This report presents the results of a survey of senior-level physics majors at U.S. colleges and universities who received a Bachelor's degree between September 1995 and August 1996. Completed questionnaires were received from 1,956 students. It was found that the number of undergraduates receiving Bachelor's degrees in physics continued to decline, falling two percent from the previous year. The drop at departments with physics graduate programs has been 2.5 times as great as at departments only offering an undergraduate degree in physics. The median starting salary for graduates with full-time potentially permanent positions was $31,000, while almost two-thirds of graduates entering directly into the job market indicated plans to pursue advanced study in the future. Though graduate study in physics remained a popular option for graduates to pursue, a growing fraction of these students chose to study in cross-disciplinary areas such as medical and health physics. Trend data on the number of degrees, degrees awarded by department, and postbaccalaureate plans are also reported. (MDM)