104th Congress, 2d Session Economic Indicators NOVEMBER 1996 (Inclutks tLnd available as of Demnbtr 3, 1996) Prepared for the Joint Economic Committee by the Council of Economic Advisers F,!:C ... " ,;;,'_ ;; ~,,,, c , ,"" \E Sf"", :. ~ ~'-! .~ ..,::-:O UNITED STATES GOVERNMENT PRINTING OFFICE WASffiNGTON : 1996 JOINT ECONOMIC COMMl'ITEE (Created pursuant (Q Sec. 5(a) of Public Law 304, 79th Cont, CONNIE MACK, Florida, Chairman JIM SAXTON, New Jersey, Vict Chairman SENATE HOUSE OF REPRESENTATIVES WILLIAM V. ROTH, JR. (Delaware) THOMAS W. EWING (Illinois) LARRY E. CRAIG (Idaho) JACK QUINN (New York) ROBERT F. BENNETT (Utah) DONALD A. MANZULlQ (Illinois) RICK SANTORUM (Pennsylvania) MARSHAll (MARK) SANFORD (South Carolina) RODNEY D. GRAMS (Minnesora) WILLIAM M. (MAC) THORNBERRY (Te"",) JEFF BINGAMAN (New Mexico) FORTNEY H. (PETE) STARK (California) PAUl S. SARBANES (Maryland) LEE H. HAMILTON (Indiana) EOWARO M. KENNEDY (MassachusettS) MAURICE D. HINCHEY (New York) CHARLES S. ROBS (Virginia) CAROLYN B. MAlONEY (New York) ROBERT N. M01TICE, Executive Director COUNCIL OF ECONOMIC ADVISERS JOSEPH E. STIGLITZ, Chairman ALICIA H. MUNNEll, Member {PuBLIC LAW 120---81sT CONGRESS; CHAPTER 237-1sT SESSION] [OINT RESOLUTION [S.[. Res. 55[ To prim the monthly publication entitled "Economic Indicators" Resolwd by lhi Stnalt and HouJe of Reprtsenrllliver of thi United Slates of Ameri(II in Congrm assembled, That the Joim Economic Committet: be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of lIle Senate; rhe Clerk, Scrgeam at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of rhe Senate and House, and the Congressional Library; seven hundred copies to rhe Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libr-.tries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Cham prepprtd by the Art Production Smion, Design and Graphics Bran(h, Offiu of the Secretary, !Apartment of Comrrrera. Economic IndicatMs, published monthly. is available at $3.00 a single copy ($3.75 foreign), or by subscriprion at $33.00 per year (S41.25 for foreign mailing) from: SUPERINTENDENT OF OOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For $Ok by ,he U.S. Gowrn....... ' P'inting Office Su~,inlen<knl of Dorumtnrs, Mail S'OP: SSOP, W O$h,ngton, DC 10401-9328 ISBN o-l&-053B67-X ii TOTAL OUTPUT. INCOME. AND SPENDING GROSS DOMESTIC PRODUCT In the third quarter 01 1996, according to revised estimates. current-doDar gross domesHc product (GOP) rose 3.6 pefcent (annual rate), real GOP (GOP in chained 1992 dollars) rose 2.0 percent, and the implicit price deflator rose 1.6 pet'cent. ....WIONS Of OCIIIAAS (RAJlO SCAIEI ~--- ..... , ''''' ' ... ...., ./- - - ~ ..----: .... ~ 0WNEIl(199'2I DCXiN!t. --, - -- \ -- --- ~ .... --- V- , ''''' - - - ,/ "" -- -- , --- -- K • ..... ~~DOOARS •.... .... /' • / , ''''' / ' ... , , , '''' '''' ... '''' ... '''' ".. "., ,- 'w, "" "" 'w. "" "" IBiIlio". of eurftllt dollars; quarterly data at !leaS(lnall,y ad,illllt.ed aronuaJ rates] E>pOr'lB and imJl'X'lll G<n"m ment ,ollsumption npenditul"f!ll G_ 01 goods and wl'Yio:les gr.- Adde,, ' P...... and ;"yatme"t Jo'ina! G_ 0_ ~ . p..m.to. dum: sumption Fooeral ~~ ,..- G_ in __ .. ~, ....... SO" oo',,"tie expendi- Ng prod~ot Importa T... cl>a_' """ -. .",..,. National r-;",,- M"'" "' ~ T... .......'" ,..,- ,,,,,,- -"' """"" def.""", d.f.n..e 1987 .......................•. 4,692.3 3,094.1; 747.2 142.1 36f>.7 507.9 455.7 350.4 105.3 537.2 4,668.1 4,834.(:. 4,101.3 1988 .......... .............. :>,049.6 3,349.7 773.9 - 106.1 447.2 5f>3.2 1,032.0"'. 451.3 354.0 574.7 [,,038.1 5,155.6 5,062.6 1989 ...••....•...•.. ........ &,438.1 3,&94.8 829.2 - SO.4 [>89.1 1,09&.1 477.2 360.6 "'116,..1 61'.~ &,401.0 &,[>19.1 &,4&2.8 1990 .............. ........ .. &,143.8 3,839.3 199.1 - 71.3 "'"&57.3 628.6 1,176.1 503.6 373.1 ISO.4 672.S &,73&.8 5,81&.1 &,764.9 1991 ......................... &,9 16.1 3.975.1 136.2 - 20.5 6Ol.S 1,225.9 522.6 383.5 139.1 703.' 5,919.0 $,937.2 $,93"1.4 .......... ...... 6,244.4 4,219.8 790.4 -29.5 639.4 ""669.0 1,263.8 [,28.0 375.8 1 ~.2 735.8 6,231.4 6,214.0 6.255.5 "" .......... ....... ...... 6,5f>3.0 4,454.1 871 .1 - 62.7 657.8 niH 1,290.4 &22.6 362.1 1$9.9 767.8 6,5a2.4 6,61$.7 6,~.5 ""1994 .......... ..•... 6,93$.1 4,700.9 1.014.4 -94.4 11 9.1 813.$ 1,314.7 to16.4 352.0 164.3 798. ~ 6,876.2 7,030.1 6.931.9 ..... .... .............. 7,2~3.8 4,924.9 1,065.3 - 94.1 807.4 012.0 1.358.3 [>16.6 345.05 11 1.0 84U 7,216.1 7,343.4 1.246.7 "199"1 : IV ... .............. 6,002.3 4,021.1 760.9 -14.8 6.19.3 1,229.2 515.5 373.0 142.6 71a.S !"t,980.9 6,017.1 6,016.6 1992: IV .................. 6,3li3.0 4~~29.6 816.1 -42.7 "'649 ...1 691.8 1,280.0 535.0 375.3 159.1 7405 .1 6,376.6 6,425.1 6,390.05 1993: 1 .................... 6.442.6 4.367.6 843.6 - 47.9 ..... 694.8 1.279.3 525.5 365.7 1!"t9.8 753.8 6.422.8 6.490.$ 6,458.6 II .... .............. 6,500.2 4.424.8 SS!"t.9 - 59.6 120.0 1.285.1 520.1 362.7 1$7.4 765.0 6,434.6 6,:.65.8 6,516.5 .........•... 6,574.4 4,481.0 873.8 -74.5 ...."" ..3 719.8 1.294.1 521.3 361.2 160.1 772.7 6,&52.3 6.648.8 6.SS7.1 IV'" .... 6,658.6 4,543.1 911 .2 - 68.8 618.7 147.5 1,303.2 523.5 361.3 162.2 779.1 6,669.8 6,1$7.4 6,691.9 1994: I ........ .......... 6,176.0 4,600.9 951.6 -78.8 618.9 157.6 1.296.4 511.3 346.7 164.6 7SS.0 6,735.9 6,8!>4.8 6,781.0 II ................... 6,8~.5 4,666.2 1,016.5 - 93.0 707.4 1.300.8 509.4 349.3 160.0 791.4 6,816.0 6,983.$ 6,888.3 m 6,993.1 4,738.3 1,033.6 - 107.0 729.2 "'836... 1 1,328.2 523.8 362.3 161.to OH. ' 6,928.$ 7,100,1 6,981.0 IV .......... ........ 7,0t3.2 4,798.2 1,050.1 - 98.7 161.0 859.6 1,333.to $20.9 349.7 111.2 812.6 1.024.6 1,181.9 7,011.4 1995: 1 ......... .......... 7,149.8 4,840.6 1,072.0 -108.1 776.1 88<.S 1,34f•. 8 M9,7 347.6 172.1 826.1 7,091.7 7,258.4 7,146.8 II ........ .......... 7,204.9 4,910.5 1,050.3 -115.3 797.3 912.6 1.359.4 to22.0 3M,7 110.3 837.3 7,170.9 1,320.2 7,202.4 ............•.... 7,3(l9.8 4,957.9 1,074.8 -87.6 819.0 "'., 1,364.6 !"t16.8 345.7 111,1 841.7 7.211.5 7,391.:1 7,293.4 IV'" .. ... .. ......... 7,350.6 4.990.5 1,064.0 - 67,2 837.0 ""., 1,363,4 501.1 337.1 170.6 "'.1 1,332.8 7,417.t; ,"", 1996: 1 ............... 7,426.8 $,060.5 1,068.9 - 86.3 839.$ 925.8 1,383.7 518,6 343.9 174.7 w •. 7,428.6 7,513.2 7,426.6 II. 7,!>4!"t. 1 5,139.4 1,096.0 -99.2 800.0 949.2 1,408.8 529.6 353.7 175,8 879.2 7,537.1 7,644.3 7,531.to Ill' .......... 7,611 .8 $,16$.1 1,152.4 - 121.6 844.1 ""., 1.415.9 $25.3 348.9 176.4 891>.6 7,577.0 7,733,4 1,!"t93.6 I REAL GROSS DOMESTIC PRODUCT E>pona and irtIpo<U of ~_.ption _ndi_ ...-.. j,!==- ..... ...:1.....;.. and_~ "- ....&~ "- Nonrooj. , ..m,..... .... "- ,..... .....'"' ...... 0- ... inbuoi· ~. ..,.....,. "-" "u;."w ...... - ~ T~ ...~ 0_' ,- Natioroal ~ "- , ...... '" ..... T~ •. ...... - "- -,- -,--, ,-...- ..... .... ... 1987 .................. 5,648.' 3,822.3 -542 .• 257.6 26.2 - 156.2 <02.0 !'>S1I.2 1,165.9 "'.. 4009.2 125.3 631.8 5,626.0 5,SI!;.7 5,657.2 1988 ......... 5,862.9 3,972.7 566.0 252.5 11 .6 -IiU 465.8 580.2 1,ISO.9 524.6 405.5 119. 1 "'.6 5,855.1 5,983.9 5,876.2 1989 .................. 6.060.4 4,064.6 "'.6 243.2 33.3 -82.7 520.2 603,0 1,213.9 531,5 401.6 130. 1 682.6 6,028,1 6,146.1 6,074.0 1990 .................. 6,138.7 4,132.2 585.2 220.6 10.4 -61.9 56<.' 626.3 1,250. 4 5-4 1.9 401.5 140.5 703.6 6,126.7 ~,202.