Greenbook/Tealbook

Prefatory Note

The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act.

1

In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optimal character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff.

CONFIDENTIAL (FR) CLASS III FOMC

December 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 Housing construction

..

. ..

. . . . . . . . . . .

1

. . .

. . . . . . . . . . .

2

Table -Private-housing activity

.

.

.

. . . . . . . . . Monetary aggregates Commercial bank credit and short- and intermediate-term business credit. . Selected financial market quotations .

.

.

. .

. .

.

.

Private housing starts

.

.

.

.

.

.

.

THE FINANCIAL ECONOMY Tables

THE INTERNATIONAL ECONOMY U.S. merchandise trade .

.

.

.

.

.

.

.

Tables Merchandise trade: Census-based U.S. merchandise trade: Summary Levels . . . . .. . . . . . . Changes from previous period . Percent change . . . . . . . .

data. . . of months and quarters . .. . . . . . . . . . . . . .

SUPPLEMENTAL NOTES THE DOMESTIC NONFINANCIAL ECONOMY Housing Construction Total private housing starts rose 3.9 percent in November to an annual rate of 1.43 million units.

The increase reflected a jump in

single-family housing construction.

Revisions to the September and

October estimates of total starts were small and about offsetting. Total issuance of building permits in November rose 4.8 percent to a 1.37 million unit annual rate, corroborating the strength in starts. In the single-family sector, starts increased to a 1.27 million unit pace--the highest level since early 1987.

By contrast,

multifamily starts edged down 0.6 percent to 163.000 units (annual rate).

On a regional basis, starts jumped 17 percent in the

Northeast, approximately offsetting a drop in October.

Starts also

rose in the South, but they declined slightly in the Midwest and the West.

PRIVATE HOUSING ACTIVITY (Millions of units; seasonally adjusted annual rates) 1993

1993

1992

Sept. r

Oct. r

Nov. p

Q1

Q2

Q3r

1.20 1.11

1 16 1 11

1.23 1 11

1.31 1.23

1.37 1.27

1 38 1 30

1 43 1 37

Starts Permits

1.03 .92

1.03 .93

1.08 .92

1.14 1.01

1 17 1.05

1 21 1 10

1.27 1 14

Sales New homes Existing homes

.61 3.52

.60 3.54

.65 3.58

.67 3.87

73 3.94

68 4.08

n.a. n.a.

17 19

.13 18

15 19

17 .21

.21 .22

16 .21

16 23

Annual All units Starts Permits Single-family units

Multifamily units Starts Permits p

Preliminary.

r

Revised estimates.

n.a.

Not available.

PRIVATE HOUSING STARTS (Seasonally adjusted annual rate) Millions of units

I 0.4 Nov.

t

1 1981 1981

1983 1983

1985 1985

1

Illi

1987 1987

1989

1989

II

IIIIillllll 1993 1993

MONETARY AGGREGATES (Based on seasonally adjusted data except as noted)

19921

1993 Q22

1993 Q32

1993 Sep.

1993 Oct.

Aggregate or component Aggregate

1992:Q4 Level 1993 to (bil. $) Nov. Nov. 93 Nov. 93 (p) (p) (p)

Percentage change (annual rate) 14.3 1.7 0.2

10.5 2.2 2.3

12.9 3.1 1.2

13.6 4.0 3.5

10.4 0.8 2.0

10.5 4.5 4.4

10.7 1.6 0.7

1125.9 3548.3 4200.0

13.7

13.1

14.2

16.5

9.3

12.4

12-0

713-2

9.1 18.0

9.7 16.0

11.6 17.2

14.6 18.5

6.8 11.2

6.4 17.1

10.3 13.7

319.9 385.3

7. Other checkable deposits

15.4

6.3

10.7

8.6

12.4

7.3

8.5

412.7

8. M2 minus M13

-2.7

-1.3

-1.1

-0.3

-3.6

1.7

-2.2

2422.4

2.7

-10.3

36.1

50.6

35.3

18.6

13.1

85.3

-5.2 -0.1 14.5 -15.8 -5.8 14.8 -22.1

-0.7 -0.4 4.6 -7.9 -4.3 0.7 -10.4

-0.6 -1.0 5.3 -10.7 -4.0 2.9 -12.7

-6.8 -0.1 5.1 -8.5 -5.2 1.1 -13.4

2.2 -2.9 1.2 -9.8 -5.4 0.0 -12.5

14.1 1.1 8.2 -10.2 -5.7 -0.8 -12.2

-2.1 -1.1 4.2 -8.8 -5.4 0.9 -12.8

336.9 1251.2 783.3 468.0 751.5 431.3 320.2

3.3

-9.0

1.1

8.4

3.9

-3.9

651.7

1. Ml 2. M2 3.M3 Selected components 4. 5. 6.

9. 10. 11. 12. 13. 14. 15. 16.

M1-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. 2021. 22. 23.

Large time deposits At commercial banks 4 At thrift institutions Institution-only money market mutual funds Term RPs, n.s.a. Term Eurodollars, n.s.a.

-6.7 -16.5 -15.8 -19.5

-1.7 0.1 -10.3

-8.4 -8.8 -6.8

-5.7 -7.1 -1.9

2.2 3.1 0.0

-6.5 -6.2 -5.7

-7.8 -7.6 -8.7

332.6 269.9 62.8

18.2 7.9 -22.6

0.4 38.8 7.7

-12.6 25.6 31.9

5.0 -1.2 32.7

15.5 -15.0 18.5

0.6 -6.3 133.0

-5.2 17.2 8.7

196.7 94.5 51.1

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 Others U.S. government deposits at commercial banks6

-2.1 -4.6 2.5

8.3 -5.7 14.0

6.6 -4.2 10.8

4.3 0.0 4.3

708.7 336.4 372.3

2.7. -0.2

2.4 2.9

11.2 2.8

4.4 6.4

5.0 -0.7

-2.9 -6.9

120.7 251.5

-0.5

2.4

-0.6

-5.2

-7.5

-0.7

16.0

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. S. 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 CREDIT1 (Percentage change at annual rate, based on seasonally adjusted data) Dec. Type of credit

Level,

1991 to Dec. 1992

1993 Q2

1993 Q3

1993 Sep.

1993 Oct. I Il

1993 Nov. p

Nov. 1993 p ($hi )

Commercial bank credit 1. Total loans and securities at banks 2.

Securities

3.

U.S.

4.

Other

5.

government

Loans

3.6

0.0

6.3

3,072.5

11.3

7.9

7.8

-5.6

2.4

900.0

17.5

13.1

8.3

9.-1

-3.8

2.7

719.3

-1.1

4.7

6.2

2.6

-12.5

1.3

180.7

.2

5.6

4.5

2.3

2.3

8.0

-1.1

-1.6

5.3

3.7

3.8

4.7

4.7

921.5

7.0

8.6

4.5

12.8

8.8

383.2

-48.0

113.6

86.7

-1.2

1.9

194.8

Business

7.

Real estate

8.

Consumer

-1.8

9.

Security

18.4

Other

4.0

13.0

6.

10.

5.5

-3.2 2.1

1.2

-5.5

44.9

62.2

43.7

12.0

-2.2

-1.8

.2

.2

2,172.5 586.3

Short- and intermediate-term business credit 11. Business loans net of bankers

-3.3

-1.3

-3.9

-1.0

-31.3

-22.2

5.7

22.5

21.7

-4.6

-1.0

2.2

599.2

-8.9

-. 7

160.4

-2.7

-2.5

1.4

759.6

-11.1

11.5

-5.7

n.a.

-1.9

1.2

577.5

acceptances 12. Loans at foreign branches 2 13. Sum of lines 11 and 12

14. Ccmmercial paper issued by

2.0

-5.2

-3.1

-1.4

-3.0

9.5

15.8

22.5

4.5

nonfinancial fimns 15. Sum of lines 13 and 14

-.8

2.0

2.2

5

16. Bankers acceptances, U.S.

-16.9

-14.2

21.0

3 4 trade-related '

5 17. Finance ccapany loans to 4 business

1.8

-. 4

3.0

5.5

1.6

n.a.

18. Total (sum of lines 15, 16, and 17)

-.5

1.0

2.1

-.1

-1.4

n.a.

305.8 1,085.5

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 from preceding period to period indicated. 2. Loans to U.S. firms made by foreign branches of demestically chartered banks. 3. Acceptances that finance U.S. imports, U.S. exports, and dacmstic shipment and storage of goods. 4. Changes are based on averages of mnth-end data. 5. October 1993. p Preliminary. n.a.

Not available.

1 SELECTED FINANCIAL MARKET QUOTATIONS (Percent except as noted) 1992 Instrument Sept. 4

1993 Mid-Oct lows

Change to Dec 16. 1993

FOMC, Nov 16

Dec 16

From Mid-Oct lows

From FOMC Nov 16

SHORT-TERM RATES 2 Federal funds

3.19

3.07

3.00

2.96

-0.11

-0.04

Treasury bills 3 3-month 6-month 1-year

2.92 2.96 3.06

3.01 3.09 3.23

3.09 3.24 3.37

3.03 3.23 3.46

0.02 0.14 0.23

-0.06 -0.01 0.09

Commercial paper 1-month 3-month

3.22 3.22

3.13 3.23

3.15 3.40

3.33 3-34

0.20 0.11

0.18 -0.06

3.06 3.11

3.08 3.22 3.23

3.08 3.32 3.35

3.19 3.22 3.33

0.11 0.00 0.10

0.11 -0.10 -0.02

3.31 3.31

3.06 3.25

3.00 3.31

3.13 3.19

0.07 -0.06

0.13 -0.12

6.00

6.00

6.00

6.00

0.00

0.00

4.38 6.40 7.29

4.06 5.19 5.78

4.45 5.66 6.17

4.58 5.84 6.31

0.52 0.65 0.53

0.13 0.18 0.14

6.31

5.41

5.69

5.62

0.21

-0.07

8.06

6.79

7.27

7.36

0.57

0.09

7.84 5.15

6.74 4.14

7.12 4.28

7.14 4.25

0.40 0.11

0.02 -0.03

Large negotiable CDs 1-month 3-month 6-month 4 Eurodollar deposits 1-month 3-month

3.06

Bank prime rate 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 FHLMC 30-yr. fixed rate FHLMC 1-yr. adjustable rate

1989

1993

Percentage change to Dec 16

Record high Level Dow-Jones Industrial NYSE Composite NASDAQ (OTC) Wilshire

3764.43 260.48 787.42 4701.68

Low. Jan. 3

FOMC, Nov 16

Dec 16

12/13/93 2144.64 3710.77 10/15/93 154.00 257.80 10/15/93 378.56 771.69 10/15/93 2718.59 4642.64

3726.14 256.15 755.53 4598.55

Stock exchange index Date

1. One-day quotes except as noted. 2. Average for two-week reserve maintenance period closest to date shown. Last observation is average to date for maintenance period ending December 22, 1993. 3. Secondary market.

From record high -1.02 -1.66 -4.05 -2.19

From 1989 low

From FONC Nov 16

73.74 66.33 99.58 69.15

0.41 -0.64 -2.09 -0.95

4. Bid rates for Eurodollar deposits at 11 a.m. London time. 5. Most recent observation based on one-day Thursday quote and futures market index changes. 6. Quotes for week ending Friday previous to date shown.

THE INTERNATIONAL ECONOMY U.S. Merchandise Trade In October, the merchandise trade deficit was $10.5 billion (seasonally adjusted, Census basis), marginally smaller than in September, but slightly above the rate for the third quarter as a whole. Exports rose 3 percent in October, with nearly all of the increase in non-agricultural exports.

Exports of automotive

products rose strongly, with exports to Canada accounting for most of this increase.

Exports of aircraft, which are often marked by

large month-to-month fluctuations, also rebounded from a September downturn.

Smaller increases were recorded for exports of fuels

(particularly nuclear fuels) and machinery other than computers (particularly semiconductors and telecommunications products). Exports of computers and consumer goods were flat in October. A rise of 2 percent in imports in October was spread across all major trade categories.

Capital goods imports rose moderately,

driven by an 8 percent increase in imports of computers.

Increased

imports of automotive products were entirely from sources other than Canada.

The increase in oil imports in October was split evenly

between higher price and quantity.

Table 1

December 16, 1993

Merchandise Trade: Census-Based Data (in billions of dollars, seasonally adjusted*)

I

Exports Total 1990 1991 1992

Ag.

393.6 421.7 448.2

Imports

NonAg.

Total

40.2 40.1 44.0

353.4

495.3

381.6 404.1

488.5 532.7

62.1 51.8 51.6

433.2 436.7 481.0

-101.7 -66.7 -84.5

501.2 527.7 543.8 551.6

41.8 52.3 57.1 54.8

459.4 475.4 486.8 496.8

-59.9 -86.1

557.4 582.7 580.5

51.1 57.3 50.2

506.3 525.3 530.4

Oil

NonOil

Balance

Quarters at annual rates: 1992 Qtr 1 2

441.3 441.6

43.4

3 4

445.8 463.4

44.7 45.6

397.9 398.9 401.2 417.9

1993 Qtr 1 2

453.3 460.2

43.4 43.1 42.4

409.9 417.1 413.8

3

456.2

42.7

-98.0

-88.1 -104.1 -122.5 -124.4

Monthly Rates: 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

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

1993 Jan Feb Mar Apr

37.5 36.9 38.9 38.5

3.5

May

38.9

Jun Jul Aug Sep Oct

37.6 37.1 38.1 38.9 40.1

3.5 3.6

3.8 3.5 3.8 3.4 3.5 3.8 3.6 3.8 4.0 3.7 3.7 3.7 3.6 3.7 3.6 3.4 3.6 3.4 3.6 3.7

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

32.0 33.8 33.6 32.6 32.6 34.6 33.7 32.8 33.8 34.9 34.1 35.5 34.0 33.3 35.3 34.7 35.3 34.2 33.5 34.6 35.3 36.4

5.3 4.1 3.7

36.0 35.3 35.2 35.6

-7.0 -5.8

4.7 4.3 4.1 4.6 4.6 4.2 4.2 4.0

35.6

-5.1

35.6 36.3

-4.9

36.3

-6.0 -6.3

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

37.9 37.6 39.3 39.4 39.4 40.1 40.1 40.4 41.2 41.1

45.2 44.8 49.3 48.7 47.3 49.7 47.5 48.1 49.5

4.2 4.1 4.5 4.9 4.6 4.8 4.4 4.0 4.2 4.4

41.5 42.5 41.7 41.8

50.6

4.1

4.0 4.2 4.8 4.9 4.6 4.8 5.0 4.6 4.1

36.9 38.3 37.5 37.8

-5.5 -5.8 -4.6

-6.2 -6.0 -3.4

-5.5 -7.0 -7.7 -6.8 -7.5

-8.7

41.1

-8.3 -7.2 -7.8

42.0

-7.0

40.9 40.8 44.9 43.7 42.7 44.9 43.2 44.1 45.3 46.2

-7.7 -7.9

* All data are on a revised end-use basis. irce:

-4.5 -4.5

U.S. Department of Commerce, Bureau of the Census, Customs Valuation.

-10.5 -10.2 -8.4 -12.1 -10.4 -10.0 -10.6 -10.5

December 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

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

1993 Jul

1993 Aug

1993 Sep

1993 Oct

1992 Qtr-3

-12058

-10425

-10047

-10621

-10455

37639 3443 34197

37109 3569 33540

38050 3410 34640

38885 3626 35259

8240 977 2527 335 4401

8689 998 2658 618 4415

8373 815 2520 609 4429

15255 3289 2267 1432 8267

14336 1915 2470 1663 8287

4115 4291 2296

3792 4442 2282

.............................................

1992 Qtr-4

1993 Qtr-1

1993 Qtr-2

1993 Qtr-3

-24497 -22036

-26029

-30616

-31092

40110 3720 36390

111462 11174 100288

115859 11392 104467

113327 10846 102481

115048 10775 104273

114044 10605 103439

9032 813 2624 1085 4510

9293 1018 2614 1266 4395

25458 3390 7672 816 13581

25878 3383 7563 1584 13348

25631 3177 7605 1592 13257

25851 3151 7581 1884 13234

26094 2627 7801 2312 13354

15296 2638 2414 1681 8563

14999 2215 2504 1621 8659

15562 2605 2440 1756 8761

43294 8346 7190 4102 23656

45488 9266 7489 4358 24375

44296 8272 7204 4493 24327

45759 9105 7010 4511 25133

44631 6768 7388 4966 25508

4170 4491 2310

4125 4597 2505

4516 4553 2465

11946 12732 6858

12725 13310 7066

12808 12850 6896

12837 13035 6791

12087 13530 7097

..................................----.................................

49698 4829 44869

47534 4356 43178

48097 3966 44131

49506 4225 45281

50565 4410 46155

135960 14271 121689

137895 13690 124205

139356 12772 126584

145664 14327 131337

145137 12547 132589

Foods,Feeds,Beverages

2341

2316

2331

2437

2560

7024

6892

6851

6884

7084

Ind Supplies (ex Oil) Chemicals Iron & Steel Mill Prod Gold (Census) Other Ind Supplies

7924 1531 834 213 5347

7740 1552 785 163 5240

7768 1454 745 182 5387

7968 1485 865 197 5422

8073 1575 887 166 5445

21719 4146 2127 366 15080

22116 4324 2178 472 15142

22495 4434 1971 331 15759

23334 4552 2132 743 15906

23476 4491 2395 542 16049

13094 1104 3201 1626 7162

12822 828 3345 1625 7023

12456 857 3171 1605 6823

13004 939 3244 1658 7162

13235 903 3513 1734 7085

34337 3071 8340 3908 19018

35321 3246 8586 4156 19333

35777 2636 8970 4493 19677

37822 2940 9310 4646 20927

38282 2625 9761 4887 21009

8588 3139 5450

7769 2711 5059

8522 3244 5279

8742 3298 5444

8989 3250 5740

22869 7900 14969

23695 8085 15611

25117 9204 15913

25524 9226 16298

25034 9252 15782

11307 1614

11001 1529

11680 1373

11612 1518

11726 1572

31532 4207

31473 4708

32085 4260

33072 4701

34294 4420

Memo Items, NSA: Oil Imports: Value* Volume (mbd)* Price ($/bbl)*

4615 9.39 16.38

4235 8.92 15.31

3937 8.59 14.78

4093 9.33 14.63

4364 9.48 14.84

14105 8.36 18.34

13522 8.32 17.67

12296 8.41 16.23

13955 9.11 16.85

12265 8.95 14.91

Passenger Car Imports (NSA) from Canada from Japan* from other (residual)

4238 1786 1382 1070

3469 1080 1514 876

3922 1340 1796 786

4479 1790 1742 947

5304 1887 2163 1254

10608 3214 4397 2997

13357 3799 5832 3727

12422 4137 5377 2908

12972 4917 4990 3064

11870 4209 5052 2609

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

Unrevised data. Agricultural Industrial Supplies (primarily cotton and tobacco) are excluded from this line.

December 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 Jul Aug Sep Oct

Amount Change from Prev. Qtr. Qtr-4 Qtr-1 Qtr-2 Qtr-3 -- - - - --.

-. -- -- -

.- .-- - -

.--- . -- -

$ Change from Year Earlier Q3-Q3 .-- -

.--- - - -- - -

TRADE BALANCE (Census-basis)

1633

378

-574

165

2462

-3993

-4588

-476

-6595

EXPORTS, Total (FAS Value) Agricultural Nonagricultural

-530 126 -657

941 -159 1100

835 217 618

1225 94 1131

4397 218 4179

-2532 -546 -1986

1721 -72 1792

-1004 -170 -834

2582 -570 3151

449 21 130 283 14

-316 -183 -138 -9 14

659 -2 104 476 81

261 205 -10 181 -115

420 -8 -109 769 -233

-247 -206 41 8 -90

220 -26 -24 293 -23

243 -525 220 428 120

636 -763 129 1497 -226

-919 -1374 204 231 20

960 723 -57 18 276

-297 -424 91 -60 96

563 390 -65 135 102

2194 920 299 256 719

-1192 -994 -285 135 -48

1463 833 -194 18 806

-1128 -2337 378 454 376

1337 -1577 198 864 1852

-323 151 -14

378 49 29

-45 106 195

391 -44 -40

779 578 208

83 -460 -170

29 185 -105

-750 495 306

141 798 239

-2164 -473 -1691

563 -390 953

1409 258 1150

1060 186 874

1935 -581 2516

1461 -918 2379

6308 1555 4753

-527 -1780 1252

9177 -1724 10901

-26

16

105

123

-133

-41

34

199

397 178 51 106 61

379 110 -208 -141 618

839 118 162 412 147

142 -61 263 -201 142

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 ...................................................................................................................

IMPORTS, Total (Customs Value) Petroleum (revised, SA) petroleum Foods,Feeds,Beverages Ind Supplies (ex Oil) Chemicals Iron & Steel Mill Prod Gold (Census) Other Ind Supplies Capital Goods Aircraft & Parts Computers & Access Semiconductors Other Capital Gds

-272 -276 144 -2 -139

-365 29 -174 -20 -200

984 175 246 248 315

455 -609 384 336 345

2045 303 340 153 1250

460 -315 451 242 82

3944 -447 1421 979 1991

Automotive Products From Canada From Other

-819 -428 -391

753 533 220

826 185 641

1422 1119 303

407 23 384

-490 26 -516

2165 1352 812

Consumer Goods Other Nonpetrol Imports

-305 -85

679 -157

-68 145

114 55

-59 502

612 -449

987 441

1222 -281

2761 213

Memo Items, NSA: Oil Imports: Value* Volume (mbd)* Price ($/bbl)*

-380 -0.47 -1.07

-298 -0.33 -0.53

156 0.73 -0.15

271 0.16 0.22

-583 -0.04 -0.67

-1226 0.09 -1.45

1659 0.70 0.63

-1690 -0.16 -1.95

-1840 0.59 -3.44

Passenger Car Imports (NSA) from Canada from Japan* from other (residual)

-769 -706 132 -195

453 260 282 -89

558 451 -54 161

825 97 421 307

2749 584 1435 730

-935 339 -454 -820

550 780 -387 157

-1102 -708 62 -456

...................................................................................................................

nrevised data. Agricultural Industrial Supplies (primarily cotton and tobacco) are excluded from this line.

-10December 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

EXPORTS, Total (FAS Value) Agricutural Nonagricultural Ind Supplies (Nonag)** Fuels (coal,petrol,etc) Chemicals Gold (Census) Other Ind Supplies

Percent Change from Prev. Month Jul Aug Sep Oct

Percent Change from Prev. Qtr. Qtr-4 Qtr-1 Qtr-2 Qtr-3

.......

.......

.......

-....

..--

-1.4 3.7 -1.9

2.5 -4.5 3.3

2.2 6.4 1.8

3.2 2.6 3.2

5.4 2.1 5.1 84.6 0.3

-3.6 -18.3 -5.2 -1.4 0.3

7.9 -0.3 4.1 78.1 1.8

25.2 -0.4 16.7 -2.6

-6.0 -41.8 9.0 16.1 0.2

6.7 37.7 -2.3 1.1 3.3

-1.9 -16.1 3.8 -3.6 1.1

Automotive Products

-7.8

10.0

-1.1

Consuner Goods Other Nonagric Exports

3.5 -0.6

1.1 1.3

2.4 8.4

-4.4 -9.8 -3.8

1.2 -8.9 2.2

2.9 6.5 2.6

-1.1

0.7

4.5

Capital Goods Aircraft & Parts Computers & Access Semiconductors Other Capital Gds

IMPORTS, Total (Customs Value) Petroleum (revised, SA) "InpetroLeun ads,Feeds,Beverages

.......

2.9

9.5

-1.0 -1.6

-0.9 -16.6 2.9 22.7 0.9

2.5 -22.5 1.7 183.5 -1.7 3.1 -18.9 2.8 21.1 7.8

-0.3 18.4 -0.2

6.5

0.6

0.2

-5.8

4.5 3.0

-3.5 -2.4

1.4 -1.5

3.8 4.5

2.1 4.4 1.9

1.4 -4.1 2.1

1.1 -6.7 1.9

4.5 12.2 3.8

-0.4 -12.4 1.0

5.1

-1.9

-0.6

0.5

2.9

0.8

1.8

1.7 2.5 -9.5 -29.8 4.1

3.7 2.7 8.2 124.5 0.9

0.6 12.3 -27.1 0.9

8.1 8.3 12.6 48.3 6.4

1.3 -18.8 4.5 8.1 1.8

5.7 11.5 3.8 3.4 6.4

1.2 -10.7 4.8 5.2 0.4

11.5 -14.5 17.0 25.0 10.5

1.8 -3.9 8.3 4.6 -1.1

Automotive Products From Canada From Other

-9.5 -13.6 -7.2

9.7 19.7 4.3

2.6 1.7 3.1

-2.7 -5.2

6.2 -10.2

-0.6 10.6

1.0 3.6

-8.2 -5.0 -6.5

-7.0 -3.7 -3.5

4.0 8.6 -1.0

6.6 1.7 1.5

14.2 33.6 -3.0 20.4

0.9 -0.8

2.3 -5.1 3.1

0.4 3.3

1.3 6.0 2.6

13.1 24.1 18.6 -10.2

-1.4

94.3 -1.7

-0.9 -1.6 -0.8

-2.5 -25.7 5.4 10.1 1.5

-2.1 -25.0 4.5 -0.1 -1.9

-39.5 9.5 -18.2

-1.h -6.1 0.5 0.5 -0.7

1.5 -0.7 1.7

3.3 10.1

Capital Goods Aircraft & Parts Computers & Access Semiconductors Other Capital Gds

-18.1

1.6

-0.2

I.......

-2.6 -10.7 -3.8 3.1 -0.2

-15.7 0.4

Passenger Car Imports (NSA) from Canada from Japan* from other (residual)

-2.2 -4.8 -1.9

5.1 11.0 4.2 6.2

-2.3 1.4 -5.8 -23.5 -2.0

Memo Items, NSA: Oil Imports: Value* Volume (mbd)* Price ($/bbl)*

.......-

3.9 2.0 4.2

3.8 17.6 -2.6 8.3 1.2

Ind Supplies (ex Oil) Chemicals Iron & Steel Mill Prod Gold (Census) Other Ind Supplies

Consumer Goods Other Nonpetrol Inports

.......

X Change from Year Earlier 03-03

18.4 5.4 24.2 32.4

3.0

4.3 2.4 29.1 0.4 2.9 5.7 3.0 6.3 1.7

-2.7

-1.3

6.0

1.6

13.8 1.9

0.2 2.4

-0.2 11.9

1.9 -9.5

3.1 10.4

3.7 -6.0

-4.1 -0.5

-9.1 1.1

13.5 8.3

-12.1 -1.7

-3.7

-8.2

3.9

-11.6

25.9 18.2 32.6 24.4

-7.0 8.9 -7.8 -22.0

4.4 18.9 -7.2 5.4

-8.5 -14.4 1.2 -14.9

wrevised data. riculturat Industrial Supplies (primarily cotton and tobacco) are excluded from this line.

1.2

6.3 3.5 6.7 -12.1 9.0

8.8 5.1

-13.0 7.0 -18.7 11.9 31.0 14.9 -13.0