Full text of Economic Indicators : August 1992
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102d Congress, 2d Session
Economic Indicators
AUGUST
1992
(Includes data available as of September 1, 1992)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
SEP 2 5 1992
FEDERAL RESERVE
BANK OF. CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1992
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member
PAUL WONNACOTT, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. 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
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
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 $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
mailing) from:
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ISBN 0-16-039118-0
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 1992, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.1
percent (annual rate) or $58.4 billion. Real GDP (GDP in 1987 dollars) rose 1.4 percent and the implicit price
deflator rose 2.7 percent.
BtLLJONS OF DOLLARS (RATIO SCALEI
JS OF DOLLARS (RATIO SCALE)
6,000
6,000
SEASONALLY ADJUSTED ANNUAL RATES
^
r^~
--.
5,600
5,200
X'
IN I
s.*• ^.^
987 DOLLAR s
5,200
^
/
GDP
4,800
5,600
4,800
f
4,400
4,400
X
«** """
\
.X!
4,000
s
s
x
4,000
\
GDP
IN C:URRENT DO LLARS
X
S
"^
-----
3,600
/
3,200
2,800
3,600
1
1
\
1
1982
\
^
3,200
\
\
1983
\
i
I
1984
I I
I
I t
1986
1985
i
i i
1987
1
1 1
1988
I
I I
1989
111
1990
SOURCE: DEPARTMENT OF COMMERCE
1
' 1
1991
i t i
2,800
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
Gross
domestic
product
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990-
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1991- I
II
Ill
IV
1992: I
II '
1
:..
consumption
expenditures
3,149.6
3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,522.2
5,677.5
2,059.2
2,257.5
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,748.4
3,887.7
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
5,445.2
5,522.6
5,559.6
5,561.3
3,672.4
3,715.3
3,787.8
3,818.2
5,585.8
5,657.6
5,713.1
5,753.3
3,821.7
3,871.9
3,914.2
3,942.9
5,840.2
5,898.6
4,022.8
4,053.9
Gross
private
domestic
investment
Exports and imports of goods
and services
Federal
Net
exports
503.4
546.7
-20.6
-51.4
718.9
714.5
717.6
749.3
793.6
832.3
799.5
721.1
-102.7
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
820.3
833.0
805.7
739.0
705.4
710.2
732.8
736.1
722.4
771.9
— 115.6
-132.5
— 143.1
-108.0
-79.7
-68.9
-21.8
-29.5
-71.8
— 107.1
-135.5
-133.2
-143.2
-106.0
-73.9
-72.1
-59.9
-76.3
— 67.2
— 15.3
-27.1
-16.0
-8.1
-36.6
Exports
282.6
276.7
302.4
302.1
319.2
364.0
444.2
508.0
557.0
598.2
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
541.2
551.2
555.9
579.7
573.2
594.3
602.3
622.9
628.1
625.9
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Imports
303.2
328.1
405.1
417.6
451.7
507.1
552.2
587.7
625.9
620.0
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
613.3
611.2
632.2
646.9
602.0
609.6
629.5
638.9
636.2
662.5
Total
Total
607.6
652.3
700.8
772.3
833.0
881.5
918.7
975.2
1,043.2
1,090.5
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,024.7
1,034.3
1,042.4
1,071.3
1,087.5
1,090.8
1,093.3
1,090.3
1,103.1
1,109.4
266.6
292.0
310.9
344.3
367.8
384.9
387.0
401.6
426.4
447.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
420.3
424.4
422.6
438.3
451.3
449.9
447.2
440.8
445.0
445.4
National
defense
193.8
214.4
233.1
258.6
276.7
292.1
295.6
299.9
314.0
323.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
311.6
312.9
308.4
323.2
332.4
325.9
321.9
314.7
313.6
312.3
Gross
domestic
643.2
3,165.5
3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,515.9
5,687.7
3,170.2
3,456.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,591.1
5,699.3
3,179.8
3,434.4
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,542.9
5,694.9
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
604.3
633.0
5,437.1
5,484.9
5,549.2
5,592.3
5,517.4
5,582.6
5,635.9
5,628.5
5,464.1
5,537.0
5,577.8
5,592.7
636.3
640.8
646.0
649.5
5,614.4
5,679.4
5,712.9
5,744.2
5,614.6
5,672.9
5,740.3
5,769.3
5,614.9
5,674.3
5,726.4
5,764.1
658.0
664.0
5,855.9
5,888.9
5,848.3
5,935.2
5,859.8
5,909.3
State
Nondefense
72.7
77.5
77.8
85.7
91.1
92.9
91.4
101.7
112.4
123.6
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
108.7
111.5
114.3
115.0
118.8
124.0
125.3
126.1
131.4
133.1
Adden-
Final
sales of
domestic
product
and
local
341.1
360.3
389.9
428.1
465.3
496.6
531.7
573.6
616.8
610.0
619.7
Source: Department of Commerce, Bureau of Economic Analysis.
purchases *
dum:
Gross
national
product
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1982
1983
1984
1985
1986 ....
1987
1988 ...
1989
1990 ... .
1991
19821983:
19841985:
19861987:
19881989:
IV
IV
IV
IV
IV
IV
IV
IV
1990: I
II
m
rv
1991- I
n
in
rv
1992:
1
I
nr
Gross
domestic
product
Personal
consumption
expenditures
Exports and imports of
goods and services
Government purchases
Federal
Nonresidentiai
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
-7.4
-56.1
1220
296.7
285.9
305.7
309.2
329.6
364.0
421.6
471.8
510.0
539.4
304.1
342.1
427.7
454.6
484.7
507.1
525.7
545.4
561.8
561.2
306.0
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
723.6
743.8
766.9
813.4
855.4
881.5
886.8
904.4
929.9
941.0
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
558.6
565.6
567.7
555.3
3,760.3
3,906.6
4,148.5
4,279.8
4,404.5
4,540.0
4,718.6
4,838.0
4,877.5
4,821.0
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
2,503.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
433.9
420.8
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
124.1
174.2
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
4.4
67.9
22.1
8.5
26.3
19.9
29.8
6.2
-9.3
44 9
29.3
47.9
30.2
20 1
59.9
20.9
24.9
4,890.8
4,902.7
4,882.6
4,833.8
4,796.7
4,817.1
4,831.8
4,838.5
3,259.5
3,260.1
3,273.9
3,248.0
544.8
535.6
542.9
529.3
210.7
201.8
189.1
177.5
7.5
32.8
11.2
268
-58.4
569
-59.3
32 7
3,223.5
3,239.3
3,251.2
3,249.0
507.0
503.0
498.7
492.1
164.1
25 1
166.9 -20.4
172.6
.6
177.3
7.5
17 9
-17.4
31 6
-20.5
500.2
508.7
508.4
522.6
515.9
536.1
544.2
561.4
4,873.7 3,289.3
4,891.0 3,287.4
495.8
513.8
185.6
189.6
-21.5
44 7
565.4
564.1
17 5
12 6
9.2
-145.3
155 1
-143.0
1040
-73.7
51 8
-21.8
190
-83.7
131 4
-155.4
1560
-136.0
102 7
— 67.4
Total
National
defense
State
and
local
Nondefense
320.8
331.0
355.2
373.0
384.9
377.3
376.1
383.6
388.3
221.4
234.2
245.8
265.6
280.6
292.1
287.0
281.4
283.3
282.8
84.7
86.6
85.1
89.5
92.4
92.9
90.2
94.8
100.3
105.5
417.6
423.0
436.0
458.2
482.4
496.6
509.6
528.3
546.3
552.7
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
926.8
929.4
924.8
938.5
383.4
385.4
378.3
387.3
284.9
285.1
277.3
285.8
98.5
100.3
101.0
101.5
533.8
553.5
575.8
581.8
945.1
945.6
940.2
933.1
394.1
393.8
387.2
378.2
291.8
287.6
280.6
271.0
102.2
106.2
106.6
107.2
586.8
608.8
937.0
935.7
375.3
373.7
265.6
263.1
109.7
110.6
543.4
544.0
546.5
551.2
551.0
551.8
553.0
554.9
561.8
561.9
GDP less exports of goods and services plus imports of goods and services.
Final
sales of
domestic
product
Gross
domestic
purchases 1
Addendum:
Gross
national
product
3,777.8
3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,871.3
4,830.3
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,883.3
4,870.0
4,871.4
4,860.6
4,821.8
4,837.4
4,831.2
4,830.9
4,886.3
4,881.8
3,767.7
3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,929.3
4,842.8
3,796.1
3,939.6
4,174.5
4,295.0
4,413.5
4,544.6
4,726.3
4,852.7
4,895.9
4,836.4
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,949.2
4,959.7
4,941.9
4,866.5
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,907.8
4,915.5
4,898.9
4,861.4
4,822.0
4,831.8
4,843.7
4,848.2
4,890.7
4,900.6
4,814.6
4,834.4
4,863.4
4,858.9
4,895.2
4,935.6
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
Total
Personal consumption
expenditures
Gross private
domestic investment
Durable
goods
Residential fixed
Nondurable goods
Services
Nonresidential
fixed
Government purchases
Exports and imports of
goods and services
Exports
Imports
Federal
Total
National
defense
Nondefense
State
and local
83.8
87.2
91.0
94.4
96.9
100.0
103.9
108.5
113.2
117.8
82.2
86.2
89.6
93.1
96.0
100.0
104.2
109.3
115.0
120.0
90.1
92.4
93.9
95.4
96.9
100.0
102.0
104.2
105.7
107.6
88.6
90.8
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.1
76.7
81.9
86.2
90.8
95.7
100.0
105.1
110.6
116.7
122.8
95.3
95.1
95.6
96.6
98.4
100.0
102.8
105.2
107.3
108.2
85.2
87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.7
111.8
95.2
96.8
98.9
97.7
96.9
100.0
105.3
107.7
109.2
110.9
99.7
95.9
94.7
91.9
93.2
100.0
105.1
107.8
111.4
110.5
87.1
91.0
93.9
96.9
98.6
100.0
102.6
106.8
111.2
115.2
87.6
91.6
94.8
97.3
98.6
100.0
103.0
106.6
110.8
114.5
85.9
89.5
91.3
95.7
98.6
100.0
101.4
107.3
112.0
117.1
81.7
85.2
89.4
93.4
96.4
100.0
104.3
108.6
112.9
116.4
85.0
88.4
92.2
95.5
98.0
101.2
105.5
110.1
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
89.4
91.8
94.1
97.0
96.3
101.5
105.6
110.8
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
111.3
112.6
113.9
115.0
112.7
114.0
115.7
117.6
105.4
105.5
105.8
106.1
113.3
114.3
116.6
119.3
114.2
115.8
117.6
119.3
106.5
106.8
107.8
108.2
110.2
110.6
111.1
111.0
108.2
108.4
109.3
110.9
109.8
108.0
111.4
116.5
109.6
110.1
111.7
113.2
109.4
109.7
111.2
113.1
110.4
111.2
113.2
113.3
111.2
112.1
113.4
114.8
1991: I
II
III
IV ...
116.5
117.5
118.2
118.9
118.6
119.5
120.4
121.4
106.7
107.3
108.0
108.3
119.4
119.9
120.2
120.8
120.8
122.1
123.4
124.7
108.7
108.5
108.0
107.4
111.3
111.6
112.5
111.8
111.1
110.9
110.7
111.0
112.8
110.1
109.3
109.8
114.5
114.3
115.5
116.6
113.9
113.3
114.7
116.2
116.2
116.8
117.6
117.6
115.5
116.1
116.8
117.1
1992: I
II '
119.8
120.6
122.3
123.3
108.6
109.4
121.4
122.2
126.1
127.3
107.1
106.9
111.7
112.3
111.1
111.0
108.4
108.8
118.6
119.2
118.1
118.7
119.8
120.3
117.1
118.2
1982
1983
1984
1985
1986 .
1987
1988 ..
1989
1990
1991
1982:
1983:
1984:
19851986:
19871988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
1990: I
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]
Gross domestic product
Period
Current
dollars
Constant
(1987) dollars
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.2
2.8
6.1
9.1
7.6
8.1
8.6
6.3
3.8
5.1
7.7
5.8
2.7
.1
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1988- I
n
m
IV
1989- I
n
m
rv
1990- I
n
in
rv
1991- I
1.8
5.2
4.0
2.8
6.2
4.1
n
m
IV
1992- I
n'
Personal consumption expenditures
Fixed-weighted
price index
(1987 weights)
Implicit price
deflator
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.3
4.1
3.6
4.4
5.1
3.9
5.4
4.6
3.8
3.7
4.4
4.8
4.7
3.9
5.3
3.5
2.4
2.4
3.1
2.7
1.8
2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
.8
— 1.2
2.6
4.3
2.5
3.9
3.2
1.8
0
1.5
2.8
1.0
-1.6
3.9
-3.0
1.7
1.2
.6
2.9
1.4
Current
dollars
Constant
(1987) dollars
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
-.6
7.1
2.5
2.9
4.1
.1
1.1
2.9
.8
2.2
.1
1.7
3.1
-3.0
2.0
1.5
-.3
5.1
2
10.2
6.9
9.6
6.1
3.8
3.3
3.5
2.7
3.1
3.9
4.4
4.5
4.0
3.6
4.5
5.4
3.7
5.0
4.7
3.7
3.6
5.4
4.6
4.7
4.1
4.7
3.5
3.0
2.4
3.6
2.6
Implicit price
deflator
9.0
8.4
6.9
7.1
8.0
6.9
6.4
3.7
9.9
7.9
8.4
8.9
5.1
7.0
6.3
5.3
8.4
4.8
8.0
3.2
.4
5.4
4.4
3.0
8.4
3.1
Fixed-weighted
price index
(1987 weights)
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.2
4.3
2.8
5.2
5.1
4.7
5.0
5.7
3.3
4.4
6.3
4.7
6.1
6.7
3.4
3.1
3.0
3.4
3.0
3.3
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
4.9
5.3
4.4
2.7
5.2
5.4
4.6
5.2
5.9
3.5
4.3
6.4
4.4
6.4
6.8
3.4
3.3
3.0
3.1
3.5
3.3
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 .
1991
19821983:
1984:
1985:
1986:
1987:
1988:
19891990:
1991:
IV .
IV
IV .
IV
IV
IV
IV
IV
I
II
III
IV ...
I
n .. .
Ill
IV
1992- I
II "
1
2
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Current
dollars
1987
dollars
1,748.6
1,802.8
1,936.1
2,166.5
2,293.6
2,386.3
2,547.3
2,764.8
2,913.5
3,036.5
3,073.8
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
2,999.6
3,053.1
3,048.2
3,045.0
3,037.1
3,062.7
3,084.4
3,111.1
3,138.1
3,174.5
2,035.1
2,001.3
2,112.3
2,284.1
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,740.0
2,698.0
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,742.0
2,763.3
2,737.3
2,717.4
2,683,5
2,687.4
2,699.1
2,722.0
2,737.6
2,756.4
Total
cost and
profit 2
0.859
.901
.917
.949
.970
.978
1.000
1.030
1.072
1.108
1.139
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.094
1.105
1.114
1.121
1.132
1.140
1.143
1.143
1.146
1.152
Consumption of
fixed
capital
0.102
.115
.115
.109
.109
.111
.110
.111
.117
.120
.126
.119
.119
.111
.110
.112
.110
.112
.120
.118
.118
.121
.123
.126
.127
.127
.126
.125
.126
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.
Indirect
business
taxes s
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.082
0.572
0.035
0.067
.085
.088
.091
.093
.095
.095
.096
.101
.106
.115
.086
.088
.091
.093
.095
.094
.097
.102
.104
.104
.107
.109
.113
.114
.117
.117
.118
.118
.605
.602
.617
.636
.648
.658
.676
.706
.737
.759
.607
.602
.623
.643
.654
.664
.687
.718
.724
.730
.744
.750
.754
.760
.763
.761
.760
.761
.041
.036
.038
.038
.040
.042
.045
.054
.054
.053
.040
.036
.041
.038
.042
.042
.047
.055
.054
.054
.054
.055
.054
.053
.053
.052
.050
.049
.056
.076
.094
.094
.084
.096
.102
.094
.091
.085
.051
.079
.091
.092
.081
.099
.102
.088
.093
.098
.088
.083
.084
.086
.084
.086
.093
.099
Profits
tax
liability
0.031
.023
.028
.032
.030
.031
.037
.038
.037
.034
.030
.020
.029
.027
.030
.035
.038
.040
.033
.033
.034
.036
.033
.029
.030
.031
.030
.033
.036
Profits
after
tax 4
0.036
.033
.048
.062
.064
.053
.059
.064
.057
.057
.055
.030
.050
.064
.063
.045
.060
.063
.055
.060
.065
.052
.050
.055
.056
.053
.056
.060
.063
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
20.553
20.819
21.586
21.896
22.125
22.690
23.071
'23.494
'23.088
'23.300
'23.617
21.094
21.895
22.032
22.315
22.838
23.286
'23.445
'23.060
'23.138
'23.389
'23.291
'23.408
'23.451
'23.546
'23.653
'23.893
'24.040
11.764
12.586
12.995
13.509
14.067
14.711
15.170
'15.781
'16.306
'17.169
'17.932
12.805
13.187
13.718
14.339
14.940
15.471
'16.017
' 16.555
'16.753
'17.077
'17.321
'17.550
'17.671
'17.891
'18.041
'18.186
'18.275
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
1983
1984
1985
1986
1987
1988
1989
1990
1991
198219831984198519861987198819891990-
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1991: I
II
Ill
IV
1992- I
II r
1
2,720.8
3,058.3
3,268.4
3,437.9
3 692 3
4,002.6
4,249.5
4,468.3
4,544.2
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,400.7
4,475.3
4,479.3
4,517.9
4,493.0
4,529.2
4,555.4
4,599.1
4,679.4
4,719.2
.
2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,291.2
3,390.8
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,223.7
3,281.2
3,320.5
3,339.6
3,343.0
3,379.6
3,407.0
3,433.8
3,476.3
3,506.4
Nonfarm
2.4
21.3
21.5
22.3
31.3
30.9
40.2
41.7
35.8
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
48.1
43.6
32.2
42.8
34.3
41.3
29.5
37.9
40.1
38.1
Rental
income of
persons
with
capital
consumption
adjustment
22.1
23.3
18.7
8.7
3.2
4.3
-13.5
-12.3
— 10.4
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
-16.2
-13.8
-9.5
-9.6
-12.4
— 12.3
-10.3
-6.6
-4.5
3.3
184.3
214.7
238.4
261.5
279.0
293.4
307.0
325.2
332.2
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
319.8
322.7
328.8
329.7
322.2
329.1
337.6
340.0
353.6
359.8
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
212.7
264.2
280.8
271.6
319.8
365.0
362.8
361.7
346.3
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
367.6
384.0
351.4
344.0
349.6
347.3
341.2
347.1
384.0
390.6
202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
337.4
359.6
334.4
333.5
344.2
342.2
331.9
333.1
360.7
363.2
Profits
before tax
Inventory
valuation
adjustment
210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
344.0
355.8
367.0
354.7
337.6
332.3
336.7
332.3
366.1
379.1
-8.5
-4.1
.2
9.7
— 14.5
-27.3
-17.5
-14.2
3.1
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-6.6
3.8
-32.6
-21.2
6.7
9.9
-4.8
.7
-5.4
-15.9
Capital
consumption
adjustment
Net
interest
10.4
27.8
55.5
44.1
46.4
44.7
37.4
20.5
8.4
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
30.2
24.4
17.0
10.5
5.3
5.1
9.3
14.1
23.3
27.4
270.0
307.9
326.2
350.2
360.4
387.7
452.7
460.7
449.5
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
457.6
457.6
456.0
471.4
456.2
444.4
450.5
446.9
430.0
420.9
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
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1991: I
II
Ill
IV
1992: I
II r.
1
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,259.5
3,260.1
3,273.9
3,248.0
3,223.5
3,239.3
3,251.2
3,249.0
3,289.3
3,287.4
Total
durable
goods
297.7
338.5
370.1
402.0
403.7
428.7
440.7
439.3
414.7
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
453.5
439.2
437.7
426.6
412.0
411.3
419.4
416.1
432.3
429.0
Motor
vehicles
and
parts
138.1
160.3
180.2
193.3
183.5
194.8
196.4
192.2
171.0
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
202.6
192.8
191.3
182.0
169.6
167.2
173.3
174.0
181.5
179.4
Includes other items, not shown separately.
Furniture and
household
equipment
104.3
115.3
123.8
136.3
144.0
155.4
165.8
169.5
168.6
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
171.8
169.7
168.9
167.5
166.9
169.3
170.4
167.9
174.4
174.3
Services
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Other
55.3
62.9
66.1
72.4
76.2
78.5
78.5
77.6
75.0
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
79.1
76.8
77.5
77.1
75.5
74.8
75.7
74.2
76.5
75.3
Total
nondurable goods
900.3
934.6
958.7
991.0
1,011.1
1,035.1
1,051.6
1,056.5
1,042.4
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,058.3
1,057.1
1,059.1
1,051.6
1,043.0
1,046.3
1,044.8
1,035.6
1,049.6
1,045.3
Food
463.4
472.3
483.0
494.1
500.7
513.4
515.0
520.8
515.8
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
518.3
521.2
521.6
522.0
516.4
516.3
515.0
515.3
518.9
513.9
Clothing
and
shoes
Gasoline
and oil
142.4
153.1
75.7
77.9
79.2
82.9
158.8
170.3
174.5
178.9
187.8
185.9
181.3
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
188.6
185.6
186.2
183.2
180.8
183.2
183.7
177.5
184.1
184.3
84.7
86.1
87.3
86.4
85.2
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
87.4
86.4
86.7
85.0
83.9
86.0
86.0
84.7
85.7
85.6
Fuel
oil and
coal
11.1
11.2
11.5
12.1
12.0
12.0
11.4
10.1
9.7
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.8
10.9
10.9
8.8
9.4
9.8
10.0
9.4
10.2
12.0
Other
207.8
220.0
226.2
231.7
239.1
244.7
250.2
253.4
250.5
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
254.3
253.0
253.7
252.7
252.5
251.0
250.0
248.6
250.7
249.6
Total
services 1
Housing
1,421.4
415.5
426.8
435.9
442.1
452.5
461.8
469.2
474.7
478.2
411.0
1,473.0
1,537.0
1,576.1
1,637.4
1,698.5
1,731.0
1,764.6
1,783.7
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,747.7
1,763.7
1,777.1
,769.8
,768.5
,781.8
,787.0
,797.4
,807.3
1,813.1
Retail sales of newpassenger cars
(millions of units)
Medical
care
419.7
431.3
438.1
444.8
457.0
465.6
471.3
473.3
474.1
475.1
476.1
476.5
477.9
478.8
479.8
481.2
482.9
Source: Department of Commerce, Bureau of Economic Analysis.
332.6
341.9
353.0
366.2
384.7
399.4
408.6
423.9
438.8
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
418.3
422.1
426.7
428.6
431.9
435.6
440.5
447.2
449.6
453.0
Domestics
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
7.2
6.8
7.1
6.6
6.1
6.1
6.3
6.1
6.1
6.3
Imports
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.8
2.7
2.5
2.4
2.2
2.3
2.3
2.2
2.2
2.2
SOURCES OF PERSONAL INCOME
Personal income rose $11.2 billion (annual rate) in July after rising $6.1 billion in June. Wages and salaries rose
$4.5 billion in July, after declining $1.9 billion in June.
BILLIONS OF DOLLARS* (RATIO SCALE|
6,000
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
4,000
3,000
2,000
1,400
800
800
400
400
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- July
Aug
Sept
Oct
Nov
Dec
1992- Jan
Feb
Mar
Apr r..
May r
June ''..
July"
personal
income
2 6909
2 862 5
3 154 6
3 379 8
3 5904
3 802 0
4 075 9
4 380 3
4 664 2
4 828 3
4 827 6
4 847 5
4 863 4
4 889 3
4 887 4
4 944 9
4 943 2
4 988 7
5 009 6
5 015 0
5 032 7
5 038 8
5 0500
Wage and
salary
disbursements 1
1 593 3
1 684 7
1 849 8
1 986 5
2 105 4
2 261 2
2 443 0
2 586 4
2 742 8
2 812 2
2 814 4
2 825 6
2 833 1
2 835 4
2 838 5
2 861 2
2 852 8
2 884 9
2 895 0
2 8906
2 907 6
2 905 7
2 910 2
Proprietors ' income 3
Other labor
income l z
165 4
174 6
184 7
191 8
200 7
2104
230 5
251 9
271 0
288 3
289 1
2906
292 1
293 6
295 0
2964
297 8
299 2
300 7
302 1
303 6
305 0
306 4
Farm
13 5
24
21 3
21 5
22 3
31 3
30 9
40 2
41 7
35 8
31 2
28 7
28 6
40 9
29 1
43 8
30 5
40 7
49 0
47 6
35 7
31 0
28 8
1
The total of wage and salary disbursements and other labor income differs from compensation of
mployees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
v&ge accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension11 and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
157 3
184 3
214 7
2384
261 5
279 0
293 4
307 0
325 2
332 2
337 2
337 3
338 2
339 7
339 5
340 7
349 0
354 8
356 9
358 6
359 0
361 8
362 3
4
Less:
income of4
persons
21 9
22 1
23 3
18 7
87
32
43
13 5
12 3
10 4
11 5
10 7
86
12 3
48
28
42
62
32
12
33
80
10 0
dividend
income
67 1
77 8
78 8
87 9
104 7
1004
108 4
126 5
140 3
137 0
135 9
135 6
135 4
134 7
134 3
133 8
133 6
133 8
134 2
135 4
136 6
137 9
139 5
interest
income
376 8
397 5
461 9
498 1
531 7
548 1
583 2
668 2
694 5
7006
699 4
701 8
704 2
703 8
703 4
702 6
693 1
684 4
676 9
676 2
675 7
675 2
674 2
&
p y-
ments
408 1
4389
452 9
485 9
517 8
542 2
576 7
625 0
685 8
771 1
771 0
778 7
781 5
794 1
793 7
811 7
835 5
844 3
848 2
8540
861 1
864 1
869 1
contributions
for social
insurance
112 3
119 7
132 8
149 1
162 1
173 6
194 5
211 4
224 8
238 4
239 1
240 2
241 1
240 7
241 2
242 5
244 9
247 3
248 2
248 3
249 8
249 9
250.6
personal
income 6
2 649 8
2,832.6
3 106 1
3 333 2
3 545 6
3 7494
4023 9
43180
4 599 6
47704
4 774 3
4796 8
4 813 0
4 826 5
4 836 5
4879 3
4 890 7
4 925 8
4 938 2
4 944 9
4 9744
4 985 1
4,998.4
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,
5
6
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the second quarter
of 1992.
BIlilONS OF DOUARS' (RATIO SCAIE]
BIWONSOF DOUARS' (RATIO SCALE)
2,500
2,500
2,000
DOUARS- [RATIOSCAli)
DOUARS' (RATIO SCAIE]
10,000
10,000
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Persona!
tax and
nontax
payments
._
Disposable
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Per capita
disposable personal
income
Disposable
personal
income in
1987
Current
dollars
dollars
(billions)
Billions of dollars
2,690.9
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,664.2
4,828.3
1982
1983.
1984
1985.
1986
1987.
1988
1989.
1990
1991
371.4
368.8
395.1
436.8
459.0
512.5
527.7
593.3
621.3
618.7
2,319.6
2493.7
2,759.5
2,943.0
3,131.5
3^548.2
3,787.0
4,042.9
4^209.6
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
2,325.1
2^537.5
2,753.7
2,944.0
3^147. 5
3^392.5
3,634.9
3,867.3
4^009^9
199.5
168.7
222.0
189.3
187.5
142.0
155.7
152.1
175.6
199^6
9,989
10J642
11,673
12,339
13,010
is',545
14,477
15,307
16,174
16^658
2,820.4
2393.6
3^080.1
3,162.1
3,261.9
3,289.5
3404.3
3,464.9
3,516.5
3,509.0
12,146
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) z
Percent
Dollars
2,120.1
Percent
change in
real per
capita
disposable
personal
income
8,868
12^349
13,029
13,258
13,552
13,545
13390
14,005
14,068
1 3386
9^634
10,408
11,184
11,843
12^568
13,448
14,241
14,996
15^384
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,128
14,120
14,038
13,988
13,861
13,891
13,876
13,913
14,017
14,030
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
14,752
14,887
15,133
15,209
15,184
15,345
15.468
15,537
15,814
15,895
12,015
12,336
12J568
12,903
13.029
13,044
12324
—0.1
1.7
5.5
1.8
2.2
— .1
2.5
.8
.4
-1.3
6.8
8.0
6.4
6.0
4.3
4.4
4.0
4.3
4.7
232,201
234,326
236,393
238,510
240,691
242,860
245,093
247,397
249,961
252,711
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,094
13,063
13,080
12,938
12,808
12,838
12,848
12,803
12,930
12,889
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
13
3.3
-.2
-2.3
-1.4
-3.6
.9
— .4
1.1
3.0
.4
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.4
4.6
3.9
4.6
4.7
4.7
4.5
5.1
4.9
5.4
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
248,931
249,558
250,303
251,050
251,687
252,329
253,053
253,776
254,388
255,051
10,782
ll|617
8.6
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m....
IV
1991: I
n
m....
IV
1992: I r
n ....
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,571.7
4,640.5
4,692.6
4,751.9
4,752.8
4,806.9
4,846.2
4,907.2
4,980.5
5,028.8
1
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
609.4
624.6
627,3
623.8
616.8
617.2
618.6
622.3
619.6
616.1
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
3,962.3
4,015.9
4,065.3
4,128.1
4,136.0
4,189.7
4,227.6
4,284.9
4,360.9
4,412.7
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,789.2
3,833.2
3,908.0
3,938.8
3,943.2
3,994.4
4,036.6
4,065.5
4,146.3
4,176.6
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
173.1
182.7
157.3
189.3
192.8
195.3
191.0
219.4
214.6
236.1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
15,917
16,092
16,242
16,443
16,433
16,604
16,706
16,885
17,143
17,301
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,516.8
3,523.9
3,513.7
3,511.6
3,488.7
3,505.2
3,511.5
3,530.8
3,565.7
3,578.3
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1992, according to preliminary estimates, gross farm income rose $1.9 billion (annual rate)
and net farm income fell $2.8 billion.
BILLIONS OF DOLLARS* (RATIO SCALE!
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
160
J
r
*"^
/•
s.
,
/-,
^
.
•
200
—
-~^1
^ ^Tl\ I
——— '
120
120
GROSS FAF M INCOME
60
xx
/>
X
\
,
_
/
\
\
\
__ J
l\ /
1 v
l\
1
\
'v
' \i
\' v
\'
\
\
60
N
^ s'
~~ s
/
^
™~ — ™*
/
-
\ /
*
'
\
I
NET FARM INCOME
',, '!\i\i
'/
V
10
1
1
1982
1
i i i
10
1
1983
1 1 1
1 1
1984
1
1985
1 1
1986
1
1 1
1987
1
1
1
1988
1
1
1
1
1989
1
1990
1
1
1
1
1
1991
1
1
1992
ATES
[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
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
r
1990: I
n
m
IV
1991: I r. .
II r r
m
IV '
1992: I"
1
166.3
164.1
153.9
168.0
161.2
156.1
168.4
174.5
190.3
195.1
189.6
199.3
191.5
188.3
201.6
189.1
189.8
185.2
194.1
196.0
141.6
142.6
136.8
142.8
144.1
135.3
141.8
151.1
160.9
170.0
167.4
166.0
166.8
173.7
173.4
165.2
165.5
170.7
168.0
163.9
Livestock and
products
69.2
70.3
69.6
72.9
69.8
71.6
76.0
79.4
84.1
89.6
86.8
89.4
87.9
90.7
90.3
89.6
87.6
84.9
85.0
87.5
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end~of~year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
72.5
72.3
67.2
69.9
74.3
63.7
65.8
71.6
76.8
80.4
80.6
76.6
78.9
83.0
83.1
75.6
77.9
85.8
83.0
76.3
3
Value of
inventory
changes 2
6.5
14
-10.9
6.0
-2.3
22
-2.3
35
4.3
2.9
.4
4.7
3.6
2.3
1.2
1.2
.6
.1
1
8.2
Production
expenses
Current
dollars
139.4
140.3
139.6
141.9
132.4
125.1
128.7
133.9
140.2
144.3
144.9
142.0
143.5
143.8
147.9
145.8
147.2
143.1
143.4
148.2
1987 dollars
26.9
23.8
14.2
26.1
28.8
31.0
39.7
40.6
50.1
50.8
44.6
57.2
48.0
44.4
53.6
43.2
42.5
42.0
50.6
47.8
Income in current dollars divided by the GDP implicit price deflator.
NOTE.-—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
s
34.1
28.5
16.3
28.7
30.5
32.0
39.7
39.1
46.2
45.0
38.0
r
51.4
42.6
r
r
39.0
46.6
37.3
36.4
35.8
42.9
39.9
CORPORATE PROFITS
In the second quarter of 1992, according to preliminary estimates, corporate profits before tax rose $13.0 billion
(annual rate) and profits after tax rose $4.9 billion.
BIUJONS OF DOUARS
BIUJONS OF DOUARS
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS BEFORE TAX
300
300
250
PROFITS AFTER TAX
\1^
100
\
TAX LIABILITY
1
1
1
1
1 1
1986
"\
UNDISTRIBUTED PROFITS
1
1
I
50
i i i
1 1
1988
1989
1
1 1
1991
1992
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
Nonfinancial
Period
Total 2
Total
1982
1983
1984
1985
1986 ..
1987
1988
1989
1990
1991
19821983:
1984:
1985:
19861987:
1988:
1989:
1990-
..
.
IV
IV....
IV
IV...
IV
IV....
IV
IV
I
n
m
IV..
1991: I
n
m
rv .
1992: I
n*
1
2
166.4
202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
337.4
359.6
334.4
333.5
344.2
342.2
331.9
333.1
360.7
363.2
138.6
171.9
205.2
194.5
194.6
233.9
271.2
266.0
275.5
271.3
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
275.0
297.0
269.7
260.2
269.4
275.9
270.0
270.2
292.0
300.8
Financial
15.6
24.5
20.3
28.7
35.8
36.4
41.8
50.6
56.7
60.9
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
57.0
57.8
56.9
55.1
59.7
60.7
63.6
59.7
70.1
65,8
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
8
Total
3
123.0
147.4
185.0
165.8
158.9
197.5
229.4
215.3
218.8
210.4
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
218.0
239.2
212.8
205.1
209.7
215.1
206.4
210.5
221.9
234.9
Manufacturing
Wholesale and
retail
trade
63.1
71.4
86.7
80.1
59.0
87.0
117.5
108.0
106.9
89.3
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
104.4
116.6
110.6
96.3
87.6
90.3
91.8
87.5
97.5
31.9
38.7
49.7
43.1
46.3
39.9
37.1
39.7
35.8
44.0
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.7
41.7
30.0
35.0
44.1
45.5
41.7
44.5
39.9
Profits
before
tax
176.3
210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
344.0
355.8
367.0
354.7
337.6
332.3
336.7
332.3
366.1
379.1
Tax
liability
63.1
77.2
94.0
96.5
106.5
127.1
137.0
141.3
136.7
124.0
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
132.4
137.6
143.0
133.7
121.3
122.9
127.0
125.0
136.4
144.5
Total
113.2
133.5
146.4
128.5
111.3
160.8
210.5
201.6
218.7
210.7
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
211.6
218.2
224.0
221.0
216.3
209.4
209.6
207.4
229.7
234.6
Dividends
70.0
81.2
82.7
92.4
109.8
106.2
115.3
134.6
149.3
146.5
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
146.1
148.7
150.6
151.9
150.6
146.2
145.1
143.9
143.6
r
146.6
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
43.2
52.3
63.8
36.1
1.6
54.6
95.2
67.1
69.4
64.2
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
65.5
69.5
73.4
69.1
65.7
63.2
64.5
63.4
86.2
88.0
Inventory
valuation
adjustment
9.9
-8.5
— 4.1
.2
9.7
-14.5
27.3
-17.5
14.2
3.1
8.6
-7.6
3.5
-3.8
-10.7
-17.8
31.7
-13.5
6.6
3.8
-32.6
-21.2
6.7
9.9
-4.8
.7
5.4
r
-15.9
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the second quarter of 1992, nonresidential fixed investment in 1987 dollars rose
$18.0 billion (annual rate) and residential investment rose $4.0 billion. There was a $9.2 billion increase in
inventories, following a decrease of $12.6 billion in the first quarter.
BILUOIvIS OF 1 987 DOLLARS
900
BIWONS OF 1 987 DC
)LLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
^_
~^
/^
\
\^^
700
f
700
^_-/-~ J
\
GROSS P MVATE DO* FSTIC
IN VESTMENT
/
600
/
500
600
^.
s
>
'""\
s'*'
500
NONRESIC ENTIAL
FIXED INVE 5TMENT
s'
^-^
400
400
^
R ISIDENTIAL
FIXEI 3 INVESTME •W
300
300
200
s
.^-
200
~ *•«.
CHAh4GE IN BUSI •IESS
1 NVENTORIES
— -—.-"**"
100
100
/
,
„f *
%
,-.
* * * *
0
''
-100
f~ ~ " •.
1
\,
1
%
0
t
1
1982
\
1 1 1
1983
1
1 1
1984
1
1
1985
1
i
l
i
1986
1
1
1
1987
l
l
l
1988
l
l
l
1989
1
1
i i i
1
1991
1990
SOURCE: DEPARTMENT OF COMMERCE
i
i
i
-100
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
1982
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfann
540.5
599.5
757.5
745.9
735.1
749.3
773.4
784.0
739.1
661.1
558.0
595.1
689.6
723.8
726.5
723.0
753.4
754.2
732.9
670.4
433.9
420.8
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
181.3
160.3
182.8
197.4
176.6
171.3
174.0
177.6
179.1
157.6
252.6
260.5
307.4
324.4
323.7
326.5
356.8
362.5
359.0
342.6
124.1
174.2
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
-17.5
4.4
67.9
22.1
8.5
26.3
19.9
29.8
6.2
-9.3
66.2
19.8
10.6
32.7
26.9
29.9
3.7
-9.6
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
-44.9
29.3
47.9
30.2
20 1
59.9
20.9
24.9
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
763.0
770.2
743.1
680.0
755.4
737.4
732.0
706.8
544.8
535.6
542.9
529.3
182.0
180.1
181.2
173.2
362.8
355.5
361.7
356.1
210.7
201.8
189.1
177.5
7.5
32.8
11.2
-26.8
5.9
27.9
6.6
256
n. .
m
646.0
649.5
672.0
676.9
671.1
669.8
671.4
669.3
507.0
503.0
498.7
492.1
166.8
162.2
153.0
148.4
340.2
340.8
345.8
343.7
164.1
166.9
172.6
177.3
-25.1
204
.6
7.5
-24.7
-24.5
-1.0
11.8
n.
668.9
712.6
681.4
703.4
495.8
513.8
149.4
147.9
346.4
365.8
185.6
189.6
-12.6
9.2
-10.7
8.4
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Gross
private
domestic
investment
IV
IV
IV
IV
IV
IV
IV
IV
1990: I
n
m
IV
1991: I
IV
1992: I r
Source: Department of Commerce, Bureau of Economic Analysis.
207
12.8
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1992 survey, business spending for new plant and equipment is
expected to rise 4.7 percent in 1992, following a decline of 0.6 percent in 1991.
BILLIONS OF DOLLARS (RATIO SCALE)
600
BILLIONS OF DOLLARS (RATIO SCALE)
600
SEASONALLY ADJUSTED ANNUAL RATES
500
^
400
^"
300
, _
^
-^"-"1
^
\
A L INDUSTRIES
400
„
• — ' '""
•
,^---
.-• —'
NO WANUFACTLJRING-^
^^
'
200
"" x __ _
-. "^
"** "*
^f*'*f
S
S
,''"'
. ''
>• N. ^
MANUFACTL RING
21 21 21
\
\ 1
1983
1 1 1
1
1984
1 1
1985
1
1
1
1986
1
1
1 1
1987
1 1
1988
1
1 1
1989
1
1 1
1990
I/SURVEYED QUARTERLY
£/SEE FOOTNOTE A BELOW
SOURCE: DEPARTMENT OF COMMERCE
1
1
1 1
1991
1
1
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
1981
1982..
1983
1984..
1985
1986
1987
1988
1989
1990
1991
1992 4
. .
1990: I
n
m
IV . .
1991- I
II
in
IV
1992- I 4
n
m*4
IV
1
All
industries
Total
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
529.20
553.86
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
183.61
179.21
532.50
534.55
534.11
530.13
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.13
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.59
374.65
Mining
Transportation
Public
utilities
Commercial
and
other
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.59
374.65
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.98
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.69
24.55
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.51
72.81
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.37
268.31
106.14
110.87
111.57
110.69
340.33
339.53
340.06
340.41
9.62
9.77
9.97
10.12
21.84
21.94
21.08
21.18
65.41
64.64
67.68
70.24
243.46
243.18
241.32
238.87
192.16
195.02
194.05
189.72
340.33
339.53
340.06
340.41
81.24
79.69
74.51
76.36
109.90
107.66
102.54
102.54
344.37
337.22
350.81
349.98
9.89
10.09
10.09
10.00
23.25
23.05
22.83
21.65
67.04
64.58
66.47
67.96
244.19
239.50
251.42
250.37
191.13
187.35
177.05
178.90
344.37
337.22
350.81
349.98
74.49
76.64
74.39
75.20
99.72
108.59
105.24
102.55
362.28
373.27
377.92
385.14
8.83
9.53
9.08
8.49
21.62
25.43
25.69
25.45
68.81
72.99
73.95
75.51
263.02
265.31
269.21
275.69
174.21
185.23
179.63
177.75
362.28
373.27
377.92
385.14
Nondurable
goods
Total l
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.95
75.18
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.66
104.03
192.16
195.02
194.05
189.72
86.03
84.15
82.48
79.03
535.50
524.57
527.86
528.88
191.13
187.35
177.05
178.90
536.49
558.50
557.55
562.89
174.21
185.23
179.63
177.75
Durable
goods
Excludes forestry, fisheries, and agricultural services; medical 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
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
588.74
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
183.61
179 21
Surveyed
annually =
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in April-May 1992, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In July, civilian employment rose 198,000 and unemployment fell 215,000.
MILLIONS OF PERSONS*
130
MILLIONS OF PERSONS*
130
SEASONALLY ADJUSTED
126
126
CIVILIAN LABOR FORCE
122
122
\
118
118
114
114
CIVILIAN
EMPLOYMENT
110
110
106
106
102
102
12
UNEMPLOYMENT
1987
1984
1988
1990
1989
*16 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1991
1991:
July ....
Aug
Sept ....
Oct
Nov
Dec
1992:
Jan
Peb
Mar
Apr
May
June
July ....
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
191,443
191,589
191,746
191,903
192,057
192,209
1,604
1,616
1,624
1,614
1,605
1,604
126,808
126,620
127,214
127,122
126,979
127,223
118,333
118,100
118,713
118,481
118,377
118,332
125,204
125,004
125,590
125,508
125,374
125,619
116,729
116,484
117,089
116,867
116,772
116,728
3,244
3,254
3,283
3,204
3,272
3,183
192,358
192,469
192,607
192,745
192,881
193,025
193,190
1,599
1,585
1,585
1,577
1,574
1,570
1,568
127,645
127,872
128,175
128,407
128,734
129,119
129,100
118,716
118,628
118,933
119,252
119,230
119,144
119,340
126,046
126,287
126,590
126,830
127,160
127,549
127,532
117,117
117,043
117,348
117,675
117,656
117,574
117,772
3,166
3,232
3,194
3,209
3,178
3,252
3,204
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Agricultural
Total
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 noninstitutional population.
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
64.0
64.0
64.4
64.8
57.8
57.9
59.5
60.1
60.7
Total
15
weeks
and
over
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
65.3
65.6
65.9
66.5
66.4
66.0
113,485
113,230
113,806
113,663
113,500
113,545
5,660
5,710
6,040
6,055
6,123
6,084
8,475
8,520
8,501
8,641
8,602
8,891
2,355
2,417
2,422
2,570
2,623
2,843
66.0
65.8
66.1
66.0
65.8
65.9
61.5
61.3
61.6
61.4
61.3
61.2
113,951
113,811
114,155
114,465
114,478
114,322
114,568
6,429
6,213
6,180
5,910
6,210
5,824
6,058
8,929
9,244
9,242
9,155
9,504
9,975
9,760
3,059
3,204
3,185
3,018
3,361
3,675
3,616
66.1
66.2
66.3
66.3
66.5
66.6
66.6
61.4
61.3
61.4
61.6
61.5
61.4
61.5
Total
Part time
for
economic
reasons 1
61.5
62.3
63.0
62.7
61.6
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
source: Department of Labor, Bureau of Labor statistics.
11
SELECTED UNEMPLOYMENT RATES
In July, the civilian unemployment rate fell to 7.7 percent and the overall unemployment rate fell to 7.6 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
20
20
TEENAGERS
(16-19)
15
15
10
10
V
ALL CIVILIAN WORKERS
BLACK
AND OTHER
MEN 20 YEARS
AND OVER
\
WOMEN 20 YEARS
AND OVER
/
WHITE
i 1 1 1 1 1 11 n I 1 1 1 il 1 1 1 1 I
1988
1989
1988
1992
1991
1990
1989
1990
* UNEMPLOYMENT AS PERCENT OF CIVtUAN 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)
Unemployment
rate,
all
workers >
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
.
1991: July
Aug
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
Apr
May
June
July
....
....
....
....
....
...
....
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
6.7
6.7
6.7
6.8
6.8
7.0
7.0
7.2
7.2
7.1
7.4
7.7
7.6
By sex and age
All
civilian
workers
9.7
9.6
Men
20 years
and over
Women
20 years
and
over
6.1
5.4
4.8
4.5
4.9
6.3
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.8
6.8
6.8
6.9
6.9
7.1
6.5
6.5
6.5
6.5
6.4
6.6
5.4
5.7
5.6
5.8
5.9
6.1
7.1
7.3
7.3
7.2
7.5
7.8
7.7
6.9
7.0
6.9
6.8
7.3
7.4
7.2
5.9
6.1
6.1
6.3
6.1
6.4
6.5
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
8.8
8.9
6.6
6.2
Both
sexes
16-19
years
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
19.9
19.0
18.2
18.9
18.7
19.3
18.3
20.0
20.6
19.2
20.0
23.6
21.0
Black
White
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.1
6.1
6.1
6.1
6.2
6.3
6.2
6.5
6.5
6.3
6.5
6.8
6.7
1
Unemployed as percent of total labor force including resident Armed Forces.
* Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
By selected groups
By race
and
other
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
10.6
11.1
11.1
11.5
11.0
11.5
12.6
12.2
12.2
12.4
13.1
13.5
13.1
Black
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
11.9
12.4
12.3
12.8
12.3
12.7
13.7
13.8
14.1
13.9
14.7
14.9
14.6
Experienced
wage and
salary
workers
Married
men,
spouse
present
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
6.4
6.5
6.5
6.6
6.7
6.8
4.4
4.4
4.5
4.2
4.5
4.7
6.9
7.1
7.2
6.9
7.2
7.3
7.2
4.8
5.0
4.8
4.7
5.1
5.3
5.3
Women
who
maintain
families
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
8.5
9.4
9.0
9.4
9.1
9.1
9.0
9.5
10.0
10.2
10.0
10.1
10.6
Source: Department of Labor, Bureau of Labor Statistics.
Funtime
workers
Parttime
workers
9.6
9.5
7.2
10.5
10.4
Labor
force
time lost
(percent) 2
11.0
10.9
6.6
6.6
6.5
6.6
6.5
6.8
8.2
8.3
8.4
8.4
8.6
8.6
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
7.6
7.7
7.7
7.7
7.9
8.1
6.8
7.1
7.0
7.0
7.1
7.5
7.4
9.1
8.8
9.0
8.8
9.5
9.3
9.1
8.1
8.3
8.3
8.3
8.3
8.4
8.4
6.8
6.6
5.8
5.2
4.9
5.2
6.5
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In July, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15-26 weeks
fell, and the percentages for 5-14 weeks and for 27 weeks and over rose. The mean duration of unemployment
fell to 18.3 weeks and the median duration fell to 8.5 weeks.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
10
-
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
State
programs
Insured
Initial
unemployment claims
Insured
unemployment,
all
regular
programs
(unadjusted)'
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991: July
Sept
Oct
Nov .
Dec
1992: Jan
Feb
Mar ..
May
July
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
8,475
8,520
8,501
8,641
8,602
8,891
8,929
9,244
9,242
9,155
9,504
9,975
9,760
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
39.8
39.9
39.0
38.2
38.1
37.1
36.8
33.3
36.0
35.9
36.4
35.6
34.8
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
32.3
31.6
32.7
32.1
31.5
31.0
29.5
31.7
29.1
30.2
27.8
27.8
28.3
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
14.6
14.8
14.7
16.4
15.1
15.4
16.1
16.1
15.5
14.4
14.8
15.1
15.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
13.2
13.7
13.6
13.4
15.3
16.5
17.7
18.9
19.4
19.6
21.1
21.5
21.8
1
Include! State (50 States, District of Columbia, Puerto Rico, and Virgin Wands), ex-servicemen (UCX), Federal (UCFE), and railroad (RB) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
13.9
14.1
14.2
14.6
14.9
15.3
16.4
17.0
17.1
17.0
18.3
18.6
18.3
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
6.8
7.2
7.4
7.4
7.7
7.8
8.1
8.2
8.0
8.8
9.0
8.7
8.5
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
54.7
55.4
56.1
55.1
54.8
56.2
53.7
5T.8
57.3
56.5
57.7
56.3
56.1
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
11.6
10.5
11.0
11.4
11.5
10.3
11.0
9.8
9.9
11.3
10.5
10.4
10.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
24.3
24.9
23.8
24.2
24.6
24.4
26.4
23.5
24.0
23.1
22.7
22.8
23.4
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.4
9.1
9.1
9.4
9.0
9.1
8.9
8.9
8.8
9.2
9.0
10.4
10.1
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,336
3,283
3,267
3,273
3,313
3,317
3,349
3,324
3,340
3,348
3,328
3,249
3,327
583
438
377
396
378
328
310
330
388
447
418
415
415
418
448
464
446
452
440
412
407
415
420
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,407
3,270
2,999
2,795
2,795
2,846
3,565
4,197
4,199
4,102
3,627
3,193
3,141
3,118
Source: Department of Labor (Bureau of Labor Statistics and Bmplorment and Training Adminuitration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 198,000 in July.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
110
.—-~
\
ALLNC3NAGRICULT URAL
ES ABLISHMEN' S
100
-
90
„80
-
SER /ICE-PRODLK:ING
INDUSTRIES
70
60
-
-
-
-
50
40
GOOt )S-PRODUCII>IG
IIvIDUSTRIES
,.— ..
30
1
20 Himliiiii miilnm
' 1988
|
i) i H i ! i i i i i
imilmTi HIlTllMI
1990
1989
1991
1992
'
<
1988
III l l l l M I 1
1989
v
r
1
CONSTRUCTiriK1
1 11 11111111
1990
1 1 H 1 1 1 1 i 1 1 1 1 11 M ! H 1 h
1991
1992
^
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Service-producing industries
Goods-producing industries
. 1
Period
Total
nonagricultural
employment
Manufacturing
Total
2
Construction
Total
Transportation
and
public
utilities
Wbolesale
trade
Rptnil
AeUUi
Government
Finance,
insurance,
and real
estate
Services
Total
Durable
goods
Nondurable
goods
65,753
66,866
69J69
72,660
74^967
77,492
80^363
83,007
84322
84,480
5,082
4,954
5459
5,238
5^255
5,372
5,'527
5,644
5308
5,772
5,296
5,286
5,574
5,736
5,774
5,865
6,055
6,221
6,200
6,069
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,677
19,259
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6^729
6,678
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,103
28,323
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,380
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
trade
Total
Federal
1982
1983 .
1984
1985
1986
1987
1988
1989
1990
1991
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,782
108,310
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,960
23,830
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,187
5,133
4,685
18,781
18,434
19^378
19,260
18^965
19,024
19^350
19,442
19417
18,455
11,014
10,707
11,479
11,464
11^203
11,167
ll^SSl
11,420
10,602
7,767
7,726
7^899
7,796
7*761
7,858
7^969
8,022
7^988
7,852
1991: July ...
Aug ...
Sept ...
Oct ....
Nov ...
Dec ....
108,190
108,267
108,293
108,285
108,139
108,154
23,792
23,791
23,755
23,704
23,613
23,584
4,674
4,662
4,662
4,642
4,585
4,592
18,425
18,443
18,414
18,388
18,361
18,329
10,586
10,582
10,557
10,530
10,498
10,466
7,839
7,861
7,857
7,858
7,863
7,863
84,398
84,476
84,538
84,581
84,526
84,570
5,767
5,773
5,769
5,766
5,761
5,758
6,064
6,050
6,049
6,040
6,031
6,021
19,238
19,244
19,220
19,175
19,130
19,112
6,662
6,661
6,663
6,665
6,666
6,670
28,289
28,366
28,450
28,525
28,514
28,559
18,378
18,382
18,387
18,410
18,424
18,450
2,965
2,970
2,978
2,980
2,981
2,983
Jan .... 108,100
Feb .... 108,142
Mar .... 108,200
Apr .... 108,377
May r.. 108,496
June ''. 108,433
July". 108,631
23,527
23,525
23,532
23,530
23,548
23,460
23,443
4,587
4,582
4,603
4,605
4,632
4,603
4,588
18,283
18,290
18,278
18,279
18,275
18,223
18,224
10,422
10,430
10,417
10,409
10,398
10,362
10,336
7,861
7,860
7,861
7,870
7,877
7,861
7,888
84,573
84,617
84,668
84,847
84,948
84,973
85,188
5,746
5,753
5,754
5,746
5,745
5,738
5,742
6,010
6,003
5,997
5,993
5,993
5,988
5,969
19,118
19,143
19,092
19,177
19,150
19,151
19,186
6,665
6,673
6,675
6,682
6,681
6,671
6,668
28,577
28,584
28,643
28,707
28,833
28,860
28,970
18,457
18,461
18,507
18,542
18,546
18,565
18,653
2,981
2,981
2,989
2,986
2,984
2,972
2,968
1992:
niiso
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
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
Period
Total
private
cultural i
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- July
Sept
Oct
Nov
Dec
1992- Jan
Feb
Mar .
May '
July '
Total
Overtime
Current
dollars
Total private
nonagricultural I
1982
dollars z
Manufacturing
Current dollars
Current
dollars
1982
dollars '
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1982
dollars
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
$7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.33
$7.68
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
$8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
$267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
354.32
$267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.64
$330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
$426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.02
$163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.40
198.77
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.6
-1.2
2.0
.8
13
.3
— 1.0
9
-1.0
-1.8
-1.5
34.2
34.3
34.4
34.3
34.4
34.5
40.7
40.9
40.9
40.9
40.9
41.0
3.6
3.7
3.7
3.7
3.7
3.7
10.34
10.38
10.39
10.40
10.42
10.46
7.46
7.47
7.46
7.45
7.44
7.45
11.21
11.24
11.25
11.27
11.30
11.32
353.63
356.03
357.42
356.72
358.45
360.87
255.14
256.32
256.58
255.53
255.85
257.03
456.25
459.72
460.13
460.94
462.17
464.12
533.02
533.14
537.98
533.78
529.84
538.37
198.93
199.91
200.20
200.07
202.05
202.62
1.8
2.8
2.7
3.2
3.0
3.1
-2.4
-.7
— .4
.5
.2
.4
34.3
34.6
34.5
34.3
34.6
34.3
34.3
40.9
41.1
41.1
41.1
41.3
41.0
41.0
3.6
3.7
3.8
3.9
4.1
3.9
3.8
10.46
10.51
10.55
10.52
10.56
10.58
10.58
7.44
7.46
7.46
7.42
7.44
7.43
7.41
11.27
11.34
11.37
11.42
11.44
11.44
11.45
358.78
363.65
363.98
360.84
365.38
362.89
362.89
255.36
258.27
257.23
254.47
257.31
254.84
254.30
460.94
466.07
467.31
469.36
472.47
469.04
469.45
530.22
526.55
532.87
535.95
548.10
543.48
539.26
202.91
205.61
205.06
202.77
205.06
203.35
203.92
3.0
3.9
4.2
3.1
3.4
1.9
2.5
.6
1.1
1.2
.1
.6
-1.0
-.5
1
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban i
workers (on a 1982 = 100 base).
2
Average gross weekly earnings
Total private
nonagricultural l
3 earners and clerical
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 '
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
1989: Mar
Sept
Dec
1990: Mar
June
Sept
Dec
1991: Mar
June
Sept
Dec
98.9
99.9
101.2
102.4
103.8
105.0
106.2
107.2
108.5
109.7
110.8
111.9
99.1
100.0
101.1
102.2
103.3
104.4
105.4
106.2
107.3
108.4
109.2 .
110.1
98.2
99.9
101.5
103.0
105.2
106.7
108.3
109.9
111.4
113.2
115.1
116.7
1992: Mar
June
113.0
113.7
111.0
111.5
118.4
119.4
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
1.1
1.0
1.3
1.2
1.4
1.2
1.1
.9
1.2
1.1
1.0
1.0
1.0
.9
1.1
1.1
1.1
1.1
1.0
.8
1.0
1.0
.7
.8
1.2
1.7
1.6
1.5
2.1
1.4
1.5
1.5
1.4
1.6
1.7
1.4
4.6
4.5
4.8
4.8
5.2
5.2
4.9
4.6
4.4
4.4
4.5
4.4
4.2
4.1
4.3
4.1
4.2
4.5
4.2
4.0
4.0
3.7
3.7
3.7
5.4
5.6
6.0
6.1
7.2
6.9
6.8
6.6
5.8
6.2
6.4
6.2
1.0
.6
.8
.5
1.5
.8
4.2
3.7
3.4
3.0
6.3
5.5
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
Not seasonally adjusted
Seasonally adjusted
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
nfluence of employment shifts among occupations and industries.
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
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 *
Compensation per
hour 8
Hours of 2all
persons
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
99.9
100.0
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.7
109.7
99.9
100.0
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.2
108.3
102.4
100.0
104.1
112.6
116.7
119.9
124.8
130.1
132.3
132.7
129.8
102.4
100.0
104.4
113.0
116.8
120.1
125.0
130.6
132.7
132.9
130.0
102.5
100.0
101.8
107.6
109.9
110.7
114.1
117.9
120.9
120.9
118.3
102.5
100.0
102.0
108.1
110.8
111.8
115.4
119.5
122.7
122.9
120.1
93.0
100.0
103.7
108.1
113.0
118.6
122.7
128.0
132.3
139.7
146.0
93.0
100.0
103.9
108.1
112.6
118.1
122.1
127.2
131.3
138.4
144.8
98.7
100.0
100.5
100.4
101.3
104.4
104.3
104.4
103.0
103.1
103.4
!01.1
103.2
105.1
105.8
107.1
109.1
109.6
100.0
107.5
114.4
118.0
120.6
127.4
131.7
100.0
108.1
114.8
118.2
120.8
127.6
132.5
98.9
104.3
108.7
110.4
111.6
115.5
119.2
98.9
104.7
109.2
111.7
112.8
116.9
120.9
102.1
105.2
109.7
115.4
120.6
125.3
r
130.1
102.1
105.1
109.7
114.8
120.1
124.6
129.3
109.2
109.3
108.0
108.1
132.3
132.3
132.7
132.7
121.1
121.0
122.9
122.8
132.7
134.4
n rr.
m r....
109.5
110.2
109.8
109.5
108.0
108.6
108.1
108.0
133.1
133.7
132.5
131.3
133.5
134.0
132.7
131.5
121.6
121.3
120.7
119.9
123.6
123.3
122.8
121.7
n r.
m r....
rv ....
109.1
109.4
109.9
110.7
107.7
108.0
108.5
109.1
129.2
129.5
130.0
130.6
129.4
129.7
130.2
130.7
118.4
118.3
118.3
118.0
111.8
112.2
110.2
110.8
131.4
131.9
131.5
132.1
117.5
117.5
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
98.8
100.0
100.7
100.4
101.0
104.0
103.7
103.7
102.2
102.2
102.6
93.1
100.0
101.5
103.3
106.5
109.5
112.2
116.0
120.9
127.3
133.1
93.1
100.0
101.5
103.4
106.8
109.9
112.8
116.4
121.4
127.9
133.7
94.5
100.0
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.2
94.2
100.0
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
100.6
100.4
100.6
102.2
105.3
104.8
104.3
100.6
100.3
100.5
101.6
104.9
104.2
103.6
101.0
102.1
104.3
108.0
111.6
113.6
117.8
' 101.0
101.8
104.4
108.4
112.1
114.2
118.0
101.1
104.8
109.0
112.4
114.6
117.9
122.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
131.6
133.3
102.7
103.0
101.9
102.2
121.4
122.9
121.9
123.4
126.7
127.8
127.1
128.2
136.3
139.0
141.0
142.7
135.0
137.6
139.6
141.5
102.7
103.6
103.4
102.9
101.7
102.6
102.4
102.0
124.5
126.0
128.4
130.3
125.1
126.6
129.1
130.9
129.1
130.6
131.9
133.3
129.6
131.1
132.5
134.1
120.2
120.1
120.1
119.8
143.7
145.5
146.8
148.1
142.6
144.4
145.7
146.8
102.8
103.5
103.7
103.7
102.0
102.7
102.9
102.8
131.8
133.0
133.7
133.7
132.4
133.7
134.3
134.5
134.9
136.0
136.7
137.3
135.7
136.6
137.5
138.3
119.3
119.3
149.6
150.4
148.2
149.2
104.0
103.7
103.1
102.9
133.8
134.0
134.6
134.7
138.2
138.8
139.1
139.8
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1981
1982
1983
1984
1985
1986
1987
1988
1989 r
1990 r.
1991 '
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
IV
1989: m '....
IV T ....
1990:
Ir
IV ....
1991: I rr
1992:
Ir
n "• ...
101.1
103.0
105.2
106.9
108.0
110.3
110.5
r
Percent change; quarterly data at seasonally adjusted annual rates
1981
1982
1983
1984
1985
1986
1987
1988
1989 '.
1990 r
1991 r.
1989:
1990:
1.3
.1
2.2
2.3
1.4
2.0
1.0
.9
-.8
.3
-.0
1.6
-2.4
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.1
-2.2
0.6
-2.5
1.8
5.7
2.1
.7
3.1
3.3
2.6
0
-2.2
0.7
-2.4
2.0
6.0
2.5
.9
3.3
3.5
2.7
.1
-2.3
9.4
7.6
3.7
4.2
4.5
4.9
3.5
4.3
3.4
5.6
4.5
9.6
7.5
3.9
4.0
4.2
4.9
3.4
4.1
3.2
5.4
4.7
-0.8
1.3
.5
-.1
.9
3.0
-.1
.1
-1.4
.2
.3
-0.7
1.2
.7
-.3
.6
3.0
-.2
.0
-1.5
-.0
.4
8.0
7.4
1.5
1.9
3.0
2.8
2.5
3.3
4.2
5.3
4.5
8.6
7.4
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.4
4.5
10.1
5.8
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.8
10.1
6.1
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
4.0
-1.6
.3
-.6
.4
-.6
.1
-.3
.2
1.0
2
.3
2
3.2
5.2
3.7
5.3
.1
1.1
.5
1.2
4.9
4.9
4.3
5.0
3.2
3.6
3.3
3.5
Ir
.5
2.9
-1.6
Q
-.4
2.5
-1.9
3
2.6
1.8
-3.6
35
2.2
1.6
-3.7
-3.6
2.0
-1.0
-2.0
-2.6
2.6
-.9
-1.9
-3.3
5.9
8.0
6.0
4.9
5.2
7.7
6.1
5.4
-1.1
3.7
-1.0
-1.8
-1.7
3.5
-.9
-1.4
5.4
5.0
7.8
5.8
5.6
5.1
8.2
5.7
4.2
4.7
4.2
4.2
4.2
4.7
4.5
4.8
-1.7
1.2
1.7
3.3
-1.3
1.3
1.7
2.5
-6.4
-6.1
-4.8
-.3
-4.9
-.4
-.1
-.9
2.9
5.1
3.6
3.5
3.1
5.3
3.7
3.1
-.3
2.6
.9
-.1
-.1
2.7
1.0
-.5
4.7
3.9
1.9
.2
4.5
3.9
2.0
.6
4.8
3.2
2.3
1.6
4.9
2.7
2.7
2.2
4.0
1.5
3.8
2.3
-1.5
-.3
4.1
2.1
3.9
2.7
1.3
-1.2
1.1
-.7
.1
.7
.1
.3
2.6
2.0
2.4
1.9
n rr.
m ....
I
r
n r.r
m ....
IV r....
1992:
1.9
-2.3
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.2
-2.2
HI r....
IV r....
IV ' ....
1991:
0.9
.1
2.4
2.1
.8
1.9
.8
.9
-1.0
.0
.1
Fp
n * ...
1
.9
1.6
2.0
.9
1.5
1.6
2.3
1.6
2.3
2.0
J
-1.2
-1.6
.2
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 the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers.
s
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.
Data reflect revisions beginning 1989 of GDP and related items published July 30, 1992.
'Data do not reflect GDP revisions of August 27, 1992.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in July.
INDE X, 1987 = 100* (RATIO SCALE)
INDE X, 1987 » 100* (RATIO SCALE]
120
130
TOTAL INDUSTRIAL PRODUCTION
FINAL PRODUCTS
115
125
110
120
,— 'I—S-^^
105
r^ ^^y —"i^s~
A^,
/
115
/^
110
100
j 1 1 ii Li 1 1 1 1
M 1 1 1 1 1 1 1 11
1 1 1 1 1 1 11 1 1 1
105
1 1 1 1 t 1 H 1 1 1 1 M 1 ll II 1 1 1
100
/
MANUFACTURING
95
DURABLE
/^
105
--^"
100
95
— ;*T-\
i / r^
r^~VV
.xx"\., "V"~%,
-'-._
Illllllllll
|m| |
miilnm
88
UTILITIES
\
105 ,
A
100
95
1988
•v.
*>
.
/
1
V
/
/ ^ — "t
Illllllllll
1 1 1 1 ll 1 H M
Illllllllll 1 1 i 1 1 ! i H 1 1
1 !1 1 1 1 1 M 1 1
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
-
86
84
i
\ff
*
\fi
^1
0^^
1 M 1 ll M 1 1 1
"
PERC ENT*
Illllllllll
UTILITIES AND MINING
110
DEFENSE
AKin spArF
E QUIPMENT
/S '
CONSUMEI
GOODS
NONDURABLE
120
115
,
85
80
1 1 ml i in i
\
1
BUSINESS
EQUIPMEN
90
/S~\/
s~~
\^^^~~\
r
.-^^' ,~~'\
115
110
/J\
f
\
X
120
-
MINING
Illllllllll I l l l l l l l l l l
1990
1989
{
^V"
82
k^vi
Hlllhllll
1991
r^^v^
~^-" ^~^~\
-/*""*]
•-^"
\
80
V/ \*s*~
78
Tallin
1992
76
Illllllllll
1988
iMiiiiiiii
1989
|1||M
1990
1 1 1 1 1 1 1 1 1 1 i II 1 1 1 1 1 1 1 1 1 1
1991
| 1992
* SEASONALLY AD USTED
SOIWCE. BOARD Of GOVERNORS OF THE FEDERAL RESER VE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
July
Aug
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar r
Apr
May r.
June r.
July"
1
Output as percent of capacity.
Capacity utilization
rate, percent l
Industry production indexes, 1987 = 100
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
-1.9
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
107.5
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
107.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
107.9
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
101.1
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
109.2
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
79.4
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
78.2
108.1
108.0
108.4
108.4
108.1
107.4
-2.1
-2.3
-2.0
-1.4
-.2
.2
108.3
108.4
108.9
109.0
108.6
108.1
108.1
107.8
108.4
108.2
107.8
107.1
108.6
109.0
109.6
110.1
109.6
109.5
102.7
101.3
101.4
100.7
99.6
98.8
110.9
110.7
109.7
109.4
111.0
107.9
80.0
79.8
79.9
79.8
79.3
78.7
78.7
78.6
78.8
78.7
78.2
77.7
106.6
107.2
107.6
108.1
108.9
108.5
108.9
.0
1.4
2.5
2.5
2.3
1.1
.8
107.4
108.1
108.5
109.0
109.8
109.6
109.5
105.8
107.0
107.0
107.6
109.1
108.5
108.4
109.5
109.6
110.4
110.7
110.7
111.0
110.9
97.8
98.4
97.5
99.1
99.8
98.3
101.0
106.8
106.4
107.7
108.2
107.8
107.1
110.9
78.0
78.3
78.4
78.7
79.1
78.7
78.9
77.0
77.4
77.5
77.7
78.1
77.8
77.6
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1982
1983
1984
1985
1986
1987...
1988
1989
1990
1991
1991- July
Sent
Get
Nov
Dec
1992: Jan
Feb
Mar
Apr r .
May r
July p
1
Durable
goods
Nondurable
goods
Total
1
Business
Defense
and
space
equipment
Construction
supplies
Business
supplies
Total
Total
Energy
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
109.6
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
107.5
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
102.3
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
109.0
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
112.2
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
121.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
91.1
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
103.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
96.0
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
108.4
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
105.5
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
102.3
110.2
109.8
110.4
110.6
110.6
109.9
108.3
108.4
109.4
109.7
110.0
109.1
105.5
104.0
107.7
107.5
106.0
104.6
109.0
109.6
109.8
110.3
111.1
110.3
112.8
111.6
111.8
111.9
111.4
110.9
122.5
121.3
122.2
122.3
121.8
121.4
90.0
89.8
89.1
89.1
88.8
88.1
104.0
104.4
104.3
104.1
103.9
103.8
96.9
96.7
96.5
95.4
95.9
95.0
109.0
109.7
109.7
110.1
109.4
110.0
107.0
107.2
107.5
107.4
106.6
105.8
104.1
103.3
103.6
103.1
102.2
100.4
108.7
109.4
109.8
110.6
111.8
110.8
110.7
108.1
108.8
109.3
110.1
110.6
110.0
110.2
101.3
105.3
106.2
107.9
111.1
109.7
108.2
110.0
109.8
110.2
110.7
110.5
110.1
110.7
109.4
110.2
110.4
111.3
112.2
111.8
111.4
119.9
121.0
121.5
123.0
124.5
124.4
124.1
86.7
86.2
85.6
84.7
84.2
83.6
82.3
103.9
104.0
104.4
103.9
104.5
104.0
104.8
95.5
96.0
96.7
96.5
97.9
97.0
97.3
109.9
109.6
109.7
109.0
109.2
108.8
110.1
105.2
105.8
106.1
106.8
107.7
107.5
108.4
100.4
100.5
100.1
101.3
101.4
100.1
103.1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
July
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
Apr '
May '
y
'
...
J
July".
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
99.5
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
98.0
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
100.4
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
123.5
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
110.1
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
98.6
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
90.4
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
94.2
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
96.2
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
112.3
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
110.9
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
108.6
101.2
102.6
102.3
102.6
103.5
101.3
99.5
100.6
100.8
102.4
105.6
101.7
100.9
101.4
101.9
101.9
101.8
101.2
123.9
123.3
123.1
123.5
122.8
121.9
111.0
111.5
111.0
109.8
110.7
110.6
101.3
99.0
102.2
102.4
99.7
98.0
96.7
91.6
99.5
100.4
95.9
94.6
94.8
95.3
95.2
93.8
96.4
95.2
97.8
98.3
98.1
98.7
98.8
99.0
111.9
112.3
113.3
114.4
114.2
114.5
111.5
112.3
112.6
113.5
113.0
112.6
108.3
108.7
109.5
109.4
110.1
109.6
102.5
102.7
101.4
100.9
102.0
101.8
104.8
105.0
103.7
102.5
100.9
102.3
102.0
106.4
99.7
100.5
100.0
100.6
102.2
102.2
102.4
121.4
121.9
122.9
124.1
126.7
126.6
127.7
110.0
110.7
110.9
Ul.O
112.4
112.1
111.6
93.8
96.8
96.5
98.0
99.6
98.0
96.0
87.1
93.8
94.2
98.5
102.7
100.2
96.9
97.4
98.8
99.2
97.2
97.8
94.9
97.1
97.5
97.7
97.8
98.0
99.0
98.4
99.0
114.8
114.4
113.8
113.7
113.6
112.6
112.8
112.7
113.4
114.8
115.8
116.9
118.0
117.8
109.2
109.6
110.2
109.6
109.1
109.1
109.4
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1987 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1983
1984
1985
294.9
348.8
377.4
407.7
419.4
432.3
443.4
442.1
401.0
1986
1987
1988
1989
1990 .
1991
231.5
278.6
299.5
323.1
328.7
337.5
345.3
334.2
290.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
48.2
50.8
51.3
51.6
50.1
51.5
54.5
54.9
55.8
75.7
74.8
74.0
72.9
70.1
67.4
67.3
65.8
66.7
69.1
65.9
63.6
66.9
63.1
55.8
55.9
56.3
56.5
56.9
56.4
56.0
57.2
58.3
59.4
60.7
59.8
60.1
61.8
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.9
110.2
75
83
91
96
100
101
105
95
r
90
107.9
109.3
113.1
112.4
114.4
112.9
111.4
114.6
117.0
120.4
117.6
120.8
114.8
116.5
r
85
r
Annual rates
1991- June
July
Sept
Oct
Nov
Dec
1992- Jan
Feb
Mar
May '
T ' r
July »
. .
...
394.3
397.0
404.8
406.0
406.1
401.2
398.7
286.3
287.7
291.8
293.6
291.7
288.3
287.4
154.9
157.0
161.5
164.2
164.7
164.5
164.1
407.1
411.8
421.5
423.1
426.0
424.4
422.0
292.5
294.8
301.1
305.5
305.3
309.6
305.4
169.5
169.8
172.7
178.9
181.8
182.6
180.6
1
Includes
2
Includes
3
residential improvements, not shown separately.
hotels and motels.
F.W. Dodge series.
756
955
1,097
1,016
1,019
973
961
783
545
Annual rates
107.7
110.0
114.4
117.1
117.5
118.0
118.3
122.0
123.3
125.9
128.9
128.1
128.6
126.7
90
92
89
98
r
83
r
98
95
r
!03
98
'96
89
91
89
438
469
507
408
625
474
479
472
563
497
499
423
525
482
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, bv type of structure
Period
Total
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1982
1983 ..
1984
1985
1986
1987
1988
1989
1990
1991
1 unit
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
2-4 units
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
5 or more units
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
Units
authorized
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
Units
completed
Homes sold
Homes for
sale at endl of
period
Vacancy rate
for rental
housing units
(percent) 2
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
412
623
639
688
750
671
676
650
534
509
253
301
353
346
357
366
368
365
321
283
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
1,104
1,065
1,051
1,193
1,073
1,021
1,021
1,043
1,097
1,127
* 1,067
1,204
1,165
513
505
522
499
526
578
578
667
627
555
r
546
549
578
563
296
295
292
292
289
286
283
281
269
277
r
274
272
273
272
7.3
Seasonally adjusted annual rates
1991- June
July
Sept
Oct
Nov
Dec
1992- Jan
Feb
Mar
-
Z
. r
T
• :
July '
1
2
1,036
1,053
1,053
1,020
1,085
1,085
1,118
1,180
1,257
1,340
1,086
1,196
1,151
1,119
870
881
881
864
887
907
972
989
1,109
1,068
933
1,019
1,000
959
26
46
41
28
49
33
46
28
24
53
27
33
41
36
Seasonally adjusted.
Quarterly data entered in last rionth of quarter. Series beginning 1989 not comparable with
arher data.
140
126
131
128
149
145
100
163
124
219
126
144
110
124
956
971
940
974
994
979
1,073
1,106
1,146
1,094
1,058
1,054
1,032
1,080
7.6
7.3
7.4
7.7
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 June, manufacturing and trade sales rose 1.6 percent and inventories rose $5.3 billion. In July, according to
advance data, retail sales rose 0.5 percent, following a decline of 0.3 percent in June.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
300
900
250
800
-"'
\
700 ^-^
MANUFACTURING AND
TRADE INVENTORIES
. RETAIL INVENTORIES -
200
600
~x
»"— -
500
S~~
.-
•**
" \
'
150
\
M/ NUFACTURII-4G
AN D TRADE SA1ES
\
RETAIL SALES
400
1 1M
100
300
RATIO '
200
M 1 M 11 1 M !
n n il n 1 1 1 1 1 l l i l i n n II 1 I l l l l l l l nn Mini i
1989
1988
1990
1991
1992
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade *
Wholesale
Sales
Period
Sales
2
Inventories a
Sales 2
Inventories 3
Inventory-sales ratio 4
Kotai!
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
s
Durable
goods
stores
Nondurable goods
stores
61,316
68,856
79,074
88,315
89,983
105,481
111,892
120,138
119,331
117,454
114,297
114,364
115,121
116,582
117,293
116,873
117,454
115,918
117,259
119,827
122,884
122,694
123,810
73,312
78,977
88,738
93,566
96,527
102,355
107,382
117,461
120,886
125,708
120,866
121,286
121,402
122,260
123,453
124,006
125,708
125,068
124,679
124,461
125,108
124,655
125,622
Millions of dollars, seasonally adjusted, except as noted
1982 ..
1983
1984
1985 ..
1986
1987 .
1988
1989
1990...
1991
1991: June *
July
Auff
Sept
Oct. . ..
Nov
Dec.
1992: Jan
Feb
Mar.
Apr
May ' .
June *•
July P
1
348,771
370,501
411,427
423,940
431,786
459,107
496,334
522,344
540,788
533,838
534,831
r
539,651
537,373
539,269
541,247
540,382
531,919
536,977
544,017
545,424
547,081
546,145
554,917
575,486
591,858
651,527
665,837
664,654
711,745
767,387
813,018
835,985
828,184
820,671
819,641
819,746
822,401
824,672
825,505
828,184
824,150
824,609
826,204
828,630
828,032
833,349
96,357
100,440
113,502
114,816
116,326
124,340
135,254
144,039
149,204
145,135
145,255
147,238
145,710
146,103
145,766
145,310
144,909
145,922
146,366
146,867
146,947
145,555
149,049
129,024
89,062
131,663
97,514
144,223 107,243
149,155 114,586
155,445 120,803
165,814
128,442
180,717 137,539
188,635 145,580
196,917 152,126
198,979 153,562
194,470 154,669
195,217 ' 154,797
195,323 153,819
194,007 154,330
195,371 154,569
196,347 154,092
198,979 154,280
198,730 157,808
199,416 159,753
198,677 157,873
198,432 158,385
197,397 159,111
201,059 r 158,653
159,490
See page 21 for manufacturing.
Annual data are average of monthly not seasonally adjusted figures; monthly data are seasonally adjusted total for month.
2
20
27,966
32,571
37,873
41,510
45,057
47,989
52,219
54,329
55,065
54,413
54,962
r
54,830
54,080
55,223
55,450
54,722
55,406
56,919
57,961
57,122
57,442
57,643
r
57,382
57,583
3
4
61,097
64,943
69,369
73,075
75,746
80,453
85,320
91,252
97,061
99,149
99,707
' 99,967
99,739
99,107
99,119
99,370
98,874
100,889
101,792
100,751
100,943
101,468
r
101,271
101,907
134,628
147,833
167,812
181,881
186,510
207,836
219,274
237,599
240,217
243,162
235,163
235,650
236,523
238,842
240,746
240,879
243,162
240,986
241,938
244,288
247,992
247,349
249,432
Manufacturing
and
Retail
trade *
(
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.67
1.56
1.53
1.55
1.55
1.50
1.50
1.53
1.53
1.55
1.53
1.52
1.53
1.53
1.52
1.53
1.56
1.53
1.52
1.51
1.51
1.52
1.50
1.49
1.44
.49
.52
.56
.55
.55
.59
.57
.55
.52
1.52
1.54
1.55
1.56
1.56
1.58
1.53
1.51
1.55
1.57
1.55
1.57
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers' shipments and new orders rose, while inventories and unfilled orders fell. In July, according
to advance data, manufacturers' durable goods shipments and new orders fell.
BIUJONS OF DOUARS* (RATIO SCALE)
BILLJC)NS OF DOLLARS* (RATIO SCALE)
SHIPMENTS
440 - INVENTO RIES
240
'
^200
360
^
TOTAL
nim<kBLE
160
GOODS
/
""
__._.-•
'-- — X"
\
"" _ _ _.-.^
1
\
280
\
120
1
-— "1
.
^
•x*"- — -
\
200
DURABLE GOODS
NON 3URABLE GO JDS
160
80
•
120
60
Ujj j 1 1 1 1 1 1
|
iimln ill
NCENDURABLE 3OODS
80
BILLIC NS OF DOLLARS* (RATIO SCALE)
280
NEW ORDERS
240
"~m~^-^r>
60
-v^/r—.
"\
'
200
llm l
m|||
TOTAL
160
I M I l l l l l II
DURAE LE GOODS
,\_f.
120
RATIO
2.20
,\.,..a^
*
INVENTORY-SHIPMENTS RATIO
»**
-»/•/---
2.00
— —.**
r^i
1.80
NONC>URABLE GO(3DS
80
1.60
— -
fN
'.
60
1 1 ii mini 1 M i l l M i l l iiiiihini
1989
1988
1990
1991
1.20
Ill I l l l l l l l
iiiiiliini
1988
1989
1992
5k
^
1.40
1 1 1 N 1I I 1 1 1 1 1 1 1 1 1 i 1 1 1 1
m
!m||
iiiiilnm
-s
Illllllllll
1990
1991
* SEASONALLY AC JUSTED
SOURCE: DEPART*AENT OF COMMERCE
COUNCIL OF ECC*MOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' inventories 2
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
1992
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1982
1983 ....
1984
19S5 ....
1986 .
1987 ....
1988 ....
1989
1990 ....
1991
163,351
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,142
79,212
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
118,548
84,139
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,593
311,834
312,362
339,492
334,801
322,699
338,095
367,396
386,784
398,851
386,043
200,423
199,831
221,304
218,211
212,027
220,786
241,356
255,911
259,746
246,966
111,411
112,531
118,188
116,590
110,672
117,309
126,040
130,873
139,105
139,077
162,140
175,451
192,879
195,706
195,204
209,389
227,026
235,905
240,417
233,774
78,064
88,140
100,164
102,356
103,647
110,809
121,445
124,906
123,324
117,063
19,213
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,227
29,862
84,077
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,093
116,712
311,889
347,272
373,524
387,087
393,403
430,287
471,942
510,112
521,811
505,631
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1991: June
July
, J.
234,907
237,616
237,844
238,836
240,912
240,980
232,730
118,904
120,222
121,021
121,958
122,771
122,814
116,869
116,003
117,394
116,823
116,878
118,141
118,166
115,861
391,038
388,774
387,900
389,552
388,555
388,279
386,043
252,919
251,459
250,520
251,319
249,738
249,202
246,966
138,119
137,315
137,380
138,233
138,817
139,077
139,077
229,219
244,580
239,750
233,703
238,542
238,680
229,924
113,478
127,153
122,630
116,528
120,227
120,344
113,920
27,558
34,982
29,462
28,762
29,452
33,067
26,968
115,741
117,427
117,120
117,175
118,315
118,336
116,004
509,370
516,334
518,240
513,107
510,737
508,436
505,631
1.66
1.64
1.63
1.63
1.61
1.61
1.66
233,247
237,898
240,684
241,749
241,479
247,215
118,698
121,991
123,503
123,483
122,344
125,855
125 481
114,549
115,907
117,181
118,266
119,135
121,360
384,434
383,255
383,239
382,206
383,286
382,858
245,754
244,395
243,787
242,512
242,447
241,906
138,680
138,860
139,452
139,694
140,839
140,952
232,467
233,388
237,606
240,771
238,696
244,233
118,011
117,750
120,187
122,393
119,808
123,194
119,032
30,093
29,463
32,163
29,901
30,469
30,979
28,811
114,456
115,638
117,419
118,378
118,888
121,039
504,851
500,341
497,263
496,285
493,502
490,520
1.65
1.61
1.59
1.58
1.59
1.55
Sept ..
Oct
Nov
Dec
1992:
Jan . .
Feb
Mar
May
July"
1
Annual data are average of monthly not seasonally adjusted figures; monthly data are seasonally adjusted total 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 July, the producer price index for all finished goods rose 0.1
unchanged
and
prices of
other
finished
consumer goods
rose
percent. Prices of finished consumer foods were
0.2
percent.
Capital equipment
prices rose
0.2
percent.
INDEX, 1982 = 100 (RATIO SCALE]
INDEX, 1982 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
130
130
CONSUMER FOODS
120
120
CAPITAL EQUIPMENT
110
110
TOTAL
100
100
EXCLUDING FOODS
90
I
I
IIIIIIIIIII
I
1984
1985
1986
IIIIII
I i i i i i I 90
IIIIII1III
1987
1989
1988
1992
1991
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
July
Sept
Oct
Nov
Dec
1992- Jan
Feb
Mar '
Apr
Mav
June
1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
121.2
121.5
121.8
122.1
122.2
122.1
121.9
122.2
122.4
122.5
123.0
123.3
123.4
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.2
124.0
123.4
123.3
123.3
123.1
123.0
122.5
123.7
123.1
122.8
122.3
122.6
122.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
120.1
120.6
121.2
121.7
121.9
121.7
121.6
121.7
122.2
122.2
123.0
123.3
123.6
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Capital
equipment
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
114.0
114.9
115.3
116.1
116.2
115.8
114.9
115.2
115.6
116.1
117.3
118.1
118.1
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
126.8
126.9
127.1
127.3
127.5
127.7
128.3
128.4
128.8
128.5
129.2
129.1
129.3
Total
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
117.7
118.3
119.0
119.6
119.8
119.5
119.0
119.2
119.6
119.9
120.7
121.2
121.4
Durable
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
123.5
123.8
124.3
124.4
124.6
124.7
125.4
125.2
125.8
125.8
125.7
125.6
125.9
Total
finished
consumer
goods
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
119.8
120.2
120.4
120.8
120.9
120.7
120.2
120.6
120.8
121.0
121.4
121.9
121.9
Crude materials
and
Other
Total
Foodstuffs
and
feedstuffs
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
108.5
110.6
110.8
111.7
112.0
111.9
110.8
112.1
111.6
111.3
111.2
111.7
109.5
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.1
114.3
114.5
114.2
114.1
114.0
113.3
113.8
114.0
114.1
114.6
115.4
115.5
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
99.3
99.1
98.4
100.5
100.4
98.3
97.3
99.0
97.3
98.4
99.8
101.1
101.1
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
104.2
102.6
104.2
104.2
103.5
102.9
104.8
106.9
105.8
104.5
105.4
106.2
104.4
Foods
Total
feeds l
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
113.8
114.1
114.3
114.0
114.0
113.9
113.2
113.7
113.8
114.0
114.4
115.2
115.2
Source: Department of Labor, Bureau of Labor Statistics.
Other
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
92.4
93.1
91.1
94.2
94.5
91.6
88.8
90.2
88.1
90.7
92.5
94.0
95.1
CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers rose 0.1 percent, seasonally adjusted (it rose 0.2 percent
not seasonally adjusted). The index was 3.2 percent above its year-earlier level.
INDE)(, 1982-84 . 100 (RATIO SCALE)
150
INDEX, 1982-84 . 100 (RATIOALE}
SC
150
SEASONALLY ADJUSTED
140
140
-.
^-^
130
130
^
CONSUMER PRICES—ALL ITEMS
\
120
^^s^ ^
^^
120
r-^-|
no
110
_-**
^
^~
too
100
^
90
90
80
1 1 1 I I 1 1 1 1 1 1
1984
I I 1 I I 1 I I I II
1985
1 1 1 1 1 111 1 1 1
1986
I II IIII III t
1987
1 t 1 1 1 1 1 1 1 1 !
1988
i I I I I 1 1 1 I II
1989
n 1 1 1 1 1 1 1 11
1 1 1 1 1 1 1 1 I 1 1
1991
1990
5EE NOTE ON TABLE BE ow
SOURCE: DEPARTMENT C>F LABOR
1 1 1 1 1 1 1 1 1 1 1
80
1992
COUNCIL O ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items
l
Transportation
Housing
Shelter
Period
Jtel. imp.3....
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
July
Sept
Oct
Nov
Dee
1992:
Feb....
Mar
Apr ....
May
June
July
Not
seasonally
adjusted
(NBA)
Seasonally
adjusted
100.0
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
Food
Total l
Total
All
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NBA)
16.0
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
41.5
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
27.9
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
8.0
19.7
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
0.2
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
Ener-
Motor
fuel
Medical
care
gy 2
items
less
food
and
energy
4.1
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
3.3
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
6.7
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
7.4
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
76.6
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
7.3
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
6.1
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
17.0
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
136.2
136.6
137.2
137.4
137.8
137.9
136.2
136.6
137.1
137.4
137.9
138.2
136.6
136.3
136.5
136.4
137.0
137.4
133.6
133.8
134.2
134.6
135.0
135.4
146.1
146.4
146.9
147.4
147.9
148.4
155.0
155.2
155.8
156.3
156.6
157.3
150.2
150.5
151.1
151.6
152.1
152.7
126.9
127.2
126.8
126.6
127.6
128.1
115.0
115.3
115.7
116.2
116.8
116.8
127.7
129.2
130.0
130.3
131.1
129.6
123.6
124.2
124.2
124.0
124.5
124.8
125.7
125.9
126.3
126.2
126.3
126.5
97.1
98.0
97.9
97.3
98.2
98.5
177.7
178.9
180.0
181.1
182.0
183.3
100.6
101.2
101.4
101.4
102.2
102.3
142.4
143.0
143.6
143.9
144.4
144.7
138.1
138.6
139.3
139.5
139.7
140.2
140.5
138.3
138.7
139.4
139.7
139.9
140.3
140.5
136.8
137.2
137.9
137.8
137.3
137.5
137.3
135.7
136.0
136.5
136.7
136.9
137.5
137.6
149.1
149.5
150.0
150.2
150.4
151.1
151.1
158.4
158.9
158.5
158.9
159.5
160.4
160.2
153.2
153.6
154.5
154.6
154.7
155.3
155.5
128.0
128.3
128.4
128.0
128.1
128.5
128.8
116.4
115.9
116.4
116.9
117.1
117.5
117.9
130.0
131.9
132.7
131.8
132.3
132.0
131.8
124.4
124.2
125.1
125.7
126.1
126.7
127.3
126.6
126.7
127.2
127.8
128.0
128.5
128.6
96.3
95.7
96.6
96.8
97.9
101.0
101.7
184.5
186.0
187.0
188.0
189.0
189.8
190.8
100.8
99.9
100.5
100.9
101.5
103.5
103.8
145.1
145.7
146.4
146.8
147.1
147.4
147.7
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1991.
2
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownerahip (
and therefore are not strictly comparable with figures for earlier periods.
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 front preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Total
Capital
equipment
Excluding foods
Foods
finished
goods
Capital
equipment
Excluding
foods
Poods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1984
1985
1986
1987
1988
1989
1990
1991
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1991- July
-0.2
1982
1983
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
4.2
9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
Y
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
Change, month to month
Sept
Oct
Nov
Dec
1992-
-0.6
.2
.2
.2
.1
-.1
Jan
Peb
Mar r
o'
2
-.1
4
1.0
-.5
o
-.4
.2
0
-.2
.2
.2
.1
.4
.2
.1
May
July
5
i
-0.7
01
.5
.6
.5
.2
3
0.1
.1
.2
.2
.2
.2
4
.2
.3
.3
.1
A
.2
.5
.1
.3
2
.5
1
.2
0
.7
4.1
6.6
5.2
1.7
20
-2.0
.3
3.1
5.1
5.5
5.1
-4.1
-5.0
-4.4
-2.2
-1.0
-1.0
3
1.3
3.0
2.3
1.0
7
0
1.0
2.0
2.6
3.0
3.0
-2.6
2.0
.3
1.0
-4.5
-1.6
6
-2.0
1.9
1.0
1.3
1.6
1.9
1.9
-1.3
-2.2
-2.5
-3.2
-3.0
-2.7
2
1.0
1.2
1.0
1.2
1.2
1.2
1.0
.7
1.3
2.0
2.5
3.2
2.9
3.5
.6
2.5
.9
2.5
7
2.4
3.3
2.9
2.9
1.8
1.4
1.6
2.9
2.0
.8
-.1
-.5
-.1
2.2
1.5
1.0
.5
1.5
2.9
4.1
2.4
2.4
2.7
1.9
2.7
2.2
1.6
— .4
.6
1.1
.9
1.1
1.5
1.7
-4.0
-2.4
.5
-.3
-.8
13
-.6
.2
1.8
1.6
1.4
Source: 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]
Transportation
Housing
Shelter
Period
All
items J
Food
Total
1
Total 1
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Bner-
gy2
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, D ecember to December, NSA
3.8
3.8
3.9
' 3.8
1.1
4.4
4.4
4.6
6.1
3.1
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
1.5 -6.5
3.4
17
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
2.1 -2.1
2.3
6.8
1.4
36.5
3.3 -16.0
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
4.5
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
0.6
.7
.6
.6
.5
.7
-0.5
.6
.2
0
.8
.1
0.3
.4
.4
.2
.3
.2
-1.5
-.9
.6
.4
.6
2.0
.3
.3
.4
.5
.3
.2
.2
.2
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
Change, month to month
1991:
1992:
July
Aug
Sept
Oct
Nov
Dec
0.1
.3
.4
.2
.4
.2
Jan
Feb
Mar
Apr
May
June
July
.1
.3
.5
.2
.1
.3
.1
1
3
-0.5
0.2
.2
.3
.3
.3
.3
0.3
.1
.4
.3
.2
.4
0.2
.2
.4
.3
.3
.4
0.5
.3
.3
.4
.5
0
-0.1
1.2
.6
.2
.6
-1.1
0.2
.5
0
.4
.3
0.3
.1
.3
.3
.3
.3
.4
.2
0.2
.2
.3
1
.1
.2
-.4
.3
.5
-.1
— .4
.1
— .1
.2
.2
.4
.1
.1
.4
.1
.5
.3
.3
.1
.1
.5
0
.7
.3
-.3
.3
.4
.6
-.1
.3
.3
.6
.1
.1
.4
.1
-.3
.3
1.5
.6
-.7
.4
-.2
— .2
-.3
2
.7
.5
.3
.5
.5
.1
.1
.4
.5
.2
.4
.1
2
.1-j
.4
.4
.2
.3
.3
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
9
-1.6
.9
1
-.6
.9
.3
99
-.6
.9
.2
1.1
3.2
.7
.7
.8
.5
.5
.5
.4
.5
2.7
3.6
2.9
3.5
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.4
2.7
3.0
3.6
3.9
3.2
2.2
2.5
3.0
3.0
3.3
3.1
4.4
3.8
3.4
2.9
3.0
3.1
2.6
2.3
3.5
4.1
3.5
2.6
2.3
3.1
3.1
3.4
3.4
2.9
3.1
3.2
2.6
2.8
3.2
3.2
3.0
3.1
3.2
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in August were 0.7 percent below their July level. Prices paid by farmers in July were
0.5 percent above their April level. (Data are not seasonally adjusted.)
INDEX, 1977 - 100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE]
200
200
_^ _
180
180
"
jr-'
160
160
T~\
—x
PRICES PAID
140
/^ ~^
^"^
X.
120
X^
/^A
N. /
140
x».
^
J
^•^A
120
\
PRICES RECEIVE D
100
100
1 11 1 1 1 11111 1 11 11111 11 1
80
1 1 l 1 l 11l 111
l llll1
1 1 1 1 1 1 1 M 11
1 111111 11 11
1 1 1 M 11 1 1 11
1 i i l ii
1 1 M
1 1 1 1 1 1 1
80
RA TO-!/
RATIC•)!>
140
140
-
120
120
RATIO
—
100
100
/
80
-^
60
1 1 l 1 l 111 111
1984
1
•
""•»—•—
l l ll i1 i il 11 1 1 1 1 1111 1 11
1986
1985
l l l l l 1 l l l ll
1
1987
1988
r=^
i
-
^-|
1 1 1 1 1 1 1 1 1 11
1989
1990
80
S
~
T~
60
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M
1991
1 1
1992
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices received by farmers
Period
All farm
products
Prices paid by farmers
Livestock and
products
Crops
All commodities,
services,
interest, taxes,l
and wage rates
Production
items, interest,
taxes, and wage
rates
Production
items
Katio 2
1985
1986
1987
1988
1989
1990
1991
133
135
142
128
123
127
138
147
149
146
121
128
138
120
107
106
126
134
127
130
145
141
146
136
138
146
150
160
170
161
159
161
164
162
159
162
170
178
184
189
158
159
161
156
150
152
160
167
172
175
153
152
155
151
144
148
157
165
171
173
84
84
87
79
77
78
81
83
81
77
1991: Aug
Sept
Oct
Nov
Dee
146
147
142
139
137
133
137
126
124
120
158
157
158
153
153
(3)
(3)
189
(3)
(a)
(3)
(3)
173
(3)
(3)
(3)
(3)
172
(3)
(3)
77
78
75
74
72
1992: Jan
Feb
Mar
Apr
May
June
July
Aug
138
142
143
141
141
140
r
!38
137
123
128
131
126
123
122
r
l!7
114
152
156
155
155
157
157
158
159
189
(3)
(3)
191
(3)
(3)
192
(3)
174
(3)
(3)
175
(3)
(3)
176
(3)
171
(3)
(3)
174
(3)
(a)
174
(3)
173
75
76
74
74
73
r
72
71
1982
1983
1984
1
Includes items not shown separately.
2
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.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
lave 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 fell in July.
BILLIONS OF DOLLARS* (RATIO SCALE]
4,800
BILLIONS OF DOLLARS* (RATIO SCALE)
4,400
4,400
4,000
4,000
3,600
3,600
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,200
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1982:
19831984:
19851986:
1987:
19881989:
19901991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec..
Dec
Dec
1991: June
July
Sept
Oct
Nov
Dec .
1992: Jan
Feb
Mar
July
1
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Percent change from year or 6
months earlier 2
Ml
M2
M3
Debt
474.6
521.4
552.5
620.2
724.6
750.0
786.9
794.1
826.1
898.1
1,951.9
2,186.1
2,374.3
2,569.4
2,811.1
2,910.8
3,071.1
3,227.3
3,339.0
' 3,439.9
2,440.6
2,693.0
2,987.4
3,203.2
3,494.3
3,681.1
3,923.1
4,059.8
4,114.6
'4,171.0
2,850.4
3,154.3
3,528.8
3,830.4
4,134.5
4,339.5
4,677.9
4,891.7
4,966.6
'4,989.8
4,672.7
5,209.4
5,963.3
6,830.5
7,751.2
8,520.8
9,316.1
10,060.0
10,747.0
'11,203.7
8.7
9.9
6.0
12.3
16.8
3.5
4.9
.9
4.0
8.7
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.1
3.5
3.0
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.3
1.4
9.3
11.5
14.5
14.5
13.5
9.9
9.3
8.0
6.8
4.2
857.3
860.0
866.5
872.0
880.9
891.4
898.1
3,411.8
' 3,407.5
'3,409.8
r
3,411.9
'3,418.0
r
3,431.8
' 3,439.9
4,167.7
4,157.3
'4,156.7
'4,152.9
'4,159.1
'4,166.9
'4,171.0
4,986.4
4,991.5
'4,985.3
'4,974.4
'4,978.1
'4,991.1
'4,989.8
10,983.5
11,017.4
11,056.6
11,094.7
11,135.6
'11,177.6
'11,203.7
7.6
8.2
7.2
7.1
9.1
9.5
9.5
4.4
3.8
2.4
1.5
'1.4
1.5
1.6
2.6
1.5
2
-.6
-.5
-.2
'.2
4.4
4.5
4.3
4.3
4.6
4.5
4.0
910.4
931.0
939.0
' 942.8
' 954.3
' 95 1.8
960.9
' 3,449.2
'3,476.9
r
3,475.6
r
3,470.2
'3,472.1
'3,463.1
3,460.3
'4,175.1
'4,201.0
'4,191.5
'4,177.7
'4,177.7
'4,166.3
4,161.9
'4,983.6
'5,012.7
'5,020.5
'5,012.2
'5,005.0
5,018.3
'11,232.1
'11,275.1
'11,326.5
'11,376.6
'11,425.5
11,477.7
11.7
14.9
15.4
14.1
'14.1
12.0
11.1
2.4
3.9
3.7
'3.1
2.3
'1.3
.6
'.9
2.1
'1.9
'.9
'.5
'-.2
-.6
3.9
'4.0
4.2
4.3
'4.4
4.9
Consists of outstanding credit market debt of the U.S. Government, State and loeal governments, 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 earlier at a simple annual rate.
26
L
Ml
NOTE.—-See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSAj
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars 1
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
1982:
1983:
1984:
1985:
1986:
1987:
1988:
19891990:
1991:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec .
Dec
June
Sept
Oct
Nov
Dec
1992: Jan
Feh
Mar
May
June
July
132.5
146.2
156.1
167.9
180.8
197.0
212.3
222.6
246.8
267.3
257.6
259.3
261.3
262.9
264.8
266.0
267.3
269.4
271.6
271.8
273.6
274.7
276.2
279.0
234.0
238.5
243.9
266.7
302.0
286.8
286.5
279.0
277.1
289.5
280.1
279.3
280.1
280.6
283.8
287.6
289.5
293.9
305.1
309.6
311.2
r
315.1
311.0
315.6
103.7
131.8
147.2
179.7
235.3
259.3
280.6
285.1
293.9
333.2
311.6
313.7
317.3
320.6
324.5
329.7
333.2
339.0
346.3
349.5
' 350.0
r
356.5
r
356.7
358.5
39.9
184.5
55.6
138.3
60.6
167.1
73.5
176.1
208.0
82.3
84.1
221.7
83.2
241.9
77.6
316.3
74.7 • 348.9
r
76.3
360.5
67.9
368.8
r
367.9
65.0
r
362.4
67.6
r
66.9
359.9
r
70.1
359.3
r
73.8
359.5
r
76.3
360.5
r
77.8
360.1
r
77.8
363.9
r
74.8
358.0
r
354.1
72.8
r
69.4
355.0
r
72.6
353.3
73.3
349.8
51.1
42.7
63.7
65.8
86.1
92.1
91.0
107.2
133.7
179.1
155.3
155.4
158.6
162.6
168.2
173.6
179.1
182.4
188.2
185.3
189.2
194.8
199.7
207.7
1
Includes continuing contract EPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are thost
$100,000 and more than $100,000, respectively.
2
3
isued in amounts of less than
398.5
684.0
704.2
814.4
940.1
937.0
926.2
891.2
920.7
1,042.6
976.8
986.1
994.1
1,002.4
1,015.0
1,028.7
1,042.6
1,061.2
1,083.9
1,098.0
r
1,111.2
r
l, 122.4
' 1,127.0
1,134.3
847.2
780.8
884.9
881.7
854.8
917.5
1,032.9
1,148.5
1,168.7
1,063.0
1,140.6
1,129.5
1,120.8
1,111.0
1,095.2
1,079.2
1,063.0
1,042.9
1,019.8
1,002.9
r
985.6
' 969.1
'956.5
941.9
323.3
324.8
415.6
436.1
439.5
489.1
541.2
559.3
494.9
437.1
478.3
471.2
465.5
458.5
450.0
442.3
437.1
427.9
420.7
413.0
405.7
r
400.9
r
395.3
388.5
Term
repurchase
agreements
(HPs)
Term
Eurodollars
(net)
NSA
NSA
33.4
49.9
57.6
62.4
80.6
106.0
121.8
99.1
89.6
r
70.4
78.4
r
78.7
r
78.2
r
76.5
r
75.2
r
73.3
r
70.4
r
70.3
r
71.5
r
73.0
r
72.2
r
73.0
r
73.0
71.2
81.7
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.2
61.6
62.7
63.6
61.5
62.8
61.5
57.2
55.3
55.9
57.9
55.0
r
53.2
r
53.1
52.1
Savings
bonds
68.0
71.1
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
132.4
133.5
134.4
135.2
136.1
137.1
137.9
138.9
140.1
141.2
142.4
143.5
144.6
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
183.6
211.9
260.9
298.2
280.0
253.0
269.6
325.5
332.7
317.9
325.1
332.8
330.6
322.9
321.5
324.7
317.9
311.5
321.2
328.6
r
328.8
r
332.3
338.4
44.5
45.0
45.4
42.0
37.1
44.3
39.8
40.1
34.0
23.3
28.1
28.1
27.2
25.8
25.3
24.5
23.3
23.2
22.9
22.2
21.6
r
22.0
22.0
113.7
133.2
160.8
207.5
231.2
260.5
336.1
348.6
359.3
339.7
333.0
339.8
336.3
337.7
336.2
337.9
339.7
334.8
327.5
337.0
341.7
329.4
347.1
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
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
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec .. .
Dec
July
Aug
Sept...
Oct
Nov
Dec
1992: Jan
Peb
Mar
Apr
May
July
1
23,600
25,367
26,878
31,485
39,005
38,934
40,468
40,558
41,832
45,601
42,845
43,282
43,487
44,138
44,785
45,601
46,186
47,746
48,476
49,001
49,494
49,234
49,487
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
22,966
24,593
23,692
30,167
38,179
38,157
38,752
40,293
41,506
45,409
42,238
42,517
42,841
43,877
44,677
45,409
45,953
47,668
48,385
48,911
49,339
49,005
49,202
Nonborrowed plus
extended
credit
23,152
24,595
26,296
30,666
38,482
38,640
39,996
40,313
41,529
45,410
42,284
42,818
43,143
43,889
44,678
45,410
45,954
47,670
48,386
48,913
49,339
49,005
49,202
Required
23,100
24,806
26,023
30,448
37,635
37,888
39,420
39,636
40,167
44,623
41,939
42,196
42,558
43,055
43,893
44,623
45,183
46,681
47,447
47,863
48,494
48,321
48,524
Monetary
base
160,127
175,467
187,248
203,601
223,732
239,967
256,973
267,772
293,287
317,254
306,794
309,132
310,929
313,281
315,332
317,254
319,695
323,411
324,512
326,500
328,584
' 329,642
332,254
Total
634
774
3,186
1,318
827
777
1,716
265
326
192
607
764
645
261
108
192
233
77
91
90
155
229
284
Seasonal
33
96
113
56
38
93
130
84
76
38
317
331
287
211
86
38
17
22
32
47
98
149
203
Extended
credit
186
2
2,604
499
303
483
1,244
20
23
1
46
300
302
12
1
1
1
2
2
2
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.4 percent in July; commercial and industrial loans also fell 0.4
percent.
BILLIONS OF DOLLARS* (RATIO SCALE]
3,200
BILLIONS OF DOLLARS* (RATIO SCALE]
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
LOANS AND LEASES
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
OTHER SECURITIES
\
200
200
160
160
I I I l I i I I l I I I 120
120
1984
1985
1986
1987
1990
1988
1991
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted
1
]
All commercial banks
Loans and leases
Period
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec r....
July
Aug
Sept
Oct
Nov
Dec "....
1992: Jan r ....
Feb r ....
Mar r....
Apr r....
May r....
June r...
July
Total
loans and
securities 2
U.S.
Government
securities
1,400.4
1,552.2
1,722.2
1,909.5
2,093.2
2,238.5
2,422.8
2,590.8
2,730.8
2,838.4
2,773.8
2,776.9
2,789.1
2,805.5
2,822.8
2,838.4
2,849.0
2,849.5
2,855.8
2,868.1
2,865.8
2,869.9
2,869.8
201.7
259.2
260.2
270.8
310.0
335.8
363.5
398.2
454.1
562.6
502.4
512.6
523.0
538.7
550.8
562.6
565.7
570.4
578.5
590.5
599.0
607.8
615.1
Other
securities
164.8
169.1
140.9
179.0
193.9
193.6
192.4
181.7
177.9
179.3
175.8
174.4
176.3
177.9
178.8
179.3
178.6
178.6
175.7
175.7
174.0
172.5
174.6
Total 2
1,033.9
1,123.9
1,321.1
1,459.8
1,589.4
1,709.1
1,866.9
2,010.9
2,098.8
2,096.5
2,095.5
2,089.9
2,089.8
2,088.9
2,093.2
2,096.5
2,104.7
2,100.5
2,101.6
2,101.9
2,092.8
2,089.6
2,080.2
Commercial
and
industrial
Real
estate
Individual
392.5
414.2
473.1
500.2
537.0
567.1
606.8
640.2
643.2
617.9
623.8
619.5
622.0
622.6
621.7
617.9
616.7
612.2
609.5
606.5
603.0
599.0
596.5
299.9
331.0
376.2
425.8
494.0
586.9
670.1
759.5
843.3
873.1
867.3
866.7
868.1
869.8
871.9
873.1
873.3
877.0
878.6
880.4
881.7
880.6
878.8
188.2
212.9
253.8
294.7
315.3
328.3
354.5
374.8
379.6
363.5
370.9
370.3
367.3
364.2
363.1
363.5
363.1
363.6
362.2
361.2
359.6
360.0
359.7
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
Security
N flTl
onbank
financial
institutions
Agricultural
otate
and
political
subdivisions
25.3
28.0
34.4
43.0
40.3
34.8
41.2
41.5
44.7
54.5
47.4
48.4
50.0
51.1
r
53.5
54.5
59.4
57.1
60.5
65.2
61.9
64.3
61.0
31.2
30.4
31.3
32.4
35.0
32.0
32.3
34.3
35.7
40.6
37.7
36.9
37.1
37.2
37.8
40.6
40.3
41.4
41.9
41.1
41.4
40.5
38.7
36.2
39.2
40.1
36.1
31.5
29.4
28.7
29.8
32.0
34.0
34.0
34.3
34.5
34.1
33.8
34.0
33.7
33.5
34.2
34.1
33.9
34.2
34.2
0.0
.0
46.0
56.7
58.5
52.4
45.1
40.0
33.9
29.1
31.0
30.6
30.3
29.7
29.4
29.1
28.1
28.2
28.2
28.0
27.7
27.4
26.9
Foreign
banks
14.7
13.4
11.6
9.9
10.3
7.8
7.7
8.2
7.5
7.4
6.4
6.5
6.8
6.6
6.9
7.4
7.2
6.7
6.5
6.6
7.2
8.0
8.3
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
Other
5.9
9.4
8.4
6.3
6.3
5.7
5.0
3.5
2.8
2.4
2.3
2.2
2.3
2.4
2.5
2.4
2.3
2.2
2.2
2.1
2.1
2.1
2.2
13.3
13.7
16.0
19.0
22.4
24.6
29.3
31.8
32.8
31.7
32.5
31.9
31.8
31.6
31.5
31.7
31.5
31.6
31.6
31.5
31.4
31.6
30.5
26.8
31.8
30.2
35.6
38.8
40.1
46.2
47.1
43.3
42.4
42.3
42.7
39.8
39.5
41.1
42.4
49.2
47.0
46.4
45.3
42.9
42.0
43.2
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Credit market funds
Internal 1
Total
Total
Securities
and
mortgages
287.5
303.5
397.5
368.9
351.3
365.1
396.6
422.9
403.3
366.1
51.8
125.1
107.2
82.8
151.2
111.7
163.8
103.9
86.5
69.1
-25.8
2.6
-13.3
12.7
19.0
68.1
26.3
22.6
-19.6
24.6
855
20.7
92.1
18.2
55.9
113.5
483.5
551.1
415.9
430.7
67.6
120.4
-10.5
4.9
— 14.0
7.5
-49.0
-.4
67.6
41.3
47.1
-36.0
94.3
73.2
84.3
38.6
507.7
523.0
529.4
398.8
402.4
415.9
418.2
376.2
105.3
107.1
111.2
22.6
34.0
-5.8
-85.7
-20.6
63.1
109.2
80.0
110.3
-54.6
61 9
48 4
-97.8
47.7
50.8
66.0
5.2
387.3
458.2
493.1
402.2
346.0
350.8
380.8
386.7
41.3
107.4
112.3
15.5
59.8
30.6
-8.4
16.3
119.8
-17.3
17.8
465.6
358.2
107.4
69.9
1984
1985
1986
1987
1988
1989
1990
1991
50.7
81.0
92.5
52.4
126.7
63.0
63.0
42.1
16.0
25.0
40
45.5
130
-4.6
60.9
27.6
12 9
-41.7
-13.9
90.7
1989- TTT
IV
473.0
556.1
410.5
403.7
62.5
152.4
6.6
38.9
1990: I .
541.7
517.1
443.6
378.2
393.8
395.2
361.2
375.9
147.9
121.9
82.4
2.3
1991- I
IV
447.1
488.8
484.7
418.5
390.9
390.7
387.1
400.7
56.2
98.1
97.6
17.8
1992: lp
535.4
415.1
120.3
n.
m
8.5
47.3
31.6
12.5
102.5
Discrepancy
(sources less
uses)
339.3
428.6
504.7
451.7
502.5
476.8
560.4
526.8
489.8
435.2
66.1
138.9
155.0
112.3
184.7
168.9
182.3
144.4
88.6
S7.5
53.6
48.8
-1.9
-36.4
Increase in
financial
assets
15.4
57.9
62.5
59.9
58.0
106.0
119.2
102.3
72.6
42.5
247.4
292.3
336.4
352.0
336.7
376.0
404.4
405.0
381.5
392.4
n
ni
rv
Other 2
Capital
expenditures 3
54.7
35.5
105.5
57.0
65.8
35.4
75.9
83.8
29.9
65 7
313.5
431.2
491.4
464.3
521.4
544.9
586.7
549.4
470.1
459.9
1982
1983
Loans and
short-term
paper
Total
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
com
nsumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
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]
Period
Installment credit outstanding (end of period)
Total
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec 3
Dec
Dec
Dee
Automobile
Revolving
Other 2
Net change in installment credit outstanding '
Total
Automobile
Revolving
Other 2
325,805
368,966
442,602
517,659
572,006
608,675
662,553
716,825
735,338
727,799
125,945
143,560
173,564
210,238
247,772
266,295
285,364
292,002
284,993
263,003
66,454
79,088
100,280
121,758
135,825
153,064
174,269
199,308
222,950
242,785
133,406
146,318
168,758
185,664
188,408
189,316
202,921
225,515
227,395
222,012
14,546
43,161
73,636
75,057
54,347
36,669
53,878
(4)
18,513
7 539
6,937
17,615
30,004
36,674
37,534
18,523
19,069
(4)
7 009
-21,990
5,384
12,634
21,192
21,478
14,067
17,239
21,205
(4)
23,642
19,835
2,224
12,912
22,440
16,906
2,744
908
13,605
(4)
1,880
-5,383
1991: June
July ...
Aug
Sept .
Oct
Nov ...
Dec
730,109
728,823
727,311
727,449
729,225
727,960
727,799
270,789
268,897
266,620
264,621
264,420
262,383
263,003
233,399
234,654
236,294
238,987
241,436
242,573
242,785
225,922
225,273
224,396
223,842
223,369
223,004
222,012
-1,615
1 286
-1,512
138
1,776
1 265
-161
-2,600
1 892
-2,277
1 999
-201
2037
620
1,102
1,255
1,640
2,693
2,449
1,137
212
-116
649
-877
554
-473
-365
-992
1992: Jan
Feb
Mar
Apr
May r
June "
728,618
728,395
727,404
723,821
722,928
721,909
263,134
261,659
262,125
260,376
259,834
257,036
244,288
245,974
245,259
245,905
246,220
247,075
221,196
220,762
220,020
217,541
216,874
217,798
819
-223
990
-3,583
893
-1,019
131
-1,475
466
-1,749
542
-2,798
1,503
1,686
-714
646
316
854
816
—434
742
-2,479
667
925
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in August.
PERCENT PER ANNUM
PERCENT PER ANNUM
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- Aug
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
May
June
July
Week ended:
1992: Aug 8
15
22
29
1
3-month bills
(new issues) 1
Constant maturities
3-year
z
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
30
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.E.
Bank) 4
Prime rate
charged 4by
banks
New-home
mortgage
yields
(PHFB) 5
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
5.39
5.25
5.03
4.60
4.12
3.84
3.84
4.05
3.81
3.66
3.70
3.28
3.14
6.80
6.50
6.23
5.90
5.39
5.40
5.72
6.18
5.93
5.81
5.60
4.91
4.72
7.90
7.65
7.53
7.42
7.09
7.03
7.34
7.54
7.48
7.39
7.26
6.84
6.59
6.89
6.80
6.59
6.64
6.63
6.41
6.67
6.69
6.64
6.57
6.50
6.12
6.08
8.75
8.61
8.55
8.48
8.31
8.20
8.29
8.35
8.33
8.28
8.22
8.07
7.95
5.76
5.59
5.33
4.93
4.49
4.06
4.13
4.38
4.13
3.97
3.99
3.53
3.44
5.50-5.50
5.50-5.00
5.00-5.00
5.00-4.50
4.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.00
3.00-3.00
8.50-8.50
8.50-8.00
8.00-8.00
8.00-7.50
7.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.00
6.00-6.00
9.48
9.30
9.04
8.64
8.53
8.49
8.65
8.51
8.58
8.59
8.43
8.00
3.20
3.13
3.10
3.14
4.84
4.69
4.59
4.79
6.65
6.52
6.50
6.67
5.96
5.95
6.16
6.26
7.99
7.93
7.91
7.97
3.48
3.41
3.42
3.45
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
600 600
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
* Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
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'a Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in August.
INDEX, DEC. 31, 1965=50 (RATIO SCALE]
240
INDEX, DEC. 31, 1965=50 (RATIO SCALE]
240
40
PERCENT
20
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
5
1984
1992
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock prices l
Common stock yields
(percent) 5
2
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index
(194143 = 10)4
New York Stock Exchange indexes (Dec. 31, 1965 = 50)
Period
Composite
Industrial
Transportation
Utility
Finance
Dividendprice ratio
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
1991: Aug
Sept
Oct
Nov
Dec
213.33
212.55
213.10
213.25
214.26
268.22
266.21
265.68
264.89
266.01
178.52
177.99
187.31
188.52
185.47
92.38
93.72
95.25
96.78
98.08
157.70
157.69
158.94
159.78
159.96
3,006.09
3,010.35
3,019.74
2,986.12
2,958.64
389.40
387.20
386.88
385.92
388.51
3.10
3.15
3.14
3.15
3.11
1992: Jan
Feb
Mar
229.34
228.12
225.21
224.55
228.55
224.68
228.17
230.07
286.62
286.09
282.36
281.60
285.17
279.54
281.90
284.44
201.55
205.53
204.07
201.28
207.88
202.02
198.36
191.31
99.31
96.18
94.15
94.92
98.24
97.23
101.18
103.41
174.50
174.05
173.49
171.05
175.89
174.82
180.96
180.47
3,227.06
3,257.27
3,247.42
3,294.08
3,376.79
3,337.79
3,329.41
3,307.45
416.08
412.56
407.36
407.41
414.81
408.27
415.05
417.93
2.90
2.94
3.01
3.02
2.99
3.06
3.00
2.97
232.33
230.49
230.58
227.29
287.37
284.84
284.94
281.05
197.87
192.20
191.13
185.03
103.32
103.06
104.07
103.30
183.13
182.13
180.66
176.65
3,363.52
3,326.34
3,304.08
3,245.89
422.22
418.75
418.67
412.84
2.94
2.98
2.97
3.00
May
July
Week ended:
1992: Aug 8
15
22
29
1
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.59
3.83
4.01
price 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 & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 10 months of fiscal 1992, there was a deficit of $272.3 billion, compared with a deficit of $219.0
billion a year earlier.
BIlilONS OF DOLLARS
1,600
BILLIONS OF DOLLARS
1,600
— SURPLUS OR DEFICIT (-)-!/
-100
-100
-200
-200
-300
-300
-400
-400
1984
1985
1987
1986
1988
1989
1990
1991
1993
1992
FISCAL YEARS
-^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
COUNCIL OF ECONOMIC ADVISERS
SOURCES. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal vear or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 1
1992 (estimates) l
1993 (estimates) 1
Cumulative total, first 10
months: 2
Fiscal vear 1991
Fiscal vear 1992
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
.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
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.1
265.2
9.4
16.7
19.6
38.8
52.8
56.6
52.2
48.8
58.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,009.0
4,463.4
1,499.4
1,736.2
1,888.1
2,050.3
1
2,189.3
2,410.4
2,687.9
3,011.6
3,355.3
194.2
202.5
51.7
51.6
3,521.6
3,944.0
2,626.4
2,951.5
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
-73.7
-53.7
— 59.2
-40.2
-73.8
-79.0
-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
-70.5
-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
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,073.6
1,162.9
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.8
1,407.1
1,503.9
-212.3
-221.2
-149.8
— 155.2
— 153.5
-220.5
-269.5
-333.5
-341.0
547.9
568.9
640.7
667.5
727.0
749.7
760.4
772.7
838.9
769.6
806.8
810.1
861.4
933.3
1,026.7
1,082.1
1,155.0
1,238.7
-221.7
-238.0
-169.3
-194.0
— 206.2
— 277.1
-321.7
-382.3
-399.7
186.2
200.2
213.4
241.5
263.7
281.7
293.9
300.9
324.0
868.5
894.6
1,087.4
1,167.0
— 219.0
-272.3
622.6
640.5
893.2
964.5
-270.6
-324.0
245.9
254.1
NOTE.—Data (except as noted) are from Budget of the United States Gorernm
1993, Supplement, issued February 18, 1992, and arc on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.
32
Held by
the public
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1992, receipts were $26.1 billion higher than a year earlier and outlays were $79.6
billion higher.
BILUC NS OF DOLLARS
BILLIONS OF DO LLARS
600
600
RECEIPTS -^
INDIVIDUAL INCOME TAXES
\
\
\
500
.
500
•" '
7
400
400
300
300
200
CORPORATION
INCOME TAXES
\
OTHER RECEIPTS
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS-^
1,200
1,200
^- """
^ **
1,100
1,100
^,- — -"~
1,000
NONDEFENSE
900
1,000
- *""
\
_^-
900
>__--"
800
800
.---•"'"
700
700
,_--•"""
600
600
500
500
400
NATIONAL DEFENSE
400
300
\
300
200 A
——1
^ 1984
i
1
1985
1986
1
1987
1
1
1988
MNCIUDES ON-BUDGET AND OFF-BUDGET RIMS.
1989
i
~~\
1990
1991
|\ 200
1
1993 ^
1992
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFO OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADMSER
[Billions of dollars]
On-budget and off-budget outlays
On-budget 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
6665
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
1,073.6
1,162.9
334.5
349.0
392.6
401.2
445.7
466.9
467.8
472.1
507.0
61.3
63.1
83.9
94.5
103.3
93.5
98.1
94.2
112.2
265.2
283.9
303.3
334.3
359.4
380.0
396.0
410.4
444.5
73.0
73.1
74.3
78.9
82.3
90.9
92.3
96.9
99.2
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.8
1,407.1
1,503.9
868.5
894.6
385.3
384.8
78.2
79.4
330.5
347.2
74.5
83.2
1,087.4
1,167.0
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 1
1992 (estimates) '
1993 (estimates) '
Cumulative total, first 10 months: 2
Fiscal year 1991
Fiscal year 1992
1
Data are from Mid-Session Review: The President's Budget and Econo;
Office of Management and Budget, July 24, 1992.
2
Data from Monthly Treasury Statement.
National defense
Social
insurance
taxes
and
contributions
Other
Social
security
Net
interest
Other
15.8
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
93.0
106.3
65.8
70.2
75.1
78.9
85.0
98.1
104.5
120.1
132.5
128.2
119.8
123.3
129.3
136.0
147.3
170.8
199.9
202.3
188.6
198.8
207.4
219.3
232.5
248.6
269.0
286.9
303.4
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.1
210.3
131.8
142.1
125.9
139.4
159.8
202.7
224.6
186.2
239.7
57.8
72.7
86.4
99.2
144.0
169.3
223.7
239.3
161.2
166.9
177.4
154.3
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
304.2
291.2
245.2
265.5
274.0
281.9
294.9
289.8
262.4
291.5
278.2
16.2
14.2
11.6
10.5
9.6
13.8
15.9
17.7
18.2
223.0
251.1
213.9
241.2
14.0
14.2
Total
• Growth Agenda,
Income
security
International
affairs
Total
Department of
Defense,
military
Medicare
NOTE.—Data (except as noted) are from Budget of the United States Gover
1993, Supplement, issued February 18, 1992, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.
tent, Fiscal Year
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1992, according to preliminary estimates, Federal receipts rose $5.8 billion (annual rate)
and Federal expenditures rose $16.2 billion.
BIUJONSOFDOUARS
BIUJONS OF DOUARS
SEASONAtir ADJUSTED AWUAL RATES
1,400
1,400
1,200
1,200
EXPENDITURES
1,000
1,000
800
SURPLUS OR DEFICIT ( - )
\
-200
I
1984
I I
1985
I
1986
I I
1987
I
I
I
I
1 I
1988
1992
CALENDAR VEARS
COUNCIl Of ECONOMY ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1988
1989
1990
1991
Calendar year:
1988
1989
1990
1991 . .
1982: IV
1983- IV
1984: IV
1985- IV
1986: IV
1987- IV
1988: IV
1989- IV
1990: I
II
III
IV
1991: I
II
III
IV
1992: I
II T
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-•>,
national
income
and
product
accounts
955.1
1,042.4
1,096.1
1,118.2
403.8
449.3
479.5
475.9
107.6
118.9
113.9
104.6
59.6
61.7
64.4
75.1
384.1
412.5
438.5
462.6
1,098.5
1,163.0
1,249.1
1,312.6
386.3
398.3
418.1
446.7
430.9
460.5
504.1
511.9
108.4
116.0
128.4
146.8
143.8
160.3
175.1
183.1
28.9
28.0
23.4
24.2
-0.1
.0
.0
.0
-143.3
-120.7
-153.0
- 194.4
972.3
1,059.3
1,107.4
1,122.2
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
,086.7
,109.6
,119.9
,113.3
,114.6
1,117.3
1,127.7
1,129.4
1,143.3
1,149.1
410.1
461.9
482.6
473.4
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
474.0
487.2
486.6
482.5
474.7
473.1
473.4
472.2
468.4
463.2
111.0
117.1
113.9
102.5
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
110.3
114.6
119.2
111.7
100.3
101.6
104.9
103.3
112.2
118.6
60.9
61.9
66.0
78.2
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
64.8
65.2
65.4
68.5
77.3
76.3
78.3
80.8
79.2
79.8
390.4
418.5
444.9
468.2
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
437.6
442.7
448.8
450.6
462.2
466.3
471.1
473.2
483.5
487.5
1,109.0
1,181.6
1,273.6
1,332.7
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,254.5
1,266.5
1,265.5
1,307.9
1,264.4
1,329.4
1,348.7
1,388.1
1,432.5
1,448.7
387.0
401.6
426.4
447.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
420.3
424.4
422.6
438.3
451.3
449.9
447.2
440.8
445.0
445.4
436.3
471.5
513.3
521.9
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
504.7
509.8
513.1
525.5
461.6
514.8
545.5
565.9
609.8
615.2
111.3
118.2
132.3
153.3
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
128.1
132.2
131.2
137.6
144.3
151.9
153.4
163.6
165.1
174.1
146.0
164.8
176.6
186.9
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
171.4
176.9
183.3
174.8
182.7
188.1
186.8
190.1
186.8
187.1
28.4
25.5
25.1
23.1
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
29.9
23.2
15.3
32.0
24.8
24.4
15.7
27.7
25.7
26.9
.0
.0
-136.6
-122.3
-166.2
-210.4
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
- 134.9
-141.5
-167.8
-156.9
-145.6
- 194.6
- 149.9
-212.2
-221.0
-258.7
-289.2
-299.6
Source: Department of Commerce, Bureau of Economic Analysis.
34
.1
-.1
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
.2
.2
— .4
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 P
.. .
1991- May ..
July
Sept
Oct
Nov
Dec
May
July"
Japan
France
Germany
Italy
United
Kingdom
Germany
97.3
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.5
118.0
91.7
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
86.4
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.3
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
98.0
99.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
97.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.7
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
116.9
121.6
119.5
117.3
117.5
117.5
117.9
113.4
105.3
110.6
106.5
104.1
107.9
105.8
111.6
104.7
98.5
101.5
101.4
99.8
100.2
100.6
100.4
100.1
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
143.0
143.7
143.8
143.9
143.7
143.4
144.0
143.4
115.3
114.8
114.7
114.9
115.1
116.4
116.6
116.0
136,6
136.9
137.4
137.7
138.0
138.6
138.9
139.1
115.2
115.8
116.8
116.8
117.0
117.4
117.9
118.0
170.2
169.6
171.4
170.3
171.0
172.3
173.5
174.0
156.9
157.6
157.2
157.6
158.1
158.7
159.3
159.4
99.1
100.3
99.5
r
100.0
99.0
99.1
138.1
138.6
139.3
139.5
139.7
140.2
140.5
144.0
144.1
144.6
144.6
144.9
145.2
145.6
115.8
115.7
116.3
117.5
117.6
117.5
139.4
139.8
140.2
140.5
140.9
141.0
141.5
118.5
119.2
119.7
120.0
120.5
120.7
175.4
175.9
176.6
177.3
178.3
178.9
179.1
159.3
160.1
160.6
163.1
163.7
163.7
163.1
82.9
85.5
93.4
96.8
96.6
100.0
109.2
115.9
121.4
124.1
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.4
r
126.0
109.6
122.8 ' 109.9
126,6 r lll.l
122.8 ' 109.7
123.7 ' 109.7
123.9 rl!1.2
123.8
110.3
122.0 109.2
97.1
97.2
97.5
r
97.1
r
97.8
97.0
r
96.8
95.3
Canada
France
76.5
81.5
91.4
96.5
95.4
100.0
105.5
105.3
100.8
r
96.6
r
United
States >
Japan
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
106.6
107.2
107.6
108.1
r
108.9
r
!085
108.9
1992: Jan
Feb
Mar
1
Canada
United
Kingdom
'95.5 121.5
111.0
r
95.9 120.6
110.1
96.3
117.7 ' 109.9
r
96.5 117.6
111.3
95.8 ' 115.6 r 109.7
117.5
109.3
Italy
119.2
108.5
120.3
111.0
118.5
110.7
117.6 * 104.5
r
!17.7 108.9
115.1
Data relate to nil urban consumers.
r
87.7
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports {E.a.s. value) l
General merchandise imports (customs value) 3
Principal end-use commodity category
Period
Total
2
Foods,
feeds,
and
beverages
Trade balance
Principal end-use commodity category
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other 2
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
en-
Consumer
goods
(nonfood)
except
automotive
Other
General
merchandise
imports
(c.i.f.
value)
244.0
258.0
330.7
336.5
365.4
406.2
441.0
473.2
495.3
487.1
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.0
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
84.9
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
Total
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
508.4
-27,5
52 4
- 106.7
117 7
-138.3
-152.1
-118.5
- 109.4
-101.7
-65.4
-38.4
-64.2
122 4
-133.6
155 1
-170.3
137 1
-129.4
-123.4
-86.6
1982
216.4
31.3
1983
1984
1985
1986
1987
1988
1989
1990
1991
205.6
224.0
5
218.8
5
227.2
254.1
322.4
363.8
393.6
421.7
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
20.7
20.5
24.0
27.3
35,9
34.6
43.4
17.2
20.7
23.7
34.7
35.2
34.5
35.3
36.8
37.3
36.1
2.7
3.1
3.0
3.1
3.2
3.2
3.3
8.7
9.1
9.1
8.6
9.3
8.9
8.9
14.3
13.7
13.4
14.4
14.4
15.4
14.3
3.5
3.6
3.3
3.5
3.7
3.6
3.3
3.7
3.7
3.7
3.8
4.1
4.1
3.8
1.9
2.0
1.9
1.9
2.1
2.1
2.3
39.4
40.8
41.1
41.8
42.7
41.4
41.7
2.3
2.2
2.1
2.2
2.1
2.2
2.3
10.6
10.7
10.9
11.1
11.1
10.8
10.8
10.0
10.2
10.0
10.2
10.3
9.9
10.3
6.6
7.4
7.9
7.4
7.7
7.2
7.2
8.4
9.1
8.9
9.4
10.0
9.8
9.8
1.5
1.3
1.3
1.3
1.4
1.4
1.3
41.1
42.6
42.8
43.6
44.5
43.1
43.4
-4.7
-5.6
-6.6
65
59
—4.1
-5.6
-6.4
-7.4
-8.4
-8.3
76
-5.8
74
35.5
37.7
37.1
36.4
35.7
38.3
3.1
3.6
3.3
3.5
3.0
3.1
9.3
8.9
8.8
8.8
8.9
9.4
13.9
15.3
14.9
14.3
13.9
15.4
3.2
3.6
3.9
4.0
3.8
4.1
3.9
4.1
4.0
3.9
4.0
4.2
2.0
2.1
2.3
2.0
2.1
2.2
41.3
40.9
42.7
43.5
42.9
44.9
2.3
2.2
2.3
2.4
2.2
2.6
10.6
10.3
10.6
11.2
11.3
12.0
10.3
10.3
10.7
10.8
10.8
11.2
7.3
7.1
7.5
7.7
7.3
7.4
9.5
9.6
9.9
9.8
9.8
10.1
1.3
1.5
1.6
1.4
1.3
1.5
43.0
42.6
44.4
45.3
44.5
46.6
58
-3.3
56
-7.1
71
-6.6
76
-5.0
-7.3
-8.9
-8.8
83
1991- June
July
Oct ....
Nov
Dec . .
1992: Jan
Feb
Mar
May r.
4
4
1
2
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.
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
3
4
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1992, the merchandise trade deficit rose to $24.4 billion, from $17.2 billion in the first
quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
15
15
-40
1992
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits (—)]
Merchandise 1 2
1990: I
n
Ill
IV
1991: I
II
III......
IV
1992: I"
II"
1
2
3
4
Net
travel and
transportation
receipts
Other
services,
net 5
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets 3in
U.S.
Exports
Imports
Net balance
Net
military
transactions s 4
237,044
211 157
201 799
219 926
215,915
223 344
250,208
320 230
361,697
388 705
415962
— 265 067
247 642
268 901
332 418
— 338 088
368 425
—409 765
447 189
—477 365
497 558
489 398
— 28 023
36 485
67 102
112 492
— 122 173
145 081
159 557
126 959
115 668
108 853
73 436
844
112
563
2 547
4 390
5 181
3 812
6 354
6 838
7 818
5 524
144
992
4 227
8 293
9 709
7 324
6 398
1 370
5 851
10 142
17 118
12 552
13 209
14 095
14 277
14 266
18 855
18400
20 430
26 752
29 730
33 701
86 529
86 200
85 614
100 415
88 998
96 574
119 456
140 692
143 547
125 315
— 53 626
56 412
53 700
69 572
— 67 875
73 620
— 85 629
106 991
— 126 326
124 261
— 108 886
94,981
96,654
96,544
100,526
-122,360
-121,461
-125,434
-128,303
-27,379
-24,807
-28,890
-27,777
-1,873
-1,627
-1,692
-2,627
2,093
2,073
2,120
3,855
6,984
7,237
7,461
8,051
35,004
34,586
35,137
38,821
-30,676
-31,386
-30,913
-31,289
4,328
3,200
4,224
7,532
100,636
103,324
104,151
107,851
— 118,962
-119,721
-124,325
-126,390
-18,326 -2,564
-16,397 -1,427
-20,174
-994
-18,539
-539
3,755
3,929
4,358
5,080
8,164
8,280
8,660
8,596
35,498
31,215
29,904
28,698
-28,533
-27,284
-26,828
-26,240
6,965
3,931
3,076
2,458
-228
4,499
9,928
28,891
-24,181
4,710
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
Investment income 5
Services
' 107,946
107,580
r
- 125,168
-131,998
r
- 17,222
24 418
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted,
Includes transfers of goods and services under U.S. military grant programs.
36
Net
Balance on
goods,
services,
and income
16732
32 903
5 632
29 788
25 882
31 915
30 843
78 212
23 235 — 98771
15 378
123 354
10945 — 140421
101 787
12 466
14 366 — 75537
57 511
19 287
16429 — 11 710
Unilateral
transfers,
net 4
Balance
on current
account
5,030
— 11,702
11 443
17 075
43 623
17 741
98 824
20612
— 22,950 — 121,721
147 529
24 176
— 23,052 -163,474
126 656
24 869
— 25,606 — 101,143
32 916
90428
-3,682
8,028
-6,538
-15,847
-13,924 -7,401
-7,201
-16,777
-10,966 -11,778
-22,385
-21,325
-23,978
-22,744
-2,006
-1,684
-5,075
-2,945
14,199
4,115
-6,012
-4,273
12,193
2,431
-11,087
-7,218
1,441
-6,744
-5,303
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
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 decreased $21.7 billion in the first
quarter of 1992, in contrast to an increase of $23.2 billion in the fourth quarter of 1991. U.S. liabilities to private
foreigners reported by U.S. banks, excluding Treasury securities, decreased $4.8 billion in the first quarter,
compared to an increase of $23.5 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
v
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capit
Period
U.S.
Total
1981
1982
1983
1984
1985
1986
1987
— 114,147
-122,335
-58,856
-29,224
-34,069
-91,069
-62,402
-92,708
-114,944
-56,321
-62,220
1988
1989
1990
1991
1990: I
42,141
II
-30,682
Ill
-30,964
IV
-36,816
1991: I
-640
II
-7,050
Ill .... -10,368
IV
-44,158
1992: I "
555
6
official
reserve
assets 3 6
5 175
-4,965
1 196
-3,131
3 858
312
9,149
-3,912
25 293
-2,158
5,763
-3,177
371
1,739
-1,091
-353
1,014
3,877
1,225
-1,057
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow (+)] 3
]
U.S.
private
assets
Total
Other
foreign
assets
Total (sura
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 6
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,719
24,992
41,359
19,099
26,038
24,825
15,407
-4,096
126
2,394
47,370
-1,078
-5,097
103 875
-6,131 -111,239
-5,006
52 654
-5,489 -20,605
-2,821
27 391
-2,022 -89,360
1,006
72 556
2,967 -91,762
1,271
90 922
2,304 -56,467
3,397
71 379
-743
46,061
794
30 259
337 -32,366
4,179
39 903
1,073
-1,360
—420
-7,644
3,180
-17,426
44 947
437
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,693
99,379
66,980
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,489
33,908
18,407
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,204
65,471
48,573
30965
30,853
51,386
48,108
6450
6,134
14,097
20,127
-24,515
24,719
37,289
27,981
11,209
21,154
3,556
11,452
-5,605
600
76,303
77,298
80,024
83,316
7 840
2,959
22,933
48,929
5,650
-4,178
4,115
12,819
-13,490
7,137
18,818
36,110
-3,713
1,660
-1,478
2,447
4,636
883
-6,137
613
78,002
74,940
74,731
77,719
1,724
20,474
20,747
-15,726
3,967
74,657
-112
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
-273
1,093
4,489
518
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
Nonfmancial 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 Nonagricultural 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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