greenbooks · May 20, 1996

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.

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

May 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

1996

TABLE OF CONTENTS

Page THE NONFINANCIAL ECONOMY Consumer

sentiment

. .

Table

University of Michigan Survey Research Center: Survey of consumer attitudes . . . . . . . . . . THE FINANCIAL ECONOMY Erratum .

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

Tables Selected financial market quotations . . . . . . . . Commercial bank credit . . . . . . . . . . . . . . .

S 4 S 5

THE INTERNATIONAL ECONOMY U.S. international trade in goods and services

Tables U.S. international trade in goods and services . U.S. trade in goods and services: Summary details . . . . . . . . . . . . ... . Summary of months and quarters--dollar changes Summary of months and quarters--percent changes.

SUPPLEMENTAL NOTES

THE DOMESTIC NONFINANCIAL ECONOMY Consumer Sentiment According to the preliminary report for May, the Michigan SRC index of consumer sentiment fell three points to an index level close to the lower end of the relatively favorable range seen since early 1994. current and

Respondents

reported less favorable views of both

expected conditions.

Among questions not included in the overall index, results were mixed in early May.

Considerably fewer households said that they

expect an increase in unemployment over the coming year.

addition, the indexes of buying conditions for cars and houses both rebounded a bit after posting large declines in April.

However,

respondents expressed noticeably less willingness to use credit to make large purchases. Respondents reported higher expectations of inflation over both the coming year and the next five to ten years in early May.

The

mean level of expected inflation over the coming year rose 1/2 percentage point in early May to 5 percent, and the median level rose 0.1 percentage point to 3.1

percent.

expected inflation over the next

five to ten years rose

0.7 percentage point to 4.8 percent; 0.3 percentage point to

3.3 percent.

The mean level of

the median level rose The medians

of both inflation

measures are currently at their highest values in more than a year.

May 17, 1996 UNIVERSITY OF MICHIGAN SURVEY RESEARCH CENTER: SURVEY OF CONSUMER ATTITUDES

(Not seasonally adjusted) 1995

1995

1996

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

88.9

90.2

88.2

91.0

89.3

88.5

93.7

92.7

89.9

104.6 78.8

104.8 80.8

101.3 79.7

102.4 83.7

105.8 78.7

105.2 77.8

105.4 86.2

107.8 83.0

104.7 80.5

112 120

111 120

108 123

112 126

115 131

111 120

112 130

118 127

113 124

109 87

112 91

111 85

115 95

104 80

109 83

125 91

118 88

112 87

135 160 166

125 161 151

130 154 148

133 153 157

122 159 152

129 161 163

134 161 168

125 162 157

129 158 159

47 62

40 63

43 62

45 70

36 65

40 65

47 71

45 64

35 68

Expected unemployment change - next 12 months

126

133

124

122

135

131

123

124

117

Expected inflation - next 12 months Expected inflation - next 5 to 10 years

4.0 4.4

3.6 3.7

3.8 4.0

3.3 3.9

4.0 4.2

3.6 4.2

4.2 4.3

4.5 4.1

5.0 4.8

(P)

Indexes of consumer sentiment (Feb. 1966-100) Composite of current and expected conditions Current conditions Expected conditions 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 Willingness to use credit Willingness to use savings

* -- 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. Expected change in unemployment is the fraction expecting unemployment to rise minus the fraction expecting unemployment to fall.

-3-

THE FINANCIAL ECONOMY Erratum On page I-13 in Part 1 of the Greenbook, the first sentence of the third paragraph should read:

"The debt of domestic nonfinancial

sectors is projected to expand about 4-1/2 percent this year and next, slightly less than nominal GDP."

Selected Financial Market Quotations' (Percent except as noted) Change to May 16, from:

1996

1994 Instrument

FOMC, Feb. 3

High

1994

FOMC,

Mar. 26

May. 16

Feb. 3

high

Mar. 26

5.36

5.26

2.19

538 538

2.22 2.13

Short-term Rates Federal Funds 2 Treasury Bills

5.66

3-month 6-month 1-year Commercial paper 1-month 3-month Large negotiable CDs' 1-month 3-month 6-month

2.20 2.11 2.05

-0.79 -1.03 -1.43

1-month 3-month

2.25 2.09

-0.75 -1.04

Bank Prime Rate

2.25

-0.25

6.25 6.70 6.90

1.65 0.89 0.59

-1.57 -1.34 -1.26

8.08 5.80

1.11 1.68

-1.17 -0.99

Eurodollar deposits4

Intermediate- and Long-term Rates U.S. Treasury (constant maturity) 3-year

10-year 30-year

Municipal revenue (Bond Buyer)5 Corporate-A Utility, recently offered Home mortgages 6 FHLMC 30-yr fixed rate FHLMC 1-yr adjustable rate Record high

Percentage change to May 16, from:

1996

1989 I

0.27 0.20

Low,

FOMC, [

Record

1989

FOMC,

Date

Jan 3

Mar 26

May16

hioh

Iow

Mar 26

5689.74

4/3/96

2144.64

5670.60

5635.05

-0.96

162.75

-0.63

NYSE Composite

356.64

5/15/96

154.00

350.03

356.41

-0.06

131.44

1.82

NASDAQ (OTC)

123931

5/16/96

378.56

1088.35

1239.31

0.00

227.37

13.87

Wilshire

6641.77

5/16/96

2718.59

6398.30

6641.77

0.00

144.31

3.81

Exchan k cotS

Ind

Dow-Jones Industrial

vFel

1. One-day quotes except as noted. 2. Average for two-week reserve maintenance period closest to date shown. Last observation is average maintenance period to date May 22,1996. 3. Secondary market. 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.

-5-

COMMERCIAL BANK CREDIT (Percentage change; seasonally adjusted annual rate) 1 Level, Type of credit

1995

1996

Apr.

Feb.

Mar.

Apr.

1996 (billions of $)

1. Total loans and securities

8.6

5.1

4.8

3.3

-2.9

6.1

3,650.1

3.2

2.8

-.2

5.8

-19.3

977.8

Securities

U.S. government

-3.1

3.5

-2.8

22.0

-17.8

-.3

704.9

Other 2

24.5

1.0

6.6

-34.0

-23.3

1.3

272.9

10.8

6.0

6.7

2.4

3.3

8.3

2,672.3

11.5

6.3

6.1

5.3

-3.8

9.3

729.1

8.6

3.9

4.3

3.1

5.3

1.9

1,095.2

Loans 3

Business

Real estate

Home equity

5.2

3.1

5.1

3.0

-1.5

3.0

80.0

Other

8.8

3.9

4.3

3.1

5.7

1.8

1,015.2

10.

Consumer

10.6

6.3

7.3

8.1

8.3

507.7

16.6

15.4

14.1

5.7

12.9

14.3

645.5

-.9

-2.8

9.9

-8.4

5.6

85.4

17.8

21.9

-8.7

10.7

33.4

254.8

11.

Adjusted 4

12.

Security

13.

Other 5

18.5

1. Monthly levels arepro rataaverages of Wednesday data. Quarterly and annual levels (not shown) are simple averages of monthly levels and levels for the fourth quarter respectively. Growth rates shown are percentage changes in consecutive levels, annualized but not compounded. 2. Includes municipal securities, foreign government securities, corporate bonds, equities, and trading account assets. 3. Excludes interbank loans. 4. Includes estimates of consumer loans that have been securitized by banks and are still outstanding. 5. Includes loans to nonbank financial institutions, farmers, state and local governments, banks abroad, foreign governments, and all others not elsewhere classified. Also includes lease financing receivables.

-6THE INTERNATIONAL ECONOMY U.S.

International

Trade in Goods and

In March, the deficit in U.S.

Services

international trade in goods and

services widened noticeably from a revised February figure. fell almost

Exports

1 percent relative to a February level that was revised

up significantly:

most categories

rose 1-3/4 percent;

of exports saw decreases.

Imports

the increase was due almost entirely to a pickup

in imports of gold and industrial supplies. For the first quarter, the deficit

(at an annual rate) was

substantially larger than in the fourth quarter and about the same as in the third quarter of last year. 5-1/2

percent annual

quarters.

Exports grew at a

rate, much slower than the pace set in recent

Increases in service receipts and in agricultural and

automotive products were about offset by continued declines in exported industrial

supplies and machinery

(other than computers).

In contrast, imports grew at a 12 percent annual rate in the first quarter, after declining in the two previous quarters.

Increases

were recorded in most trade categories with the exception of computers.

TABLE 1

B.l.a.

May 17, 1996

U.S. International Trade in Goods and Services (in billions of dollars, seasonally adjusted)

NIPA Real Met Exports

Years 1993 1994 1995

-..--------------------------- From the Monthly Press Release 1/------------------------Balance Exports I Imports G& S

Merch.

(1)

(2)

(3)

-74.8 -106.2 -111.5

-132.6 -166.1 -174.6

-74.5 -108.2 -114.1

------.

-------------------------------------------------

---------------------------

G & S */

G&S

Merch.

(5)

(6)

(7)

(8)

(9)

57.8 59.9 63.1

644.6 701.2 783.7

456.8 502.5 574.9

187.8 198.7 208.8

719.4 807.4 895.2

589.4 668.6 749.4

130.0 138.8 145.8

Services (4)

Services

G&S

Merch.

Services (10)

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

Quarters (AR): 1995 Qtr 1 2 3 1996 Qtr 1

-119.0 -126.8 -114.3

-115.6 -133.4 -109.2

-177.8 -194.6 -173.3

62.2 61.3 64.1

757.6 777.4 791.2

553.3 570.7 580.2

204.3 206.8 211.0

873.2 910.8 900.4

731.1 765.3 753.5

142.1 145.5 146_9

-96.6

-87.8

-152.5

64.7

808.6

595.4

213.3

896.5

747.9

148.6

-111.0

-103.3

-170.0

66.6

819.8

599.4

220.4

923.1

769.4

153.7

Monthly Rates:

1994 Jan Feb Mar Apr May Jun Jut Aug Sep Oct Nov Dec

-6.9 -9.6 -6.5 -8.9 -9.1 -8.9 -10.8 -9.4 -8.7 -9.8 -9.7 -7.9

-11.3 -13.6 -11.5 -13.4 -14.1 -14.0 -15.8 -14.2 -14.6 -14.9 -15.3 -13.3

54.4 53.1 58.8 56.3 56.8 58.6 57.0 60.3 60.9 60.0 61.7 63.2

38.9 37.4 42.1 40.4 40.4 41.9 40.4 43.7 43.3 43.3 44.4 46.2

61.3 62.6 65.3 65.2 66.0 67.6 67.8 69.7 69.6 69.8 71.4 71.1

50.3 51.1 53.6 53.8 54.5 55.9 56.3 57.9 57.8 58.2 59.7 59.4

1995 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

-10.2 -9.5 -9.2 -11.2 -10.8 -11.4 -11.0 -8.3 -8.1 -8.2 -6.8 -7.0

-15.7 -14.2 -14.5 -16.3 -15.9 -16.4 -16.2 -13.5 -13.7 -13.7 -12.1 -12.3

62.1 62.0 65.3 64.3 65.5 64.6 63.7 66.5 67.6 66.7 67.4 68.1

44.9 45.6 47.9 47.1 48.2 47.3 46.3 49.0 49.7 48.9 49.5 50.4

72.4 71.5 74.4 75.4 76.3 76.0 74.7 74.8 75.6 74.8 74.2 75.1

60.6 59.8 62.4 63.4 64.2 63.8 62.5 62.5 63.4 62.6 61.6 62.7

1996 Jan Feb Mar

9.9 -7.0 -8.9

66.8 69.4 68.8

49.0 51.0 49.9

76.7 76.4 77.7

64.1 63.6 64.7

-15.1 -12.6 -14.8

5.2 5.6 5.9

17.8 18.4 18.9

1/ U.S. Department of Commerce, Bureau of the Census and Bureau of Economic Analysis, BOP valuation. */ In billions of chained (1992) dollars. Note: Details may not add to totals because of rounding.

B.1.b.

May 17,

1996

TABLE 2 U.S. TRADE IN GOODS AND SERVICES: SUMMARY DETAILS (Millions of dollars, seasonally adjusted)

1995 Nov

1995 Dec

1996 Jan

1996 Feb

1996 Mar

1995 Qtr-1

1995 Qtr-2

1995 Qtr-3

1995 Qtr-4

1996

Otr-1

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

-6,837

-6,958

-9,878

-7,037

-8,919

-28,897 -33,340 -27,304 -21,960 -25,834

67,393 17,870 5,035 270 44,218

68,109 17,711 5,147 230 45,021

66,793 17,782 5,407 283 43,321

69,359 18,405 5,219 357 45,377

68,800 18,906 5,264 938 43,692

189,393 194,356 197,807 202,154 204,952 51,072 51,692 52,757 53,313 55,093 13,996 13,380 14,668 15,202 15,891 1,407 1,934 846 934 1,578 122,918 127,350 129,536 132,704 132,390

Ind Supplies (Ex Ag, Gold) Fuels (coal,petrol,etc) Chemicals Building Materials Other Ind Supplies

10,592 1,157 3,484 742 5,208

10,915 1,397 3,574 730 5,214

10,612 1,338 3,442 737 5,095

10,837 1,261 3,575 730 5,270

10,504 1,148 3,492 725 5,139

31,376 3,336 10,392 2,286 15,363

32,894 3,415 10,967 2,352 16,160

33,243 3,204 10,862 2,189 16,988

32,608 3,723 10,737 2,224 15,924

31,953 3,747 10,509 2,192 15,505

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

20,770 2,017 3,678 3,286 11,789

21,239 2,340 3,653 3,146 12,099

19,991 1,733 3,845 3,202 11,211

21,172 2,513 3,910 2,911 11,839

20,938 2,408 3,688 3,133 11,709

54,201 6,296 9,095 7,508 31,302

57,686 7,768 9,275 8,169 32,475

58,781 5,891 10,353 8,920 33,617

62,337 6,223 10,918 9,511 35,685

62,1016,654 11,443 9,246 34,759

Automotive Products To Canada To Mexico (NSA) To Rest of World

4,901 2,773 521 1,608

5,313 2,992 561 1,760

5,401 2,971 570 1,860

5,454 2,959 659 1,836

4,836 2,486 716 1,635

15,798 8,902 1,807 5,089

14,626 7,788 1,636 5,202

15,175 8,026 1,677 5,472

14,955 8,425 1,742 4,788

15,690 8,415 1,944 5,331

Consumer Goods All Other Merchandise

5,444 2,511

5,547 2,006

5,458 1,859

5,843 2,072

5,585 1,829

15,739 5,804

16,096 6,048

16,170 6,166

16,450 6,354

16,886 5,760

74,230 12,582 4,567 262 56,819

75,067 12,363 4,579 184 57,941

76,671 12,585 5,114 236 58,736

76,396 12,809 4,398 295 58,894

77,719 13,039 4,458 1,160 59,063

Ind Supplies (Ex Oil, Gold) Chemicals Iron & Steel Mill Prod Building Materials Other Ind Supplies

10,076 2,043 951 1,046 6,037

9,999 2,097 921 1,078 5,902

10,245 2,235 953 1,011 6,046

10,172 2,096 1,072 1,064 5,941

10,607 2,367 1,018 1,117 6,104

30,634 31,840 6,551 6,327 3,422 3,495 3,153 3,119 17,732 18,675

30,747 6,395 2,951 3,190 18,210

30,259 6,274 2,719 3,260 18,006

31,024 6,698 3,043 3,192 18,091

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

19,250 19,390 779 776 5,077 5,269 3,771 3,846 9,626 9,496

19,232 854 5,162 3,522 9,694

19,127 895 5,269 3,364 9,600

19,341 984 4,959 3,641 9,758

51,434 2,633 12,736 7,978 28,086

54,790 2,792 13,275 9,293 29,430

57,041 2,597 14,727 10,508 29,209

58,342 2,649 15,650 11,353 28,689

57,701 2,732 15,390 10,527 29,052

9,535 10,317 3,736 3,892

10,757 4,205 1,916 4,636

10,018 3,438 1,836 4,744

32,353 32,033 12,084 10,704 4,397 4,438 15,831 16,933

30,774 10,924 4,539 15,312

29,336 11,367 5,268 12,700

31,551 11,770 5,702 14,080

TRADE BALANCE (G&S) ---------------------

EXPORTS, Total (G&S) Services Agricultural Gold (BOP) Nonag Goods ex Gold

------------------------------

IMPORTS, Total (G&S) Services Petroleum Gold (BOP) Nonpetroleum Goods ex Gold

Automotive Products From Canada From Mexico (NSA) From Rest of World

4,027

1,580 4,844

10,776 4,127 1,949 4,699

12,900 2,718 2,340

13,135 2,725 2,375

13,488 2,790 2,205

13,763 2,795 2,280

13,690 2,963 2,444

39,690 8,499 5,992

40,693 8,156 6,528

40,289 8,290 6,558

39,351 8,233 7,178

40,940 8,547 6,929

4,442 8.866 16.16

5,044 9.591 16.96

3,987 8.261 16.64

4,322 7.822 17.82

12,321 8.736 15.66

13,966 8.913 17.22

13,579 9.460 15.61

12,902 8.961 15.66

13,353 8.558 17.13

1,772

Consumer Goods Foods, Feeds, and Beverages ALL Other Merchandise

218,290 227,696 225,111 224,114 230,786 35,515 36,379 36,734 37,150 38,433 13,074 14,575 14,047 13,409 13,970 1,099 2,702 631 857 1,690 168,602 174,040 173,699 172,698 176,693

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

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

4,330 9.378 15.39

Source:

U.S.

Source:

U.S. Department of Commnerce, monthly press release (FI-900).

of Com.erce, monthly press release (FT-900).

-9-

B.1.c.

May 17, 1996 TABLE 3 U.S. TRADE IN GOODS AND SERVICES: SUMMARY OF MONTHS AND QUARTERS -- DOLLAR CHANGES (Millions of dollars, seasonally adjusted)

Amount Change from Prev. Month Dec Jan Feb Mar -- - ------- ------ - - - -

EXPORTS, Total (G&S) Services Agricultural Gold (BOP) Nonag Goods ex Gold

-------

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

- -.-.--

- -- -.--

- - - -.-

$ Change from Year Earlier 01-01 -

- -- - -.--

716 -159 113 -40 802

-1,316 71 260 53 -1,700

2,566 623 -188 74 2,057

-559 501 44 581 -1,685

4,963 620 -616 527 4,431

3,451 1,065 1,288 -1,088 2,186

4,347 556 534 89 3,169

2,798 1,780 688 644 -314

15,559 4,021 1,894 171 9,472

324 239 90 -12 6

-303 -59 -132 7 -119

224 -77 133 -7 175

-332 -113 -83 -5 -132

1,518 80 574 67 797

349 -211 -104 -164 828

-635 519 -126 35 -1,064

-655 24 -228 -31 -420

577 412 116 -93 142

469 323 -25 -139 310

-1,248 -607 192 55 -888

1,182 780 64 -291 628

-234 -105 -222 222 -130

3,485 1,472 179 661 1,173

1,095 -1,877 1,079 752 1,142

3,556 332 564 591 2,069

-236 431 525 -266 -927

7,901 358 2,347 1,738 3,457

412 219 40 153

87 -21 8 100

53 -12 89 -24

-618 -473 57 -202

-1,172 -1,114 -171 113

550 238 41 271

-221 398 65 -684

735 -9 202 543

-108 -487 137 242

103 -506

-89 -147

385 213

-258 -242

357 243

74 119

281 188

436 -594

1,147 -44

837 -219 13 -78 1,121

1,604 222 535 52 795

-275 224 -716 59 158

1,323 230 59 865 169

9,406 864 1,501 1,604 5,438

-2,585 355 -528 -2,071 -341

-997 416 -638 226 -1,001

6,672 1,283 561 834 3,994

12,496 2,918 896 592 8,090

Ind Supplies (Ex Oil, Gold) Chemicals Iron & Steel Mill Prod Building Materials Other Ind Supplies

-77 54 -30 33 -134

246 138 32 -67 143

-73 -139 118 53 -105

434 272 -54 53 163

1,205 224 73 -34 943

-1,093 -155 -544 71 -464

-487 -121 -231 69 -204

765 424 324 -67 85

390 371 -379 39 360

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

140 3 191 75 -129

-158 75 -106 -324 198

-105 41 107 -159 -94

214 89 -311 277 159

3,357 159 540 1,314 1,343

2,251 -195 1,452 1,215 -221

1,301 52 923 846 -520

-642 83 -261 -826 362

6,267 99 2,654 2,548 965

Automotive Products From Canada From Mexico (NSA) From Rest of World

782 157 -192 817

459 235 369 -145

-18 78 -33 -63

-739 -768 -80 108

-320 -1,380 -41 1,102

-1,259 219 142 -1,621

-1,438 444 730 -2,612

2,216 403 434 1,380

-801 -314 1,264 -1,751

235 6 35

353 65 -170

275 5 75

-73 168 164

1,003 -343 536

-403 134 30

-939 1,589 -5,7 314 620 -249

1,250 48 936

112 -0.512 0.77

602 0.725 0.80

-1,057 -1.330 -0.32

335 -0.439 1.18

1,645 0.177 1.56

-388 0.546 -1.61

-677 452 -0.499 -0.403 0.05 1.47

1,032 -0.178 1.47

Ind Supplies (Ex Ag, Gold) Fuels (coal,petrol,etc) Chemicals Building Materials Other Ind Supplies Capital Goods Aircraft & Parts Computers & Access Semiconductors Other Capital Goods Automotive Products To Canada To Mexico (NSA) To Rest of World Consumer Goods All Other Merchandise

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

IMPORTS, Total (G&S) Services Petroleum Gold (BOP) Nonpetroleum Goods ex Gold

Consumer Goods Foods, Feeds, and Beverages All Other Merchandise Memo Items, NSA: Oil Imports: Value (SITC) Volume (mbd) Price ($/bbl) Source:

U.S.

Department of Commerce,

monthly press release (FT-900).

-10-

B.1.d.

May 17, 1996 TABLE 4 U.S. TRADE IN GOODS AND SERVICES: SUMMARY OF MONTHS AND QUARTERS -- PERCENT CHANGES (Percent change from previous period)

Percent Change from Prev. Month Dec Jan Feb Mar

EXPORTS, Total (G&S) Services Agricultural Gold (BOP) Nonag Goods ex Gold

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

% Change from Year Earlier 01-01

1.1 -0.9 2.2 -14.8 1.8

-1.9 0.4 5.1 23.0 -3.8

3.8 3.5 -3.5 26.2 4.7

-0.8 2.7 0.8 162.7 -3.7

2.6 1.2 -4.4 37.5 3.6

1.8 2.1 9.6 -56.3 1.7

2.2 1.1 3.6 10.5 2.4

1.4 3.3 4.5 68.9 -0.2

Ind supplies (Ex Ag, Gold) Fuels (coal,petrol,etc) Chemicals Building Materials Other Ind Supplies

3.1 20.7 2.6 -1.6 0.1

-2.8 -4.2 -3.7 0.9 -2.3

2.1 -5.7 3.9 -0.9 3.4

-3.1 -8.9 -2.3 -0.7 -2.5

4.8 2.4 5.5 2.9 5.2

1.1 -6.2 -1.0 -7.0 5.1

-1.9 16.2 -1.2 1.6 -6.3

-2.0 0.7 -2.1 -1.4 -2.6

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

2.3 16.0 -0.7 -4.2 2.6

-5.9 -25.9 5.3 1.8 -7.3

5.9 45.0 1.7 -9.1 5.6

-1.1 -4.2 -5.7 7.6 -1.1

6.4 23.4 2.0 8.8 3-7

1.9 -24.2 11.6 9.2 3.5

6.0 5.6 5.4 6.6 6.2

-0.4 6.9 4.8 -2.8 -2.6

8.4 7.9 7.7 9.5

1.6 -0.7 1.5 5.7

1.0 -0.4 15.6 -1.3

-11.3 -16.0 8.6 -11.0

-7.4 -12.5 -9.5 2.2

3.8 3.1 2.5 5.2

-1.5 5.0 3.9 -12.5

4.9 -0.1 11.6 11.3

-0.7 -5.5 7.6 4.8

1.9 -20.1

-1.6 -7.3

7.0 11.5

-4.4 -11.7

2.3 4.2

0.5 2.0

1.7 3.1

2.6 -9.4

7.3 -0.8

1.1 -1.7 0.3 -29.7 2.0

2.1 1.8 11.7 28.3 1.4

-0.4 1.8 -14.0 24.9 0.3

1.7 1.8 1.4 293.5 0.3

4.3 2.4 11.5 146.0 3.2

-1.1 1.0 -3.6 -76.6 -0.2

-0.4 1.1 -4.5 35.7 -0.6

3.0 3.5 4.2 97.3 2.3

5.7 8.2 6.9 53.9 4.8

Ind Supplies (Ex Oil, Gold) Chemicals Iron & Steel Mill Prod Building Materials Other Ind Supplies

-0.8 2.7 -3.1 3.1 -2.2

2.5 6.6 3.5 -6.2 2.4

-0.7 -6.2 12.4 5.2 -1.7

4.3 13.0 -5.0 5.0 2.7

3.9 3.5 2.1 -1.1 5.3

-3.4 -2.4 -15.6 2.3 -2.5

-1.6 -1.9 -7.8 2.2 -1.1

2.5 6.8 11.9 -2.1 0.5

1.3 5.9 -11.1 1.2 2.0

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

0.7 0.4 3.8 2.0 -1.3

-0.8 9.6 -2.0 -8.4 2.1

-0.5 4.8 2.1 -4.5 -1.0

1.1 9.9 -5.9 8.2 1.7

6.5 6.0 4.2 16.5 4.8

4.1 -7.0 10.9 13.1 -0.8

2.3 2.0 6.3 8.0 -1.8

-1.1 3.1 -1.7 -7.3 1.3

12.2 3.7 20.8 31.9 3.4

8.2 4.2 -10.8 20.3

4.4 6.0 23.4 -3.0

-0.2 1.9 -1.7 -1.3

-6.9 -18.3 -4.2 2.3

-1.0 -11.4 -0.9 7.0

-3.9 2.1 3.2 -9.6

-4.7 4.1 16.1 -17.1

7.6 3.5 8.2 10.9

-2.5 -2.6 28.5 -11.1

1.8 0.2 1.5

2.7 2.4 -7.1

2.0 0.2 3.4

-0.5 6.0 7.2

2.5 -4.0 8.9

-1.0 1.6 0.5

-2.3 -0.7 9.5

4.0 3.8 -3.5

3.2 0.6 15.6

13.6 8.2 5.0

-20.9 -13.9 -1.9

8.4 -5.3 7.1

13.4 2.0 9.9

-2.8 6.1 -9.3

-5.0 -5.3 0.3

3.5 -4.5 9.4

8.4 -2.0 9.4

Automotive Products To Canada To Mexico (NSA) To Rest of World Consumer Goods ALl Other Merchandise

IMPORTS, Total (G&S) Services Petroleum Gold (BOP) Nonpetroleum Goods ex Gold

Automotive Products From Canada From Mexico (NSA) From Rest of Wortd Consumer Goods Foods, Feeds, and Beverages All Other Merchandise

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

Memo Items, NSA: Oil Imports: Value (SITC) Volume (mbd) Price (S/bbl)

2.6 -5.5 5.0

Source:

U.S.

Source:

U.S. Department of Commerce, monthly press release (FT-900).

Department of Commerce,

monthly press

release (FT-900).

Cite this document

APA

Federal Reserve (1996, May 20). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19960521_part3

BibTeX

@misc{wtfs_greenbook_19960521_part3,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1996},
  month = {May},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19960521_part3},
  note = {Retrieved via When the Fed Speaks corpus}
}