-tion

$466.75480.44495.73513.17526.01533.40537.70553.63572.61583.55

566.61563.62582.86590.02583.98588.95593.49588.60577.95583.70605.28586.69595.10

Detailtrade

$176.08178.70183.62188.72194.40198.48205.06209.95216.46221.76

222.03219.56220.90223.11222.14223.49224.26224.06224.43222.44227.65228.81227.02

Percent change froma year earlier, total

private non-agricultural3

Currentdollars

1.92.53.03.83.32.52.72.83.42.4

2.51.12.43.02.52.52.02.32.2.5

3.02.72.8

1982dollars

0.3-1.0-.9

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

.8-.5

— n-i.\-.6

.2-.0

.0-.6-.1-.3

-2.2.3

-.1

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

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

8 Based on seasonally unadjusted data.


EMPLOYMENT COST INDEX—PRIVATE INDUSTRY

Period

1986- Dec1987: Dee1988: Dec1989: Dee1990: Dec1991: Dee1992: Dee1993: Dec1994- Dee1995: Dec

1993: Mar

SeptDec'

1994: Mar' .June1"Sept'Dec'

1995: Mar'

Sept'Dec'

1996: Mar

Index (June 1989 = 100)

Totalcompensa-

tion

Wages andsalaries Benefits >

Percent change from

3 months earlier

Totalcompensa-

tionWages and

salaries Benefits1

12 months earlier

Totalcompensa-

tion

Wages andsalaries Benefited

Not seasonally adjusted

90.193.197.6

102.3107.0111.7115.6119.8123.5126.9

91.194.198.0

102.0106.1110.0112.9116.4119.7123.1

87.590.596.7

102.6109.4116.2122.2128.3133.0136.6

Seasonally adjusted

116.9117.9118.9119.9

120.8121.8122.8123.5

124.4125.3126.1127.1

128.0

113.9114.6115.6116.5

117.2118.1119.0119.7

120.6121.5122.4123.2

124.6

124.8126.5127.7128.9

130.3131.5132.9133.6

133.8134.6135.4136.8

136.5

1.0.9.8.8

.8

.8

.8

.6

.7

.7

.6

.8

.7

0.8.6.9.8

.6

.8

.8

.6

.8

.7

.7.7

1.1

'1.61.4.9.9

1.1.9

1.1.5.1.6.6

1.0

-.2

3.23.34.84.84.64.43.53.63.12.8

Nots

3.53.63.73.6

3.33.43.33.1

2.92.82.62.8

3.0

3.23.34.14.14.03.72.63.12.82.8

3.43.46.96.16.66.25.25.03.72.7

eiisonally adjusted

2.72.73.13.1

2.93.12.92.8

2.92.92.82.8

3.3

5.65.85.45.0

4.43.94.03.7

2.92.62.12.7

2.0

1 Employer costs for employee benefits.

NOTE.—The employment cost index is a measure of the change in the cost of labor, freefrom the influence of employment shifts among occupations and industries.

Data exclude farm and household workers.Seasonally adjusted data revised beginning 1991.


15


PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR

Period

19861987198819891990199119921993 ..19941995

1992- IIIinIV

1993- IIIinIV ..

1994- IIIinIV

1995- III ..inIV r .

1986198719881989199019911992199319941995

1992- IIIinIV

1993- III ....inrv . .

1994. iiiinIV

1995. iiiinIVr .

Output per hour ofall persons

Businesssector

Nonfarmbusinesssector

Output1

Businesssector

Nonfarmbusiness

sector

Hour

Businesssector

s of all*ns2

Non£armbusinesssector

Compensation perhour3

Businesssector


Real compensationper hour4

Businesssector


Unit laborcosts

Businesssector


Implicit pricedeflator5

Businesssector

Nonuurmbusinesssector

Indexes, 1992=100; quarterly data seasonally adjusted

94.294.194.695.496.296.7

100.0100.2101.0101.9

99.399.999.7

101.1

100.299.8

100.1100.8

100.3100.7101.4101.5

101.1101.9102.3102.1

94.994.795.395.896.396.9

100.0100.2100.7101.8

99.3100.099.6

101.1

100.199.7

100.2100.6

100.0100.4101.1101.3

101.0101.8102.2102.0

88.691.194.697.898.796.9

100.0102.6106.9109.6

98.899.699.8

101.7

101.4102.0102.8104.3

104.8106.5107.6108.7

108.8108.9110.1110.3

88.791.495.198.198.897.1

100.0102.9106.9109.8

98.899.699.8

101.8

101.6102.2103.2104.6

104.8106.6107.7108.8

109.0109.1110.4110.6

94.096.8

100.0102.5102.6100.3100.0102.4105.9107.6

99.599.7

100.1100.6

101.3102.2102.6103.5

104.5105.8106.2107.1

107.6106.9107.7108.0

93.596.599.8

102.4102.7100.2100.0102.7106.2107.9

99.699.6

100.1100.7

101.5102.5103.0103.9

104.8106.1106.5107.4

107.9107.2108.0108.4

76.979.983.585.890.895.1

100.0102.6104.8108.5

98.699.5

100.7101.2

101.6102.5103.0103.3

104.2104.5104.9105.7

106.6108.0109.2110.0

77.380.283.685.890.695.1

100.0102.3104.5108.2

98.599.6

100.7101.2

101.4102.1102.6102.9

103.7104.3104.6105.4

106.4107.8108.9109.7

98.498.699.097.197.497.9

100.099.699.299.9

99.799.8

100.399.9

99.699.799.899.2

99.699.398.898.9

99.199.6

100.1100.3

98.999.099.297.197.397.9

100.099.398.999.6

99.799.9

100.299.9

99.499.399.498.9

99.299.198.498.7

98.999.499.9

100.0

81.684.988.289.994.398.3

100.0102.4103.8106.5

99.399.6

101.0100.1

101.4102.6102.9102.5

103.8103.9103.5104.1

105.4106.0106.8107.7

81.484.787.889.694.198.1

100.0102.1103.8106.3

99.399.6

101.0100.1

101.3102.4102.4102.3

103.7103.8103.4104.1

105.3105.9106.6107.6

81.683.886.890.594.097.7

100.0102.5104.8107.1

99.399.7

100.1100.9

101.7102.3102.7103.3

103.9104.4105.1105.6

106.3106.9107.4107.7

81.483.586.490.093.897.6

100.0102.5104.9107.2

99.299.8

100.1100.9

101.8102.4102.7103.3

103.9104.5105.3105.7

106.5107.0107.5107.7

Percent change; quarterly data at seasonally adjusted annual rates

2.6-.1

.5

.8

.8

.53.4

.2

.7

.9

8.12.5

n

5.6

-3.7-1.3

1.32.7

-1.91.42.8

.7

-1.63.01.6

-.5

2.72.6.5.5.7

3.2.2.5

1.1

7.32.8

-1.26.1

-3.9-1.7

2.11.6

-2.51.92.6

.9

-1.13.01.7

-1.0

3.22.93.83.4

.9-1.8

3.22.64.22.5

6.23.2

.87.9

-1.12.23.06.3

1.86.74.14.0

.6

.34.4

.7

3.43.04.13.2

.7-1.8

3.02.94.02.7

5.63.1

.78.4

-.92.44.15.3

.96.84.24.2

.8

.54.7.6

0.63.03.32.5.1

23-.32.43.41.6

-1.7.7

1.62.2

2.63.61.73.5

3.75.31.33.3

2.2-2.5

2.81.3

0.73.23.52.6

.2-2.4-.22.73.41.6

-1.5.3

2.02.2

3.14.22.03.6

3.54.81.63.3

1.9-2.4

2.91.6

5.23.94.52.85.84.85.22.62.23.5

7.83.74.82.1

1.63.42.21.1

3.41.51.52.9

3.45.64.33.1

5.23.74.32.75.54.95.22.32.23.6

7.74.24.42.1

1.02.72.01.1

3.32.11.23.3

3.75.44.32.8

3.3.2.4

-1.9.4.5

2.1-.4-.4

.6

5.0.3

1.8-1.4

-1.3.4.3

-2.0

1.4-1.0-2.2

.7

.52.12.3

.7

3.3.1.1

-2.1.1.7

2.1-.7-.4

.7

4.9.9

1.4-1.4

-1.9-.2

.1-2.0

1.2-.4

-2.51.0

.82.02.2.4

2.64.04.01.94.94.21.72.41.4

r2.6

-.31.25.6

-3.3

5.44.8

.9-1.6

5.4.1

-1.32.3

5.02.52.73.7

2.54.03.72.15.04.31.92.11.62.5

.41.45.7

-3.7

5.14.5-.1

.O

5.9.2

-1.42.4

4.92.32.53.8

2.22.73.54.24.03.92.42.52.22.2

2.81.91.53.0

3.42.51.42.4

2.41.82.62.0

2.82.12.1

.8

2.22.63.44.24.24.12.42.52.32.2

3.02.11.43.2

3.82.11.22.6

2.52.22.91.8

2.91.91.8

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

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

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

4 Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).

5 Current dollar gross domestic output divided by the output index.

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

may differ slightly from percent changes based on indexes shown here.


16


PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production and capacity utilization fell in March.

• INDE150

140

130

120

110

100

150140

130

120

110

100

150

140

130

120

110

100

90

«, 1987-100* ffcATIO SCALES

TOTAL INDUSTRIAL PRODUCTION

^

.—-

MANUFACTURING

DURABLE ^r- '

_>"^_

<f—«•'*/

NONDURABLE

i f 1 1 1 1 i 1 1 1 1 inii lnii i

j**

1 1 1 1 II ! 1 1 1 1

UTILITIES AND MINING

- «"•"*•. - "•

1 1 1 1 1 1 1 1 n

•v»_^^^ — 11 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 n 1 1 1 1 1 1 1 n

-

ii 1 1 1 1 1 1 n

INDE170160150

140

130

120

100

90

80

70

60

50

8886

8482

8078

<, 1987 . 100' (RATIO SCALE)

FINAL PRODUCTS y-

iIUSINE3UIPME

\-~S^

s-^~

*'--"'"

*" '**•*,

,

*"*"*.

\- oANEQ

EFENSIDSPACUtPMtt

n i n

55

,^~*

^f — "s^

\CONSUMED

GOODS

"-•x

:E«•

1 1 1 I ]

*^-*

'\ .,

PERCENT*

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

^T^x/•"

y~--p-

milhl l l i I l l l l

^"" jA

M i l l HIM INN HIM

COUNQl Of ECONOMIC ADVISERS

fMonthly data seasonally a4ju$ted]

Period

19861987198819891990199119921993 .19941995

1995: Mar

MayJune ...July ...

SeptGet . . .Nov ..Decr

1996- Jan1"Febr

MarP

Totalindustrialproduction

Index,1987=100

95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9

121.9121.4121.3121.4121.5122.7122.8122 2122^6122.8

122.5124.1123.5

Percentchange

from yearearlier

0.94.94.41.5.0

-1.83.43.55.93.2

4.73.93.22.82.63.23.11.91.71.1

.62.01.3

Industty production indexes, 1987=100

Manufacturing

Total

94.3100.0104.7106.4106.1103.8108.2112.3119.7123.9

124.0123.5123.2123.3123.3124.2124.9124.4124.5124.8

124.5126.4125.4

Durable

93.9100.0106.6108.6107.4104.1109.3115.6125.8132.5

132.2131.6131.1131.5131.5133.2134.4133.5134.3134.8

134.9137.6135.7

Nondura-ble

94.9100.0102.3103.7104.4103.4106.7108.6113.0114.3

115.1114.6114.4114.3114.3114.3114.4114.3113.7113.8

113.0114.0114.0

Mining

101.0100.0101.3100.0102.0100.2

98.998.0

100.399.9

100.3100.6100.5101.0100.7100.0100.0

98.298.398.1

97.098.5

100.4

Utilities

96.3100.0105.0108.7109.9112.3111.9116.3117.9

'122.0

119.2118.8122.1121.0122.7128.8122.7121.6125.4125.1

125.7124.3125.1

Capacity utilizationrate, percent *

Totalindustry

79.281.583.783.782.179.280.381.483.983.7

84.684.083.783.583.383.883.682.982.982.8

82.383.282.5

Manufac-turing

79.181.683.683.281.378.079.580.683.382.9

84.083.382.882.682.382.682.882.181.981.9

81.382.381.4

1 Output as percent of capacity. Source; Board of Governors of the Federal Reserve System.

17


INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES

(1987=100; monthly data seasonally adjusted]

Period

1986198719881989199019911992199319941995«-

1995- Mar

May

July

SeptOct

Dec' .. ..

1996- Jan'Feb'Mar**

Products

Final products

Total

95.7100.0104.8106.8107.0105.4108.7112.7118.3121.4

121.5120.9120.6121.1121.2122.4122.6121.3121.9122.1

121.8124.2123.2

Consumer goods

Total

96.8100.0102.9104.0103.4103.0106.0109.5113.7115.1

115.3114.4114.1114.8114.6115.9116.0114.9115.9115.7

114.3116.2115.1

Dur-able

goods

94.5100.0104.6106.6102.396.0

103.0113.3124.2124.2

126.0124.9121.6122.3121.4124.0125.8123.4124.9126.3

120.1124.5117.5

Nondur-able

goods

97.6100.0102.4103.2103.8105.0106.9108,6111.2112.9

112.7111.8112.4113.1113.0113.9113.7112.9113.8113.2

113.0114.2114.6

Equipment

Total'

94.5100.0107.6110.9112.1108.8112.5117.5125.3131.4

131.4131.3130.8131.2131.6132.9133.1131.5131.4132.3

133.8137.1136.2

Busi-ness

93.1100.0110.7115.5116.9115.9123.4131.8144.9155.7

155.1155.0154.3155.1155.7157.5158.2156.5156.9158.4

160.6164.7162.9

De-fenseand

spaceequip-ment

96.0100.099.7

100.198.890.884.879.371.965.9

67.867.166.866.866.566.165.264.462.962.0

61.762.562.8

Intermediate products

Total

91.9100.0101.8102.0101.296.899.3

101.8107.3109.0

109.2108.2108.2108.2108.5109.4109.5109.2109.3110.1

109.0109.8110.1

Con-struc-tionsup-plies

93.8100.0101.5100.5

98.291.695.298.4

106.2108.2

109.2108.0106.6107.2107.3107.0108.4108.3108.7110.5

108.0110.3110.7

Busi-nesssup-plies

90.7100.0102.0103.0103.2100.2102.0104.1108.2109.6

109.3108.5109.4109.1109.5111.0110.3109.9109.9110.0

109.8109.6110.0

Materials

Total

95.9100.0105.0106.7106.8105.5109.7113.8122.0127.4

127.2127.0127.2126.8126.8128.1128.1128.1128.4128.4

128.4129.5128.9

Energy

99.5100.0102.2103.1104.2104.4103.T103.5105.3106.6

106.4106.6107.2107.2107.5108,5105.8105.5105.7106.0

105.9106.1107.1

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

(1987=100; monthly data seasonally adjusted]

Period

198619871988 . . .398919901991 ,1992199319941995'

1995: Mar

July

SeptOet

Dec'

1996- Janr

Feb'Marf . ... ..

Durable manufactures

Primary metals

Total

93.7100.0108.7107.2106.598.6

101.9107.7116.4119.2

121.3120.2119.5117.5118.3115.4121.0115.7120.8120.0

121.4118.8120.1

Ironandsteel

90.8100.0112.7111.2111.5100.5104.7111.9119.3122.4

125.8123.5123.0119.2119.3117.7127.0115.1126.1122.7

128.1120.1123.5

Fabri-catedmetalprod-ucts

93.8100.0104.2102.899.594.599.0

103.1110.5113.9

114.3112.3113.7113.7112.4114.3115.1114.0114.5115.0

115.4117.0115.9

Indus-trial

machin-ery andequip-ment

90.3100.0113.0117.3117.6114.7124.0138.1157.7177.8

172.4174.3174.6174.4176.0179.5181.3183.8186.5190.1

192.1196.3197.6

Elec-trical

machin-ery

94.3100.0108.5111.0111.4113.9123.5134.1154.3174,9

169.4169.6171.1173.0175.7178.7180.8182.4183.6182.8

182.1188.5188.0

Transportationequipment

Total

96.9100.0105.2109.6107.0101.1104.8109.2115.3113,3

118.0115.7113.2113.4111.6114.1114.1109.3108.6109.7

108.3111.9102.0

Motorvehicles

andparts

98.5100.0105.7106.9101.094.4

107.4122.9141.2141.9

147.6143.0138.8139.7136.7142.1143.3139.7140.7141.2

135.4141.0120.0

Lum-berand

prod-ucts

95.1100.0100.199.497.190.295.297.1

104.0104.5

103.9103.9101.7103.0103.7103.7106.2105.7104.8106.9

104.7104.9106.3

Nondurable manufactures

Ap-pare!prod-ucts

96.3100.098.195.092.292.795,097.1

100.195.7

99.397.497.595.594.894.594.593.392.491.5

89.291.190.2

Print-ingandpub-

lishing

90.6100.0100.9101.1100.897.098.198.8

100.199.4

99.399.299.098.699.0

100.599.898.999.398.8

98.099.398.6

Chemi-calsand

prod-ucts

94.6100.0106.0109.2111.8110.5114.4115.4121.3125.0

125.0123.5124.0124.4124.0124.4125.3126.7126.0126.5

126.8126.7126.3

Foods

97,4100.0101.5102,5103.7105.3106.9109.5113.2115.3

115,0115.1115.9116.1115.3115.5115.5115.4114.8114.8

115.0116.4117,1

Source: Board of Governors of the Federal Reserve System,

18


NEW CONSTRUCTION[Monthly data seasonally adjusted]

Period

1986198719881989199019911992199319941995

1995- Mar

May

July

SeptOct .

Dec .

1996: Jan'Feb'

Total newconstructionexpenditures

Private

Total

Residential

Total1 New housingunits

Commercialand indus-

trial2Other

Federaland

Stateandlocal

Billions of dollars

407.7419.4432.3443.7442.2403.4435.0464.5506.9526.6

323.1328.7337.5345.5334.7293.3315.7339.2376.6383.9

187.1194.7198.1196.6182.9157.8187.9210.5238.9236.1

133.2139.9138.9139.2128.0110.6129.6144.1167.9162.4

84.484.088.094.396.477.065.866.473.885.7

51.650.151.554.655.458.462.162.363.962.0

84.690.694.798.2

107.5110.1119.3125.3130.3142.7

Annual rates

523.5522.1514.5518.9528.7528.4535.1534.5531.7535.1

540.6532.1548.4

383.3382.2376.1377.5384.3385.7387.0388.9386.7390.3

392.7390.6401.1

237.9234.1231.3228.4231.0234.0237.6237.7239.4242.0

241.6241.3248.5

163.9159.8156.4153.2158.0161.3164.3165.6165.9167.0

166.7168.4174.8

84.785.081.985.988.087.285.688.888.290.7

91.689.091.1

60.763.162.963.265.364.563.862.459.157.6

59.659.861.5

140.2139.9138.4141.4144.4142.7148.1145.6145.0144.9

147.8141.5147.3

Construction contracts3

Total valueindex

(1987=100)

96100101105958997

105114117

117108119122119123120119120113

114108

Commercialand industrial

floor space(millions ofsquare feet)

1,0161,019

973961783577556589744842

Annual rates

778632727800713826828731851784

697615

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

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

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

Period

19861987198819891990 .19911992 ..199319941995

1995- Mar .

May

Sept ..Oct

Dec .

1996- Jan' ...Feb'Mar''

New private housing units

Units started, by type of structure

Total

1,805.41,620.51,488.11,376.11,192.71,013.91,199.71,287.61,457.01,354,1

1 unit

1,179.41,146.41,081.31,003.3

894.8840.4

1,029.91,125.71,198.41,076.2

2-4 units

84.065.358.855.237.535.630.729.435.033.7

5 or moreunits

542.0408.7348.0317.6260.4137.9139.0132.6223.5244.1

Seasonally adjusted annu

1,2411,2781,3001,3011,4501,4011,4011.3511,4581,425

1,4531,5051,447

9921,0171,0051,0361,1251.1351,1301,1091,1291,150

1,1461,1751,159

35253635392839313229

203122

214236259230286238232211297246

287299266

Unitsauthorized

1,769.41,534.81,455.61,338.41,110.8

948.81,094.91,199.1

3 1,371.61,333.0

al rates

1,2351,2431,2431,2751,3551,3681,4051,3841,4481,478

1,3721,4111,415

Unitscompleted

1,756.41,668.81,529.81,422.81,308.01,090.81,157.51,192.71.346.9

'1,312.6

New private homes

Homessold

750671676650534509610666670667

1,4421,3311,3241,2561,3321,2471,2671,3201,360

'1,225

1,4031,3221,390

614608667724782707684673679

'683

729727672

Homes forsale at endof period *

357366368365321284265293337

'372

346349347347344349350360368

'372

373363379

Vacancy ratefor rental

housing units(percent) 2

7.37.77.7

27.47.27.47.4

- 7.37.47.6

7.4

7.7

7.7

7.7

7.9

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

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

NOTE.—Beginning 1994, units authorized are for 19,000 places. For other data shown, unit*;iithorized are for 17,000 places.

Source: Department of Commerce, Bureau of the Census.

19


BUSINESS SALES AND INVENTORIES—Manufacturing and TradeIn February, manufacturing and trade sales rose 1.1 percent and inventories rose $1.1 billion. According to advancedata, retail sales rose 0.1 percent in March following a rise of 1.9 percent in February. (Data for wholesale traderevised.)

BILUONS OF DOLLARS' (RATIO SCALE}1,200

1,100

1,000

900

800

700

600

500

400

300

2001992:

MANUFACTURING ANDTRADE INVENTORIES

MANUFACTURINGAND TRADE SALES

1993 1994 1995

BILLIONS OF DOLLARS* (RATIO SCALE)

400

350

300

250

1996

RATIO1.80

1.70

1.60

1.50

1.40

1.30

«

INVENTORY-SALES RATIO

RETAIL

'\^x A

""Xli-l_^^MANUFACTURING

1 AND TRADE1 E I 1 1 1 H 1 1 1 II M 1 i 1 li H 1

1992 1993

/ ~/s '\

s''

^™\s~*^,

II H 1 1 1 H

1994

s-*S^~\

1 HI I 1 |ll 1

1995...Jnm

1996

» SEASONAliY ADJUSTEDSOURCE: DBWSTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

19861987198819891990199119921993 . ..1994'1995'1995- Feb'

Mar'Apr'May'

July

Sept'Get'

Dec'1996: Jan'

PebJ>Mar*"

Manufacturing andtrade1

Sales 2 Inven-tories3

Wholesale

Sales 2 Inven-tories3

Ketail

Sales2

TotalDurablegoodsstores

Nondura-ble goods

stores

Inventories3

TotalDurablegoodsstores

Nondura-ble goods

stores

Millions of dollars, seasonally adjusted, except as noted

430,419457,735496,079523,065542,682538,485561,293593,125639,744682,375675,047675,345672,997678,682683,082676,094687,690689,798688,234693,214699,912693,424701,059

662,753709,814765,270811,154834,391829,685838,895861,219917,305976,022935,012941,779951,338955,683959,452963,361968,085972,587978,397979,578976,022981,945983,040

114,960122,968134,521143,760149,506148,306154,150161,681172,973187,387185,456183,928185,279186,859188,290187,155187,953188,874189,643191,574194,901192,878194,353

153,574163,903178,801187,009195,550200,062207,663215,878234,893254,616239,785242,665246,253247,018248,925251,897252,209253,111254,738254,727254,616256,258255,756

120,803128,442138,017146,581153,718154,661162,632172,924185,936195,068191,035192,980192,425194,730196,080195,465196,716196,644196,193197,914199,104199,129

'202,894203,044

45,05747,98952,43054,76355,73654,16558,63464,79573,04278,01875,62976,84576,04677,41378,32978,00679,52778,71179,16080,29680,85280,623

'83,07883,045

75,74680,45385,58791,81897,981

100,497103,999108,129112,894117,050115,406116,135116,379117,317117,751117,459117,189117,933117,033117,618118,252118,506

'119,816119,999

186,510207,836219,047237,234239,773243,275251,994267,916290,602302,879295,501297,033299,407300,376300,516299,041302,700303,299306,224307,265302,879304,370305,081

89,983105,481112,453121,347121,105119,039122,948133,949150,441160,363154,155155,992158,360158,454158,057156,810159,326160,195162,165163,243160,363161,316161,687

96,527102,355106,594115,887118,868124,236129,046133,967140,161142,516141,346141,041141,047141,922142,459142,231143,374143,104144,059144,022142,516143,054143,394

Inventory-salesratio 4

Manufac-turingand

trade '

1.551.501.491.521.521.541.491.441.391.401.391.391.411.411.401.421.411.411.421.411.391.421.40

Ketail

1.561.551.541.581.551.541.521.511.501.541.551.541.561.541.531.531.541.541.561.551.521.531.50

1 See page 21 for manufacturing. NOTE,—Wholesale trade data (and therefore total manufacturing and trade data) have been2Annual data are averages of monthly not seasonally adjusted figures; monthly data are sea- revised to reflect annual benchmarking and other revisions. Sales were revised beginning 1993;" ...... ~sonaily adjusted totals for month.3 Seasonally adjusted, end of period.* Annual data are averages of seasonally adjusted monthly ratios.

20

inventories, beginning 1994.Source: Department of Commerce, Bureau of the Census,


MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn March, manufacturers' shipments, inventories, and orders rose.

BILLIONS OF DOLLARS' (RATIO SCALE)

320

120

80


320

280

240

200

160

120

NEW ORDERS

80 I i i i i i l i u1992

DURABLE GOODS

_Y...-•v'"

NONDURABLE GOODS

1993 1994 1995 1996

* SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE


480440400360

320

280

240

200

160

120

80

~INVENTO (Ihb

_^->- 1

1 1 F | 1 1 1 I 1 1 | 1 1 1 1 1 1 1 1 1 1 1

*\

TOTAL

\ 1RABLEGOOD

--.\— •NlDURABLEGC

1 1 1 1 1 M i l l

.-.-•*"""

1 1 1 1 1 1 1 1 1 1

_.

1 1 1 1 1 1 1 | 1 | |

RATIO'2.00

1992 1993 1994 1995 1996

1.20

COUNOl Of ECONOMIC ADVISERS

Period

1986198719881989 .199019911992199319941995

1995: Mar

May

July

SeptGetNovDec

1996: JanFeb' ..MarP

Manufacturers' shipments I

Total Durablegoods

Nondurablegoods

Manufacturers' inventories a

Total Durablegoods

Nondurablegoods

Manufacturers' new orders *

Total

Durable goods

Total

Capitalgoods

industries,nondefense

Nondurablegoods

Manufac-turers'unfilledorders2

Millions of dollars, seasonally adjusted, except as noted

194,657206,326223,541232,724239,459235,518244,511258,520280,835299,920

298,437295,293297,093298,712293,474303,021304,280302,398303,726305,907

301,417303,812304,105

103,238108,128117,993121,703122,387119,151125,553135,981151,060162,053

161,571157,970159,612160,828155,919164,196165,939164,062164,924165,946

162,126164,254163,578

91,41998,198

105,549111,022117,072116,367118,958122,539129,775137,867

136,866137,323137,481137,884137,555138,825138,341138,336138,802139,961

139,291139,558140,527

322,669338,075367,422386,911399,068386,348379,238377,425391,810418,527

402,081405,678408,289410,011412,423413,146416,177417,435417,586418,527

421,317422,203422,359

212,006220,776241,402256,065259,988249,117237,717236,303247,644263,916

253,237255,334256,787257,442259,532260,091261,706263,305263,517263,916

266,530267,264267,597

110,663117,299126,020130,846139,080137,231141,521141,122144,166154,611

148,844150,344151,502152,569152,891153,055154,471154,130154,069154,611

154,787154,939154,762

195,204209,389227,026235,932240,646234,354241,545255,701281,953300,719

299,625293,069297,046296,754293,863301,903306,123304,370304,146309,467

308,839304,281308,952

103,647110,809121,445124,933123,556117,878122,614133,273151,878163,054

163,042155,553159,502159,031156,130164,082168,951166,490165,165170,234

169,238164,980169,075

23,98326,09530,72932,72532,25429,46829,65331,88937,53043,398

42,62840,07243,11542,96440,23341,67646,94143,75546,06748,700

47,77946,60548,857

91,55798,579

105,581110,999117,090116,476118,932122,428130,074137,665

136,583137,516137,544137,723137,733137,821137,172137,880138,981139,233

139,601139,301139,877

393,412430,288471,951510,459524,846511,122475,304441,947456,838467,045

464,208461,984461,937459,979460,368459,250461,093463,065463,485467,045

474,467474,936479,783

Manufac-turers'inven-tory —

shipmentsratio3

1.681.591.581.641.651.671.571.471.371.37

1.351.371.371.371.411.361.371.381.371.37

1.401.391.39

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

2 Seasonally adjusted, end of period.

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

21


PRICESPRODUCER PRICESIn March, the producer price index for all finished goods rose 0.5 percent. Prices of finished consumer foodsrose 0.6 percent and prices of other finished consumer goods rose 0.8 percent. Capital equipment prices fell0.1 percent.

INDEX, 1982-100 (RATIO SCALE) INDEX7l 982= 100 (RATIO SCALE)

no

100

110

100

1988

SOURCE: DEPARTMENT OF tABOR

1995 1996

COUNCIl OF ECONOMIC ADVISERS

[1982=100; monthly data seasonally adjusted]

Period

1986198719881989199019911992199319941995P1995: Mar

AprMay•JuneJulyAugSeptGetNovr

Dec1996: Jan

PebMar

Finished goods

Totalfinishedgoods

103.2105.4108.0113.6119.2121.7123.2124.7125.5127.9127.3127.6127.9127.7127.7127.8128.2128.4128.8129.5129.9129.7130.4

Con-sumerfoods

107.3109.5112.6118.7124.4124.1123.3125.7126.8129.0128.2128.5127.8127.4128.5128.6130.1130.0131.4131.5131.2130.8131.6

Finished goods excluding consumer foods

Total

101.9104.0106.5111.8117.4120.9123.1124.4125.1127.5126.9127.3127.8127.6127.4127.4127.6127.9128.0128.9129.4129.3130.0

Consumer goods

Total

98.5100.7103.1108.9115.3118.7120.8121.7121.6123.9123.5123.8124.5124.2123.8123.8123.9124.1124.1125.4126.1126.0127.0

Durable

108.9111.5113.8117.6120.4123.9125.7128.0130.9132.6132.1132.3132.3132.2132.4132.5132.6133.2134.0134.1133.6133.8134.0

Nondura-ble

93.394.997.3

103.8111.5115.0117.3117.6116.2118.8118.4118.8119.7119.4118.7118.6118.7118.8118.4120.2121.5121.2122.5

Capitalequip-ment

109.7111.7114.3118.8122.9126.7129.1131.4134.1136.7135.9136.2136.4136.5136.7136.9137.1137.5138.1138.0137.9138.1138.0

Totalfinished

consumergoods

101.4103.6106.2112.1118.2120.5121.7123.0123.3125.6125.0125.4125.6125.3125.4125.4125.8126.0126.4127.3127.8127.6128.5

Intermediate materials

Total

99.1101.5107.1112.0114.5114.4114.7116.2118.5124.9124.3125.0125.3125.4125.5125.6125.4125.4125.3125.5125.6125.1125.3

Foodsand

feeds1

96.299.2

109.5113.8113.3111.1110.7112.7114.8114.8112.3111.6110.6111.7113.4114.6115.7119.0121.5123.2123.5122.9'123.1

Other

99.3101.7106.9111.9114.5114.6114.9116.4118.7125.5124.9125.7126.1126.1126.1126.1125.9125.7125.5125.6125.7125.3125.4

Crude materials

Total

87.793.796.0

103.1108.9101.2100.4102.4101.8102.6101.2103.0102.2103.1102.4101.0102.9103.0104.6104.8107.0106.3108.0

Food-stuffsand

feed-stuffs

93.296.2

106.1111.2113.1105.5105.1108.4106.5105.8100.8100.798.6

101.8105.6106.0109.7112.3115.5114.9114.4113.8113.9

Other

81.687.985.593.4

101.594.693.594.794.896.697.5

100.4100.699.996.593.994.693.293.694.498.397.5

100.21 Intermediate materials for food manufacturing and feeds.

22NOTE.—Beginning 1996, indexes are based on updated value weights.Source: Department of Labor, Bureau of Labor Statistics.


CONSUMER PRICES—ALL URBAN CONSUMERSIn March, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (it rose 0.5percent not seasonally adjusted). The index was 2.8 percent above its year-earlier level.

INDEX, 1982-84 =100 (RATIO SCALE)

180

170

160

150

140

130

120

110

100

SEASONAUY ADJUSTED

INDEX, 1982-84 = 100 (RATIO SCALE)

180

CONSUMER PRICES—All ITEMS

1988 1989 1990 1991 1992 1993 1994 1995

170

160

150

140

130

120

110

1001996

COUNCIL Of ECONOMIC ADVISERS

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

Period

19861987198819891990199119921993199419951995- Mar . .

AprMay .

July ..AugSeptOct

Dec ..1996- Jan ... ... . ..

FebMar

All items >

Notseason-

allyadjust-

ed(NSA)

1000109.6113611831240130.7136.2140.3144.51482152.4151.4151.9152.2152.5152.5152.9153.2153.7153.6153.5154.4154.9155.7

Season-ally

adjust-ed

151.3151.8152.2152.6152.7153.0153.2153.7153.8154.1154.7155.0155.6

Food

1S.8109.0113.5118.2125.1132.4136.3137.9140.9144.3148.4147.2148.0148.3148.5148.7149.0149.5150.0150.0150.2150.3150.5151.4

Housing

Total'

41.3110.9114.2118.5123.0128.5133.6137.5141.2144.8148.5147.1147.5147.8148.1148.5148.9149.1149.6149.9150.3150.8151.1151.5

Shelter

Total

28.3115.8121.3127.1132.8140.0146.3151.2155.7160.5165.7163.8164.3

' 164.8165.3165.8166.0166.5167.1167.5167.9168.6168.9169.3

Rent-ers'

costs(Dec.

1982 =100)

8.0121.9128.1133.6138.9146.7155.6160.9165.0169.4174.3172.0172.6173.1173.4174.0174.0174.7175.2175.3175.5176.7177.1177.7

Home-own-ers'

costs(Dec.

1982=100)

20.1119.4124.8131.1137.3144.6150.2155.3160.2165.5171.0169.2169.7170.3170.8171.3171.7172.2172.8173.4173.9174.3174.6175.0

Main-te-

nanceandre-

pairs(NSA)

0.2107.9111.8114.7118.0122.2126.3128.6130.6130.8135.0134.2134.2134.6135.0135.1135.4135.4136.3136.2136.6136.3137.0137.5

Fueland

otherutili-ties

7.0104.1103.0104.4107.8111.6115.3117.8121.3122.8123.7123.1123.4123.0123.5123.6124.2123.4124.1124.2124.4125.0125.7126.0

Ap-parel ,andup-

keep

5.5105.9110.6115.4118.6124.1128.7131.9133.7133.4132.0132,3132.1131.9131.4131.8132.0131.7132.1132.1132.2133.1131.9132.7

Transportation

Total1

17.0102.3105.4108.7114.1120.5123.8126.5130.4134.3139.1138.5139.3140.2140.8140.0139.5139.4139.5138.9139.0140.0140.7141.7

Newears

4.0110.6114.6116.9119.2121.0125.3128.4131.5136.0139.0138.2138.8138.9139.2139.1139.2139.6139.6139.8139.8140.0140.4140.6

Motorfuel

2.977.180.280.988.5

101.299.499.098.098.5

100.0100.6101.0103.5103.7101.399.397.997.495.497.5

101.2101.0104.6

Medi-cal

care

7.4122.0130.1138.6149.3162.8177.0190.1201.4211.0220.5218.2218.9219.6220.3221.0221.8222.6223.1223.8224.6225.4225.8226.4

En-ergy2

6.788.288.689.394.3

102.1102.5103.0104.2104.6105.2105.0105.4106.1106.5105.4105.0103.6103.9103.0104.1106.1106.5108.0

Allitemslessfoodanden-ergy

7-7.5113.5118.2123.4129.0135.5142.1147.3152.2156.5161.2160.1160.6160.9161.3161.7162.0162.4162.9163.1163.3163.8164.2164.7

1 Includes items not shown separately.2 Household fuels—gas (piped), elwrtnc.ity, ftiel oil, ctx--—ami motor fuel. Motor oil,

etc. excluded beginning 1983.;i Relative important*, Decernlwr 1995.

NOTE.—Data incorporate a rental equivalence measure for homeowner-ship costs (beginning1983).

Source: Department of Ijabor, Bureau of Ijalmr Statistics.

23


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

Period

1986198719881989199019911992199319941995P

1995- Mar

May

July

SeptOct

Dee

1996- JanFebMar

Change from preceding period

finishedgoods

Consumer goods

Foods Excludingfoods

Capitalequip-ment

Change, Dec. to Dec., NSA

-2.32.24.04.95.7-.11.6

.21.72.2

2.8-.25.75.22.6

-1.51.62.41.11.9

-6.64.13.15.38.7-.71.6

-1 42.02.2

2.11.33.63.83.42.51.71.82.02.2

Change, month to month

0.1.2.2o

o'.1.3.2.3'.5

.3-.2

.5

0.2

-.5-.3

.9

.11.2-.11.1'.1

— 2-.3

.6

0.2.2.6

-.2-.30

,1.2

0'1.0

.6-.1

.8

0.1.2.1.1.1.1.1.3.4

'-.1

-.1.1

-.1

Change from 3 months earlier, annual rate

finishedgoods

1.61.92.21.3.3o

1.62.23.24.1

4.8'2,82.8

Consumer goods

Foods

-2.51.3

-1.2-2.5

02.58.84.89.04.4

3.7'-1.8

.3

Excludingfoods

3.32.34.02.30

-2.2-1.0

1.01.04.9

6.6'6.35.2

Capitalequip-ment

2.72.11.81.81.51.51.82.43.62.7

1.2'00

Change from 6 months earlier, annual rate

Totalfinishedgoods

2.23.52.71.41.1.9

1.41.31.42.8

3.53.03.5

Consumer goods

Foods

3.03.7

.9-2.5

.6

.63.02.35.76.5

4.23.52.3

Excludingfoods

2.33.83.32.81.1.8.6.5

-.61.9

3.83.65.1

Capitalequip-ment

1.32.82.82.21.81.61.81.92.52.2

1.81.81.3

Changefrom yearearlier,total

finishedgoodsNSA

-1.42.12.55.24.92.11.21.2.6

1.9

1.82.12.22.11.71.31.82.32.12.2

2.32.02.4


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

Period

1986198719881989199019911992199319941995

1995- Mar .. ..

May

July

SeptOctNovDec .. ..

1996- JanFeb . .Mar

Allitems1 Food

Housing

Total1

Shelter

Total1Remvers'costs

Home-own-ers'

costs

Fueland

otherutili-ties

Ap-pareland

upkeep

Transportation

Total1

Change, December to December,

1.14.44.44.66.13.12.92.72.72.5

3.83.55.25.65.31.91.52.92.92.1

1.73.74.03.94.53.42.62.72.23.0

4.64.84.54.95.23.92.93.03.03.5

5.03.93.94.56.74.22.82.62.33.0

4.65.34.75.14.73.72.93.23.33.7

-5.61.62.93.24.02.92.32.5

.21.4

0.94.84.71.05.13.41.4.9

-1.6.1

-5.96.13.04.0

10.4-1.5

3.02.43.81.5

Newcars

NSA

5.91.82.12.31.43.32.32.83.21.6

Motorfuel

-30.718.7

-2.16.8

36.5-16.0

1.8-5.4

5.9-4.0

Medi-cal

care

7.75.86.98.59.67.96.65.44.93.9

Ener-gy2

Allitemslessfoodand

energy

-1978.2

.55.1

18.1-7.4

2.0-1.4

2.2-1.3

3.84.24.74.45.24.43.33.22.63.0

Change, month to month

0.3.3.3.3.1_2.1.3.1.2

.4

.2

.4

0.1.5.2.1.1.2.3.3

0.1

.1

.1

.6

0.2.3.2_2.3.3.1.3.2.3

.3

.2

.3

0.4.3.3.3.3.1.3.42

_2

.4

.22

0.4.3.3.2.3

0.4.3.1.1

.7

.2

.3

0.3.3.4.3.3.2.3.3.3.3

.22.2

-0.1.2

-.3.4.1.5

-.6.6.1_2

.5

.6

.2

0.4()

-.2— 4

.3

.2?

.30

.1

.7-.9

.6

0.5.6.6.4

-.6-.4-.1

.1-.4

.1

.7

.5

.7

0.1.4.1.2

-.1.1.3

0.1

0

.1

.3

.1

-0.2.4

2.5.2

-2.3-2.0-1.4-.5

-2.12.2

3.89

3.6

0.3.3.3.3.3.4.4.2.3.4

.4

.2

.3

-0.2.4.7.4

-1.0-.4

-1.3.3

-.91.1

1.9.4

1.4

0.4.3.2_2.2.2.2.3.1.1

.3_2.3

Addendum: All items,percent change(annual rate)

Frompre-

viousquar-ter3

2.7

3.5

2.1

2.4

3.2

From3

monthsearlier

3.03.23.53.52.42.11.62.62.12.4

2.63.24.0

From6

monthsearlier

2.63.13.13.22.82.82.52.52.12.0

2.62.63.2

Fromyear

earlierNSA

1.93.64.14.85.44.23.03.02.62.8

2.93.13.23.02.82.62.52.82.62.5

2.72.72.8

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

etc., excluded beginning 1983.

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


24


PRICES RECEIVED AND PAID BY FARMERSIn April, prices received by farmers and prices paid by farmers rose 0.9 percent from their March levels. (Dataare not seasonally adjusted.)

INDEX, 1990-92=100 (RATIO SCALE)

120

INDEX, 1990-92=100 (RATIO SCALE]

120

80

RATK140

120

100

80

60

D-!/ RAT

DATI/-1

L--

1 1 1 1 1 1 1 1 1 1 11988

r^ — *->i

1 1 1 1 1 1 1 1 1 1 11989

r ^

1 1 1 1 1 1 1 1 1 1 11990

_ /

1 1 1 1 1 1 1 1 I I I1991

1 1 1 1 1 1 I 1 1 1 1

1992

I 1 1 1 1 1 I 1 1 I I

1993

-

H" |

1 1 1 1 1 1 1 1 1 1 1r 1995

s. ' '

I 1 I I I 1 II 1 1 I1995

" " __

-

I 1 1 1 1 1 1 1 1 1 11996

O-"140

120

100

80

60

J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.SOURCE-. DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS

[1990-92=100; not seasonally a^usted]

Period

1986198719881989199019911992 ..199319941995'

1995: AprMayJune ,.JulyAugSeptOctNovDec .

1996- JanPebMar'Apr

Prices received by farmers

All farmproducts

878999

10410410098

101100102

99'100100101102105104106108

108106109110

Crops

8786

104109103101101102105112

'112117113114114115114117118

122122128134

Livestock andproducts

889193

1001059997

1009592

9088909192

'94929496

94939393

Prices paid by farmers

All commodities,services, interest,taxes, and wage

rates1

8587919699

100101103106110

'109'109'109'110'109'110'110'111'112

112113114115

Productionitems, interest,taxes, and wage

rates

8587929799

100101102106109

'109'108'109'109'108'109109

'110'111

111112114114

Productionitems

8687909599

100101103106109

'108'107'108'109'108'109'109'110'111

112113113114

Katio2

1031021081081059998989493

'91'92'92'9294

'95'9595

'96

96949696

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

taxes, and wage rates.

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

Source: Department of Agriculture.


MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESIn March, growth accelerated in M2 and M3.

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

4,000

3,600

3,200

2,800

2,400

2,000

1,600

1,200

800

600

400

1988 1990 199) 1992

M2

1993 1994

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

4,000

3,600

3,200

1995

2,800

2,400

2,000

1,600

1,200

800

600

1996

* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

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

Period

1986: Dec1987- Dec1988- Dec1989- Dec1990- Dee1991- Dec1992: Dec1993- Dec1994: Dec1995- Dee'

1995- FebMar

May

July

SeptOctNovDee'

1996- Jan'Feb'Mar

Ml

Sum of currency,demand deposits,travelers' checks,

and othercheckable depos-

its (OCDs)

724.4749.8786.9794.2825.8897.2

1,024.41,128.61,148.71,124.9

1,147.81,148.71,151.21,146.21,144.51,145.41,143.81,140.21,131.81,129.01,124.9

1,119.11,117.11,126.2

M2

Ml plus retailMMMP balances,MMDAs, and sav-

ings and small timedeposits

2,734.62,834.42,997.93,164.03,282.23,383.73,438.73,494.13,509.43,660.3

3,514.13,519.13,529.23,543.53,574.03,592.83,612.73,625.83,632.83,643.63,660.3

3,675.03,690.43,724.8

M3

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

only MMMPbalances

3,486.43,673.33,912.44,065.54,124.14,178.44,187.34,249.64,319.74,573.5

4,352.54,369.84,391.84,420.04,458.44,486.3

'4,513.84,534.24,549.14,559.94,573.5

4,602.34,639.94,680.3

L

M3 plusother liquid

assets

4,122.44,328.54,664.24,894.24,975.85,004.45,075.85,164.55,303.75,684.2

5,361.45,396.25,429.05,456.2

'5,495.3'5,544.65,580.65,626.8

'5,653.25,659.15,684.2

5,704.0P 5,734.2

Debt

Debt ofdomestic

nonfinancialsectors

(monthlyaverage ofadjacent

month-endlevels) i

'7,913.98,671.09,446.4

10,173.510,854.011,338.611,881.712,516.413,153.213,871.3

13,280.913,344.113,421.613,522.113,580.913,616.313,669.213,709.413,758.713,829.713,871.3

13,900.1"13,963.4

Percent change from year or 6months earlier2

. Ml

16.93.54.9

.94.08.6

14.210.21.8

-2.1

-.4-.3

.4-.4

n

-.7-.7

-1.5-3.4-3.0-3.4

-4.6-4.7-2.5

M2

9.53.65.85.53.73.11.61.6.4

4.3

.6

.91.42.13.74.55.66.15.95.64.8

4.64.35.5

M3

9.05.46.53.91.41.3.2

1.51.65.9

3.64.04.65.46.46.67.47.57.26.35.2

5.25.66.4

Debt

12.69.68.97.76.74.54.85.35.15.5

5.55.55.96.36.56.35.85.55.04.54.3

4.24.3

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

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

NOTE.—See p. 27 for components.

Source: Board of Governors of the Federal Reserve %stem.

26


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

Period

1986: Dec1987: Dec1988: Dec ..1989: Dee1990- Dec1991: Dec1992- Dec1993: Dec1994- Dec1995: Dec

1995: FebMar

July

SeptSet .:::::::::::::::""NovDec

1996: JanFeb'Mar

Cur-rency

180.7196.8212.3222.6246.9267.4292.9322.4354.9373.2

359.0362.3365.0367.6367.0367.3368.5369.5370.8371.6373.2

373.6373.2375.2

De-manddepos-

its

302.1286.8286.8279.3277.4289.5339.1384.3382.4389.8

383.5382.9382.1382.1386.5388.5389.3389.4388.1388.2389.8

393.5397.4407.1

Othercheck-able

depos-its

(OCDs)

235.6259.5280.9285.3293.9332.5384.2414.0402.9353.0

396.8394.8395.1387.4382.0380.8377.2372.4364.1

'360.4353.0

'343.1337.5335.0

Money marketmutual fund

balances

Betail>

210.3224.5246.0322.5358.1373.7356.0358.7388.1465.1

390.8390.2393.3401.6418.8431.7443.6450.3455.0460.1465.1

468.6474.7487.6

Insti-tutiononly2

84.591.190.3

106.9133.5179.5199.8197.9183.7

'227.2

188.4195.0199.4203.7213.2218.6218.5221.7

'223.7'224.8'227.2

'230.6243.9248.3

Savingsdeposits,

moneymarketdeposit

accounts(MMDAs)

940.9937.3926.3893.6923.8

1,045.01,187.11,218.81,148.9

'1,134.6

1,118.01,102.51,091.21,089.51,097.01,096.21,101.61,108.41,116.11,120.61,134.6

1,151.81,164.71,183.4

Smalldenom-ination

timedepos-its3

859.0922.7

1,038.61,153.71,174.51,067.8

871.2788.0823.7935.7

857.5877.7893.4906.1913.7919.4923.7927.0929.8933.8935.7

935.5933.9927.6

Largedenom-inationtime de-posits3

420.2467.0518.3541.5480.9416.5353.7333.8363.5

'417.5

371.8377.6381.0384.5

'387.6'393.9396.7400.5409.8415.5

'417.5

416.5422.3429.4

Over-nightandterm

repur-chaseagree-ments(BPs)(net)

143.3172.6189.0158.0138.8119.4128.1157.5180.8177.3

191.9191.1192.1197.2191.7188.4192.9192.5189.9185.2177.3

184.6186.9184.7

Over-nightandtermEuro-dollars

(net)

103.9108.2117.0

95.288.779.366.966.382.391.4

86.487.290.191.191.892.693.193.792.9

'90.891.4

'95.696.493.1

Sav-ings

bonds

91.8100.6109.4117.5126.0137.9156.6171.5180.3184.8

180.5180.7181.2181.7182.4183.0183.5183.9184.2184.5184.8

185.0f 185.0

Short-term

Treas-ury

securi-ties

275.8249.5266.8324.0334.2329.1345.9

'342.8387.3

'476.9

400.2411.1412.0405.5414.7434.2437.5457.2

'465.8'464.9'476.9

'467.7"456.7

Bank-ers' ac-cept-ances

37.144.540.240.736.123.920.914.914.211.9

13.513.713.412.011.012.112.412.813.412.611.9

11.7"10.2

Com-mer-cial

paper

231.3260.6335.4346.5355.3335.2365.0385.6402.4437.1

414.9420.9430.6437.0428.9429.0433.3438.6440.7437.3437.1

437.2r 442.3

1 Balances in money funds with minimum initial investments of less than $50,000. NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not2 Balances in money funds with minimum initial investments of $50,000 or more. shown here.3 Small denomination and large denomination deposits are those issued in amounts of less

than $100,000 and more than $100,000, respectively. Source: Board of Governors of the Federal Reserve System.

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

Period

1986- Dec'1987: Dec'1988: Dec'1989: Dec'1990: Dec'1991: Dec'1992: Dec'1993: Dec'1994: Dec'1995: Dec ....

1995: MarAprMayJuneJulyAug •.Sept ...Oct

Dec

1996: JanFebMar ....

Adjusted for changes in reserve requirements

Reserves of depository institutions

Total

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

58,50057,98857,80157,38357,68057,49957,34456,83956,33356,364

55,60654,84855,706

Non-borrowed

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

58,43157,87757,65157,11057,30957,21757,06656,59356,12956,106

55,56854,81355,685

Non-borrowed

plusextended

credit

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

° 58,43157,87757,65157,11057,30957,21757,06656,59356,12956,106

55,56854,81355,685

Required

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

57,70657,23556,92156,41856,59056,51256,39455,75855,39055,086

54,12153,99754,592

Monetarybase

223,571239,784256,920267,723293,332317,502351,244386,877418,723435,008

425,165427,551430,112429,308429,822430,807431,685432,737433,206435,008

'435,150433,619436,784

Borrowings of depository institu-tions from the Federal

Reserve (NSA)

Total

827777

1,71626532619212482

209257

69111150272371282278245204257

383521

Seasonal

3893

1308476381831

10040

5182

1371722312582521997340

77

10

Extendedcredit

303483

1,244202311000

0000000000

000

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

27


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

ALL COMMERCIAL BANKS

BILLIONS OF DOLLARS* (RATIO SCALE]

4,0003,600

3,200

2,800

2,400

2,000

1/00

1,200

800

400

200

160 I I I I i I I I I I n1988

I I i I 1 1 1 1 1 1 I

1989

M I 1 I I I I 1 I I

1990

- U.S. GOVERNMENT SECURITIES-

\

1991

OTHER SECURITIES

I M I I I I i M

1992

V1993

BILLIONS OF DOLLARS* (RATIO SCALE)

4,0003,6003,200

2,800

2,400

2,000

1,600

1,200

800

1994 1995

400

200

1601996

*5EASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted'

Period

1988- Deo1989- Dec1990- Dec1991: Dec1992- Dec1993: Dec1994- Dec1995- Dec'

1995- Marr

Aprr

Mayr

JTuner

Julyr

SepfOcfNovr

Decr

1996- Janr

Pebr

Mar

Totalbankcredit

2,436.12,609.12,751.62,856.42,957.03,113.83,326.23,603.3

3,392.53,466.03,489.63,512.33,527.83,543.13,566.13,579.23,591.13,603.3

3,630.53,640.33,631.7

Securities in bank credit

Totalsecurities

562.0584.5633.7745.0843.4918.8952.2988.7

941.6991.8983.8985.0977.5979.9984.2986.1987.0988.7

988.8993.4977.5

U.S.Govern-

mentsecurities

366.8400.0455.6565.2666.8733.9732.0710.8

712.0708.7710.6709.8703.8708.4708.3713.2714.5710.8

702.9715.6705.0

Othersecurities

195.2184.5178.2179.8176.7184.9220.2277.9

229.6283.1273.2275.3273.7271.5275.8272.9272.4277.9

285.9277.8272.5

Loans and leases in bank credit

Totalloans andleases2

1,874.12,024.72,117.82,111.42,113.62,195.02,373.92,614.6

2,450.92,474.22,505.72,527.22,550.32,563.22,582.02,593.12,604.22,614.6

2,641.62,646.92,654.2

Commer-cial and

industrial

608.0639.3640.8619.5596.2585.9645.2718.4

673.9680.8687.8692.1697.8701.8708.4710.6715.1718.4

724.9728.4726.3

Real estate

Total

675.1770.2855.3880.0901.3940.5

1,001.71,078.9

1,029.01,036.51,043.81,052.91,062.21,068.01,072.01,075.91,077.81,078.9

1,085.81,088.51,093.3

Kevohrfnghomeequity

40.150.362.369.673.573.075.379.1

76.176.677.277.878.078.278.478.578.879.1

79.779.979.9

Other

635.0719.9793.0810.3827.7867.5926.4999.8

952.9959.9966.6975.2984.3989.8993.7997.4999.0999.8

1,006.11,008.71,013.5

Consumer

357.8378.3383.4366.6358.9390.5451.2496.0

464.3470.3472.9478.6481.0485.6489.4490.0493.1496.0

500.6500.8504.2

Security

40.741.445.054.464.187.576.283.7

76.077.888.388.087.184.386.686.986.983.7

84.985.685.0

Other

192.5195.5193.2190.9193.0190.6199.6237.7

207.7208.8213.0215.7222.2223.5225.6229.8231.3237.7

245.5243.4245.4

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

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

Source: Board of Governors of the Federal Reserve System.

28


SOURCES AND USES OF FUNDS. NONFARM NONFINANCIAL CORPORATEBUSINESS


Period

198619871988198919901991199219931994 . . ..1995?1993: I

II . ..IllIV

1994- IIIIllIV

1995: IIIinrv>

Sources

Total

533.6648.5852.2744.5592.8489.3599.9619.4785.7885.2783.1538.8550.7605.0659.7792.3697.2993.6813.3951.5920.2855.9

Internal *

343.6374.6408.5397.1409.3422.2438.6480.1521.6538.1453.4465.3495.0506.6513.1521.8521.2530.4517.5526.5561.5547.0

External

Total

190.0273,9443.7347.4183.567.1

161.3139.3264.1347.1329.7

73.555.798.4

146.6270.5176.0463.2295.8425.0358.7308.9

Credit market funds

Total

151.373.295.559.047.0

-34 861.173.384.4

135.121.192.799.779.8

128.2119.768.821.1

196.2204.745.394.3

Securitiesand mort-

gages

58.929.1-.2

-35.926 675.967.185.7

-28.04.8

90.269.6

115.368.010.234.8

-42.81143-10.9

41.5-354

23.8

Loans andshort-term

paper

92.444.195.794.973.6

110 7-6.012 4

112.4130.3

-69.223.1

-15.611.8

118.184.9

111.6135.4207.1163.280.770.5

Other2

38.7200.8348.1288.4136.5101.9100.166.0

179.7212.0308.7

-19.2-44.0

18.618.5

150.8107.2442.199.6

220.3313.4214.7

Uses

Total

519.4592.0756.2632.9509.8500.7554.4612.0768.7838.2764.0542.3532.4609.2660.7729.2702.1982.9735.6928.0885.4804.0

Capital

tares3

347.3357.4373.3399.4394.5370.9386.9430.6485.0551.5417.6427.9433.8443.0443.9476.9490.6528.6555.0538.6579.2533.4

Increase infinancialassets

172.1234.6382.9233.5115.3129.8167.5181.4283.7286.7346.4114.498.6

166.2216.8252.3211.5454.3180.6389.4306.2270.6

Discrep-ancy

(sourcesless

uses)

14.356.696.0

111.683.1

-11.445.6

7.417.047.019.1

-3.518.4

-4.2-.963.2

-4.910.777.823.534.951.9

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

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

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


CONSUMER INSTALLMENT CREDIT[Billions of dollars; seasonally adjusted]

Period

1986- Dec1987- Dec1988- Dec3

1989- Dec1990- Dec1991- Dec1992: Dec1993- Dec1994- Dec1995: Dec1995- Mar

AprMay

July

SeptGetNovDec

1996: Janr

PebMar?

Installment credit outstanding (end of period)

Total

572.0608.7662.6717.2734.9728.4730.8790.4902.9

1,024.8933.0946.3959.1970.6979.4989.7993.8

1,005.21,015.01,024.81,035.61,047.81,054.2

Automobile

247.8266.3285.4291.5283.1259.6257.4280.6317.2353.3323.3326.2328.0330.7337.1339.8341.2344.7349.1353.3356.2360.0360.0

Revolving

135.8153.1174.3199.2223.5245.3258.1286.6334.5395.2351.5358.7366.1372.3375.3379.7382.1387.2390.1395.2400.8406.1410.9

Other2

188.4189.3202.9226.5228.3223.5215.3223.2251.1276.2258.2261.4265.0267.5267.0270.3270.6273.3275.8276.2278.6281.7283.2

Net change in installment credit outstanding1

Total

54.336.753.9( 4 )

17.7-6.5

2.459.6

112.5121.914.113.312.811.58.8

10.34.1

11.49.89.8

10.812.26.4

Automobile

37.618.519.1( 4 )84

-23.5-2.223.236.636.12.32.91.82.76.42.71.43.54.44.22.93.8

.0

Revolving

14.017.321.2(4)

24.321.812.828.547.960.7

6.47.27.46.23.04.42.45.12.95.15.65.34.8

Other2

2.7.9

13.6(*)1.848

-8.27.9

27.925.15.43.23.62.5-.53.3

.32.72.5

.42.43.11.5

1 For year-end data, change from preceding year-end; for monthly data, change from preced-ing month.

2 Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.

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

4 Because of breaks in series, net change not available.



INTEREST RATES AND BONDInterest rotes rose in April.

PERCENT PER ANNUM

14

PERCENT PER ANNUM

14

V/" ^i

/ r~

1986

SOURCE: SEE TABLE BEL

-'\v. _ _ _

J

1 1 1 1 il 1 1 1 1 11989

OW

X~^X~\

' TREASURY V

BILLS/

, , , , , |

1990

CORPORATE Aaa BONDS(MOODY'S)— x /

v--. , ,y i

\]

^1DISC

R

RE!BAt

NE\A

1991

~T^: .-

OUNTATE

ERVE•(KOFfYORK

1992

X^ >*

^j"~

11993

//

•<"r/H

i ii n 1 1 1 1 M1994

X

\\s\

*"""•--.

J

i l l1995

COUNCIL OF

/

/

IT-

HI 1 1 III l..t|1996

ECONOMIC ADVISEES

[Percent per annum]

Period

19861987198819891990199119921993199419951995- Apr ....

July

SeptOctNovDec

1996: JanFebMarApr

Week ended:1996: Apr 6

132027

May 4

U.S. Treasury security yields

3-month bills(new issues) 1

5.985.826.698.127.515.423.453.024.295.515.675.705.505.475.415.265.305.355.165.024.874.964.99

5.075.034.874.975.00

Constant maturities2

3-year

7.067.688.268.558.266.825.304.446.276.256.686.275.805.896.105.895.775.575.395.205.145.796.11

5.976.236.116.106.24

10-year

7.688.398.858.498.557.867.015.877.096.577.066.636.176.286.496.206.045.935.715.655.816.276.51

6.356.606.526.536.74

High-grademunicipal

bonds(Standard& Poor's) *

7.387.737.767.247.256.896.415.636.195.956.015.905.835.986.075.885.775.615.425.425.455.825.93

5.846.005.945.936.00

CorporateAaa bonds(Moody's)

9.029.389.719.269.328.778.147.227.977.598.037.657.307.417.577.327.127.026.826.816.997.357.50

7.417.607.507.487.65

Primecommercial

paper,6 months 1

6.396.857.688.807.955.853.803.304.935.936.196.075.795.685.755.665.715.595.435.234.995.265.38

5.325.425.405.385.41

Discount rate(N.Y. F.B.Bank)"

6.335.666.206.936.985.453.253.003.605.21

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

5.00-5.005.00-5.005.00-5.005.00-5.005.00-5.00

Prime ratecharged by

banks4

8.338.219.32

10.8710.018.466.256.007.158.83

9.00-9.009.00-9.009.00-9.009.00-8.758.75-8.758.75-8.758.75-8.758.75-8.758.75-8.508.50-8.508.50-8.258.25-8.258.25-8.25

8.25-8.258.25-8.258.25-8.258.25-8.258.25-8.25

New-homemortgage

yields(PHFB)s

10.179.319.19

10.1310.059.328.247.207.497.878.157.997.737.787.757.697.587.467.407.327.207.49

1 Bank-discount basis.2YieWs on the more actively tc&ded issues Blasted to constant maturities by the Treasury

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

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

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

30


COMMON STOCK PRICES AND YIELDSThe brooder measures of stock prices rose slightly in April; the narrower fell.

INDE380360340320300280260

240

220

200

180

160

140

120

PER20

15

10

5

0

X, DEC. 31,1 965=50 (RATIO SCALE) INDEX, DEC. 31,1 965=50 (RATIO SC

, —si

S'/

/

^^~ —

/

/-^

s^r^^

1 1 1 1 1 1 I! M

1988;ENT

M i l l i i i i i

1989

^\ fV

M 1 M 1 M 1 M

1990

y^^-V

s 'COM

1 M M M i l l1991

S*~**r

\>OSITE STOCK PF

INYSE)

M 1 M INN

1992

ICE INDEX

II 1 M M i l l

1993

\ ' -~|

1 1 1 M 1 1 M M

1994

/

i i | i | i i i i i

1995

/

M i l l E M M

1996PERC!

-~~~~^

i i1988

•»«.

i

EARNINGS-F

" P "" ^

i1989

i i i

1990I

RICE RATIO ON(S&P)

/•> — /

1991

COMMON STOCKS

1i i

1992

^^=-

i

1993

i i i1994

i i1995

i 1

1996

ALE)380360340320300280260

240220

200

180

160

140

120

"NT20

15

10

5

0

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

Period

1986198719881989199019911992199319941995 ..

1995: AprMay

July

SeptOctNov .Dec

1996: JanFeb

Week ended:1996- Apr 6

132027

Common stock prices l

New York Stock Exchange indexes (Dec. 31, 1965=50,except as noted) 2

Composite

136.00161.70149.91180.02183.46206.33229.01249.58254.12291.15

274.37281.81289.52298.18300.05310.41311.78317.58327.90

329.22346.46346.73347.50

351.57342.70345.57349.50349.12

Industrial

155.85195.31180.95216.23225.78258.14284.62299.99315.25367.34

347.69357.01366.75379.13379.79390.42389.63398.66412.11

412.71435.92439.56441.99

445.40436.49439.96444.71444.84

Transpor-tation

119.87140.39134.12175.28158.62173.99201.09242.49247.29269.41

254.36254.69256.80279.15285.63295.54291.16300.06303.53

300.30315.29324.76326.42

324.51318.04327.30332.58332.81

Utility3

142.72148.59143.53174.87181.20185.32198.91228.90209.06220.30

208.93211.58216.27219.18221.99229.64236.43238.98247.59

254.07257.80245.77244.87

248.03239.77243.40247.44246.60

Finance

147.20146.48127.26151.88133.26150.82179.26216.42209.73238.45

219.38228.55236.26240.50245.27260.72265.12266.12273.36

273.73290.97290.45287.92

296.65283.97284.87287.66286.07

Dow-Jonesindustrialaverage4

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

4,230.664,391.574,510.764,684.764,639.274,746.764,760.464,935.815,136.10

5,179.375,518.735,612.245,579.86

5,670.515,532.085,570.025,568.435,538.80

Standard &Poor's com-posite index

(1941-43=10)5

236.34286.83265.79322.84334.59376.18415.74451.41460.33541.64

507.91523.81539.35557.37559.11578.77582.92595.53614.57

614.42649.54647.07647.17

655.18637.56643.56651.19649.58

Common stock yields(percent) 6

Dividend-price ratio

3.493.083.643.453.613.242.992.782.822.56

2.682.602.552.502.492.422.412.372.30

2.312.222.222.24

2.202.282.252.222.21

Earnings-price ratio

6.095.488.017.416.474.794.224.465.836.09

6.32

6.01

5.53

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

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

4 Includes 30 stocks.5 Includes 500 stocks.

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

NOTE.—All data relate to stocks listed on the New York Stock Exchange {NYSE).Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's

Corporation.

31Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 6 months of fiscal 1996, there was a deficit of $128.2 billion, compared with a deficit of $96.1 billiona year earlier.

BILLIONS OF DOUARS1,600

1,500

1,400

1,300

1,200

1,100

1,000

900

800

700

600

-100

-200

-300

-400

RECEIPTS AND OUTLAYS-^

BILLIONS OF DOUARS1,600

1,500

OUTLAYS -

RECEIPTS-1

<ii IRPI t K fM? HFFirrr ( \

~~"*~*^^ _____

^~~~~~~-—- ---__— ~—~ — '/i i i i i' 1987 1988 1989 1990

1 1 1 1 1 K

1991 1992 1993 1994 1995 1996 ^

FISCAL YEARS

1,400

1,300

1,200

1,100

1,000

900

800

700

-100

-200

-300

-400

OXINQl Of ECONOMIC ADVISERS

[Billions of dollars]

Fiscal year or period

1977 ..1978197919801981198219831984

198519861987198819891990199119921993199419951996 (estimates)Cumulative total, first 6

months: J

Fiscal year 1995Fiscal year 1996

Total

Receipts

355.6399.6463.3517.1599.3617.8600.6666.5734.1769.1854.1909.0990.7

1,031.31,054.31,090.51,153.51,257.71,355.21,426.8

614.4645.2

Outlays

409.2458.7504.0590.9678.2745.8808.4851.8946.4990.3

1,003.91,064.11,143.21,252.51,323.61,380.91,408.71,460.81,519.11,572.4

761.0773.4

Surplusor

deficit(-)

-53.7-59.2-40.7-73.8-79.0

-128.0-207.8- 185.4-212.3-221.2-149.8- 155.2-152.5-221.2-269.4-290.4-255.1-203.1-163.9- 145.6

-146.7- 128.2

On-budget

Receipts

278.7314.2365.3403.9469.1474.3453.2500.4547.9568.9640.7667.5727.0749.7760.4788.0841.6922.7

1,004.11,059.3

448.7474.4

Outlays

328.5369.1404.1476.6543.1594.4661.3686.0769.6806.8810.1861.4932.3

1,027.51,081.91,128.51,142.11,181.51,230.51,270.3

621.5627.8

Surplusor

deficit(-)

-49.8-54.9-38.7-72.7-74.0- 120.1-208.0-185.7-221.7-238.0-169.3- 194.0-205.2-277.8-321.6- 340.5-300.5-258.8-226.3-211.0

-172.8-153.4

Off-budget

Re-ceipts

76.885.498.0

113.2130.2143.5147.3166.1186.2200.2213.4241.5263.7281.7293.9302.4311.9335.0351.1367.4

165.6170.8

Out-lays

80.789.7

100.0114.3135.2151.4147.1165.8176.8183.5193.8202.7210.9225.1241.7252.3266.6279.4288.7302.1

139.5145.6

Sur-plusor

deficit(-)

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

.2

.39.4

16.719.638.852.856.652.250.145.355.762.465.3

26.125.2

Gross Federal debt(end of period)

Total

706.4776.6829.5909.1994.8

1,137.31,371.71,564.71,817.52,120.62,346.12,601.32,868.03,206.63,598.54,002.14,351.44,643.74,921.05,207.3

4,810.55,074.8

Held bythe public

549.1607.1640.3709.8785.3919.8

1,131.61,300.51,499.91,736.71,888.72,050.82,189.92,410.72,688.12,998.83,247.53,432.13,603.43,768.7

3,557.93,717.1

1 Data from Monthly Treasury Statement.

NOTE,—Data (except as noted) are from Budget of the United States Government, Fiscal Year199?, issued March 19, 1996.

32

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


FEDERAL RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 6 months of fiscal 1996, receipts were $30.8 billion higher than a year earlier and outlays were $12.4billion higher.

BILLIONS OF DOLLARS

1,400

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300200

/OO

500

400

300

100

n

RECEIPTS

rnppnpATinwINCOME TAXES

_

1 1 1 1 1 1

.•• • "•"

^rr^ :SOCIAL INSURANCE

TAXES AND CONTRIBUTIONS

, OTHER RECEIPTS |

BILLIONS OF DOLLARS700

600

500

400

300

200

OUTLAYS^

\

— — — —•*""""""

— — ——"""""

^,--"~

.•"•""

— -•"""""" """ "™

1 ' '" 1987 1988 1989

1 1 1

1990 1991 1992

1 1 1 1 N

1993 1994 1995 .^96 N

100

0

1,400

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300

200

^ INCUDES dN-MJDGET AND Of F-BUDGET ITEMS.SOURCES: DEBUrTMENT Of THE TREASURY AND Of HCE Of MANAGEMENT AND BUDGET COUNOt Uf KXJNOMC ADVISERS

[Billions of dollars]

Fiscal year or period

19771978197919801981198219831984 . .

198519861987198819891990199119921993 . .199419951996 (estimates) ..Cumulative total, first 6 months: l

Fiscal year 1995Fiscal year 1996

On-budget and off-budget receipts

Total

355.6399.6463.3517.1599.3617.8600.6666.5

734.1769.1854.1909.0990.7

1,031.31,054.31,090.51,153.51,257.71,355.21,426.8

614.4645.2

Indi-vidualincometaxes

157.6181.0217.8244.1285.9297.7288.9298.4

334.5349.0392.6401.2445.7466.9467.8476.0509.7543.1590.2630.9

274.7293.6

Cor-pora-tion

incometaxes

54.960.065.764.661.149.237.056.9

61.363.183.994.5

103.393.598.1

100.3117.5140.4157.0167.1

56.764.2

Socialinsur-ancetaxesand

contri-butions

106.5121.0138.9157.8182.7201.5209.0239.4

265.2283.9303.3334.3359.4380.0396.0413.7428.3461.5484.5507.5

224.9231.0

Other

36.637.740.850.669.569.365.671.8

73.073.174.378.982.390.992.3

100.598.0

112.8123.5121.3

58.156.4

On-budget and off-budget outlays

Total

409.2458.7504.0590.9678.2745.8808.4851.8

946.4990.3

1,003.91,064.11,143.21,252.51,323.61,380.91,408.71,460.81,519.11,572.4

761.0773.4

National defense

Total

97.2104.5116.3134.0157.5185.3209.9227.4

252.7273.4282.0290.4303.6299.3273.3298.4291.1281.6272.1265.6

136.7129.4

Depart-ment ofDefense,military

95.1102.3113.6130.9153.9180.7204.4220.9

245.2265.5274.0281.9294.9289.8262.4286.9278.6268.6259.4254.3

130.1122.9

Inter-nation-

alaffairs

6.47.57.5

12.713.112.311.815.9

16.214.211.610.59.6

13.815.916.117.217.116.414.8

10.48.2

Health

17.318.520.523.226.927.428.630.4

33.535.940.044.548.457.771.289.599.4

107.1115.4121.2

56.456.9

Medi-care

19.322.826.532.139.146.652.657.5

65.870.275.178.985.098.1

104.5119.0130.6144.7159.9177.6

77.083.8

Incomesecu-rity

61.061.566.486.599.7

107.7122.6112.7

128.2119.8123.3129.3136.0147.0170.3196.9207.3214.0220.4228.3

112.4119.4

Socialsecu-rity

85.193.9

104.1118.5139.6156.0170.7178.2

188.6198.8207.4219.3232.5248.6269.0287.6304.6319.6335.8350.9

163.7171.1

Netinter-est

29.935.542.652.568.885.089.8

111.1

129.5136.0138.7151.8169.3184.2194.5199.4198.8203.0232.2241.1

113.5120.3

Other

93.0114.7120.2131.4133.5125.4122.3118.6

131.8142.1125.9139.4158.8203.7225.0173.9159.7173.7166.9172.9

91.084.2

1 Data from Monthly Treasury Statement.

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year1997, issued March 19, 1996.

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


FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISIn the fourth quarter of 1995, Federal receipts rose $8.1 billion (annual rate) and Federal current expendituresrose $1.6 billion. In the first quarter of 1996, according to advance estimates, Federal current expenditures rose$25.8 billion; receipts data are incomplete.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

1,800

1,400

1,400

1,200

1,000

800

600

400

200

0

-200

-400

SEASONALLY ADJUSrtD ANNUAL RATES

-

CURRENT EXPENDITURES

\ *

-

^ s

" mm: n

-

-

~\

t 1 1

1982

— —

^ — '

— — • •*

i i i1983

,„-'

"•

^_

i 1 1

1984

"""

•\^-~

t i i

1985

•"

C

• s~

1 1 1

1986

^ _ *

s~^

URRENTS

>

i i i

1987

^S

RECEIPTS

URPLUSO

i i i

1988

0

* DEFICIT

~ -

1 1 1

1989

UfNDARYE

f """

- -~-

(-)

s/

1 1 1

1990

ftRS

/•/

'

-N•

1991

^--

/-

-i E i

1992

--•"

^

./— '

I 1 1

1993

• "-

/"

f+*~

i i i1994

^-

„

i i i1995

.

-

-

-

-

-

-

-

-

t i i

1996

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

-200

-400

SOURCE: OEPABTMENT OF COMMERCE COUNOi Of ECONOMIC ADVISERS

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

Period

Calendar year:1989199019911992199319941995

1990- IV1991- IV1992: IV

1993: IIIIIIIV

1994- IIIinrv

1995: IIIIIIIV

1996- IP

Federal Government receipts

Total

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

1,135.21,160.91,230.5

1,225.21,271.31,280.31,324.4

1,321.91,382.81,387.11,416.3

1,449.31,483.21,486.61,494.7

Personaltax andnontaxreceipts

463.4485.7476.9490.8523.6561.4614.9

484.9479.0510.0

501.0521.0529.1543.4

539.3571.3560.4574.5

594.6624.4617.3623.3

627.5

Cor-porateprofitstax ac-cruals

117.1118.0109.8118.6137.5164.4184.3

117.4111.1123.7

127.5136.5133.7152.2

144.3162.2171.3180.0

183.1180.7189.1184.3

Indirectbusinesstax andnontax

accruals

61.765.179.781.988.292.691.2

67.482.886.5

84.387.587.293.7

92.891.393.393.2

91.793.588.491.3

84.3

Contri-butions

forsocialinsur-ance

437.1461.1482.6507.1526.0558.6588.0

465.6488.1510.3

512.4526.2530.3535.1

545.5558.1562.1568.6

579.9584.6591.8595.9

601.9

Federal Government current expenditures

Total

1,192.71,284.51,345.01,479.41,530.01,566.91,641.0

1,313.01,399.81,509.5

1,508.91,520.51,533.81,556.8

1,534.71,552.71,573.51,606.8

1,622.61,643.81,648.11,649.7

1,675.5

Consump-tion

expendi-tures

405.2426.6445.9451.0451.4450.6454.0

437.7440.5457.7

450.8447.9453.0453.8

446.7445.1455.5455.3

454.8456.1453.5451.4

456.4

Trans-fer

pay-ments

471.7513.3522.2625.1658.7682.6720.4

526.1565.8643.3

645.6654.3660.4674.6

671.2676.6681.5701.2

708.6715.2727.0731.0

755.1

Grants-in-aid

toStateandlocal

govern-ments

118.2132.4153.4172.2185.7195.9206.1

137.1162.7176.3

177.3181.5187.2197.0

192.2197.5196.9196.9

205.8211.3203.8203.3

204.0

Netinterest

paid

166.7179.9192.7195.8192.3201.4229.3

177.8200.0191.8

190.4193.2192.7192.9

188.2198.2204.4214.9

221.2229.2232.7234.1

230.8

Subsi-dies lesscurrentsurplus

ofGovern-

mententer-prises

30.832.430.835.141.836.431.3

34.430.940.3

44.743.640.538.6

36.535.335.238.5

32.332.031.129.9

29.2

Less:Wageaccru-als less

dis-burse-ments

0.0.1

-.1.0.0.0.0

.2

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

Currentsurplus

ordeficit(-),

nationalincome

andproductaccounts

-113.4- 154.7- 196.0-280.9-254.7-189.9- 162.6

-177.7-238.8-279.0

-283.7-249.2-253.5-232 .4

-212.9-169.9-186.3- 190.4

-173.3-160.5-161.6-154.9

Source; Department of Commerce, Bureau of Economic Analysis.


INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR

INDUSTRIAL COUNTRIES

Period

198619871988198919901991199219931994 ...1995P

1995: JanFebMar

May

July

SeptGetNovDec

1996- Jan ..PebMar

Industrial production (1987=100; seasonally adjusted)

UnitedStates

95.3100.0104.4106.0106.0104.2107.7111.5118.1121.9

121.8121.7121.9121.4121.3121.4121.5122.7122.8122.2122.6

'122.8

-•122.5••124.1123.5

Canada

95.4100.0105.3105.2101.7

97.498.5

102.9109.6

'113.8

'114.4'114.6'113.7'113.8114.1113.1113.7114.0

'114.1'113.5'113.5'113.2

'114.4114.0

Japan

96.7100.0109.4115.7120.6122.9115.8111.0112.3115.8

114.0116.3118.1117.0116.4115.4112.8116.5113.4115.0116.6117.7

117.7'121.01157

Prance

98.0100.0104.6108.9111.0111.0109.7105.6111.0

113.9112.4114.8113.0115.1114.9115.4115.4113.1111.1111.7110.9

Ger-many

99.6100.0103.9108.8114.5118.7116.3107.4110.7110.5

109.8'111.3'110.7'111.2

112.2'110.9'112.7'109.6

110.2'108.0'108.9

109.6

'110.4108.8

Italy

96.2100.0105.9109.2109.4108.4108.2105.5111.0116.8

'115.3115.0116.4

'117.0'116.4'116.7'117.5'124.4118.7

'117.7'117.8

122.0

116.2

UnitedKingdom

96.2100.0104.8107.0106.7102.8102.7104.7110.0112.7

111.4112.0113.0112.4112.6112.2112.9113.0113.7112.6113.0113.4

112.9113.3

Consumer prices (1982-84=100; NSA)

UnitedStates1

109.6113.6118.3124.0130.7136.2140.3144.5148.2152.4

150.3150.9151.4151.9152.2152.5152.5152.9153.2153.7153.6153.5

154.4154.9155.7

Canada

113.4118.4123.2129.3135.5143.1145.2147.9148.2151.4

149.8150.5150.8151.2151.6151.6151.9151.8151.8151.8152.0151.8

152.2152.4153.0

Japan

104.8104.9105.7108.0111.4115.0116.9118.5119.3119.2

119.4118.9118.8119.3119.6119.5118.7118.9119.7119.4118.9119.0

118.9118.7118.9

France

117.2120.9124.2128.6133.0137.2140.6143.5145.9148.4

146.9147.5147.9148.0148.3148.3148.0148.7149.2149.3149.5149.6

149.9150.4151.3

Ger-many

104.7104.9106.3109.2112.2116.2120.9125.2128.6130.8

129.6130.3130.3130.5130.7131.1131.5131.2131.1131.0131.0131.4

131.5132.2132.2

Italy

128.5134.4141.1150.4159.5169.8178.8186.3193.6204.0

197.9199.5201.2202.2203.5204.6204.7205.4206.0207.1208.3208.7

209.0209.6210.2

UnitedKingdom

114.9119.7125.6135.4148.2156.9162.7165.3169.3175.2

171.5172.6173.3175.1175.8176.0175.2176.1176.9176.0176.0177.1

176.5177.3178.0

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

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

Period

1986198719881989199019911992199319941995

1995: FebMar ....Apr ....May ....June ....July ....Aug ....Sept ....OctNov ....Dec

1996: Jan' ....Peb

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

BOPbasis

223.3250.2320.2362.1389.3416.9440.4456.8502.5574.9

45.647.947.148.247.346.349.049.748.949.550.4

49.049.7

Census basis (by end-use category) l

Total,Censusbasis2

227.2254.1322.4363.8393.6421.7448.2465.1512.6583.9

46.348.747.849.048.247.049.850.449.750.351.2

49.750.5

Foods,feeds,andbev-

erages

22.324.332.337.235.135.740.340.641.950.5

3.94.14.14.03.94.14.54.84.34.44.5

4.74.4

In-

trialsup-pliesand

mate-rials

57.366.785.199.3

104.4109.7109.1111.8121.4146.1

11.712.612.312.412.611.812.112.412.611.812.2

11.912.0

Cap-ital

goodsexceptauto-mo-tive

75.886.2

109.2138.8152.7166.7175.9181.7205.2233.0

17.919.218.819.419.519.020.019.720.320.821.2

20.020.7

Auto-mo-tive

vehi-cles,partsanden-

gines

21.724.629.334.837.440.047.052.457.660.6

5.35.15.05.14.54.45.25.64.74.95.3

5.45.3

Con-sumergoods(non-food)ex-

ceptauto-mo-tive

14.217.723.136.443.345.951.454.760.064.5

5.35.35.35.55.45.25.55.55.55.45.5

5.55.7

Goods: Imports (customs value)

BOPbasis

368.4409.8447.2477.4498.3491.0536.5589.4668.6749.4

59.862.463.464.263.862.562.563.462.661.662.7

64.163.5

Census basis (by end-use category)

Total,Censusbasis3

365.4406.2441.0473.2495.3488.5532.7580.7663.3743.5

59.661.562.563.062.862.362.263.262.261.362.5

63.863.1

Foodsfeeds,andbev-

erages

24.424.824.825.126.626.527.627.931.033.2

2.72.92.72.72.72.72.82.82.82.72.7

2.82.8

In-

trialsup-pliesand

mate-rials

101.3111.0118.3132.3143.2131.6138.6145.6162.0180.8

14.415.315.515.815.615.314.915.314.714.814.8

15.614.7

Cap-ital

goodsexceptauto-mo-tive

71.884.5

101.4113.3116.4120.7134.3152.4184.4221.6

16.817.518.018.118.718.918.919.319.719.319.4

19.219.1

Auto-mo-tive

vehi-cles,partsanden-

gines

78.285.287.786.187.385.791.8

102.4118.3124.5

10.810.611.010.710.310.010.410.49.59.5

10.3

10.810.8

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

79.488.795.9

102.9105.7108.0122.7134.0146.3160.0

13.113.313.613.713.413.413.413.413.312.913.1

13.513.7

Services(BOP basis)

Ex-ports

86.598.5

111.1127.4147.8164.3178.6187.8198.7208.8

16.417.417.217.217.317.417.517.917.717.917.7

17.818.4

Im-ports

81.091.799.5

103.5118.8119.6122.0130.0138.8145.8

11.712.112.112.112.212.212.312.212.212.612.4

12.612.8

Balance of trade(exports minus imports)

Goods,Censusbasis

- 138.3— 152.1-118.5— 109.4-101.7

— 66.7-84.5

-115.6- 150.6— 159.7

-13.3-12.8-14.7-14.0-14.7-15.2-12.5-12.8-12.5-11.0-11.3

-14.1-12.6

.rtUr basis

Goods

- 145.1— 159.6- 127.0— 115.2- 109.0

— 74.1-96.1

— 132.6-166.1— 174.6

-14.2-14.5-16.3-15.9-16.4-16.2-13.5-13.7-13.7-12.1-12.3

-15.1-13.8

Services

5.56.9

11.623.929.044.756.657.859.963.1

4.75.35.15.15.15.25.25.65.55.35.3

5.25.6

Goodsand

services

-139.6— 152.7-115.3

— 91.4-80.0-29.4-39.5— 74.8

-106.2— 111.5

-9.5-9.2

-11.2-10.8-11.4-11.0-8.3-8.1-8.2-6.8-7.0

-9.9-8.2

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

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

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


U.S. INTERNATIONAL TRANSACTIONSIn the fourth quarter of 1995, the merchandise trade deficit fell to $38.0 billion, from $43.3 billion in the thirdquarter. The current account deficit fell to $31.1 billion, from $40.3 billion in the third quarter.

BIIDONS OF DOLLARS' MUONSOFDOIURS'

BALANCE ON GOODSAND SERVICES

• SEASONAUY AWUSIEDSOURCE: DEPARTMENT Of COMMERCE COUNCH. Of ECONOMIC ADVISERS

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

Period

198619871988198919901991199219931994\995f1993: I

IIIDIV

1994: IIIinW

1995: IIIinTVf

Merchandise1

Exports

223,344250 208320 230362,120389 307416913440352456 823502485574,879

111,862114,131111,576119,254

118,445122,730127,384133,926

138,325142,667145,050148,837

Imports

-368425-409765- 447 189-477,365- 498 337-490981— 536 458— 589 441- 668 584- 749,348

-140,821- 147,718- 148,181- 152,721

- 154,935- 164,224-172,011- 177,414

- 182,784- 191,321- 188,376- 186,867

Net

- 145,081-159557- 126,959-115,245

109 030- 74 068-96106- 132 618- 166 099- 174,469

-28,959-33,587-36,605-33,467

-36,490-41,494- 44,627-43,488

-44,459- 48,654-43,326-38,030

Services

Netmilitarytrans-

ac-tions23

-5,181-3844-6320-6,749— 7 599-5274— 2 142

4482 1482,810

40190

283-326

-31376

1,124679

542587889792

Nettraveland

trans-porta-tion

receipts

- 8,484— 7613-2591

4,0438 002

1703220484198851933018,658

5,3025,3895,0624,131

4,6424,6474,7925,247

5,0174,3474,4804,812

Otherservices,

net

19,194183192054626,55828 6333290738284374443841041,584

9,6839,3159,2729,172

8,8639,5489,904

10,095

9,99610,37910,65010,557

Balanceon

goodsand

services

- 139 551— 152 696— 115 324-91,392

79 994-29404— 39 480— 74841

— 106 212-111 418

-13,573-18,793-21,988-20,490

-23,016-26,923-28,807-27,467

-28,904-33,341-27,307-21,869

Investment income

Receiptson U.S,

abroad

91 976100767129 070152517160 300137003118 425119 248137 619181 301

28,95029,95829,93130,412

30,94232,33836,03138,307

43,18545,40144,45048,264

Paymentson foreign

U.S.

- 79 095— 91 302

— 115 806-138858

139 574— 121 892— 108 346— 110 248— 146 891- 192 703

-25,239-27,893-26,741-30,376

-30,826-34,623-38,564-42,878

-45,215- 48,085- 49,613-49,791

Net

128819465

13 2641365920 72515 11110 0799000

— 9 272- 11 402

3,7112,0653,190

36

116-2,285-2,533-4,571

-2,030-2,684-5,163-1,527

Balanceon goods,services,

andincome

— 126 670— 143 231— 102 060

— 77 73359 268

— 14993— 29 402— 65 841

— 115484— 122 820

-9,862-16,728- 18,798-20,454

-22,900-29,208-31,340-32,038

- 30,934-36,025-32,470-23,396

Unilateraltransfers,

net4

— 24 18923 107

— 25 023— 26 106

686932 14834 084

— 35 761— 30 095

- 7,521- 7,609-8,234- 10,722

-7,371-8,778-8,374- 11,239

-7,520-7,117-7,780-7,677

oncurrent

— 150859— 166 338— 127 083— 103 839

— 742461 549

— 99 925— 151 245— 152915

- 17,383- 24,337-27,032-31,176

-30,271-37,986-39,714- 43,277

- 38,454- 43,142- 40,250-31,073

1 Adjusted from Census date for differences in timing and coverage; excludes military,3 Transfers under U.S. military agency sales contracts (exports) minus direct defense expend-

itures (imports).

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

See p. 37 for continuation oftabk.


U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $4.4 billion in the fourth quarterof 1995, in contrast to a decrease of $14.6 billion in the third quarter. U.S. liabilities to private foreigners reportedby U.S. banks, excluding Treasury securities, increased $29.8 billion in the fourth quarter, in contrast to a decreaseof $21.6 billion in the third quarter.

BILLIONS OF DOLLARS' BILUONSOF DOLLARS'

/x / \ / \ I \

1989 1990 1991 1992 1993 1994 1995

* SEASONAUY ADJUSTEDSOURCE: DEWRTMENT OF COMMERCE COUNO. OF ECONOMIC ADVISERS

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

Period

1986198719881989 .199019911992 .199319941995P

1993- IIIIllIV

1994: IIIIllIV

1995: IIIIllrw

U.S. assets[increase/capita

Total

-106,753-72,617- 100,087-168,744-74,011-57,881-65,875

-184,589-125,851-280,096

-19,729-40,933-46,270-77,657-36,783-5,973

-27,940-55,156-75,455

-100,355-27,517-76,769

U.S.officialreserve

assets35

3129,149

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

5,7633,901

-1,3795,346

-9,742

-983822

-545-673-59

3,537-1652,033

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

191

abroad, net

Other U.S.Govern-

mentassets

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

-1,661-330-322-326

467-281-197-318

401491

-283-931-152-180

246-240

)]

U.S.privateassets

- 105,044-82,771-99,141- 144,710-74,160-66,555-68,115- 182,880

130 875-270,028

-19,213-41,474-45,529- 76 666-37,125-10,001-27,492-56,258-69,985-97,453-25,870- 76,720

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

Total

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

153,823248,529291,365426,325

19,86751,27777,92899,45880,39046,52679,73684,71594,841

124,332116,54490,609

Foreignofficialassets3

35,64845,38739,7588,503

33,91017,38940,46672,14639,409

110,483

10,95517,49519,38624,31110,9779,162

19,691-421

22,30837,83639,34610,993

Otherforeignassets

190,463197,596200,507209,98788,28276,853

113,358176,383251,956315,842

8,91233,78258,54275,14769,41337,36460,04585,13672,53386,49677,19879,616

Allocationsof specialdrawingrights

(SDKs)

Statistical discrepancy

Total (sumof the items

with signreversed)

31,501-4,028

-13,09554,09444,480

-28,936-26,399

35,985-14,269

6,685

17,24513,993

-4,6269,375

-13,336-2,567- 12,082

13,71819,06819,165

-48,77717,233

Of which:Seasonal

adjustmentdiscrepancy

5,367154

-6,353834

5,274587

-6,641782

6,162317

-7,076600

U.S. officialreserve

assets, net5

(unadjusted,end ofperiod)

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

74,37873,96875,83573,44276,80975,73276,53274,33586,76190,06387,15285,832

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

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


ContentsTOTAL OUTPUT, INCOME. AND SPENDING **

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

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

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

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

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

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

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

General Notes

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

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

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