Greenbook/Tealbook
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CONFIDENTIAL (FR) FOMC CLASS III
September 17,
SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS
Prepared for the Federal Open Market Committee
By the Staff Board of Governors of the Federal Reserve System
1993
TABLE OF CONTENTS
Page THE DOMESTIC NONFINANCIAL ECONOMY
Consumer sentiment . . . . . . . . . . . . . . . . . . Erratum . . . . . . . . . . . . . . . . . . . . . . . .
University of Michigan Survey Research Center: Survey of consumer attitudes. . . . . . . . . . . . THE FINANCIAL ECONOMY Tables
Monetary aggregates . . . . . . . . . . . . . . . . . Commercial bank credit and short- and intermediate-term business credit. . . . . . . . . . Selected financial market quotations . . . . . . . . . THE INTERNATIONAL ECONOMY U.S. merchandise trade through July. . . . . . . . . . Developments in foreign industrial countries . . . . . Tables Merchandise trade:
Census-based data.
U.S. merchandise trade: Levels . . . . . . Changes from previous Percent change . . .
Summary of . . . . . . period . . . . . . . .
.
.
.
.
.
.
.
.
months and quarters: . . . . . .. ... . . . . . . . . . . . . . . . . . . . .
SUPPLEMENTAL NOTES
THE DOMESTIC NONFINANCIAL ECONOMY Consumer Sentiment The Michigan index of consumer sentiment was little changed in the first part of September from the levels prevailing in July and August
The early September index value of 77,4 was approximately
14 points below its recent peak in December 1992, reflecting the deterioration in sentiment that occurred in the first half of the year
Consumers' assessments of current conditions improved
modestly in September while consumers' expectations of future conditions edged lower Among the questions not included in the composite index, consumers' appraisals of buying conditions for cars and houses reversed the declines recorded in August relatively favorable July levels.
moving back up to their
In contrast
respondents' average
expectation of the change in unemployment edged up further to its most pessimistic level since July 1992 Average expected inflation over the next twelve months fell by 0.6 percentage point in early September to 4.3 percent, while the median inflation expectation fell 0.2 percentage point to 3.1 percent
The average expectation of inflation over the next
five to ten years also fell somewhat to 4.4 percent--the lowest reading in the eleven-year history of this series.
Although the
median expectation of inflation over the next five to ten years rose in September from 3.2 percent to 3.5 percent
this series has also
displayed a downward trend in the past several years Erratum
On page two of the Greensheets, page I-16, the percent change in the GDP fixed-weight price index for 1992 was incorrectly reported as 3.4 percent
The correct figure is 3.3 percent
September 17, 1993 UNIVERSITY OF MICHIGAN SURVEY RESEARCH CENTER: SURVEY OF CONSUMER ATTITUDES (Not seasonally adjusted) 1993 Jan
1993 Feb
1993 Mar
1993 Apr
1993 May
1993 Jun
1993 Jul
1993 Aug
1993 Sep (p)
Composite of current and expected conditions
89.3
86.6
85.9
85.6
80.3
81.5
77.0
77.3
77.4
Current conditions Expected conditions
98.6 83.4
96.0 80.6
101.6 75.8
99.9 76.4
98.7 68.5
98.7 70.4
96.2 64.7
95.1 65.8
97.9 64.3
110 127
100 125
111 119
104 120
103 115
108 117
102 112
96 114
105 113
111 97
103 95
96 88
95 91
83 76
89 75
80 66
76 73
72 71
134 145 166
132 148 158
136 152 173
137 155 167
140 152 163
140 147 166
141 147 171
138 150 166
140 148 172
Willingness to use credit Willingness to use savings
37 64
40 52
46 74
43 64
41 73
35 53
42 65
42 58
50 63
Expected unemployment change - next 12 months
98
110
117
115
125
127
130
129
131
3.5 4.8
4.6 5.9
4.9 4.9
4.1 4.8
4.4 5.7
4.8 5.2
4.4 5.0
4.9 4.6
4.3 4.4
Indexes of consumer sentiment (Feb. 1966=100)
Personal financial situation Now compared with 12 months ago* Expected in 12 months* Expected business conditions Next 12 months* Next 5 years* Appraisal of buying conditions Cars
Large household appliances* Houses
Expected inflation - next 12 months Expected inflation - next 5 to 10 years
-- Indicates the question is one of the five equally-weighted components of the index of sentiment. (p) -- Preliminary (f) -- Final
Note: Figures on financial, business, and buying conditions are the percent reporting 'good times' (or 'better') minus the percent reporting 'bad times' (or 'worse'), plus 100. Asterisk (*) indicates the question is one of the five equally-weighted components of the index of sentiment. Expected change in unemployment is the fraction expecting unemployment to rise minus the fraction expecting unemployment to fall.
MONETARY AGGREGATES (Based on seasonally adjusted data except as noted)
19921
1993 Q1 2
1993 Q2 2
1993 Jun.
1993 Jul.
Aggregate or component Aggregate 1- Ml 2. M2 3. M3
1992:Q4 Level 1993 to (bil. $) Aug. Aug. 93 Aug. 93 (p) (p) (p)
Percentage change (annual rate) 14.3
6-6
10.5
7.2
13.8
1.8
-1.8
2.2
2.6
2.2
0.3
-3.7
2.5
-0.8
13.7
6.2
13.0
9.1 18.0
9.5 3.7
7. Other checkable deposits
15.4
8. M2 minus M13
-2.6
-0.3
10.5 1.8 1.6
10.2 1.2 0.0
1095.0 3526.7 4175.3
7.3
13.9
13.9
11.3
691-1
9.7 16.1
11.1 5.0
11.0 17.3
11.2 16.4
10.3 12.6
312.5 370.8
7.3
6-3
7.3
13.3
4.8
8.3
403.9
-5.3
-1.3
0.6
-2.8
-2.1
-2.5
2431.7
-7.4
-9.7
66.9
39.0
36.2
5.7
78.6
-10.1 -2.2 1.6 -7,9 -8.4 -0.2 -18.0
-0.5 -0.4 4.6 -8.0 -4.2 0.7 -10.1
-1.1 -0.3 6.4 -10.5 -3.6 2.8 -11.5
-0.7 -4.4 0.8 -12.5 -4.0 2.5 -12.0
-6.4 0.0 7.0 -11.2 -3.0 1.7 -9.2
-3.7 -1.2 4.0 -8.9 -5.1 1.2 -12.4
334.5 1252.8 774.0 478.8 766.6 431.2 335.4
-13.1
3.8
-18.9
-14.1
0.2
-6.1
648.6
-16.3 -15.4 -19.6
-17.8 -18.0 -17.5
-1.0 0.6 -7.9
-11.1 -11.5 -9.3
-15.8 -19.4 -1.9
0.7 3.1 -7.5
-8.7 -8.3 -10.5
338.4 275.1 63.3
18.2 7.8 -22.6
-14.1 9.9 0.0
0.4 38.3 19.6
-27.8 41.5 -68.9
-18.8 46.6 -90.8
-10.5 -3.7 38.2
-9.1 25.8 -4.5
193.3 96.1 45.4
Selected components 4. 5. 6.
9. 10. 11. 1213. 14. 15. '6.
MI-A Currency Demand deposits
Overnight RPs and Eurodollars, n.s.a. General-purpose and brokerdealer money market funds Commercial banks Savings deposits Small time deposits Thrift institutions Savings deposits Small time deposits
17. M3 minus M23 18. 19. 20. 21. 22. 23.
Large time deposits 4 At commercial banks At thrift institutions Institution-only money market mutual funds Term RPs, n.s.a. Term Eurodollars, n.s.a.
2.7 -5.2 -0.1 14.5 -15.8 -5.5 14.8 -21.5 -6.6
Average monthly change (billions of dollars) Memo Managed liabilities at com'l. banks (lines 25 26) Large time deposits, gross Nondeposit funds Net due to related foreign institutions Other 5 U.S. government deposits at commercial banks 6
-2.1 -4.6 2.5
3.4 -3.6 7.0
5.8 -1.0 6.9
8.5 -3.7 12.2
17.1 -8.0 25-1
2.7 -0.2
2.8 4.2
2.1 4.7
2.9 9.3
14.9 10.3
14.1 -4.0
114.9 273.4
2.4
7.0
4.0
-0.8
29.3
-0.5
727.9 339.6 388.3
1. "Percentage change' is percentage change in quarterly average from fourth quarter of preceding year to fourth quarter of specified year. 'Average monthly change' is dollar change from December to December, divided by 12. 2. "Percentage change" is percentage change in quarterly average from preceding quarter to specified quarter. *Average monthly change" is dollar change from the last month of the preceding quarter to the last month of the specified quarter, divided by 3. 3. Seasonally adjusted as a whole. 4. Net of holdings of money market mutual funds, depository institutions, U.S. government, and foreign banks and official institutions. 5. Borrowing from other than commercial banks in the form of federal funds purchased, securities sold under agreements to repurchase, and other liabilities for borrowed money (including borrowing from the Federal Reserve and unaffiliated foreign banks, loan RPs, and other minor items). Data are partially estimated. 6. Treasury demand deposits and note balances at commercial banks.
COMMERCIAL BANK CREDIT AND SHORT- AND INTERMEDIATE-TERM BUSINESS CREDT 1 (Percentage change at annual rate, based on seasonally adjusted data) Dec. 1991
Type of credit
to Dec.
1993
1993
1993
Q1
Q2
Jun.
1993
Jul.
Level, Aug.
1993
Aug. p
1992
1993 p ($ billions)
Commercial bank credit 1.
Total loans and securities
3.6
7.2
9.1
8.8
3.4
3,047.5
at banks 2.
Securities
3.
U.S.
4.
Other
5.
government
11.6
10.6
12.1
6.0
9.3
896.0
17.5
13.0
12.2
16.6
6.1
9.5
713.8
-5.3
5.3
8.6
182.2 2,151.5
-1.1
Loans
.2
6.
Business
7.
Real estate
8. 9.
10.
13.0
-3.2
6.2
4.5
-. 8
5.8
-1.2
7.9
10.0
.9
.5
3.5
-1.4
.6
591.1
3.7
3.0
910.2
7.4
374.1
2.1
-. 9
5.1
7.5
Consumer
-1.8
7.7
6.5
3.9
Security
18.4
-3.7
47.3
Other
1.2
-13.0
9.9
50.4
15.5
12.4 170.2 10.4
-27.8 -7.9
80.2 195.9
Short- and intermediate-term business credit
11. Business loans net of bankers
-3.3
-1.8
.1
3.5
-2.7
-. 2
581.5
acceptances 12. Loans at foreign branches
2
2.0
Sum of lines 11 and 12
14.
Commercial paper issued by nonfinancial firms
15. Sum of lines 13 and 14
-20.5
-5.2
-26.1
-48.0
21.6
-3.1
.1
3.0
-4.0
-1.8
603.1
9.5
-9.3
15.8
-1.6
38.4
23.5
161.1
-. 8
-4.4
3.1
2.1
4.6
3.5
764.2
-3.1
13.
-33.1
5
16. Bankers acceptances, U.S. trade-related3 , 4
-10.4
-14.2
-16.4
-33.2
n.a.
21.1
n.a.
302.8
5
1.8
17. Finance company loans to business
-16.9
-5.1
-. 4
-1.2
-1.2
4
18. Total (sum of lines 15, and 17)
16,
-.5
-4.7
.8
2.3
n.a.
1,085.9
1. Except as noted, levels are averages of Wednesday data and percentage changes are based on averages of Wednesday data; data are adjusted for breaks caused by reclassification; changes are measured frcm preceding period to period indicated. 2. Loans to U.S. firms made by foreign branches of daoestically chartered banks. 3. Acceptances that finance U.S. iuports, U.S. exports, and domestic shipment and storage of goods.
4. Changes are based on averages of month-end data. 5. July 1993. p Preliminary. n.a. Not available.
SELECTED FINANCIAL MARKET QUOTATIONS (Percent except as noted) a1992
y1993
Change to Sep 16.
FOMC. Aug 17 --
Sep 16
3.19
3.02
3.01
0.18
0.01
Treasury bills 3-month 6-month 1-year
2.92 2.96 3.06
3.01 3.12 3.28
2.95 3.07 3.25
0.03 0.11 0.19
-0.06 -0.05 -0.03
Commercial paper 1-month 3-month
3.22 3.22
3.16 3.18
3.14 3.15
0.08 -0.07
-0.02 -0.03
3.06 3 .06 3.11
3 .09
3.13 3.31
3.10 3.12 3.27
0.04 0.06 0.16
0.01 -0.01 .0.04
3.31 3.31
3.06 3.51
3.06 3.06
0.25 0.25
0.00 -0.07
6.00
6.00
5.00
0.00
0.00
4.38 6.40 7.29
4.39 5.70 6.31
4.19 5.37 6.01
-0.19 !.03 1.28
-0.20 -0.33 -0.30
6.31
5.68
5.49
-0.82
0.19
8.06
'.16
6.98
-1.08
-0.18
7.84 5.15
.17 4.51
6 82 4.33
1.02 0.82
-0.35 '0.18
Instrument Sept. 4 (----I-----|----_
SHORT-TERM RATES 2 Federal funds
Large negotiable CDs 1-month 3-month 6-month 4 Eurodollar deposits S-,onth S-month
Bank orime rate
From Sept. 4
1993
From FOMC. Aug 17 ___
INTERMEDIATE- AND LONG-TERM RATES U.S. Treasury (constant maturity) 3-year 10-year 30-year 5 Municipal revenue (Bond Buyer) Corporate--A utility. recently offered 6 Home mortgages fixed rate FMLMC 30-yr FHLMC '-yr adjustable rate
1993
1989
r Record high
Percentage change to Sep 16 record high
From 1989 low
-0.58 -0.76 -1.71 -1.32 0.78
69.30 65.55 48.63 95.42 68.14
____From Stock exchange index
Level Dow-Jones Industrial NYSE Composite AMEX Composite NASDAQ (OTC) Wilshire
3652.09 256.88 461.57 749.71 4606.97 I
SLow. Date
Jan.
3
FOMC. Aug 17
Sep 16
8/25/93 2144.64 3586.98 3630.85 254.94 154.00 251.27 8/31/93 453.68 9/3/93 305.24 442.66 9/3/93 378.56 731.01 739.80 9/1/93 2718.59 4509.28 4570.92 --
One-day quotes except as noted. 2. Average for two-week reserve maintenance period closest to date shown. Last observation is average for maintenance period ending September 15. 1993. 3. Secondary market
4. Bid rates for Eurodollar deposits at 11 a.m. London time. 5. Based on one-day Thursday quotes and futures market index changes. 6. Quotes for week ending Friday previous to date shown.
From FOMC, Aug 17 1.22 1.46 2.49 1.20 .37
-6THE INTERNATIONAL ECONOMY U.S.
Merchandise Trade through July In July, the merchandise trade deficit was
(seasonally adjusted, Census-basis) but
$10.3
billion
smaller than recorded in June
slightly larger than the average of the second quarter Imports in July were 4-1/2 percent less than in June,
and were
about 2 percent less than the average for the second quarter decline in imports from June to July was products, petroleum, and consumer goods,
primarily in automotive Automotive imports dropped
off in July from levels recorded on average during the quarters of the year both from Canada and from other countries part slowing sales
(especially passenger cars)
in the United States,
quantity;
the
first two
(primarily trucks and parts) reflecting in
The 8 percent drop in the
value of oil imports in July was split between price per barrel) and
The
(by about
$1.00
quantity of imports was slightly less
than the average for the second quarter
The decrease in imported
consumer goods in July partly reversed the run-up recorded in June; the
level of consumer goods imports in July was about the same as
the second quarter on average was
in
Offsetting part of these declines
an increase in computer imports;
the level in July was 8 percent
above the average for the second quarter Exports in July were 1 1/2 percent less than in June and were about 3 percent less than the average for the second quarter
A
sharp drop in the value of exported aircraft accounted for most of the decrease; oscillations. in imports;
deliveries of aircraft
are subject to
sharp
Automotive exports also declined, paralleling changes
most of exports of computers and parts moved up in July
to a level that was 6 percent above the average for the second quarter;
exports of semiconductors also rose in July
-7Developments in Foreign Industrial Countries In Japan, the government announced preliminary details of its long-awaited economic emergency package the package has regulations
three components:
on Thursday, September 16,
First, many government
restricting competition and impeding efficiency will be
eased or eliminated, most of them by March 1994, current fiscal year benefits
Second, steps will
the end of the
be taken to pass the
of the yen's appreciation on to consumers, including
reductions in utility rates,
increased import promotion activities,
and urging private companies
to lower retail import prices.
the GDP)
package provides for
about ¥6 trillion
(about 1.3 percent of
in increased public works spending, land acquisitions,
government lending programs.
and
As with the earlier August 1992 Y10.7
trillion package and the April 1993
¥13.2 trillion package, much of The
the new package may not boost aggregate spending directly, total effect on Japan's output
Third,
is
spread over the coming year
expected to be roughly 1/2 percent of GDP. In France, GDP was flat in the second quarter after declining Consumption rose
2.8 percent
(s.a.a.r ) in the first quarter
1.6 percent
(s.a.a.r ) after falling 2.8 percent in the first
quarter
and export growth was strong.
made by investment which fell 4.8
Negative contributions were
percent (s.a.a.r )
its eighth
consecutive decline, and by a sharp fall in inventories. French statistics institute, cautioned that these data are
INSEE, the less
reliable than in the past because the release of trade data has been delayed by the shift to a new data collection system (trade data are now obtained from VAT forms instead of customs officials) second-quarter GDP
The
release is based on an estimate of the June trade
balance and could be revised substantially when these data become available.
Table 1
September 16, 1993
Merchandise Trade: Census-Based Data (in billions of dollars, seasonally adjusted*)
Exports Total
Ag.
393.6 421.7 448.2
1990 1991 1992
Imports NonAg.
40.2 40.1 44.0
353.4 381.6
Total
Oil
NonOil
Balance
404.1
495.3 488.5 532.7
62.1 51.8 51.6
433.2 436.7 481.0
-101.7 -66.7 -84.5
-59.9 -86.1 -98.0 -88.1
Quarters at annual rates: 1992 Qtr 1 2 3 4
441.3 441.6 445.8 463.4
43.4 42.7 44.7 45.6
397.9 398.9 401.2 417.9
501.2 527.7 543.8 551.6
41.8 52.3 57.1 54.8
459.4 475.4 486.8 496.8
1993 Qtr 1 2
453.3 460.2
43.4 43.1
409.9 417.1
557.4 582.7
51.1 57.3
506.3 525.3
-104.1 -122.5
1991 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
34.3 33.6 34.4 35.3 35.1 34.9 34.9 34.9 35.2 36.7 37.1 35.6
3.1 3.4 3.4 3.2 3.3 3.0 3.3 3.3 3.2 3.5 3.5 3.6
31.2 30.3 31.0 32.1 31.8 31.9 31.5 31.5 32.0 33.2 33.5 32.0
41.3 39.4 38.9 39.8 40.3 39.8 40.4 40.9 41.5 42.5 41.7 41.8
5.3 4.1 3.7 4.1 4.7 4.3 4.1 4.6 4.6 4.2 4.2 4.0
36.0 35.3 35.2 35.6 35.6 35.6 36.3 36.3 36.9 38.3 37.5 37.8
-7.0 -5.8 -4.5 -4.5 -5.1 -4.9 -5.5 -6.0 -6.3 -5.8 -4.6 -6.2
1992 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
35.6 37.6 37.2 36.4 36.0 38.0 37.4 36.4 37.7 38.9 37.8 39.2
3.6 3.8 3.5 3.8 3.4 3.5 3.8 3.6 3.8 4.0 3.7 3.7
32.0 33.8 33.6 32.6 32.6 34.6 33.7 32.8 33.8 34.9 34.1 35.5
41.6 41.0 42.7 43.4 43.6 44.9 44.9 45.1 46.0 46.1 45.6 46.1
3.6 3.3 3.5 4.0 4.2 4.8 4.9 4.6 4.8 5.0 4.6 4.1
37.9 37.6 39.3 39.4 39.4 40.1 40.1 40.4 41.2 41.1 41.1 42.0
-6.0 -3.4 -5.5 -7.0 -7.7 -6.8 -7.5 -8.7 -8.3 -7.2 -7.8 -7.0
1993 Jan Feb Mar Apr May Jun Jul
37.5 36.9 38.9 38.5 38.9 37.6 37.1
3.5 3.7 3.6 3.7 3.6 3.4 3.6
34.0 33.3 35.3 34.7 35.3 34.2 33.5
45.2 44.8 49.3 48.7 47.3 49.7 47.4
4.2 4.1 4.5 4.9 4.6 4.8 4.3
40.9 40.8 44.9 43.7 42.7 44.9 43.1
-7.7 -7.9 -10.5 -10.2 -8.4 -12.1 -10.3
Monthly Rates:
------------------------ '-------------- - - - - - - - - - -- - - - - - - - - * All data are on a revised end-use basis. Source:
U.S. Department of Commerce, Bureau of the Census, Customs Valuation.
September 16,
1993 TABLE 2 U.S. MERCHANDISE TRADE: SUMMARY OF MONTHS AND QUARTERS -- LEVELS Millions of dollars, seasonally adjusted (except as noted), Census-basis Data
1993 Mar
1993 Apr
- - - - - - -. - . - - - - -
TRADE BALANCE (Census-basis) EXPORTS, Total (FAS Value) Agricultural Nonagricultural Ind Supplies (Nonag)** Fuels (coal,petrol,etc) Chemicals Gold (Census) Other Ind Supplies Capital Goods Aircraft & Parts Computers & Access Semiconductors Other Capital Gds Automotive Products Consumer Goods Other Nonagric Exports . . . . . .. . . . . . . . . . . . ..
1993 Jun
.- .-- - - -
.--
.-- - -
1992 Qtr-2
1993 Jul .- .
.-
1992 Qtr-3
. .. . . .. . . . . .
1992 Qtr-4 . . .
. . .
1993 Qtr-1 . . . . . . .
1993 Qtr-2 . . . . . .
-10453
-10182
-8376
-12058
-10340
-21527
-24497
-22036
-26029
-30616
38894 3644 35251
38479 3745 34734
38930 3587 35343
37639 3443 34197
37083 3553 33530
110396 10664 99731
111462 11174 100288
115859 11392 104467
113327 10846 102481
115048 10775 104273
8676 939 2545 616 4576
8504 1000 2439 691 4375
9107 1174 2614 859 4459
8240 977 2527 335 4401
8688 997 2652 618 4420
25128 3456 7871 806 12996
25458 3390 7672 816 13581
25878 3383 7563 1584 13348
25631 3177 7605 1592 13257
25851 3151 7581 1884 13234
15579 3088 2412 1500 8579
15226 3061 2315 1568 8282
15278 2756 2429 1511 8583
15255 3289 2267 1432 8267
14305 1881 2470 1662 8291
43643 9426 7153 3746 23317
43294 8346 7190 4102 23656
45488 9266 7489 4358 24375
44296 8272 7204 4493 24327
45759 9105 7010 4511 25133
4307 4351 2337
4424 4242 2338
4298 4501 2158
4115 4291 2296
3789 4450 2299
11602 12241 7118
11946 12732 6858
12725 13310 7066
12808 12850 6896
12837 13035 6791
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49347 4454 44893
48660 4931 43729
47306 4567 42739
49698 4829 44869
47424 4280 43143
131923 13073 118850
135960 14271 121689
137895 13690 124205
139356 12772 126584
145664 14327 131337
Foods, Feeds, Beverages
2389
2240
2303
2341
2307
7189
7024
6892
6851
6884
Ind Supplies (ex Oil) Chemicals Iron & Steel Mill Prod Gold (Census) Other Ind Supplies
8188 1568 751 142 5727
7712 1541 610 154 5406
7698 1479 688 377 5154
7924 1531 834 213 5347
7726 1549 785 163 5230
21594 4118 2155 520 14800
21719 4146 2127 366 15080
22116 4324 2178 472 15142
22495 4434 1971 331 15759
23334 4552 2132 743 15906
12379 892 3053 1478 6957
12426 988 3130 1500 6807
12302 848 2978 1519 6958
13094 1104 3201 1626 7162
12811 828 3344 1625 7014
32824 3321 7652 3712 18138
34337 3071 8340 3908 19018
35321 3246 8586 4156 19333
35777 2636 8970 4493 19677
37822 2940 9310 4646 20927
8850 3445 5405
8777 3212 5565
8159 2875 5283
8588 3139 5450
7756 2714 5042
22721 7905 14816
22869 7900 14969
23695 8085 15611
25117 9204 15913
25524 9226 16298
11489 1598
11094 1481
10671 1605
11307 1614
11003 1541
30177 4346
31532 4207
31473 4708
32085 4260
33072 4701
IMPORTS, Total (Customs Value) Petroleum (revised, SA) Nonpetroleum
Capital Goods Aircraft & Parts Computers & Access Semiconductors Other Capital Gds Automotive Products From Canada From Other Consumer Goods Other Nonpetrol Imports ..
1993 May
.....
. .....
......
...
..
.
. ...
..
....
..
....
..
..
. ...
...---...... --
-
-
- ... -
... --
- ...... -
-
-
--- ----
-----
--- --- - -- -- -------
Memo Items, NSA: Oil Imports: Value* Volume (mbd)* Price ($/bbt)*
4444 8.60 16.67
4785 9.35 17.06
4555 8.58 17.13
4615 9.39 16.38
4235 8.92 15.31
12717 8.10 17.26
14105 8.36 18.34
13522 8.32 17.67
12296 8.41 16.23
13955 9.11 16.85
Passenger Car Imports (NSA) from Canada from Japan* from other (residual)
4848 1798 2016 1035
4647 7624 1971 1051
4088 1508 1637 943
4238 1786 1382 1070
3452 1082 1514 856
11670 4030 4384 3256
10608 3214 4397 2997
13357 3799 5832 3727
12422 4137 5377 2908
12972 4917 4990 3064
_ -- - - -- - - - -- - - -- - '------"----------'----- - - -- - - -- - - - -- - - -- - - - -- - - -- Unrevised data. ** Agricultural Industrial Supplies (primarily cotton and tobacco) are excluded from this line.
- - -
-10September 16,
1993 TABLE 3 U.S. MERCHANDISE TRADE: SUMMARY OF MONTHS AND QUARTERS -- CHANGES FROM PREVIOUS PERIOD Millions of dollars, seasonally adjusted (except as noted), Census-basis Data
Amount Change from Prev. Month Apr May Jun Jul
Amount Change from Prev. Qtr. Qtr-1 Qtr-2 Qtr-4 Qtr-3
$ Change from Year Earlier Q2-Q2
-------.-.-----.--.----.--.---
TRADE BALANCE (Census-basis) EXPORTS, Total (FAS Value) Agricultural Nonagricultural
271
1805
-3682
1718
-2970
2462
-3993
-4588
-9089
-416 101 -517
451 -158 609
-1290 -144 -1146
-556 111 -667
1066 510 556
4397 218 4179
-2532 -546 -1986
1721 -72 1792
4652 110 4542
603 174 175 168 85
-866 -197 -87 -524 -58
448 19 125 283 20
330 -66 -199 10 585
420 -8 -109 769 -233
-247 -206 41 8 -90
220 -26 -24 293 -23
Ind Supplies (Nonag)** Fuels (coal,petrol,etc) Chemicals Gold (Census) Other Ind Supplies Capital Goods Aircraft & Parts Computers & Access Semiconductors Other Capital Gds
-353 -27 -97 69 -297
52 -305 114 -57 300
-23 533 -162 -79 -315
-950 -1408 204 230 24
-349 -1080 37 356 339
2194 920 299 256 719
-1192 -994 -285 135 -48
1463 833 -194 18 806
Automotive Products Consumer Goods Other Nonagric Exports
117 -110 1
-126 260 -179
-184 -210 137
-326 158 4
344 491 -260
779 578 208
83 -460 -170
29 185 -105
. . . ..
. . . . . . ..
. . . . . . . ..
. . . . . ..
. . . . . . ..
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
. . . . . . . . . . . . . . . . . . . . . . . . . ..
. . . . . ..
6308 1555 4753
13741 1254 12487
-41
34
-304
397 178 51 106 61
379 110 -208 -141 618
839 118 162 412 147
1740
-283 -276 143 -1 -148
984 175 246 248 315
455 -609 384 336 345
2045 303 340 153 1250
4998 -381 1658 933 2789
430 264 166
-832 -425 -407
826 185 641
1422 1119 303
-423 -395 124 -116 I~.------
636 9
-304 -73
IMPORTS, Total (Customs Value) -687 477 Petroleum (revised, SA) -1164 petroleum
-1354 -364 -991
2392 261 2130
-2274 -548 -1725
4037 1198 2839
1935 -581 2516
1461 -918 2379
Foods,Feeds,Beverages
-150
64
38
-34
-165
-133
Ind Supplies (ex Oil) Chemicals Iron & Steel Mill Prod Gold (Census) Other Ind Supplies
-477 -26 -141 12 -322
-14 -62 78 223 -252
227 52 145 -164 193
-198 18 -49 -50 -117
125 28 -29 -154 280
Capital Goods Aircraft & Parts Computers & Access Semiconductors Other Capital Gds
46 96 78 22 -150
-123 -141 -152 19 151
791 256 223 108 204
Automotive Products From Canada From Other
-73 -232 160
-618 -337 -281
Consumer Goods Other Nonpetrol Imports ------------.
1235 794 -327
612 -59 1355 -449 502 -139 ..----------------
434
-23 224
1106
2803 1321
1482 987 441
.
2895 355 .----------------
Memo Items, NSA: Oil Imports: Value* Volume (mbd)* Price ($/bbl)*
341 0.75 0.39
-231 -0.78 0.08
60 0.81 -0.75
-380 -0.47 -1.07
1387 0.26 1.08
-583 -0.04 -0.67
-1226 0.09 -1.45
1659 0.70 0.63
1238 1.01 -0.41
Passenger Car Imports (NSA) from Canada from Japan* from other (residual)
-202 -174 -45 17
-559 -117 -334 -108
151 278 -255 127
-786 -704 132 -214
-1062 -816 13 -259
2749 584 1435 730
-935 339 -454 -820
550 780 -387 157
1302 887 607 -192
Unrevised data. ** Agricultural Industrial Supplies (primarily cotton and tobacco) are excluded from this line.
-11September 16, 1993 TABLE 4 U.S. MERCHANDISE TRADE: SUMMARY OF MONTHS AND QUARTERS -- PERCENT CHANGE Millions of dollars, seasonally adjusted (except as noted), Census-basis Data
Percent Change from Prev, Qtr. Qtr-3 Qtr-4 Qtr-1 Qtr-2
Percent Change from Prev. Month Jul May Jun Apr . .. .. . . . . . . .
EXPORTS, Total (FAS Value) Agricutural Nonagricultural
-1.1 2.8 -1.5
Ind Supplies (Nonag)** Fuels (coal,petrol,etc) Chemicals Gold (Census) Other Ind Supplies
. . . . . . .
% Change from Year Earlier Q2-Q2
. . . . . .
1.2 -4.2 1.8
-3.3 -4.0 -3.2
-1.5 3.2 -2.0
1.0 4.8 0.6
3.9 2.0 4.2
-2.2 -4.8 -1.9
1.5 -0.7 1.7
4.2 1.0 4.6
7.1 17.4 7.2 24.4 1.9
-9.5 -16.7 -3.3 -61.0 -1.3
5.4 2.0 4.9 84.7 0.5
1.3 -1.9 -2.5 1.2 4.5
1.6 -0.2 -1.4 94.3 -1.7
-1.0 -6.1 0.5 0.5 -0.7
0.9 -0.8 -0.3 18.4 -0.2
2.9 -8.8 -3.7 133.9 1.8
Capital Goods Aircraft & Parts Computers & Access Semiconductors Other Capital Gds
-2.3 -0.9 -4.0 4.6 -3.5
0.3 -10.0 4.9 -3.7 3.6
-0.2 19.4 -6.7 -5.2 -3.7
-6.2 -42.8 9.0 16.1 0.3
-0.8 -11.5 0.5 9.5 1.5
5.1 11.0 4.2 6.2 3.0
-2.6 -10.7 -3.8 3.1 -0.2
3.3 10.1 -2.7 0.4 3.3
4.8 -3.4 -2.0 20.4 7.8
Automotive Products Consumer Goods Other Nonagric Exports
2.7 -2.5 0.0
-2.8 6.1 -7.7
-4.3 -4.7 6.4
-7.9 3.7 0.2
3.0 4.0 -3.7
6.5 4.5 3.0
0.6 -3.5 -2.4
0.2 1.4 -1.5
10.6 6.5 -4.6
-1.4 10.7 -2.6
-2.8 -7.4 -2.3
5.1 5.7 5.0
-4.6 -11.4 -3.8
1.4 -4.1 2.1
1.1 -6.7 1.9
4.5 12.2 3.8
-6.3
2.9
1.6
-1.5
-2.3
-1.9
-0.6
-2.5 1.1 -5.9 -23.5 -2.2
0.6 0.7 -1.3 -29.7 1.9
1.7 2.5 -9.5 -29.8 4.1
-2.2 -25.0 4.5 -0.1 -2.1
4.6 -7.5 9.0 5.3 4.9
1.3 -18.8 4.5 8.1 1.8
-9.7 -13.5 -7.5
0.7 -0.1 1.0
IMPORTS, Total (Customs Value) Petroleum (revised, SA) /petroleum oods,Feeds,Beverages
-5.8 -1.7 -18.7 8.3 -5.6
Ind Supplies (ex Oil) Chemicals Iron & Steel Mill Prod Gold (Census) Other Ind Supplies Capital Goods Aircraft & Parts Computers & Access Semiconductors Other Capital Gds
-1.0 -14.2 -4.9 1.3 2.2 -0.8 -6.7 3.0
Automotive Products From Canada From Other
Consumer Goods Other Nonpetrol Imports .. .. .. ..
..
-3.4 -7.3 ..
Memo Items, NSA: Oil Imports: Value* Volume (mbd)* Price (S/bbl)* Passenger Car Imports (NSA) from Canada from Japan* from other (residual)
-0.2 -4.0 12.8 144.5 -4.7
-4.2 -9.7 -2.2 1.6
2.9 3.5 21.1 -43.5 3.8 6.4 30.2 7.5 7.1 2.9
-7.0 -10.5 -5.1 -3.8 8.4 ..
..
6.0 0.5
..
-2.7 -4.5
..
3.6 2.3 4.3
15.2 -11.5 21.7 25.1 15.4
6.0 13.8 1.9
1.6 0.2 2.4
3.1 1.9 -0.2 4.5 10.4 -9.5 11.9 -3.2 --------------- ------------... ..------------------------------------------------------
-4.8 -8.3 0.4
1.3 9.5 -4.4
-8.2 -5.0 -6.5
10.9 3.2 6.3
-4.1 -0.5 -3.7
-9.1 1.1 -8.2
-12.0 -7.2 -16.9 -10.3
3.7 18.4 -15.6 13.5
-18.6 -39.4 9.5 -20.0
-9.1 -20.2 0.3 -8.0
25.9 18.2 32.6 24.4
-7.0 8.9 -7.8 -22.0
------------------ --------------- ----------------
3.7 2.7 8.2 124.5 0.9
13.5 8.3 3.9
----------
irevised data. Agricultural Industrial Supplies (primarily cotton and tobacco) are excluded from this line.
-----------
12.3 16.7 10.0 9.6 8.2 --------
Cite this document
Federal Reserve (1993, September 20). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19930921_part2
@misc{wtfs_greenbook_19930921_part2,
author = {Federal Reserve},
title = {Greenbook/Tealbook},
year = {1993},
month = {Sep},
howpublished = {Greenbooks, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/greenbook_19930921_part2},
note = {Retrieved via When the Fed Speaks corpus}
}