Full text of Economic Indicators : August 1993
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103d Congress, 1st Session
Economic Indicators
AUGUST
1993
(Includes data available as of September 7, 1993)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1993
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
RICHARD H. BRYAN (Nevada)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Member
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [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
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Approved June 23, 1949.
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Economic Indicators, published monthly, is available at $2.75 a single copy
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ISBN 0-16-04U37-7
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 1993, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.2
percent (annual rate), real GDP (GDP in 1987 dollars) rose 1.8 percent, and the implicit price deflator rose 2.3
percent. (Series revised.)
IS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6,400
6/400
SEASONALLY ADJUSTED ANNUM RATES
-.
<
6,000
6,000
f
GOt
vl CURRENT
\
5,600
5,200
f
x'
5,200
^ X*"
XI
4,800
5,600
^-1
—"
•-
4,800
--"'
GDP
> 1987 DOt LARS
Xl
4,400
4,400
Ih
•<•• **
X
^ """
X
s
/
3,600
3,200
2,800
/•
I
I
1982
/
^
-^
4,000
3,600
^
3,200
i ii
1
1984
1983
1985
\
\
1986
1
i i i
1987
i
1988
1989
1990
i i
1991
SOURCE: DEPARTMENT OF COMMERCE
I
1992
i I
1993
2,800
COUNCIL OF ECONOMIC ADVISEKS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Personal
Gross
conprivate
Gross
domestic sumption domestic
product expendi- investtures
ment
1984
1985
1986
1987
1988 . .
1989 r
1990
1991 '
1992 '
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV '
1991: I *
Ur ....
m'
IV '
1992- I ' r
1993-
n.
m r'
rv
I'
n '.
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,722.9
6,038.5
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,631.7
5,697.7
5,758.6
5,803.7
5,908.7
5,991.4
6,059.5
6,194.4
6,261.6
6,325.7
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,906.4
4,139.9
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,843.6
3,887.8
3,929.8
3,964.1
4,046.5
4,099.9
4,157.1
4,256.2
4,296.2
4,357.1
718.9
714.5
717.6
749.3
793.6
832.3
808.9
736.9
796.5
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
729.1
721.5
744.5
752.4
750.8
799.7
802.2
833.3
874.1
873.0
Net
exports
-102.7
-115.6
-132.5
— 143.1
-108.0
-79.7
714
-19.6
— 296
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
-106.0
-73.9
-71.6
-34.0
-11.5
-19.8
-13.0
70
-33.9
-38.8
-38.8
483
-62.8
Exports
Imports
302.4
302.1
319.2
364.0
444.2
508.0
557.1
601.5
640.5
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
'576.5
600.7
603.0
625.7
633.7
632.4
641.1
654.7
651.3
661.8
405.1
417.6
451.7
507.1
552.2
587.7
628.5
621.1
670.1
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
610.6
612.2
622.8
638.8
640.7
666.3
679.9
693.5
699.6
724.6
1
GDP less exports of goods and services plus imports of goods and services.
NOTE.—Data revised beginning 1990 to reflect the annual revision of the national income and
product accounts. See Survey of Current Business, August 1993.
Government purchases
Exports and imports of goods
and services
Federal
Total
Total
700.8
772.3
833.0
881.5
918.7
975.2
1,047.4
1,099.3
1,131.8
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,093.0
1,099.9
1,104.0
1,100.2
1,118.5
1,125.8
1,139.1
1,143.8
1,139.7
1,158.4
310.9
344.3
367.8
384.9
387.0
401.6
426.5
445.9
448.8
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
450.2
449.4
446.8
437.4
445.5
444.6
452.8
452.4
442.7
448.3
National
defense
233.1
258.6
276.7
292.1
295.6
299.9
314.0
322.5
313.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
331.4
326.3
321.2
311.2
312.3
310.4
316.7
315.7
304.8
308.1
Nondefense
77.8
85.7
91.1
92.9
91.4
101.7
112.5
123.4
135.0
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
118.7
123.0
125.6
126.2
133.1
134.2
136.1
136.7
137.9
140.2
State
and
local
389.9
428.1
465.3
496.6
531.7
573.6
620.9
653.4
683.0
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
642.9
650.5
657.3
662.8
673.0
681.2
686.2
691.4
697.0
710,1
Final
sales of
domestic
product
Gross
domestic
purchases *
Addendum:
Gross
national
product
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,731.6
6,031.2
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,651.6
5,720.8
5,759.1
5,794.8
5,913.9
5,978.6
6,049.9
6,182.5
6,227.1
6,311.8
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,742.5
6,068.2
3,224.6
3,619.1
3,976.2
4,276.0
' 4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,665.8
S,709.2
5,778.4
5,816.7
5,915.8
6,025.3
6,098.3
6,233.2
6,309.9
6,388.5
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,737.1
6,045.8
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,656.1
5,710.6
5,766.2
5,815.5
5,927.6
5,996.3
6,067.3
6,191.9
6,262.1
6,323.3
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1984
1985 ...
1986
1987 ....
1988
1989 ..
1990 '.
1991 '
1992 '.
1982: IV
1983- IV ,.
1984- IV
1985- IV ..
1986: IV
1987: IV
1988- IV
1989- IV .
1990: HI r'
IV
1991- I r r .
TL r
m ..
IV r
1992- I *r
n
mr
IV '.
1993- I *r
n.
Gross
domestic
product
4,148.5
4,279.8
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,861.4
4,986.3
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,906.5
4,867.2
4,837.8
4,855.6
4,872.6
4,879.6
4,922.0
4,956.5
4,998.2
8,068.3
5,078.2
5,101.0
Personal
consumption
expenditures
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,258.6
3,341.8
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,288.4
3,265.9
3,242.7
3,256.9
3,267.1
3,267.5
3,302.3
3,316.8
3,350.9
3,397.2
3,403.8
3,430.8
Exports and imports of
goods and services
Government purchases
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
490.2
521.8
500.3
497.8
530.8
540.0
546.5
514.5
529.2
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
551.2
540.2
521.4
517.8
512.8
506.1
510.5
528.8
533.8
543.7
562.3
581.5
199.3
202.0
226.2
225.2
222.7
214.2
194.5
169.5
197.1
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
189.0
176.3
163.8
164.3
171.0
179.1
186.2
195.6
196.2
210.6
211.4
206.8
67.9
22.1
8.5
26.3
19.9
29.8
5.7
-8.4
6.5
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
10.9
-20.9
174
-22.3
9
7.1
50
12.6
9.6
8.7
29.3
13.9
-122.0
-145.3
-155.1
-143.1
-104.0
-73.7
-54.7
-19.1
-33.6
-19.0
-83.7
131 4
-155.4
1560
-136.0
102 7
-67.4
-62.2
-36.8
-21.6
-13.3
-25.0
-16.4
-15.2
-38.0
-42.5
-38.8
-59.9
-73.1
305.7
309.2
329.6
364.0
421.6
471.8
510.5
543.4
578.0
280.4
291.5
312.8
312.0
342.9
386,1
438,2
487.7
508.6
520.4
519.4
542.9
546.9
564.2
571.0
570.2
579.3
591.6
588.0
595.0
427.7
454.6
484.7
507.1
525.7
545.4
565.1
562.5
611.6
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
570.7
557.2
541.0
556.2
571.9
580.7
586.2
608.2
621.8
630.3
647.9
668.1
766.9
813.4
855.4
881.5
886.8
904.4
932.6
946.3
945.2
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
929.2
942.4
948.9
952.3
947.6
936.2
943.1
940.7
950.2
946.9
931.3
941.1
1
GDP less exports of goods and services plus imports of goods and services.
NOTE.—See Note, p. 1.
Total
National
defense
331.0
355.2
373.0
384.9
377.3
376.1
384.1
386.5
373.0
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
379.6
386.5
393.8
393.6
386.6
372.1
372.1
369.2
377.0
373.7
357.6
360.3
State
and
local
Nondefense
85.1
89.5
92.4
92.9
90.2
94.8
100.4
105.3
111.8
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
101.1
100.8
101.8
104.9
107.2
107.2
110.9
111.3
112.5
112.4
111.5
113.1
245.8
265.6
280.6
292.1
287.0
281.4
283.6
281.3
261.2
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
278.5
285.7
292.0
288.7
279.4
264.9
261.2
257.9
264.4
261.3
246.0
247.2
436.0
458.2
482.4
496.6
509.6
528.3
548.5
559.7
572.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
549.6
555.8
555.1
558.7
561.0
564.1
571.0
571.5
573.2
573.2
573.7
580.8
Final
sales of
domestic
product
Gross
domestic
purchases l
Addendum:
Gross
national
product
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,869.8
4,979.8
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565 6
4,758.7
4,831.8
4,895.6
4,888.0
4,855.2
4,878.0
4,873.5
4,872.5
4,926.9
4,943.8
4,988.6
5,059.6
5,048.9
5,087.1
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,880.5
5,019.9
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,968.6
4,904.0
4,859.4
4,869.0
4,897.6
4,896.0
4,937.1
4,994.5
5,040.7
5,107.1
5,138.1
5,174.1
4,174.5
4,295.0
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,874.5
4,994.0
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,920.9
4,895.4
4,859.3
4,867.5
4,880.3
4,890.9
4,939.0
4,962.2
5,006.4
5,068.4
5,080.7
5,101.3
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Period
1984
1985
1986
1987
1988
1989
1990 '..
1991 'r
1992
1982:
19831984'
19851986198719881989:
19901991-
IV
IV
IV
IV ...
IV
IV
IV
IV
IV '
Ir
n rr
m
IV '
1992- I '.r
nr
mr
IV
1993- I r r
n
NOTE.—See Note, p. 1.
Gross
domestic
product
91.0
94.4
96.9
100.0
103.9
108.5
113.3
117.7
121.1
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
116.4
117.3
118.2
118.9
120.0
120.9
121.2
122.2
123.3
124.0
Total
89.6
93.1
96.0
100.0
104.2
109.3
114.9
119.9
123.9
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
118.5
119.4
120.3
121.3
122.5
123.6
124.1
125.3
126.2
127.0
Personal consumption
expenditures
Gross private
domestic investment
Durable
goods
Nonresidential
fised
93.9
95.4
96.9
100.0
102.0
104.2
105.7
107.3
108.9
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
106.8
107.1
107.5
107.8
108.4
109.0
109.1
109.1
109.2
109.8
Nondurable goods
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.0
122.4
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
119.5
119.8
120.1
120.7
121.5
122.1
122.8
123.1
124.1
124.2
Services
86.2
90.8
95.7
100.0
105.1
110.6
116.7
122.8
128.5
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
120.8
122.0
123.5
124.9
126.6
128.1
128.5
130.7
131.8
133.1
95.7
96.6
98.4
100.0
102.8
105.2
107.3
108.0
106.9
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
108.7
108.3
107.8
107.3
107.1
107.1
106.6
106.6
105.7
105.9
Residential fixed
89.7
92.0
95.8
100.0
104.2
107.8
110.7
111.8
113.4
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.3
111.7
112.5
111.8
112.2
112.8
113.8
114.9
115.8
117.5
Exports and imports of
goods and services
Exports
98.9
97.7
96.9
100.0
105.3
107.7
109.1
110.7
110.8
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
111.0
110.6
110.2
110.9
111.0
110.9
110.7
110.7
110.8
111.2
Imports
94.7
91.9
93.2
100.0
105.1
107.8
111.2
110.4
109.6
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
112.9
110.1
108.9
110.0
109.3
109.6
109.3
110.0
108.0
108.5
Government purchases
Federal
Total
93.9
96.9
98.6
100.0
102.6
106.8
111.0
115.4
120.3
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
114.3
114.2
115.6
117.5
119.7
120.4
120.1
121.1
123.8
124.4
National
defense
94.8
97.3
98.6
100.0
103.0
106.6
110.7
114.7
120.1
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
113.5
113.0
114.9
117.5
119.6
120.3
119.8
120.8
123.9
124.7
Source: Department of Commerce, Bureau of Economic Analysis.
Nondefense
91.3
95.7
98.6
100.0
101.4
107.3
112.0
117.2
120.8
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
116.7
117.3
117.2
117.8
120.0
120.6
121.0
121.6
123.6
123.9
State
and local
89.4
93.4
96.4
100.0
104.3
108.6
113.2
116.7
119.4
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
115.8
116.4
117.2
117.5
117.9
119.2
119.7
120.6
121.5
122.3
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]
Persona! ecnsainption expenditures
Gross domestic pruuuci
Period
Current
dollars
1981
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.5
8.6
6.3
3.8
5.1
9.1
5.9
3.1
1.0
2.4
4.8
4.3
3.2
7.4
5.7
4.6
9.2
1982
1983
1984
1985
1986
1987
1988
1989
. ...
1990 *
1991 '
1992 r
1989: I
n
m
1990:
1991:
IV
I r'.
n ....
m r.
IV '...
I '.r
nr
m.
IV ' .
1992: I r.
n' r
mT.
IV
4.4
4.2
1993: I '.....
r
n
Constant
(1987) dollars
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
4.4
3.9
2.9
5.4
4.6
3.8
3.7
5.2
4.4
4.0
4.3
5.0
3.1
3.1
2.4
3.8
3.0
1.0
3.3
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.7
2.6
3.2
1.8
0
1.5
3.5
1.5
-.9
32
-2.4
1.5
1.4
.6
3.5
2.8
3.4
5.7
.8
1.8
Current
dollars
3.9
3.4
3.5
2.8
3.1
4.0
4.5
5.0
4.8
3.8
3.7
3.6
2.3
NOTE.—See Note, p. 1.
Constant
(1987) dollars
Implicit price
deflator
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
Fixed-weighted
price index
(1987 weights)
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.9
6.0
5.1
7.0
6.3
5.3
9.2
5.3
8.3
3.7
.7
4.7
4.4
3.5
8.6
5.4
5.7
9.9
2^6
.1
1.1
2.9
.8
2.8
.9
2.1
-2.7
-2.8
1.8
1.3
.0
4.3
1.8
4.2
5.6
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.4
3.3
5.0
5.7
3.3
4.4
6.3
4.3
6.1
6.7
3.4
3.1
3.0
3.4
4.0
3.6
1.6
3.9
3.8
5.8
.8
3.2
2.9
2.6
4
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.2
5.9
3.5
4.4
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross domestic product
of nonfuiancial
corporate business
(billions of dollars)
Period
1984
1985
..
1986
1987
1988
1989
1990
1991
1992
1982:
19831984:
1985198619871988198919901991-
. ...
..
IV
IV
IV
IV .
IV
IV ...
IV
IV
TV
HI...
..
IV
1992- I
n
m
rv
1993- I
1
2
.
Current-dollar cost and profit per unit of output (dollars) *
Total
cost and
profit z
Consumption of
fixed
capital
Compensation of
employees
Net
interest
Profits
after
tax 4
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
Current
dollars
1987
dollars
2,166.5
2,293.6
2,386.3
2,547.3
2,764.8
2,913.5
3,036.5
3,073.8
3,201.7
2,284.1
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,740.0
2,698.0
2,780.9
0.949
0.109
.109
.111
.110
.111
.117
.120
.126
.126
0.091
.093
.095
.095
.096
.101
.106
.115
.118
0.617
.636
.648
.658
.676
.706
.737
.759
.757
0.038
0.094
0.032
0.062
.970
.978
1.000
1.030
1.072
1.108
1.139
1.151
.038
.040
.042
.045
.054
.054
.053
.048
.094
.084
.096
.102
.094
.091
.085
.102
.030
.031
.037
.038
.037
.034
.030
.036
.064
.053
.059
.064
.057
.057
.055
.066
21.925
22.149
22.734
23.128
23.572
23.189
23.383
23.733
24.479
13.527
14.082
14.740
15.208
15.833
16.377
17.230
18.020
18.539
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,045.0
3,084,4
3,111.1
3,138.1
3,178.8
3,211.6
3,278.3
3,286.0
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,717.4
2,699.1
2,722.0
2,737.6
2,760.8
2,787.6
2,837.6
2,824.5
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.121
1.143
1.143
1.146
1.151
1.152
1.155
1.163
.119
.119
.111
.110
.112
.110
.112
.120
.123
.127
.126
.125
.126
.130
.124
.126
.086
.088
.091
.093
.095
.094
.097
.102
.109
.117
.117
.118
.117
.118
.119
.120
.607
.602
.623
.643
.654
.664
.687
.718
.750
.763
.761
.760
.759
.757
.753
.765
.040
.036
.041
.038
.042
.042
.047
.055
.055
.053
.052
.050
.049
.047
.046
.046
.051
.079
.091
.092
.081
.099
.102
.088
.083
.084
' .086
.093
.100
.100
.113
.107
.020
.029
.027
.030
.035
.038
.040
.033
.033
.031
.030
.033
.037
.035
.038
.037
.030
.050
.064
.063
.045
.060
.063
.055
.050
.053
.056
.060
.064
.065
.075
.070
21.071
21.891
22.054
22,346
22.890
23.357
23.523
23.150
23.473
23.779
24.024
24.197
24.318
24.583
24.887
r
24.687
12.791
13.185
13.731
14.359
14.974
15.518
16.070
16.619
17.598
18.137
18.286
18.394
18.465
18.603
18.746
r
18.875
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
the3 decimal point shifted two places to the left.
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
Indirect
business
taxes a
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
Profits
tax
liability
Note.—Revised data beginning 1990 based on the annual revision of the national income and
product accounts, released on August 31, 1993, are not yet available.
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
1985
1986
1987
1988
1989.
1990 r
1991 '
1992 '
1982: IV
1983: IV
1984: IV
1985: W
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV '
1991: TTT rr
3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,491.0
4,598.3
4,836.6
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,596.9
4,662.6
4,755.4
4,814.6
4,800.8
4,975.8
5,038.9
5,090.4
rv
n r
m
1992: I 'r
IV '
1993: I r
n'
1
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,297.6
3,402.4
3,582.0
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,415.8
3,455.4
3,507.8
3,558.1
3,603.6
3,658.6
3,705.1
3,748.4
Nonfarm
21.5
22.3
31.3
30.9
40.2
41.9
36.8
43.7
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
29.8
37.6
45.6
44.9
36.8
47.6
55.7
46.1
Rental
income of
persons
with
capital
consumption
adjustment
18.7
8.7
3.2
4.3
13 5
-14.2
-12.8
-8.9
24.1
22.2
24.3
14.0
4.7
6.8
2.8
21 6
-11.1
16 3
-11.2
87
-7.2
18 5
-1.2
7.5
15.7
238.4
261.5
279.0
293.4
307.0
321.4
339.5
370.6
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
344.4
350.1
361.2
366.2
371.3
383.6
388.4
392.1
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
280.8
271.6
319.8
365.0
362.8
380.6
369.5
407.2
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
359.0
378.8
409.9
411.7
367.5
439.5
432.1
443.3
225.3
227.6
273.4
320.3
325.4
354.7
367.3
390.1
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
359.0
375.4
399.7
395.7
350.1
414.8
407.0
418.6
Profits
before tax
Inventory
valuation
adjustment
225.0
217.8
287.9
347.5
342.9
365.7
362.3
395.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
362.0
373.5
404.3
409.5
357.9
409.9
419.8
431.6
0.2
9.7
-14.5
27 3
-17.5
11 0
4.9
-5.3
86
-7.6
3.5
-3.8
-10.7
17 8
-31.7
13 5
-19.5
30
1.9
46
-13.7
78
4.9
12 7
-13.0
Capital
consumption
adjustment
Net
interest
55.5
44.1
46.4
44.7
37.4
25.9
2.2
17.1
96
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
.0
3.5
10.2
16.0
17.4
24.7
25.1
24.6
326.2
350.2
360.4
387.7
452.7
463.7
462.8
442.0
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
464.2
451.9
439.5
440.8
440.1
447.7
450.1
444.9
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
1984
1985
Total
personal
consumption
expenditures
2,746.1
2,865.8
1986 .
2,969.1
1987
3,052.2
1988
3,162.4
1989
3,223.3
1990 r.
3,272.6
1991 r
3,258.6
1992 T.
3,341.8
1982: IV
2,539.3
1983: IV
2,678.2
1984: IV
2,784.8
1985: IV
2,895.3
1986: IV
3,012.5
1987: IV
3,074.7
1988: IV
3,202.9
1989: IV
3,242.0
1990: IV '.... 3,265.9
1991: I 'r
3,242.7
n.
3,256.9
m r'.... 3,267.1
rv ..... 3,267.5
1992: I '
3,302.3
n '.r 3,316.8
TTT r
3,350.9
rv ..... 3,397.2
1993: I '
3,403.8
n'
3,430.8
1
Total
durable
goods
Motor
vehicles
and
parts
338.5
370.1
402.0
403.7
428.7
440.7
443.1
426.6
456.6
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
420.3
422.0
432.6
431.5
446.6
447.5
459.0
473.4
471.9
484.2
Includes other items, not shown separate
160.3
180.2
193.3
183.5
194.8
196.4
192.7
170.5
182.3
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
169.4
165.9
173.7
173.0
180.6
179.5
180.6
188.6
185.7
191.9
Furniture and
household
equipment
115.3
123.8
136.3
144.0
155.4
165.8
171.6
180.0
194.8
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
174.3
180.0
182.7
182.9
188.2
189.8
197.1
204.2
206.5
212.1
Other
62.9
66.1
72.4
76.2
78.5
78.5
78.7
76.1
79.5
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
76.6
76.0
76.2
75.6
77.8
78.2
81.3
80.6
79.7
80.2
Total
nondurable goods
934.6
958.7
991.0
1,011.1
1,035.1
1,051.6
1,060.7
1,048.2
1,062.9
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,048.2
1,051.1
1,049.3
1,044.0
1,052.0
1,055.0
1,062.9
1,081.8
1,076.0
1,082.8
Pood
472.3
483.0
494.1
500.7
513.4
515.0
523.9
518.7
520.5
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
518.7
519.0
518.8
518.2
518.8
515.7
518.2
529.3
526.7
527.9
Clothing
and
shoes
Gasoline
and oil
153.1
77.9
79.2
82.9
158.8
170.3
174.5
178.9
187.8
186.2
184.7
193.7
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.9
187.0
185.9
183.1
188.3
191.1
195.4
200.0
194.8
197.9
84.7
86.1
87.3
86.4
83.1
83.9
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.7
83.7
83.4
82.5
82.7
83.7
84.7
84.4
83.9
84.6
Retail sales of new
passenger cars
(millions of units)
Services
Fuel
oil and
coal
11.2
11.5
12.1
12.0
12.0
11.4
10.5
10.7
11.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.3
10.6
11.4
10.6
11.1
12.8
11.7
11.9
12.9
12.6
Other
220.0
226.2
231.7
239.1
244.7
250.2
253.8
250.9
252.9
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
253.5
250.9
249.8
249.6
251.1
251.7
252.7
256.2
257.7
259.8
Total
services 1
1,473.0
1,537.0
1,576.1
1,637.4
1,698.5
1,731.0
1,768.8
1,783.8
1,822.3
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,774.2
1,783.8
1,785.2
1,792.0
1,803.7
1,814.3
1,829.0
1,842.0
1,855.9
1,863.8
Housing
Medical
care
426.8
435.9
442.1
452.5
461.8
469.2
474.6
478.6
484.2
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
476.3
478.1
479.4
480.6
481.7
483.2
485.1
486.7
488.8
490.8
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
Domesties
341.9
353.0
8.0
8.2
366.2
384.7
399.4
408.6
424.6
437.6
449.2
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
432.6
435.3
438.8
443.6
445.3
447.9
450.4
453.2
458.0
461.6
8.2
7.1
7.5
7.1
6.9
6.1
6.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.2
6.1
6.2
6.1
6.1
6.3
6.2
6.4
6.4
6.9
Imports
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.1
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.3
2.2
2.0
2.0
2.0
2.1
SOURCES OF PERSONAL INCOME
Personal income decreased $9.7 billion (annual rate) in July, after falling $5.3 billion in June. July personal income
was affected by the Midwest floods and a drought in the Southeast. Excluding these factors, personal income is
estimated to have risen about one-half percent in July. (Series revised.)
BILLIONS Of DOLLARS* (RATIO SCALE)
1 6,000
BILUONS OF DOLLARS* (RATIO SCALE)
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS .
2,000
2,000
1,400
1,400
\
OTHER INCOME
800
800
TRANSFER PAYMENTS
\
400 I
I-- -1
I 11 i
1985
1986
1989
1988
1987
1990
I I III I I 400
1993
1992
1991
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1984
1985
1986
1987
1988
1989 r
1990
1991 r
1992 '.
1992- July '
Sept '
Oct r.
Nov '.
Dec "
1993- Jan '
Feb '
Mar '.
- r
,'
Z
July *.
1
. .
Total
personal
income
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
5,128.6
5,118.4
5,172.4
5,239.1
5,238.5
5,507.3
5,225.7
5,249.1
5,289.2
5,366.0
5,383.2
5,377.9
5,368.2
Wage and
salary
disbursements *
1,849.8
1,986.5
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,815.0
2,973.1
2,954.3
2,981.6
2,976.3
3,002.5
3,021.1
3,263.9
2,970.9
2,976.3
2,975.8
3,066.6
3,091.9
3,084.4
3,104.4
Proprietors' income 3
Other labor
income l 2
184.7
191.8
200.7
210.4
230.5
251.9
274.3
296.9
322.7
324.0
326.0
327.9
329.8
331.5
333.1
335.8
338.5
341.2
343.9
346.6
349.3
352.0
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capita! consumption adjustment.
Farm
Nonfarm
21.3
21.5
22.3
31.3
30.9
40.2
41.9
36.8
43.7
35.1
31.5
43.8
58.0
38.6
46.2
36.9
48.2
82.0
59.3
44.3
34.6
6.3
214.7
238.4
261.5
279.0
293.4
307.0
321.4
339.5
370.6
370.1
370.5
373.2
380.7
382.4
387.8
388.4
388.7
388.2
389.2
392.5
394.7
393.8
Rental
income of
persons4
23.3
18.7
8.7
3.2
4.3
-13.5
— 14.2
-12.8
-8.9
-4.8
-42.7
— 8.0
-1.8
-1.4
A
4.9
9.5
8.1
15.5
15.1
16.4
8.2
Personal
dividend
income
78.8
87.9
104.7
100.4
108.4
126.5
144.4
127.9
140.4
142.0
145.2
147.4
149.7
152.0
155.3
156.7
157.1
157.2
157.5
157.8
158.2
158.6
Personal
interest
income
461.9
498.1
531.7
548.1
583.2
668.2
698.2
715.6
694.3
695.2
691.9
689.6
692.2
694.8
696.6
695.7
695.3
695.2
695.0
694.9
694.8
695.8
Transfer
pay-
ments 8
452.9
485.9
517.8
542.2
576.7
625.0
687.6
769.9
858.4
861.6
864.5
872.2
879.7
872.4
880.2
892.4
892.6
898.3
902.1
904.8
909.8
914.9
5
Less:
Personal
contributions
for social
insurance
132.8
149.1
162.1
173.6
194.5
211.4
224.9
237.8
249.3
248.9
250.3
250.1
251.6
252.9
255.4
256.1
256.9
256.9
263.0
264.8
264.3
265.7
Nonfarm
personal
income 6
3,106.1
3,333.2
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,792.0
5,080.1
5,072.5
5,065.9
5,107.7
5,160.2
5,178.9
5,440.2
5,167.4
5,179.0
5,185.1
5,284.5
5,316.5
5,320.8
5,339.4
Consists mainly of social insurance benefits, direct relief, and veterans payments.
0
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose sharply in the second
quarter of 1993. (Series revised.)
BILLIONS OF DOLLARS' (RATIO SCALE]
BiaiONS OF DOLLARS* (RATIO SCALE)
2,000
2,000
DOLLARS' (RATIO SCALE)
DOUARS- (RATIO SCALE)
18,000
8,000
8,000
CQUNCIl Of ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Eguais'
Disposable
personal
income
Less:
Personal
outlays 1
Ecuals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1984
1985
1986
1987
1988
1989 r
1990 r
1991 .
1992 r.
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
395.1
2,759.5
436.8
459.0
512.5
527.7
593.3
623.3
620.4
644.8
2,943.0
8,131.5
3,289.5
3,548.2
3,787.0
4,050.5
4,230.5
4,500.2
2,537.5
2,753.7
2,944.0
3,147.5
3,392.5
3,634.9
3,880.6
4,029.0
4,261.5
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,783.9
4,833.4
4,858.8
4,927.5
5,017.8
5,093.8
5,139.8
5,328.3
5,254.7
5,375.7
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
616.4
616.6
619.7
628.8
630.9
634.6
642.8
670.7
657.1
682.3
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,133.9
4,167.5
4,216.8
4,239.1
4,298.8
4,386.9
4,459.2
4,497.0
4,657.6
4,597.5
4,693.4
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957,7
3,966.0
4,010.7
4,052.3
4,087.0
4,169.4
4,221.3
4,277.3
4,377.9
4,419.7
4,480.8
222.0
3,080.1
189.3
187.5
142.0
155.7
152.1
170.0
201.5
238.7
3^162,1
3,261.9
3^289.5
3,404.3
3,464.9
3,524.5
3,529.0
3,632.5
11,673
12,339
13,010
13,545
14,477
15,307
16,205
16,741
17,615
Saving as
percent of
personal
income
Population,
including
Armed
overseas
(thousands) 2
Percent
Dollars
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,850.9
5,144.9
Percent
change in
real per
capita
disposable
personal
income
13,029
13,258
13,552
13,545
13,890
14,005
14,101
13,965
14,219
10,408
11,184
11,843
12,568
13,448
14,241
15,048
15,459
16,205
12,015
12,336
12,568
12,903
13,029
13,093
12,895
13,081
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,971
14,000
13,927
13,963
14,073
14,142
14,169
14,490
14,163
14,331
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,273
15,409
15,530
15,621
15,906
16,072
16,249
16,589
16,704
16,896
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,885
12,908
12,911
12,876
12,981
13,002
13,098
13,241
13,234
13,304
11,617
5.5
1.8
2.2
— .1
2.5
.8
.7
— 1.0
1.8
6.4
6.0
4.3
4.4
4.0
4.2
4.8
5.3
236,393
238,510
240,691
242,860
245,093
247,397
249,951
252,699
255,472
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
4.8
4.9
4.4
4.9
5.0
5.3
4.9
6.0
3.9
4.5
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
251,659
252,312
253,048
253,776
254,392
255,090
255,836
256,569
257,197
257,872
8.0
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
IV
IV
IV
IV
IV
IV
IV
IV
IV..
I rr
n r ....
ffl ..
rvr...
Ir
n r....
m rr ..
IV ...
1993: I rr
n ....
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
201.5
206.0
186.8
211.7
217.5
237.9
219.6
279.7
177.9
212.6
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,515.9
3,532.5
3,524.2
3,543.4
3,580.1
3,607.5
3,624.8
3,717.6
3,642.6
3,695.6
1
Includes personal eoasumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
a
Ansna! data are averages of quarterly data, which are averages for the period.
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,560
16,712
16,752
16,939
17,245
17,481
17,577
18,153
17,876
18,201
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
-1.3
.8
-2.1
1.0
3.2
2.0
.8
9.4
-8.7
4.8
NOTE.—See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1993, according to preliminary estimates, gross farm income rose $2.1 billion (annual rate)
and net farm income rose $5.6 billion.
^
"^
'
^
...
^__^~
1
INCOME
'""•>/"*
/,
/
/' . 'A\/
v
40
1
20
I
\_/
' '-•v
'\
^
N
/'
*-S
,— N
S
/\
^-/'
**,
s
40
\ /
V
<•.,'
\
(JCT FABk* iwrnuF
,V" V'~ V
1
I
•
_\^l
\
1
GRO: S FARM
\ I*
_ - •—•.—^" . . -~-"•
"^
20
1
1
A 1
1 M1
1 / x\l
k 1
11
II
10
10
V
1 1 1
1982
1
1
1983
1
1 1 1
1 1 1
1 1 1
1984
1985
1986
1
1 1
1
1987
1 1
1
1988
1 1
1989
1
1
1
1
1990
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1
1
1 1
1992
1991
1
1 1
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from fanning
Net farm income
Gross farm income
Period
Gash marketing receipts
Total1
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992 p
1991- I ..
n
m
IV
1992- I
n
TTT
IV
1993: I p
Livestock and
products
168.0
161.2
156.1
168.5
175.4
191.1
196.0
189.5
195.3
142.8
144.1
135.4
141.8
151.1
161.0
169.9
167.3
169.3
72.9
69.8
71.6
76.0
79.4
84.1
89.9
86.7
86.0
189.1
189.7
185.2
194.1
197.1
165.1
165.4
170.6
167.9
89.6
87.6
84.9
85.0
83.9
85.7
85.0
89.5
85.7
200.3
194.9
189.0
191.1
165.2
172.2
176.9
162.6
164.0
1
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
69.9
74.3
63.8
65.9
71.7
76.9
80.0
80.5
83.3
75.6
77.9
85.8
83.0
81.4
86.5
92.0
73.1
78.3
3
Value of
inventory
changes z
6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.5
.4
3.6
1.2
.6
.1
-.1
4.5
4.2
3.3
2.4
-1.3
Production
expenses
Current
dollars
1987 dollars 3
141.9
132.4
125.1
128.8
134.3
141.2
145.1
144.9
145.4
26.1
28.8
31.1
39.7
41.1
49.9
51.0
44.6
49.9
28.7
30.5
32.0
39.7
39.6
46.0
45.0
37.9
r
41.2
145.8
147.2
143.1
143.4
43.3
42.5
42.0
50.6
r
142.7
144.9
146.8
147.3
54.4
55.4
48.1
41.7
143.8
47.3
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator
Sources: Department of Agriculture and Department of Commerce.
37.2
36.2
35.6
42.6
45.4
'45.8
39.7
'34.1
r
38.3
CORPORATE PROFITS
In the second quarter of 1993, according to preliminary estimates, corporate profits before tax rose $11.8 billion
(annual rate) and profits after tax rose $5.4 billion. (Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1986
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 l
Profits after tax
Domestic industries
Period
Nonfinancial
Total2
Total
1984
1985
1986...
1987
1988
1989 T
1990 r
1991
1992 '
1982- IV
1983- IV
1984: IV
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- IV "
1991- I T r
n
TTT '
IV r
1992: lrr
n
m r'
.
.
..
IV
1993: I r.p
n
1
2
3
236.4
225.3
227.6
273.4
320.3
325.4
354.7
367.3
390.1
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
364.6
370.1
359.0
375.4
399.7
395.7
350.1
414.8
407.0
418.6
205.2
194.5
194.6
233.9
271.2
266.0
286.7
300.4
327.8
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
291.9
303.6
299.3
306.8
328.5
334.2
288.6
360.1
348.0
363.1
Financial
20.B
28.7
35.8
36.4
41.8
50.6
65.7
80.7
78.1
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
75.9
81.0
84.2
81.6
97.9
87.7
44.6
82.0
92.3
93.8
See p. 4 ior profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
3
Total
185.0
165.8
158.9
197.5
229.4
215.3
221.1
219.7
249.8
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.0
222.6
215.1
225.2
230.5
246.5
244.0
278.1
255.7
269.3
Manufacturing
Wholesale and
retail
trade
86.7
80.1
59.0
87.0
117.5
108.0
109.1
89.8
115.5
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
91.5
89.6
89.3
88.9
98.9
115.7
119.3
128.0
118.9
49.1
43.1
46.3
39.9
37.1
39.7
37.2
47.4
46.3
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
46.5
49.6
45.6
47.8
40.0
46.0
41.3
57.7
46.0
Profits
before
tax
240.5
225.0
217.8
287.9
347.5
342.9
365.7
362.3
395.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
356.5
357.4
362.0
373.5
404.3
409.5
357.9
409.9
419.8
431.6
Tax
liability
94.0
96.5
106.5
127.1
137.0
141.3
138.7
129.8
146.3
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
125.4
128.0
132.5
133.4
147.0
153.0
130.1
155.0
160.9
167.4
Total
146.4
128.5
111.3
160.8
210.5
201.6
227.1
232.5
249.1
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
231.1
229.4
229.5
240.1
257.3
256.5
227.8
254.9
258.9
264.3
Dividends
82.T
92.4
109.8
106.2
115.3
134.6
153.5
137.4
150.5
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
145.9
136.2
133.4
133.9
138.0
146.1
155.2
162.9
167.5
r
168.5
MOTE.—-See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
Inventory
valuation
adjustment
63.8
36.1
1.6
54.6
95.2
67.1
73.6
95.2
98.6
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
85.2
93.2
96.1
106.1
119.3
110.4
72.7
92.0
91.4
95.8
-4.1
.2
9.7
14.5
-27.3
-17.5
11.0
4.9
5.3
-8.6
7.6
3.5
-3.8
10.7
-17.8
31.7
-13.5
-19.5
8.2
12.7
3.0
1.9
4.6
-13.7
7.8
4.9
-12.7
r
-13.0
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the second quarter of 1993, nonresidential fixed investment in 1987 dollars rose
$19.2 billion (annual rate) and residential investment fell $4.6 billion. There was a $13.9 billion increase in
inventories, following an increase of $29.3 billion in the first quarter. (Series revised.)
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
700
700
600
600
500
500
400
RESIDENTIAL
FIXED INVESTMENT
300
300
200
CHANGE IN BUSINESS
INVENTORIES
-\;
100
100
-100
-100
1982
1983
1984
1985
1986
1987
1988
1989
1990
1992
SOURCE: DEPARTMENT OF COMMERCE
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Gross
private
domestic
investment
Period
1984
1985
1986
1987
1988
1989
1990 r
1991 '
1992 '
1982198319841985198619871988'
19891990'
IV
IV
IV
IV
IV
IV
IV
IV
IV r
1991- I T r
n
TTT r
IV '
1992- I r
nr
TTT '
IV r
1993- I 'r
n
NOTE.—See Note, p. 1.
•
..
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
757.5
745.9
735.1
749.3
773.4
784.0
746.8
675.7
732.9
689.6
723.8
726.5
723.0
753.4
754.2
741.1
684.1
726.4
490.2
521.8
500.3
497.8
530.8
540.0
546.5
514.5
529.2
182.8
197.4
176.6
171.3
174.0
177.6
179.5
160.2
150.6
307.4
324.4
323.7
326.5
356.8
362.5
367.0
354.3
378.6
199.3
202.0
226.2
225.2
222.7
214.2
194.5
169.5
197.1
67.9
22.1
8.5
26.3
19.9
29.8
5.7
-8.4
6.5
66.2
19.8
10.6
32.7
26.9
29.9
3.2
-8.6
2.7
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
667.8
659.8
682.8
692.3
685.2
682.1
683.8
685.2
521.4
517.8
512.8
506.1
169.0
165.2
155.6
151.0
352.5
352.6
357.2
355.2
163.8
164.3
171.0
179.1
17.4
-22.3
-.9
7.1
-18.7
-26.2
.0
10.3
691.7
737.0
739.6
763.0
696.7
724.4
730.0
754.3
510.5
528.8
533.8
543.7
152.8
152.9
148.8
148.0
357.7
375.9
385.1
395.7
186.2
195.6
196.2
210.6
5.0
12.6
9.6
8.7
-9.6
7.0
5.8
7.5
803.0
802.2
773.7
788.4
562.3
581.5
148.2
150.5
414.1
431.0
211.4
206.8
29.3
13.9
29.3
17.5
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1993 survey, business spending for new plant and equipment is
expected to rise 6.4 percent in 1993, following a rise of 3.3 percent in 1992.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE!
600
600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
ALL INDUSTRIES
300
NONMANUFACTURING200
\'\
MANUFACTURING
100
J
1984
J L
L
1985
1987
1989
1988
1991
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 4
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.08
581.12
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.90
178.23
1991- 1
II
Ill
IV
534.27
525.02
526.59
529.87
1992: I
II
.
Ill
IV ..
1993:
I
II 4
III"
IV4
Nonmanufacturing
Total
Surveyed
quarterly
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.28
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.17
402 89
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.41
77.49
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.50
100.74
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.17
402.89
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.90
9.51
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.78
23.33
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
71.96
75.74
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.54
294.32
190.83
186.52
177.48
179.06
80.99
79.31
74.94
76.40
109.84
107.20
102.55
102.66
343.44
338.50
349.10
350.81
9.94
10.08
10.09
9.99
22.98
22.87
22.56
22.29
67.01
65.09
66.52
67.42
243.51
240.46
249.94
251.11
19083
186.52
177 48
179.06
343.44
338.50
349.10
350.81
535.72
540.91
547.53
560.16
173.98
171.78
172.23
177.62
74.19
74.26
71.84
73.34
99.79
97.52
100.39
104.28
361.73
369.13
375.30
382.54
8.87
9.18
9.09
8.44
21.88
23.51
24.69
21.06
68.81
72.63
71.66
74.73
262.17
263.80
269.86
278.32
173.98
171.78
172.23
177.62
361.73
369.13
375.30
382.54
564.81
587.29
587.05
585.34
175.17
182.79
177.18
177.77
79.32
78.06
75.01
77.56
95.85
104.73
102.17
100.21
389.64
404.49
409.87
407.57
8.84
10.10
10.15
8.93
22.50
23.99
23.55
23.27
73.31
77.68
76.21
75.77
284.99
292.72
299.96
299.60
175.17
182 79
177.18
177.77
389.64
404.49
409.87
407.57
Durable
goods
"Excludes forestry, fisheries, and agricultural services; professional servi
..-.•vices; social services and
membership
uieinuciainjj urgam/.iujuiift,
organizations; anu
and resu
real fSLaie,
estate, which,
wmcii, effective
«ii«uuve with
wmi the
uie April-M
April-May 1984 survey, are no
longer surveyed quarterly. See last column ("nonmanufacturing
"
surveyed annually") for data for
these industrie.
2
"All industries" plus the part of nonmanufaeturing that is urveyed annually.
10
Total
nonfarm
business 2
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.19
Manufacturing
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.90
178.23
Surveyed
annually s
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
4
Planned capital expenditures as reported by business in April-May 1993, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In August, civilian employment rose by 409,000 and unemployment fell by 108,000.
MILLI ONS OF PERSONS*
130
MILLIONS OF PERSO NS*
130
SEASONALLY ADJUSTED
126
\
122
118
114
^-~Hr^
CIVILIAN L/^BOR FORCE
,
"
—~—^
126
-
_^~1
118
^""1
tr~^
122
-
-.X""""
CIVILIAN
EMPLOYMENT
^'"^
110
114
110
-
^4
106
102
106
102
f
12
- 12
-
UNEMPLOYME NT
.
8
'
s
—
•
.
'
8
—^
4
4
0
MM)
Mill
1985
M M ! 1 1 1M 1
1 1 M
1 1 1 1 1 M
| 1I 1 1
1987
1986
Mill
1988
Mill
1 1 111
1 1 M 111 M
1 1
1990
1989
1 1 1 M 11 M
M
Mill
Mill
1992
1991
*1 6 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
i i M il M i i i0
1993
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1983
1984
1985
1986*
1987
1988
1989
1990
1991 .
1992
Civilian employment
Resident
Armed
Forces
NSA
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
193,356
193,513
193,683
193,847
194,026
1,566
1,566
1,552
1,531
1,517
128,970
128,840
128,618
128,896
129,108
119,346
119,290
119,239
119,595
119,828
127,404
127,274
127,066
127,365
127,591
117,780
117,724
117,687
118,064
118,311
3,218
3,221
3,169
3,209
3,262
114,562
114,503
114,518
114,855
115,049
6,099
6,096
6,151
6,230
6,063
9,624
9,550
9,379
9,301
9,280
3,547
3,522
3,564
3,446
3,605
66.4
66.3
66.1
66.2
66.3
61.4
61.3
61.3
61.4
61.5
194,159
194,298
194,456
194,618
194,767
194,933
195,104
195,275
1,515
1,512
1,497
1,492
1,484
1,477
1,471
1,482
128,598
128,839
128,926
128,833
129,615
129,604
129,541
129,852
119,586
119,963
120,062
119,908
120,757
120,696
120,772
121,192
127,083
127,327
127,429
127,341
128,131
128,127
128,070
128,370
118,071
118,451
118,565
118,416
119,273
119,219
119,301
119,710
3,191
3,116
3,082
3,060
3,070
3,024
3,039
2,980
114,879
115,335
115,483
115,356
116,203
116,195
116,262
116,729
5,887
6,242
5,965
6,238
6,268
6,176
6,255
6,287
9,013
8,876
8,864
8,925
8,858
8,908
8,769
8,661
3,317
3,143
3,073
2,926
3,004
2,849
3,037
3,032
66.0
66.0
66.0
65.9
66.3
66.2
66.1
66.2
61.3
61.4
61.4
61.3
61.7
61.6
61.6
61.8
Employment
including
resident
Armed
Forces
Nonagricultural
Chilian
labor force
1993:
Feb
Mar
May
T '
July
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.
Civilian
Labor force
including
resident
Armed
Forces
Total
1992:
Sept
Oct
NOT
Dec
Unemployment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Agricultural
Total
Part time
for
economic
reasons 1
Total
15
weeks
and over
Labor
force
participation
rate
(percent)2
Employment/
population
ratio
(percent) 2
"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 August, the civilian unemployment rate fell from 6.8 percent to 6.7 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* {SEASONALLY ADJUSTED]
25
20
BUCK
ALL CIVILIAN WORKERS
\
WHITE
1989
1990
1992
1993
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
5OUBCE: DEPARTMENT OF LA8OS
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1983
1984
1985
1986
1987
1988
1989
1990 .
1991
1992
1992: Aug ....
Sept ....
Oct
Nov ....
Dec
1993: Jan
Peb
Mar
Apr
May
June ...
July
Aug
Unemployment
rate,
all
workers *
All
civilian
workers
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
7.5
7.4
7.3
7.2
7.2
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
7.6
7.5
7.4
7.3
7.3
7.0
6.9
6.9
6.9
6.8
6.9
6.8
6.7
7.1
7.0
7.0
7.0
6.9
7.0
6.8
6.7
Men
20 years
and over
Women
20 years
and
over
8.9
8.1
6.8
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
7.2
7.1
7.2
6.9
6.8
6.4
6.5
6.7
6.4
6.4
6.5
6.5
6.4
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
6.4
6.4
6.2
6.2
6.4
6.4
6.0
5.7
6.0
5.9
5.9
5.8
5.7
By selected groups
By race
By sex and age
Both
sexes
16-19
Black
White
Black
other
years
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.9
20.4
18.9
20.2
19.2
19.7
19.6
19.5
20.7
19.7
19.8
18.2
18.2
and
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.6
6.6
6.5
6.4
6.3
6.2
6.1
6.1
6.0
6.0
6.1
6.0
5.9
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
12.9
12.6
12.5
12.6
12.8
12.9
12.0
12.0
12.5
11.7
12.0
11.7
11.6
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
14.2
13.9
14.1
14.0
14.2
14.2
13.1
13.5
13.8
12.9
13.3
12.9
12.5
Experienced
wage and
salary
workers
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
7.2
7.2
7.1
7.0
7.0
6.8
6.7
6.6
6.7
6.5
6.6
6.6
6.5
Women
who
maintain
families
Fulltime
workers
Parttime
workers
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
5.3
5.2
5.1
4.9
4.8
12.2
10.3
10.4
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
7.1
10.4
4.5
4.5
4.7
4.5
4.5
4.4
4.6
4.4
10.6
10.2
Married
men,
spouse
present
9.8
9.2
8.1
8.1
8.2
9.1
9.9
10.3
9.1
9.3
10.4
10.3
9.0
9.6
9.9
9.8
9.8
8.7
7.3
7.2
7.1
7.0
6.9
6.7
6.6
6.6
6.6
6.6
6.6
6.7
6.5
_.
1
2
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed ami persons on part tame for economic reasons as per-
12
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
9.2
9.1
9.5
9.2
9.2
9.7
9.3
9.1
8.9
9.7
8.4
8.9
8.3
8.4
Labor
force
time lost
(percent)2
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
8.4
8.3
8.3
8.3
8.1
7.9
7.9
7.9
7.8
7.9
7.8
7.8
7.7
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In August, there was a decrease in the percentage of the unemployed who had been out of work for less than 5
weeks; there were increases in the percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over. The
mean duration of unemployment rose to 18.3 weeks and the median duration rose to 8.4 weeks.
PERCENT DISTRIBUTION'
70
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
REENTRANTS
-'V'-J/
20
JOB LEAVERS
10
NEW ENTRANT
1992
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1993
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
34.0
34.0
33.9
33.2
32.6
36.1
36.5
35.5
38.2
37.7
36.8
37.0
34.5
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
29.4
29.5
28.3
30.2
28.8
27.4
28.1
29.4
28.4
28.2
31.3
28.7
30.6
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
15.5
14.8
15.7
15.3
16.5
15.5
13.9
14.4
14.5
14.3
12.9
14.6
14.9
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
21.1
21.7
22.2
21.4
22.1
21.1
21.5
20.7
18.8
19.8
19.1
19.7
20.0
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.3
18.5
19.2
18.4
19.2
18.7
18.3
17.5
17.4
17.6
17.6
17.9
18.3
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.9
9.3
9.3
9.4
9.4
8.5
8.2
8.3
8.5
8.1
8.1
8.2
8.4
Job
losers
Job
leavers
Reentrants
New
entrants
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
23.4
23.6
23.5
23.6
24.1
26.1
25.9
23.0
24.3
25.9
25.0
23.9
23.8
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
9.8
9.8
8.3
10.0
10.0
10.7
10.0
10.5
10.5
10.2
9.7
9.8
9.5
Insured
Initial
unemployment claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Aug
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
Apr
May
July
....
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
9,624
9,550
9,379
9,301
9,280
9,013
8,876
8,864
8,925
8,858
8,908
8,769
8,661
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Railroad (RR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
56.3
56.5
58.5
55.9
55.4
54.0
52.3
54.2
53.9
52.9
54.6
56.1
57.0
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.5
10.0
9.7
10.5
10.5
9.1
11.8
12.3
11.3
10.9
10.6
10.2
9.6
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
3,178
3,168
3,035
2,937
2,783
2,715
2,640
2,701
2,764
2,770
2,813
2,832
583
438
377
396
378
328
310
330
388
447
408
387
402
365
359
341
353
343
362
347
341
343
352
"328
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
3,114
2,814
2,537
2,670
3,064
3,390
3,344
3,394
2,929
' 2,597
2,806
2,655
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 39,000 in August.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* {ENLARGED SCALE)
32
110
ALL NONAGRICULTURAl
ESTABLISHMENTS
100 -
80
SERVICE-PRODUCING
INDUSTRIES
70
60
50
GOODS-PRODUCING
INDUSTRIES
r/ ~-1
30
CONST WCTION
illinium
11n 1 1 1 1 1 1 1 1 1 i l l
1989
1992
1993
' 1989
Illllllllll
| nm Illllllllll
1991
1990
Illllillllh
1993
1992
^
*SEASONAllY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCit Of ECQNOMfC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Service-producing industries
Goods-producing industries
Total
nonagricultural
employment
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
..
..
Aug....
Sept....
Get
Nov ....
Dec
1993: Jan
Feb
Mar
Apr ....
May r..
June r.
July".
Aug '..
90,152
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,519
108,615
108,674
108,789
108,921
109,079
109,235
109,539
109,565
109,820
110,058
110,101
110,312
110,273
Total
2
23,330
24,718
24,842
24,538
24,674
25,125
25,254
24,905
23,745
23,142
23,073
23,012
22,995
22,995
22,985
23,001
23,069
23,016
22,980
23,006
22,941
22,948
22,894
Pnn
L/on-
struetion
3,946
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,471
4,459
4,447
4,466
4,462
4,459
4,454
4,515
4,481
4,517
4,577
4,574
4,596
4,588
Manufacturing
j
Durable NondurTotal
able
goo s
goods
18,432
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,040
17,991
17,949
17,911
17,917
17,913
17,936
17,954
17,935
17,863
17,827
17,771
17,757
17,715
10,707
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,237
10,192
10,164
10,135
10,142
10,136
10,152
10,163
10,144
10,090
10,047
10,011
9,991
9,965
7,725
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,804
7,799
7,785
7,776
7,775
7,777
7,784
7,791
7,791
7,773
7,780
7,760
7,766
7,750
1
includes all full- and part-time wage and salary workers in nonagricultural establishments who
received psy lor any part of the pay period which includes the 12th of the month, Excludes proprietors, self-employed persona, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagrieultural employment ot the civilian labor
force, shown on p. II, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
Total
66,821
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,377
85,542
85,662
85,794
85,926
86,094
86,234
86,470
86,549
86,840
87,052
87,160
87,364
87,379
Transportation
and
public
utilities
4,952
5,156
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,709
5,701
5,704
5,699
5,699
5,707
5,719
5,725
5,724
5,720
5,719
5,711
5,704
5,703
Wholesale
trade
5,283
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
6,045
6,037
6,037
6,052
6,061
6,062
6,086
6,097
6,103
6,110
6,125
6,110
6,126
6,117
Retail
trade
15,587
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,346
19,359
19,380
19,402
19,405
19,460
19,523
19,629
19,604
19,648
19,702
19,751
19,785
19,785
Finance,
insurance,
and real
estate
5,466
5,684
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,571
6,558
6,565
6,570
6,569
6,575
6,578
6,577
6,574
6,585
6,588
6,590
6,602
6,604
Government
Services
Total
19,664
20,746
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,053
29,178
29,247
29,361
29,430
29,524
29,573
29,665
29,756
29,977
30,099
30,175
30,304
30,338
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,653
18,709
18,729
18,710
18,762
18,766
18,755
18,777
18,788
18,800
18,819
18,823
18,843
18,832
Federal
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,961
2,966
2,945
2,943
2,968
2,945
2,944
2,938
2,923
2,912
2,901
2,901
2,898
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 oa reports from employing
establishments.
2
Includes miaing, 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
Period
Total
private
nonagricultural l
Total
Average gross weekly earnings
Average gross hourly earnings
Manufacturing
Total private
nonagricultural '
Total private
nonagricultural *
Overtime
Current
dollars
1982
dollars 2
Manufacturing
1982
dollars 2
Manufacturing
Construction
Retail
trade
$280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.95
$272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22
$354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
$442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
$171.05
174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.34
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.8
2.0
.8
— 1.3
.3
10
-.9
-1.0
-1.8
-1.6
472.65
471.91
473.47
475.86
477.10
542.82
537.59
539.22
537.89
535.72
205.92
207.50
206.78
207.79
207.65
3.1
1.1
2.5
3.3
1.9
.0
-1.8
6
.3
10
480.65
481.90
480.39
485.97
484.79
482.86
485.62
489.29
534.96
538.94
544.07
541.21
556.39
551.32
561.21
559.38
208.22
208.08
205.01
208.80
211.41
209.66
209.95
211.70
3.4
2.2
2.0
2.8
3.4
2.6
3.0
3.2
.2
-.9
-1.0
-.3
.2
2
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
$8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58
$7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42
$8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
1992: Aug
Sept
34.6
34.2
34.4
34.6
34.3
41.1
41.0
41.1
41.2
41.2
3.8
3.6
3.8
3.9
3.9
10.63
10.62
10.65
10.69
10.68
7.43
7.41
7.40
7.41
7.40
11.50
11.51
11.52
11.55
11.58
367.80
363.20
366.36
369.87
366.32
257.02
253.45
254.59
256.50
253.68
34.5
34.4
34.2
34.4
34.7
34.4
34.5
34.7
41.4
41.4
41.2
41.5
41.4
41.2
41.4
41.5
4.0
4.2
4.0
4.2
4.1
4.0
4.0
4.2
10.73
10.74
10.78
10.77
10.82
10.81
10.82
10.87
7.40
7.38
7.39
7.36
7.39
7.38
7.38
11.61
11.64
11.66
11.71
11.71
11.72
11.73
11.79
370.19
369.46
368.68
370.49
375.45
371.86
373.29
377.19
255.30
253.92
252.87
253.24
256.28
253.83
254.63
Nov
Dec
1993' Jan .
Feb
Mar ....
Apr
May '
July '
Aug *
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 hase).
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
Oct
Current dollars
Current
dollars
1982
dollars
1
.3
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Total
compensation
Period
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
.6
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
.8
1.0
.9
1.0
.8
1.5
1.5
4.9
4.6
4.2
4.0
6.8
6.6
111.3
113.3
115.1
116.7
1.1
1.2
1.1
.9
1.0
1.0
.7
.8
1.3
1.8
1.6
1.4
4.4
4.4
4.5
4.4
4.0
3.7
3.7
3.7
5.8
6.2
6.4
6.2
110.9
111.5
112.2
113.0
118.2
119.6
121.2
122.7
1.0
.7
.8
.9
.7
.5
.6
.7
1.3
1.2
1.3
1.2
4.2
3.7
3.4
3.5
3.4
3.0
2.7
2.6
6.3
5.5
5.2
5.2
113.9
114.6
124.8
126.6
1.0
.9
.8
.6
1.7
1.4
3.5
3.6
2.7
2.7
5.6
5.8
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
1990: Sept
Dec
106.2
107.2
105.4
106.2
108.3
109.9
108.4
109.7
110.9
111.9
107.3
108.4
109.2
110.1
113.0
113.8
114.7
115.7
116.9
117.9
1983:
19841985:
19861987:
19881989:
1990:
1991:
1992:
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
.7
Seasonally adjusted
...
1991: Mar
Sept
Dec
1992: Mar
Sept
Dec
1993: Mar
...
. ...
1
Employer
mpoyer co
costs for
or empoyee
employee benefits.
enes.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
Not seasonally adjusted
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
Business
sector
Nonfarm
business
sector
Output 1
Business
sector
Hours of 2all
persons
Nonfarm
business
sector
Business
sector
Compensation
per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
..
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.1
110.2
113.3
102.5
104.7
105.6
107.7
108.6
109.6
108.6
108.6
108.8
111.7
104.1
112.6
116.7
119.9
124.8
130.1
132.3
132.7
129.8
132.8
104.4
113.0
116.8
120.1
125.0
130.6
132.7
132.9
130.0
132.9
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.2
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.0
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.3
146.8
152.1
104.0
108.3
112.8
118.4
122.5
127.7
132.0
139.0
145.7
150.9
100.6
100.6
101.5
104.7
104.6
104.8
103.5
103.6
104.0
104.6
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.6
103.2
103.8
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.4
133.1
134.3
101.5
103.4
106.8
110.0
112.8
116.5
121.5
128.0
133.8
135.1
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.2
139.1
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.0
IV
IV
IV
IV
IV
IV
IV
IV
101.1
103.1
105.4
107.0
108.3
110.7
110.9
109.7
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
98.9
104.3
108.5
110.3
111.3
115.1
118.8
120.6
99.0
104.7
109.1
111.5
112.5
116.5
120.5
122.3
102.1
105.2
109.9
115.6
120.9
125.8
130.7
134.9
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
100.6
100.5
100.7
102.4
105.6
105.2
104.7
103.4
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
100.9
102.1
104.3
108.0
111.6
113.7
117.9
123.0
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
109.9
110.6
110.1
109.8
108.4
109.0
108.5
108.3
133.1
133.7
132.5
131.3
133.5
134.0
132.7
131.5
121.2
120.9
120.3
119.6
123.1
122.9
122.4
121.4
136.9
139.5
141.5
143.1
135.6
138.1
140.1
141.9
103.1
104.0
103.8
103.3
102.1
103.0
102.7
102.4
124.6
126.1
128.4
130.3
125.1
126.7
129.1
131.0
129.1
130.6
131.9
133.3
129.6
131.1
132.5
134.1
109.4
109.9
110.5
111.3
108.0
108.5
109.1
109.7
129.2
129.5
130.0
130.6
129.4
129.7
130.2
130.7
118.1
117.8
117.6
117.3
119.9
119.5
119.4
119.1
144.2
146.3
147.7
149.0
143.1
145.2
146.6
147.8
103.1
104.0
104.3
104.4
102.3
103.3
103.5
103.5
131.9
133.2
133.7
133.8
132.5
133.8
134.4
134.7
134.9
136.0
136.7
137.3
135.7
136.6
137.5
138.3
n
m
112.5
112.7
113.6
114.6
110.9
111.2
112.0
112.9
131.4
131.9
133.0
134.7
131.5
132.0
133.2
134.8
116.7
117.0
117.1
117.6
118.6
118.7
118.9
119.4
150.7
151.3
152.7
154.2
149.4
150.1
151.4
152.9
104.7
104.3
104.6
104.8
103.8
103.5
103.7
103.9
133.9
134.2
134.4
134.6
134.8
135.0
135.2
135.4
138.2
139.0
138.9
140.3
139.1
139.9
139.9
141.2
1993- I .p
114.1
113.6
112.4
111.7
134.9
135.4
135.1
135.7
118.2
119.3
120.2
121.4
155.6
156.4
154.1
154.7
104.8
104.6
103.7
103.4
136.3
137.7
137.0
138.4
141.2
142.2
142.1
142.9
1.5
1.9
3.3
2.9
2.6
3.3
4.3
5.4
4.6
.9
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.8
2.1
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
4.0
2.2
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992.
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990: I
n
m
IV
1991- I
n
m
IV
1992: I
IV
n *.
r
r
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.2
.1
2.8
2.5
2.2
.8
2.0
.8
.9
-.9
-.1
.2
2.6
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.2
-2.2
2.3
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.1
-2.2
2.2
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.5
-3.6
-3.5
-3.7
-3.6
-1.9
-2.5
1990: HI
IV
-1.7
-1.1
-2.1
-.5
1991- I
-1.7
2.0
2.2
3.2
-1.3
2.1
2.2
2.4
64
.9
1.6
2.0
61
.9
1.5
1.6
4.3
.7
3.2
3.4
4.2
1.4
2.7
3.2
2.3
1.6
3.6
5.2
2.3
1.7
3.5
5.1
-4.7
-1.1
-.6
-1.1
j9
.9
.3
1.8
.5
1.5
.8
1.7
2.0
3.6
n
m
IV
1992: I........
n
m
IV
1993: I p
n *.
-1.5
-2.1
-1.6
-2.5
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
24
-.4
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.5
4.6
3.6
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.3
4.8
3.6
0.6
.0
.9
3.1
-.1
_2
-L3
.1
.4
.6
-1.4
-.1
.6
.6
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.3
4.5
.9
-1.7
-3.1
5.7
4.8
5.7
5.4
-1.0
-1.9
-1.0
-1.4
7.6
6.0
8.0
5.9
4.2
4.2
4.5
4.8
-4.9
-1.1
-.6
-.8
3.0
6.1
3.7
3.7
3.2
6.2
3.8
3.3
7
3^8
1.0
.4
-.5
3.9
1.1
.0
4.8
4.0
1.5
.5
4.6
4.1
1.6
.9
4.8
3.2
2.3
1.6
4.9
2.7
2.7
2.2
-1.8
4.7
1.5
3.9
3.8
4.5
2.0
3.5
3.9
1.3
-1.6
1.2
.7
1.1
-1.1
.8
.7
.3
.8
.7
.5
.3
.6
.7
.6
2.6
2.4
-.2
4.0
2.4
2.5
-.3
3.9
2.5
4.3
3.2
1.6
r
r
r
r
.4
.7
1.8
1
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
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.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
6
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
r
3.6
2.2
r
-.2
-.7
0.8
-.2
.6
3.1
o
.1
-.6
-1.3
r
5.1
4.4
r
4.8
4.2
2.7
2.7
2.6
2.4
NOTE.—Data relate to al! 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 based on 1993: H GDP data released July 29, 1993.
Data beginning 1990 do not reflect the annual revision of the national income and product accounts released on August 31, 1993.
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.
INDEX, 1987-100' (RATIO SCALE)
INDEX, 1987. 100* (RATIO SCALE)
40
TOTAL INDUSTRIAL PRODUCTION
135
FINAL PRODUCTS
f
130
f
125
ff
120
115
s*\ t\^yTSy
V
f
r-^>
BUSINESS
EQUIPME NT
110
f'
105
100
V N_/"V
/•~"\
-•
CONSU MER
/"' A.
V
95
GOO ns
DEFENSE
AND SPACE
EC UIPMENT
90
V
85
)20
UTILITIESjAND MINING
115
105
/
/
/^
s
1 ^
,
V ' \
1989
/
\
^^V
^
s^A\^-
1 1 1 nl i t 1 1 1 1 1 1 1 it 1 11 1 1
1 1 1 1 l! M 1 1 1
1990
1992
1991
"^
"x
^
80
75
v~'
MINING
l.mlllll
^
i ^ A ANA ^
V \
V ' UTILITIES
/Xj-Vl
N/
^
~^~
^
l i 1 1 m 1 1 11
M 1 1 l! 1 1 1 1 1
i n i il 1 1 i n i n ni 1 1 it i
M 1 1 1 11 1 1 11
V/-^
1 1 1 1 li 1 1 1 M
1989
1993
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
. ...
1992- July .
Aug
Sept
Oct
..
Nov
Dec
1993: Jan
Feb
Mar
Apr r
May r.
July"
1
Output as percent of capacity.
Capacity utilization
rate, percent l
Industry production indexes, 1987=100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
3.7
9.3
1.7
.9
4.9
4.4
1.5
.0
18
2.3
80.9
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.9
76.8
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.8
108.1
87.0
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
105.4
104.8
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.4
97.6
93.6
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.2
112.0
75.8
81.1
80.3
79.2
81.5
83.7
83.6
82.1
79.2
79.8
74.9
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.8
106.8
106.6
106.2
107.5
108.4
108.9
2.2
1.9
.9
2.3
3.2
4.0
107.1
107.0
106.8
108.0
108.9
109.2
108.2
108.5
108.1
109.8
110.9
111.8
105.7
105.2
105.2
105.8
106.4
106.0
98.5
97.0
97.1
97.6
97.8
98.2
111.2
110.4
111.2
112.7
114.7
116.8
80.0
79.7
79.3
80.2
80.8
81.0
78.9
78.7
78.4
79.2
79.7
79.8
109.3
109.9
110.1
110.4
110.2
110.2
110.6
4.6
4.4
4.3
3.9
3.3
4.0
3.5
109.9
110.5
110.8
111.4
111.1
111.0
111.1
112.9
113.8
114.1
115.0
114.8
114.4
114.7
106.4
106.4
106.6
106.9
106.6
106.8
106.8
98.3
95.9
95.3
96.4
96.9
96.2
95.9
112.8
117.5
117.8
114.4
114.3
116.0
119.8
81.2
81.5
81.6
81.7
81.5
81.3
81.5
80.3
80.5
80.6
80.9
80.6
80.4
80.4
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total
1
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
83.0
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.2
88.8
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.2
79.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.5
91.9
93.4
94.4
97.6
100.0
102.4
103.2
103.8
105,0
105.9
76.8
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
112.7
71.9
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
123.2
71.8
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.7
85.9
80.3
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.5
97.6
80.2
86.2
89.1
93.8
100.0
101.5
100.5
98.2
90.7
93.8
80.3
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.4
100.1
88.3
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.5
107.9
98.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.6
103.4
1992: July
108.1
108.9
108.1
110.1
111.0
111.5
104.9
105.1
104.4
106.4
107.1
107.5
102.8
101.9
100.9
104.1
105.7
107.9
105.5
106.0
105.3
107.1
107.5
107.4
112.7
114.3
113.5
115.4
116.7
117.2
123.7
126.1
125.0
127.5
129.0
129.6
85.1
84.5
84.4
83.5
83.2
82.5
98.6
97.0
96.9
97.8
98.1
98.3
94.3
94.1
93.0
94.7
95.1
94.5
101.4
99.0
99.5
99.9
100.0
100.8
108.5
107.6
107.4
108.1
109.3
110.0
104.4
102.5
103.6
103.0
103.9
105.1
111.9
112.4
112.7
112.8
112.5
112.3
112.5
107.6
108.5
108.6
108.1
107.5
107.1
107.4
110.9
111.3
111.5
112.2
110.9
108.0
108.0
106.7
107.7
107.7
106.9
106.6
106.9
107.3
118.1
118.0
118.7
119.7
119.8
119.7
119.9
131.2
131.7
133.4
134.8
135.2
135.1
135.4
82.0
81.5
80.7
80.5
79.7
78.6
78.4
98.2
99.3
99.6
100.0
99.6
99.2
100.1
94.8
97.5
96.4
96.4
97.7
96.4
97.1
100.5
100.5
101.8
102.5
100.9
101.1
102.1
110.4
110.9
110.9
111.5
111.5
111.8
112.3
103.4
103.8
103.5
103.4
103.5
103.6
104.9
Sept
Oct ...
Nov
Dec...
1993- Jan
Feb
Mar
May r
July'
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987—100; monthly data seasonally adjusi
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Industrial and
commercial
machinery and
computer
equipment 1
Transportation
equipment
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
91.0
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.4
101.1
96.1
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.6
104.7
85.5
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
96.7
64.3
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.7
124.8
80.3
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.8
119.8
72.7
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.8
102.6
74.5
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.3
104.8
79.9
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.5
96.4
93.8
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.9
92.3
79.0
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.8
95.0
87.5
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.3
115.0
90.1
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
106.0
1992- July
100.6
100.5
98.0
100.5
101.6
102.4
104.7
103.8
102.0
104.1
103.6
107.4
97.0
97.0
96.5
97.5
97.6
97.8
125.7
126.9
127.9
130.6
132.8
133.8
120.7
120.6
121.5
122.6
124.4
124.8
101.4
102.4
100.5
103.0
103.6
106.3
103.1
105.0
102.6
108.0
109.9
116.2
96.6
96.6
94.7
97.8
99.8
98.0
92.7
91.3
91.5
91.7
92.9
92.7
95.7
93.5
94.1
94.5
94.2
94.7
114.6
114.4
115.2
116.2
117.7
116.7
105.9
106.3
105.6
106.8
106.4
106.2
102.8
108.0
104.2
104.4
104.1
106.4
106.2
107.0
112.9
107.6
108.4
108.1
111.8
112.1
99.8
99.7
,100.3
101.4
100.6
100.2
100.2
135.0
136.7
139.6
142.8
143.8
144.0
146.1
125.8
127.1
128.5
129.0
129.7
129.7
131.9
108.4
107.8
106.9
106.9
105.5
103.3
101.2
120.9
120.7
120.1
120.4
118.1
115.1
110.9
99.3
101.8
98.0
98.1
97.7
95.7
96.7
93.1
92.5
92.1
92.0
91.3
91.1
91.0
94.7
94.0
94.7
95.6
94.5
94.7
94.2
116.8
116.2
117.6
117.8
118.1
118.7
119.4
105.9
106.9
106.7
106.7
106.0
106.4
106.4
Sept
Oct ....
Nov
Dec
1993- Jan
Feb ..
Mar
May '
July "
1
Formerly nonelectrical machinery.
18
Source: Board of Governors of the Federal Reserve System.
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts s
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total'
Commercial
and
industrial z
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
1986
1987
1988
1989
1990
1991
1992
|_
294.9
348.8
377.4
407.7
419.4
432.3
443.6
442.1
403.4
436.0
231.5
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
317.3
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
48.2
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8
75
83
91
96
100
101
105
95
89
97
Annual rates
Annual rates
1992: July
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar
May r
Julv p
1
z
3
756
955
1,097
1,016
1,019
973
961
783
577
544
432.0
430.4
433.5
442.6
449.3
455.2
314.0
312.3
317.4
324.8
328.2
335.4
184.6
187.3
189.2
194.6
199.3
206.4
126.8
127.9
129.1
132.1
135.4
138.9
64.9
61.9
63.3
65.0
64.0
63.6
64.5
63.1
64.9
65.3
64.8
65.3
118.0
118.1
116.1
117.7
121.1
119.9
r
96
93
96
106
98
96
504
512
463
546
510
511
451.3
453.8
454.5
449.7
452.4
460.5
458.2
335.5
334.8
337.0
329.0
331.3
334.3
329.4
207.2
205.7
205.5
197.8
196.9
198.4
198.9
141.8
142.9
141.8
138.0
136.7
137.1
140.0
64.4
66.4
67.4
65.6
67.4
67.8
62.8
63.9
62.7
64.0
65.6
67.0
68.1
67.8
115.8
119.0
117.5
120.7
121.2
126.3
128.8
103
98
97
r
99
93
103
98
443
479
524
548
489
520
587
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
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, by type of structure
Period
Total
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
1,199.7
1983
1984
1985
1986
1987 ...
1988
1989....
1990
1991
1992
1 unit
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
1,029.9
2-4 units
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
5 or more units
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
Units
authorized
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
1,094.9
Units
completed
Homes sold
Homes for
sale at end of
period 1
Vacancy rate
for rental
housing units
(percent) z
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
1,157.5
623
639
688
750
671
676
650
534
509
610
301
353
346
357
366
368
365
321
284
265
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4
7.7
Seasonally adjusted annual rates
1992: June
July
Sent
Oct
Nov
Dec
1993- Jan
Feb
Mar
....
May'
T * ;•
July"
... .
1,141
1,106
1,229
1,218
1,226
1,226
1,286
994
961
1,038
1,045
1,079
1,089
1,133
40
25
31
28
18
28
32
107
120
160
145
129
109
121
1,048
1,083
1,081
1,120
1,141
1,136
1,196
,181
,234
,133
,128
,137
,229
1,227
584
622
625
672
637
615
662
273
271
270
267
264
262
265
1,171
1,180
1,124
1,206
1,248
1,246
1,212
1,051
1,036
987
1,059
1,107
1,078
1,060
26
24
32
26
26
32
36
94
120
105
121
115
136
116
1,157
1,141
1,034
1,101
1,121
1,115
1,162
1,136
1,241
1,108
r
1,222
1,129
1,159
1,066
603
597
602
r
689
641
662
629
266
268
270
271
275
275
279
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
7.3
7.1
7.9
7.6
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 0.4 percent and inventories rose $1.4 billion. In July, according to
advance data, retail sales rose 0.1 percent, following a rise of 0.2 percent in June.
BIILIO NS OF DOLLARS * (RATIO SCALE)
300
BILLIOK S OF DOLLARS * (RATIO SCALE)
1,000
900
_^
250
——
800
1
My
700
.NUFACTURIt'4G AND
tADE INVEN
'
^
\
RETA IL INVENTOR ES
200
600
/-
f
.-~^—-
,
500
—
150
\
MXUMUFACTURII'\G
AS D TRADE SA ES
>-^- "
\— 1
RETAIL SAL ES
400
miilnm Illllllllll Illllllllll iiiiiliini
100
300
RATIO «
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
C/V^ <^Xxf\^|teCT^v-i
r'~~
200
1.50
1 11 11 1 1 II 1 1 i i m l i n i i miilnm 1 1 1 n li 1 1 M lliiillllli
1989
1990 1991
1993
1992
~\
\l
'
1.40
1 1 1 1 ll i n 1 1 Illllllllll 1 1 M 1 1 1 1 1 1 1
1.30
1989
1990
1 1 1 n IAI j 1 1
1991
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade *
Sales
2
Inventories 3
1992
i n ill i H M
1993
COUNCIL OF ECONOMIC ADVISERS
Inventory-sales ratio *
Retail
Wholesale
2
Inventories
Sales
Period
.^•— '"
MANUFACTURING
AND Tl ADE
Sales2
Inventories 8
Total
Durable
goods
stores
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
Retail
Millions of dollars, seasonally adjusted, except as noted
1983 . . .
1984
1985
1986
1987 ..
1988
1989 ...
1990
1991 ..
1992
1992: June r
July . ...
Aug
Sept
Oct
Nov ....
Dec
1993- Jan
Feb
Mar
Anr
May r
June "
July p
1
r
370,501
411,427
423,940
431,786
459,107
497,031
523,729
543,097
538,609
560,383
591,875
651,551
665,835
664,624
711,725
767,538
813,793
837,445
833,518
849,117
100,440
113,502
114,816
116,326
124,340
135,357
144,158
149,489
147,635
152,337
131,663
144,223
149,155
155,445
165,814
180,519
188,539
196,901
201,285
209,232
558,715
562,750
557,435
563,694
567,073
569,848
581,061
839,937
842,979
844,940
844,011
844,728
846,374
849,117
151,021
154,124
152,495
153,405
154,011
154,032
155,297
204,373 161,235
204,626 ' 162,367
163,224
205,609
205,114 164,211
206,093 167,603
208,424 167,291
209,232 169,155
581,584
584,903
583,575
584,943
587,930
590,151
851,190
854,715
859,094
862,478
864,198
865,567
159,507
158,987
157,206
159,291
162,187
159,799
210,139
209,765
210,503
211,860
212,190
212,721
97,514
107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535
169,232
169,116
167,390
170,538
171,736
T
172,053
172,296
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
2
20
32,571
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758
r
57,808
58,447
58,369
59,172
61,051
60,610
61,873
r
64,943
69,369
73,075
75,746
80,453
85,664
91,974
98,230
100,965
104,777
147,833
167,812
181,881
186,510
207,836
219,597
238,343
241,476
245,885
260,647
68,856
79,074
88,315
89,983
105,481
112,505
121,448
121,338
119,828
131,549
78,977
88,738
93,566
96,527
102,355
107,092
116,895
120,138
126,057
129,098
1.56
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
103,427
103,920
104,855
105,039
106,552
106,681
107,282
252,656
254,984
254,145
254,884
255,540
256,895
260,647
125,893
127,018
127,334
126,900
127,760
128,884
131,549
126,763
127,966
126,811
127,984
127,780
128,011
129,098
1.50
1.50
1.52
1.50
1.49
1.49
1.46
1.44
1.49
1.52
1.56
1.56
1.54
1.59
1.56
1.55
1.55
1.57
1.57
1.56
1.55
1.52
1.54
1.54
262,427
265,718
269,052
270,311
270,417
271,520
132,861
135,599
137,803
138,784
138,097
138,774
129,566
130,119
131,249
131,527
132,320
132,746
1.46
1.46
1.47
1.47
1.47
1.47
1.55
1.57
1.61
1.59
1.57
1.58
62,216 107,016
60,978 108,138
60,723 106,667
62,804 107,734
63,771 107,965
r
64,071 ' 107 ,982
64,047 108,249
3
Seasonally adjusted, end of period.
* Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments and new and unfilled orders fell; inventories were about unchanged.
BILLIONS Of DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
320
480 — INVENTORIES440
400
360
320
TOTAI
280
240
^
—^^T^-
^*^^
-^1
*
•V~
200
TOTAL
280
160
DU *ABLE GOOC S
240
• --'.
\
120
<
DURABLE GOODS
200
*•.*•"— •*"*
160
NONDURAB .E GOODS
m
|
mnlnm iinihiin
mmmti
-V
120
BILLIONS OF DOLLARS* (RATIO SCALE|
NONDURABLE GOODS
320
TOTAL
280
. ^
240
J
^
r—^
_^^/l
^"T
^^ —
200
RATIO*
i.&l
INVENTORY-SHIPMENTS RATIO
2.00
160
N
120
-\v.x-'
/.
— -v -#-«--"-*
•\.»._«
-• v^^^*^
1.80
**•./«
1.60
1.40 -
Illllllllll
1990
1989
IV
f^^l
NONDURAB LE GOODS
80
rv^/v/i
_^^1
1991
1992
Illllllllll Illllllllll
Ml I l l l l l l l
1.20
1989
1993
1991
1990
1992
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments *
Manufacturers' new orders J
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unruled
orders z
Manufacturers'
inventory —
shipments
ratio3
Millions of dollars, seasonally adjusted, except as noted
1983
1984
1985
1986 .
1987
1988 ..
1989
1990
1991
1992
1992- July
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mai ..
May
'
T •*
July r
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
312,379
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
199,854
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
112,525
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
175,451
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
88,140
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
347,273
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
246,259
241,716
246,078
245,459
248,525
256,609
125,083
124,246
125,873
126,425
128,720
134,228
121,176
117,470
120,205
119,034
119,805
122,381
383,369
385,186
384,013
383,095
381,055
379,238
242,976
243,597
242,122
240,909
239,407
237,717
140,393
141,589
141,891
142,186
141,648
141,521
241,079
237,230
240,685
244,882
243,106
256,727
119,846
120,007
120,608
125,656
123,096
134,348
28,732
27,486
29,801
30,129
26,804
32,275
121,233
117,223
120,077
119,226
120,010
122,379
491,061
486,575
481,182
480,605
475,186
475,304
1.56
1.59
1.56
1.56
1.53
1.48
252,845
256,800
258,979
255,114
254,007
258,299
251,513
130,805
134,133
135,537
132,763
132,307
<" 135,042
129,162
122,040
122,667
123,442
122,351
121,700
123,257
122,351
378,624
379,232
379,539
380,307
381,591
381,326
381,390
236,332
237,034
236,849
237,043
237,734
237,514
237,808
142,292
142,198
142,690
143,264
143,857
143,812
143,582
253,626
257,250
253,007
252,369
248,335
255,462
250,153
131,266
134,533
129,903
129,838
126,783
r
132,252
128,137
28,645
32,748
29,122
30,453
29,931
r
33,850
30,187
122,360
122,717
123,104
122,531
121,552
123,210
122,016
476,085
476,535
470,563
467,818
462,146
459,309
457,949
1.50
1.48
1.47
1.49
1.50
1.48
1.52
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In July, the producer price index for all finished goods fell 0.2 percent. Prices of finished consumer foods fell 0.1
percent and prices of other finished consumer goods fell 0.2 percent. Capital equipment prices rose 0.1 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
FINISHED GOODS PRICES
SEASONALLY ADJUSTED
130
130
CONSUMER F OODS
— •"
\
k^^J^-^
K'/T
^' "
/; \
120
.S?*'
CAPITAL EQUIPMENT
— s_ r—
\-'~
\
100
\
1 111 1111 111
1985
_
!
f
/^^
110
CONSUM :R GOODS
EXCLUDE4G FOODS
TOTAL f-
—
,-'"*'
100
.
>
90
120
-'
/
>:
v
.
"-
s*
'".--•'
'
110
_*-
"'
.'
I II 1 I1 II II1
1 11 1 1 1 1 1 1 11
i I I I I 1 i i I II I I I I I 1 I I I 1 I i i i I I 1 I i i i i I I I I I 1 I I I II I I i i i 1 i i I I I 1 1 1 1 1 1 1 1 1 1 1
1987
1986
1989
1988
1992
1991
1990
SOURCE: DEPARTMENT OF LABOR
90
1993
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Finished goods
Finished goods excluding consumer foods
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- July
Sept
Oct
Nov
Dec
1993:
Jan
Feb
Mar
r
May
July
1
Total
finished
goods
Consumer
foods
Durable
Nondurable
Capital
equipment
Consumer goods
Total
Intermediate materials
Crude materials
Total
Foods
and
feeds *
Other
Total
Foodstuffs
and
feedstuffs
Other
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
123.5
123.6
123.9
124.0
123.8
123.8
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
122.7
123.6
124.1
124.2
123.5
125.1
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
123.7
123.5
123.7
123.8
123.7
123.3
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.6
121.2
121.5
121.8
121.6
120.9
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
126.0
126.3
126.0
125.3
125.9
126.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
118.4
117.7
118.3
118.9
118.4
117.4
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
129.2
129.5
129.5
129.3
129.5
129.7
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
122.1
122.1
122.5
122.6
122.3
122.3
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
115.3
115.3
115.5
115.2
114.9
114.9
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
110.1
109.6
110.4
109.7
110.2
111.1
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
115.6
115.6
115.7
115.4
115.2
115.1
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
101.6
100.9
103.0
102.7
102.6
101.5
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
104.7
104.5
104.6
105.6
104.7
105.9
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
95.7
94.8
97.9
96.8
97.4
94.8
124.2
124.7
125.1
125.7
125.7
125.3
125.1
124.4
124.4
124.6
126.2
126.1
125.0
124.9
124.1
124.7
125.1
125.4
125.5
125.2
125.1
121.6
122.3
122.9
123.3
123.3
122.8
122.6
126.7
127.2
127.5
128.0
127.9
128.4
128.9
118.1
118.9
119.5
119.9
119.9
119.1
118.6
130.4
130.8
131.1
131.0
131.3
131.5
131.6
122.6
123.1
123.6
124.3
124.3
123.6
123.5
115.3
115.9
116.3
116.5
116.3
116.5
116.4
111.5
111.0
110.3
111.7
111.5
110.5
113.0
115.5
116.2
116.7
116.7
116.5
116.8
116.6
101.8
101.6
101.8
103.0
105.1
103.9
102.5
106.4
106.4
106.4
108.9
109.4
106.0
107.3
95.0
94.7
94.9
95.3
98.4
98.6
95.5
Intermediate materials for food manufacturing and feeds.
22
Total
Total
finished
consumer
goods
Source: Department of Labor, Bureau of Labor Statistic!
CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers rose 0.1 percent, seasonally adjusted. (It was unchanged
on an unadjusted basis.) The index was 2.8 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE]
INDEX, 1982-84 . 100 (RATIO SCALE]
!50
150
5EASONAUY ADJUSTED
130
CONSUMER PRICES—ALL ITEMS
110
COUNCIL OF ECONOMIC ADVISES!
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
AH items »
Transportation
Housing
Shelter
Period
Not
seasonally
adjusted
(NSA)
Rel. imp.3 .. 100.0
99 6
1983
103.9
1984
1985
107.6
1986
109.6
1987
113.6
1988
118.3
124.0
1989
130.7
1990
1991
136 2
140.3
1992
1992:
140.5
July
140.9
Aug
141.3
Sept
141.8
Oct
142.0
Nov
141.9
Dec
1993:
142.6
Jan
Feb
143.1
143.6
Mar
144.0
144.2
May
144.4
144.4
July
Seasonally
adjusted
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Food
Total'
Fuel
and
other
utilities
Apparel and
upkeep
Total
J
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
15.8
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
41.4
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
27.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
8.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
19.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
0.2
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
7.3
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
6.0
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
17.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
4.0
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
3.3
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
6.9
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
7.3
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
76.9
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
140.6
140.9
141.1
141.7
142.0
142.2
137.5
138.3
138.7
138.7
138.8
139.2
137.6
137.9
138.0
138.5
138.8
138.9
151.1
151.4
151.6
152.2
152.6
152.9
160.2
160.6
161.2
161.8
162.1
161.9
155.4
155.7
155.8
156.4
156.8
157.4
128.8
128.1
128.5
129.4
129.5
129.3
118.1
118.5
118.6
118.9
119.2
119.3
132.7
132.4
131.9
132.4
132.3
131.9
127.1
126.9
126.9
127.8
128.4
128.5
128.5
128.9
129.2
129.2
129.4
129.5
101.4
99.8
99.5
100.2
100.3
99.8
190.8
191.7
192.6
193.7
194.7
195.5
103.8
103.4
103.4
103.9
104.1
103.9
147.8
148.1
148.2
148.9
149.3
149.6
142.9
143.4
143.6
144.2
144.4
144.4
144.5
139.7
139.9
140.1
140.6
141.2
140.6
140.6
139.3
139.6
140.0
140.7
140.8
141.2
141.2
153.5
154.0
154.2
155.0
155.1
155.6
155.5
161.9
162.5
162.8
163.8
164.3
164.4
164.2
158.2
158.7
158.9
159.6
159.7
160.3
160.3
129.7
130.5
131.5
131.8
131.6
131.2
131.3
119.4
118.8
120.2
120.7
120.9
121.4
121.8
133.0
135.0
134.3
134.3
133.6
132.9
132.9
129.3
129.9
130.0
130.2
130.1
129.9
130.2
129.8
129.8
130.1
130.7
131.0
131.2
131.6
101.2
101.8
101.4
100.8
98.4
97.3
96.8
196.7
197.7
198.2
199.3
200.8
201.6
202.4
104.4
104.0
104.7
104.9
103.9
103.7
103.7
150.3
151.0
151.2
151.8
152.1
152.3
152.5
i
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 1992.
2
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
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 from 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
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
0.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1.6
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
j
-0.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
7
2.3
3.5
.6
2.8
2
5^7
5.2
2.6
-1.5
1.6
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.6
Change, month to month
1992- July
Sept
Oct
Nov
Dec
1993: Jan
Feb .
Mar r
Apr '.
May
J
July
J
0
.1
.2
.1
2
0
-0.1
.7
.4
.1
g
1.3
0.1
-.3
.2
.2
.3
.4
.3
.5
0
-.3
2
-.6
0
.2
1.3
.6
.6
.5
.3
0
0.1
.2
0
q
.2
.2
-.6
1
-.9
.5
.3
.2
1
'2
.2
.1
A
2.3
1.3
1.3
1.6
.6
-.3
0.3
3.6
4.3
5.0
-.3
3.3
4.4
.7
0
.7
1.3
-2.0
0.3
.9
1.2
.3
0
.6
2.6
2.3
2.3
2.0
1.0
.5
0.2
.8
1.8
2.6
1.6
3.8
4.4
3.0
2.9
2.5
1.0
-1.0
1.4
1.7
1.1
.3
.5
.9
1.7
1.6
1.6
1.8
1.4
1.6
.6
2.9
4.3
4.9
3.2
.6
-1.9
.6
2.9
16
5.9
5.6
1.8
-.7
2.3
6.8
5.7
3.3
-.3
-2.3
3.4
4.1
4.4
1.9
1.5
1.2
1.8
1.1
1.8
1.9
2.8
3.1
2.4
1.5
2.8
1.3
.8
3.2
4.3
2
0
1.8
2.3
2.5
2.8
3.2
1.7
1.9
2.0
2.5
2.6
2.8
2.8
1.8
2.0
2.0
2.0
2.4
2.0
1.4
1.3
.8
Source: Department of Lahor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items 1
Food
Total1
Total '
Renters'
costs
Homeowners'
COStS
Fuel
and
other
utilities
Apparel
and
upkeep
Total1
New
cars
Motor
fuel
Medical
care
Energy2
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, December to December, NSA
1983
1984 ..
1985
1986
1987
1988
1989
1990
1991
1992
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
3.4 -1.7
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
160
1.8
2.3
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
-0.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
1.0
16
-.3
.7
.1
-.5
1.4
.6
-.4
-.6
-2.4
-1.1
0.5
.5
.5
.6
.5
.4
0.7
-.4
0
.5
.2
-.2
0.3
.2
.1
.5
.3
.2
.6
.5
.3
.6
.8
.4
.4
.5
4
.7
.2
-1.0
-.2
0
.5
.5
.1
.4
.2
.1
.1
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
Change, month to month
1992: July
Aug
Sept
Oct
Nov
Dec
0.3
.2
.1
.4
.2
.1
-0.1
.6
.3
0
.1
.3
0.1
.2
.1
.4
.2
.1
0.1
.2
.1
.4
.3
.2
1993:
.5
.3
.1
.4
.1
0
.1
.4
.1
.1
.4
.4
-.4
0
.3
.2
.3
.5
.1
.3
0
.4
.3
.1
.5
.1
.3
Jan
Feb
Mar
Apr
May
June
July
1
2
0
.2
.4
.4
.2
-.1
0.1
.2
.1
.4
.3
.4
0.6
.3
.1
.3
.3
.1
0
.5
.3
.1
.4
.1
.4
0
.1
-.5
1.2
.4
.2
.4
.3
.4
.2
.6
.3
.1
0.5
o
A
.4
-j
-.3
.8
1.5
0
-.5
-.5
0
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
0.5
-.2
0
.7
.5
.1
0.2
.3
.2
0
.2
.1
.6
.5
.1
.2
j
-.2
.2
.2
0
.2
.5
.2
.2
.3
2.9
3.2
3.7
2.8
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.6
2.9
2.6
3.2
3.2
3.2
3.1
3.0
2.6
2.9
3.0
2.9
3.2
3.1
3.0
3.2
3.0
2.9
3.4
4.0
4.0
3.7
2.8
2.2
.8
3.3
3.6
3.6
3.6
3.4
3.1
2.3
3.3
3.2
3.1
3.2
3.2
3.0
2.8
PRICES RECEIVED AND PAID BY FARMERS
In August, prices received by farmers were up 1.4 percent from their July level. Prices paid by farmers in July were
unchanged from their April level. (Data are not seasonally adjusted).
INDEX, 1977 . 100 (RATIO SCALE)
INDEX, 1 977 = 1 00 (RATIO SCALE]
200
_^ —'
180
^._
160
200
—^
180
-^"1
PRICES PAID
/^
ys^
^\S
^
160
\
*—*
140
120
1
—^/
~A
—^^N
/\.
/•X_
140
X
PRICES RECE VED
120
100
100
80
1 1I 1 1 1 1 1 1 11 I i iI11ii Iii
i M 1 1 11 I 1 1 1
M
1 1 I1 11 1 M
i t i f i 1 I iI II
1 1 M
1 1 1 1 1
M
1 1 1 1 1 1 1 1 1 1 1 i i i i l 1 i t i ii
1 1 t 1 1 i 1 M
1 1
UO
140
-
120
120
RATIO
-
^^^
•l^~'"^--'
60
1 1 1 II 1 1 1 1 1 1
f 1 f 1 11 M
1985
M 1
1 1 1 1 1 1 1 I t 1 1
1987
1986
1 1 1 1 1 1 1 M
1I
~
/_
100
80
80
Rt TIO-!'
RATI Oi/
100
'
^
i i i i i i i i i ii i i Mr1 i i i i i
1990
1989
1988
^_
1 1 1 11i 1 11 11 1 111 1111 1 11
1991
1
1992
80
——
_
60
1 1 1 M
1 1 M
1 1
1993
COUNCIL OF ECONOMIC ADVISERS
[1977—100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
1983
1984 .
1985
1986
1987
1988 .
1989
1990 .
1991
1992
-.
1992- Aug
Sept
Oct
Nov
Dec
1993- J a n .
Feb
Mar .
Apr
May.
June
1
.
.
.
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
135
142
128
123
127
138
147
149
145
140
128
138
120
107
106
126
134
127
129
121
141
146
136
138
146
150
160
170
161
157
161
164
162
159
162
170
178
184
189
191
159
161
156
150
152
160
167
172
175
176
152
155
151
144
148
157
165
171
174
174
84
87
79
77
78
81
83
81
77
73
139
139
138
136
137
117
117
117
115
118
160
159
158
156
156
(3)
(3)
192
(3)
(3)
(3)
(3)
176
(3>
(3)
(3)
(3)
175
(3)
(3)
72
72
72
71
71
139
140
142
146
144
140
140
142
117
118
116
126
120
112
118
122
159
162
166
167
168
166
r
!61
162
194
(3)
(3)
197
(3)
(3)
197
(3)
178
(3)
(3)
181
(3)
(3)
180
(3)
176
(3)
(3)
179
(3)
(3)
178
(3)
72
72
73
74
73
71
71
72
Includes items not shown separately.
Percentage ratio of index of prices received by fanners to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
All commodities,
services,
interest, taxes,
and wage rates *
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 slowed again in July and M3 declined again.
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
BILLIONS OF DOLLARS* (RATIO SCAIE)
4,800
400
COUNCH Of ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Percent change from year or 6
months earlier 2
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
BPsand
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
HMD As, and
savings and small
time deposits
M2 plus large
tune deposits,
term BPs, term
Eurodollars, and
institution-only
MMUF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
521.2
552.4
620.1
724.5
750.0
787.1
794.6
827.2
899.3
1,026.6
2,186.5
2,376.0
2,572.4
2,816.0
2,917.2
3,078.3
3,233.3
3,345.5
3,445.8
3,497.8
2,693.1
2,988.2
3,203.6
3,491.6
3,674.8
3,915.5
4,056.1
4,116.7
4,168.1
4,167.2
3,154.4
3,529.6
3,830.9
4,131.9
4,333.5
4,669.4
4,886.1
4,966.6
4,982.2
5,044.4
5,244.6
6,008.2
6,875.3
7,795.2
8,546.2
9,326.3
10,086.5
10,755.3
11,219.3
11,779.7
9.9
6.0
12.3
16.8
3.5
4.9
1.0
4.1
8.7
14.2
12.0
8.7
8.3
9.5
3.6
5.5
5.0
3.5
3.0
1.5
10.3
11.0
7.2
9.0
5.2
6.6
3.6
1.5
1.2
-.0
11.6
14.6
14.4
13.4
9.6
9.1
8.2
6.6
4.3
5.0
1992: June '
July '
Aug'
Sept '
Oct '
Nov *
Dec r
952.6
963.3
975.5
990.1
1,005.9
1,019.1
1,026.6
3,462.1
3,463.7
3,472.7
3,480.7
3,492.1
3,498.7
3,497.8
4,170.1
4,169.1
4,179.1
4,183.5
4,180.6
4,179.3
4,167.2
5,014.8
5,012.6
5,026.2
5,037.9
5,041.2
5,051.6
5,044.4
11,507.0
11,553.0
11,603.4
11,642.3
11,669.4
11,724.1
11,779.7
11.9
11.4
10.6
11.8
13.7
14.1
15.5
.9
.7
.3
.7
1.6
1.8
2.1
.1
.1
-.5
-.1
.1
-.0
.1
5.1
5.4
5.4
5.0
4.5
4.7
4.7
1993- Jan r
Feb r
Mar T
Apr r
May '
June '
July
1,033.3
1,033.1
1,035.3
1,043.0
1,066.8
1,073.3
1,085.5
3,488.3
3,477.5
3,474.9
3,476.7
3,507.1
3,514.7
3,520.4
4,142.2
4,137.4
4,133.0
4,144.6
4,175.2
4,173.0
4,166.9
5,019.5
5,015.4
5,013.3
5,030.8
5,073.5
*5,080.4
11,809.9
11,848.2
11,900.8
11,952.5
12,009.5
* 12,073.1
14.5
11.8
9.1
7.4
9.4
9.1
10.1
1.4
.3
-.3
— .9
.5
1.0
1.8
-1.3
-2.0
-2.4
-1.7
-.2
.3
1.2
4.4
4.2
4.4
4.9
4.9
5.0
Period
19831984:
1985:
19861987:
19881989:
19901991:
1992-
Dec
Dec
Dec..
Dec
Dec
Dec
Dec
Dec
Dec
Dec T
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinanciai 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
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(EPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars l
Money market
mutual fund
balances z
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
tune
deposits 3
Large
denomination
time
deposits 3
NSA
1983:
19841985:
19861987:
1988:
1989:
199019911992:
1992-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
....
146.2
156.1
167.9
180.8
196.9
212.3
222.7
246.7
267.2
292.3
276.6
279.5
282.4
286.3
288.0
289.8
292.3
294.8
296.9
299.0
301.4
304.0
306.8
309.6
..
..
,
,
Sept
Oct
Nov
Dec
1993: Jan
Peb
Mar
Apr T
May '
July
238.5
244.0
266.9
302.3
287.1
287.1
279.8
278.2
290.5
340.9
312.3
317.5
322.5
329.0
336.0
339.5
340.9
341.9
341.9
342.0
347.3
359.1
360.6
365.8
131.9
147.3
179.7
235.3
259.3
280.7
285.3
294.5
333.8
385.2
355.9
358.6
362.8
366.7
373.7
381.6
385.2
388.6
386.4
386.3
386.2
395.5
397.9
402.3
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
76.3
r
74.8
72.5
r
72.9
r
76.5
'74.3
r
75.6
r
75.8
r
74.8
r
73.3
r
74.1
r
74.5
72.7
70.0
73.8
75.4
139.1
168.0
177.2
209.0
222.6
242.9
317.4
350.5
363.9
342.3
353.5
350.4
348.9
343.9
346.3
343.7
342.3
' 339.5
333.6
333.1
331.8
336.8
336.5
336.3
41.9
63.2
65.5
86.1
92.7
92.0
108.8
135.9
182.1
202.3
206.3
212.5
220.9
220.7
210.9
209.2
202.3
197.7
201.9
200.9
200.4
202.8
198.1
195.0
1
Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
3
685.0
704.7
815.1
940.9
937.6
926.6
891.0
920.8
1,042.5
1,186.0
1,126.0
1,134.5
1,145.7
1,158.9
1,170.5
1,180.4
1,186.0
1,184.4
1,182.4
1,178.8
1,181.6
1,193.7
1,198.7
1,200.1
784.1
888.9
885.5
858.9
922.8
1,038.3
1,152.7
1,172.3
1,064.7
870.1
955.7
941.5
926.9
912.7
896.5
881.7
870.1
r
861.3
r
856.1
'851.1
844.2
837.4
829.8
821.1
327.6
416.5
434.1
431.3
475.4
525.4
548.8
489.6
424.7
357.5
389.3
382.5
378.1
373.7
367.0
361.3
357.5
350.7
346.3
340.5
346.0
345.9
342.6
337.8
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
49.9
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
r
80.6
76.4
75.1
75.8
77.6
r
79.6
'81.4
r
80.6
'79.7
'82.1
'85.7
88.8
89.7
92.8
96.2
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
51.9
51.1
51.4
49.4
48.1
47.2
45.6
43.6
47.0
50.4
50.2
51.8
49.7
46.4
Savings
bonds
Shortterm
Treasury
securities
71.1
74.2
79.5
91.8
100.6
109.4
117.6
126.1
138.0
156.8
144.6
145.8
147.4
149.3
151.9
154.7
156.8
158.9
161.1
162.7
163.9
164.8
"165.7
211.9
260.9
298.2
280.0
253.1
269.2
324.9
331.1
315.0
331.6
330.1
324.8
322.9
'320.9
320.1
325.0
331.6
337.0
'340.9
'338.0
337.5
345.9
" 351.9
Bankers'
acceptances
Commercial
paper
45.0
133.2
45.4
160.8
42.0
207.6
37.0
231.4
44.3
260.7
39.9
335.5
40.2
347.3
35.6
357.1
23.4
337.7
20.4
368.4
22.0
348.1
21.7
351.2
21.1
355.7
20.7
363.4
20.5
368.0
20.3
372.4
20.4
368.4
20.6
360.7
'20.2
355.9
'19.3
360.3
19.2
365.5
19.4
368.2
"18.3 "371.4
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 *; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
198319841985:
19861987198819891990199119921992-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
....
...
..
..
...
.
.
. . . .
..
.
.
.
..
May
July
1
....
...
..
25,367
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
50,341
51,274
52,836
53,815
54,351
54,665
54,922
55,166
55,197
56,877
'57,119
57,567
58,038
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
24,593
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
50,091
50,987
52,693
53,711
54,228
54,500
54,876
55,074
55,124
56,756
56,938
57,323
57,686
Nonborrowed plus
extended
credit
24,595
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
50,091
50,987
52,693
53,711
54,228
54,501
54,877
55,074
55,124
56,756
56,938
57,323
57,686
Required
24,806
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
49,407
50,280
51,763
52,772
53,196
53,405
53,818
53,953
54,101
55,881
56,209
56,478
57,108
Monetary
base
Total
175,467
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
336,844
341,585
344,849
347,832
350,798
353,224
355,734
358,374
360,634
'364,769
'368,069
370,978
374,553
774
3,186
1,318
827
777
1,716
265
326
192
124
251
287
143
104
124
165
45
91
73
121
181
244
352
Seasonal
96
113
56
38
93
130
84
76
38
18
223
193
114
40
18
11
18
26
41
84
142
210
234
Extended
credit
2
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
1
1
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.8 percent in July; commercial and industrial loans fell 0.2 percent.
BIUIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
2,800
2,400
2,400
2,000
2,000
\
' LOANS AND LEASES
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
OTHER SECURITIES
-Y
200
200
160
160
120 I i i i t I I I I I I I
1985
i i i it Iii i ii
1986
I I! I 1 I 1 I M I
1987
I
I i I I t MI II
1988
1989
1990
1991
1992
120
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l}
All commercial banks
Loans and leases
Period
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
1993: Jan r ....
Feb r ....
Mar r....
Apr r....
May "....
June r...
July
Total
loans and
securities 2
U.S.
Government
securities
1,552.2
1,722.9
1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,937.6
2,886.9
2,902.2
2,917.4
2,926.0
2,932.4
2,937.6
2,935.3
2,943.9
2,959.7
2,969.3
2,990.4
3,013.7
3,038.3
259.2
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
657.1
619.2
632.6
640.6
647.3
651.4
657.1
656.5
666.2
680.0
690.0
692.6
702.8
707.6
Other
securities
169.1
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.0
177.9
178.2
178.2
178.8
177.3
176.0
174.5
176.4
178.7
179.7
180.3
179.3
181.5
Total
2
1,123.9
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
2,011.4
2,101.4
2,097.8
2,104.6
2,089.8
2,091.4
2,098.6
2,099.8
2,103.8
2,104.6
2,104.4
2,101.3
2,101.1
2,099.5
2,117.6
2,131.5
2,149.2
Commercial
and
industrial
414.2
473.2
500.2
536.7
566.4
605.3
638.4
642.6
617.0
597.6
602.5
601.4
601.2
600.8
600.5
597.6
598.0
596.7
593.3
588.9
591.9
593.6
592.5
Real
estate
Individual
Security
331.0
376.3
425.9
494.1
587.2
670.1
760.1
843.4
871.8
892.4
881.5
883.1
886.8
890.7
892.5
892.4
890.8
890.1
891.7
891.3
897.1
902.9
906.6
212.9
254.2
295.0
315.4
328.2
354.8
375.2
380.3
363.9
355.5
358.6
357.4
357.0
355.8
355.4
355.5
358.4
361.9
362.3
364.4
367.3
368.4
371.9
28.0
35.0
43.3
40.3
34.5
40.9
41.3
44.7
54.3
64.8
60.5
61.6
64.0
64.7
64.2
64.8
63.5
62.8
64.3
62.6
69.0
71.8
82.1
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
2
Nonbank
financial
institutions
30.4
31.6
32.8
35.3
32.1
32.5
34.4
35.9
41.4
43.6
41.5
42.0
44.0
43.9
44.7
43.6
45.1
44.6
44.2
44.8
45.5
45.4
46.1
Agricultural
and
political
subdivisions
39.2
40.1
36.1
31.6
29.4
29.0
30.1
32.3
34.2
35.0
34.9
35.3
35.2
35.1
35.2
35.0
34.5
34.3
34.0
34.0
34.2
34.0
34.5
0.0
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
26.2
25.9
25.8
25.4
25.1
24.8
24.2
23.8
23,7
23.4
23.5
23.5
23.7
Foreign
banks
13.4
11.4
9.7
10.1
7.7
7.6
8.2
7.7
7.3
7.7
7.7
7.2
7.9
7.6
7.5
7.7
7.7
8.8
8.5
8.4
8.5
8.6
9.1
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
9.4
8.4
6.3
6.3
5.1
5.0
3.5
2.9
2.4
2.8
2.2
2.3
2.5
2.4
2.8
2.8
2.9
3.2
3.2
3.2
3.1
3.3
3.3
Lease
financ-
ing
receivables
Other
13.7
16.1
19.1
22.5
24.7
29.4
31.9
32.9
31.7
30.9
30.8
30.8
31.0
30.8
30.9
30.9
30.4
30.6
30.6
30.7
31.0
31.3
31.7
31.8
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.5
43.2
44.3
43.2
42.6
45.0
49.5
48.8
44.5
45.3
48.0
46.6
48.7
47.9
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Credit market funds
1
Total
Total
Securities
and
mortgages
Other 2
Loans and
short-term
paper
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
423.3
493.1
465.7
515.9
540.7
588.7
532.2
511.4
448.8
565.3
292.3
336.3
351.9
336.7
375.9
404.3
399.9
407.5
416.5
455.7
131.0
156.8
113.9
179.2
164.8
184.4
132.3
103.9
32.3
109.6
80.1
98.0
58.5
129.8
67.6
69.3
49.4
23.4
23.5
67.6
44.6
-7.5
1.9
64.6
32.8
67
-34.2
11 5
92.1
71.2
35.5
105.5
56.6
65.2
34.9
76.0
83.7
34.9
-68.6
36
50.9
58.8
55.4
49.4
97.1
115.1
82.9
80.5
8.7
41.9
420.5
502.3
457.8
502.4
473.4
554.2
512.2
482.4
425.5
534.8
300.1
398.5
374.9
351.9
365.1
394.4
406.0
395.1
363.9
383.6
120.4
103.8
83.0
150.4
108.4
159.8
106.2
87.3
61.6
151.2
2.8
-9.2
7.9
13.5
67.3
34.4
20.0
29.0
23.3
30.5
391.0
471.0
481.9
451.6
417.5
418.9
407.0
422.8
-26.5
52.1
74.9
28.8
32.6
34.3
20.2
7.1
96.1
106.4
70.1
95.8
63 5
-72.1
499
-88.7
-59.0
17.8
54.7
21.6
336.5
436.8
489.7
439.0
353.5
351.3
371.5
379.2
-17.0
85.5
118.2
59.8
54.5
34.1
-7.8
12.6
m
IV
552.5
559.3
562.1
587.4
439.1
442.2
465.3
476.4
113.4
117.1
96.8
111.0
96.0
66.5
53.8
54.3
103.5
98.3
38.7
44.6
-7.5
31 8
15.1
9.7
17.4
50.6
43.0
56.7
534.5
556.7
507.1
541.0
354.2
388.1
394.9
397.3
180.3
168.6
112.2
143.7
18.1
2.5
55.0
46.4
1993- I p
581.1
479.6
101.5
43.2
78.4
-35.2
58.3
502.2
431.3
70.9
79.0
1983
1984
1985
1986 ....
1987
1988 ..
1989
1990
1991
1992
1991- I
II
Ill
IV
1992: I
II
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption 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
Total
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
19911992:
Dec
Dec
Dec
Dec
Dec
Dec 3
Dec
Dec
Dec
Dec
1992: June
Aue
Seot
Oct
Nov
Dec
1993- Jan r
Feb r
Mar r
Apr r
May r
June v
... .
Automobile
Revolving
Other
2
Total
Automobile
Revolving
Other 2
368,966
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
143,560
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
79,088
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
146,318
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
43,161
73,636
75,057
54,347
36,669
53,878
(4)
14,412
-5,255
7,583
17,615
30,004
36,674
37,534
18,523
19,069
(4)
-7,797
23 841
-1,271
12,634
21,192
21,478
14,067
17,239
21,205
<")
24,008
21,012
10,735
12,912
22,440
16,906
2,744
908
13,605
(4)
-1,799
2426
-1,881
730,866
730,496
731,023
733,023
734,195
736,023
741,093
257,989
258,259
258,827
259,433
258,208
258,860
259,627
248,795
248,980
249,384
250,456
251,806
252,086
254,299
224,081
223,257
222,812
223,135
224,181
225,077
227,167
254
-370
527
2,001
1,171
1,829
5,070
-1,855
270
568
606
1,225
653
767
1,590
185
403
1,072
1,350
280
2,213
519
-825
445
323
1,046
896
2,090
743,584
747,228
750,151
751,619
750,867
758,537
258,737
261,434
262,324
261,826
264,008
266,209
255,984
258,384
259,661
260,968
261,520
264,379
228,863
227,410
228,166
228,824
225,338
227,949
2,491
3,644
2,923
1,467
-752
7,670
890
2,697
890
-498
2,182
2,201
1,685
2,400
1,277
1,307
552
2,858
1,696
-1,453
756
659
3,486
2,611
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
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
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
14
14
1985
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE SEE TABIE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Aug
Sent
Oct
Nov
Dec
1993: Jan
Feb
Mar
Mav
T '
July
3-month bills
(new issues) 1
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months '
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged by
banks 4
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.14
2.97
2.84
3.14
3.25
3.06
2.95
2.97
2.89
2.96
3.10
3.05
3.05
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.72
4.42
4.64
5.14
5.21
4.93
4.58
4.40
4.30
4.40
4.53
4.43
4.36
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
6.59
6.42
6.59
6.87
6.77
6.60
6.26
5.98
5.97
6.04
5.96
5.81
5.68
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
6.08
6.24
6.43
6.35
6.24
6.18
5.87
5.65
5.78
5.81
5.73
5.60
5.50
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.95
7.92
7.99
8.10
7.98
7.91
7.71
7.58
7.46
7.43
7.33
7.17
6.85
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.44
3.26
3.33
3.67
3.70
3.35
3.27
3.24
3.19
3.20
3.38
3.35
3.33
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
3.10
3.05
3.03
3.02
3.02
4.53
4.44
4.34
4.22
4.16
5.85
5.78
5.66
5.51
5.41
5.61
5.49
5.47
5.41
5.39
7.04
6.92
6.79
6.71
6.61
3.39
3.37
3.30
3.27
3.27
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
New-home
mortgage
yields
(FHFB)5
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
8.00
7.93
7.90
8.07
7.88
7.82
7.77
7.46
7.46
7.37
7.23
7.20
Week ended:
1993- Aug 7
14
21
28
Sept 4
1
Bank-discount
3
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.
30
5
Effective rate fin 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's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in August.
INDEX, DEC. 3 1 , 1 965=50 (RATIO SC
:ALE)
260
240
i-~~^~^—/
220
S—s
'
200
INDf X, DEC. 31 , 1 965=50 (RATIO SCALE)
260
240
220
200
^~^\^^\
^\
~s\
180
160
140
120
^J
100
^
1
180
160
f
\
\
'OSITE STOCK PRICE INDEX
V, ^^
(NYSE)
(
/
1
140
120
100
80
80
1 II 1 1 II 1 1 1 II 1 II
60
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 II 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 II
1989
1990
1991
1986
1987
1988
1992
1985
1 1 1 1 1 1 I [ I! 1
PERCENT
20
PERC ENT
20
EARNIN GS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
\
10
X
"
\.
1
5
_>
.
"
10
^
5
~^~
1
0
!
1985
1
1
1
1986
!
[
1
1
1987
1 1 1
1
^
1988
I
1 1
1989
I
1
1
1
1990
1 I
1991
1
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1 1
1992
Period
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
May
July
Week ended:
1993- Aug 7
14
21
28
Sept 4
1
Average
2
Includes
3
Industrial
Transportation
0
Utility
3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's
composite
index
(194143 = 10)5
Dividendprice ratio
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
94.00
92.88
113.50
142.72
148.60
143.54
174.86
181.20
185.32
198.92
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
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
3,284.29
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
230.07
230.13
226.97
232.84
239.47
284.44
285.76
279.70
287.30
294.86
191.31
191.61
192.30
204.78
212.35
206.82
204.52
203.24
202.26
207.70
180.47
178.27
181.36
189.27
196.87
3,307.45
3,293.92
3,198.70
3,238.49
3,303.15
417.93
418.48
412.50
422.84
435.64
2.97
3.00
3.07
2.98
2.90
239.67
243.41
248.12
244.72
246.02
247.16
247.85
251.93
292.11
294.40
298.75
292.19
297.83
298.78
295.34
298.83
221.00
226.96
229.42
237.97
237.80
234.30
238.30
250.82
211.04
218.89
225.06
227.56
222.41
226.53
232.55
237.44
203.38
209.93
217.01
216.02
209.40
209.75
218.94
224.96
3,277.72
3,367.26
3,440.74
3,423.63
3,478.17
3,513.81
3,529.43
3,597.01
435.23
441.70
450.16
443.08
445.25
448.06
447.29
454.13
2.88
2.81
2.76
2.82
2.80
2.81
2.81
2.76
249.03
249.71
252.24
254.93
256.43
295.31
295.27
299.62
302.93
304.13
247.28
249.31
252.03
253.54
251.74
234.69
236.15
236.80
239.59
244.11
222.71
225.15
224.55
226.52
227.52
3,556.74
3,574.18
3,599.72
3,637.17
3,640.07
448.95
449.95
454.83
459.34
462.25
2.79
2.78
2.75
2.73
2.71
of daily closing prices.
all the stocks (more than 2,000 in 1992) listed on the NYSE.
Dec. 31, 1965 = 100. Effective April 27, 1993 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. Such trading is expected to hegin later this
year. All indexes shown here reflect the doubling.
4
Includes 30 stocks.
1 1
1993
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965 = 50, except as
noted) 2
Composite
!
COUNCILOR ECONOMIC ADVISERS
Common stock prices l
1983
1984
1985
1986
1987 ..
1988
1989
1990
1991
1992 ..
60
1993
Earningsprice ratio
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.22
4.32
4.38
4.39
8
Includes 500 stocks.
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice 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 1993, there was a deficit of $240.2 billion, compared with a deficit of $270.9
billion a year earlier.
BILUONS OF DOUARS
BIUJONS Of DOLLARS
1,400
1,600
RECEIPTS AND OUTLAYS-!
1,500
1,500
1,400
1,400
1,300
1,300
OUTLAYS -V
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS J
800
800
700
700
600
V
600
SURPLUS OR DEFICIT ( ) -^
-roo
-100
.
-200
^r*^^
~
-300
-400
A
i
'1984
^
i
1985
~~^~******^
i
1984
-200
^^
i
1987
1
1988
1
1989
1
1990
1
1991
-300
1
1992
j\ -400
1993 ^
FISCAL YEARS
^/INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFHCE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget
Total
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
(-)
1976
1977
1978
1979
1980
1981
1982
1983
1984 . .
.
1985 ....
1986
1987
..
1988
1989
1990
1991 ...
1992
1993 (estimates)
Cumulative total, first 10
months: *
Fiscal year 1992..
Fiscal year 1993
..
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
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
.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
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,144.1
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,425.2
-212.3
-221.2
^149.8
-155.2
-152.5
-221.4
-269.5
-290.4
-281.1
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
832.3
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.6
1,158.5
-221.7
-238.0
-169.3
-194.0
-205.2
-278.0
-321.7
-340.5
-326.2
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.7
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.1
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.7
4,360.2
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,263.0
894.2
939.5
1,165.1
1,179.7
-270.9
240.2
640.1
681.1
962.5
966.7
-322.5
-285.5
254.1
258.4
202.5
213.0
51.6
45.4
3,942.6
4,288.8
2,950.1
3,202.2
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1993 are from Mid-Session Review of the 1994 Budget issued
September 1, 1993. Other data (except as noted) are from Budget Baselines, Historical Data, and
32
Gross Federal debt
(end of period)
Off-budget
Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1993, receipts were $45.3 billion higher than a year earlier and outlays were $14.6
billion higher.
BILLIC)NS Of DOLLARS
400
RECEIPTS ^
500
BILLIONS OF DCH1ARS
600
INDIVIDUAL INCOME TAXES
\
.,
\
400
—
-
500
"_'___.
"
——
400
v
300
300
"""
200
CORPORATION
IMrOUF TAXFS
\
\
OTHER RECEIPTS
\
100
1
0
1
1
1
1
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
100
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
NATIONAL DEFENSE
400
400
\
300
,
200
^ 1984
'
r-
j
,
1985
1986
,
1987
,
300
,
1988
1989
,
1990
™
,
1991
I
1992
N
200
1993^
FISCAL YEARS
•^INCLUDES ON-BUOGET AND OFF-BUDGET ITEMS.
>OURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISER s
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
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
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,144.1
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
508.1
61.3
63.. 1
83.9
94.5
103.3
93.5
98.1
100.3
111.8
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
427.5
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
96.7
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,425.2
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.9
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.4
894.2
939.5
385.8
415.1
78.8
91.1
347.2
353.9
82.4
79.4
1,165.1
1,179.7
251.1
244.4
241.2
234.5
Total
...
...
..
1985
1986
1987
1988
1989
1990
1991
1992
1993 (estimates)
Cumulative total, first 10 months: 1
Fiscal year 1992
Fiscal year 1993
1
National defense
Individual
income
taxes
Fiscal year
1976
1977
1978
1979
1980
1981
1982
1983
1984
Social
insurance
taxes
Other
Total
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1993 are from Mid-Session Review of the 1994 Budget issued
September 1, 1993. Other data {except as noted) are from Budget Baselines, Historical Data, and
Total
and
contributions
Department of
Defense,
military
Income
security
Social
securi-
inter-
ty
est
18.5
20.5
23.2
26.9
27.4
28.6
30.4
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
16.2
14.2
11,6
10.5
9.6
13.8
15.9
16.1
18.3
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
131.2
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
208.0
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.5
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
173.1
14.2
15.1
73.1
81.5
99.2
108.6
168.1
177.9
2S9.3
253.5
166.6
166.0
15S.5
132.7
International
affairs
Health
15.7
17.3
Medicare
Net
Other
Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1993, according to preliminary estimates, Federal receipts rose $45.4 billion (annual rate)
and Federal expenditures rose $9.5 billion. (Series revised.)
BILLIONS OF DOLLARS
1,600
BILLIONS OF DOLLARS
1,600
SEASONALLY ADJUSTED ANNUAL RATES
1,400
. EXPENDITURES -
1,200
1,000
1,000
800
RECEIPTS
SURPLUS OR DEFICITI-)
I I I
1983
1984
1985
1987
I
1988
I
I
-400
1992
CALENDAR YEARS
COUNCIL Of ECONOMIC 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:
1990 r
1991 T..
1992 r
Calendar year:
1989
1990 '..
1991 T
1992 T..
1982: IV
1983- IV
1984: IV
1985- IV
1986: IV
1987- IV
1988: IV
1989- IV
1990: IV T.
1991: IH r
IV ...
1992: I 'r
nr
mr
IV
1993- I r r
n
Note.—See Note, p. 1.
34
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Purchases
Total
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
1,099.5
1,121.1
1,163.4
480.9
476.2
482.4
115.4
108.4
115.9
64.6
75.6
80.8
438.6
461.0
484.3
1,250.6
1,311.2
1,434.8
418.7
445.7
445.1
504.7
511.8
606.0
128.4
146.9
167.8
175.1
183.2
189.8
23.8
23.6
26.2
0.0
.0
.0
-151.1
-190.0
-271.4
1,059.3
1,111.4
1,127.8
1,183.0
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,132.6
1,142.5
461.9
484.3
474.9
490.8
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
418.5
444.8
466.7
490.7
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
469.4
472.8
484.7
488.1
491.4
498.7
1,436.1
1,456.0
1,459.8
1,485.3
1,481.9
1,491.4
445.5
444.6
452.8
452.4
442.7
448.3
471.5
514.1
522.0
624.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
546.2
567.7
611.0
620.8
624.4
641.7
642.0
645.5
118.2
132.3
153.0
171.4
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
154.6
162.3
163.4
171.8
173.7
176.7
176.1
182.8
164.8
176.5
187.6
187.1
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
187.6
191.9
189.3
190.4
187.4
181.3
178.3
182.5
25.5
25.6
22.6
27.5
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
15.1
27.9
27.0
28.5
21.4
33.2
42.9
32.3
.0
1,350.2
1,387.2
401.6
426.5
445.9
448.8
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
446.8
437.4
479.7
482.0
489.5
511.8
502.1
522.3
61.9
65.8
79.1
81.3
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
79.5
81.3
80.4
80.2
81.1
83.5
81.5
86.2
1,181.6
1,274.9
1,331.2
1,459.3
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,165.9
1,176.1
1,169.1
1,221.1
1,218.4
1,263.8
117.1
116.4
107.1
120.2
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.2
109.8
121.1
125.8
107.0
127.1
132.4
137.7
-122.3
-163.5
-203.4
-276.3
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-141.5
-191.0
-217.7
-244.7
-270.2
-279.9
-290.7
-264.2
474.5
478.5
502.3
517.7
Source: Department of Commerce, Bureau of Economic Analysis.
.1
—.1
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
-263.5
-227.6
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
84.9
92.8
94.4
95.3
100.0
104,4
106.0
106.0
104.1
106.5
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 *
1992- May
106.7
106,0
106,8
106.6
106,2
107.5
108.4
108.9
July
Sept
Oct
Dec
1993: Jan
Feb.
Mar
.
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.4
100.1
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
117.7
' 116.5
' 115.9
r
115.5
115.6
112.8
110.5
107.5
109.5
107.4
108,0
102.8
103.4
105.6
106.4
99.9
99.0
99.0
100.1
100.0
100.4
101.6
100.9
100.8
107.2
105.9
107.8
106.4
' 107.3
1056
105.3
105.9
104.4
100.7
' 102.1
r
101.0
85.5
93.4
96.8
96.6
100.0
109.3
115.9
121.4
124.1
117.3
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
110.0
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.1
117.4
116.0
96.5
115.6
118.1
119.0
114.4
119.7
116.6
114.3
113.1
110.0
110.3
110.3
110.3
110.6
111.2
106.3
104.8
105.0
107.7
106.6
r
106.0
106.2
97.9
98.1
98.4
98.9
r
99.4
113.0
100.6
114.9
' 102.1 115.6
' 101.2 112.5
100.9
110.1
••99.6
T
'1102
1106
July e
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
81.2
91.0
96.1
95.4
100.0
105.3
104.9
100.5
96,4
97.3
96.6
96.4
l!0.2
Canada
Germany
r
r
May
United
States *
France
r
109.3
109.9
110.1
110.4
United
Kingdom
Japan
Canada
Italy
r
99.9
104.0
r
!01.0
102.8
102.3
United
Kingdom
Japan
France
Germany
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
146.4
99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
100.3
108.0
114,3
117.2
121.1
124.4
128.9
133.2
137.2
141.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
99.8
104.8
111.1
114.9
119.7
125.6
135,4
148.2
156.9
162.7
139.7
140,2
140.5
140.9
141.3
141.8
142.0
141.9
144.9
145.2
145.6
145.6
145.5
145.7
146.4
146.4
117.6
117.5
116.6
116.9
117.5
117.6
117.4
117.4
140.9
141.0
141.4
141.5
141.5
141.9
141.9
141.8
120.5
120.7
120.7
120.9
121.2
121.7
122.3
122.4
178.3
178.9
179.1
179.2
179.8
180.9
182.0
182.3
163.7
163.7
163.1
163.2
163.8
164,4
164.1
163,6
142.6
143.1
143.6
144.0
144.2
144.4
144.4
147.0
147.4
147.3
147.3
147.6
147.6
148.0
117.3
117.4
117.7
118.5
118.6
118.5
142.3
142.8
143.5
143.6
143.9
143.8
123.8
124.3
124.7
125.1
125.5
125.7
126.0
182.9
183.6
184.0
184.7
185.4
186.4
162.0
163.1
163.7
165.2
165.8
165.7
165.3
Italy
1
1
Data relate to all urban consume)
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of. dollars; monthly data seasonally adjusted]
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) L
Period
1983
1984.
1985
1986
1987
1988
1989
1990
1991
1992
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
56.7
61.7
58.5
57.3
66.7
85,1
99.3
104.4
109.7
109.3
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
47.1
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
24.5
258.0
* 330.7
* 336.5
365.4
406.2
448.2
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
38.0
37.4
36.4
37.7
38.9
37.8
39.2
3.1
3.4
3.3
3.5
3.6
3.4
3.4
9.4
9.6
8.9
9.0
9.8
9.0
9.2
15.4
14.4
14.0
14.8
15.3
14.5
15.8
3.8
3.9
4.1
4.0
3.8
4.4
4.6
4.2
4.2
4.1
4.4
4.5
4.5
4.3
37.5
36.9
38.9
38.5
3.3
3.4
3.5
3.4
3.3
3.1
9.4
8.7
9.2
9.1
9.7
8.8
14.5
14.3
15.6
15.2
15,3
15.3
4,1
4.4
4.3
4.4
4.3
4.1
4.3
4.2
4.4
4.2
4.5
4.3
Total2
...
5
5
205.6
224.0
218.8
227.2
254,1
322.4
363.8
393.6
421.7
1992- June
July
...
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar
May
r
38.9
37.6
1
Includes Department of Defense Military Assistance Program grant-aid shipments.
a
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
* Total includes revisions not reflected in detail.
Trade balance
Principal end-use commodity category
Principal end-use commodity category
Total
Other "
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
473.2
495.3
488.5
532.7
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.6
138.3
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.2
40.8
63.5
66.8
78.2
85.2
87.7
86.1
87.3
85.7
91.8
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0
7.8
9.4
10,4
12.1
12.8
13.6
16.1
15.9
17.6
2.2
2.0
2.0
2.0
2.1
2.0
1.9
44.9
44.9
45.1
46.0
46.1
45.6
46.1
2.5
2.5
2.3
2.2
2.3
2.2
2.3
12.0
12.0
11.9
12.0
12.5
11.8
11.5
11.1
11.3
11.4
11.6
11.8
11.6
11.9
7.6
7.4
7.7
7.8
7.5
8.0
8.2
10.1
10.3
10.3
10.9
10.5
10.3
10.7
2.0
1.9
2.0
2.1
1.9
2.0
45.2
44.8
49.3
48.7
47.3
49.7
2.3
2.2
2.4
2.2
2.3
2.3
11.6
11.1
12,6
12.6
12.3
12.8
11.7
11.7
12.4
12.4
12.3
13.1
7.9
8.3
8.8
8.8
8.2
8.6
10.3
10.3
11.5
11.1
10.7
11.3
441.0
18.2
6.3
General
merchandise
imports
(c.i.f.
value)
269.9
346.4
352.5
382.3
424.4
459.5
493.2
Exports
(f.a.s) toss
imports
(customs
value)
-52.4
Exports
«.a.s)
less
imports
(c.i.f.)
-64.2
— 122.4
- 133.6
517.0
-106.7
-117.7
-138.3
-152.1
-118.5
-109.4
-101.7
508.4
554.0
-66.7
-84.5
- 123.4
-86.6
- 105.9
1.5
1.5
1.3
1.4
1.5
1.7
1.5
46.6
46.7
46.8
47.8
47.9
47.4
47.9
-6.8
-7.5
-8.7
-8.3
-7.2
-7.8
-7.0
-8.6
-9.3
-10.5
-10.1
-9.1
-9.6
-8.8
1.4
1.3
1.6
1.5
1.6
1.6
47.0
46.6
51.3
50.6
r
49.1
51.6
-7.7
-7.9
— 10.5
— 10.2
-8.4
-12.1
-9.5
-9.6
-12.4
-12.1
-10.2
-14.0
-155.1
-170.3
-137.1
-129.4
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census-
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1993, the merchandise trade deficit rose to $34.4 billion, from $29.3 billion in the first
quarter.
BIUIONS OF DOllARS*
BIUIONS OF DOLLARS*
15
BALANCE ON GOODS,
SERVICES, AND INCOME
'
/
/
-30
-35 -
COllNca OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise * 2
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990: HI
IV
1991- I
Net balance
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,937
440,138
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
-498,336
-490,739
-536,276
96,431
100,249
-28,023
-36,485
-67,102
-112,492
-122,173
-145,081
159 557
-126,959
-115,249
-109,033
73802
-96,138
-28,954
-28,110
101,333
104,206
103,764
107,634
n
m
108,347
108,306
109,493
113,992
-126,110
-133,107
-137,105
- 139,954
- 18,790
-16,319
- 19,640
- 19,053
-17,763
-24,801
-27,612
-25,962
- 140,839
-147,513
'-29,309
-34,388
T
n"
1
Imports
n
m
IV
1993: I p .
2
3
Exports
- 125,385
-128,359
-120,123
- 120,525
-123,404
- 126,687
IV
1992: I
111,530
113,125
r
Excludes military.
Adjusted horn Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
Investment income
Services
Ne*
military
transactions 3 «
-844
112
-563
2,547
-4,390
-5,181
-3,844
-6,315
-6,726
-7,833
-5,851
-2,751
-1,584
-2,719
-2,532
-1,402
— 1,164
-755
-571
—727
-617
-836
-383
Net
travel and
transportation
receipts
144
-992
-4,227
-8,438
-9,798
-7,382
6481
-1,511
5,071
8,979
17,933
19,718
1,821
3,365
2,926
4,299
5,228
5,481
5,011
5,201
4,882
4,624
5,141
Other
services,
net
Beeeipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Net
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
86,529
86,200
84,778
99,056
89,489
87,497
95,129
122,275
144,904
151,201
127,292
110,612
-53,626
-56,412
-53,700
-69,572
-68,314
-74,736
-87,403
-109,653
-130,091
- 130,853
-114,272
-104,391
32,903
29,788
31,078
29,483
21,175
12,761
7,726
12,621
14,813
20,348
13,021
6,222
7,364
8,049
36,884
40,431
-33,160
-32,716
7,935
8,397
8,660
8,809
36,018
32,057
30,074
29,144
-30,247
-29,147
-28,447
-26,431
9,608
9,177
11,016
9,641
29,028
28,641
27,195
25,749
27,015
-24,609
-27,734
-25,492
-26,555
9,865
-26,742
Balance on
goods,
services,
and income
16,732
5,632
-26,719
-79,716
-100,920
- 126,028
-144,256
-102,203
-75,532
-58,034
-14,899
-33,505
-17,629
3,724
-11,700
7,715
-4,690
5,771
-2,115
2,910
-5,289
1,627
-2,805
2,713
4,419
907
1,703
-806
273
Unilateral
transfers,
net 4
Balance
on current
account
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,965
-26,092
-33,827
6,575
-32,895
5,030
-11,443
-44,460
- 100,328
-123,870
-150,203
-167,308
-127,168
-101,624
-91,861
-8,324
-66,400
-7,428
-11,988
-25,057
-23,688
9,406
1,769
-11,853
-7,644
14,096
3,884
-6,564
-4,839
704 -7,389
— 10,243 -8,010
- 10,628 -7,147
-13,339 - 10,348
-14,172
-8,077
* Includes transfers of goods and services under U.S. military grant programs.
„ 37 far elmtmtatum of lath.
SK
-6,685
-18,253
- 17,775
-23,687
-22,249
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $33.9 billion in the first
quarter of 1993, in contrast to an increase of $3.5 billion in the fourth quarter of 1992. U.S. liabilities to private
foreigners reported by U.S. banks, excluding Treasury securities, decreased $22.0 billion in the first quarter,
following a decrease of $1.2 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
* bbASUrNAUY ALJJUbltU
SOURCE'. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase /capital inflow (+)]
U.S. assets abroad, net
[increase/capitail outflow (— )
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990:
1991:
1992:
1993:
5
HI
IV
I
II
Ill
IV
I
II
Ill
IV
I"
-114,147
122 335
-58,735
— 29,654
-34,687
91 260
-61,254
-91,423
— 129,331
44 132
-59,974
50 961
— 29,885
— 29,895
-5,555
875
-15,672
1 029
-8,695
-10,798
3 313
U.S.
official
reserve
assets 3 5
5 175
-4,965
1 196
-3,131
3 858
312
9,149
-3,912
25 293
-2,158
5,763
3,901
1,739
-1,091
353
1,014
3,877
1,225
1 057
1,464
1,952
1,542
-983
Other U.S.
Grovernment
assets
U.S.
private
assets
-5,097
103 875
-6,131 -111,239
-5,006 -52,533
21 035
-5,489
-2,821 -28,009
-2,022
89 551
1,006 -71,408
2,967 -90,477
1,259 - 105,297
44 280
2,307
2,905 -68,643
53 253
-1,609
-338
-31,286
-32,984
4,181
559
-5,761
419
1 470
3,224 -22,774
459
38 637
-275
303
293
-9,866
-305 -12,445
31 243
737
309
2 639
Total
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
52,101
48,194
20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
19,589
Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve posi-
on in the IMF.
Foreign
official
assets 3
4,960
3,593
5,845
3,140
1 119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
14,077
20,249
5,604
-4,924
3,855
13,029
21,124
21,008
7 378
5,931
10,990
Other
foreign
assets
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
38,024
27,945
-5,624
12,044
19,659
39,798
-1,290
23,442
33,828
32,914
8,600
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
24,992
41,359
19,815
27,972
27,592
18,272
-1,410
— 899
17,384
30,820
-15,140
-12,218
2,841
5,389
-3,831
-8,014
4,011
-7,312
-12,120
-17,502
2,123
15,280
5,973
-6,221
2,098
4,710
-120
-6,506
1,911
4,878
653
-6,754
1,222
5,726
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
80,024
83,316
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private 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.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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