Full text of Economic Indicators : August 1994
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103d Congress, 2d Session
Economic Indicators
AUGUST
1994
(Includes data available as of August 30, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1994
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
KWEISI MFUME, Maryland, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
DAVID R. OBEY (Wisconsin)
FORTNEY H. (PETE) STARK (California)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
BARBARA BOXER (California)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK MC.GAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign
mailing) from:
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ISBN 0-16-044849-2
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 1994, according to revised estimates, current-dollar gross domestic product (GDP) rose 6.9
percent (annual rate), real GDP (GDP in 1987 dollars) rose 3.8 percent, and the implicit price deflator rose 2.9
percent.
BIWONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6,800
6,800
SEASONAU.Y ADJUSTED ANNUAL RATES
/
/I
6,400
6,400
y
6,000
GDP
IN CURRENT DOLLARS^-'
5,200
\/
5,600
,
^
5,200
^ x*
„--''
__ —- —.
4,800
^
^
^
5,600
6,000
4,800
.xi <
f
GDP
4,400
4,400
IN 1987DOLLARS
'^
„--"
->
4,000
/
s
4,000
^
s
3,600
3,600
/
^
3,200
3,200
2,800
i
t i
1982
i i i
1983
1
1
1
1984
i i i
1985
i i i
i i i
1986
1987
1989
1988
1990
i i i
i i i
i i i
!
1991
1992
1993
1994
SOURCE: DEPARTMENT OF COMMERCE
1
1
2,800
COUNCIL Of ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m
rv
1993- I
n
m
rv
1994: I
II '.
1
Gross
domestic
product
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
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
5,796.6
5,896.8
5,971.3
6,043.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,685.5
Personal
consumption
expenditures
Gross
private
domestic
investment
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,902.4
4,136.9
4,378.2
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
3,955.7
4,044.4
4,097.8
4,154.0
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,587.3
717.6
749.3
793.6
832.3
808.9
744.8
788.3
882.0
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
756.8
747.7
787.9
795.5
822.0
853.8
869.7
882.2
922.5
966.6
1,031.7
Federal
Net
exports
1325
-143.1
1080
-79.7
-71.4
19 9
-30.3
-65.3
-29.5
-71.8
-107.1
- 135.5
-133.2
-143.2
- 106.0
-73.9
-71.6
-13.7
99
-31.2
-37.8
-42.2
496
-63.3
-77.0
-71.2
-86.7
-99.8
Exports
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
631.8
632.7
638.8
649.2
646.8
660.1
649.0
680.3
674.2
703.2
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Imports
451.7
507.1
552.2
587.7
628.5
620.9
668.4
724.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
637.5
641.7
663.9
676.6
691.4
696.4
723.5
726.0
751.4
760.9
803.0
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,097.4
1,125.3
1,148.4
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,097.9
1,114.5
1,116.8
1,131.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,166.3
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
445.2
443.2
452.9
454.8
446.9
445.2
442.7
439.8
437.8
434.9
National
defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
311.6
312.2
310.0
318.6
316.0
307.0
305.8
299.0
299.1
291.7
290.7
Nondefense
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
75.9
66.9
81.9 88.3
94.5
96.7
95.2
102.6
114.0
126.6
133.0
133.2
134.2
138.7
139.9
139.4
143.6
140.7
146.1
144.1
State
and
local
465.3
496.6
531.7
573.6
620.9
651.6
676.3
704.7
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
659.7
669.3
673.6
679.1
683.3
690.2
701.2
710.2
717.4
722.0
731.4
Final
sales of
domestic
product
Gross
domestic
purchases l
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
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
5,782.3
5,903.1
5,967.4
6,038.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,621.4
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
5,906.6
6,002.6
6,081.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
6,785.3
Source: Department of Commerce, Bureau of Economic Analysis.
Addendum:
Gross
national
product
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
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
5,810.7
5,907.7
5,979.1
6,049.4
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,680.3
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
Gross
domestic
product
Personal
consumption
expenditures
Exports and imports of
goods and services
Government purchases
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
4,404.5 2,969.1
4,539.9 3,052.2
4,718.6 3,162.4
4,838.0 3,223.3
4,897.3 3,272.6
4,867.6 3,259.4
4,979.3 3,349.5
5,134.5 3,458.7
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
Change
in
busi-
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases l
Addendum:
Gross
national
product
4,395.9
Exports
1mports
Total
8.5 -155.1
26.3
143 1
19.9 — 104.0
29.8 -73.7
5.7 -54.7
1 1 -19.5
2.5 -32.3
15.3 -73.9
329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
855.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
373.0
384.9
377.3
376.1
384.1
386.7
373.5
356.6
280.6
292.1
287.0
281.4
283.6
281.4
261.4
243.7
92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
482.4
496.6
509.6
528.3
548.5
557.2
563.3
573.1
4,513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
131.2
44 9
190
190.6
29.3 -83.7
47.9
198.8
131 4
207.4
30.2 -155.4
230.5 -20.1
156 0
223.3
59.9 -136.0
225.3
20.9
102 7
24.9 -67.4
208.0
176.3 -20.9
36 8
177.5
13.5 -16.9
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
4,918.5 8,311.4
4,947.5 3,325.4
4,990.5 3,357.6
5,060.7 3,403.4
506.8
524.8
531.2
540.9
186.7
196.5
196.9
207.7
63
4.2
5.2
6.6
-17.9
-34.1
389
-38.5
571.0
573.1
580.5
590.7
588.8
607.1
619.4
629.3
937.8
930.7
938.5
940.6
372.9
368.3
376.0
377.0
260.9
257.5
264.6
262.4
112.0
110.8
111.4
114.6
564.9
562.4
562.5
563.6
4,924.8
4,943.2
4,985.3
5,054.1
4,936.4
4,981.5
5,029.4
5,099.2
4,929.1
4,955.5
4,997.2
5,061.0
in
IV
5,075.3
5,105.4
5,139.4
5,218.0
3,417.2
3,439.2
3,472.2
3,506.2
560.3
581.0
597.9
627.2
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
-57.6
-69.3
863
-82.2
589.2
600.2
595.3
625.2
646.8
669.6
681.6
707.4
926.5
929.3
931.8
931.5
361.6
358.3
355.6
351.1
248.2
246.8
240.9
238.7
113.3
111.5
114.7
112.4
564.9
571.0
576.2
580.4
5,056.8
5,086.5
5,126.5
5,207.2
5,132.9
5,174.7
5,225.8
5,300.2
5,083.9
5,110.1
5,148.4
5,218.7
1994- I r
H
5,261.1
5,310.2
3,546.3
3,558.6
643.6
657.9
229.9
234.0
25.4 -104.0
56.3 -112.9
619.6
642.7
723.6
755.6
919.9
916.3
341.7
333.9
228.5
224.9
113.2
109.0
578.3
582.4
5,235.7
5,253.9
5,365.1
5,423.1
5,262.7
5,308.3
1986
1987
1988
1989
1990
1991
1992
1993
.
1982:
19831984:
1985'
1986:
1987'
1988:
198919901991-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
1992- I ... .
II
m..
IV
1993- I
II
1
Net
exports
Total
inventories
GDP less exports of goods and services plus imports of goods and services.
National
defense
Nondefense
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 — 100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases
Federal
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
96.0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.8
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
121.1
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.8
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.8
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
124.5
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.3
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.9
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
110.9
98.5
95.4
93.6
94,2
93.6
102.6
106.0
107.7
116.5
110.0
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
117.2
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
117.2
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.0
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117.7
119.9
120.7
121.1
121.9
122.1
123.2
123.7
124.9
108.3
108,9
109.1
109.1
121.4
122.1
123.0
123.3
125.9
127.3
127.7
129.8
107.4
107.1
106.5
106.0
112.4
113.0
114.0
115.1
110.7
110.4
110.0
109.9
109.0
109.4
109.2
109.9
119.4
120.4
120.4
120.6
119.7
120.4
120.4
120.4
118.8
120.3
120.5
121.1
118.5
119.8
120.7
121.2
1993: I
II.. .
Ill
IV
122.9
123.4
123.7
124.1
125.7
126.4
126.8
127.5
109.2
109.8
110.0
110.2
124.0
124.2
123.9
124.6
130.8
131.9
132.7
133.8
105.3
104.9
103.5
103.0
115.9
117.2
118.2
119.0
109.8
110.0
109.0
108.8
107.7
108.1
106.5
106.2
123.6
124.2
124.5
125.3
123.7
123.9
124.1
125.3
123.5
125.0
125.2
125.1
122.2
122.8
123.3
123.6
1994: I
II '
125.0
125.9
127.9
128.9
110.5
111.2
124.6
125.1
134.4
135.9
103.4
103.9
120.5
121.4
108.8
109.4
105.2
106.3
128.1
130.2
127.7
129.3
129.1
132.2
124.9
125.6
1986
1987
1988
1989
1990
1991
1992
1993
1982:
1983'
19841985'
1986198719881989:
19901991:
IV
IV .
IV
IV ...
IV
IV
IV
IV
IV
IV
1992- I
n
in
IV
Source; Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross domestic product
Period
Current
dollars
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.2
5.4
9.1
5.9
3.1
1.0
2.8
5.0
3.8
2.6
7.1
5.2
4.9
8.6
4.4
4.2
3.8
7.7
6.1
6.9
1981 ...
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1990:
...
...
...
...
I
II
in
IV
1991- I
II
Ill
IV
1992- I
II
Ill
IV
1993- I
n
Ill
IV
1994- I
II *
: •
Constant
(1987) dollars
Implicit price
deflator
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.6
2.3
3.1
3.5
1.5
-.9
-3.2
21
2.2
1.0
.1
3.1
2.4
3.5
5.7
1.2
2.4
2.7
6.3
3.3
3.8
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.4
3.8
2.8
2.2
5.2
4.4
4.0
4.3
5.0
2.8
2.8
2.7
3.8
2.7
1.3
2.7
3.3
1.6
1.0
1.3
2.9
2.9
Fixed-weighted
price index
(1987 weights)
Current
dollars
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
— .4
2.8
3.3
2.8
.9
2.1
27
-2.8
2.1
1.3
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.2
3.2
2.5
6.3
4.3
6.1
6.7
3.4
2.4
3.1
3.4
3.3
3.7
1.6
3.9
2.6
2.2
1.3
2.2
1.3
3.2
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.8
6.0
5.8
9,2
5.3
8.3
3.7
.5
4.7
•4.3
3.0
9.3
5.4
5.6
9.7
4.1
5.0
5.1
6.4
6.0
4.7
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
3.2
3.0
5.8
4.4
4.7
3.8
5.1
3.1
3.3
2.7
3.9
3.3
2.7
2.8
4.2
2.4
2.0
2.4
3.1
2.9
5.8
1.7
3.9
5.6
1.6
2.6
3.9
4.0
4.7
1.4
Fixed-weighted
price index
(1987 weights)
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.4
3.5
2.8
6.6
4.2
6.3
7.0
3.6
2.8
3.3
3.6
3.7
3.8
3.5
3.0
2.9
2.6
1.4
2.8
1.9
2.8
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) '
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1987
Total
cost and
profit 2
dollars
Consumption of
fixed
capital
Indirect
business
taxes 3
Compensation of
employees
Net
Corporate profits with inventory
valuation and capital consumption
adjustments
interest
Profits
Total
tax
liability
1986
1987
1988
1989
1990
1991
1992
1993
1982:
19831984:
198519861987198819891990:
19911992-
..
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
....
.
.
1993- I
II
IV
1994- I p
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
1,806.3
2,037.2
2,228.2
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,125.9
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,740.9
3,150.0
3,194.4
3,239.4
3,307.8
2,746.9
2,778.3
2,815.7
2,870.2
3,324.4
3,386.3
3,428.7
3,499.3
2,868.4
2,920.5
2,963.3
3,019.5
3,568.6
3,626.9
3,062.6
3,098.9
2 338 8
n
m
rv
m
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
..
n
1
.
.
.
.
1.000
0.111
.110
1.030
1.072
1.109
1.137
1.150
1.159
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
1.147
1.150
1.150
1.152
1.159
1.159
1.157
1.159
1.165
1.170
.111
.117
.120
.126
.126
.123
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.126
.125
.130
.123
.124
.123
.124
.120
.125
.122
0.978
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
2
0.095
0.648
0.040
0.084
.095
.096
.101
.106
.115
.117
.117
.086
.088
.091
.093
.095
.094
.097
.102
.109
.117
.658
.676
.706
.736
.756
.767
.768
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.765
.768
.769
.768
.776
.770
.766
.760
.763
.766
,042
.045
.054
.054
.049
.041
.039
.040
.036
.041
.038
.042
.042
.047
.055
.054
.047
.096
.102
.094
.093
.092
.099
.112
.051
.079
.091
.092
.081
.099
.102
.088
.085
.092
.095
.098
.095
.107
.102
.111
.113
.123
.122
.128
.118
.117
.117
.118
.117
.117
.116
.117
.117
.117
4
.044
.041
.039
.038
.039
.039
.039
.038
.038
.038
0.031
.037
.038
.037
.034
.031
.031
.040
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.029
.033
.031
.033
.037
.040
.038
.043
.043
.046
Profits
after4
Output
per hour
of all
employees
(1987
dollars)'
Compensation per
hour of
all
employees
(dollars)'
tax
0.053
r
.059
.064
.057
.059
.061
.067
.073
.030
.050
.064
.063
.045
.060
.063
.055
.052
.061
.066
.065
.065
.073
.065
.071
.075
.080
.078
.081
r
22.733
23.127
23.572
23.189
23.446
' 23.926
r
24.648
r
25.377
" 14.739
' 15.207
15.833
16.377
17.246
' 18.081
r
18.916
' 19.481
21.070
21.893
22.055
22.346
22.891
23.356
r
23.521
23.146
' 23.549
12.791
13.186
13.732
14.359
14.975
15.517
16.069
16.616
' 17.623
'18.400
r
24. 2 10
r
24.286
' 24.459
r
24.774
r
25.087
r
' 24.966
25.244
r
25.521
r
25.816
' 19.368
' 19.435
""19.543
r
19.612
r
' 19.859
T
26.024
' 18.576
r
18.790
19.052
r
!9.255
With inventory valuation and capital consumption adjustments.
"Data based on GDP release of July 29, 1994 and reflect annual revisions beginning 1991 of the
national income and product accounts.
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
1988
1989
1990
1991
1992
1993
1982:
19831984:
19851986:
19871988:
19891990:
19911992:
4,002.6
4,249.5
4,491.0
4,608.2
4,829.5
5,131.4
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
4,663.9
4,752.4
4,806.8
4,793.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
"5,422.0
IV
IV
IV
IV.
IV
IV
IV
IV.
IV
IV.
I
n...
m
rv..
1993- I
n
m
IV....
1994: I r
n
1
2,921.3
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
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
3,459.1
3,514.2
3,564.9
3,614.7
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.6
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
30.9
40.2
41.9
36.7
44.4
37.3
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
36.6
49.0
43.7
38.8
46.0
49.6
39.4
15.8
44.4
47.2
35.8
293.4
307.0
321.4
339.5
374.4
404.3
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
349.8
361.9
369.1
374.0
392.4
394.8
399.4
404.5
418.5
423.8
431.8
Includes employer contributions for social insurance. (See also p. 5.)
4.3
-13.5
14 2
-10.5
55
24.1
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
-11.1
81
-6.4
54
-15.5
5.1
16.5
23.4
26.3
30.3
15.3
33.0
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
365.0
362.8
380.6
390.3
405.1
485.8
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
394.7
412.1
412.6
363.2
432.5
442.5
473.1
493.5
533.9
508.2
"547.3
320.3
325.4
354.7
370.9
389.4
456.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
393.0
396.9
352.3
415.6
421.5
446.6
461.7
495.1
471.2
"510.6
Profits
before tax
Inventory
valuation
adjustment
347.5
342.9
365.7
365.2
395.9
462.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
397.0
413.5
359.5
413.5
432.7
456.6
458.7
501.7
483.5
"523.1
27 3
-17.5
-11.0
5.8
-6.4
-6.2
-8.6
76
3.5
38
-10.7
17 8
-31.7
13 5
-19.5
8
-4.0
-16.6
-7.3
2.1
11 2
-10.0
3.0
-6.5
-12.3
-12.5
Capital
consumption
adjustment
Net
interest
44.7
37,4
25.9
19.4
15.7
29.5
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
19.0
15.8
10.9
16.9
21.0
26.5
31.7
38.8
37.0
36.8
387.7
452.7
463.7
447.4
420.0
399.5
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
431.8
421.6
421.9
418.7
418.0
414.6
397.6
396.7
389.1
394.2
394.4
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]
Durable goods
Period
1988
1989
1990
1991
1992
1993
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
....
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
1993: I
n
m
IV
1994: I r
n.
1
Total
personal
consumption
expenditures
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,311.4
3,325.4
3,357.6
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,558.6
Total
durable
goods
428.7
440.7
443.1
425.3
452.6
489.9
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
443.4
443.8
454.5
468.8
472.5
483.7
492.7
510.8
521.7
523.3
Motor
vehicles
and
parts
194.8
196.4
192.7
170.0
181.8
196.1
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
179.8
178.6
180.6
188.2
189.7
195.1
195.0
204.7
213.7
206.6
Includes other items, not shown separately.
Furniture and
household
equipment
155.4
165.8
171.6
179.2
193.3
214.1
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
172.3
181.2
187.2
188.8
195.3
202.0
205.2
209.9
216.6
224.6
225.9
232.3
Nondurable goods
Other
78.5
78.5
78.7
76.1
77.5
79.7
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
78.8
74.9
76.3
76.3
78.6
78.6
77.6
78.7
81.1
81.5
82.0
84.4
Total
nondurable goods
1,035.1
1,051.6
1^060.7
1,047.7
1^057.7
1,078.5
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,051.1
1,049.3
1,056.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,103.9
Food
513.4
515.0
523.9
518.8
514.7
524.0
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
515.6
509.9
511.5
522.0
520.7
522.3
525.1
528.1
531.9
536.3
Clothing
and
shoes
178.9
187.8
186.2
184.7
193.2
197.8
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
188.9
190.6
194.9
198.7
194.0
196.1
198.6
202.4
203.8
205.0
Gasoline
and oil
86.1
87.3
86.4
83.1
85.6
86.5
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
84.3
85.3
86.6
86.0
86.1
85.7
87.5
86.6
86.1
86.2
Retail sales of new
passenger cars
(millions of units)
Services
Fuel
oil and
coal
12.0
11.4
10.5
10.7
11.2
12.1
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
10.7
12.0
10.8
11.3
12.0
11.8
12.2
12.2
13.4
11.4
Other
244.7
250.2
253.8
250.5
253.0
258.2
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
251.6
251.5
252.6
256.3
257.2
258.3
258.4
258.8
263.1
265.0
Total
services *
1,698.5
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
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
1,797.3
1,817.0
1,832.3
1,846.7
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.3
Housing
Medical
care
461.8
469.2
474.6
479.0
485.2
492.6
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
482.6
484.2
486.1
487.8
489.8
491.5
493.7
495.4
497.7
500.0
Source: Department of Commerce, Bureau of Economic Analysis.
399.4
408.6
424.6
437.7
454.3
466.4
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
448.5
453.1
456.6
459.0
463.1
464.3
467.6
470.4
473.2
477.5
Domestics
7.5
7.1
6.9
6.1
6.3
6.7
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.1
6.2
6.3
6.4
6.4
6.9
6.7
7.1
7.4
7.2
Imports
3.1
2.8
2.6
2.3
2.1
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.2
2.2
2.0
2.0
2.0
2.1
2.0
1.9
2.0
2.0
SOURCES OF PERSONAL INCOME
Personal income rose $29.9 billion (annual rate) in July, following a rise of $7.3 billion in June. Wages and salaries
rose $16.8 billion in July, after rising $3.7 billion in June.
BILUONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
V
OTHER INCOME
TRANSFER PAYMENTS
800
800
—___.—-'*
I I I I I I I II I I
400
1986
1987
1988
400
1989
1990
1991
1992
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991
1992
1993
1993- July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr '
May '
July '
1
Total
personal
income
3,590.4
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
5,356.1
5,415.4
5,416.3
5,454.4
5,482.8
5,516.7
5,483.9
5,576.0
5,607.5
5,634.5
5,655.7
5,663.0
5,692.9
Wage and
salary
disbursements 1
2,105.4
2,261.2
2,443.0
2,586.4
2,745.0
2,816.1
2,974.8
3,080.8
3,103.2
3,124.7
3,119.6
3,138.5
3,146.0
3,160.8
3,198.2
3,206.7
3,220.1
3,241.4
3,263.8
3,267.5
3,284.3
Other labor
income 1 2
200.7
210.4
230.5
251.9
274.3
299.0
328.7
355.3
356.3
358.8
361.4
364.0
366.7
369.6
371.4
373.2
375.0
376.7
378.4
380.1
381.9
Proprietors' income 3
Farm
22.3
31.3
30.9
40.2
41.9
36.7
44.4
37.3
3.7
21.9
21.8
31.4
48.0
53.9
43.1
49.5
48.8
44.9
34.4
28.1
27.6
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.
3
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
261.5
279.0
293.4
307.0
321.4
339.5
374.4
404.3
401.8
405.6
406.0
414.5
418.3
422.7
418.2
424.3
429.0
430.1
432.0
433.3
434.8
4
Rental
income of
persons 4
8.7
3.2
4.3
13.5
— 14.2
-10.5
55
24.1
21.1
28.4
29.3
29.6
30.1
31.4
27.0
34.6
38.4
34.4
33.6
31.1
31.4
Personal
dividend
income
104.7
100.4
108.4
126.5
144.4
150.5
161.0
181.3
182.1
182.9
183.5
183.9
184.1
184.3
184.5
185.4
187.1
189.9
191.8
193.4
195.1
Personal
interest
income
531.7
548.1
583.2
668.2
698.2
695.1
665.2
637.9
633.3
634.7
634.3
630.9
627.3
624.9
627.9
631.1
634.4
639.7
644.9
650.4
655.4
Transfer
payments 5
517.8
542.2
576.7
625.0
687.6
770.1
860.2
915.4
917.5
922.7
924.6
927.5
928.8
936.8
943.2
947.4
951.5
955.9
956.9
959.9
964.5
Less: Personal
contributions
for social
insurance
162.1
173.6
194.5
211.4
224.9
236.2
248.7
261.3
262.9
264.5
264.1
265.8
266.4
267.5
275.7
276.2
276.9
278.6
280.2
280.9
282.2
Nonfarm
personal
income 6
3,545.6
3,749.4
4,023.9
4,318.0
4,608.6
4,801.8
5,089.4
5,316.6
5,331.2
5,372.1
5,373.0
5,401.4
5,413.1
5,441.1
5,418.6
5,504.3
5,536.4
5,567.1
5,598.7
5,612.2
5,642.5
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the second quarter
of 1994.
BILLONS OF DOLLARS' (RATIO SCALE|
BIUJONS OF DOLLARS' (RATIO SCALE)
2,000
2,000
DOLLARS* (RATIO SCALE)
20,000
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
CURRENT DOLLARS
\,
14,000
=-
__,,
12,000
r \
"
16,000
p— "
14,000
*\
Z
'^ ^
} 987DOLLA PS
12,000
^^^
—'
10,000
8,000
^
^
1
i,
\
16,000
DOLLARS* (RATIO SCALE)
20,000
^-—
18,000
10,000
^
I : i
1982
I
!
!
1983
1984
i < i
1985
1
1
1
1986
i i i
1987
1989
1988
1990
1991
i i i
1992
i i i
1993
t i i
1994
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Disposable
income
Less:
Personal
outlays *
Equals:
Personal
saving
Disposable
personal
income in
Per capita
disposable personal
income
1987
Current
dollars
dollars
(billions)
Billions of dollars
1987
198'8
1989....
1990
1991....
1992
1993
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
512.5
527.7
593.3
623.3
623.7
648.6
686.4
3,289.5
3,548.2
3,787.0
4,050.5
4,236.6
4,505.8
4,688.7
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
142.0
3,289.5
155.7
152.1
170.0
211.6
247.9
192.6
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3,704.1
13,545
14,477
15,307
16,205
16,766
17,636
18,153
Saving as
percent of
disposable
persona!
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4,496.2
Percent
change in
real per
capita
disposable
personal
income
13,545
13,890
14,005
14,101
14,003
14,279
14,341
12,568
13,448
14,'241
15,048
15,444
16,192
16,951
12,903
13,029
13,093
12,899
13,110
13,391
—0.1
2.5
.8
.7
— .7
2.0
.4
4.3
4.4
4.0
4.2
5.0
5.5
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
14,166
14,199
14,215
14,533
14,222
14,351
14,338
14,451
14,535
14,598
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
15,900
16,065
16,235
16,566
16,693
16,856
17,017
17,233
17,443
17,601
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
13,018
13,037
13,122
13,262
13,283
13,335
13,425
13,519
13,640
13,654
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
4.9
.9
.5
9.3
-8.3
3.7
-.4
3.2
2.3
1.7
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
5.2
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,758
254,369
255,076
255,865
256,626
257,262
257,908
258,635
259,356
259,997
260,628
12,568
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
in....
IV
1993: I
n
m....
IV
1994: I r
n ....
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,759.1
4,934.2
5,032.4
5,101.9
5,148.1
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,651.0
1
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
631.2
631.3
638.7
648.1
676.2
657.3
685.9
695.4
707.0
723.0
746.4
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
4,303.0
4,401.1
4,463.2
4,500.0
4,658.8
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,904.6
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,957.7
4,078.4
4,166.4
4,219.4
4,274.2
4,371.4
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,713.3
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
224.6
234.7
243.8
225.8
287.4
184.6
214.0
182.3
189.4
175.5
191.3
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
3,552.1
3,603.5
3,621.9
3,637.2
3,729.6
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,804.7
Includes personal consumption expenditures, interest paid by persons, and persona) transfer payments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,957
17,302
17,498
17,587
18,154
17,874
18,141
18,174
18,421
18,588
18,819
2
5.3
5.5
5.0
6.2
4.0
4.6
3.9
4.0
3.6
3.9
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1994, according to preliminary estimates, gross farm income rose $4.2 billion (annual rate)
and net farm income rose $4.8 billion.
BILLICINS OF DOLLARS*
(RATIO SCALE)
'
240
200
160
v. ^-~1^v^
r-
"i.
-
120
^V
^
" ~\
•
""
—
'•' -^^"l
^'-*
BILLIONS OF DOLLARS* (RATIO S ZAH£]
. —
r^H
240
200
— ^^
160
120
3ROSS FAR,M INCOME
80
80
Aft
An
40
40
20
20
10
10
' SEASONALLY ADJUSTED ANNUAl RATES
SOURCE: DEPARTMENT Of AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total »
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1991:
TTT
Ff
1992- I
JJ
TTT
TV
1993- I
n
UJ
IV
1994:
I"...
168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
195.3
186.8
192.7
199.6
202.8
197.3
191.3
194.5
201.7
181.6
203.5
' 207.7
142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
172.9
172.2
169.4
167.1
174.2
178.9
164.5
168.3
178.8
172.9
171.6
171.6
Livestock and
products
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
90.3
84.9
85.0
84.2
86.0
85.3
89.9
87.1
92.4
90.7
91.0
90.6
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
77.0
80.1
81.9
84.8
82.6
87.3
84.4
82.9
88.1
93.6
74.6
81.3
86.5
82.2
80.6
80.9
3
Value of
inventory
changes 2
6.0
-2.3
-2.2
-2.3
-3.4
4.8
3.4
-.3
3.8
—4.1
.1
-3.1
4.7
4.3
3.5
2.5
-7.3
-5.8
-6.7
3.4
6.8
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
151.4
151.7
152.2
146.3
148.6
150.4
151.0
148.6
150.9
152.8
153.3
152.7
1987 dollars 3
26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
43.9
35.2
40.5
53.3
54.2
46.8
40.3
45.9
50.8
28.9
50.2
55.0
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
35.5
29.8
34.1
44.5
44.9
38.6
33.1
37.3
41.2
23.4
40.5
44.0
CORPORATE PROFITS
In the second quarter of 1994, according to preliminary estimates, corporate profits before tax rose $39.6 billion
(annual rate), following a decline of $18.2 billion in the first quarter. The first- and second-quarter changes reflect
the effects of the Northridge earthquake.
BIUIONS OF DOLLARS
BILLIONS OF DOLLARS
430
iiO
SEASONAUY ADJUSTED ANNUAL RATES
,
500
/
500
•J
L
J
450
450
-
/
A
400
fS BEFORE I-AV
350
V[\
300
\
s
\X
/~-r^
1
400
f V
-
350
/
S
/"
^
i
250
200
-
J
~
»._
/
^y
/""
150
/
SO
1982
""• **
s
/•
-_--\
'
\ _ ^j? •/
.-*•-•
200
1
1
,-
\
\
1
1984
1983
i i i
X-
1985
/ \
v
'"
f ii
'UNDISTRIBUTED PRO
1986
/'
,**""*"
./
150
'"\/
ft
-"'%
1 1 !
>_.
' ""*
V
^ ~ — •*
250
-
N.
*/*
300
s~" ~*
AX LIABILITf
\
e"" '^
0
!
N
f
f"'
.^"""""
-• ,,--«•
-
1
\,
s
s
N. ^
s^-'
X
1
/ ,'\Vf
AFTER TAX
s
100
^._
PBf)HT5
/
P-/-N
f
J
S
/
f
f
100
\
\ ,- -"
-
>'
1
50
ITS
-
0
i i i
1 1 i
1987
1988
i
i I
1989
I 1 1
i i i
1 1 1
1
1990
1991
1992
1993
1
1
1
1
1
1994
caJNCllOFECONOMIC ADVISERS
WERCE
SOURCE: DEPARTMENTOFCO/i.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
Profits (before tax) with inventory valuation adjustment *
Domestic industries
Nonfinaneial
Period
Total2
Total
1986
1987
1988
1989
1990
1991
1992
1993
.
1982:
19831984'
19851986'
1987:
19881989:
199019911992-
IV
TV
IV
IV
IV
IV
IV
IV
IV
IV
I
..
n
m
rv
1993- I
n
m
r?
1994- I
n^
1
2
..
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
393.0
396.9
352.3
415.6
421.5
446.6
461.7
495.1
471.2
510.6
194.6
233.9
271.2
266.0
286.7
302.4
328.8
391.0
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
301.4
329.5
333.2
291.6
361.0
354.0
383.8
392.6
433.4
410.1
449.4
Financial
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.6
100.9
91.2
48.8
86.7
95.9
100.1
103.9
114.6
89.6
106.0
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Inehidea rest of the world, not shown separately-
Total
3
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
228.6
242.0
242.8
274.3
258.0
283.7
288.7
318.8
320.5
343.4
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.S
108.0
109.1
90.1
94.5
114.2
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
85.3
88.1
93.0
95.6
101.3
96.2
114.2
112.4
134.2
145.1
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
47.4
46.7
55.6
52.5
64.6
56,0
63.3
62.0
63.7
59.0
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
168.6
223.8
220.1
231.8
235.7
311,2
372.2
334.1
368.9
373.1
397.0
413.5
359.5
413.5
432.7
456.6
458.7
501.7
483.5
523.1
Tax
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
133.1
139.6
146.0
124.6
148.6
159.8
171.8
169.9
191.5
184.1
201.5
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
240.0
257.4
267.5
234.9
264.8
273.0
284.8
288.9
310.2
299.4
321.6
Dividends
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
160.9
161.0
166.8
174.4
182.1
188.2
190.7
193.2
194.6
196.3
202.5
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
96.4
100.8
60.5
82.7
84.7
94.1
95.6
115.6
103.0
119.1
Inventory
valuation
adjustment
9.7
14.5
-27.3
17.5
-11.0
5.8
-6.4
-6.2
-8.6
-7.6
3.5
-3.8
10.7
-17.8
-31.7
-13.5
-19.S
.8
4.0
16.6
-7.3
2.1
-11.2
10.0
3.0
6.5
-12.3
' 12.5
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the second quarter of 1994, according to revised estimates, nonresidential fixed investment in 1987 dollars rose
$14.3 billion (annual rate) and residential investment rose $4.1 billion. There was a $56.3 billion increase in
inventories, following an increase of $25.4 billion in the first quarter.
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,000
1,000
SEASONALLY ADJUSTED ANNUAL RATES
f/
900
r^
800
^^
700
600
500
/
f
-v^
[A
700
**
s
s
-'
600
S
—.
s
\
„-"
—»
^ *"
^
500
\
^
NONRESIDENTIAL
FIXED INVESTMENT
s'
**
400
^
yi
f
^^
GROSS PRIVATE DOMESTIC
INVESTMENT
/^
"\ / 1
^
^v_
900
400
RESIDE NTIAL
300
300
..200
100
200
*•*"""
-...-
CH;kNGE IN BL SINESS
^
INVENTOR IES
100
*"""""%
\
/
0
'x
i
i I
1982
I
/
\
^
__ f ' "~ ^
^
,*""•«./
*
S ^
"• *
t
4
-100
'*
i
1983
1
1
1
1
1984
i i i
1985
i i i
1986
•*>
1
1
1987
i
i
i i
1988
i
i i
I
1989
1
!
1990
0
,
i i i
i
1991
1992
SOURCE: DEPARTMENT OF COMMERCE
i i
1
1
1
1
1993
1
!
-100
1994
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
1986
. ...
1987
1988
1989
1990
1991
1992
1993
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
735.1
749.3
773.4
784.0
746.8
683.8
725.3
819.9
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
176.6
171.3
174.0
177.6
179.5
160.6
149.8
147.7
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
10.6
32.7
26.9
29.9
3.2
-1.3
-2.0
18.5
1982198319841985198619871988'
19891990'
1991-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
695.7
697.9
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
716.6
684.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
355.5
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-20.9
13.5
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
14.6
1992-
I
H
687.2
725.5
733.3
755.2
693.5
721.3
728.1
748.6
506.8
524.8
531.2
540.9
152.5
151.9
148.4
146.3
354.3
372.9
382.8
394.6
186.7
196.5
196.9
207.7
-6.3
4.2
5.2
6.6
-14.3
-1.9
1.8
6.3
789.2
806.2
821.8
862.5
770.7
787.3
808.8
851.7
560.3
581.0
597.9
627.2
147.2
147.3
147.5
148.7
413.0
433.7
450.3
478.5
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
19.7
22.8
20.9
10.7
898.9
948.2
873.4
891.9
643.6
657.9
144.1
150.7
499.4
507.3
229.9
234.0
25.4
56.3
22.1
51.8
ITT
IV
1993- I
n
m
IV
1994- I r
n
....
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1994 survey, business spending for new plant and equipment is
expected to rise 8.3 percent in 1994, following a rise of 7.1 percent in 1993.
BILLIONS OF DOLLARS (RATIO SCALE)
700
BILLIONS OF DOUARS (RATIO SCAi£|
700
SEASONAUY ADJUSTED ANNUAL RATES
400
500
500
400
300
300
NONMANUFACTURING-^
200
K \
MANUFACTURING
100
100
If 1/3/
i
1992
1986
^SURVEYED QUARTERLY
2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
i
I
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
All
industries
Total
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
585.64
634.02
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.18
191.60
1992: I
534.85
541.41
547.40
559.24
1993: I
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 4
n
m..
rv
n
in
IV
1994: I 4
n4
m4
rv
1
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.14
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
406.46
442.41
Nondurable
goods
Total1
Milling
Transportation
Public
utilities
Commercial
and
other
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.33
90.12
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
97.84
101.49
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
406.46
442.41
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.03
10.75
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.87
21.36
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.72
77.66
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
298.83
332.65
173.82
171.98
172.86
176.86
73.98
74.07
72.09
73.30
99.85
97.91
100.77
103.56
361.03
369.44
374.54
382.38
8.92
9.20
8.98
8.47
21.83
23.15
23.91
21.60
69.00
72.63
72.18
74.07
261.27
264.46
269.46
278.24
173.82
171.98
172.86
176.86
361.03
369.44
374.54
382.38
564.13
579.79
594.11
604.51
175.05
177.09
182.17
182.40
79.11
80.88
81.99
83.35
95.94
96.21
100.18
99.04
389.08
402.70
411.94
422.11
8.89
9.10
11.14
10.98
22.47
21.58
21.70
21.73
73.51
74.55
75.62
79.21
284.21
297.46
303.47
310.20
175.05
177.09
182 17
182.40
389.08
402.70
411.94
422.11
619.11
637.14
639.71
640.12
186.04
194.96
192.07
193.36
86.98
92.42
90.86
90.20
99.06
102.54
101.21
103.16
433.07
442.18
447.64
446.76
11.30
10.34
10.79
10.55
21.91
20.10
22.16
21.29
72.89
77.30
80.04
80.40
326.98
334.44
334.65
334.52
186.04
194.96
192.07
193.36
433.07
442.18
447.64
446.76
Durable
goods
Excludes forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-May 1984 survey, are no
longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for
these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
649.32
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.18
191.60
Surveyed
annually 3
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
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 1994, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In July, civilian employment rose 22,000 and unemployment rose 188,000.
MILLIONS OF PERSONS *
MILLIONS OF PERSONS *
134
SEASONALLY ADJUSTED
130
CIVILIAN LABOR FORCE
r"~~r^~
126
r-~'—^
126
_^l
118 - X — -—
r^~
j. _ «— — *•'" *.-•
^--^-^~ -T-^ — ''
1 14
—1 118
CIVILIAN
EMPLOYMENT
~*s~
110 -
^
f~~*
x ^-"
- 110
106
106
x
s
12 ^
12
UNEMPLOYMENT
8
4
0
.1
"
1
s.
1
—*—
1
_
'
^
•
—^_
— £^— -*
_
1 1 II ill 1 II 1
1986
1 1 1 1 1 1 1 1 1 1 l l l l 1 1 l l l 11
1987
1988
1 111111M11
1 1 1 1 1 1 1 1 1 l1 1 1 1 1 1 11 1 1 11
1989
1990
- 8
1991
1 1 1 11 1 1 1 ! I1
1 1 1 1 1
1992
Mill
1993
* ) 4 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
4
1 i 11t1| 11|]
1994
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
3
1993:
July
Sept
Oct
:.
Dec
1994:
Jan 4
Feb
Mar
May
July
Civilian employment
Civilian
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
195,034
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
1,485
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
129,525
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
120,791
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
3,052
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
195,104
195,275
195,453
195,626
195,791
195,993
1,471
1,482
1,482
1,475
1,470
1,461
129,573
129,816
129,590
130,055
130,132
130,359
120,841
121,174
121,050
121,416
121,802
122,122
128,102
128,334
128,108
128,580
128,662
128,898
119,370
119,692
119,568
119,941
120,332
120,661
3,043
3,005
3,093
3,021
3,114
3,096
116,327
116,687
116,475
116,920
117,218
117,565
6,213
6,216
6,173
5,957
5,904
5,934
8,732
8,642
8,540
8,639
8,330
8,237
3,007
3,000
3,047
3,030
2,971
2,864
66.2
66.2
66.0
66.2
66.2
66.3
61.6
61.8
61.6
61.8
61.9
62.0
130,667
130,776
130,580
130,747
130,774
130,248
130,457
121,971
122,258
122,037
122,338
122,872
122,430
122,452
3,331
3,391
3,426
3,459
3,435
3,235
3,278
118,639
118,866
118,611
118,880
119,437
119,195
119,173
4,842
4,384
4,762
4,613
4,688
4,590
4,224
8,696
8,518
8,543
8,408
7,902
7,817
8,005
3,027
3,103
3,110
2,951
2,801
2,683
2,855
66.7
66.7
66.6
66.6
66.5
66.2
66.3
62.2
62.3
62.2
62.3
62.5
62.2
62.2
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
1
Persons at work. Economic reasons include slock work, material shortages, inability to find fulltime
work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
3
Not strictly comparable with earlier data.
Unemployment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Total
Agricultural
Total
Part time
for
economic
reasons *
Total
15
weeks
and over
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In July, the civilian unemployment rate rose to 6.1 percent from 6.0 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
25
TEENAGERS
(16-19)
X
L
20
. //V' / V f
.
"V
A
15
10
MEN 2 3 YEARS
AND OVER
10
v^
\
we
^
'.
5
3MEN 20 YE/^RS
AND OVER
I ill I li 1 1 1 1
0
1990
1990
1994
J 1 1 1f I 1 1 1M
1992
1991
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1 1 1 1 i1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers 1
AU
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
6.7
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
6.7
6.7
6.6
6;6
6.4
6.3
6.8
6.7
6.7
6.7
6.5
6.4
6.5
6.4
6.3
6.2
5.9
5.8
5.8
5.7
5.8
5.8
5.7
5.7
6.7
6.5
6.5
6.4
6.0
6.0
6.1
5.9
6.0
5.8
5.6
5.2
5.3
5.6
6.0
5.7
6.0
5.6
5.4
5.4
5.3
1984
1985
1986
1987
1988
1989
1990
1991 .
1992
1993
1993:
July
Aug
Sept
Oct
Nov
Dec
....
....
....
....
1994- Jan *
Feb
Mar
Apr
May
July
1
By sex and age
Both
sexes
16-19
years
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
18.4
18.4
17.9
18.9
18.3
17.8
18.4
17.9
17.8
19.9
18.3
16.9
17.7
Black
and
other
Black
Experienced
wage and
salary
workers
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
6.0
5.9
5.8
6.1
5.6
5.6
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
11.6
11.5
11.4
10.9
11.3
10.7
12.8
12.5
12.5
11.9
12.5
11.5
6.5
6.4
6.3
6.4
6.2
6.2
4.5
4.4
4.2
4.4
4.0
3.9
5.8
5.6
5.7
5.6
5.2
5.3
5.4
11.6
11.3
11.3
10.8
10.4
10.2
10.4
13.1
12.9
12.5
11.8
11.5
11.2
11.2
6.6
6.4
6.4
6.2
5.8
5.9
6.0
4.1
4.3
4.1
3.9
3.7
3.5
3.7
White
Unemployed as percent of total labor force including resident Armed Forces.
Revised definition; for details, see Employment and Earnings, February 1994.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
3
12
By selected groups
By race
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers 2
Parttime
workers 2
7.4
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
9.6
9.0
9.0
9.3
9.0
10.2
7.5
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
6.8
6.7
6.6
6.6
6.3
6.4
9.4
9.7
9.6
9.1
8.9
8.7
7.8
6.8
6.6
6.6
6.4
6.0
6.1
6.2
6.2
5.9
6.3
6.5
6.2
5.8
6.0
6.7
6.8
6.9
7.2
6.9
6.6
Labor
force
time lost
(percent) a
.
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.7
7.8
7.7
7.5
7.6
7.2
7.2
4
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Deportment of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In July, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14 weeks
fell, while the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of unemployment
rose to 19.2 weeks and the median duration rose to 9.3 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION '
70
70
20
10
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
36.7
35.2
35.7
36.4
35.4
37.5
38.4
30.6
32.8
34.7
33.4
35.6
35.5
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
29.0
30.1
28.7
28.7
28.9
27.5
26.8
32.5
30.3
29.5
31.0
31.0
29.2
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
1S.2
14.6
14.3
14.5
15.2
14.8
14.6
14.1
15.1
16.2
15.0
14.2
13.9
14.4
15.7
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
19.9
20.1
20.5
20.1
21.1
21.0
19.7
20.8
21.9
21.6
21.7
19.1
19.6
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
17.9
18.3
18.4
18.4
18.9
18.2
18.3
18.7
19.2
19.1
19.6
18.3
19.2
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
8.3
8.4
8.9
8.3
8.5
8.2
8.5
9.0
9.1
9.2
9.2
8.9
9.3
Job
losers '
Job
leavers
Reentrants
New
entrants
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
55.5
56.2
55.0
55.2
53.4
54.2
51.1
48.6
46.9
44.4
45.4
47.5
48.6
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
10.4
10.2
10.8
11.1
11.5
11.4
8.8
10.3
10.1
9.7
10.2
10.2
9.4
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
24.1
24.0
24.3
24.1
25.0
24.6
32.6
33.7
35.5
37.9
36.5
36.3
34.7
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
9.9
9.6
9.9
9.7
10.0
9.7
7.5
7.4
7.5
8.1
7.8
6.0
7.3
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- July
Sept
Oct
Nov
Dec
1994- Jan 3
Feb
Mar
May
" }
July
1
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
8,732
8,642
8,540
8,639
8,330
8,237
8,696
8,518
8,543
8,408
7,902
7,817
8,005
Beginning January 1994, job losers and persons who completed temporary jobs.
2
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
or Emergency Unemployment Compensation programs.
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,751
2,851
2,819
2,823
2,815
2,776
2,694
2,720
2,791
2,744
2,722
2,755
2,760
2,738
377
396
378
328
310
330
388
447
408
341
352
329
328
341
335
325
369
351
340
350
367
351
349
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,838
2,655
2,721
2,421
2,324
2,563
2,794
3,511
3,506
3,396
2,872
2,625
2,634
2,585
3
Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 259,000 in July.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
90
80
SERVICE-PRODUCING
INDUSTRIES
70
60
GOVERNMENT
mulumlum mm
-
50
GOODS-PRODUCING
INDUSTRIES
30
CONSTRUCTION
\
20
mull
ill 11
1991
1992
1990
mull
1993
I H II M II I
1994
1990
1992
1991
1993
1994
COUNCit OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; ' seasonally adjusted]
Goods-producing industries
Period
Total
nonagricultural
employment
1984
1985
1986
1987
94,408
97,387
99,344
101,958
1988
105,210
1989
107,895
1990
109,419
1991
108,256
1992
108,604
1993
110,525
1993: July
110,628
110,714
Aug
Sept
110,923
Oct
111,112
Nov
111,366
Dec
111,610
1994: Jan
111,711
Feb
111,919
Mar
112,298
Apr
112,699
r
May .... 112,951
June r... 113,307
July"... 113,566
Service-producing industries
Manufacturing
Total
2
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,256
23,232
23,207
23,206
23,245
23,281
23,298
23,328
23,327
23,395
23,506
23,519
23,564
23,592
Construction
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,642
4,653
4,659
4,667
4,700
4,733
4,738
4,744
4,745
4,806
4,893
4,907
4,923
4,948
Total
Durable
goods
Nondurable
goods
Total
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,003
17,973
17,946
17,934
17,940
17,944
17,942
17,968
17,970
17,980
18,007
18,009
18,036
18,042
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,172
10,135
10,121
10,123
10,135
10,142
10,153
10,182
10,182
10,190
10,216
10,217
10,249
10,244
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,831
7,838
7,825
7,811
7,805
7,802
7,789
7,786
7,788
7,790
7,791
7,792
7,787
7,798
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,269
87,396
87,507
87,717
87,867
88,085
88,312
88,383
88,592
88,903
89,193
89,432
89,743
89,974
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
Transportation
and
public
utilities
Wholesale
trade
5,156
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,787
5,800
5,786
5,783
5,798
6,800
5,792
5,793
5,803
5,816
5,759
5,843
5,846
5,860
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,958
5,962
5,954
5,962
5,965
5,971
5,976
5,990
6,003
6,013
6,028
6,037
6,046
6,051
Retail
trade
16,512
17^315
17,880
18,422
19,023
19,475
19,601
19^284
19,356
19,717
19,735
19,770
19,805
19,822
19,848
19,931
19,924
19,965
20,026
20,137
20,153
20,271
20,346
Finance,
insurance,
and real
estate
Government
Services
5,684
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,712
6,718
6,724
6,735
6,748
6,763
6,769
6,771
6,776
6,781
6,791
6,787
6,800
6,801
20,746
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,278
30,355
30,451
30,545
30,661
30,816
30,926
31,004
31,129
31,326
31,497
31,598
31,763
31,901
Total
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,817
18,826
18,822
18,887
18,873
18,887
18,918
18,901
18,916
18,941
18,981
19,014
19,017
19,015
Federal
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,903
2,906
2,902
2,901
2,900
2,915
2,893
2,892
2,884
2,882
2,870
2,857
2,856
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Total
private
nonagricultural *
Period
1984
1985...
1986
1987...
1988
1989...
1990
1991...
1992
1993 ..
1993: July
Sept
Get
Nov
Dec
1994:
Jan
Feb
Mar
May '
July*
Total
Average gross weekly earnings
Average gross hourly earnings
Manufacturing
Total private
nonagricultural 1
Overtime
Current
dollars
Total private
nonagricultural 1
1982
dollars 2
Manufacturing
Current dollars
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year ear ier, total
private
nonagricultural 3
Current
dollars
1982
dollars
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
$8.32
$7.80
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.41
7.39
$9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11,46
11.74
$292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
$274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
$374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
$458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.81
$174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
13
.3
10
-.9
10
-1.8
16
-.2
0
34.5
34.6
34.4
34.5
34.6
345
41.4
41.5
41.5
41.6
41.7
41.7
4.1
4.1
4.2
4.3
4.4
4.4
10.82
10.86
10.88
10.92
10.94
10.96
7.38
7.39
7.40
7.39
7.39
7.40
11.73
11.77
11.82
11.84
11.87
11.93
373.29
375.76
374.27
376.74
378.52
378.12
254.46
255.62
254.43
255.07
255.76
255.14
485.62
488.46
490.53
492.54
494.98
497.48
557.28
557.67
553.34
554.11
562.49
559.11
210.39
211.26
208.78
212.42
211.68
212.26
2.9
2.8
3.0
3.1
2.3
3.2
.2
.1
.5
.5
-.2
.7
34.8
34.3
34.6
34.7
34.8
34.6
34.6
41.7
41.3
42.1
42.2
42.1
42.0
41.9
4.5
4.5
4.7
4.8
4.7
4.6
4.6
11.02
11.03
11.02
11.05
11.09
11.08
11.12
7.43
7.42
7.39
7.40
7.42
7.39
7.38
11.95
12.01
12.00
12.00
12.00
12.02
12.04
383.50
378.33
381.29
383.44
385.93
383.37
384.75
258.60
254.60
255.73
256.83
258.15
255.58
255.48
498.32
496.01
505.20
506.40
505.20
504.84
504.48
558.44
545.25
561.44
559.02
570.86
567.73
576.81
214.89
212.21
214.73
216.05
216.63
215.88
217.79
3.7
2.5
3.5
3.5
2.8
3.1
3.0
1.3
.1
1.2
1.3
.7
.6
.3
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index (or urban wage earners and clerical
workers (CPI-W) (on a 1982 = 100 base).
0.8
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
Period
Total
compensation
Wages and
salaries
Benefits '
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
108.4
109.7
110.8
111.9
112.9
113.8
114.7
115.7
116.8
117.9
118.9
119.9
120.7
121.8
107.3
108.4
109.2
110.1
110.9
111.6
112.1
113.0
113.9
114.6
115.6
116.5
117.1
118.1
Total
compensation
Wages and
salaries
12 months earlier
Benefits '
Total
compensation
Wages and
salaries
Benefits 1
Not seasonally adjusted
1984:
19851986:
19871988:
19891990:
199119921993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1991:
Mar
..
.
....
. ..
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
Sept
...
Dee
1992: Mar
.
...J
Sept
1993:
Dec
Mar
...
Sept
...
1994:
Dec
Mar
J
1
Employer costs for employee benefits.'
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
111.2
113.3
115.2
116.8
118.2
119.5
121.3
122.9
124.7
126.4
127.7
129.1
130.2
131.4
1.1
1.2
1.0
1.0
.9
.8
.8
.9
1.0
.9
.8
.8
.7
.9
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
Not seasonally adjusted
Seasonally adjusted
.
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
1.0
1.0
.7
.8
.7
.6
.4
.8
.8
.6
.9
.8
.5
.9
1.2
1.9
1.7
1.4
1.2
1.1
1.5
1.3
1.5
1.4
1.0
1.1
.9
.9
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
3.6
3.7
3.6
3.3
3.4
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
2.7
3.1
3.1
2.9
3.1
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
5.8
5.4
5.0
4.4
3.9
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 '
Business
sector
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Heal compensation
per hour *
Business
sector
Nonfarm
business
sector
Unit labor costs
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
110.7
112.1
115.5
117.3
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.5
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
132.0
135.5
140.6
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
132.2
135.5
141.0
r
101.1
103.1
105.4
107.0
108.3
110.6
r
110.9
109.7
110.5
113.0
101.1
103.3
105.3
106.0
107.4
r
109.5
110.0
108.5
108.9
111.5
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
132.6
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
132.8
98.9
104.3
108.5
r
110.2
111.3
115.1
118.8
120.6
r
119.6
117.4
n rr.....
m r...
114.5
114.8
115.9
116.8
112.6
113.1
113.9
115.0
133.7
134.4
136.1
137.9
133.6
134.4
135.9
137.9
n r.....
m ...
116.3
116.5
117.4
119.1
114.5
114.6
115.8
117.2
138.1
139.6
140.9
143.9
119.9
119.5
118.0
117.6
145.8
147.4
1983
1984
1985 ...
1986
1987
1988
1989
1990 ..
1991 r.
1992 r
1993 '.....
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV
1991: IV r...
1992:
Ir
IV ...
1993: I rr
IV r...
1994:
Ir
n»«..
103.8
108.3
113.2
r
l!8.8
123.1
128.5
133.0
140.6
147.4
154.9
160.6
104.0
108.3
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.8
100.6
100.6
101.5
r
104.6
104.6
104.8
103.5
103.8
104.4
106.6
107.3
100.8
100.6
' 101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.1
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.5
134.2
136.9
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.1
135.2
137.5
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
135.9
138.8
141.5
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
136.7
139.9
142.6
r
98.9
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
119.2
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
150.1
102.1
105.2
109.9
115.0
r
120.5
125.1
129.8
133.9
r
142.2
148.8
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
105.1
100.6
100.4
100.7
101.8
105.2
104.6
r
104.1
102.6
102.5
104.2
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
132.9
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
133.5
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
136.9
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
137.9
116.8
117.1
117.4
118.1
118.7
118.8
119.3
119.9
152.2
153.7
156.0
157.8
150.9
152.6
154.7
156.5
105.9
106.0
106.8
107.2
104.9
105.3
106.0
106.3
133.0
133.9
134.7
135.1
134.0
134.9
135.9
136.1
138.0
138.8
138.3
140.1
139.0
139.9
139.5
141.2
138.3
139.9
141.5
144.3
118.8
119.8
120.0
120.8
120.8
122.0
122.3
123.1
158.9
160.1
161.3
162.3
157.4
158.3
159.4
160.4
107.1
107.1
107.5
107.3
106.1
105.9
106.2
106.0
136.6
137.5
137.4
136.3
137.5
138.1
137.7
136.9
140.8
141.4
141.6
142.1
142.0
142.5
142.8
143.1
146.1
147.6
121.6
123.3
123.8
125.5
164.8
164.9
162.8
163.1
108.4
107.7
107.0
106.5
137.4
138.0
137.9
138.6
142.6
143.8
143.5
145.0
r
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
119.9
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.1
Percent change; quarterly data at seasonally adjusted annual rates
1983 ....
1984
1985 .. .
1986
1987
1988
1989 .
1990
1991 r
1992 r.
1993 r
2.3
2.4
1.4
2.1
1.0
1.0
7
.7
1.3
3.0
1.6
2.5
2.2
.8
2.0
r .8
-.9
.4
1.5
2.7
1.6
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
10
2.7
3.8
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
-1.0
2.4
4.1
i.o
r
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
23
-.3
2.1
4
1.9
5.9
2.5
.8
3.2
r
3.4
2.6
.2
-2.4
-.3
2.4
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
-4.8
5.1
3.7
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.4
0.6
.0
.9
3.1
-.1
.2
^ 3
.3
.6
2.0
.7
0.8
-.2
.6
3.1
.2
.1
-1.4
.1
.8
2.0
.4
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.1
1.5
1.9
3.3
2.9
2.6
r
3.3
4.3
5.1
3.5
2.4
1.7
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.5
2.2
1.9
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.7
2.3
1.9
-.5
-.6
4.4
5.3
4.6
5.0
1.2
2.0
1.4
1.7
3.1
3.1
2.9
3.2
2.3
1.7
2.6
2.3
5.8
4.0
6.2
4.6
5.7
4.6
5.8
4.6
3.1
.7
3.0
1.3
3.0
1.2
2.7
1.3
.3
2.8
2.4
1.2
1.4
2.6
3.0
.6
3.3
2.2
-1.3
5.1
3.2
2.5
-1.2
5.1
4.2
2.0
-1.2
-2.4
2.3
1.7
.6
1.2
2.2
1.6
.7
.8
3.1
2.0
1.5
3.5
1.2
4.3
1991:
m r...
IV '...
1.3
2.2
1.6
1.8
.9
1.2
1.1
1.2
1992:
n rr.....
m ...
Ir
5.4
1.2
3.8
3.3
4.2
1.9
2.8
3.9
3.4
2.2
4.9
5.6
2.4
2.5
4.4
6.2
2.2
.6
1.5
2.2
1.0
4.7
4.9
7.9
2.4
3.5
.6
2.8
2.9
4.2
.8
2.9
2.8
3.2
3.1
2.4
2.2
2.5
2.8
2.4
-.2
.1
1.2
-.5
-.8
-.6
1.0
-.6
4.6
2.5
-.3
5.2
4.1
2.6
5.8
2.3
5.4
6.2
.3
6.1
.8
4.0
-2.4
3.9
-1.9
3.3
1.8
IV ' ...
1993:
I rr
n r.....
m ...
.7
3.4
5.7
.5
4.1
4.9
.6
4.2
4.0
8.6
2.9
-1.4
2.9
-1.2
5.5
4.3
-1.8
IV r...
1994:
I
r
n p * ..
1
-1.8
-!g
-1.9
1.1
1.1
-1.7
Output refers to gross domestic product originating in the sector in 1987 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
16
Q J
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
'Productivity and cost measures are based on GDP data released on July 29, 1994 and reflect
annual revisions beginning 1991 of the national income and product accounts. Data for 1994:11
shown elsewhere in this issue of Economic Indicators were released on August 26, 1994.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose in July and capacity utilization was unchanged.
INDEX, 1987= 100- (RATIO SCALE|
150
FINAL PRODUaS
INDEX, 1987 = 100' (RATIO SCALE)
130
BUSINESS
EQUIPMENT
-V
CONSUMER
GOODS
/
DEFENSE
AND SPACE
EQUIPMENT
80
70
PERC:ENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84
UTILITIES AND MINING
120
f
110
. — "v
v
w"
100
'.
/
f
*
\ t
\/
r\
N
\s-
/
V'
~~'\, -.-..--''
82 ^
\
UTIUTIES
^v
80
"N_
PS
^-**-'X^x-'X—
90
1 1H1 11 1 1 1 1
I
t 1 1 1 11 1 1 1 1 1
1990
1991
V
78
MINING
1 1 ! 1 i f IM M
( M t f 1 1 1 1t i
1 1 H 1 1 1 ! 1 I1
1992
1993
1994
76
1 1| | 1111H 1
1990
/|^
r"-^--^
¥
-^S
i i 1n 1 11
1992
II III
Mill
1 1 1 1 1 1 1! 1 1 1
1993
1994
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
1984...
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr T
May r.
July"
1
Output as percent of capacity.
Capacity utilization
rate, percent *
Industry production indexes, 1987=: 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
4.1
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.8
111.7
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.9
107.0
114.3
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
106.5
108.7
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.1
98.2
97.3
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.3
112.0
116.2
81.1
80.3
79.2
81.5
83.7
83.6
82.0
79.1
79.7
81.5
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.6
80.6
110.9
111.1
111.3
111.9
112.8
114.0
3.8
4.3
4.4
4.1
4.2
4.6
111.6
111.8
112.1
112.9
114.0
115.4
113.7
113.9
115.0
116.2
118.0
120.1
109.1
109.2
108.5
108.8
109.1
109.7
96.4
96.6
97.4
98.0
96.9
96.9
118.0
118.4
116.2
114.9
116.1
115.8
81.3
81.4
81.4
81.7
82.2
82.9
80.3
80.3
80.4
80.8
81.5
82.3
114.6
115.0
115.9
116.0
116.3
116.9
117.2
4.9
4.6
5.4
5.0
5.7
5.9
5.6
115.6
116.1
117.2
117.7
118.1
118.3
118.7
120.4
120.9
121.7
122.5
122.5
122.6
123.3
109.6
110.1
111.7
111.8
112.7
112.9
113.1
97.0
98.8
99.5
99.9
99.1
99.5
98.6
121.9
119.8
118.0
114.4
114.7
120.6
119.2
83.2
83.3
83.8
83.7
83.7
83.9
83.9
82.2
82.4
83.0
83.1
83.1
83.0
83.1
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
Durable
goods
Nondurable
goods
Total '
Business
Defense
and
space
equipment
Period
Total
Total
Total
Construction
supplies
Business
supplies
Total
Energy
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.0
112.7
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.7
108.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.0
110.5
93.4
94.4
97.6
100.0
102.4
103.2
103.8
104.9
106.8
108.2
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
111.2
118.5
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
122.2
134.6
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.6
83.1
74.8
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.8
99.0
102.6
86.2
89.1
93.8
100.0
101.5
100.5
98.2
91.0
93.3
96.8
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.7
102.8
106.5
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.4
107.7
111.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.5
103.9
103.7
1993- July..
Aug
Sept....
Oct
Nov
Dee
112.8
112.7
113.1
113.8
114.6
115.4
108.9
108.6
108.5
109.2
109.7
110.1
108.2
107.3
108.7
112.7
115.8
118.2
109.1
109.0
108.4
108.2
107.9
107.9
118.5
118.6
119.8
120.4
121.8
123.1
134.6
134.8
136.3
137.7
139.7
141.8
74.6
74.0
73.7
72.7
72.5
71.5
102.9
103.3
103.0
103.5
104.3
105.4
96.4
97.3
97.8
98.6
99.5
101.3
107.3
107.2
106.4
106.7
107.5
108.1
111.7
112.1
112.2
112.8
113.9
115.5
103.6
103.7
103.1
103.0
103.1
103.2
1994- Jan
Feb
Mar ..
Apr *
May '..
June *
July P
116.2
117.2
117.5
117.3
117.4
118.1
118.4
110.9
111.6
111.9
111.2
111.3
112.3
112.7
119.0
120.9
118.3
117.4
115.3
116.1
117.2
108.6
109.0
110.1
109.4
110.1
111.2
111.5
123.9
125.3
125.7
126.2
126.1
126.4
126.7
142.9
145.0
145.5
146.3
146.7
147.3
147.9
71.0
69.9
69.9
69.8
68.5
68.0
67.1
105.7
105.1
105.9
106.7
107.3
107.5
107.5
100.5
98.9
99.7
101.8
102.5
102.4
102.3
109.2
109.3
110.0
109.9
110.6
110.9
111.0
116.0
116.2
117.7
117.9
118.4
119.1
119.3
104.8
105.6
105.6
105.2
104.7
107.0
105.8
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
..
1993- July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
May '
July *
Source: Board of Governors of the Federal Reserve System.
Iron
and
steel
Transportation
equipment
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.3
101.1
106.5
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.6
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
95.6
99.5
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.8
123.4
144.1
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.7
115.7
127.5
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.9
102.8
104.2
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.5
106.4
120.7
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.6
96.5
100.6
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.8
93.6
93.1
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.9
99.0
101.3
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.4
114.3
117.8
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.7
108.6
105.6
107.2
107.3
106.1
109.8
113.0
111.9
112.8
112.4
113.3
114.4
119.1
99.6
99.6
99.6
100.7
102.1
102.6
146.1
147.1
148.4
150.3
152.0
155.7
128.6
129.5
130.9
131.4
132.1
134.3
98.9
98.5
100.4
104.2
108.3
110.7
110.2
110.6
115.1
124.1
132.4
138.5
99.6
100.9
101.8
104.6
104.9
105.2
93.6
93.2
92.1
92.1
92.6
93.1
101.6
100.9
101.1
101.6
101.7
101.9
118.6
118.8
118.3
117.8
118.8
119.3
108.8
109.6
109.0
109.0
108.4
109.0
110.5
107.6
111.1
114.4
114.4
112.4
112.8
115.8
111.5
117.2
122.2
121.5
119.0
119.1
103.9
103.0
104.1
105.0
104.9
105.4
105.5
156.3
158.8
161.4
162.8
164.5
164.7
165.7
134.8
136.1
138.3
140.2
141.9
143.8
147.0
111.9
113.0
110.1
108.8
106.1
105.9
104.3
142.1
146.1
139.9
137.5
131.9
132.0
130.0
105.2
102.8
102.9
103.8
105.2
104.6
104.1
92.4
92.9
94.2
94.6
95.1
94.9
94.9
101.7
102.3
103.6
103.9
104.1
104.2
103.8
119.3
119.9
121.7
121.2
123.1
123.6
123.9
109.2
110.1
112.2
111.8
111.8
111.8
112.9
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total1
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1987=100)
3
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1984 .
1985
1986
1987
1988
1989
1990
1991
1992
1993
348.8
377.4
407.7
419.4
432.3
443.7
442.2
403.6
435.4
466.4
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
316.1
341.1
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
62.5
64.2
83
91
96
100
101
105
95
89
97
r
!04
70.2
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.2
125.3
Annual rates
Annual rates
1993: June
July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
May "p
June
July
1
2
3
955
1,097
1,016
1,019
973
961
783
577
556
575
461.0
463.1
464.7
470.8
477.8
490.2
499.9
335.4
335.8
339.3
342.5
350.2
360.4
367.3
206.2
206.5
208.5
211.5
216.6
222.4
228.5
139.6
141.0
143.1
145.3
149.5
154.1
159.5
65.5
64.6
65.8
66.1
67.3
70.8
71.8
63.8
64.6
64.9
65.0
66.3
67.3
67.0
125.6
127.4
125.4
128.3
127.6
129.8
132.7
r
!08
'104
106
106
110
r
l!2
107
521
571
533
544
561
566
628
488.5
485.9
496.0
500.5
507.2
508.0
363.9
361.9
371.7
377.6
381.2
381.8
229.8
233.3
236.8
238.8
241.1
240.7
160.8
164.2
167.0
169.0
170.3
169.3
67.3
66.3
70.3
73.3
74.0
73.9
66.7
62.3
64.6
65.5
66.2
67.2
124.6
124.0
124.4
122.8
126.0
126.2
107
110
113
105
r
!08
r
!07
109
633
592
742
612
642
624
750
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels,
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1984
1985
1986. .
1987
1988 ...
1989
1990
1991
1992
1993
1 unit
2-4 units
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
5 or more units
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1,287.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
1,238
1,245
1,319
1,359
1,409
1,406
1,612
1,067
1,076
1,178
1,160
1,231
1,248
1,383
30
53
17
32
31
30
21
141
116
124
167
147
128
208
1,271
1,328
1,519
1,471
1,491
1,351
1,415
1,125
1,121
1,271
1,211
1,200
1,164
1,193
23
33
33
32
36
18
35
123
174
215
228
255
169
187
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period l
Vacancy rate
for rental
housing units
(percent) 2
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
1,192.7
639
688
750
671
676
650
534
509
610
666
353
346
357
366
368
365
321
284
266
294
5.9
6.5
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
2
7.3
1,122
1,169
1,234
1,265
1,298
1,363
1,474
1,168
1,097
1,248
1,172
1,248
1,248
1,289
641
647
645
738
723
766
817
274
277
286
288
291
294
294
7.6
1,312
1,252
1,313
1,380
1,357
1,316
1,337
1,216
1,334
1,273
' 1,354
1,445
1,327
642
697
722
673
692
613
664
296
298
298
r
298
299
313
314
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
Seasonally adjusted annual rates
1993: June
July
Sent
Get
Nov
Dec
.. . .
1994' Jan
Feb
Mar
^y -
Mav '
July *
1
2
Seasonally adjusted.
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993 data
have been revised to be comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
7.0
6.9
7.5
7.4
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.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In June, manufacturing and trade sales rose 0.7 percent and inventories rose $3.4 billion. According to advance
data, retail sales decreased 0.1 percent in July, following an increase of 0.8 percent in June.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
300
,000
900
800
-_/
--
__—
^
k
\
*— •— '
'
MANUFACTURING AND
TRA DE INVENTO MES
700
1
RETAIL INVENTO *IES
_„.
600
,'~-~
X1
x-v--/--^ — •
-
500
-~.s-'~''
"~\"
\
150
Mi *NUFACTUR»>IG
Ah4D TRADE SA1£S
\
RETAIL SALE S
400
100
300
II 1 1 1 1 1 I ! 1 1
1 1 1 I 1 1 II I ! 1 1 1 } 1 1 1 1 H 1 1 ! ! 1 1 1 1 1 II 1 H 1 1 1 1 1 1 1 II
RATIO'
I.BU
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
\^v xx~A *•— *\.
1.50 <^V^
1991
1992
1993
1.30 1 1 1 1 1 1 1 1 1 1 1
1990
1994
V,
1 11! 1 1 1 1! 1 1
1 1 1 ! 1 1 it M !
1991
1992
—^•x
1 111 1
* SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturing and
trade l
Inventories 3
Mill
1993
^~
I! 1 1 1 1 1 1 1 1 1
1994
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Inventory-sales ratio 4
Retail
Inventories 3
Sales 2
Period
Sales 2
^
v
MANUFACTURING^
1.40
1990
X
Sales
2
Inventories 3
Total
Nondurable goods
stores
Durable
goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade »
Retail
Millions of dollars, seasonally adjusted, except as noted
411,427
423,940
431,786
459,107
496,819
523,260
542,349
537,598
559,799
592,201
651,551
665,835
664,624
711,725
767,538
813,637
837,120
832,852
841,831
865,584
113,502
114,816
116,326
124,340
135,170
143,754
148,859
146,834
152,031
160,213
144,223
149,155
155,445
165,814
180,535
188,566
196,935
201,462
208,757
216,586
589,578
585,379
591,937
595,536
599,649
606,711
612,462
856,313
857,008
858,979
860,885
862,110
866,720
865,584
158,980
160,450
161,054
161,020
161,316
162,135
161,797
212,090 172,299
213,118 * 173,249
214,813 174,327
215,071 174,428
177,862
214,687
216,011 179,002
216,586
180,943
610,456
619,103
627,781
625,080
627,524
632,178
867,692
871,842
870,189
874,989
885,185
888,593
163,483
165,330
167,981
167,408
167,897
168,689
217,278 178,643
218,820 181,958
185,303
217,359
219,605 183,429
223,213 183,395
222,298 ' 184,877
184,763
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: June '
July
r
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr
May r
June "
July*1
107,243
114,586
120,803
128,442
138,108
146,782
154,031
155,246
163,258
173,468
r
64,679
65,420
66,465
65,899
68,459
69,614
71,048
69,615
70,860
73,306
72,388
71,940
r
72,601
72,262
1
3
2
4
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
20
69,369
73,075
75,746
80,453
85,626
91,888
98,088
100,790
104,316
108,085
167,812
181,881
186,510
207,836
219,581
238,160
241,117
245,042
253,836
271,573
79,074
88,315
89,983
105,481
112,690
121,716
121,666
119,739
123,520
135,757
88,738
93,566
96,527
102,355
106,891
116,444
119,451
125,303
130,316
135,816
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.45
107,620
107,829
107,862
108,529
109,403
109,388
109,895
262,897
262,329
262,774
265,125
267,122
270,528
271,573
128,897
128,025
128,243
129,416
131,360
134,023
135,757
134,000
134,304
134,531
135,709
135,762
136,505
135,816
1.45
1.46
1.45
1.45
1.44
1.43
1.41
109,028
111,098
111,997
111,041
111,455
r
112,276
112,501
271,506
272,954
273,058
274,739
279,590
283,612
137,492
138,061
137,817
139,242
141,314
143,427
134,014
134,893
135,241
135,497
138,276
140,185
1.42
1.41
1.39
1.40
1.41
1.41
37,873
41,510
45,057
47,989
52,482
54,894
55,944
54,456
58,942
65,383
r
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.49
1.52
1.56
1.56
1.54
1.58
1.56
1.55
1.52
1.52
1.53
1.51
1.51
1.52
1.50
1.51
1.50
r
1.52
1.50
1.47
1.50
1.52
1.53
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers' shipments, inventories, and new and unfilled orders rose. In July, according to advance
estimates, durable goods shipments and new orders fell.
BllilCINS OF DOL1ARS* (RATIO SCALE)
BILUONS OF DOLLARS* (RATIO SCALE)
480
440
400
360
320 - SHIPMENTS
TOTA1
280
240 x
/^r—-^
"*•
HT
200
160
280
^
• — .-
\
DURABLE GOODS
200
*• — "•
r="/--"=
^.T^^J-lA-
•
240
DU RABLEGOODS
,"* ^ '•*'—*.
\
320
'•*-~.s'~
120
.
/
160
NONDURABLE GOOC IS
80
\
120
NOf •^DURABLE CSC
IODS
BllilC NS OF DOLLARS* (RATIO SCALE)
320 - NEW ORDERS
80
TOTAL
280
/
240
_ ^sr^^
——•-
RATIO *
2.20
200
INVENTORY-SHIPMENTS RATIO
2.00
DlJRABLEGOOC15
160
-' :.-.-'.-'•'- -.::
="•* • 1 / —i\
I!
M 1 11 1 !M
M 1 111 11 i M
1990
i 1 1 N I 1 M 11
1 11 M 1 ! n i1
1992
1991
—"N.
~X
1.40
1 1 1111 1 M
1993
v^^y
1.60
NOND JRABLEGOOC)S
80
-
1.80
Y,
/v -'•-•*
/\ .
120 _-.--./ \H -\*«v--*-*,
M
M ! M 1 1 1 1 1I
1.20
1990
1994
1 1 1 1 1 HIM
1 1 1 M 1 1 1 1 1 1 1 1 1 1 1 1 n i !i
1992
1991
1993
• SEASONALLY ADJUSTED
OURCE: DEPARTMENT OF COMMERCE
1994
COUNOl OF ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' new orders l
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'
unfilled
orders 2
Manufacturers'
inventoryshipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1984 .
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- June
July
Sept
Oct
Nov
Dec
1994: Jan
Feb
Mar
Apr
May
, ';
July f
1
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
258,299
251,680
256,556
260,088
260,471
265,574
269,722
135,042
129,257
134,521
137,521
138,153
142,665
146,182
123,257
122,423
122,035
122,567
122,318
122,909
123,540
381,326
381,561
381,392
380,689
380,301
380,181
377,425
237,514
237,937
237,688
237,571
237,632
237,886
236,303
143,812
143,624
143,704
143,118
142,669
142,295
141,122
255,462
250,566
253,461
255,309
258,270
262,773
266,351
132,252
128,520
131,752
133,176
136,613
139,675
142,481
33,850
30,093
31,992
30,992
32,825
34,878
35,059
123,210
122,046
121,709
122,133
121,657
123,098
123,870
459,309
458,195
455,100
450,321
448,120
445,319
441,947
1.48
1.52
1.49
1.46
1.46
1.43
1.40
268,330
271,815
274,497
274,243
276,232
278,612
144,709
146,260
147,388
146,932
148,510
150,040
145,800
123,621
125,555
127,109
127,311
127,722
128,572
378,908
380,068
379,772
380,645
382,382
382,683
238,172
238,832
238,195
239,164
240,539
240,750
140,736
141,236
141,577
141,481
141,843
141,933
272,616
271,786
274,691
275,182
277,441
279,826
148,549
145,882
146,906
147,345
149,412
151,246
144,868
36,630
36,382
36,127
35,815
35,498
38,122
36,103
124,067
125,904
127,785
127,837
128,029
128,580
446,233
446,204
446,398
447,337
448,546
449,759
1.41
1.40
1.38
1.39
1.38
1.37
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
3
Seasonally adjusted, end of period.
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In July, the producer price index for all finished goods rose 0.5 percent. Prices of finished consumer foods also rose
0.5 percent and prices of other finished consumer goods rose 0.7
percent.
percent.
Capital equipment prices rose 0.1
INDEX, 1 982 - 1 00 (RATIO SCALE)
INDEX, 1 982 = 1 00 (RATIO SCALE)
140
140
SEASONAI1Y ADJUSIED
FINISHED GOODS PRICES
~'~
CONSUMER FOODS
--^~
—•
\
i
/
^'\.-
^X^^~
' ^-^^^- N.
^^
S
*
St'"'"—.
s-~*' — •*
J--—-
f
\
. ^ . —•
•^.~.,S''
CAPITAL EQUIPMENT
^''' J
^1
y—
110
.—
/%'~-
'
f
%
' ~X/
_/
/~^\s""
.'
/
X
/"
^^
90
1 '""\
_--^
1 M M 1 1 1 1 M
1986
>—•*""''
"
110
CONSUMER GOODS
EXCLUDING FOODS
•
TOTAL ^^-'
• x-'""
1 M M 1 M 1 1 1
I M M 1 M 1 11
1987
1 1 1 M 11 M
1988
M
Mill
1989
1 1 M 1 I 1 M M
Mill
M M 1 1M 1 M
M i l !
1992
1991
1990
Mill
M M M 1 1 1 | 1
SOURCE: DEPARTMENT Of IABOR
90
1994
1993
COUNdt OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
•X
Period
Finished goods
Total
finished
goods
Consumer
foods
Nondurable
Capital
equipment
Total
finished
consumer
goods
Finished goods excluding consumer foods
Consumer goods
Total
Total
Durable
Intermediate materials
Crude materials
Total
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.6
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
1993- July
125.1
124.1
124.3
124.2
124.3
124.2
125.0
125.4
126.1
125.9
126.9
127.7
125.0
123.7
123.7
123.6
123.5
123.0
122.5
120.6
120.5
120.6
120.3
119.6
128.5
128.8
128.6
127.5
128.6
128.9
118.5
115.6
115.7
116.2
115.3
114.2
131.6
131.8
131.9
131.4
131.8
132.0
123.4
122.1
122.3
122.3
122.4
122.1
116.3
116.3
116.3
116.4
116.6
116.3
113.1
113.8
113.3
114.0
115.3
116.9
116.5
116.4
116.4
116.5
116.7
116.3
101.5
100.8
101.5
103.7
103.4
101.8
107.4
108.6
109.1
107.6
112.7
113.8
93.8
92.0
92.8
97.1
93.5
90.4
124.6
125.1
125.3
125.3
125.2
125.2
125.8
127.2
126.8
127.5
126.8
125.6
125.6
126.2
123.8
124.5
124.5
124.7
125.0
125.0
125.6
120.3
121.2
121.1
121.1
121.3
121.2
122.0
130.0
130.0
130.2
130.5
131.0
131.3
131.5
114.7
116.0
115.8
115.8
115.7
115.5
116.5
132.9
133.1
133.4
134.0
134.5
134.6
134.8
122.4
123.0
123.1
123.0
122.7
122.7
123.4
116.4
116.9
117.1
117.1
117.3
117.7
118.3
117.3
118.2
117.8
117.6
116.5
114.9
112.6
116.4
116.9
117.1
117.1
117.3
117.9
118.6
103.5
102.1
103.4
103.5
102.0
102.9
102.0
112.8
113.8
112.5
111.2
107.4
106.1
103.9
93.7
90.7
93.6
94.6
94.7
96.9
96.8
Sept
Oct
Nov
Dee
1994- Jan
Feb
Mar r
Apr
May
June
July
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted and not seasonally
adjusted. The index was 2.8 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCAIE)
INDEX, 1982-84 -100 (RATIO SCALE)
160
160
SEASONAUY AOIUSIH)
150
150
140
140
CONSUMER PRICES—All ITEMS
130
130
120
120
110
110
100
100
90 I i i i i n
1986
1987
1988
1989
1990
1991
1992
1993
1994
COUNCIL Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
AH items '
Transportation
Housing
Shelter
Not
seasonally
adjust-
Period
ed
(NSA)
Rel. imp.*....
1984 .
1985
1986 ..
1987
1988.
1989
1990.
1991
1992..
1993
1993:
Season-
Sept
Oct
Nov
Dec
1994:
Jan
Feb .
Mar
Apr
May
June
July
Pood
ers'
Total1
ally
adjust-
Total
ed
100.0
103.9
.-. 107.6
1096
113.6
1183
124.0
1807
136.2
1403
144.5
July
Rentcosts
(Dec.
1982 =
100)
owners'
Fuel
Maintenance
coats
and
(Dec.
1982 =
100)
repairs
Appar-
and
el and
other
utilities
upkeep
MediTotal1
New
cars
Motor
fuel
cal
care
Ener-
gy 2
items
less
food
and
energy
(NSA)
15.8
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
41.4
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
37.9
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
8.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
19.8
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
0.2
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
7.3
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
5.9
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
17.0
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126,5
130.4
4.0
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
3.0
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
7.1
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
7.0
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
77.3
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
103.7
103.0
102.6
104.5
103.6
102.9
152.6
153.0
153.1
153.5
154.1
154.4
102.1
103.7
104.1
103.7
102.7
102.8
104.7
154.6
155.0
155.5
155.8
156.3
156.7
157.0
144.4
144.8
145.1
145.7
145.8
145.8
144.6
145.0
145.1
145.6
146.0
146.3
140.7
141.2
141.6
142.3
142.6
143.3
141.2
141.6
141.9
142.2
142.5
142.8
155.6
156.0
156.3
156.6
157.1
157.5
164.3
164.5
164.8
165.6
165.8
166.3
160.4
160.8
161.1
161.3
161.9
162.4
131.3
131.6
131.3
130.8
127.9
127.6
121.8
122.2
122.4
122.5
122.4
122.3
133.0
133.9
133.4
133.2
134.1
133.9
130.5
130.6
130.6
131.9
131.9
131.7
131.6
132.2
132.5
132.9
133.1
133.2
96.9
95.3
94.1
98.3
96.6
95.3
202.4
203.0
203.8
204.8
205.4
146.2
146.7
147.2
147.4
147.5
148.0
148.4
146.3
146.7
147.2
147.4
147.7
148.1
148.6
143.1
142.7
142.9
143.0
143.5
143.9
144.6 '
142.9
143.5
144.0
144.0
144.3
144.4
144.7
157.8
158.6
159.2
159.3
159.7
159.8
160.2
166.3
167.0
167.7
167.7
168.4
168.5
168.4
162.8
163.6
164.3
164.4
164.8
164.8
165.4
128.9
129.4
129.3
130.2
131.0
131.5
131.3
121.8
122.9
123.3
122.9
122.8
122.7
122.9
133.8
133.4
134.0
133.6
134.2
135.0
134.4
131.4
132.0
132.8
133.2
132.7
133.5
134.8
133.3
133.9
134.5
135.0
135.4
135.9
136.6
94.8
96.8
97.0
96.8
95.3
95.6
99.2
206.7
207.3
207.8
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
excluded beginning 1983.
3
Relative importance, December 1993.
All
Home-
206.1
209.1
209.9
210.7
211.6
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, ann lal rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Poods
Total
finished
goods
Excluding
foods
Poods
Total
Capital
equipment
finished
Capital
equipment
Excluding
foods
Foods
goods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dee., NSA
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1.7
1.8
-2.3
2.2
4.0
4.9
,
0.8
2.1
-6.6
4.1
3.1
5.3
8.7
7
1.6
-1.4
3.5
.6
"
",
2.8
.2
5.7
5.2
2.6
1.5
1.6
2.4
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
[
[
Change, month to month
1993- July
Sect
Oct
Nov
Dec
1994- Jan
Feb
Mar r
0
-.8
.2
-.1
.1
-0.1
.3
.6
01
-1.6
*
0.3
.2
.8
2
— .6
O
-.4
-.3
.6
5
-.9
0
.5
.6
.7
'•*
.2
'0
— .1
0
.5
Mav
July
r
o
-4.1
13
— .4
.3
.2
— 1.9
-5.0
-2.5
28
.6
-.3
.7
.2
.2
.4
.4
.1
.1
1.3
2.6
3.6
2.3
.3
3
1.6
4.2
g
.2
1
.7
-8.5
3.2
2.9
4.9
5.2
-6.1
-3.0
3.0
5.1
2.7
.3
.3
3.0
13
-3.7
-5.8
-1.9
0.9
1.5
2.2
g
0
.3
0.8
1.5
2.3
-.6
1.8
4.2
1.2
-3.1
39
-4.3
4g
-4.8
1.8
1.5
1.4
.2
.8
1.2
1.3
.5
.4
.2
.4
.2
3.6
2.2
2.2
1.4
20
-3.3
16
36
1.0
1.0
.8
1.7
2.7
2.8
2.0
2.0
2.3
4,0
4.1
4.0
2.9
.2
.2
.2
4
-.4
0
.6
. 1.3
1 \
-1.3
24
-2.2
-1.4
Q
4.6
4.0
4.3
3.4
4.3
3.6
2.4
1.6
1.6
1.8
1.5
1.6
1.9
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Period
All
items J
Food
Total '
Kenters'
costs
All
pare!
Fuel
Total1
Addendum: All items, percent change
{.annual rate)
Transportation
Ap-
Shelter
Homeowners'
COStS
and
other
utilities
and
up-
Total1
keep
New
ears
Motor
fuel
Medical
eare
Ener-
gy2
items
less
food
From
previ-
From
energy
quar3
months
earlier
and
ous
ter
3
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
4.2
1.8
56
1.6
2.9
3.2
4.0
2.9
2.3
2.5
Chimge,
1993:
July
Aug
Sept
Oct
Nov
Dee
1994: Jan
Feb
Mar
Apr .......
May
June.
July
0.1
.3
.1
.3
.3
.2
0
.4
.3
.5
.2
.5
0
.3
.3
.1
.2
.3
.3
— .1
g
.1
.1
.3
.3
.5
1
0.!
.3
2
.2
.2
.2
.1
.4
.3
0
.2
A
.2
0.1
.1
.2
.5
.1
.3
0.2
.2
.2
.1
.4
.3
0.3
.3
.2
.1
.2
.5
.4
.1
.3
.1
.3
0
.4
.4
0
.4
.1
.2
.5
.4
.1
.2
0
.4
1
3.1
2.6
59
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
1
—0.1
.7
— .4
-.1
.7
— .1
0.4
.1
0
1.0
0
-.4
.9
.3
-.3
1
-.1
.2
— .1
-.3
.4
-.3
.4
.6
-.4
2
.5
.6
.3
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
excluded beginning 1983. ,
2
24
0.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
0.4
.3
,4
.5
.3
.3
0
— .7
-.4
1.9
-.7
0.2
.3
.1
.3
.4
.2
.3
.3
.2
.6
.4
.4
.4
-.8
1.6
.4
— .4
-1.0
.1
1.8
.1
.3
.3
.2
.3
.3
.2
2.5
24
3.4
3.1
5.9 307
18.7
1.8
2.1 -2.1
2.3
6.8
1.4 36.5
3.3 -16.0
2.3
1.8
2.8 -5.4
6.1
-0.3
-1.7
-1.3
4.5
17
-1.3
5
2.1
.2
— .2
-1.5
.3
3.8
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
month to month
0.1
.3
.2
.2
.3
.3
^
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
g
A
.6
1.0
0.3
.5
.2
.3
.2
.1
.1
.5
.4
.4
.3
.4
.5
g
2.0
3.1
1.9
2.8
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Siatisties.
1.7
2.0
2.0
2.8
2.8
3.3
2.7
2.5
2.2
2.2
2.4
2.6
2.8
2.8
2.7
2.8
2.7
2.7
1.9
1.9
2.5
3.0
2.8
2.5
3.3
2.4
2.4
2.9
2.5
2.3
2.5
3.2
2.5
2.5
2.5
2.4
2.3
2.5
2.8
PRICES RECEIVED AND PAID BY FARMERS
In July, prices received by farmers fell 2.9
percent from their June level. Prices paid by farmers in July were
0.5
percent below their April level. (Data are not seasonally adjusted).
ALE)
INDEX, 1 977=1 00 iRATIO SC
INDEX, 1 977= 1 00 (RATIO SCALE)
240
240
220
220
200
PKILfcb PAIU
_S
200
"**
^J?-~— '
180
180
^ •"*
f-e *|
s~ *-*
160
160
J
y^A
120
**~^^
y\^~- ">
/A\ S\
rv
140
1 RICES
—^
120
V^—
1 1 11H111 \ \
100
1 i I 1
t 1 t I 1
i 1 1 ii i i1 1 11
i [
1 f ! 1 1 ! I i t 1 !i
1
! 1 II 1
i f !
f I
1i
1t 11t 1 f 1
i i t i ; 1 i i i i i !! I 1 1 I 1 I 1 1 1
100
RAT0-"
RATK^
140
140
\
RECEIVEC
140
-
120
120
DATIO
100
100
r—-~^-^-
80
-
—^
^-
-.-.
80
r~\
_,
60
60
I Ii i|1 IIII<
1
1 t
1 I
t ! i i | 1i i r i i 1 f i i i i 1 i i i i i |
1 1 I 1 1 1
1t i i ii
I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID,
SOURCE; DEPARTMENT OF AGfiiCUlTURE
n i f i L i < i i i iJi i 1 1 i i * ii
COUNCIL OF ECONOMIC ADVISSRS
[1977 = 100; not seasonally adjusted]
Prices paid by fanners
Prices received by farmers
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
,
July
Aue
Sept
Oct
$OV
Dee
1994: Jan
Feb
Mar
Apr...,
May
T J
June
July
1
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
142
128
123
127
138
147
149
146
139
143
138
120
107
106
126
134
127
129
121
123
146
136
138
146
150
160
170
161
157
162
164
162
159
162
169
177
183
187
189
195
161
156
150
152
159
167
171
172
173
178
155
151
144
148
157
165
171
173
174
170
87
79
77
78
82
83
81
78
74
73
141
144
145
145
144
145
121
125
128
130
128
133
161
161
160
159
158
156
195
(3)
(3)
196
(3)
<3)
178
(3)
(3)
178
(3)
(3)
179
(3)
(3)
181
(3)
(3)
72
74
74
74
73
74
147
148
148
146
142
138
134
135
135
132
131
131
127
120
159
161
163
161
154
148
148
198
(3)
(3)
200
(3)
(3)
199
180
(3)
(3)
183
(3)
<3)
180
181
(3)
<a>
184
(3)
(8)
181
74
75
75
73
71
69
67
1ncludes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
z
All commodities,
services,
interest, taxes,
and wage rates J
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
hsve been converted to & 1977= 100 base to facilitate comparison with other Indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECUEITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 rose in July.
BIU.IONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,800
800
600
600
400
400
1994
1986
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
19841985:
19861987:
19881989:
19901991:
19921993-
Dec
Dec
Dec
Dec
Dec
Dec
Dec ..
Dec
Dec .
Dec '
1993' June r
July '.
Sept r
Oct r ..
Nov '
Dec r
1994- Jan '
Feb r
Mar '
Apr r
May '.
July
.. . ,
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
BPsand
Eurodollars,
MMMP balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
MS plus
other liquid
assets
Debt
Debt of
domestic
nonfinaneial
sectors
(monthly
average) l
Percent change from year or 6
months earlier 2
Ml
M2
Debt
M3
552.1
619.9
724.5
750.1
787.4
794.7
826.4
897.7
1,024.8
1,128.4
2,377.8
2,575.0
2,818.2
2,920.1
3,081.4
3,239.8
3,353.0
3,455.3
3,509.0
3,567.9
2,994.6
3,211.6
3,497.3
3,681.3
3,920.4
4,067.3
4,125.7
4,180.4
4,183.1
4,232.0
3,536.0
3,838.9
4,137.5
4,340.2
4,674.6
4,897.3
4,974.8
4,992.9
5,057.2
5,134.4
6,008.1
6,901.1
7,778.6
8,543.3
9,306.1
10,027.3
' 10,670.0
r
ll,144.1
r
ll,723.9
12,318.5
6.0
12.3
16.9
3.5
5.0
.9
4.0
8.6
14.2
10.1
8.7
8.3
9.4
3.6
5.5
5.1
3.5
3.1
1.6
1.7
11.1
7.2
8.9
5.3
6.5
3.7
1.4
1.3
.1
r
l,2
14.2
14.9
12.7
9.8
8.9
7.7
6.4
4.4
5.2
5.1
1,076.6
1,086.8
1,095.3
1,105.1
1,113.4
1,122.4
1,128.4
3,528.7
3,533.7
3,536.1
3,544.3
3,548.0
3,560.3
3,567.9
4,189.1
4,188.3
4,188.4
4,197.6
4,205.4
4,219.0
4,232.0
5,090.8
5,087.6
5,096.5
5,089.7
5,100.3
5,113.8
5,134.4
11,987.1
12,045.8
12,098.1
12,158.7
12,195.9
12,245.0
12,318.5
10.1
10.4
11.6
12.5
12.7
10.2
9.6
1.1
1.8
2.4
2.8
2.9
2.2
2.2
.3
1.2
1.5
2.0
2.0
1.4
2.0
4.5
S.O
5.5
5.8
5.6
5.5
5.5
1,133.5
1,138.6
1,142.4
1,141.1
1,142.9
1,146.4
1,153.7
3,573.2
3,569.4
3,583.5
3,591.8
3,595.2
3,587.9
3,601.9
4,236.3
4,209.6
4,217,7
4,228.0
4,225.5
4,224.5
4,244.8
5,154.6
5,142.9
5,142.8
5,163.1
5,162.4
"5,153.2
12,380.2
12,427.6
12,483.2
12,534.2
12,584.6
"12,639.6
8.6
7.9
6.8
5.0
3.7
3.2
3.6
2.2
1.9
2.2
2.5
2.0
1.1
1.6
2.3
1.0
1.0
5.6
5.4
5.3
5.5
5.5
5.2
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinaneml sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
L
NOTE.—See p. 27 for components.
Source; Board o! Governors of the Federal Reserve System-
1.1
.3
—.4
.4
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Demand
deposits
Currency
OverMoney market
night
mutua fund
repurbalances 2
chase
GeneragreeOther
ments
al
checkpur(RPs),
able
pose
net,
Instideposplus
and
tution
its
broker/
overonly
(OCDs)
dealer
night
Eurodollars '
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits3
Large
denomination
time
deposits3
NSA
19841985:
1986:
1987:
19881989:
19901991:
19921993:
1993-
1994:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Sept
Oct
Nov
Dec
Jan
Feb
Mar
May
T 3
r
July
156.1
167.9
180.7
196.9
212.2
222.6
246.7
267.1
292.2
321.4
307.2
309.7
312.4
315.4
317.6
319.5
321.4
325.2
329.2
332.4
334.8
337.6
340.3
343.2
243.7
266.6
302.1
287.1
287.2
279.8
277.9
290.0
339.6
384.8
362.2
366.4
370.9
375.4
378.4
383.2
384.8
388.3
390.3
390.0
388.9
r
385.8
386.6
389.6
147.4
179.8
235.6
259.5
280.9
285.4
294.0
332.8
384.9
414.3
399.2
402.8
404.2
406.6
409.5
411.8
414.3
412.0
411.2
411.9
r
409.3
r
411.2
411.4
412.7
63.0
75.6
83.3
85.7
84.1
80.2
77.3
80.6
80.6
r
92.3
78.5
81.2
r
82.2
•me
r
89.5
90.6
92.3
r
95.2
'93.5
r
98.5
r
96.5
r
98.9
102.9
107.3
r
r
167.9
177.4
209.8
223.5
244.4
320.4
355.5
370.4
352.0
348.8
347.5
346.6
345.5
345.0
344.4
347.0
348.8
347.8
343.7
348.4
361.5
365.1
359.3
363.5
62.5
64.7
85.3
92.0
91.5
108.5
135.0
181.0
201.5
197.0
194.7
192.6
190.1
190.8
194.3
194.8
197.0
192.7
176.9
177.4
177.0
169.3
169.5
170.9
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
704.8
815.4
941.0
937.7
926.7
891.0
920.4
1,041.1
1,183.6
1,215.5
1,200.4
1,202.1
1,205.9
1,208.4
1,208.8
1,211.9
1,215.5
1,220.3
1,220.9
1,221.9
1,220.7
1,215.9
1,207.2
1,202.4
888.8
885.7
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.4
870.5
785.6
823.9
814.5
806.6
799.9
794.9
790.6
785.6
779.5
774.5
771.1
768.6
r
769.1
770.4
772.5
416.6
434.3
431.5
475.5
525.5
549.1
489.5
425.8
360.3
339.0
345.3
341.8
341.6
340.4
341.6
339.4
339.0
341.5
335.7
330.9
330.5
333.5
333.9
337.3
Term
repur- Term
chase Euroagree- dollars
ments
(net)
(KPs)
NSA
NSA
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
81.1
r
96.8
r
94.1
r
97.8
'97.6
r
97.3
r
96.0
r
95.6
r
96.8
r
92.9
r
91.3
r
93.6
r
97.6
r
96.7
101.3
101.6
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
47.0
45.5
41.9
44.1
45.2
45.0
48.9
47.0
46.0
48.1
47.0
47.8
47.7
48.4
49.6
Savings
bonds
Shortterm
Treasury
securities
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.7
165.9
167.1
168.2
169.2
170.1
170.8
171.7
172.7
173.4
174.1
174.8
175.7
"176.6
261.0
298.3
280.0
253.1
269.3
325.5
332.0
316.2
332.5
329.3
346.5
344.3
343.8
328.0
323.7
324.6
329.3
339.1
341.6
r
345.8
r
361.3
358.8
* 349.0
Bankers'
acceptances
Commercial
paper
45.4
160.7
207.5
42.1
231.3
37.1
44.5
260.6
335.4
40.2
346.5
40.6
355.2
35.9
334.8
23.6
364.3
20.6
386.8
14.6
370.9
18.5
370.4
17.4
379.5
16.5
378.4
16.4
16.4
384.7
15.3
384.1
14.6
386.8
391.6
14.9
15.3
403.0
389.6
15.7
384.9
14.1
391.0
11.4
"10.5 "392.6
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
1984:
19851986:
19871988:
19891990199119921993:
1993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec ....
Dec
Dec
July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar r
Apr '
May '•
trv
July
1
..
...
...
...
... .
26,847
31,451
38,935
38,849
40,396
40,496
41,769
45,532
54,341
60,476
57,546
58,011
58,813
59,749
60,320
60,476
60,603
60,763
60,588
60,333
59,910
59,708
59,819
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
23,661
30,132
38,108
38,072
38,681
40,231
41,444
45,340
54,218
60,394
57,302
57,659
58,386
59,464
60,231
60,394
60,529
60,693
60,533
60,208
59,709
59,374
59,361
Nonborrowed plus
extended
credit
26,265
30,632
38,411
38,555
39,925
40,251
41,466
45,340
54,218
60,394
57,302
57,659
58,386
59,464
60,231
60,394
60,529
60,693
60,533
60,208
59,709
59,374
59,362
Required
25,992
30,414
37,565
37,803
39,349
39,574
40,105
44,553
53,186
59,413
56,457
57,059
57,723
58,660
59,219
59,413
59,155
59,623
59,621
59,181
58,995
58,603
58,712
Monetary
base
Total
187,224
203,543
223,576
239,775
256,870
267,696
293,157
317,122
350,609
385,855
371,286
374,340
378,076
381,400
384,029
385,855
389,613
393,960
397,014
399,198
401,725
404,319
407,036
3,186
1,318
827
777
1,716
265
326
192
124
82
244
352
428
285
89
82
73
70
55
124
200
333
458
Seasonal
113
56
38
93
130
84
76
38
18
31
210
234
236
192
75
31
15
15
24
57
134
226
364
Extended
credit
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 1.4 percent in July; commercial and industrial loans also rose 1.4
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200
3,600
3,200
-
ALL COMMERCIAL BANKS
2,800
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 SECURI IBS
V,
400
400
OTHER SECURITIES
200
200
160
160
120
i i i i i Ii l i ii
1988
i i i i iIi i ii
1989
i i i i ]i i ii
1990
1992
1991
120
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *
Loans and leases in bank credit
Securities in bank credit
Period
Total
bank
credit
Total
securities
U.S.
Government
securities
Real estate
Other
securities
Total
loans and
leases 2
Commercial and
industrial
1,873.3
2,024.1
2,115.9
2,109.1
2,110.1
2,193.8
607.9
639.0
640.0
618.6
594.2
583.4
674.5
769.6
854.5
878.9
900.3
940.7
40.1
50.3
62.3
69.6
73.6
73.2
634.5
719.3
792.2
809.3
826.8
r
867.5
357.7
378.2
383.5
366.4
358.7
391.1
41.0
41.9
45.2
54.7
64.6
87.6
590.6
588.8
586.6
585.9
r
584.3
583.4
916.8
919.6
922.8
926.8
933.6
940.7
75.0
74.7
74.4
73.8
73.5
73.2
841.8
844.9
848.4
853.0
860.1
r
867.5
375.3
378.1
380.3
384.7
388.3
391.1
83.0
80.3
82.3
81.7
88.1
87.6
588.3
590.7
595.5
601.9
606.0
608.4
617.1
942.6
942.1
942.9
945.3
946.6
952.4
958.7
73.0
73.2
73.3
73.3
73.7
74.1
74.4
869.6
869.0
869.6
871.9
873.0
878.3
884.3
394.2
397.9
402.4
408.7
411.9
415.1
422.7
81.0
82.2
83.3
76.9
77.4
76.1
77.8
New series:
1988- Dec
1989- Dec
1990: Dec
1991- Dec
1992- Dec
1993: Dec
2,435.9
2,608.9
2,749.9
2,852.6
2,949.8
3,104.7
562.6
584.8
634.0
743.5
839.7
910.9
367.3
400.3
455.9
' 564.0
663.3
727.0
195.3
184.5
178.2
179.5
176.4
183.9
1993: July
Aug
Sept
Oct
Nov
Dec
3,060.7
3,065.0
3,072.9
3,075.1
3,091.2
3,104.7
896.4
902.5
904.7
900.0
903.1
910.9
714.2
718.2
r
720.4
717.4
r
720.7
727.0
182.2
' 184.2
184.3
182.6
182.5
183.9
1994: Jan r
Feb r
Mar r.
Apr r.
May r
June r ....
July
3,124.3
3,138.2
3,165.7
3,191.8
3,196.2
3,204.7
3,238.1
924.3
928.4
947.4
963.9
961.7
963.8
966.9
731.9
730.9
745.3
756.0
749.1
749.9
749.4
192.4
197.5
202.2
207°
21? .
21 '
2- i
r
2,164.3
2, 162.6
2,168.3
2,175.1
2,188.1
2,193.8
2,900.0
2,209.8
2,218.3
,',228.0
2,234.5
2,240.8
2,271.2
1
Data are Wednesday values or prorated averages of Wednesday valuer, i'r> domestically chartered commercial banks, branches and agencies of foreign banks, New Yo & State investment companies, and foreign-related institutions. Data are adjusted for breaks ra»s?d by ^classifications of
assets and liabilities.
28
r
Total
Revolving
home
equity
Consumer
Security
Other
Other
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and
mercial banks in the United States.
NOTE.—Data for new series not yet available prior to 1988.
Source: Board of Governors of the Federal Reserve System.
192.1
195.4
192.8
190.5
192.2
r
!91.1
198.7
195.8
196.3
195.9
193.8
r
!91.1
r
193.9
196.8
194.2
195.2
192.6
188.7
194.9
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Total
Total
1984
1985
1986 .
1987
1988
1989
1990
1991 ...
1992
1993
1992- I
n .
ni
IV
1993: I
n
ni ..
IV
1994- I "
Capital
expenditures 3
Credit market funds
Internal l
Securities
and
mortgages
501.0
486.3
531.9
540.5
610.9
562.3
522.8
473.2
587.2
586.5
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
480.1
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
124.5
106.4
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
69.1
69.6
-32.9
-18.9
95.9
68.8
84.8
560.5
600.9
589.5
597.8
475.6
614.1
606.2
650.1
580.8
454.6
452.2
468.5
475.4
458.8
469.6
489.8
502.1
504.7
105.9
148.7
121.0
122.4
16.8
144.5
116.4
148.0
76.1
81.8
69.8
70.2
54.7
16.1
103.9
79.0
79.3
65.2
95.8
96.9
39.1
43.2
78.7
87.2
91.4
81.4
38.2
1
Loans and
short-term
paper
55
13.0
65.5
27.8
14 6
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abr
°?f ,- L -,- ^ L
j ,
. , : , . £ •
•
" Consists otc tax liabilities,
trade debt,
pension fund liabilities, and direct foreign investment m
the U.S.
Other 2
Total
Increase in
financial
assets
Discrepancy
(sources less
uses)
114.1
63.1
74.7
37.4
86.4
95.2
56.6
-89.0
.3
-15.2
56.1
58.3
54.9
99.4
134.9
100.2
75.7
28.4
55.3
36.9
515.3
465.8
503.3
489.9
558.2
523.6
502.0
451.2
537.8
571.6
398.5
374.9
351.9
365.0
394.4
403.8
407.3
381.6
397.2
453.5
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6
118.1
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
49.4
14.9
14 0
-27.1
31.1
11.5
-62.6
16.7
12 4
2 j
24.1
78.9
50.9
67.8
.7
40.5
37.4
68.7
10.9
520.8
567.3
520.0
543.0
498.8
576.0
597.1
614.4
573.9
369.9
401.2
402.7
415.2
442.9
445.5
456.4
469.3
483.5
150.9
166.1
117.3
127.8
55.9
130.5
140.7
145.1
90.4
39.7
33.5
69.5
54.8
-23.1
38.1
9.0
35.7
6.8
27.0
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]
Installment credit outstanding (end of period)
Period
Total
19841985:
19861987:
19881989:
19901991:
19921993:
Dec ...
Dec
Dec ..
Dec
Dec 3
Dec
Dec
Dec
Dec ..
Dec
1993' June
July
Aug
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
May r.
Automobile
Other 2
Total
Automobile
Revolving
Other a
442,602
517,659
572,006
608,675
662,553
717,200
734,621
728,398
729,932
795,573
173,564
210,238
247,772
266,295
285,364
291,531
282,984
260,574
257,890
281,504
100,280
121,758
135,825
153,064
174,269
199,162
223,589
245,631
257,453
287,970
168,758
185,664
188,408
189,316
202,921
226,508
228,047
222,193
214,590
226,099
73,636
75,057
54,347
36,669
53,878
(4)
17,421
-6,223
1,534
65,641
30,004
36,674
37,534
18,523
19,069
(4)
-8,547
22,410
-2,684
23,614
21,192
21,478
14,067
17,239
21,205
(4)
24,427
22,042
11,822
30,517
22,440
16,906
2,744
908
13,605
(4)
1,539
-5,854
7,603
11,509
752,081
757,554
762,156
772,045
779,220
786,911
795,573
266,061
268,261
270,311
273,383
277,737
280,561
281,504
269,644
273,520
275,430
279,324
281,486
285,508
287,970
216,376
215,773
216,415
219,338
219,996
220,842
226,099
5,311
5,473
4,602
9,889
7,175
7,691
8,662
2,417
2,200
2,050
3,072
4,354
2,824
943
1,268
3,876
1,910
3,894
2,162
4,022
2,462
1,627
-603
642
2,923
658
846
5,257
800,912
805,787
817,173
827,288
838,748
849,634
283,453
284,388
287,912
292,738
296,566
301,199
290,807
294,461
299,218
304,381
308,590
312,581
226,651
226,938
230,043
230,168
233,593
235,854
5,339
4,875
11,386
10,115
11,460
10,886
1,949
935
3,524
4,826
3,827
4,634
2,837
3,654
4,757
5,163
4,208
3,992
552
287
3,105
126
3,424
2,261
1
For year-end data, change from preceding year-end; for monthly data, change from
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
Revolving
Net change in installment credit outstanding 1
3
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
4
Because oE breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Short-term interest rotes rose in August, while long-term interest rates declined slightly.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
»
CORPORATE Aaa BONDS
(MOOOY'S)
\A
/\
\
1
^
u-/
--'A
r'
\
N 'X
*
_
N
\
/
/
/
f"~^~-^
\
\
^s\=^~
V.
—"
•'
8
TREASURY
BILLS
-^.
/"•
,..,-~s'\ '•••
\j
"*"
"X
A
"••""
,.,-••
/^
X^
V
y
/• Ii—i
'X
1
I
/
—'
\ ~J
\
\
/
/
\/
\ 1
\1
\
DISCOUNT
RATE
FEDERAL
••:-..'''
"^^
\
y
f
'
1
BANK OF
NEW YORK
\
.•-•'
4
1 11 1 1 11 11 11
1987
1986
1 M
1 1 1 1 1 1 [ 1
1 1 1 1 1 1 1 1 1 11
1 1 1 1 1 1 J f ( 1(
1990
1991
1989
1988
I t 1 I 1 ) t M
M
1 1 1 1 1 1 1 1 1 M
( 1 1 M
1993
1992
SOURCE: SEE TABIE BEIOW
4
,/H
*"' '•-.-.
\\ f
) 1 1 M |^
2
1994
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) *
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standarda &
Poor's)
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months l
Discount rate
(N.Y. F.K.
Bank)"
Prime rate
charged by
banks 4
New-home
mortgage
yields
07HFB)5
1987
1988
1989
1990
1991
1992
1993
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
1993: Aug
Sept
Oct
Nov
Dec
3.05
2.96
3.04
3.12
3.08
4.36
4.17
4.18
4.50
4.54
5.68
5.36
5.33
5.72
5.77
5.50
5.31
5.29
5.47
5.35
6.85
6.66
6.67
6.93
6.93
3.33
3.25
3.27
3.43
3.40
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
7.05
6.95
6.80
6.80
6.92
1994: Jan
Feb ..
Mar
3.02
3.21
3.52
3.74
4.19
4.18
4.39
4.50
4.48
4.83
5.40
5.99
6.34
6.27
6.48
6.50
5.75
5.97
6.48
6.97
7.18
7.10
7.30
7.24
5.30
5.44
5.93
6.28
6.26
6.14
6.19
6.20
6.92
7.08
7.48
7.88
7.99
7.97
8.11
8.07
3.30
3.62
4.08
4.40
4.92
4.86
5.13
5.19
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.50
3.50-3.50
3.50-3.50
3.50-4.00
6.00-6.00
6.00-6.00
6.00-6.25
6.25-6.75
6.75-7.25
7 25 7 25
7.25-7.25
7 25 7 75
6.95
6.85
6.99
7.31
7.43
7.62
7.71
4.35
4.43
4.59
4.62
6.36
6.58
6.53
6.52
7.15
7.31
7.24
7.27
6.11
6.26
6.19
6.22
7.96
8.12
8.07
8.13
5.13
5.21
5.24
5.18
3.50-3.50
3.50-3.50
3.50-4.00
4.00-4.00
7.25-7.25
7.25-7.25
7.25-7.75
7.75-7.75
1984
1985
1986
May
July
Aug"
Week ended:
1994: Aug 6
13
20
27
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in August.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
300
280
260
240
r~~-^~
220
/—'
200
180
s
/\
160
(
140
\ S~^~~^
^
~
f
INDEX, DEC. 31,1 965=50 (RATIO SCJME)
300
280
260
X
'
^——^'
240
/~
220
'
200
l^^
180
SITE STOCK PRICE INDEX
(NYSE)
160
140
\f
120
120
100
100
,
80
! ! i 1 1 1 ! 1 1 1 1
il 1 1 1 1 1 1 1 ! !
1986
1987
i i 1 ii
1 1 1 1 1 1 1 1 1 i !
1989
1988
J i l l !
Mill
| j | | 1 JJ 1 1 !
1991
1990
1 ' 1 1 1 1 ! I 1 1 1
M i l l
1993
1992
1 1 1 1 1
80
1994
PER CENT
20
PERC :NT
20
15
15
EARNINGS-PRICE R/01OON COMMON STOCKS
(S&P)
10
10
_-—-—
^^-^
5
0
I
!
1986
1
i
t i
1987
-^~_.„
i
i
1988
i
i
i
1989
i
i
i
i
1
"—
1
1
1991
1990
1992
1
!
i
1993
SOURCES: NEW YORK STOCK EXCHANGE AN D STANDARD & POOR'S CORPORATION
Industrial
0
1
COUNCIL OF ECONOMIC ADVISERS
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec. 31, 1965=50, except as
noted) 2
Composite
1
1994
Common stock prices l
Period
5
. -r
^
Transportation
Utility 3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's
composite
index
(194143 = 10)5
Dividendprice ratio
1984
1985
1986
1987
1988
1989.
1990
1991....
1992
1993
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
249.58
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
92.89
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
1993' Aug
Sept
Oct
Nov
Dec
251.93
254.86
257.53
255.93
257.73
298.83
300.92
306.61
310.84
313.22
250.82
248.15
254.04
262.96
268.11
237.44
244.21
240.97
230.12
229.95
224.96
229.35
228.18
214.08
216.00
3,597.01
3,592.29
3,625.81
3,674.70
3,744.10
454.13
459.24
463.90
462.89
465.95
2.76
2.73
2.72
2.72
2.72
1994- Jan
Feb
Mar
262.11
261.97
257.32
247.97
249.56
251.21
249.29
255.82
320.92
322.41
318.08
304.48
307.58
308.66
307.34
316.14
278.29
276.67
265.68
250.43
244.75
246.64
244.21
244.46
225.15
220.85
215.45
210.08
205.77
206.54
205.46
211.27
218.71
217.12
211.02
208.12
211.30
215.89
210.91
214.59
3,868.36
3,905.62
3,816.98
3,661.48
3,707.99
3,737.58
3,718.30
3,792.21
472.99
471.58
463.81
447.23
450.90
454.83
451.40
463.73
2.69
2.70
2.78
2.90
2.89
2.84
2.87
2.79
253.71
253.65
255.69
257.86
312.35
312.70
316.16
319.78
246.20
244.60
242.88
242.79
212.92
211.83
210.76
209.49
213.24
212.93
214.44
216.14
3,779.97
3,759.19
3,766.38
3,816.94
459.70
459.39
463.65
467.55
2.81
2.81
2.78
2.76
May
, }
July
AUE"
Week ended:
1994' Aug 6
13
20
27
1
Average of daily closing prices.
Includes 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. All indexes shown here reflect the doubling.
4
Includes 30 stocks.
3
Includes 500 stocks.
2
3
Earningsprice ratio
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
4.45
4.69
5.09
5.68
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 1994, there was a deficit of $183.6 billion, compared with a deficit of $240.7
billion a year earlier.
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS ^
1,500
BILLIONS OF DOLLARS
1,600
1,500
1,400
1,400
1,300
1,300
OUTLAYS-
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS-1
800
800
700
700
600
600
-100
-100
^-*~*—
-200
""-"-^
^— ^
-300
-400 A
\
V
1985
1
1986
1
1987
1
1
1988
1989
1
1990
1
1991
-200
———"•"
1
1
1992
-300
[\ -400
1994 N
1993
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNQl OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 (estimates)
Cumulative total, first 10
months: *
Fiscal year 1993
Fiscal year 1994
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
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
402
-73.8
790
-128.0
207 8
- 185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
-38.2
72 7
-74.0
120.1
-208.0
1857
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
32
-3.9
43
-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
1,153.5
1,259.9
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,480.0
-212.3
-221.2
-149.8
155.2
-152.5
221.4
-269.5
-290.4
-254.7
-220.1
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
925.6
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,141.6
1,199.2
221.7
-238.0
169.3
- 194.0
205.2
-278.0
321.7
-340.5
-300.0
-273.7
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
334.3
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
280.8
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
53.6
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.3
4,001.9
4,351.2
4,667.4
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.2
3,457.8
939.0
1,024.0
1,179.7
1,207.6
240.7
-183.6
680.6
746.0
966.1
983.3
-285.5
237.3
258.4
278.0
213.6
224.3
44.8
53.6
4,288.8
4,588.4
3,202.2
3,392.3
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1993 and 1994 are from Mid-Session Review of the 1995 Budget issued
32
Off-budget
On-budget
Total
July 14, 1994. Other data (except as noted) are from Budget of the United States Government,
Fiscal Year 1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1994, receipts were $85.0 billion higher than a year earlier and outlays were $27.9
billion higher.
BiLuor-vIS OF DOLLARS
600
v
RECEIPTS ^
.
....
500
BILLIONS OF DOLLARS
600
INDIVIDUAL INCOME TAXES
\
400
300
CORPORATION
ikirruae ™ vcc
\
200
OTHER RECEIPTS
SOCIAL INSURANCE
TAXFS ANP ""ONTRIP1 imNS
200
_^____
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS -^
1,200
1,200
1,100
1,100
1,000
NONDEFENSE
\
900
1,000
„--"
.-'-
900
>—-•"*'"
800
800
700
700
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 A
V
\
1985
\
\
1986
1987
\
300
\
1988
\
1989
•> INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
.OURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
\
1990
\
1991
\
1992
^
. 200
1994 N
1993
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Total
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41,4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,259.9
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
549.6
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
139.4
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
460.6
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
110.3
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,480.0
939.0
1,024.0
414.6
441.6
91.1
110.0
353.9
381.8
79.5
90.5
1,179.7
1,207.6
Fiscal year
1976
1977
1978
1979
1980
1981
1982
1983
1984
..
1985
1986
1987
1988
1989
1990
1991
1992
1993
Cumulative total, first 10 months:1
Fiscal year 1993
Fiscal year 1994
.. .
1
National defense
Social
insurance
taxes
and
contributions
Other
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1993 and 1994 are from Mid-Session Review of the 1995 Budget issued
July 14, 1994. Other data (except as noted) are from Budget of the United States Government,
Total
Income
security
Social
securi-
Net
interest
Other
'y
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
108.1
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
146.6
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.3
213.4
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
320.3
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
204.3
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.7
188.9
81.5
88.0
108.6
119.2
177.5
180.0
253.5
265.9
165.9
167.7
133.1
142.8
International
affairs
Health
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
279.8
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
267.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
16.8
18.6
244.4
230.1
234.5
219.5
15.1
13.9
Total
Department of
Defense,
military
Medicare
Fiscal Year 1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1994, according to preliminary estimates. Federal receipts rose $43.2 billion (annual rate)
and Federal expenditures rose $11.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
SEASONALLY ADJUSTED ANNUAl RATES
-
_
^ —^ '
1,400
^s
/
_ - s"
ENDITURE.
v
1,200
1,000
*^r~
-"—~-^^
__^^
1,200
^
-
-
1,000
\
RECEIPTS
U— '
^
^
-
„--''
600
'^
^-"
f "**
800
^
,
_
-
'
600
~
-
~
-
400
200
-
-
SURPLUS OR DEFICIT I-)
\
0
'V ..
-i —
-200
•^.
i^~
S~-
^
'
-~^J
—v
1
1 1 1
^
^
\
-400
1982
\
\
1983
1
1985
1984
I
1986
1
I
I
1987
1
i i i
1988
1
1
1989
1990
J
1
1
1991
.^^
i i i
1992
s~*
i i i
1993
1
1
1
-400
1994
cALENDAR YEA R5
COJNCIIOFECOSIOMIC ADVISERS
SOURCE: DEPARTMENT OF COf-WERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Personal
tax and
nontax
receipts
Indirect
business
tax and
nontax
accruals
Contributions
for
social
insurance
1,122.6
1,158.4
1,242.3
477.4
481.0
514.0
109.5
112.3
134.2
76.0
81.1
82.9
459.7
484.1
511.2
1,311.7
1,434.5
1,496.6
445.4
444.9
447.4
512.3
606.1
650.2
1,128.7
1,178.3
1,265.7
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1,140.5
1,155.7
1,171.0
1,166.5
1,219.9
1,212.7
1,263.7
1,272.7
1,313.6
1,337.4
"1,380.6
475.8
489.5
520.3
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
477.3
476.0
481.3
489.2
511.6
497.2
519.8
527.5
536.8
550.2
571.1
108.1
115.6
143.0
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.6
115.7
120.8
103.2
122.6
132.1
141.8
140.2
157.8
151.8
'166.1
79.9
81.3
84.6
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
80.7
80.5
80.2
83.8
81.9
83.5
82.3
90.7
90.4
90.4
465.0 1,331.6
491.9 1,460.9
517.8 1,507.0
235.9
815.7
259.8
855.7
291.1
926.6
318.0
990.8
338.8 1,034.3
359.4 1,096.3
400.7 1,135.5
424.7 1,209.8
449.7 1,306.9
470.7 1,386.3
483.3 1,435.6
488.5 1,455.8
493.9 1,460.4
501.9 1,492.0
501.6 1,496.2
518.6 1,500.6
522.7 1,497.6
528.3 1,533.7
545.1 1,513.7
553.0 1,525.6
445.8
449.0
443.6
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
445.2
443.2
452.9
454.8
446.9
445.2
442.7
439.8
437.8
434.9
522.2
625.3
658.0
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
566.2
611.2
622.3
624.8
643.1
644.8
652.8
660.2
674.1
671.5
676.0
Total
in
IV
1993- I
II
..
m
IV
.
1994- I
II '
Source: Department of Commerce, Bureau of Economic Analysis.
34
Total
Purchases
Net
interest
paid
Subsidies less
current
surplus
of
Government
enterprises
147.1
168.7
181.0
183.5
189.0
183.5
23.5
25.9
34.5
153.3
172.2
186.1
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.6
164.6
172.8
174.6
176.6
176.7
182.9
187.8
197.0
190.0
193.6
187.8
186.8
183.6
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.6
188.2
189.5
186.6
183.1
182.5
184.8
183.6
183.5
179.3
189.7
22.4
27.6
35.7
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
26.4
28.0
21.5
34.5
45.2
35.1
23.3
39.3
35.1
31.5
Grantsin-aid
Transto
fer
State
and
payments
local
governments
Corporate
profits
tax
accruals
Period
Fiscal year:
1991
1992
1993
Calendar year:
1991
1992
1993
1982- TV
1983- TV
1984- TV
1985- IV
1986- IV
1987- IV
1988: IV
1989- IV
1990: IV
1991- IV
1992- I
II
Federal Government expenditures
Less:
Wage
accruals
less
disbursements
0.0
.0
.0
Surplus
or deficit
(-),
national
income
and
product
accounts
-189.2
-276.1
-254.4
-1
— 202.9
.0 -282.7
241 4
.0
.0 -183.4
.0 -184.6
.6 -186.8
.0 -187.2
.0 -177.5
2 -152.7
.0 -134.9
.0 -141.5
.2 -191.0
.0 — 245.8
.0 -279.9
.0 -284.8
.0 -293.9
.0 — 272.1
.0 -283.5
.0 -237.0
.0 -224.9
.0 -220.1
.0 -176.2
.0 "- 145.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally adjusted except as noted)
Period
United
States
1985
1986
1987
1988
1989
1990
1991
1992 .
1993 "
May
Oct
Nov
Dec
1994: Jan ..
Feb
Mar ..
114.6
115.0
115.9
r
116.0
116.3
r
l!6.9
117 2
May ...
June
July "..
1
91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5
103.2
110.0
110.4
110.9
111.1
111.3
111.9
112.8
114.0
July
Japan
93.4
96.8
96.6
100.0
109.3
115.9
121.4
123.7
116.5
111.7
r
!01.8
110.7
103.7
112.5
102.7
111.9
103.5
111.0
104.4
113.3
104.4
107.4
105.1
109.9
104.7
108.0
105.0
109.1
' 104.6 109.0
' 106.0
113.7
T
107.4
111.2
r
108.1
l!0.1
112.4
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
1984
1993:
Canada
France
Germany
97.1
97.2
98.0
100.0
104.6
108.9
111.0
111.0
109.7
106.8
93.5
97.7
99.6
100.0
103.9
108.8
114.5
117.9
115.6
107.2
106.5
106.2
107.1
107.1
107.8
105.9
106.9
105.7
107.0
107.2
106.4
108.1
107.9
107.4
106.7
107.3
' 107.1
' 107.0
' 107.8
r
109.9
110.3
109.5
105.4
107.5
108.0
109.9
r
109.8
110.8
Italy
(NSA)
Consumer prices (1982-84=100; NSA)
United
Kingdom
91.8
92.9
96.2
100.0
105.9
109.2
109.4
r
108.4
' 108.2
' 105.4
'r 112.0
115.5
r
l!3.5
r
49.3
r
l!4.1
r
111.3
' 113.6
' 101.2
98.8
108.4
123.3
106.9
120.5
121.7
Data relate to all urban consumers.
United
States '
Canada
Japan
France
Germany
United
Kingdom
Italy
104.8
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
104.5
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
125.6
111.5
121.1
128.5
134.4
141.1
150.4
159.5
169.8
178.8
186.3
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
104.8
' 103.4
104.9
105.0
' 104.9
' 106.4
' 106.7
' 106.2
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
147.6
147.6
148.0
148.1
148.2
148.4
149.1
148.8
118.6
118.5
118.8
119.2
119.3
119.2
118.5
118.6
143.5
143.4
143.5
143.5
144.0
144.3
144.4
144.3
125.5
125.7
126.0
126.0
126.1
126.4
126.7
126.9
185.4
186.3
187.0
187.2
187.4
188.6
189.5
189.5
165.8
165.7
165.3
166.0
166.7
166.6
166.4
166.7
'107.2
' 107.8
' 107.3
' 109.2
' 109.6
109.8
146.2
146.7
147.2
147.4
147.5
148.0
148.4
148.8
147.7
147.6
147.6
147.3
147.6
148.2
118.7
118.7
119.3
119.5
119.6
119.2
144.5
144.9
145.2
145.6
145.9
145.9
145.8
128.0
128.5
128.7
129.0
129.3
r
129.5
129.6
190.6
191.3
191.7
192.2
192.9
193.3
193.6
166.0
167.0
167.4
169.4
170.0
170.0
169.2
r
111.1
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. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Imports (customs value)
Goods: Exports (f.a.s. value)
Census basis (by end-use category)
1
Services
(BOP basis)
Balance of trade
(exports minus imports)
Census basis (by end-use category)
BOP basis
Auto- ConCap- motive sumer
trial
ital
vehi- goods
supgoods
cles,
(nonplies
except
parts
food)
and
autoexcept
materi- motive and
enautoals
gines motive
Indus
Period
BOP
basis
Total,
Census
Foods,
feeds,
and
ages
1986
1987
1988
1989
1990
1991
1992 ..
1993
1993: June ....
July
Aug
Sept
Oct
Nov
Dec
1994: Jan
Feb
Mar
Apr
May '....
June
1
2
223.3
227.2
22.3
250.2
320.2
362.1
389.3
416.9
440.4
456.9
254.1
322.4
363.8
393.6
421.7
448.2
465.1
24.3
32.3
37.2
35.1
35.7
40.3
40.6
57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
75.8
37.3
36.5
37.4
37.9
39.4
39.4
41.0
37.9
37.2
38.1
38.6
40.0
40.1
41.7
3.2
3.2
3.1
3.4
3.5
3.5
3.7
8.8
9.2
9.0
9.5
9.9
9.6
9.6
38.5
37.4
42.1
40.4
40.3
42.0
39.2
38.1
42.8
41.1
41.1
42.8
3.3
3.2
3.4
3.1
3.3
3.1
9.0
8.7
10.6
9.6
9.9
9.9
21.7
24.6
14.2
368.4
29.3
34.8
37.4
40.0
47.0
52.4
17.7
23.1
36.4
43.3
45.9
51.4
54.7
15.3
14.2
15.1
14.7
15.5
15.5
16.9
4.3
4.1
4.2
4.3
4.5
4.7
4.5
4.4
4.5
4.6
4.7
4.6
4.9
4.7
409.8
447.2
477.4
498.3
491.0
536.5
589.4
49.7
48.8
49.0
50.4
51.9
50.9
50.1
16.0
15.3
17.3
16.7
16.6
17.7
4.4
4.4
4.8
4.7
4.5
4.7
4.5
4.5
4.9
4.7
4.8
5.1
50.5
51.0
53.5
53.7
54.5
56.2
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
BOP
basis
Total,
Census
365.4
406.2
Foods
feeds,
and
Indus
trial
supplies
ages
materials
24.4
101.3
111.0
Auto- ConCap- motive sumer
vehi- goods
ital
cles,
(nongoods
except parts
food)
and
except
autoenautomotive
gines motive
71.8
441.0
473.2
495.3
488.5
532.7
580.7
24.8
24.8
25.1
26.6
26.5
27.5
27.9
49.3
48.0
48.2
49.2
50.8
50.0
49.4
2.3
2.3
2.3
2.4
2.6
2.3
2.3
12.8
12.2
11.8
12.2
12.5
12.3
11.5
12.9
12.8
12.5
12.9
13.6
13.3
13.9
50.1
50.2
52.4
53.1
54.0
56.0
2.4
2.4
2.5
2.5
2.5
2.6
11.7
11.9
12.7
12.8
13.2
14.0
14.1
14.0
14.5
14.7
14.9
15.2
118.3
132.3
143.2
131.6
138.6
14^6
Exports
Imports
Goods,
Census
basis
Goods
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
79.8
90.2
97.9
101.9
117.0
117.6
120.9
128.0
1383
— 152.1
— 118.5
— 109.4
— 101.7
— 66.7
— 84.5
— 145.1
— 159.6
110.0
126.8
147.2
163.2
176.6
184.8
8.6
8.0
8.6
8.7
8.9
8.9
8.7
11.2
11.2
11.5
11.5
11.7
11.5
11.3
15.4
15.6
15.4
15.4
15.7
15.1
15.8
10.6
10.7
10.6
10.8
11.1
11.1
11.2
-12.5
-12.3
-11.6
-12.5
-12.5
-11.5
-9.1
8.7
8.8
9.5
9.5
9.5
10.1
11.6
11.5
11.3
11.8
12.1
12.1
14.9
15.2
16.0
15.8
15.9
16.2
10.8
11.3
11.4
11.0
11.1
11.4
-11.4
-10.8
-10.1
-10.6
-10.8
-9.9
-7.8
-10.9
-12.1
-9.6
-12.0
-12.9
-13.2
78.2
84.5 85.2
87.7
101.4
86.1
113.3
116.4 87.3
120.7 85.7
134.3 91.8
152.4 102.4
86.1
97.8
— 127.0
— 115.2
— 109.0
— 74.1
— 96.1
1156 — 132.6
-12.0
-13.5
-11.5
-13.3
-14.3
-14.2
Serv-
Goods
and
services
6.3 — 138.8
7.6 — 152.0
114.8
12.1
24.9 -90.3
30.2 — 78.8
45.6 -28.5
55.7 —40.4
56.9 — 75.7
-7.7
4.8
-7.5
4.9
-6.8
4.8
-8.0
4.5
-7.9
4.6
-7.5
4.0
-4.5
4.6
4.2
3.9
4.6
4.8
4.8
4.8
-7.8
-9.6
-6.9
-8.5
-9.5
-9.4
Note.—BOP refers to balance of payments or international transactions basis. BOP data shown
here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1994, the merchandise trade deficit rose to $37.0 billion, from $33.2 billion in the fourth
quarter of 1993. The current account deficit rose to $31.9 billion, from $30.6 billion.
BIU1ONS OF DOUARS
BILLIONS OF DOLLARS •
15
15
BALANCE ON GOODS
AND SERVICES
/
I/
1984
• SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (-f ), debits (—)]
Merchandise l
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1992:
I
n
nj
rv
1993:
I
n
in
.
IV
1994:
I»
Net
military
transactions 2 3
Net
travel
and
transportation
receipts
Other
services,
net
Balance
on goods
and
services
Exports
Imports
Net
balance
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,913
440,361
456,866
-265,067
-247,642
— 268,901
-332,418
— 338,088
-368,425
-409,765
-447,189
-477,365
-498,336
-490,981
-536,458
— 589,441
-28,023
-36,485
-67,102
-112,492
-122,173
-145,081
-159,557
-126,959
-115,249
- 109,033
-74,068
-96,097
-132,575
844
112
563
-2,547
4,390
— 5,181
3,844
-6,315
6,726
-7,567
5,485
-3,034
-763
144
-992
4,227
-8,438
9,798
-7,382
6,481
— 1,511
5,071
8,978
17,957
20,885
20,840
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
28,811
33,124
37,862
36,773
-16,172
— 24,156
-57,796
109,200
-122,095
— 138,789
-151,981
— 114,824
-90,345
-78,810
-28,472
-40,384
-75,725
108,268
108,803
109,546
113,744
-126,333
-133,139
— 136,906
- 140,080
-18,065
-24,336
-27,360
-26,336
559
-673
525
-1,277
5,311
5,433
5,138
5,005
9,435
9,202
9,960
9,262
-3,877
10,375
-12,787
13,346
111,664
113,787
111,736
119,679
- 140,855
-147,514
- 148,224
-152,848
-29,191
— 33,727
-36,488
— 33,169
-105
-128
-87
-444
5,307
5,565
5,230
4,740
9,567
9,221
9,087
8,897
118,012 - 154,977
-36,965
-391
4,269
8,822
1
Adjusted from Census data for differences in timing and coverage; excludes military.
2
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures
(imports).
36
Investment income
Services
3
Receipts
on
U.S.
assets
abroad
Payments
on foreign
assets in
U.8.
Net
Balance
on goods,
services,
and
income
Unilateral
transfers,
net 4
Balance
on
current
account
53,626
86,529
86,200 -56,412
53,700
84,778
104,075 -74,036
73,087
92,760
90,858 -79,095
91,302
99,239
127,414 -115,806
138,858
152,517
160,300 - 139,574
122,081
136,914
114,449 - 109,909
109,910
113,856
32,903
29,788
31,078
30,038
19,673
11,763
7,937
11,607
13,659
20,725
14,833
4,540
3,946
16,732
5,632
— 26,719
-79,161
— 102,422
-127,026
— 144,045
-103,217
-76,686
-58,085
-13,639
-35,844
-71,779
— 11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
— 24,977
-26,134
-33,663
6,687
— 32,042
-32,117
5,030
-11,443
-44,460
-99,773
-125,372
— 151,201
-167,097
— 128,194
- 102,820
-91,748
-6,952
-67,886
-103,896
30,192
30,236
27,864
26,158
27,755
-28,624
26,644
-26,887
2,437
1,612
1,220
-729
-1,440
-8,763
-11,567
- 14,075
-6,917
-7,776
-7,040
- 10,308
-8,357
-16,539
-18,607
-24,383
- 14,422
-19,070
— 22,258
-19,976
27,727
28,801
28,513
28,816
-25,872
— 28,133
-26,498
-29,406
1,855
668
2,015
-590
-12,567
-18,402
-20,243
-20,566
-7,283
-7,200
-7,613
-10,021
-19,850
-25,602
-27,856
-30,587
-24,265
29,766
— 30,133
-367
-24,632
-7,269
-31,901
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
4
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $9.1 billion in the first quarter
of 1994, compared with an increase of $9.3 billion in the fourth quarter of 1993. U.S. liabilities to private
foreigners reported by U.S. banks, excluding Treasury securities, increased $34.1 billion in the first quarter,
following an increase of $7.4 billion in the fourth quarter.
BIUJONSOFDOHARS
100
BILLIONS OF DOLLARS •
100
80
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
60
40
\ /
w
\f \
20
-20
-40
-60
-80
1984
1994
1988
* SEASONALLY ADJUSTED
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 (-f )]
U.S. assets abroad, net
[increase/capital outflow (— )]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1992:
I
U.S.
official
reserve
assets 3 5
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets 3
Other
foreign
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
24,992
41,359
19,815
20,758
23,415
29,908
-4,443
-12,712
53,075
39,919
-39,670
-17,108
21,096
-58,735
34917
-39,225
104 818
-7M43
99 360
- 168,744
70363
-51,512
61 510
-147,898
-5,175
-4,965
-1,196
3 131
-3,858
312
9,149
3 912
-25,293
2 158
5,763
3,901
-1,379
-5,097
6 131
-5,006
5489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,900
1 652
-306
- 103,875
-111,239
-52,533
26 298
-32,547
-103,109
-81,597
-98,414
-144,710
70512
-60,175
63 759
-146,213
83,032
92,418
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122,192
98,134
146,504
230,698
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,199
40,858
71,681
78,072
88,826
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
80,935
105,646
159,017
7 726
-13,586
10806
-29,395
-1,057
1,464
1,952
1,542
-269
-289
-394
-701
-6,400
14761
-12,364
30236
26,116
47,874
29,935
42,581
21,0-16
20,897
-7,417
6,363
5,100
26,977
37,352
36,218
- 10,033
- 17,749
-522
11,197
4,818
592
-6,375
966
74,657
77,092
78,527
71,323
-12,659
-35,966
-35,651
-63,622
-983
822
-545
673
488
281
-192
321
-12,164
36507
-34,915
62 628
16,772
51,829
71,934
90,162
10,968
17,492
19,259
23,962
5,804
34,337
52,675
66,200
15,737
9,739
-8,427
4,047
6,105
435
-6,643
103
74,378
73,968
75,835
73,442
-55,938
-59
446
56 325
83,127
11,353
71,774
4,712
5,719
76,809
-114,147
122 335
n
m
FV
1993:
I
TJ
TTT
IV
1994:
lp
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
1,093
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
p^e
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 Credit at All Commercial Banks
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. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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