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103d Congress, 2d Session
Economic Indicators
APRIL
1994
(Includes data available as of May 3, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1994
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
BARBARA BOXER (California)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK McGAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Member
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
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Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign
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ISBN 0-16-044236-2
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1994, according to advance estimates, current-dollar gross domestic product (GDP) rose 5.2
percent (annual rate), real GDP (GDP in 1987 dollars) rose 2.6 percent, and the implicit price deflator rose 2.6
percent.
BILUONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6,800
6,800
5EA5GNAUY MJUSTH) ANNUAL MJB
r/
6,400
6/400
r""
6,000
f
6,000
^
^^1
5,600
5,600
GDP
IN CURRENT DOLLARS
5,200
^f
\ ,>^
___
~.
f xr<
4,800
5,200
X
.--'
4,800
GDP
4,400
IS
''/
^
^
4,000
/
4,400
1987DOLLARS
4,000
^
X
S
3,600
3,600
/
3,200
2,800
3,200
i i i
i i i
i i i
i i i
i i i
i i i
1982
1983
1984
1985
1986
1987
>
i i
I i i
i i i
i i i
i i i
1 1 1
1
1989
1990
1991
1992
1993
1994
1988
SOURCE: DEPARTMENT Of CQMMBCE
1
1
2,800
COUNCa OF ECONOMIC ADVBSS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
TH
rv
1992- I
n
ra
rv
1993' I
n
in
IV
1994' I p
1
Gross
domestic
product
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,722.9
6,038.5
6,377.9
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,758.6
5,803.7
5,908.7
5,991.4
6,059.5
6,194.4
6,261.6
6,327.6
6,395.9
6,526.5
6,609.4
Gross
Personal
private
consumption domestic
expendi- investment
tures
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,906.4
4,139.9
4,391.8
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,929.8
3,964.1
4,046.5
4,099.9
4,157.1
4,256.2
4,296.2
4,359.9
4,419.1
4,492.0
4,549.4
717.6
749.3
793.6
832.3
808.9
736.9
796.5
891.7
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
744.5
752.4
750.8
799.7
802.2
833.3
874.1
874.1
884.0
934.5
978.0
Federal
Net
exports
1325
-143.1
- 108.0
-79.7
-71.4
19.6
-29.6
63.6
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
-106.0
-73.9
-71.6
-19.8
-13.0
70
-33.9
-38.8
-38.8
483
-65.1
-71.9
-69.1
824
Exports
Imports
319.2
364.0
444.2
508.0
557.1
601.5
640.5
661.7
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
603.0
625.7
633.7
632.4
641.1
654.7
651.3
660.0
653.2
682.4
668.8
451.7
507.1
552.2
587.7
628.5
621.1
670.1
725.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
622.8
638.8
640.7
666.3
679.9
693.5
699.6
725.0
725.1
751.5
751.2
GDF less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,099.3
1,131.8
1,158.1
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,104.0
1,100.2
1,118.5
1,125.8
1,139.1
1,143.8
1,139.7
1,158.6
1,164.8
1,169.1
1,164.4
367.8
384.9
387.0
401.6
426.5
445.9
448.8
443.4
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
446.8
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6
440.0
434.0
National
defense
276.7
292.1
295.6
299.9
314.0
322.5
313.8
303.4
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
321.2
311.2
312.3
310.4
316.7
315.7
304.8
307.6
301.9
299.2
292.8
Nondefense
91.1
92.9
91.4
101.7
112.5
123.4
135.0
140.1
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
125.6
126.2
133.1
134.2
136.1
136.7
137.9
140.0
141.7
140.7
141.2
State
and
local
465.3
496.6
531.7
573.6
620.9
653.4
683.0
714.6
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
657.3
662.8
673.0
681.2
686.2
691.4
697.0
711.1
721.2
729.2
730.3
Final
sales of
domestic
product
Gross
domestic
purchases *
Addendum:
Gross
national
product
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,731.6
6,031.2
6,362.3
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,759.1
5,794.8
5,913.9
5,978.6
6,049.9
6,182.5
6,227.1
6,314.5
6,388.2
6,519.6
6,575.2
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,742.5
6,068.2
6,441.5
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,778.4
5,816.7
5,915.8
6,025.3
6,098.3
6,233.2
6,309.9
6,392.7
6,467.8
6,595.6
6,691.8
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,737.1
6,045.8
6,378.1
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,766.2
5,815.5
5,927.6
5,996.3
6,067.3
6,191.9
6,262.1
6,327.1
6,402.3
6,520.9
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
1992- I
H
m
rv
1993- I
II
m
IV
1994- I '.
1
Government purchases
Federal
Change
in
business
inventories
Residential
fixed
investment
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
3,453.2
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.8
226.2
225.2
222.7
214.2
194.5
169.5
197.1
214.2
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,267.1
3,267.5
4,922.0 3,302.3
4,956.5 3,316.8
4,998.2 3,350.9
5,068.3 3,397.2
5,078.2 3,403.8
5,102.1 3,432.7
5,138.3 3,469.6
5,225.6 3,506.9
5,259.0 3,539.8
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
131.2 -44.9
19 0
190.6
29.3 -83.7
198.8
47.9
131 4
207.4
30.2 -155.4
230.5 -20.1 -156.0
59.9 -136.0
223.3
20.9 -102.7
225.3
208.0
24.9 -67.4
176.3 -20.9 -36.8
512.8
506.1
171.0
179.1
7.1
510.5
528.8
533.8
543.7
186.2
195.6
196.2
210.6
-5.0
12.6
9.6
8.7
562.3
584.3
594.8
625.7
211.4
206.2
212.1
227.2
29.3
13.0
6.5
8.5
634.1
232.2
30.5
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,872.6
4,879.6
1991: III
Exports and imports of
goods and services
Nonresidential
fixed
investment
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,861.4
4,986.3
5,136.0
1986
1987
1988
1989
1990
1991
1992
1993
198219831984198519861987198819891990-
Gross
domestic
product
Personal
consumption
expenditures
Net
exports
8.5 -155.1
26.3
19.9 - 104.0
29.8
73 7
5.7 -54.7
84
19 1
6.5 -33.6
14.3
^76.5
g
-25.0
164
-15.2
380
-42.5
38 8
-59.9
75 2
-86.3
845
- 104.2
State
and
local
Exports
Imports
Total
329.6
364.0
421.6
471.8
510.5
543.4
578.0
598.3
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
484.7
507.1
525.7
545,4
565.1
562.5
611.6
674.8
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
855.4
881.5
886.8
904.4
932.6
946.3
945.2
938.9
373.0
384.9
377.3
376.1
384.1
386.5
373.0
354.9
280.6
292.1
287.0
281.4
283.6
281.3
261.2
242.4
92.4
92.9
90.2
94.8
100.4
105.3
111.8
112.5
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
546.9
564.2
571.9
580.7
947.6
936.2
571.0
570.2
579.3
591.6
586.2
608.2
621.8
630.3
647.9
668.4
678.2
704.5
709.3
943.1
940.7
950.2
946.9
386.6
372.1
372.1
369.2
377.0
373.7
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
279.4
264.9
261.2
257.9
264.4
261.3
931.3
941.1
941.7
941.7
357.6
359.4
353.7
349.0
926.8
338.0
588.0
593.2
591.9
620.0
605.0
GDP less exports of goods and services plus imports of goods and services.
Total
National
defense
Nondefense
246.0
246.4
240.1
237.1
228.4
Final
sales of
domestic
product
Gross
domestic
purchases l
dum:
Gross
national
product
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,869.8
4,979.8
5,121.7
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,880.5
5,019.9
5,212.5
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,874.5
4,994.0
5,138.6
107.2
107.2
482.4
496.6
509.6
528.3
548.5
559.7
572.2
584.0
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
561.0
564.1
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,873.5
4,872.5
110.9
111.3
112.5
112.4
571.0
571.5
573.2
573.2
4,926.9
4,943.8
4,988.6
5,059.6
111.5
113.0
113.7
111.8
573.7
581.6
588.0
592.8
588.9
5,048.9
5,089.1
5,131.8
5,217.1
109.6
5,228.6
4,897.6
4,896.0
4,937.1
4,994.5
5,040.7
5,107.1
5,138.1
5,177.4
5,224.6
5,310.0
5,363.3
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,880.3
4,890.9
4,939.0
4,962.2
5,006.4
5,068.4
5,080.7
5,104.1
5,145.8
5,223.7
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987=100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Government purchases
Exports and imports of
goods and services
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
96.9
100.0
103.9
108.5
113.3
117.7
121.1
124.2
96.0
100.0
104.2
109.3
114.9
119.9
123.9
127.2
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
96.1
100.0
103.7
109.3
115.9
120.0
122.4
124.1
95.7
100.0
105.1
110.6
116.7
122.8
128.5
133.5
98.4
100.0
102.8
105.2
107.3
108.0
106.9
105.4
95.8
100.0
104.2
107.8
110.7
111.8
113.4
117.8
96.9
100.0
105.3
107.7
109.1
110.7
110.8
110.6
93.2
100.0
105.1
107.8
111.2
110.4
109.6
107.5
98.6
100.0
102.6
106.8
111.0
115.4
120.3
124.9
98.6
100.0
103.0
106.6
110.7
114.7
120.1
125.1
98.6
100.0
101.4
107.3
112.0
117.2
120.8
124.5
96.4
100.0
104.3
108.6
113.2
116.7
119.4
122.4
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
1991- HI
118.2
118.9
120.3
121.3
107.5
107.8
120.1
120.7
123.5
124.9
107.8
107.3
112.5
111.8
110.2
110.9
108.9
110.0
115.6
117.5
114.9
117.5
117.2
117.8
117.2
117.5
1992- I
120.0
120.9
121.2
122.2
122.5
123.6
124.1
125.3
108.4
109.0
109.1
109.1
121.5
122.1
122.8
123.1
126.6
128.1
128.5
130.7
107.1
107.1
106.6
106.6
112.2
112.8
113.8
114.9
111.0
110.9
110.7
110.7
109.3
109.6
109.3
110.0
119.7
120.4
120.1
121.1
119.6
120.3
119.8
120.8
120.0
120.6
121.0
121.6
117.9
119.2
119.7
120.6
1993- I
n
m
rv
123.3
124.0
124.5
124.9
126.2
127.0
127.4
128.1
109.2
109.8
109.9
110.1
124.1
124.2
123.7
124.3
131.8
133.1
134.0
135.1
105.7
106.0
105.1
104.8
115.8
117.3
118.5
119.5
110.8
111.3
110.4
110.1
108.0
108.5
106.9
106.7
123.8
124.5
125.4
126.1
123.9
124.8
125.7
126.2
123.6
123.9
124.6
125.9
121.5
122.3
122.7
123.0
1994- I *
125.7
128.5
110.4
124.3
135.9
104.8
120.2
110.5
105.9
128.4
128.2
128.8
124.0
1986
1987
1988
1989
1990
1991
1992
1993
19821983:
1984198519861987198819891990-
IV
IV
IV .
IV
IV
IV
IV
IV
IV
rv
n
m
IV
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross domestic product
Period
Current
dollars
Constant
(1987) dollars
Implicit price
deflator
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.5
5.6
9.1
5.9
3.1
1.0
2.4
4.8
4.3
3.2
7.4
5.7
4.6
9.2
1.8
22
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.7
2.6
3.0
3.5
1.5
9
-3.2
24
1.5
1.4
.6
3.5
2.8
3.4
5.7
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.9
2.9
2.6
5.2
4.4
4.0
4.3
5.0
3.1
3.1
2.4
3.8
3.0
1.0
3.3
n
in
IV
4.4
4.3
4.4
8.4
.8
1.9
2.9
7.0
1994- I *
5.2
2.6
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1990:
.
I
II
HI
IV
1991- I
n
m
rv
. ...
. . .
1992- I
n
m
rv
1993- I
Fixed-weighted
price index
(1987 weights)
Constant
(1987) dollars
Current
dollars
Implicit price
deflator
Fixed-weighted
price index
(1987 weights)
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.1
3.3
3.1
5.8
4.4
4.7
3.8
5.1
3.4
3.4
2.7
4.2
3.4
2.5
3.1
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.9
6.0
6.1
9.2
5.3
8.3
3.7
.7
4.7
4.4
3.5
8.6
5.4
5.7
9.9
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
4
2.6
3.3
2.8
.9
2.1
27
-2.8
1.8
1.3
.0
4.3
1.8
4.2
5.6
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.4
3.3
2.7
6.3
4.3
6.1
6.7
3.4
3.1
3.0
3.4
4.0
3.6
1.6
3.9
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.5
3.7
3.0
6.6
4.2
6.3
7.0
3.9
3.2
3.4
3.5
4.5
3.6
3.4
3.1
3.6
2.3
1.6
1.3
4.3
2.8
2.1
2.3
3.8
6.1
5.5
6.8
.8
3.4
4.4
4.4
2.9
2.6
1.3
2.2
3.4
2.9
1.4
2.8
2.6
2.9
5.2
3.8
1.3
2.1
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1987
dollars
Total
cost and
profit 2
Consumption of
fixed
capital
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Profits
Total
tax
liability
1986
1987
1988
1989
1990
1991
1992
1993 r
1982198319841985198619871988:
1989199019911992-
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,082.1
3,243.4
3,417.3
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,129.5
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,710.0
2,822.3
2,936.3
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,745.0
III
3,159.8
3,218.1
3,264.2
3,331.6
2,759.5
2,802.6
2,839.8
2,887.4
n
in r
rv
3,331.7
3,395.9
3,432.2
3,509.4
2,867.5
2,916.6
2,948.9
3,012.1
..
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
IV
1993- I
1
.
.
0.978
1.000
1.030
1.072
1.109
1.137
1.149
1.164
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.145
1.148
1.149
1.154
1.162
1.164
1.164
1.165
0.111
.110
.111
.117
.120
.126
.125
.123
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.125
.124
.129
.122
.124
.123
.124
.122
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
2
0.095
.095
.096
.101
.106
.115
.116
.118
.086
.088
.091
.093
.095
.094
.097
.102
.109
.116
.117
.116
.116
.116
.116
.118
.118
.118
0.648
0.040
0.084
.658
.676
.706
.736
.758
.762
.768
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.762
.762
.762
.761
.772
.770
.769
.762
.042
.045
.054
.054
.052
.048
.046
.040
.036
.041
.038
.042
.042
.047
.055
.054
.051
.050
.049
.047
.046
.047
.046
.045
.044
.096
.102
.094
.093
.086
.099
.109
.051
.079
.091
.092
.081
.099
.102
.088
.085
.088
.091
.098
.096
.109
.102
.108
.108
.118
0.031
.037
.038
.037
.034
.031
.035
.040
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.033
.036
.034
.037
.037
.040
.038
.044
Profits
after
tax 4
0.053
.059
.064
.057
.059
.056
.064
.069
.030
.050
.064
.063
.045
.060
.063
.055
.052
.056
.059
.062
.062
.072
.065
.068
.070
.075
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
22.735
23.129
23.572
23.189
23.446
23.865
24.836
14.741
15.208
15.833
16.377
17.246
18.087
18.915
21.070
21.893
22.054
22.347
22.892
23.358
23.524
23.147
23.549
24.246
12.791
13.187
13.732
14.359
14.975
15.518
16.071
16.618
17.623
18.419
24.394
24.678
25.031
25.310
18.597
18.803
19.062
19.249
25.053
25.296
25.528
19.353
19.468
19.626
4
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1987
1988
1989
1990
1991
1992
1993 r
1982:
19831984:
19851986:
19871988:
19891990:
19911992:
3,692.3
4,002.6
4,249.5
4,491.0
4,598.3
4,836.6
5,140.3
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,662.6
4,755.4
4,814.6
4,800.8
4,975.8
5,038.9
5,104.0
5,143.2
5,275.0
....
IV
IV
IV
IV
IV
IV
IV
IV.
IV
IV
I
II
in
IV
1993: I
n....
mr
rvp ....
1994- I
1
2,698.7
2,921.3
3,100.2
3,297.6
3,402.4
3,582.0
3,772.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,455.4
3,507.8
3,558.1
3,603.6
3,658.6
3,705.1
3,750.6
3,793.9
3,839.2
3,907.2
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
31.3
30.9
40.2
41.9
36.8
43.7
46.0
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
37.6
45.6
44.9
36.8
47.6
55.7
47.0
24.8
56.4
60.0
279.0
293.4
307.0
321.4
339.5
370.6
397.3
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
350.1
361.2
366.2
371.3
383.6
388.4
392.4
397.6
410.6
415.6
3.2
4.3
-13.5
— 14.2
— 12.8
-8.9
12.6
24.1
22.2
24.3
14.0
4.7
6.8
2.8
21 6
-11.1
-11.2
-8.7
72
18 5
-1.2
7.5
12.7
13.7
16.4
3.5
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Profits
before tax
Total
319.8
365.0
362.8
380.6
369.5
407.2
466.6
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
378.8
409.9
411.7
367.5
439.5
432.1
458.1
468.5
507.9
273.4
320,3
325.4
354.7
367.3
390.1
442.3
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8
484.0
Inventory
valuation
adjustment
287.9
347.5
342.9
365.7
362.3
395.4
449.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8
488.4
Capital
consumption
adjustment
-14.5
27 3
-17.5
11 0
4.9
53
-7.1
86
-7.6
3.5
-3.8
10.7
-17.8
31.7
-13.5
-19.5
1.9
-4.6
13 7
-7.8
4.9
-12.7
122
1.0
-4.3
17 7
46.4
44.7
37.4
25.9
2.2
17.1
24.3
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
3.5
10.2
16.0
17.4
24.7
25.1
24.7
23.8
23.9
20.6
Net
interest
360.4
387.7
452.7
463.7
462.8
442.0
445.6
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
451.9
439.5
440.8
440.1
447.7
450.1
443.2
444.6
444.5
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
Total
durable
goods
1987
3,052.2
403.7
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
3,453.2
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,432.7
3,469.6
3,506.9
3,539.8
428.7
440.7
443.1
426.6
456.6
490.0
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
432.6
431.5
446.6
447.5
459.0
473.4
471.9
484.2
493.1
510.9
522.9
IV
IV
IV
IV
IV
IV
IV
IV
IV
HI
IV
1992: I
II
in
IV
1993: I
II
in
IV
1994: I p
1
Motor
vehicles
and
parts
183.5
194.8
196.4
192.7
170.5
182.3
191.7
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
173.7
173.0
180.6
179.5
180.6
188.6
185.7
191.3
189.9
199.7
211.7
Includes other items, not shown separately.
Furniture and
household
equipment
144.0
155.4
165.8
171.6
180.0
194.8
216.3
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
182.7
182.9
188.2
189.8
197.1
204.2
206.5
212.4
219.4
227.1
227.2
Other
76.2
78.5
78.5
78.7
76.1
79.5
82.0
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
76.2
75.6
77.8
78.2
81.3
80.6
79.7
80.6
83.7
84.1
84.0
Total
nondurable goods
1,011.1
1,035.1
1,051.6
1,060.7
1,048.2
1,062.9
1,088.1
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,049.3
1,044.0
1,052.0
1,055.0
1,062.9
1,081.8
1,076.0
1,083.1
1,093.0
1,100.2
1,106.7
Food
500.7
513.4
515.0
523.9
518.7
520.5
531.0
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
518.8
518.2
518.8
515.7
518.2
529.3
526.7
528.6
532.6
536.0
536.4
Clothing
and
shoes
Gasoline
and oil
174.5
84.7
86.1
178.9
187.8
186.2
184.7
193.7
199.5
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
185.9
183.1
188.3
191.1
195.4
200.0
194.8
197.8
200.6
204.6
205.5
87.3
86.4
83.1
83.9
84.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
83.4
82.5
82.7
83.7
84.7
84.4
83.9
84.1
86.2
85.4
84.6
Retail sales of new
passenger cars
(millions of units)
Services
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Fuel
oil and
coal
12.0
12.0
11.4
10.5
10.7
11.9
13.0
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
11.4
10.6
11.1
12.8
11.7
11.9
12.9
12.6
13.2
13.1
14.5
Other
239.1
244.7
250.2
253.8
250.9
252.9
259.8
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.8
249.6
251.1
251.7
252.7
256.2
257.7
259.9
260.4
261.1
265.6
Total
services 1
1,637.4
1,698.5
1,731.0
1,768.8
1,783.8
1,822.3
1,875.2
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,785.2
1,792.0
1,803.7
1,814.3
1,829.0
1,842.0
1,855.9
1,865.4
1,883.5
1,895.8
1,910.2
Housing
452.5
461.8
469.2
474.6
478.6
484.2
492.0
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
479.4
480.6
481.7
483.2
485.1
486.7
488.8
490.7
493.3
495.3
497.8
Source: Department of Commerce, Bureau of Economic Analysi
Medical
care
Domestics
384.7
7.1
399.4
408.6
424.6
437.6
449.2
463.4
327.8
334.8
344.9
359.1
372.0
390.7
403,0
411.8
429.4
438.8
443.6
445.3
447.9
450.4
453.2
458.0
461.1
465.1
469.3
472.7
7.5
7.1
6.9
6.1
6.3
6.7
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.2
6.1
6.1
6.3
6.2
6.4
6.4
6.9
6.6
7.1
7.5
Imports
3.2
3.1
2.8
2.6
2.3
2.1
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.3
2.2
2.3
2.2
2.0
2.0
2.0
2.1
2.0
1.9
2.0
SOURCES OF PERSONAL INCOME
Personal income rose $33.1
billion (annual rate) in March, following a rise of $98.9 billion in February. The large
February increase primarily reflected a rebound from uninsured losses to residential and business property from the
California earthquake in January, but also higher farm subsidies and bonuses to auto workers (the latter two
factors had a slight offsetting effect on the March increase).
BILUONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
\
OTHER INCOME
. TRANSFER PAYMENTS
800
800
I I I I I I I I I II
400
1986
1987
1988
1989
400
1991
1990
1992
1993
* SEASONALLY ADJUSTEP ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986.
1987
1988
1989
1990
1991
1992
1993
1993: Mar
May
, 3
July
, *
Sept
Oct
Nov
Dec
1994: Janr'
Feb
Mar*
personal
income
35904
3 8020
40759
43803
4,673.8
4 8509
5 144.9
5 388 3
5,289.2
5 3656
5,380.4
5 373 6
5,365.1
54323
5,440.6
54787
5,511.2
5548 1
5,501.1
56000
5,633.1
Wage and
salary
disbursements 1
Proprietor ' income 3
Other labor
income * a
2 105.4
200.7
2 261 2
2,443.0
2 5864
2,745.0
2 8150
2,973.1
30805
2,975.8
30683
3,093.8
30860
3,101.6
3 124.3
3,120.4
3,137.7
3,147.1
3 164.0
3,191.5
3 197 8
3,212.9
2104
230.5
251 9
274.3
296.9
322.7
350.7
341.2
3439
346.6
349.3
352.0
354.7
357.4
360.1
362.9
365.8
368.8
371.9
375.1
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Farm
22 3
31 3
261 5
2790
309
402
41 9
368
43 7
460
82.0
59 7
45.2
360
10.6
31 1
32.7
439
60.0
653
54.1
62 2
63.6
2934
307 0
321 4
3395
370.6
397 3
388.2
389 7
392.7
3948
393.1
3994
400.4
4060
410.4
4154
410.6
4158
420.5
4
5
6
Less:
income of
persons 4
87
32
43
135
14.2
— 12 8
-8.9
12 6
8.1
143
12.0
11 9
7.1
16 1
17.9
16.8
16.4
15.9
— 43.7
246
29.5
dividend
income
1047
1004
108.4
1265
144.4
1279
140.4
1583
157.2
1575
157.8
1582
158.6
1590
159.3
159.4
159.4
159.5
159.7
1604
162.0
interest
income
531.7
548 1
583.2
6682
698.2
7156
694.3
695.2
695.2
694 1
693.1
692.0
693.6
695.7
697.8
697.3
696.7
696.2
697.9
700.1
702.5
payments 5
517.8
542 2
576.7
6250
687.6
7699
858.4
912.1
898.3
901.7
904.5
910.2
914.3
919.4
921.8
925.9
927.5
936.2
940.7
946.2
947.0
contributions
for social
insurance
162 1
173 6
1945
211 4
2249
237 8
249.3
2643
256.9
263 5
265.3
2649
265.9
2674
267.0
2683
269.1
2702
278.4
2789
280.0
personal
income 6
35456
3 7494
40239
43180
4,608.6
4 792 0
5,080.1
53200
5,185.1
5283 7
5,312.8
5 315 0
5,332.2
53787
5,385.4
5412 1
5,428.4
54599
5,423.9
5 514 6
5,546.1
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars rose in the first quarter of
1994.
BILLIONS OF DOLLARS' (RATIO SCALEI
5,000
BILLIONS OF DOLLARS* (RATIO SCALEI
4,500
2,500
2,500
2,000
2,000
DOLLARS* (RATIO SCALE)
DOLLARS* (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
CURRENT DOLLARS
14,000
,.
-^
12,000
Z^-——' =-
f
r\
18,000
'
I,
\
16,000
16,000
__ _. .
^^—^-
14,000
987 DOLL4 R5
12,000
^"
10,000
10,000
^
i i i
1982
8,000
1
1983
1
1
1984
i i i
1 1 1
1985
1986
1
1987
!
1
1988
i \ :
1989
i
i i
1990
i i t
1992
1991
* SEASONA11V ADJUSTED ANNUAL HATES
SOURCE: DEPARTMENT OF COMMERCE
['cried
Personal
income
Less:
Personal
tax and
nontax
payments
Disposable
personal
income
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
5,388.3
512.5
527.7
593.3
623.3
620.4
644.8
681.6
3,289.5
3,548.2
3,787.0
4,050.5
4,230.5
4,500.2
4,706.7
1994
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays 1
Equals:
Persona!
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
Dollars
Billions of dollars
1987
1988
1989
1990
1991
1992
1993
8,000
1993
3,147.5
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5
4,516.8
142.0
155.7
152.1
170.0
201.5
238.7
189.9
3,289.5
3,404.3
3,464.9
3,524.5
3,529.0
3,632.5
3,700.9
13,545
14,477
15,307
16,205
16,741
17,615
18,225
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
13,545
13,890
14,005
14,101
13,965
14,219
14,330
12,568
13,448
14,241
15,048
15,459
16,205
17,006
12,568
12,903
13,029
13,093
12,895
13,081
13,372
-0.1
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,927
13,963
14,073
14,142
14,169
14,490
14,163
14,326
14,341
14,491
14,554
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,530
15,621
15,906
16,072
16,249
16,589
16,704
16,907
17,088
17,321
17,501
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,911
12,876
12,981
13,002
13,098
13,241
13,234
13,312
13,416
13,523
13,617
-0.5
2.5
.8
.7
-1.0
1.8
.8
4.3
4.4
4.0
4.2
4.8
5.3
4.0
242,860
245,093
247,397
249,951
252,699
255,472
258,254
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
4.4
4.9
5.0
5.3
4.9
6.0
3.9
4.4
3.8
4.0
3.7
233,060
235.146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,048
253,776
254,392
255,090
255,836
256,569
257,197
257,872
258,612
259,334
259,949
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
2,746.8
IV
2,965.8
IV
3,242.5
IV
3,456.7
IV
3,647.8
IV
3,918.5
IV
4,195.2
IV
4,469.4
IV .... 4,759.1
III ... 4,858.8
IV .... 4,927.5
5,017.8
1992: I
5,093.8
II
Ill ... 5,139.8
IV .... 5,328.3
5,254.7
1993: I
5,373.2
II
Ill ... 5,412.7
IV .... 5,512.7
5,578.1
1994: I "
1
Includes persona) consimiptic
>ems to rest, of the world (net).
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
619.7
628.8
630.9
634.6
642.8
670.7
657.1
681.0
689.0
699.2
715.7
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,239.1
4,298.8
4,386.9
4,459.2
4,497.0
4,657.6
4,597.5
4,692.2
4,723.7
4,813.5
4,862.4
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,052.3
4,087.0
4,169.4
4,221.3
4,277.3
4,377.9
4,419.7
4,483.6
4,544.0
4,620.1
4,680.4
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
186.8
211.7
217.5
237.9
219.6
279.7
177.9
208.7
179.7
193.4
182.0
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,524.2
3,543.4
3,580.1
3,607.5
3,624.8
3,717.6
3,642.6
3,694.4
3,708.7
3,757.9
3,783.3
expenditures, interest paid hv persons, and personal transfer pay-
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,752
16,939
17,245
17,481
17,577
18,153
17,876
18,196
18,265
18,561
18,705
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-2.1
1.0
3.2
2.0
.8
9.4
-8.7
4.7
.4
4.2
1.8
2
A n n u a l data are averages of quarterly data, which arc averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1993, according to preliminary estimates, gross farm income rose $17.9 billion (annual
rate) and net farm income rose $17.3 billion.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
40
00
V
—-^
-^^ • /
'
>
^
^-—
S*\
1
'
^^
"^
160
\^
\
20
240
200
120
GROSS FARM INC OM£
80
60
^/A'
__
\
\
\
*\
1
\ i
/V'
X
A
A
/
/
N
•~^ - ,'
s
/
s
/^
N
^
N/
t
40
^s'
X /
\'
"\
^ s"
\
\
t
20
i
1
\ i,
i ,\
i .\
\
*
10
»/
2
i i i
i i i
i
1982
1983
1984
i i
1
1
1985
1
i
i i
1986
l l l
i
1987
i i
i
i i
1989
1988
1 1 1
1990
i
i i
1991
' SEASONALLY ADJUSTH) ANNUAL RATES
SOURCE: DEPARTMENT Of AGRICULTURE
1
1
i
I
1992
i i
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total *
Total
1984
1985 ....
1986
1987 ..
1988
1989 .
1990
1991
1992
1993 p
1991- III
TV
1992- I
n
Ill
IV
1993: I
n
mp
rv
..
..
168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
197.0
186.8
192.7
199.6
202.8
197.3
191.3
196.8
203.7
184.7
202.6
142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
174.6
172.2
169.4
167.1
174.2
178.9
164.5
170.7
180.8
176.0
170.7
Livestock and
products
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
89.6
84.9
85.0
84.2
86.0
85.3
89.9
86.2
92.3
90.7
89.4
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonrnoney income furnished by farms.
2
Physical changes in end-of-vear inventory of crop and livestock commodities valued at average
prices during the year.
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8
84.9
87.3
84.4
82.9
88.1
93.6
74.6
84.5
88.6
85.3
81.2
3
Value of
inventory
changes 2
6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.4
3
3.8
— 4.1
.1
-3.1
4.7
4.3
3.5
2.5
-7.3
-5.8
-6.7
3.4
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
149.6
151.7
152.2
146.3
148.6
150.4
151.0
146.8
149.1
150.9
151.5
1987 dollars 3
26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
47.4
35.2
40.5
53.3
54.2
46.8
40.3
50.0
54.6
33.8
51.1
Income in current dollars divided by th« GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
38.1
29.8
34.1
44.4
44.8
38.6
33.0
40.5
44.0
27.1
40.9
CORPORATE PROFITS
!n the fourth quarter of 1993, according to revised estimates, corporate profits before tax rose $44.6 billion
{annual rate) and profits after tax rose $21.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
550
550
SEASONALLY ADJUSTED ANNUAL RATES
500
500
450
450
400
400
350
350
PROFITS BEFORE TAX
300
300
PROFITS AFTER TAX .
250
250
\
200
200
150
150
100
100
TAX LIABILITY
50
50
/ V
' UNDISTRIBUTED PROFITS
1983
1984
1985
1986
1987
1988
1989
1991
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
1
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
1986
1987
1988
1989 .
1990
1991 . . .
1992
1993 r
1982: IV
1983- IV
1984- IV
1985: IV
1986- IV
1987: IV
1988- IV
1989: IV
1990- IV
1991: III
IV
1992- I
.
II
.
Ill
IV
1993- I
II
Ill
IV
1994- I »
1
2
227.6
273.4
320.3
325.4
354.7
367.3
390.1
442.3
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
359.0
375.4
399.7
395.7
350.1
414.8
407.0
433.4
444.8
484.0
194.6
233.9
271.2
266.0
286.7
300.4
327.8
383.6
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
299.3
306.8
328.5
334.2
288.6
360.1
348.0
375.3
382.1
428.9
Financial
35.8
36.4
41.8
50.6
65.7
80.7
78.1
99.0
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.2
81.6
97.9
87.7
44.6
82.0
92.3
96.4
99.3
108.1
Sec p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Total
3
158.9
197.5
229.4
215.3
221.1
219.7
249.8
284.6
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
215.1
225.2
230.5
246.5
244.0
278.1
255.7
278.9
282.8
320.8
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
89.8
115.5
131.7
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
89.3
88.9
98.9
115.7
119.3
128.0
118.9
132.5
126.7
148.9
46.3
39.9
37.1
39.7
37.2
47.4
46.3
54.4
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
45.6
47.8
40.0
46.0
41.3
57.7
46.0
55.4
55.1
61.4
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
362.3
395.4
449.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
362.0
373.5
404.3
409.5
357.9
409.9
419.8
445.6
443.8
488.4
Tax
liability
106.5
127.1
137.0
141.3
138.7
129.8
146.3
174.0
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
132.5
133.4
147.0
153.0
130.1
155.0
160.9
173.3
169.5
192.5
Total
111.3
160.8
210.5
201.6
227.1
232.5
249.1
275.4
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
229.5
240.1
257.3
256.5
227,8
254.9
258.9
272.3
274.3
295.9
Dividends
109.8
106.2
115.3
134.6
153.5
137.4
150.5
169.0
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
133.4
133.9
138.0
146.1
155.2
162.9
167.5
168.5
169.7
170.3
171.7
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analyst
Undistributed
profits
1.6
54.6
95.2
67.1
73.6
95.2
98.6
106.4
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
96.1
106.1
119.3
110.4
72.7
92.0
91.4
103.9
104.6
125.6
Inventory
valuation
adjustment
9.7
-14.5
-27.3
-17.5
-11.0
4.9
-5.3
— 7.1
-8.6
-7.6
3.5
38
-10.7
-17.8
-31.7
-13.5
— 19.5
30
1.9
46
-13.7
7.8
4.9
— 12.7
-12.2
1.0
—4.3
-17.7
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the first quarter of 1994, according to advance estimates, nonresidential fixed investment in 1987 dollars rose
$8.4 billion (annual rate) and residential investment rose $5.0 billion. There was a $30.5 billion increase in
inventories, following an increase of $8.5 billion in the fourth quarter.
BIlilONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
700
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
600
-V
500
500
NONRESIDENTIAL
FIXED INVESTMENT
400
400
RESIDENTIAL
FIXED INVESTMENT -
300
300
\
200
200
CHANGE IN BUSINES
INVENTORIES
100
100
-100
-100
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
1986
1987
1988
1989
1990
1991
1992
1993
Gross
private
domestic
investment
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
735.1
749.3
773.4
784.0
746.8
675.7
732.9
820.3
726.5
723.0
753.4
754.2
741.1
684.1
726.4
806.0
500.3
497.8
530.8
540.0
546.5
514.5
529.2
591.8
176.6
171.3
174.0
177.6
179.5
160.2
150.6
151.5
323.7
326.5
356.8
362.5
367.0
354.3
378.6
440.2
226.2
225.2
222.7
214.2
194.5
169.5
197.1
214.2
8.5
26.3
19.9
29.8
5.7
— 8.4
6.5
14.3
10.6
32.7
26.9
29.9
3.2
-8.6
2.7
19.7
1982:
19831984:
19851986:
1987:
19881989:
1990-
IV
IV
IV
IV
IV
IV....
IV
IV
IV
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
-44.9
29.3
47.9
30.2
— 20.1
59.9
20.9
24.9
-20.9
-46.2
32.3
50.8
28.0
— 18.6
62.1
30.5
31.2
-18.7
1991-
III
IV
682.8
692.3
683.8
685.2
512.8
506.1
155.6
151.0
357.2
355.2
171.0
179.1
-.9
7.1
.0
10.3
1992- I
II
Ill
IV
691.7
737.0
739.6
763.0
696.7
724.4
730.0
754.3
510.5
528.8
533.8
543.7
152.8
152.9
148.8
148.0
357.7
375.9
385.1
395.7
186.2
195.6
196.2
210.6
-5.0
12.6
9.6
8.7
-9.6
7.0
5.8
7.5
1993- I
II
Ill
IV
803.0
803.6
813.4
861.4
773.7
790.6
806.9
852.9
562.3
584.3
594.8
6^5.7
148.2
151.1
151.2
155.6
414.1
433.2
443.6
470.0
211.4
206.2
212.1
227.2
29.3
13.0
6.5
8.5
29.3
17.1
19.4
12.9
1994- I "
896.7
866.2
634.1
148.9
485.1
232.2
30.5
30.7
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1994 survey, business spending for new plant and
equipment is expected to rise 8.0 percent in 1994, following a rise of 7.1 percent in 1993.
BILLIONS OF DOUARS (RAID SCALE)
700
BILLIONS OF DOLLARS (RATIO SCALE)
700
SEASONAliY ADJUSTED ANNUAL RATES
600
500
All INDUSTRIES
400
-V
300
300
NONMANUFACTURING-1'
200
-'- \
MANUFACTURING
100
1986
1993
•SECOND HALF
•^SURVEYED QUARTERLY
*>SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
585.64
632.76
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.18
192.69
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.33
89.09
1992- I
II
534.85
541.41
547.40
559.24
173.82
171.98
172.86
176.86
1993- I
564.13
579.79
594.11
604.51
621.28
624.99
642.39
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 '
1994 4
m.
rv
n
TTT
IV '
1994- I 4
II 4
2nd half 4
Nonmanufacturing
Total
Surveyed
quarterly
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.14
505.70
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
406.46
440.07
Nondurable Total 1
goods .
Mining
Transportation
Public
utilities
Commercial
and
other
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
97.84
103.60
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
406.46
440.07
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.03
10.63
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.87
21.27
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.72
78.28
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
298.83
329.90
73.98
74.07
72.09
73.30
99.85
97.91
100.77
103.56
361.03
369.44
374.54
382.38
8.92
9.20
8.98
8.47
21.83
23.15
23.91
21.60
69.00
72.63
72.18
74.07
261.27
264.46
269.46
278.24
173.82
171.98
172.86
176.86
361.03
369.44
374.54
382.38
175.05
177.09
182.17
182.40
79.11
80.88
81.99
83.35
95.94
96.21
100.18
99.04
389.08
402.70
411.94
422.11
8.89
9.10
11.14
10.98
22.47
21.58
21.70
21.73
73.51
74.55
75.62
79.21
284.21
297.46
303.47
310.20
175.05
17709
182.17
18240
389.08
402.70
411.94
422 11
191.23
189.09
195.22
91.81
87.68
88.45
99.42
101.41
106.77
430.06
435.89
447.17
10.84
11.51
10.09
20.06
20.56
22.23
73.69
77.59
80.92
325.47
326.23
333.94
191.23
18909
195.22
430.06
43589
447.17
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-May 1984 survey, are no
longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for
these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
649.32
698.39
Manufacturing
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.18
192.69
Surveyed
annually 3
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
65.63
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
4
Planned capital expenditures as reported by business in January-March 1994, corrected for
biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In March, civilian employment fell 221,000 and unemployment rose 25,000.
MILLIONS OF PERSONS *
MILLIONS OF PERSONS *
134
134
SEASONALLY ADJUSTED
130
130
CIVILIAN LABOR FORCE
126
126
\
122
122
118
118
*•"
114
—.X
\
CIVILIAN
EMPLOYMENT
114
110
110
106
106
12
UNEMPLOYMENT
8
4
I IIIIIIIII
1986
1987
1988
1989
1990
1991
1992
M I I 11 i I I 1 I
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1984
1985
1986 3
1987
1988
1989
1990 . .
1991
1992
1993
1993:
Mar
May
July
Sept
Oct
Nov
Dec
1994:
Jan 4
Feb
Mar
Noninstitutionai
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
Part time
for
economic
reasons 1
Total
15
weeks
and over
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
195,034
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
1,485
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
129,525
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
101,685
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
120,791
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
194,456
194,618
194,767
194,933
195,104
195,275
195,453
195,626
195,791
195,993
1,497
1,492
1,484
1,477
1,471
1,482
1,482
1,475
1,470
1,461
128,937
129,031
129,559
129,533
129,573
129,816
129,590
130,055
130,132
130,359
120,059
120,077
120,664
120,664
120,841
121,174
121,050
121,416
121,802
122,122
127,440
127,539
128,075
128,056
128,102
128,334
128,108
128,580
128,662
128,898
118,562
118,585
119,180
119,187
119,370
119,692
119,568
119,941
120,332
120,661
3,099
3,071
3,074
3,031
3,043
3,005
3,093
3,021
3,114
3,096
115,463
115,514
116,106
116,156
116,327
116,687
116,475
116,920
117,218
117,565
6,029
6,189
6,219
6,192
6,213
6,216
6,173
5,957
5,904
5,934
8,878
8,954
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237
3,110
2,986
3,046
3,025
3,007
3,000
3,047
3,030
2,971
2,864
66.0
66.0
66.3
66.2
66.2
66.2
66.0
66.2
66.2
66.3
61.4
61.4
61.7
61.6
61.6
61.8
61.6
61.8
61.9
62.0
130,667
130,776
130,580
121,971
122,258
122,037
3,331
3,391
3,426
118,639
118,866
118,611
4,842
4,384
4,762
8,696
8,518
8,543
3,027
3,103
3,110
66.7
66.7
66.6
62.2
62.3
62.2
106,702
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutionai population.
3
Not strictly comparable with earlier data.
Unemployment
Civilian employment
Labor force
including
resident
Armed
Forces
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In March, the civilian unemployment rate was unchanged at 6.5 percent.
PERCENT * (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
10
1990
1990
1994
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers 1
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
6.7
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
Mar
Apr
May ....
June ...
July ....
Aug ....
Sept ....
Oct
Nov ....
Dee
1994- Jan 4
Feb
6.9
6.9
6.9
6.8
6.7
6.7
6.6
6.6
6.4
6.3
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
7.0
7.0
6.9
6.9
6.8
6.7
6.7
6.7
6.5
6.4
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
6.7
6.5
6.5
6.5
6.5
6.4
6.3
6.2
5.9
5.8
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
5.7
6.0
5.9
5.9
5.8
5.7
5.8
5.8
5.7
5.7
6.7
6.5
6.5
5.9
6.0
5.8
6.0
5.7
6.0
Both
sexes
16-19
Black
White
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
19.5
20.3
19.8
19.5
18.4
18.4
17.9
18.9
18.3
17.8
18.4
17.9
17.8
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
6.1
6.1
6.1
6.1
6.0
5.9
5.8
6.1
5.6
5.6
5.8
5.6
5.7
1
Unemployed as percent of total labor force including resident Armed Forces.
Revised definition; for details, see Employment and Earningn, February 1994.
Aggregate hours lost by the unemployed and persons on part time for economi
cent of potentially available labor force hours.
12
and
Black
other
years
2
3
By selected groups
By race
By sex and age
asons as per-
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
12.0
12.4
11.8
12.0
11.6
11.5
11.4
10.9
11.3
10.7
11.6
11.3
11.3
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
13.5
13.7
12.9
13.3
12.8
12.5
12.5
11.9
12.5
11.5
13.1
12.9
12.5
Experienced
wage and
salary
workers
Married
men,
spouse
present
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
6.7
6.7
6.6
6.6
6.5
6.4
6.3
6.4
6.2
6.2
4.7
4.5
4.5
4.4
4.5
4.4
4.2
4.4
4.0
3.9
4.1
4.3
4.1
6.6
6.4
6.4
Women
who
maintain
families
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
9.0
9.6
9.8
9.7
9.6
9.0
9.0
9.3
9.0
10.2
9.4
9.7
9.6
Fulltime
workers 2
7.5
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.9
6.9
6.9
6.9
6.8
6.7
6.6
6.6
6.3
6.4
6.8
6.6
6.6
Parttime
workers 2
Labor
force
time lost
(percent) 3
7.4
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.7
7.2
7.6
6.9
7.1
6.7
6.8
6.9
7.2
6.9
6.6
6.2
5.9
6.3
7.9
7.8
7.9
7.8
7.8
7.7
7.5
7.6
7.2
7.2
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February- 1994.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over rose; the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of unemployment
rose to 19.2 weeks and the median duration rose to 9.1 weeks.
PERCENT DISTRIBUTION '
PERCENT DISTRIBUTION '
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
v
JOB LOSERS-17
LESS THAN
5 WEEKS
/
*F
30
30
REENTRANTS
^<.S*
JOB LEAVERS
10
*~"J
r
^Nr
NEW ENTRANTS
I 1 1 1 1 1 1 M 1 t ! 1 11 H1 1111 1 1 1 1 M t 1 1
1990
ill
1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 11
1991
1993
* SEASONALLY ADJUSTED
U BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
35.6
37.5
36.8
35.9
36.7
35.2
35.7
36.4
35.4
37.5
38.4
30.6
32.8
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
29.2
28.7
28.7
30.6
29.0
30.1
28.7
28.7
28.9
27.5
26.8
32.5
30.3
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
14.4
14.8
14.4
13.9
14.3
14.5
15.2
14.8
14.6
14.1
15.1
16.2
15.0
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
20.8
19.0
20.1
19.6
19.9
20.1
20.5
20.1
21.1
21.0
19.7
20.8
21.9
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
17.7
17.7
17.8
17.8
17.9
18.3
18.4
18.4
18.9
18.2
18.3
18.7
19.2
Median
Job
losers 1
Job
leavers
Reentrants
New
entrants
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
23.1
24.4
25.3
24.8
24.1
24.0
24.3
24.1
25.0
24.6
32.6
33.7
35.5
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
10.4
10.3
10.1
10.1
9.9
9.6
9.9
9.7
10.0
9.7
7.5
7.4
7.5
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1984
1985
1986
1987
1988 .
1989
1990
1991
1992
1993
1993- Mar
.
...
Apr
May
July
Sept
Oct
Nov
Dec
1994: Jan 3
Feb
Mar
1
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
8,878
8,954
8,895
8,869
8,732
8,642
8,540
8,639
8,330
8,237
8,696
8,518
8,543
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFB). Railroad (RR> programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
or Emergency Unemployment Compensation programs.
2
7.9
51.8
6.8
49.8
6.9
48.9
6.5
48.0
5.9
46.1
4.8
45.7
5.4
48.3
6.9
54.7
8.8
56.4
8.4
54.6
8.4
54.6
8.5
54.3
. 8.3
53.8
8.3
54.6
8.3 • 55.5
8.4
56.2
8.9
55.0
8.3
55.2
8.5
53.4
8.2
54.2
8.5
51.1
9.0
48.6
9.1
46.9
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
11.9
11.1
10.9
10.6
10.4
10.2
10.8
11.1
11.5
11.4
8.8
10.3
10.1
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,751
2,679
2,759
2,789
2,840
2,851
2,819
2,823
2,815
2,776
2,694
2,720
2,791
2,744
377
396
378
328
310
330
388
447
408
r
341
358
350
348
348
352
329
328
341
335
325
369
351
r
340
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
' 2,838
3,394
2,929
2,597
2,806
2,655
2,721
2,421
2,324
2,563
2,794
3,510
r
3,505
3,392
3
Data beginning January 1994 are based on the revised Current Population Survey and arc not
directly comparable with data for earlier periods. For details, see Hmployment and Kanunf/N, February 1994.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 456,000 in March.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
ri
_^
110
-—
-.
\
-
ALL NONAGRICl LTURAL
ESTABLISHME NTS
100
_
' —'
_--
80
SER\/ICE-PRODUC ING
INDUSTRIES
-
60
50
-
40
GOC3DS-PRODUC JNG
INDUSTRIES
30
20 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1
1991
1990
CONSTR UCTION
mill inn in mi n 1 1 i i i i i 1 i i I I 1,
1993
1992
ii ll i l l ll ll
1990
1994
—
i mil mil
1991
|
1992
iimlimi iimlimi
1994
1993
^
COUNCtt OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Goods-producing industries
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: Mar....
Apr
May....
June ...
July....
Aug ...
Sept ...
Oct ....
Nov ...
Dec ....
1994: Jan ....
Feb p ..
Mar "..
Total
nonagricultural
employment
94408
97,387
99344
101,958
105 210
107,895
109 419
108,256
108519
110,178
109,565
109,820
110,058
110,101
110,338
110,305
110,502
110,664
110,880
111,110
111,079
111,277
111,733
Service-producing industries
Manufacturing
Total
2
Construction
24 718
24842
24533
24,674
4 380
4668
4 810
4958
25 125
25,254
24905
23,745
23 142
22,975
23,016
22,980
23,006
22,941
22,948
22,903
22,886
22,934
22,994
23,008
23,024
23,018
23,101
5 098
5 171
5 120
4,650
4471
4,574
4,481
4,517
4,577
4,574
4,593
4,593
4,592
4,629
4,664
4,665
4,653
4,643
4,717
Total
19 372
19248
18947
18999
19 314
19391
19 076
18406
18 040
17 802
17,935
17,863
17,827
17,771
17,760
17,718
17,698
17,709
17,735
17,738
17,769
17,774
17,786
Durable
goods
11 476
11,458
11 195
11,154
11 363
11,394
11 109
10,569
10237
10,047
10,144
10,090
10,047
10,011
9,996
9,974
9,974
9,988
10,013
10,028
10,061
10,067
10,074
Nondurable
goods
7 896
7 790
7 752
7,845
7 951
7,997
7 968
7,837
7 804
7,755
7,791
7,773
7,780
7,760
7,764
7,744
7,724
7,721
7,722
7,710
7,708
7,707
7,712
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
Total
69 690
72544
74811
77 284
80086
82,642
84 514
84,511
85377
87,203
86,549
86,840
87,052
87,160
87,390
87,402
87,616
87,730
87,886
88,102
88,055
88,259
88,632
Transportation
and
public
utilities
5 156
5233
5 247
5,362
5 514
5,625
5 793
5,762
5 709
5,708
5,724
5,720
5,719
5,711
5,709
5,690
5,692
5,693
5,700
5,697
5,708
5,716
5,737
Wholesale
trade
5 568
5 727
5 761
5,848
6030
6 187
6 173
6,081
6045
6,113
6,103
6,110
6,125
6,110
6,126
6,107
6,117
6,122
6,129
6,133
6,156
6,174
6,184
Retail
trade
16 512
17 315
17 880
18422
19023
19475
19 601
19284
19 346
19743
19,604
19,648
19,702
19,751
19,790
19,795
19,836
19,846
19,853
19,949
19,923
19,986
20,060
Finance,
insurance,
and real
estate
5 684
5948
6 273
6533
6 630
6668
6 709
6646
6 571
6604
6,574
6,585
6,588
6,590
6,604
6,602
6,616
6,632
6,651
6,660
6,656
6,664
6,675
Government
Services
Total
20 746
21 927
22 957
24 110
25 504
26907
27 934
28336
29 053
30 192
29,756
29,977
30,099
30,175
30,320
30,381
30,433
30,534
30,649
30,709
30,683
30,792
31,015
16024
16394
16 693
17010
17 386
17 779
18 304
18402
18 653
18 842
18,788
18,800
18,819
18,823
18,841
18,827
18,922
18,903
18,904
18,954
18,929
18,927
18,961
Federal
2 807
2 875
2 899
2 943
2 971
2988
3 085
2966
2 969
2915
2,938
2,923
2,912
2,901
2,896
2,906
2,901
2,901
2,896
2,918
2,897
2,886
2,880
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Average gross hourly earnings
Manufacturing
Total
private
nonagrieultural '
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
Feb
Mar.. . .
May. . .
July
. }
Sept
Oct
Nov
Dec
1994- Jan
Feb "
Mar?
Total
Average gross weekly earnings
Total private
nonagricultural l
Overtime
Current
dollars
Current dollars
Total private
nonagricultural 1
1962
dollars 2
Manufacturing
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1982
dollars
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
$8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58
10.83
$7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42
7.39
$9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
11.76
$292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.95
373.64
$274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22
254.87
$374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.86
$458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.04
$174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.34
209.95
2.5
3.0
3.8
3.3
2.5
2.8
2.7
0.8
-1.3
.3
-1.0
9
-1.0
-1.8
-1.6
-.1
— .1
34.4
34.2
34.4
34.7
34.4
34.5
34.7
343
34.5
34.5
34.5
41.4
41.2
41.5
41.4
41.2
41.4
41.4
41.5
41.6
41.7
41.7
4.2
4.0
4.2
4.1
4.0
4.0
4.1
4.1
4.3
4.3
4.4
10.74
10.78
10.77
10.82
10.81
10.81
10.86
10.86
10.92
10.93
10.95
7.39
7.40
7.38
7.39
7.38
7.37
7.39
7.38
7.39
7.39
7.39
11.64
11.66
11.71
11.71
11.72
11.72
11.77
11.84
11.83
11.88
11.95
369.46
368.68
370.49
375.45
371.86
372.95
376.84
372.50
376.74
377.09
377.78
254.27
253.21
253.76
256.45
253.83
254.23
256.35
253.23
255.07
254.79
254.91
481.90
480.39
485.97
484.79
482.86
485.21
487.28
491.36
492.13
495.40
498.32
538.94
544.07
541.21
556.39
551.32
559.77
558.33
551.14
551.90
563.16
557.94
208.08
205.01
208.80
211.41
209.66
209.66
210.97
209.95
212.42
211.39
212.99
2.2
2.0
2.8
3.4
2.6
2.9
2.8
3.0
3.0
2.2
3.1
-.9
-1.0
-.3
.2
-.2
.2
.1
.5
.4
-.3
.6
34.8
34.3
34.7
41.8
41.2
42.2
4.4
4.6
4.8
11.02
11.03
11.04
7.43
7.42
7.40
11.96
12.04
12.02
383.50
378.33
383.09
258.60
254.60
256.93
499.93
496.05
507.24
556.51
542.72
563.55
214.89
212.78
215.47
3.6
2.4
3.6
1.2
.1
1.3
1
2
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban i rage earners and clerical
workers (CPI-W) (on a 1982=100 base).
4.3
2.1
1.9
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent change from
Index (June 1989 = 100)
12 months earlier
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits l
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits 1
Not seasonally adjusted
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
1991- Mar
108.4
109.7
110.8
111.9
112.9
113.8
114.7
115.7
116.8
117.9
118.9
119.9
120.7
107.3
108.4
109.2
110.1
110.9
111.6
112.1
113.0
113.9
114.6
115.6
116.5
117.1
1984'
198519861987198819891990199119921993:
81.7
84.6
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
875
90.5
96.7
102.6
109.4
116.2
122.2
128.3
Seasonally adjusted
Sept
Dec
1992- Mar
Sept
Dec
1993- Mar
Sept
Dec
1994- Mar
.
.
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence 1 of employment shifts among occupations and industries.
111.2
113.3
115.2
116.8
118.2
119.5
121.3
122.9
124.7
126.4
127.7
129.1
130.2
1.1
1.2
1.0
1.0
.9
.8
.8
.9
1.0
.9
.8
.8
.7
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
Not seasonally adjusted
1.0
1.0
.7
.8
.7
.6
.4
.8
.8
.6
.9
.8
.5
1.2
1.9
1.7
1.4
1.2
1.1
1.5
1.3
1.5
1.4
1.0
1.1
.9
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
3.6
3.7
3.6
3.3
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
2.7
3.1
3.1
2.9
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
5.8
5.4
5.0
4.4
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Output l
Hours of 2all
persons
Compensation
per
hour 3
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.5
117.6
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.7
115.7
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
131.6
135.4
140.3
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
131.8
135.4
140.6
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.3
119.4
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.1
121.5
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
154.9
160.8
104.0
108.3
112.8
118.4
122.5
127.7
131.9
139.2
146.2
153.7
159.2
100.6
100.6
101.5
104.7
104.6
104.8
103.5
103.8
104.5
106.5
107.4
101.1
103.1
105.4
107.0
108.3
110.6
110.9
109.7
110.5
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
108.9
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
98.9
104.3
108.5
110.2
111.3
115.1
118.8
120.6
119.6
99.0
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
102.1
105.2
109.9
115.0
120.4
125.1
129.8
133.9
142.1
m ....
110.9
111.6
111.8
112.8
109.4
110.2
110.4
111.3
131.0
131.5
131.5
132.4
131.2
131.7
131.8
132.6
118.1
117.8
117.6
117.3
119.9
119.5
119.4
119.2
144.9
146.6
148.2
150.1
1992: I
II
Ill ....
IV
114.1
114.8
116.0
117.1
112.4
113.1
114.1
115.3
133.3
134.5
136.0
137.9
133.3
134.4
135.9
137.9
116.8
117.1
117.2
117.7
118.7
118.8
119.0
119.6
1993: I
II
Ill ....
IV...
116.6
116.6
117.6
119.6
114.8
114.7
115.8
117.5
138.0
139.3
140.4
143.5
138.1
139.5
140.9
143.8
118.3
119.5
119.4
120.1
120.3
121.6
121.7
122.3
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.3
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.1
136.8
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.1
137.6
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.1
139.2
142.5
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.3
143.6
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
102.5
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
143.7
145.4
147.1
148.8
103.7
104.3
104.6
105.1
102.8
103.4
103.8
104.2
130.6
131.4
132.6
133.1
131.3
132.0
133.2
133.7
134.8
135.8
136.6
137.2
135.7
136.6
137.5
138.2
152.2
153.7
156.1
157.8
150.9
152.6
154.8
156.6
105.9
106.1
106.9
107.2
104.9
105.3
106.0
106.3
133.4
133.9
134.5
134.8
134.3
134.9
135.6
135.8
138.3
139.1
138.7
140.6
139.3
140.2
139.8
141.8
159.1
160.1
161.6
162.7
157.7
158.4
159.8
161.0
107.3
107.1
107.6
107.6
106.3
106.0
106.4
106.4
136.4
137.3
137.4
136.1
137.4
138.2
138.0
136.9
141.6
142.5
142.8
143.2
142.7
143.5
143.9
144.1
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992. ..
1993*
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
IV
1991- I
II
IV
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1.8^
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
-.4
2.1
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
5.0
3.8
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.6
0.6
.0
.9
3.1
-.1
.2
-1.3
.3
.6
2.0
.8
0.8
-.2
.6
3.1
-.2
.1
-1.4
.1
.8
2.0
.6
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.8
1.7
2.0
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.1
3.9
2.0
1.8
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.7
2.3
2.4
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.9
2.4
2.3
-3.1
1.5
.3
2.7
-4.7
-1.1
-.5
-1.0
-4.9
— 1.1
-.6
Y
4.1
4.8
4.5
5.2
4.4
4.9
4.6
4.9
1.0
2.4
1.3
1.9
1.2
2.6
1.4
1.6
2.5
2.2
3.8
1.4
2.5
2.2
3.7
1.5
4.8
3.1
2.4
1.7
4.9
2.7
2.6
2.2
2.9
3.4
4.6
5.6
2.1
3.3
4.4
6.0
-1.8
1.0
.4
1.8
-1.6
.5
.8
1.8
5.7
4.1
6.2
4.6
5.6
4.7
5.9
4.6
2.9
.7
3.0
1.3
2.9
1.3
2.7
1.3
.9
1.6
1.9
.7
1.7
1.8
2.2
.4
3.3
2.4
-1.2
5.6
3.2
2.7
-1.1
5.6
.5
3.8
3.2
9.3
.6
4.0
4.1
8.6
2.1
3.8
-.1
2.2
2.5
4.4
.1
2.3
3.3
2.5
3.9
2.9
2.9
1.9
3.7
2.8
.2
-.6
2.0
— .1
2
-1.2
1.8
j
5.0
2.5
.5
-3.8
4.8
2.3
— .4
-3.1
2.7
2.6
1.1
1.0
2.5
2.4
1.1
.5
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.0
3.3
1.8
2.5
2.2
.8
2.0
.8
.9
g
.4
1.1
3.1
1.7
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
-1.3
2.9
3.6
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
-1.3
2.7
3.8
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
m ....
1.5
2.5
.6
3.7
1.9
2.7
.8
3.4
-3.3
1.4
.1
2.7
m ....
4.7
2.5
4.2
3.8
3.8
2.8
3.6
4.2
1993: I
II
Ill ....
IV*....
-1.6
-.0
3.3
6.9
1993*
1991: I
II
IV
1992: I
II
IV
1
-1.8
^
4.0
6.1
Output refers to gross domestic product originating in the sector in 1987 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for trie selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
16
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
'Based on GDP release of March I, 1994.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in March.
INDEX, 1987 « 100' (RATIO SCALE)
150
FINAL PRODUCTS
140
BUSINESS
EQUIPMENT
130
INDEX, 1987 > 100' (RATIO SCALE)
130
TOTAL INDUSTRIAL PRODUCTION
120
**110
100
—v-—r~"
120
N
inn
INI
U! 11 11111
HM
-^~~
^
'
'
"
S
110
^^
100
130
^
%
MANUFACTURING
--.-
DUPABLE
120
DEFENSE
AND SPAC
EQUIPMENr
/
100
80
NONDURABLE
||n||
130
"x'v,._
120
„
f
f
/
---',
/
\
/
f\
\
\/
82
.
imLniES
^>x—~^~^. x
*v_
90
Mill
1990
1991
S_^—-\^^— /"
V
78
MINING
1 1 1 1 1 1 1 1 1 1 1 inn 1 1 1 1 1
Ill,,
76
1994
1993
II 1 II 1
s^s~-^
80
1992
1
M 1 1 II 11 1 1 1
1 1 1 11
MM)
PER INT'
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84
UTIlfTIES AND MINING
100
"x_
70
90
110
CONSUMER
GOODS
90
S
110
~~~~\,
^^°~
\
/
"v.
\
mill
\y~/^y/r^~/
1 1 1111 1111 11 1 1111
1990
1991
f~-^
/r^
1
IMliilll
1993
1 1992
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1987 = 100
Total
industrial
production
Period
Index,
1987 = 100
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- Mar
Apr
June
July
Autr
Sept
Oct
Nov
Dee r
. .
1994- Jan r
Feb T
Mar"
1
Output as percent of capacity.
Capacity utilization
rate, percent l
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
4.1
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.8
111.7
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.9
107.0
r
114.3
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
106.5
108.7
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.1
98.2
97.3
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.3
112.0
r
116.2
81.1
80.3
79.2
81.5
83.7
83.6
82.0
79.1
79.7
81.5
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.6
80.6
110.0
110.5
110.0
110.4
110.9
111.1
111.3
111.9
112.8
114.0
4.2
3.9
3.0
4.0
3.8
4.3
4.4
4.1
4.2
4.6
110.5
111.3
111.1
111.2
111.6
111.8
112.1
112.9
114.0
115.4
112.5
113.5
113.2
113.0
113.7
113.9
115.0
116.2
118.0
120.1
108.2
108.7
108.5
108.9
109.1
109.2
108.5
108.8
109.1
109.7
96.9
97.4
97.1
97.9
96.4
96.6
97.4
98.0
96.9
96.9
117.3
114.5
112.4
115.4
118.0
118.4
116.2
114.9
116.1
115.8
81.2
81.4
81.0
81.1
81.3
81.4
81.4
81.7
82.2
82.9
80.1
80.6
80.2
80.1
80.3
80.3
80.4
80.8
81.5
82.3
114.4
115.0
115.6
4.8
4.6
5.1
115.5
116.3
117.0
120.4
121.3
121.9
109.6
110.1
111.0
96.9
98.7
99.7
119.9
118.5
116.3
83.1
83.4
83.6
82.2
82.5
82.8
Source: Board of Governors of the Federal Reserve System
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 — 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1984
1985.
1986
1987
1988
1989
1990
1991..
1992
1993 '
91.0
94.2
95.7
100.0
104 8
106.8
107.0
105.3
108.0
112.7
92.8
93.7
96.8
100.0
102 9
104.0
103.4
102.8
105.7
108.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.0
110.5
83.4
94.4
97.6
100.0
102.4
103.2
103.8
104.9
106.8
108.2
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
111.2
118.5
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
122.2
134.6
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.6
83.1
74.8
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.8
99.0
102.6
86.2
89.1
93.8
100.0
101.5
100.5
98.2
91.0
93.3
96.8
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.7
102.8
106.5
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.4
107.7
111.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.5
103.9
103.7
1993: Mar
112.0
112.3
111.8
112.1
112.8
112.7
113.1
113.8
114.6
115.4
108.9
108.6
107.8
108.1
108.9
108.6
108.5
109.2
109.7
110.1
110.3
110.9
109.0
107.2
108.2
107.3
108.7
112.7
115.8
118.2
108.6
108.0
107.4
108.3
109.1
109.0
108.4
108.2
107.9
107.9
116.4
117.7
117.7
118.0
118.5
118.6
119.8
120.4
121.8
123.1
131.5
133.1
133.5
133.9
134.6
134.8
136.3
137.7
139.7
141.8
76.8
76.9
75.6
74.9
74.6
74.0
73.7
72.7
72.5
71.5
101.4
102.2
101.7
101.8
102.9
103.3
103.0
103.5
104.3
105.4
95.1
94.8
95.9
95.3
96.4
97.3
97.8
98.6
99.5
101.3
105.7
107.2
105.5
106.1
107.3
107.2
106.4
106.7
107.5
108.1
110.8
111.4
111.1
111.7
111.7
112.1
112.2
112.8
113.9
115.5
104.6
104.1
102.9
104.4
103.6
103.7
103.1
103.0
103.1
103.2
116.1
117.2
117.3
110.6
111.8
111.5
119.0
122.3
119.5
108.3
108.8
109.3
124.0
125.0
125.6
143.1
144.7
145.7
70.9
69.8
69.1
105.2
105.0
105.8
100.1
99.1
100.3
108.6
108.9
109.5
115.8
116.3
117.2
104.3
104.9
105.1
July
Sept
Got
Nov
Dec '
1994: Jan r
Feb T ..
Mar"
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nondurable manufactures
Industrial
machinery and
equipment
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
1984
1985....
1986
1987
1988
1989
1990
1991
1992 .
1993 r
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.3
101.1
106 5
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.6
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
95.6
99.5
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.8
123.4
144.1
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.7
115.7
127.5
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.9
102.8
104.2
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.5
106.4
120.7
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.6
96.5
100.6
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.8
93.6
93.1
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.9
99.0
101.3
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.4
114.3
117.8
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.7
108.6
1993- Mar
Sept
Oct
Nov
Dec T
104.3
105.0
105.0
105.6
105.6
107.2
107.3
106.1
109.8
113.0
108.2
108.9
109.1
111.1
111.9
112.8
112.4
113.3
114.4
119.1
98.8
99.2
98.5
98.3
99.6
99.6
99.6
100.7
102.1
102.6
136.9
140.1
141.6
143.3
146.1
147.1
148.4
150.3
152.0
155.7
124.3
125.6
125.7
126.4
128.6
129.5
130.9
131.4
132.1
134.3
105.8
105.9
104.2
101.2
98.9
98.5
100.4
104.2
108.3
110.7
120.6
120.9
118.5
114.7
110.2
110.6
115.1
124.1
132.4
138.5
98.4
98.3
98.2
97.6
99.6
100.9
101.8
104.6
104.9
105.2
93.4
93.3
93.5
93.6
93.6
93.2
92.1
92.1
92.6
93.1
101.1
102.6
101.1
101.3
101.6
100.9
101.1
101.6
101.7
101.9
117.1
117.3
117.6
118.3
118.6
118.8
118.3
117.8
118.8
119.3
108.4
108.2
107.9
108.8
108.8
109.6
109.0
109.0
108.4
109.0
1994: Jan *
Feb '
Mar<>
110.4
110.4
111.0
115.6
116.1
116.5
103.6
103.1
104.2
157.0
158.2
161.3
134.7
136.0
137.8
111.8
114.9
111.6
141.7
149.4
143.1
104.9
104.1
104.4
92.3
92.1
94.0
101.9
102.3
102.9
120.0
120.5
121.0
108.5
109.5
110.2
July
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1987 = 100)
3
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1984
1985
348.8
377.4
407.7
419.4
432.3
443.6
442.1
403.4
436.0
470.1
1986
1987
1988
1989
1990
1991
1992
1993
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
317.3
343.0
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8
208.1
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
68.1
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.5
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7
66.8
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8
127.2
83
91
96
100
101
105
95
89
97
103
r
Annual rates
Annual rates
1993- Mar
May
July
Sept
Oct
Dec
1994: Jan '.
Feb r
Mar"
1
3
1
955
1,097
1,016
1,019
973
961
783
577
556
575
454.5
449.1
453.3
460.7
466.6
468.5
477.1
488.7
497.9
508.7
337.0
328.1
332.2
335.0
337.9
341.4
345.6
354.5
364.5
371.4
205.5
197.3
198.4
200.5
204.6
206.6
209.5
215.9
222.8
229.2
141.8
137.7
138.3
139.3
141.1
143.0
145.7
150.0
155.7
162.1
67.4
65.6
67.4
67.1
65.6
67.0
68.3
70.2
72.5
73.4
64.0
65.2
66.4
67.4
67.7
67.8
67.8
68.4
69.2
68.8
117.5
120.9
121.0
125.7
128.7
127.2
131.6
134.2
133.4
137.3
99
101
95
106
105
r
!05
r
!06
110
108
r
!06
519
526
514
521
571
533
544
561
566
628
496.9
491.7
495.4
366.1
361.3
368.5
230.2
231.0
234.4
162.3
162.9
166.3
71.2
66.7
69.0
64.8
63.6
65.1
130.8
130.4
126.9
106
108
110
633
592
742
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
,
1 unit
2-4 units
5 or more units
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
Units
authorized
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1 376 1
1,192.7
1,013.9
1,199.7
1,287.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,092
1,232
1,241
1,238
1,245
1,319
1,359
1,409
1,406
1,612
957
1,082
1,100
1,067
1,076
1,178
1,160
1,231
1,248
1,383
30
27
26
30
53
17
32
31
30
21
105
123
115
141
116
124
167
147
128
208
1,034
1,101
1,121
1,271
1,314
1,473
1,125
1,120
1,247
23
33
32
123
161
194
1,358
1,250
1,318
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,214.2
Units
completed
Homes sold
Homes for
sale at end of
period !
Vacancv rate,
for rental
housing units
(percent) 2
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
639
688
750
671
676
650
534
509
610
r
666
353
346
357
366
368
365
321
284
266
r
294
5.9
6.5
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
2
7.4
1,105
1,212
1,137
1,168
1,097
1,248
1,172
1,248
1,248
1,289
600
685
635
641
647
645
738
723
766
r
817
270
271
273
274
277
286
288
291
294
r
294
r
1,221
1,342
640
665
739
297
302
304
Seasonally adjusted annual rates
1993- Mar
May
July
Sept
Oct
Nov
Dec
1994- Jan r
Feb '
Mar *
1
2
Seasonally adjusted.
Revised series beginning 1989 and 1993; not comparable
cred in last month of quarter.
i earlier data. Quarterly data en-
i.iis
1,162
1,242
1,271
1,304
1,374
1,476
7.8
7.6
7.1
6.9
7.5
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In February, manufacturing and trade sales rose 1.2 percent and inventories rose $4.7 billion. According to
advance data, retail sales rose 0.4 percent in March, following a rise of 1.6 percent in February.
BILLIONS OF DOLLARS* (RATIO SCALE]
300
BILLIONS OF DOLLARS* (RATIO SCALE)
1,000
900
250
1
-""
!
800
\
MANUFACTURING AND
700
RETAIL INVENTORIES
TRA DE INVENTO RIES
200
T^
\
150
600
^~~^
—'
500
'
M^NUFACTURI •4G
Ah-ID TRADE SA LES
RETAIL SALES
400
100
300
RATIO "
200
III 1 Ml Illl
III l ill III i
1991
1990
1992
1 III Illl I II
1993
1994
COUNCIL Of ECONOMIC ADVISERS
Manufacturing and
trade 1
Wholesale
Sales
Period
Sales
2
Inventories 3
Sales
2
Inventory-sales ratio 4
Retail
Inventories 3
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- Febr
Mar
Apr
May
June
July
Sept
Oct
Nov
Dec
411,427
423,940
431,786
459,107
496,819
523,260
542,349
537,598
559,799
592,201
651,551
665,835
664,624
711,725
767,538
813,637
837,120
832,852
841,831
865,584
113,502
114,816
116,326
124,340
135,170
143,754
148,859
146,834
152,031
160,213
144,223
149,155
155,445
165,814
180,535
188,566
196,935
201,462
208,757
216,586
584,412
583,605
585,097
587,202
589,551
585,266
591,937
595,536
599,649
606,711
612,462
846,950
851,282
854,209
856,288
856,853
857,008
858,979
860,885
862,110
866,720
865,584
158,782
157,181
159,555
161,594
158,978
160,450
161,054
161,020
161,316
162,135
161,797
209,208
210,081
211,612
211,859
212,060
213,118
214,813
215,071
214,687
216,011
216,586
610,256
617,632
867,065
871,804
163,283
164,592
216,651
218,415
r
1994- Jan r
Feb '
Mar p
r
168,830
167,445
170,428
171,601
172,274
173,136
174,327
174,428
177,862
179,002
180,943
178,643
181,510
182,265
' See page 21 for mamfactnring.
Annual data are aver ages of monthly not seasonally adjusted figures; monthly data are seasonfilfy adjusted totals for mo n '
2
20
37,873
41,510
45,057
47,989
52,482
54,894
55,944
54,456
58,942
65,383
107,243
114,586
120,803
128,442
138,108
146,782
154,031
155,246
163,258
173,468
61,469
61,057
62,952
64,039
64,675
65,322
66,465
65,899
68,459
69,614
71,048
r
69,615
70,711
71,511
3
4
r
69,369
73,075
75,746
80,453
85,626
91,888
98,088
100,790
104,316
108,085
167,812
181,881
186,510
207,836
219,581
238,160
241,117
245,042
253,836
271,573
79,074
88,315
89,983
105,481
112,690
121,716
121,666
119,739
123,520
135,757
88,738
93,566
96,527
102,355
106,891
116,444
119,451
125,303
130,316
135,816
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.45
1.49
1.52
1.56
1.56
1.54
1.58
1.56
1.55
1.52
1.52
107,361
106,388
107,476
107,562
107,599
107,814
107,862
108,529
109,403
109,388
109,895
258,510
261,662
262,290
262,838
263,467
262,329
262,774
265,125
267,122
270,528
271,573
126,562
128,335
128,879
128,831
129,318
128,025
128,243
129,416
131,360
134,023
135,757
131,948
133,327
133,411
134,007
134,149
134,304
134,531
135,709
135,762
136,505
135,816
1.45
1.46
1.46
1.46
1.45
1.46
1.45
1.45
1.44
1.43
1.41
1.53
1.56
1.54
1.53
1.53
1.52
1.51
1.52
1.50
1.51
1.50
109,028
110,799
110,754
271,506
273,039
137,492
138,027
134,014
135,012
1.42
1.41
1.52
1.50
Seasonally adjusted, end of period,
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers' shipments and inventories rose, while new and unfilled orders fell. In March, according
to advance data, durable goods manufacturers' shipments and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS' (RATO SCALE)
480
440
400 .
360
320
TOTAL
280
240
f
X
1
""H
200
T
160
DLJRABLEGOOC>s
INVENTORIES
i—r—|.11
320
i— — i
i ,
'
280
240
\
L DURABLE COODS
200
—
120
V
160
^
NONDURAB E GOODS
80
MM!
MM!
1 111 11 11! 11
.
1 1 1 1 1 1 1 1 II 1
M M 1
1 M M
MM!
M M 1
*
\
120
NO sIDURABLEGC5ODS
BILLIONS OF DOLLARS* (RATIO SCALE)
320
NEW ORDERS
240
80
TOTAL
280
.
^
/
~*^/ ^— s
r~"~~^1
. .
Minium
M 1 M I 1 1 1M
M M 11 M M t
M M 11 M M 1
1993
1994
"
^
RATIO*
2.20
200
INVENTORY-SHIPMENTS RATIO
2.00
PIJRABLEGOO is
160
,
120
/
;\
*
\v -ir-V--"-*-
.-,)--
*-
1.80
1.60
?
NOND URABLEGOO 3S
80
1 t 1 1 II I! 1 II
1 111 11 111 1 !
1 1 1 111 111 11
1990
1991
1.40
1.20
1 1 1 1 1 11 M 11
1992
1994
1993
1991
1990
1992
* SEASONMiY ADJUSTED
SOUJCE: DEPARTMENT OF COMMEBO2
COUNOl Of ECONOMC AMSBiS
Manufacturers' shipments 1
Manufacturers' inventories z
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1993- Feb
Mar
256,800
258,979
255,114
254,007
258,299
251,680
256,556
260,088
260,471
265,574
269,722
134,133
135,537
132,763
132,307
135,042
129,257
134,521
137,521
138,153
142,665
146,182
122,667
123,442
122,351
121,700
123,257
122,423
122,035
122,567
122,318
122,909
123,540
379,232
379,539
380,307
381,591
381,326
381,561
381,392
380,689
380,301
380,181
377,425
237,034
236,849
237,043
237,734
237,514
237,937
237,688
237,571
237,632
237,886
236,303
142,198
142,690
143,264
143,857
143,812
143,624
143,704
143,118
142,669
142,295
141,122
257,250
253,007
252,369
248,335
255,462
250,566
253,461
255,309
258,270
262,773
266,351
134,533
129,903
129,838
126,783
132,252
128,520
131,752
133,176
136,613
139,675
142,481
32,748
29,122
30,453
29,931
33,850
30,093
31,992
30,992
32,825
34,878
35,059
122,717
123,104
122,531
121,552
123,210
122,046
121,709
122,133
121,657
123,098
123,870
476,535
470,563
467,818
462,146
459,309
458,195
455,100
450,321
448,120
445,319
441,947
1.48
1.47
1.49
1.50
1.48
1.52
1.49
1.46
1.46
1.43
1.40
268,330
271,530
144,709
146,233
147 049
123,621
125,297
378,908
380,350
238,172
238,974
140,736
141,376
272,616
271,275
148,549
145,798
146,373
36,630
36,385
36,409
124,067
125,477
446,233'
445,978
1.41
1.40
May
July
Sept
Oct .
Nov
Dec
1994: Jan
Feb '
Mar'
. ..
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods rose
0.5 percent and prices of other finished consumer goods rose 0.1 percent. Capital equipment prices rose 0.3
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982= TOO (RATIO SCALE)
130
130
120
120
CONSUMER GOODS
EXCLUDING FOODS
100
100
90
90
1994
1986
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of (ABC*
[1982= 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Total
finished
consumer
goods
Total
Foods
and
feeds 1
Other
Total
Foodstuffs
and
feedstuffs
Other
Nondurable
Capital
equipment
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
Durable
Crude materials
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.7
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.1
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.3
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
Nov r.
Dec
125.1
125.7
125.7
125.1
125.1
124.1
124.3
124.2
124.3
124.2
124.7
126.3
125.8
125.1
125.0
125.4
126.1
125.9
126.9
127.7
125.2
125.5
125.5
125.0
125.0
123.7
123.7
123.6
123.5
123.1
122.9
123.3
123.3
122.6
122.5
120.6
120.5
120.6
120.3
119.6
127.3
128.0
128.0
128.2
128.5
128.9
128.6
127.5
128.6
129.0
119.7
119.9
119.9
118.9
118.5
115.6
115.7
116.2
115.3
114.1
131.0
131.3
131.3
131.2
131.6
131.8
131.9
131.4
131.8
132.2
123.6
124.3
124.2
123.5
123.4
122.1
122.3
122.3
122.4
122.1
116.3
116.6
116.3
116.3
116.3
116.3
116.3
116.4
116.6
116.2
110.2
111.4
111.5
110.4
113.1
113.8
113.3
114.0
115.3
117.2
116.6
116.9
116.5
116.7
116.5
116.4
116.4
116.5
116.7
116.2
101.8
103.0
105.2
103.6
101.5
100.8
101.5
103.7
103.4
101.2
106.6
108.4
109.3
105.8
107.4
108.6
109.1
107.6
112.7
113.1
94.9
95.5
98.6
98.2
93.8
92.0
92.8
97.1
93.5
89.8
1994- Jan
Peb .
Mar
124.5
125.1
125.4
127.3
126.8
127.4
123.7
124.5
124.7
120.1
121.2
121.3
129.7
129.9
130.3
114.6
116.0
116.0
133.0
133.1
133.5
122.3
123.0
123.2
116.4
116.9
117.1
117.4
118.3
117.9
116.4
116.9
117.1
102.5
101.2
104.0
112.1
113.5
112.4
92.5
89.5
94.7
1984
1985
1986
1987
1988
1989
1990 ....
1991
1992 . ...
1993 "
1993- Mar
May
July
Sept
Oct
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted and not
seasonally adjusted. The index was 2.5 percent above its year-earlier level.
INDEK, 1982-84 = 100 (RATIO SCALE)
INDEX, 1982-84 - 100 (RATIO SC>LE)
150
150
SEASONAL? ADJUSTED
—^
__
140
^
_,
-
1
140
CONSUMER PRICES— ALL ITEMS ^__^_^-
\^
130
130
/^1
120
120
^
110
110
^q
100
100
90
90
I If M 1 M MI
80
! 1 1 1 1 1 I 1 1 ! 1
\ 1 1 1 ! 1 I 1 1 1 f
1987
1986
1988
| 1 1 M
1 M
1 ! 1
M
1 1 1 1 1 M
1989
1 1
1 1 1 II
M 1 1 M
1 I 1 1 M 1 1 1 M
1991
1990
1 1 | M 1 1 1 M 1
1992
1 1 1 M
1993
,EE NOTE ON TABLE BELOW
.OURCE: DEPARTMENT Of LABOR
1 1 II 1 !
80
1994
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; month!}' data seasonally adjusted, except as noted]
Transportation
Housing
All items '
Shelter
Period
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1000
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
Mar
Apr
May
103.9
107 6
109.6
1136
118.3
1240
130.7
1362
140.3
1445
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Food
Total '
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Ener2
All
items
less
food
and
energy
gy
15.8
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
41.4
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
27.9
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
8.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
19.8
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
0.2
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
7.3
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
5.9
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
17.0
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
4.0
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
3.0
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
7.1
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
7.0
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
77.2
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
Sept
Oct
Nov
Dec
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
143.5
144.0
144.3
144.4
144.6
145.0
145.1
145.6
146.0
146.3
139.9
140.2
141.1
140.7
140.7
141.2
141.6
142.3
142.6
143.3
140.0
140.5
140.8
141.1
141.2
141.6
141.9
142.2
142.5
142.8
154.2
154.7
155.1
155.4
155.6
156.0
156.3
156.6
157.1
157.5
162.9
163.6
164.0
164.2
164.3
164.5
164.8
165.6
165.8
166.3
158.9
159.4
159.7
160.1
160.4
160.8
161.1
161.3
161.9
162.4
131.5
131.8
131.6
131.2
131.3
131.6
131.3
130.8
127.9
127.6
120.4
120.8
121.0
121.4
121.8
122.2
122.4
122.5
122.4
122.3
134.2
134.0
133.6
133.1
133.0
133.9
133.4
133.2
134.1
133.9
129.7
130.0
130.1
130.0
130.5
130.6
130.6
131.9
131.9
131.7
130.1
130.7
131.0
131.2
131.6
132.2
132.5
132.9
133.1
133.2
101.1
100.5
98.9
97.2
96.9
95.3
94.1
98.3
96.6
95.3
198.1
199.3
200.7
201.5
202.4
203.0
203.8
204.8
205.4
206.1
104.7
104.8
104.2
103.7
103.7
103.0
102.6
104.5
103.6
102.9
151.1
151.6
152.0
152.3
152.6
153.0
153.1
153.5
154.1
154.4
1994:
Jan
Feb
Mar
146.2
146.7
147.2
146.3
146.7
147.2
143.1
142.7
142.9
142.9
143.5
144.0
157.8
158.6
159.2
166.3
167.0
167.7
162.8
163.6
164.3
128.9
129.4
129.3
121.8
122.9
123.3
133.8
133.4
134.0
131.4
132.0
132.8
133.3
133.9
134.5
94.8
96.8
97.0
206.7
207.3
207.8
102.1
103.7
104.1
154.6
155.0
155.5
July
1
Includes items not shown separately.
Household fuels—-gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
excluded beginning 1983.
3
Relative importance, December 1993.
2
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership t
and therefore are not strictly comparable with figures for earlier period.s.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from (> months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Foods
Capital
equipment
Kxcluding foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
frojn
year
earlier,
total
finished
goods
NKA
Change, Dec. to Dec., NSA
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993"
1.7
1.8
23
2.2
4.0
4.9
5.7
.1
1.6
2
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
0.8
2.1
-6.6
4.1
3.1
5.3
8.7
— .7
1.6
— 1.4
2.1
1.0
— 1.4
2.1
25
5.2
4.9
2.1
1.2
1.2
1.8
2.7
2.1
13
3.6
3.8
3.4
25
1.7
1.9
Change, month to month
1993:
Mar
Apr
May
June
July
0.2
.5
0
-.5
0
-.8
.2
.1
.1
-.1
2
.5
.2
Sept
Oct
Nov '
Dec
Jan.
Feb
Mar.
1994:
0.2
1.3
-.4
-.6
-.1
.3
.6
-.2
.8
.6
0.3
.3
0
-.6
-.1
-1.6
-.1
.1
_2
r
-.6
-.3
-.4
.5
.4
.9
.1
0.2
.2
0
.3
.2
.1
— .4
.3
.3
3.9
4.6
2.9
0
-1.9
-5.0
-2.5
— 2.8
.6
-.3
0
5.9
4.2
1.3
-4.1
-1.3
3.2
2.9
4.9
5.2
5.7
5.0
2.6
-1.0
-2.6
-8.5
-6.7
-6.1
-1.0
-3.0
4.1
2.8
1.5
.6
.9
1.5
2.2
-.6
0
.9
2.8
2.9
1.9
1.3
-1.1
-1.3
-2.4
-2.2
-1.4
.6
.1
.3
1.0
2.6
3.9
4.5
r-.3
9
-1.6
r
3.0
5.8
5.0
4.0
4.0
-1.0
1.6
1.8
1
1.8
4.2
2.5
2.8
2.8
2.3
1.2
-3.1
-3.9
-4.3
-4.8
-4.8
2.3
3.0
2.6
2.3
1.8
1.5
1.4
.2
.8
1.5
2.0
2.5
2.1
1.3
1.3
.5
.4
.2
.4
.2
3.7
2.2
2.1
-3.9
1.0
1.3
2.1
2.0
2.4
.2
2
2
1.5
3.1
3.6
.6
.8
1.5
2.3
2.3
Q
Souree: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items
1
Food
Total >
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total '
Neiv
cars
Motor
fuel
Medical
care
All
items
less
food
and
energy
Energy2
Addendum: All items, percent change
(annual rate)
Prom
previous
r?
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
39
3.8
1.1
4.4
4.4
4.6
6.1
31
2.9
2.7
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
3.8
2.6
3.8
3.5
5.2
5.6
5.3
19
1.5
2.9
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
2.5 -2.4
3.1
3.4
5.9 -30.7
18.7
1.8
2.1 -2.1
6.8
2.3
36.5
1.4
3.3 -16.0
1.8
2.3
2.8 -5.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
0.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
33
3.2
43
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
Change, month to month
1993:
Mar
Apr
May
June
July ....
Aug
Sept
Oct
Nov
Dec
1994: Jan
Feb
Mar
0.2
.3
.2
.1
.1
.3
.1
.3
.3
2
0.2
.2
.6
-.3
0
.4
.3
.5
.2
.5
0.4
.4
.2
2
.1
.3
2
.2
.2
.2
0
.3
.3
— .1
.1
.4
.3
1
g
.1
0.2
.3
.3
.2
.1
.3
.2
.2
.3
.3
2
.5
.4
0.2
.4
.2
.1
.1
.1
.2
.5
.1
.3
0.2
.3
_2
.3
.2
2
.2
.1
.4
.3
1.2
.3
.2
.3
.3
.3
.2
.1
-.1
— .1
-0.1
-.1
-.3
-.4
-.1
.7
— .4
-.1
.7
-.1
0.2
.2
.1
-.1
.4
.1
0
1.0
0
-.2
0.2
.5
.2
.2
.3
.5
.2
.3
.2
.1
-0.2
-.6
-1.6
-1.7
-.3
-1.7
-1.3
4.5
-1.7
-1.3
0.3
.6
.7
.4
.4
.3
.4
.5
.3
.3
0.8
.1
-.6
— .5
0
Y
-.4
1.9
-.9
n
0.2
\3
.3
.2
.2
.3
.1
.3
.4
2
0
.4
.4
.2
.5
.4
— .4
.9
.3
-.1
3
.4
__ 2
.5
.6
.1
.5
-.5
2.1
2
.3
.3
2
-.8
1.6
.4
.1
.3
.3
Includes items not shown separately.
Household fuels-—gas (piped), electricity, fuel ( il, etc.—-and motor fuel. Motor oil, coolant, etc.,
excluded beginning 1983.
2
24
A
2.8
3.3
3.3
3.1
3.1
3.1
3.7
3.1
2.5
1.7
2.0
2.0
2.8
2.8
3.3
2.8
2.7
2.5
22
2.2
2.4
2.6
3.1
3.2
3.2
3.0
2.8
2.8
2.7
2.8
2.7
2.7
1.9
1.9
1.9
2.5
2.4
2.4
2.9
2.5
2.5
2.5
3.1
2.0
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
In April, prices received by farmers fell 1.4 percent from their March level. Prices paid by farmers in April were 1.0
percent above their January level. (Data are not seasonally adjusted).
ALE]
INDEX, 1 977=1 00 (RATIO SC
INDEX, 1 977=1 00 (RATIO SCALE)
240
240
220
220
200
200
PKIC-tb PAID
_
/
/__/
180
*
'
-'
180
,_ ««•
,_ ^~~~
j_
160
~S'~'
160
_/
J
140
^H
^
1 11 11111 ) 1 I
100
1 1 1 1 1 J 1 1 1 I (
140
^
'RICES RECEIVEE3
^
^s—\ S^
120
J\s— ^
—^
t I I ! I 1 I i I Ii i i i i i 1 i i i i i i i i i i 1
120
i i i ii 1i i iii
1 i i i ii
i11< < i
t i i i ii i itii
140
140
-
120
120
RATID
100
80
60
100
RAT 0-"
RATKD-^
f~~—^^-
-
"~~1 " " "
1 1 1 1 1 1 1 1 1 1 1I 1 1 I1 1 j [ 1 ! 1 1
1986
'
100
/__
^
—•p
1987
1988
.
1 i i i i i 1 i i i i i 1 i i i i i |i i i i i 1 i i i i i
I11t 1111I 11 i tiifi
1989
1990
1
1991
'
f "
11111 1 1 111111 1 1 11
1993
1992
i/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
'
80
60
1994
COUNCIL OF ECONOMIC ADVISERS
[1977 — 100; not seasonally adjusted]
Prices received by fanners
Period
All farm
products
Prices paid by farmers
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio
2
142
128
123
127
138
147
149
146
139
143
138
120
107
106
126
134
127
129
121
123
146
136
138
146
150
160
170
161
157
162
164
162
159
162
169
177
183
187
189
195
161
156
150
152
159
167
171
172
173
178
155
151
144
148
157
165
171
173
174
179
87
79
77
78
82
83
81
78
74
73
Sept
Oct
Nov
Dec
146
144
140
141
144
145
145
144
145
125
120
113
121
125
128
130
128
133
167
168
166
161
162
160
159
158
156
196
(3)
(3)
195
(3)
(3)
196
(3)
<3)
179
(3)
(3>
178
(3)
(3>
178
(3)
(3)
180
(3)
(3)
179
(3)
(3)
181
(3)
(3)
74
73
71
72
74
74
74
73
74
1994- Jan
Feb
Mar
Apr
147
148
148
146
135
135
132
129
159
161
163
162
!98
(3)
(3)
200
180
(3)
<3)
183
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- Apr
May
June
July
1
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
r
r
!81
(')
(3)
184
r
74
75
75
73
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source; Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 rose in March.
BILLIONS OF DOLLARS* |RATIO SCALE)
4,800
4,400
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,000
3,600
3,600
-v
M3
3,200
2,800
3,200
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
600
400
400
1986
1987
1989
1988
1990
1993
* AVERAGES Of DAILY FIGURES; SEASONAliY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL Of ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
19841985:
1986:
1987:
19881989:
1990:
1991:
1992:
1993-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec T
1993: Mar
May
July . .
Sept .
Oct
Nov
Dec r
1994- Jan *
Feb r
Mar
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term EPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfmancial
sectors
(monthly
average) 1
552.1
619.9
724.5
750.1
787.4
794.7
826.4
897.7
1,024.8
1,128.4
2,377.8
2,575.0
2,818.2
2,920.1
3,081.4
3,239.8
3,353.0
3,455.3
3,509.0
3,563.1
2,994.6
3,211.6
3,497.3
3,681.3
3,920.4
4,067.3
4,125.7
4,180.4
4,183.0
4,224.9
1,040.2
1,047.1
1,067.7
1,076.6
1,086.8
1,095.3
1,105.1
1,113.4
1,122.4
1,128.4
3,494.8
3,498.0
3,521.9
3,528.7
r
3,533.6
3,535.7
r
3,543.6
3,545.1
3,556.2
3,563.1
1,133.5
1,138.6
1,142.4
3,569.4
3,565.9
3,581.2
1
Consists of outstanding credit market debt of the U.S. Government, State and local governleiits, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlir at a simple annual rate.
26
4,154.6
4,162.0
4,187.6
r
4,187.8
r
4,186.8
r
4,186.5
r
4,195.2
r
4,200.6
r
4,212.9
4,224.9
r
4,228.5
4,200.4
4,208.7
Percent change from year or 6
months earlier 2
Ml
M3
Debt
11.1
7.2
8.9
5.3
6.5
3.7
1.4
1.3
.1
1.0
14.2
14.9
12.7
9.8
8.9
7.8
6.4
4.5
5.2
5.1
10.3
8.5
10.1
10.1
10.4
11.6
12.5
12.7
10.2
9.6
8.7
8.3
9.4
3.6
5.5
5.1
3.5
3.1
1.6
1.5
j
5
.6
1.1
1.8
2.4
2.8
2.7
1.9
1.9
-2.2
17
-.3
.2
1.2
1.5
2.0
1.9
1.2
1.8
3.9
4.2
4.3
4.4
4.7
5.3
5.5
5.3
5.5
5.7
8.6
7.9
6.8
2.0
1.7
2.1
2.0
.7
.6
5.6
5.5
3,536.0
3,838.9
4,137.5
4,340.2
4,674.6
4,897.3
4,974.8
4,992.9
5,057.1
5,123.7
6,006.1
6,901.1
7,778.6
8,543.3
9,306.1
10,030.7
10,670.1
11,147.3
11,721.5
12,321.5
6.0
12.3
16.9
3.5
5.0
.9
4.0
8.6
14.2
10.1
' 5,036.4
5,053.8
r
5,086.8
r
5,087.3
'5,083.7
' 5,092.5
r
5,085.5
r
5,093.2
r
5,104.8
5,123.7
11,822.2
11,869.0
11,914.9
11,979.7
12,037.7
12,092.8
12,145.7
r
!2,181.7
' 12,244.6
12,321.5
5,140.8
" 5, 130.9
12,373.7
'12,422.9
r
M2
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve Svstem.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars l
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
1984:
19851986:
19871988:
19891990:
19911992:
19931993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
Mar
Apr
May
T '
156.1 243.7
167.9
266.6
180.7 302.1
196.9 287.1
212.2
287.2
222.6 279.8
246.7 277.9
267.1 290.0
292.2 339.6
321.4
384.8
299.3 344.3
301.8 349.0
304.4 358.8
307.2 362.2
309.7 366.4
312.4 370.9
315.4 375.4
317.6
378.4
319.5 383.2
321.4 '384.8
325.3 388.4
329.2 390.4
332.4 390.1
July
1994:
Sept
Oct
Nov
Dec
Jan '.
Feb ' .
Mar
147.4
179.8
235.6
259.5
280.9
285.4
294.0
332.8
384.9
414.3
388.5
388.2
396.4
399.2
402.8
404.2
406.6
409.5
411.8
414.3
412.0
411.1
411.8
63.0
75.6
83.3
85.7
84.1
80.2
77.3
80.6
80.6
90.4
78.8
77.2
75.2
78.5
81.2
82.1
85.3
88.0
89.1
r
90.4
93.6
91.7
97.4
167.9
177.4
209.8
223.5
244.4
320.4
355.5
370.4
352.0
348.8
345.9
345.9
348.5
347.5
346.6
345.5
345.0
344.4
347.0
348.8
347.8
343.7
348.6
62.5
64.7
85.3
92.0
91.5
108.5
135.0
181.0
201.5
197.0
197.7
196.3
198.0
194.7
192.6
190.1
190.8
194.3
194.8
197.0
192.7
176.9
177.4
1
Includes continuing contract RPs.
prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
z
Data
3
704.8
815.4
941.0
937.7
926.7
891.0
920.4
1,041.1
1,183.6
1,215.5
1,182.4
1,185.5
1,195.1
1,200.4
1,202.1
1,205.9
1,208.4
1,208.8
1,211.9
1,215.5
1,220.4
1,221.0
1,222.1
888.8
885.7
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.4
870.5
782.8
846.8
839.4
832.4
823.9
' 814.4
806.2
799.4
' 793.5
788.0
782.8
777.2
772.5
769.6
Term
repurchase
agreements
(EPs)
Term
Eurodollars
(net)
NSA
NSA
416.6
57.6
434.3
62.4
431.5
80.6
475.5 106.0
525.5 121.8
549.1
99.0
489.5
89.6
425.8
72.5
360.3
81.1
338.9
95.4
344.8
86.0
'348.8
88.9
r
348.2
89.8
r
345.3
92.8
r
96.4
341.8
'341.6
96.0
r
340.4
95.6
94.3
'341.6
' 339.4 94.0
95.4
'338.9
341.1
90.7
335.2
87.7
332.4
89.1
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
45.7
49.8
48.7
48.7
45.5
41.9
44.1
45.2
'44.9
r
48.5
r
45.7
44.1
46.2
43.8
Savings
bonds
Shortterm
Treasury
securities
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.7
162.4
163.6
164.7
165.9
167.1
168.2
169.2
170.1
170.8
171.7
172.7
"173.4
261.0
298.3
280.0
253.1
269.3
325.5
332.0
316.2
332.5
324.0
'338.4
r
341.8
r
343.4
' 344.3
'341.9
'341.7
'326.3
'321.5
'320.9
'324.0
331.5
"332.0
Bankers'
acceptances
Commercial
paper
45.4
160.7
42.1
207.5
37.1
231.3
44.5
260.6
40.2
335.4
40.6
346.5
355.2
35.9
23.6
334.8
20.6
364.3
16.3
386.8
19.4
361.5
19.3
367.1
19.2
371.8
18.5
370.9
17.4
370.4
16.5
379.5
16.4
378.4
16.4
384.7
384.1
16.1
16.3
386.8
16.6
391.6
"17.0 "408.0
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not show
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
19841985:
1986198719881989199019911992:
19931993:
Dec
Dec
Dee
Dec
Dee
Dec
Dec
Dec
Dec
Dec '
Mar '
Apr '
May
',
T
.
3
July '.
AUK '
Sept '
Oct '
Nov '
Dec '
1994- Jan r
Feb'
Mar"
.
..
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
60,476
55,228
55,306
56,740
57,048
57,546
58,011
58,813
59,749
60,320
60,476
60,603
60,763
60,589
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Note.—Aggregate reserves and the monetary base have been revised. Revised data prior to 1993
are not yet available.
Nonborrowed
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
60,394
55,137
55,233
56,618
56,867
57,302
57,659
58,386
59,464
60,231
60,394
60,529
60,693
60,534
Nonborrowed plus
extended
credit
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
60,394
55,137
55,233
56,618
56,867
57,302
57,659
58,386
59,464
60,231
60,394
60,529
60,693
60,534
Required
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
59,413
54,015
54,210
55,743
56,138
56,457
57,059
57,723
58,660
59,219
59,413
59,155
59,623
59,621
Monetary
base
Total
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
385,855
358,590
361,166
365,294
368,194
371,286
374,340
378,076
381,400
384,029
385,855
389,613
393,960
397,004
3,186
1,318
827
777
1,716
265
326
192
124
82
91
73
121
181
244
352
428
285
89
82
73
70
55
Seasonal
113
56
38
93
130
84
76
38
18
31
26
41
84
142
210
234
236
192
75
31
15
15
24
Extended
credit
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.4 percent in March; commercial and industrial loans rose 0.8
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200
2,800
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200 - ALL COMMERCIAL BANKS
2,800
- TOTAL
2,400
2,400
2,000
2,000
. LOANS AND LEASES-
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
400
OTHER SECURITIES
-V
200
200
160
160
120 I I I I I I I I I I I I
1988
I I I I I JI I I I I
1989"
I I I I I I I I I II
1990
I I I I II I I I II
I I I I I I I I I II
I I I I I I I I I I I I 120
1992
1991
1994
1993
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l]
Bank credit at all commercial banks
Securities in bank credit
Period
Total
iDanki
credit
U.S.
Real estate
Total
securities
Government
securities
Other
securities
Total
loans and
leases 2
Commercial and
industrial
1,873.3
2,024.1
2,115.9
2,109.0
2,110.1
2,187.7
607.9
639.0
640.2
New series:
1988: Dec
1989: Dec
1990: Dec
1991: Dec... .
1992- Dec
1993: Decr
2,608.9
2,749.9
2,852.6
2,949.7
3,102.6
562.6
584.8
634.0
743.6
839.6
914.9
367.3
400.3
455.9
563.9
663.2
729.9
195.3
184.5
178.2
179.6
176.4
185.0
1993: Marr
Apr
May
June
July
Aug
Sept r.
Oct T
Nov r
Dec r.
2,986.3
2,991.3
3,014.8
3,036.8
3,059.5
3,065.7
3,073.7
3,075.3
3,090.1
3,102.6
870.8
878.6
883.5
891.7
895.9
902.4
904.8
901.2
905.7
914.9
690.6
697.1
701.2
710.1
713.9
717.9
720.1
718.0
722.4
729.9
180.2
181.4
182.3
181.6
182.0
184.5
184.7
183.2
183.3
185.0
1994: Jan r
Feb r.
Mar
3,122.9
3,136.7
3,164.1
929.0
934.2
953.9
735.3
735.0
750.4
193.8
199.1
203.5
2,435.9
Loans and leases in bank credit
674.5
Revolving
borne
equity
Other
Consumer
365.2
367.0
369.2
371.1
375.3
378.4
380.5
384.6
387.7
389.9
64.8
63.6
69.3
73.0
82.9
80.2
82.1
81.3
87.1
86.1
189.1
191.9
194.3
196.1
198.7
195.5
196.1
196.1
194.7
192.7
392.6
395.9
399.8
79.3
80.7
81.9
196.0
199.0
196.9
73.6
73.1
2,115.5
2,112.8
2,131.3
2,145.2
2,163.5
2,163.3
2,168.8
2,174.0
2,184.3
2,187.7
593.1
587.8
591.3
592.4
590.5
589.2
586.9
586.5
585.3
584.8
903.3
902.5
907.2
912.6
916.1
919.9
923.3
925.6
929.6
934.1
74.7
75.1
75.2
75.1
75.0
74.7
74.4
73.8
73.4
73.1
828.7
827.4
831.9
837.5
841.1
845.2
848.9
851.8
856.2
861.1
2,193.9
2,202.5
2,210.3
589.9
592.0
596.6
936.1
935.0
935.0
72.8
72.9
72.9
863.4
862.1
862.1
Other
54.7
64.6
86.1
357.7
378.2
618.6
594.2
584.8
Security
192.1
195.4
192.8
190.6
192.2
192.7
634.5
719.3
792.0
809.2
826.8
861.1
40.1
50.3
62.3
69.7
769.6
854.2
878.9
900.4
934.1
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifications of
assets and liabilities.
28
Total
383.5
366.3
358.7
389.9
41.0
41.9
45.2
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States.
Note.—Data for new series not yet available prior to 1988.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Capital
Credit market funds
Total
Internal *
Total
Total
1984
1985 .
1986
1987
1988
1989
1990 .. .
1991
1992
1993 "
1992: I
II
III
IV
1993- I
II
III
IV
Securities
and
mortgages
Other 2
Loans and
short-term
paper
Total
tures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
501.0
486.3
531.9
540.5
610.9
562.3
522.8
473.2
587.2
580.6
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
476.1
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
124.5
104.5
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
69.1
74.9
-5.5
13.0
65.5
27.8
14 6
-32.9
18 9
95.9
68.8
85.9
114.1
63.1
74.7
37.4
86.4
95.2
56.6
-89.0
.3
-11.0
56.1
58.3
54.9
99.4
134.9
100.2
75.7
28.4
55.3
29.6
515.3
465.8
503.3
489.9
558.2
523.6
502.0
451.2
537.8
546.3
398.5
374.9
351.9
365.0
394.4
403.8
407.3
381.6
397.2
454.6
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6
91.7
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
49.4
34.2
560.5
600.9
589.5
597.8
454.6
452.2
468.5
475.4
105.9
148.7
121.0
122.4
81.8
69.8
70.2
54.7
-14.0
27 1
31.1
11.5
24.1
78.9
50.9
67.8
520.8
567.3
520.0
543.0
369.9
401.2
402.7
415.2
150.9
166.1
117.3
127.8
39.7
33.5
69.5
54.8
475.8
596.7
595.7
653.8
458.8
469.6
489.8
486.0
17.0
127.1
105.9
167.8
14.4
99.3
77.1
108.6
95.8
96.9
39.1
43.2
77.8
83.4
87.9
94.2
63 4
15.9
108
14.4
2.6
27.8
28.8
59.3
456.6
559.7
554.2
614.7
442.9
445.5
456.4
473.7
13.7
114.2
97.8
141.0
19.2
36.9
41.5
39.2
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
ahroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
1984:
19851986:
19871988:
19891990:
19911992:
1993-
Dec
Dee
Dec
Dec
Dec3
Dec
Dec .
Dec
Dec
Dec
1993- Feb
Mar
Mav .
July
Sept
Oct
Dec
1994- Jan r
Feb"
1
Automobile
Revolving
Automobile
Revolving
Other 2
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
278,321
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
281,474
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
230,288
73,636
75,057
54,347
36,669
53,878
(")
14,412
5 255
7,583
48,989
30,004
36,674
37,534
18,523
19,069
(")
-7,797
-23,841
-1,271
18,694
21,192
21,478
14,067
17,239
21,205
(*)
24,008
21,012
10,735
27,175
22,440
16,906
2,744
908
13,605
(4)
1,799
-2,426
1,881
3,121
747,228
750,131
752,193
750,293
752,428
757,465
762,503
768,573
775,620
782,561
790,082
261,434
262,313
262,463
264,007
265,388
267,468
268,784
270,650
273,822
276,853
278,321
258,384
259,661
261,450
262,690
263,338
266,938
270,753
273,703
277,125
279,273
281,474
227,410
228,157
228,280
223,596
223,701
223,058
222,967
224,220
224,673
226,435
230,288
3,645
2,903
2,062
-1,900
2,135
5,037
5,039
6,070
7,047
6,940
7,521
2,697
879
150
1,544
1,381
2,080
1,316
1,866
3,172
3,031
1,467
2,400
1,277
1,789
1,240
648
3,600
3,815
2,950
3,422
2,148
2,201
1,452
747
123
-4,684
105
-643
92
1,254
453
1,761
3,853
796,458
800,000
279,046
280,206
284,898
287,318
232,514
232,476
6,376
3,543
726
1,160
3,424
2,420
2,226
-38
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newlv available in January 1989 result in breaks in many series between December 1988
Total
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
790,082
For year-end data, change from preceding year-end; for monthly data, change from preceding
2
Other
2
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve Svstem.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in April.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
1986
1967
1993
1994
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) *
Constant maturities z
3-year
10-year
High-grade
municipal
honds
(Standard3&
Poor's)
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged by
banks *
New-home
mortgage
yields
(FHFB)5
1984 ..
1985
1986 .
1987
1988.
1989
1990.
1991
1992
1993 .
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
1993: Apr
May
June
July
2.89
2.96
3.10
3.05
3.05
2.96
3.04
3.12
3.08
4.30
4.40
4.53
4.43
4.36
4.17
4.18
4.50
4.54
5.97
6.04
5.96
5.81
5.68
5.36
5.33
5.72
5.77
5.78
5.81
5.73
5.60
5.50
5.31
5.29
5.47
5.35
7.46
7.43
7.33
7.17
6.85
6.66
6.67
6.93
6.93
3.19
3.20
3.38
3.35
3.33
3.25
3.27
3.43
3.40
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
7.46
7.37
7.23
7.20
7.05
6.95
6.80
6.80
6.92
3.02
3.21
3.52
3.74
4.48
4.83
5.40
5.99
5.75
5.97
6.48
6.97
5.30
5.44
5.93
6.38
6.92
7.08
7.48
7.88
3.30
3.62
4.08
4.40
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.25
6.25-6.75
6.95
6.85
6.99
3.50
3.71
3.63
3.76
3.85
5.62
5.92
5.91
6.09
6.08
6.72
6.97
6.93
7.03
6.95
6.21
6.40
6.27
6.66
6.19
7.65
7.90
7.87
7.93
7.81
4.13
4.28
4.27
4.49
4.56
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.25-6.25
6.25-6.25
6.25-6.25
6.25-6.75
6.75-6.75
Sept
Oct
Nov
Dec
1994: Jan . ...
Feb
Mar ...
Week ended:
1994- Apr 2
9
16
23
30
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate tor year; opening and closing rate for month and week.
2
30
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges i
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in April.
INDEX, DEC. 31,1965=50 (RATIO SCALE)
300
280
260
N
^r~—^^
240
INDEX, DEC. 31,1965=50 (RATIO SCALE)
300
280
260
240
r~~-^^—'
s—' —*
220
200
A
180
/
r
140
120
*/
\ /^r^^
V,
-4
200
1
\ \ \/r
/
~/\
160
\
220
180
~^^
COMPOSITE STOCK PRICE INDEX
(NYSE)
160
140
120
100
100
80
J
1 1 i ! 1 I 1 1! 1 1
1 1 I 1
I 1 ! 1 1
1987
1986
E M I !
M E M _L1J_LL 1 1 1 1 1
1988
1989
1 M
11
1990
1 1M 1 1M
1991
1 [
1 1 M
1
1 E 1 1 1
1 1 1 1 1 i M
1992
1 1 1
i i iii
1993
! 1 M 1
80
1994
PERCENT
PER CENT
EARNINGS-PRICE RATIO ON COMMON STOCKS
ISAP1
•
'
p
^
-~^^—
^
1
1986
-— '
~~~1
1
1987
1
1
1
1988
1
I
1
1989
1
i
l l
1990
i
l l
1991
i
l l
1992
i
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR', CORPORATION
i E
1993
i
COUNCll OF ECONOMIC ADVISERS
Common stock prices 1
Period
New York Stock Exchange indexes (Dec
noted) 2
Composite
1984
1985
1986
1987
1988
1989
1990
1991
1992.
1993
1993- Apr
May
July
Sept
Oct
Nov
Dec
1994
Jan
Feb
Mar
Week ended:
1994- Apr 2
9
16
23
30
1
Industrial
Transportation
3
Common stock yields
(percent) 6
, except as
Utility 3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's
composite
index
(194143=10) 5
Dividendprice ratio
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
92.89
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
160.46
186.84
236.34
286.83
265.79
322.84
334.5S
376.18
415.74
451.41
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
244.72
246.02
247.16
247.85
251 93
254.86
257.53
255.93
257.73
292.19
297.83
298.78
295.34
298.83
300.92
306.61
310.84
313.22
237.97
237.80
234.30
238.30
250.82
248.15
254.04
262.96
268.11
227.56
222.41
226.53
232.55
237.44
244.21
240.97
230.12
229.95
216.02
209.40
209.75
218.94
224.96
229.35
228.18
214.08
216.00
3,423.63
3,478.17
3,513.81
3,529.43
3,597.01
3,592.29
3,625.81
3,674.70
3,744.10
443.08
445.25
448.06
447.29
454.13
459.24
463.90
462.89
465.95
2.82
2.80
2.81
2.81
2.76
2.73
2.72
2.72
2.72
262.11
'61 97
257.32
247.97
320.92
322.41
318.08
304.48
278.29
276.67
265.68
250.43
225.15
220.85
215.45
210.08
218.71
217.12
211.02
208.12
3,868.36
3,905.62
3,816.98
3,661.48
472.99
471.58
463.81
447.23
2.69
r
2.70
2.78
2.90
250.30
247.74
248.10
246.37
250.09
308.63
305.64
304.70
301.09
306.99
256.02
253.21
252.19
244.79
251.80
210.93
206.91
207.48
212.47
214.30
206.75
205.64
209.94
208.54
208.40
3,681.02
3,663.20
3,671.34
3,628.03
3,688.83
450.95
446.65
447.25
444.66
451.15
2.90
2.88
2.90
2.93
2.88
Average of datlv closing prices.
Includes all the stocks (more than 2,000 in 11)92) listed on the NYSE.
Doc. 31, 1965=100. Effective April 27, 1998 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. AM indexes shown here reflect the doubling.
4
Includes 80 stocks.
5
Includes 500 stocks.
2
l l
1994
Earningsprice ratio
10.02
8.12
6.09
5.48
8.01
7.41
6.47
r
4.79
4.22
4.46
4.29
4.45
r
4.69
G
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. K
pricc ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & l*w
poration,
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 6 months of fiscal 1994, there was a deficit of $150.7 billion, compared with a deficit of $182.8 billion
a year earlier.
BILUONS OF DOLLARS
1,600
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS-!'
1,500
1,500
__„-"*"'
1,400
1,400
__--""
1,300
UUILAYS-!>
1,300
.- —
\
1,200
^
^"~~
1,200
1,100
1,100
----'"*'
1,000
""
1,000
^^^\
"'"
900
—
900
RECEIPTS1'
^^~~~^
800
800
—•
""
700
700
600
A
V
i
i
i
i
i
i
i
i
j\
V
i
SURPLUS OR DEFICIT ( ) -^
0
600
0
100
200
'.
-300
-400
A
Vl9B5
i
-~•—
^""""---^
i
1986
i
1987
i
1988
i
1989
-200
^^-—•—^___
i
1990
300
i
1991
i
1992
j\
i
1993
-400
1994 V
FISCAL YEARS
^INCUJDES ON-BUDGET AND OFF-BUDGET ITEMS.
jOURCES: DEPARTMENT Of THE TREASURY AND OFFCE OF MANAGEMENT AND BUDGET
COUNdl OF ECONOMY ADVISER
[Billions of dollars'
Receipts
1976
1977....
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 (estimates)
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Fiscal year or period
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
-73.8
790
-128.0
207 8
- 185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-49.8
54 9
-38.2
72 7
-74.0
-120.1
-208.0
-185.7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
-212.3
221 2
-149.8
-155.2
152.5
-221.4
269.5
-290.4
254.7
-234.8
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
912.9
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,141.6
1,203.0
-221.7
-238.0
-169.3
194 0
-205.2
278 0
-321.7
340.5
-300.0
290.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
336.2
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
280.9
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.3
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.3
4,001.9
4,351.2
4,676.0
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.2
3,472.4
709.9
726.8
-182.8
150.7
384.0
420.2
581.5
591.6
-197.5
-171.4
143.2
156.0
128.5
135.2
14.7
20.7
4,170.7
4,528.6
3,140.1
3,387.6
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,249.1
527.1
576.1
-73.7
53 7
-59.2
40 2
705
Cumulative total, first 6
Fiscal year 1993
Fiscal year 1994
1
Data from Monthly Treasury Statement.
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
32
1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1994, receipts were $49.0 billion higher than a year earlier and outlays were $16.9
billion higher.
B1LUC>NS OF DOLLARS
600
RECEIPTS1'
500
BIL1IONSOFDO LLARS
INDIVIDUAL INCOME TAXES
\
*
600
_
500
_.
400
400
\
300
300
CORPORATION
200
OTHER RECEIPTS
SOCIAL INSURANCE
200
\
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS -"
1,200
1,200
,100
.
1,100
'
1,000
1,000
NONDEFENSE
„ •— "
\
.-^^'
900
900
800
800
- — """"
700
700
600
600
500
500
NATIONAL DFFFNSF
400
400
300
300
200 /]
V
1
1985
1
1
1986
1987
1
1988
1
1
1989
1990
1
1991
1
1992
1
1993
1994
N 200
N
FISCAL YEARS
•^INCLUDES ON-BUDGEI AND OFF-BUDGET FfEMS.
sQURCES: DEPARTMENT OF THE TREASURY AND OFFCE OF MANAGEMENT AND
BUDGET
COUNCIL OF ECONOMY ADVISER 5
[Billions of dollars]
On-budget and off-budget outlays
On-budger, and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
769.1
854.1
909.0
990.7
1,031.3
1 054 3
1,090.5
1,153.5
1,249.1
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
549.9
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
130.7
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.9
73.0
73.1
74.3
78.9 ,'
82.3
90.9
92.3
100.5
98.0
106.5
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,483.8
527.1
576.1
246.8
261.7
43.3
53.7
191.7
209.4
45.3
51.4
709.9
726.8
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
..
1993
1994 (estimates)
Cumulative total, first 6 months: 1
Fiscal year 1993
Fiscal year 1994
1
Nationa defense
Social
insurance
taxes
and
contributions
Other
Data from Monthly Treasury Statement.
Social
security
Net
interest
Other
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
112.3
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
143.7
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.3
214.6
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
320.5
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.4
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.7
190.6
47.9
52.8
62.6
70.6
108.9
113.1
148.5
156.0
99.3
99.1
85.7
85.5
Health
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
279.8
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
267.4
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
16.8
19.0
146.1
139.7
140.2
133.1
10.9
10.0
Total
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Yea
Income
security
International
affairs
Total
Department of
Defense,
military
Medicare
15.8
1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1993, according to revised estimates. Federal receipts rose $39.8 billion (annual rate) and
Federal expenditures rose $34.1 billion. In the first quarter of 1994, according to advance estimates. Federal
expenditures fell $25.5 billion; receipts data are incomplete.
BILLIOS S OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
SEASONALLY ADJUSTED ANNUAL RATES
^ __ •* '
1,400
\~~"~
-
1,400
-
Ev 'ENDlTURE «
!,200
.<
—-—* „
,1,000
^
•> "*"
^ _
,-'"
"
'
1,200
^
-
1,000
^~-
__
\
800
'XX^
•
800
RECEIPTS
-
'-— '
^
600
600
-
-
-
-
400
400
200
200
-
-
SURPLUS OR DEFICIT { - ]
0
0
1
-200
-400
^
1
1 1
1982
-
-^ — -\
S~
^
1
1
i i i
1986
1
1983
1985
1984
i
-———
i
1987
i
1
1
1
1
1988
1989
1990
1991
1 992
!
-400
1
1 993
1 994
CALENDAR YEARS
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISER
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Fiscal year:
1991
1992
1993
Calendar year:
1991
1992 ..
1993
1982: IV
1983- IV
1984: IV
1985- IV
1986: IV
1987- IV
1988: IV
1989- IV
1990: IV
1991- IV
1992: I
II
III
IV
1993: I
..
n
m
IV
1994- I "
1,309.2
1,436.0
1,484.5
446.0
444.9
445.0
509.8
607.3
646.4
147.0
167.4
182.1
183.2
189.7
181.3
23.3
26.7
29.7
0.0
.0
.0
466.7 1,331.2
490.7 1,459.3
517.8 1,495.9
235.9
815.7
259.8
855.7
291.1
926.6
318.0
990.8
338.8 1,034.3
359.4 1,096.3
400.7 1,135.5
424.7 1,209.8
449.7 1,306.9
472.8 1,387.2
484.7 1,436.1
488.1 1,456.0
491.4 1,459.8
498.7 1,485.3
502.3 1,481.9
518.7 1,490.6
522.8 1,488.5
527.5 1,522.6
544.6 1,497.1
445.9
448.8
443.4
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
437.4
445.5
444.6
452.8
452.4
442.7
447.5
443.6
440.0
434.0
522.0
624.5
651.9
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
567.7
611.0
620.8
624.4
641.7
642.0
645.6
652.8
667.2
665.2
153.0
171.4
186.2
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.3
163.4
171.8
173.7
176.7
176.1
182.8
188.6
197.4
187.9
187.6
187.1
180.8
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.9
189.3
190.4
187.4
181.3
178.3
182.5
182.2
180.4
174.8
22.6
27.5
33.6
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
27.9
27.0
28.5
21.4
33.2
42.9
32.3
21.4
37.7
35.1
— .1
.0
.0
.0
.0
.6
.0
.0
2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
Indirect
business
tax and
nontax
accruals
1,121.4
1,165.6
1,249.3
475.7
484.0
511.7
108.4
116.3
135.6
76.7
80.8
86.0
460.6
484.5
516.0
1,127.8
1,183.0
' 1,269.5
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,142.5
1,165.9
1,176.1
1,169.1
1,221.1
1,218.4
1,268.0
1,275.9
r
l,315.7
474.9
490.8
521.3
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
478.5
479.7
482.0
489.5
511.8
502.1
520.7
527.1
535.1
5490
107.1
120.2
143.1
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.8
121.1
125.8
107.0
127.1
132.4
142.4
139.3
' 158.1
79.1
81.3
87.3
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
81.3
80.4
80.2
81.1
83.5
81.5
86.2
86.7
95.0
92.9
Source: Department of Commerce, Bureau of Economic Analysis.
34
Transfer
payments
Corporate
profits
tax
accruals
Total
r
Net
interest
paid
Purchases
Personal
tax and
nontax
receipts
Period
Subsidies less
current
surplus
of
Government
enterprises
Grantsin-aid
to
State
and
local
governments
Contributions
for
social
insurance
Total
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
-187.8
— 270.4
-235.2
T
-203.4
276.3
-226.4
-183.4
— 184.6
-186.8
-187.2
-177.5
— 152.7
-134.9
-141.5
-191.0
244.7
-270.2
— 279.9
-290.7
264.2
-263.5
— 222.6
-212.7
— 207.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NBA)
Industrial production (1987=100; seasonally adjusted)
Period
United
States
1984..
1985
1986
1987
1988
1989
1990
1991
1992
1993p....
1992:
Dec....
1
97.1
97.2
98.0
100.0
104.6
108.9
111.0
111.0
109.7
106.8
112.7
105.8
100.7
r
!01.8
103.1
r
!02.3
' 102.0
' 103.7
* 102.7
' 103.5
r
104.4
104.5
105.2
' 104.9
' 114.4
T
115.0
1156
105.7
Sept
Oct
Nov
Dec
93.4
96.8
96.6
100.0
109.3
115.9
121.4
123.7
116.5
111.7
100.5
July
France
91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5
r
103.2
109.0
May
Japan
92.8
94.4
95 3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
109.2
109.9
110.0
110.5
110.0
110.4
110.9
111.1
111 3
111 9
112.8
114.0
1993: Jan
Feb
Mar
1994: Jan ..
Feb
Mar P....
Canada
Germany
Italy
93.5
97.7
99.6
100.0
103.9
108.8
1 14.5
117.9
115.6
107.2
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
United
Kingdom
United
States '
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
r
104.7
103.9
1076
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
Canada
Italy
United
Kingdom
• fapan
France
Germany
104.8
108.9
113.4
118.4
123\2
129.3
135.5
143.1
145.2
147.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
N5.0
116.9
118.5
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
186.4
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
107.9
99.9
102.2
141.9
146.4
117.4
141.4
122.4
182.3
163.6
112.3 105.4
113.5
107.4
116.5
106.7
113.4
105.7
110.7
106.0
112.5 105.8
111.9
106.7
111.0
107.1
113.3 r 106.8
107.4 105.9
109.9 ' 106.9
108.0 r 105.8
107.4
106.1
107.8
106.6
107.0
107.2
106.4
108.1
107.9
107.4
r
106.7
' 107.3
105.3
105.9
104.4
99.9
104.3
101.9
104.3
102.4
102.2
104.5
105.7
102.7
103.8
103.0
T
103.2
104.9
103.9
' 105.2
105.1
' 105.2
r
106.3
106.6
106.0
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
147.0
147.4
147.3
147.3
147.6
147.6
148.0
148.1
148.2
148.4
149.1
148.8
117.3
117.4
117.7
118.5
118.6
118.5
118.8
119.2
119.3
119.2
118.5
118.6
141.9
142.4
143.1
143.2
143.5
143.4
143.5
143.5
144.0
144.3
144.4
144.3
123.8
124.3
124.7
125.1
125.5
125.7
126.0
126.0
126.1
126.4
126.7
126.9
182.9
183.6
184.0
184.7
185.4
186.4
187.1
187.2
187.5
188.6
189.5
189.5
162.0
163.1
163.7
165.2
165.8
165.7
165.3
166.0
166.7
166.6
166.4
166.7
109.1
109.3
r
r
146.2
146.7
148.8
147.7
147 6
118.7
118.7
1445
144.9
145.2
128.0
128.5
128.7
190.6
191.4
191.8
166.0
167.0
167.4
105.6
105.4
107 4
106.6
107.5
147 2
Data relate to all urban c
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) l
Genera! merchandise imports customs value) 3
Principal end-use commodity category
Period
1984
1985
5
5
1986
1987
1988
1989
1990
1991
1992
1993 r.
. ...
1993: Feb
Mar
Apr
May
June
July
Sept
Oct
Nov
Dec
1994- Jan '
Feb
1
2
3
4
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
224.0
218.8
227.2
254.1
322.4
363.8
393.6
421.7
448.2
464.8
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
40.4
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.3
112.0
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
183.0
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
47.1
51.7
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4
53.4
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
24.5
24.3
36.9
38.9
38.5
38.9
37.6
37.1
38.1
38.9
40.1
40.2
42.2
3.4
3.5
3.4
3.3
3.2
3.2
3.1
3.4
3.5
3.5
3.7
8.7
9.2
9.1
9.7
8.8
9.3
9.0
9.6
9.9
9.7
9.8
14.3
15.6
15.2
15.3
15.3
14.3
15.3
15.0
15.6
15.6
17.2
4.4
4.3
4.4
4.3
4.1
3.8
4.2
4.1
4.5
4.7
4.6
4.2
4.4
4.2
4.5
4.3
4.4
4.5
4.6
4.6
4.8
4.7
39.3
37.9
3.3
3.2
9.0
8.6
16.1
15.2
4.4
4.5
4.5
4.4
Total z
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments.
Total includes revisions not reflected in detail.
Trade balance
Principal end-use commodity category
General
merchandise
imports
(c.i.f.
value)
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
330.7
336.5
365.4
406.2
441.0
473.2
495.3
488.5
532.7
580.5
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
28.1
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.6
138.3
145.0
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.2
152.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
85.7
91.8
102.4
60.0
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6
18.4
346.4
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0
133.9
352.5
382.3
424.4
459.5
493.2
517.0
508.4
554.0
603.4
-106.7
-117.7
-138.3
-152.1
— 118.5
- 109.4
-101.7
-66.7
-84.5
-115.7
-122.4
- 133.6
-155.1
-170.3
-137.1
-129.4
— 123.4
-86.6
-105.9
-138.7
1.9
2.0
2.1
1.9
2.0
2.0
2.1
2.2
2.0
2.0
2.3
44.8
49.3
48.7
47.3
49.7
47.5
48.1
49.5
51.0
49.9
49.6
2.2
2.4
2.2
2.3
2.3
2.3
2.3
2.4
2.6
2.3
2.3
11.1
12.6
12.6
12.3
12.8
12.1
11.7
12.2
12.5
12.3
11.6
11.7
12.4
12.4
12.3
13.1
12.8
12.5
13.0
13.7
13.3
14.0
8.3
8.9
8.8
8.2
8.6
7.8
8.5
8.7
9.0
8.8
8.9
10.3
11.5
11.1
10.7
11.3
11.0
11.7
11.6
11.7
11.5
11.1
1.3
1.6
1.5
1.6
1.6
1.5
1.4
1.5
1.5
1.7
1.7
46.6
51.3
50.6
49.1
51.6
49.4
50.0
51.5
53.0
51.9
51.6
— 7.9
- 10.5
— 10.2
-8.4
— 12.1
— 10.4
-10.0
-10.6
-10.9
— 9.7
-7.4
— 9.6
-12.4
— 12.1
-10.2
-14.0
-12.3
-11.9
-12.6
— 12.9
-11.7
-9.3
2.0
2.0
49.5
50.3
2.5
2.4
11.6
12.1
14.2
14.0
8.5
8.8
11.3
11.4
1.5
1.6
51.4
52.2
-10.2
-12.4
-12.1
- 14.3
Other
Total
2
4
4
r
Other
Exports
(f.a.s) less
imports
(customs
value)
Kxports
(f.a.s)
loss
imports
(c.i.f.)
5
Total exports arc on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.— Data shown include trade of the U.S. Virgin Islands.
^
,„
„
„
0
r ,
source: Department ot Commerce, Bureau ot the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1993, the merchandise trade deficit fell to $32.8 billion, from $36.0 billion in the third
quarter. The current account deficit rose to $31.5 billion, from $28.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
15
15
BALANCE ON GOODS,
SERVICES, AND INCOME
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise * 2
Services
Net balance
Net
military
transactions 3 4
Net
travel and
transportation
receipts
Other
services,
net
Receipts
on U.S.
assets
abroad
-28,023
- 36 485
-67,102
-112,492
-122,173
- 145,081
-159,557
- 126,959
-115,249
109 033
-73,802
96 138
-132,478
- 19,640
- 19,053
-17,763
-24,801
-27,612
-25,962
-29,325
-34,398
-35,972
-32,783
— 844
112
-563
-2,547
-4,390
-5,181
-3,844
6315
-6,726
7 833
-5,851
2751
-1,027
-1,164
-755
-571
-727
-617
-836
— 145
-226
-128
-528
144
-992
-4,227
-8,438
-9,798
-7,382
-6,481
-1,511
5,071
8,979
17,933
19,718
19,762
5,228
5,481
5,011
5,201
4,882
4,624
5,063
5,420
4,992
4,287
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
36,944
8,660
8,809
9,608
9,177
11,016
9,641
9,736
9,296
8,991
8,922
86,529
86,200
84,778
99,056
89,489
87,497
95,129
122,275
144,904
151,201
127,292
110,612
110,339
30,074
29,144
29,028
28,641
27,195
25,749
26,003
27,802
28,409
28,127
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 p
1991: IE
IV
1992- I
II
Ill
IV
1993: I
II
HI
IV....
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,937
440,138
456,766
103,764
107,634
108,347
108,306
109,493
113,992
111,480
113,067
111,935
120,284
1
Imports
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
409 765
-447,189
-477,365
-498,336
-490,739
-536,276
-589,244
— 123,404
- 126,687
-126,110
-133,107
-137,105
- 139,954
-140,805
-147,465
-147,907
- 153,067
Excludes military.
Adjusted from Census data for differences in timing and coverage.
3
Quarterly data are not seasonallv adjusted.
2
36
Investment income
4
Payments
on foreign
assets in
U.S.
Net
-53,626 32,903
56412 29,788
-53,700 31,078
-69,572 29,483
-68,314 21,175
-74,736 12,761.
-87,403
7,726
-109,653 12,621
- 130,091 14,813
-130,853 20,348
-114,272 13,021
6,222
-104,391
-110,273
66
— 28,447
1,627
-26,431
2,713
-24,609
4,419
-27,734
907
-25,492
1,703
-26,555
-806
-26,115
-112
-27,829
-27
-26,792
1,617
-29,538 -1,411
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
Balance
on current
account
16,732
5,632
-26,719
-79,716
- 100,920
— 126,028
- 144,256
- 102,203
-75,532
-58,034
- 14,899
-33,505
-76,733
-5,289
-2,805
704
-10,243
- 10,628
-13,339
-14,783
-19,935
-20,500
-21,513
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,965
-26,092
-33,827
6,575
-32,895
-32,509
-6,564
-4,839
-7,389
-8,010
-7,147
-10,348
-7,592
-7,300
-7,591
- 10,026
5,030
-11,443
-44,460
-100,328
-123,870
- 150,203
-167,308
-127,168
-101,624
-91,861
-8,324
-66,400
-109,242
-11,853
-7,644
-6,685
-18,253
-17,775
-23,687
-22,375
-27,235
-28,091
-31,539
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $7.3 billion in the fourth
quarter of 1993, in contrast to a decrease of $8.5 billion in the third quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $7.5 billion in the fourth quarter, following an
increase of $24.9 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
-60
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capit
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988.
1989
1990
1991
1992
1993P
1991:
1992:
1993:
5
-114,147
-122,335
-58,735
-29,654
-34,687
-91,260
-61,254
. .
-91,423
-129,331
— 44,132
-59,974
-50,961
-143,872
I
-5,555
II
-875
Ill
15 672
IV
-37,870
I
-1,029
II
-8,695
Ill
-10,798
-30,438
IV
I
-12,715
-29,697
II
Ill .... -43,398
IV "... -58,062
U.S.
official
reserve
assets 3 5
-5,175
-4,965
-1,196
-3,131
3 858
312
9,149
-3,912
-25,293
-2,158
5,763
3,901
-1,379
-353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
983
822
-545
-673
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (+)]
]
U.S.
private
assets
103 875
5097
-6,131 -111,239
52 533
5006
-5,489 -21,035
2 821
28009
-2,022 -89,551
1,006
71 408
2,967 -90,477
105 297
1,259
2,307 -44,280
68643
2,905
-1,609 -53,253
106
142 388
-5,761
559
-419
-1,470
22 774
3,224
-38,637
-459
303
275
-9,866
-293
305
12 445
-737 -31,243
535 -12,267
275
30 244
-180
-42,674
57 203
186
Total
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
226,380
20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
25,875
42,537
71,637
86,330
Consists of gold, special drawing rights (SDRs), fon ign currencies, and the U.S. reserve posi-
on in the IMF.
Foreign
official
assets 3
Other
foreign
assets
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
71,225
5,604
-4,924
3,855
13,029
21,124
21,008
7 378
5,931
10,929
17,699
19,237
23,360
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
155,154
-5,624
12,044
19,659
39,798
-1,290
23,442
33,828
32,914
14,946
24,838
52,400
62,970
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
24,992
41,359
19,815
27,972
27592
18,272
-1,410
-899
17,384
30,820
-15,140
-12,218
26,735
-3,831
-8,014
4,011
— 7,312
-12,120
-17,502
2,123
15,280
9,215
14,395
-148
3,271
Of which:
Seasonal
adjustment
discrepancy
4,710
-120
-6,506
1,911
4,878
653
-6,754
1,222
6,082
943
-7,319
292
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
73.968
75,835
73,442
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagriculrural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
,
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
,
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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