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 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 . . . . . 1 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. 6 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. In 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 1995 1995 1996 1996 1996 1996 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 I 1994 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 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 I I 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 e Ind Dow-Jones Industrial x 1 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 1995 1996 Q4 1996 1996 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 2. 3.2 2.8 -.2 5.8 -19.3 .1 977.8 Securities 3. U.S. government -3.1 3.5 -2.8 22.0 -17.8 -.3 704.9 4. 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 5. Loans 3 6. Business 7. Real estate 8. Home equity 5.2 3.1 5.1 3.0 -1.5 3.0 80.0 9. Other 8.8 3.9 4.3 3.1 5.7 1.8 1,015.2 10. Consumer 10.6 6.3 7.3 5 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). 

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

@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}
}