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. 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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 

Federal Reserve (1993, December 20). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19931221_part2

@misc{wtfs_greenbook_19931221_part2,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1993},
  month = {Dec},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19931221_part2},
  note = {Retrieved via When the Fed Speaks corpus}
}