Full text of Economic Indicators : December 1994
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103d Congress, 2d Session
Economic Indicators
DECEMBER
1994
(Includes data available as of December 28, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
FEDERAL RESERVE.
BANK OF CHICAGO
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 McGAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
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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 iEconomic 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
printejd for sale to the public.
Approved June 23, 1949.
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Economic Indicators, published monthly, is available at $3.00 a single copy
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I S B N 0-16-046478-1
U
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 1994, according to revised estimates, current-dollar gross domestic product (GDP) rose 6.2
percent (annual rate), real GDP (GDP in 1987 dollars) rose 4.0 percent, and the implicit price deflator rose 1.9
percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE]
6,800
/
SEASONAL ADJUSTED ANNUAL RATES
/I
6,400
6,400
^
XI
0,000
6,000
^
^^1
5,600
GDP
IN CURRENT DOLLARS
-X
\
^^
\,/~
5,200
4,800
./*
5,600
^-
^
5,200
—' "~
-—-
_ _ _ _ ,-"'
r<
4,800
GDP
IN 1 987 DDL ARS
4,400
6,800
4,400
^
„ - - " ->
4,000
4,000
/
/
3,600
3,600
/
^
3,200
3,200
2,800
i i i
1982
i i I
1983
1
I
1
1984
!
1
!
1985
\
\
\
1986
i i i
1987
!
1
1
1988
1
!
!
!
1989
1
1990
1
i i i
1991
i
i i
1992
1
1
1993
1
i i i
2,800
1994
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[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
IE
rv
1993- I
n
in
IV
1994- I
n
in '
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
6,043.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,689.9
6,791.7
Exports and imports of goods
and services
Personal
consumption
expenditures
Gross
private
domestic
investment
Net
exports
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
4,154.0
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,586.4
4,657.5
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
795.5
822.0
853.8
869.7
882.2
922.5
966.6
1,034.4
1,055.1
-132.5
143.1
- 108.0
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
-37.8
-42.2
496
-63.3
-77.0
-71.2
-86.7
97 6
— 109.6
Federal
Exports
Imports
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
638.8
649.2
646.8
660.1
649.0
680.3
674.2
704.5
730.5
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
676.6
691.4
696.4
723.5
726.0
751.4
760.9
802.1
840.1
GDP less exports of goods and services plus imports of goods and services.
Government purchases
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
1,131.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,166.7
1,188.8
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
452.9
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
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
318.6
316.0
307.0
305.8
299.0
299.1
291.7
291.7
300.5
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
134.2
138.7
139.9
139.4
143.6
140.7
146.1
143.5
143.8
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
679.1
683.3
690.2
701.2
710.2
717.4
722.0
731.5
744.5
Final
sales of
domestic
product
Gross
domestic
purchases 1
Addendum:
Gross
national
product
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
6,038.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,622.5
6,729.1
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
6,081.4
6,211.4
6,285,5
6,363.3
6,436.3
6,549.3
6,661.4
6,787.5
6,901.3
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
6,049.4
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
6,682.5
6,779.6
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
Gross
domestic
product
Personal
consumption
expenditures
Exports and imports of
goods and services
Government purchases
Federal
Nonresidential
fixed
ment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
Total
4,404.5
4,539.9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
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
8.5 -155.1
26.3 — 143.1
19.9 - 104.0
73.7
29.8
54.7
5.7
1.1 -19.5
32.3
2.5
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
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
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
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
19.0
131.2 -44.9
190.6
29.3 -83.7
131.4
47.9
198.8
1554
207.4
30.2
230.5 -20.1 -156.0
136.0
223.3
59.9
20.9 -102.7
225.3
24.9 -67.4
208.0
176.3 -20.9
368
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
1992- III
IV
4,990.5
5,060.7
3,357.6
3,403.4
531.2
540.9
196.9
207.7
5.2
6.6
-38.9
-38.5
1993- I
II
Ill
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
1994: I
II
Ill '
5,261.1
5,314.1
5,367.0
3,546.3
3,557.8
3,584.7
643.6
657.9
680.0
229.9
233.8
230.2
1986
1987
1988
1989
1990
1991
1992
1993
198219831984198519861987'
198819891990'
1991-
1
Nondefense
National
defense
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases l
Addendum:
Gross
national
product
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
4,395.9
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
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
580.5
590.7
619.4
629.3
938.5
940.6
376.0
377.0
264.6
262.4
111.4
114.6
562.5
563.6
4,985.3
5,054.1
5,029.4
5,099.2
4,997.2
5,061.0
-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
25.4 -104.0
59.2 -111.8
117.0
57.1
619.6
643.9
666.5
723.6
755.6
783.5
919.9
917.1
932.0
341.7
334.7
343.5
228.5
226.1
233.0
113.2
108.7
110.5
578.3
582.4
588.5
5,235.7
5,254.9
5,310.0
5,365.1
5,425.8
5,484.0
5,262.7
5,310.5
5,359.9
Source: Department of Commerce, Bureau of Economic Analysis.
GDP less exports of goods and services plus imports of goods and services.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
Gross private
domestic investment
Personal consumption
expenditures
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
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
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
1992- TTT
IV
1993- I
II
III
IV
121.1
121.9
123.7
124.9
109.1
109.1
123.0
123.3
127.7
129.8
106.5
106.0
114.0
115.1
110.0
109.9
109.2
109.9
120.4
120.6
120.4
120.4
120.5
121.1
120.7
121.2
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
Ill '
125.0
125.9
126.5
127.9
128.9
129.9
110.5
111.1
111.7
124.6
125.1
126.3
134.4
135.9
137.0
103.4
103.9
104.3
120.5
121.3
123.1
108.8
109.4
109.6
105.2
106.1
107.2
128.1
130.0
129.3
127.7
129.0
129.0
129.1
132.0
130.1
124.9
125.6
126.5
1986
1987
1988
1989
1990
1991
1992
1993
1982198319841985198619871988:
198919901991-
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 preeedJHg year or quarter; {fiisrterlv data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross domestic product
Period
Current
dollars
1981
11.9
1982
1883
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1990- I
II
Ill
IV
1991- I
II
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
7.2
6.2
Ill
IV
1992' I
II
III
IV
1993: I
II
III
IV
1994: I
II
HI '
.. .
Constant
(t»87) dollars
Implicit price
deflator
Fixed-weighted
price index
0987 weights)
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
1.9
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
-2.1
2.2
1.0
.1
3.1
2.4
3.5
5.7
1.2
2.4
2.7
6.3
3.3
4.1
4.0
Constant
(I9B7> dollars
Current
dollars
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
3.0
10.2
6.9
9.6
1.2
1.1
4.6
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
4.6
6.3
4.8
4.4
3.6
2.8
3.6
1.9
1.5
— .4
2.8
3.3
2.8
.9
2.1
-2.7
-2.8
2.1
1.3
5
5.8
1.7
3.9
5.6
1.6
2.6
3.9
4.0
4.7
1.3
3.1
Fixed-weighted
price index
(1987 weights)
Implicit price
deflator
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
3.1
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
3.6
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) J
Gross domestic product
of
flonfinsfleis)
corporate business
(billions of dollars)
Period
1986
1987
1988
1989
1990
1991
1992
1993
198219831984:
19851986:
198719881989199019911992-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
III
IV
1993- I
II
Ill
IV
1994- I
II
ni *
1
.. ..
Current
dollars
1087
dollars
2,386.3
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,125.9
3,239.4
3,307.8
3,324.4
3,386.3
3,428.7
3,499.3
3,568.6
3,626.7
3,679.4
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
1,999.6
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
2,815.7
2,870.2
2,868.4
2,920.5
2,963.3
3,019.5
3,062.6
3,098.9
3,131.2
Total
cost and
profit 2
0.978
1.000
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
1.150
1.152
1.159
1.159
1.157
1.159
1.165
1.170
1.175
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.126
.123
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.130
.123
.124
.123
.124
.120
.125
.121
.122
Output IB measured by GDP of nonfinancrat corporate business in 1987 dollars.
2
This is equal to the deflator (or gross domestic product of nonfinancial corporate business with
the decimal point shifted hre jrfsces to the left.
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.095
.095
.096
.101
.106
.115
.117
.117
.086
.088
.091
.093
.095
.094
.097
.102
.109
.117
.117
.118
.117
.117
.116
.117
.117
.117
.118
0.648
.658
.676
.706
.736
.756
.767
.768
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.769
.768
.776
.770
.766
.760
.763
.766
.768
0.040
.042
.045
.054
.054
.049
.041
.039
.040
.036
.041
.038
.042
.042
.047
.055
.054
.047
.039
.038
.039
.039
.039
.038
.038
.039
.040
0.084
.096
.102
.094
.093
.092
.099
.112
.051
.079
.091
.092
.081
.099
.102
.088
.085
.092
.095
.107
.102
.111
.113
.123
.122
.127
.127
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.031
.040
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.031
.033
.037
.040
,038
.043
.043
.046
.047
Profits
after
tax*
0.053
.059
.064
.057
.059
.061
.067
.073
.030
.050
.064
.063
.045
.060
,O63
.055
.052
.061
.065
.073
.065
.071
.075
.080
.078
.081
.080
Output
per hoar
of all
emplovppB
(1987
dollars)
22.733
23.127
23.572
23.189
23.446
23.926
24.648
25.379
21.070
21.893
22.055
22.346
22.891
23.356
23.521
23.146
23.549
24.211
24.774
25.085
24.962
25.239
25.516
25.810
26.018
25.923
26.048
Compensation per
hour of
all
employees
(dollars)
14.739
1S.207
15.833
16.S77
17.246
18.081
18.916
19.483
12.791
13.186
13.732
14.359
14.975
15.517
16.069
16.616
17.623
18.400
19.052
19.254
19.365
19.432
19.539
19.608
19.855
19.852
20.005
3
Indirect business tax and nontax liability plus business transfer payments less subsidies,
4
With inventors' valuation and capita) consumption adjustments.
Sources: Department of Commence (Bureau of Economic Aoah-sis) anel 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
19821983198419851986198719881989199019911992-
IV
IV
FV
IV
IV
IV
IV
IV
IV
IV
III
IV
1993- I
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
4,793.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
5,430.7
5,494.9
....
n
Ill
IV
1994- I
II
Ill '
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
3,614.7
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
4,023.7
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
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
374.0
392.4
394.8
399.4
404.5
418.5
423.8
431.9
437.1
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
38.8
46.0
49,6
39.4
15.8
44.4
47.2
39.3
29.8
Includes employer contributions for social insurance. (See also p. 5.)
4.3
-13.5
14.2
-10.5
-5.5
24.1
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
-11.1
-8.1
-15.5
5.1
16.5
23.4
26.3
30.3
15.3
34.1
32.6
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
363.2
432.5
442.5
473.1
493.5
533.9
508.2
546.4
556.0
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
352.3
415.6
421.5
446.6
461.7
•495.1
471.2
509.0
518.5
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
359.5
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
-27.3
-17.5
-11.0
5.8
-6.4
62
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
13 5
-19.5
-.8
-7.3
2.1
-11.2
-10.0
3.0
-6.5
123
-14.1
196
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
10.9
16.9
21.0
26.5
31.7
38.8
37.0
37.4
37.5
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
418.7
418.0
414.6
397.6
396.7
389.1
394.2
399.7
415.7
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
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
III
IV
1993: I
II
in
IV
1994: I
II
Ill r....
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
3,357.6
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,567.8
3,584.7
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
454.5
468.8
472.5
483.7
492.7
510.8
521.7
522.2
529.6
vehicles
and
parts
household
equipment
194.8
155.4
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
180.6
188.2
189.7
195.1
195.0
204.7
213.7
205.3
202.0
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
195.3
202.0
205.2
209.9
216.6
224.6
225.9
232.5
241.7
Includes other items, not shown separately.
Services
Retail sales of newpassenger cars
(millions of units)
FurniOther
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
78.6
78.6
77.6
78.7
81.1
81.5
82.0
84.4
86.0
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
1,056.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,104.3
1,113.4
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
511.5
522.0
520.7
522.3
525.1
528.1
531.9
536.1
535.7
Clothing
and
shoes
Gasoline
and oil
Fuel
oil and
coal
178.9
86.1
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
194.9
198.7
194.0
196.1
198.6
202.4
203.8
204.9
210.2
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
86.6
86.0
86.1
85.7
87.5
86.6
86.1
86.7
88.0
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
10.8
11.3
12.0
11.8
12.2
12.2
13.4
11.4
11.7
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
252.6
256.3
257.2
258.3
258.4
258.8
263.1
265.1
267.8
Total
services l
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
1,846.7
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,931.4
1,941.8
Housing
Medical
care
461.8
399.4
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
486.1
487.8
489.8
491.5
493.7
495.4
497.7
500.0
502.6
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
456.6
459.0
463.1
464.3
467.6
470.4
473.2
477.4
481.0
Source: Department of Commerce, Bureau of Economic Analysis.
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
6.3
6.4
6.4
6.9
6.7
7.1
7.4
7.2
7.1
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
2.0
2.0
2.0
2.1
2.0
1.9
2.0
2.0
2.0
SOURCES OF PERSONAL INCOME
Personal income fell $8.0 billion (annual rate) in November, following a rise of $81.2 billion in October. The
November change was reduced by two special factors that boosted personal income in October: A large increase
in farm subsidy payments and bonus payments to auto industry employees. Excluding these factors, personal
income increased $16.3 billion in November and $56.6 billion in October.
BililONS OF DOLLARS* (RATIO SCALE)
6,000
5,000
•
_
4,000
BllUONS OF DOLLARS* (RATIO SCALE)
_
6,000
v_
——]
5,000
^
r\ "
_
--,
1
4,000
OME
TOW I PERSONAL INC
.
,
4
— —
3,000
3,000
WAGEAr-ID SALARY DISBL KEMENTS
2,000
2,000
1,400
1,400
\
OTHER INCOV E
"
__ .
TRt kNSFER PAYMEN"rs
800
800
,._X-400 1 1 1 1 1 I 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1
1986
1987
miilmn 1 1 1 1 1 ' n 1 1 1
1990
1989
1988
1991
jjmliim
1992
1993
400
1994
COUNCtt OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
Total
personal
income
3,590.4
1986
1987
1988
1989
1990
1991
1992
1993
1993' Nov
Dee
Feb
Mar
May
July r
Sept r
Get '
NOT
f
1
3 802.0
4 075.9
4,380.3
4,673.8
4 860.3
5,154.3
5375.1
54828
5516.7
54839
55760
5 607.5
5,639.4
5 665.4
56749
5 704.4
57306
57684
5,849.6
5841.6
Proprietors ' income s
Wage and
disbursements '
2,105.4
2 261 2
2,443.0
2,586.4
2,745.0
2,816 1
2,974.8
30808
3 1460
3,1608
3 1982
3 206 7
3,220.1
3,241.4
3,263.4
3 2670
3,282.6
3 289 0
3,310.2
3,356.4
3,360 7
income *
2
200.7
210.4
230.5
251.9
274.3
299.0
328.7
355.3
366.7
369.6
371.4
373.2
375.0
376.7
378.4
380.1
381.9
383.7
385.5
387.4
389.1
Farm
22.3
31.3
30.9
40.2
41.9
36.7
44.4
37.3
48.0
53.9
43.1
49.5
48.8
46.9
38.8
32.3
30.0
29.6
30.0
46.5
29.4
The total of wage and salary disbursements and other labor income differs front compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements,
^Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
261.5
279.0
293.4
307.0
321.4
339.5
374.4
404.3
418.3
422.7
418.2
424.3
429.0
430.2
432.1
433.5
434.4
437.6
439.4
442.7
444.7
4
Rental
income of
persons *
8.7
3.2
4.3
-13.5
-14.2
-10.5
-5.5
24.1
30.1
31.4
— 27.0
34.6
38.4
35.0
34.6
32.6
32.4
32.6
32.7
31.7
30.5
dividend
income
104.7
100.4
108.4
126.5
144.4
150.5
161.0
181.3
184.1
184.3
184.5
185.4
187.1
189.9
191.8
193.4
195,1
197.0
198.8
200.8
202.8
interest
income
531.7
548.1
583.2
668.2
698.2
695.1
665,2
637.9
6273
624.9
6279
631.1
634.4
642.0
649.3
656.9
665.1
874.0
683.6
693.5
700.6
paymentss
Less: Personal
contributions
for social
insurance
517.8
162 1
542.2
576.7
625.0
687.6
770.1
860.2
915.4
928.8
936.8
943 2
947.4
951.5
955.9
957.1
960.0
964.9
969.8
972.3
977.9
980.6
1736
1945
211.4
2249
2362
2487
261 3
266 4
267 5
2757
276 2
2769
278.5
2802
2809
2820
2826
284 1
287.2
2869
personal
income 8
3 545 6
3 749 4
4 023 9
43180
46086
4 goi 8
50894
5 3|g g
5 413 i
5441 1
5418 6
55043
5 536 4
55701
5 604 0
5 619 9
5651 6
5 073 i
57155
5 7800
5 789 0
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Persona! 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
8
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in 1987 dollars rose in the third quarter of
1994.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE]
5,000
5,000
2,000
2,000
DOLLARS" (RATIO SCALE]
DOLLARS* (RATIO SCALE]
20,000
10,000 -
10,000
8,000
8,000
1982
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
F
Disposable
personal
income
Less:
Personal
outlays 1
Equais:
Personal
saving
Disposable
personal
income in
Per capita
disposable personal
income
1987
Current
dollars
dollars
(billions)
Billions of dollars
1987
1988
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
1887
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
142.0
155.7
152.1
170.0
211.6
247.9
192.6
3,289.5
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
J.
LI
disposable
personal
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
12,568
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
— 0.1
2.5
.8
.7
<7
Seasonally adjusted annual rates
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
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
625.2
631.2
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
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
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
176.2
224.6
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,957
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
.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
1992: HI....
W
5,148.1
5,335.0
648.1
676.2
4,500.0
4,658.8
4,274.2
4,371.4
225.8
287.4
3,637.2
3,729.6
17,587
18,154
14,215
14,533
16,235
16,566
13,122
13,262
.5
9.3
5.0
6.2
255,865
256,626
1993: I
II
III....
IV
1994: I
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,659.9
5,734.5
657.3
685.9
695.4
707.0
723.0
746.4
744.1
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,913.5
4,990.3
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,712.4
4,787.0
184.6
214.0
182.3
189.4
175.5
201.1
203.3
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,811.5
3,840.9
17,874
18,141
18,174
18,421
18,588
18,853
19,095
14,222
14,351
14,338
14,451
14,535
14,625
14,697
16,693
16,856
17,017
17,233
17,443
17,598
17,821
13,283
13,335
13,425
13,519
13,640
13,651
13,717
-8.3
3.7
-.4
3.2
2.3
2.5
2.0
4.0
4.6
3.9
4.0
3.6
4.1
4.1
257,262
257,908
258,635
259,356
259,997
260,627
261,340
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
n
HI r ..
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
1
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department, of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter of 1994, according to preliminary estimates, gross farm income rose $15.9 billion (annual rate)
and net farm income rose $13.9 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE]
200
/—
^
^v
N
/-
^s
'
f-
"
—i **•
f~,
•
»
-—
240
200
160
\
120
GROSS FARM INCOME
80
x
40
s
l\
\
\
1 \
\
1
\J
20
'
>^
/,
x'
'\ /
' W
\ ' M
\
X
, ^-.
'
/
*^'
f
,\
-
60
/^— ^
N
x ' s^
\ i
^•^S \i
/
X X
,
\'
\
NET FARM INCOME
.
20
\
1
ft
|
1 M|
1 / \i
1 / *
11
II
1
i
2
i
1982
i
40
i
i i
1983
10
1
1
1
i
1984
i i
1985
l
i i
1986
i i i
1987
1
1
i i i
1990
!
1988
1989
i i
1991
* SEASONABLY ADJUSTED ANNUAL SATES
SOURCE: DEPARTMENT OF AGRICULTURE
i i i
1992
i
i i i
i i
1993
1994
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 1
Total
1984
1985
1986.
1987
1988
1989
1990
1991
1992 r
1993
1992- I
n
rv
in
1993:
I 'r
n
in rr
IV
1994: I '
JJ *
in *
1
168.0
161.2
156.1
168.5
175.8
192.8
198.2
192.3
200.2
201.8
200.3
198.8
202.0
199.8
203.4
202.5
198.3
202.8
211.7
201.1
217.0
142.8
144.1
135.4
141.8
151.2
161.1
170.0
168.8
171.2
175.4
165.2
167.7
181.2
170.7
172.6
175.4
186.0
167.6
178.0
170.9
196.2
Livestock and
products
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.7
86.4
90.6
82.4
87.2
89.6
86.2"
84.2
88.3
101.9
87.8
90.0
81.8
97.3
Cash marketing receipts and inventory changes plus Goventii Jit payments, other fann cash
income, and nonmoney income furnished by farms.
2
("hvsieal changes in end-of-vear inventory of crop and livestock commodities •alued at average
prices during the year.
3
Income in current dollars divided by the GUP implicit price deflator.
Crops
69.9
74.3
63.8
65.9
71.7
77.0
80.1
82.1
84.9
84.8
82.8
80.4
91.7
84.5
88.4
87.1
84.1
79.8
88.0
89.1
98.8
Value of
inventory
changes 2
6.0
23
-2.2
23
-3.4
4.8
3.4
-.3
4.3
-3.6
5.4
5.0
4.0
2.9
-6.5
-5.1
60
3.0
6.6
6.1
4.9
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
137.0
144.9
151.3
151.2
150.1
158.0
147.4
149.7
151.5
152.0
155.1
157.5
159.5
160.0
159.3
161.8
163.8
1987 dollars 3
26.1
28.8
31.1
39.7
38.8
47.9
46.9
41.1
50.1
43.7
52.9
49.2
50.5
47.8
48.3
45.0
38.9
42.8
52.4
39.3
53.2
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Quarterly data plotted for 1989 through 1991 in chart do not reflect previous revisions to
data in table.
Sources: Department of Agriculture and Department of Commerce.
28.7
30.5
32.0
39.7
37.3
44.1
41.4
35.0
41.4
35.4
44.1
40.7
41.7
39.2
39.3
36.5
31.4
34.5
41.9
31.2
42.1
CORPORATE PROFITS
In the third quarter of 1994, according to revised estimates, corporate profits before tax rose $15.0 billion (annual
rate). In the second quarter, profits had risen $39.6 billion, largely reflecting a rebound from the first-quarter
effects of the California earthquake.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
550
SEASONALLY ADJUSTED ANNUAL RATES
550
/
500
500
x/
J
450
400
TS BEFORE
V
350
/
r
^
-
/
\~^r v
400
,' -
./
300
^ ./
/
i—.
250
/
I—O
M
200
J
150
—^
~
„ __
"-
v _ -- -" \
/
/
•^
'
0
\
1982
\
1983
\
1
1
!
1984
1
1
1
1985
'
^._.
^- •*"'
'^•-
\
S
_>-.
"•"'^'*-
.**"""*
150
''"^./
f"~
,_
'''"
\
s
'
\
200
-S
LAX LIABILITy
\
\ ^*-
"
f
^s
^•S
s
-
-
,'
S.
s
tr-"
50
250
\l
^s
100
."'"••'
-
s
per )F!TS AFTER JA*
100
\
\
- -*
V'
."
\ — "*
50
/
\
'UNDISTRI BUTED PRO ITS
i i i
1986
1
!
1
1
1987
!
1
1988
-
!
1
!
\
1989
\
1990
I
1
1
1
1
1991
!
1992
1
1
1
1
1
<
!
1994
1993
CO JNCIL OF ECONOMIC ADVISERS
SOURCE: DEPAR TMENT OF COWiMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Period
Nonfmancial
Total
z
Total
1986
1987
1988
1989
1990
1991
1992
1993
198219831984'
1985198619871988'
1989199019911992-
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
TTT
IV
1993- I
n
TTT
IV
1994- I
n
in '
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
352.3
415.6
421.5
446.6
461.7
495.1
471.2
509.0
518.5
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
291.6
361.0
354.0
383.8
392.6
433.4
410.1
448.2
458.1
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
48.8
86.7
95.9
100.1
103.9
114.6
89.6
106.4
112.6
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Total "
Manufacturing
Wholesale and
retail
trade
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
242.8
274.3
258.0
283.7
288.7
318.8
320.5
341.8
345.5
59.0
87.0
117.5
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
95.6
101.3
96.2
114.2
112.4
134.2
145.1
143.0
143.3
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
52.5
64.6
56.0
63.3
62.0
63.7
59.0
72.0
70.1
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
359.5
413.5
432.7
456.6
458.7
501.7
483.5
523.1
538.1
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
124.6
148.6
159.8
171.8
169.9
191.5
184.1
201.7
208.6
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
234.9
264.8
273.0
284.8
288.9
310.2
299.4
321.4
329.5
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
174.4
182.1
188.2
190.7
193.2
194.6
196.3
202.5
207.9
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis
Undistributed
profits
Inventory
valuation
adjustment
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
60.5
82.7
84.7
94.1
95.6
115.6
103.0
118.9
121.6
9.7
14 5
-27.3
17 5
-11.0
5.8
-6.4
-6.2
-8.6
76
3.5
38
-10.7
17 8
-31.7
135
-19.5
-.8
73
2.1
11 2
-10.0
3.0
-6.5
-12.3
14 1
-19.6
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the third quarter of 1994, according to revised estimates, nonresidential fixed investment in 1987 dollars rose
$22.1 billion (annual rate) and residential investment fell $3.6 billion. There was a $57.1 billion increase in
inventories, following an increase of $59.2 billion in the second quarter.
BILLIOK S OF 1 987 DOLLARS
BILLIONS OF 1 987 DOLLARS
1,000
SEASONAliY ADJUSTED ANNUAL RATES
1,000
-
900
900
800
N_
r^
700
/
600
500
\
^-^\
r\
GROSS PRIVATE DOMESTIC
INVESTMENT
/^
/
^
S
800
/•
700
s
"
X
s
600
**
"V
—•
s
s*
•
—0
\\
.-
-*
S
^_-
^
^
500
NONRESIDENTIAL
FIXED INVESTMENT
400
400
RESIDENTIAL
300
300
\
200
100
-.-.-•
-100
''
/
\_
•..
200
<•""""
'**
CHANGE IN BUSINESS
INVENTORIES
^
f
0
,
' ---.**
f -•
.---'
100
\
/
." - ~ /
*»
N
** ~ v
^
/ -
X
•x'-v
0
\,
•» J
*
1 1 1
i i i
1 1 1
1 1 1
1982
1983
1984
1985
\
1
1
1986
i i i
i i i
i
1987
1988
1989
i i
!
1
1990
1
i
i i
199!
i
.
i i
1992
SOURCE: DEPARTMENT OF COMMERCE
1 1 1
1 1 1
1993
1994
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed invcstmen
Gross
domestic
investment
Change i i business
Nonresidentia!
Total
Total
Structures
Producers'
durable
equipment
Residential
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
819.9
726.5
723.0
753.4
754.2
741.1
684.9
722.9
804.6
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
1992- TJI
733.3
755.2
728.1
748.6
531.2
540.9
148.4
146.3
1993- I
II
HI
IV
1994- I
II
789.2
806.2
821.8
862.5
770.7
787.3
808.8
851.7
560.3
581.0
597.9
627.2
898.9
950.9
967.3
873.4
891.7
910.2
643.6
657.9
680.0
735.1
749.3
773.4
784.0
746.8
683.8
725.3
1986
1987
1988
1989
1990
1991
1993
19821983198419851986'
1987198819891990'
1991-
IV
IV
IV
IV
IV
IV
IV
rV
IV
jv
•
.
rv
m'
Source; Department of Commerce, Bureau of Economic Analysis.
225.2
222.7
214.2
194.5
169.5
1969
213.0
Total
Nonfarm
8.5
26.3
106
19.9
29.8
5.7
1.1
25
15.3
32.7
269
29 9
3.2
13
20
185
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
1763
177.5
—44.9
29.3
47.9
30.2
— 20.1
59.9
20.9
24.9
— 209
13.5
—46 2
32,3
508
28.0
— 186
62 1
305
31 2
18 7
146
382.8
394.6
196.9
207.7
5.2
6.6
18
63
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
197
22 8
20.9
107
144.1
151.0
151.6
499.4
506.9
528.4
229.9
233.8
230.2
25.4
59.2
57.1
22 1
51 7
474
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1994 survey, business spending for new plant and equipment
is expected to rise 8.8 percent in 1994, following a rise of 7.3 percent in 1993.
BILUONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO S CALE)
700
700
SEASONALLY ADJUSTED ANNUAL RATES
600
-^^
r-
500
500
_,
..- — •""
^ Aa INDl
\ JSTRIES
^-
400
•
r
600
^-
~
- ^~
^^
400
_.-
'"""\"
300
300
NONMANUFvS.CTURING-17
.„.-"•
200
200
_
-'"\
S*
"~S
\
MANUFAaURING
s"
100
100
1
1
1
1985
i i i
2/ I/
I
1986
l I
1987
\
1
!
1988
i
i
i
i
i
1989
i
i
i
i
1991
1990
I
I
1992
^SURVEYED QUARTERLY
^SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
i
I
i
f
I
I
!
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
All
industries
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 *
II
III
IV
1993- I
II
III
IV
1994- I
II
III i
IV
..
Total
Durable
goods
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.60
586.73
638.37
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.45
92.78
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
98.02
99.77
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.08
11.24
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.77
21.19
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.98
76.44
151.39
171.09
181.59
189.84
205.76
229.28.
241.43
246.32
268.84
299.44
336.93
534.23
541.29
547.82
559.39
173.14
172.52
173.05
176.74
73.26
73.74
72.63
73.64
99.87
98.78
100.42
103.09
361.09
368.77
374.77
382.65
8.99
9.20
8.96
8.43
21.82
23.32
23.66
21.66
69.09
72.56
72.48
73.79
261.19
263.69
269.67
278.77
173 14
172.52
173.05
176.74
361 09
368.77
374 77
382.65
563.48
578.95
594.56
604.51
173.99
177.55
182.48
182.15
78.19
80.33
82.74
83.64
95.80
97.22
99.74
98.51
389.49
401.40
412.09
422.36
8.98
9.10
11.09
10.92
22.38
21.50
21.32
21.84
73.78
74.45
75.94
78.87
284.35
296.35
303.74
310.73
173.99
177.55
182.48
182.15
389.49
401 40
412.09
422.36
619.34
637.08
651.92
645.13
185.04
193.99
197.36
193.83
86.03
91.71
98.97
94.44
99.02
102.28
98.39
99.39
434.29
443.09
454.56
451.30
11.43
10.70
11.57
11.27
22.47
19.59
20.73
21.98
73.20
76.51
78.50
77.57
327.20
336.28
343.76
340.48
185.04
193.99
197.36
193.83
434 29
443.09
454.56
451.30
1
Excludes forestry, fisheries, and agricultural services; professional services; social service and
rvey, are
membership organizations;
real estate, which, effective with the April-May ]1984 surve
a no
iiic.iu»i,.<....t'
-&-. and -~a!
longer surveyed quarterly. See last column ("nonmanufacturing surveyed anmually ) for data for
nustes.
thesee industries.
"All industries" plus the part of nonmanufactunng that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
10
Addenda
Nonmanufacturing
Manufacturing
4
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
650.41
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.47
192.56
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.95
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
407.26
445.81
Surveyed
annual-
ly 3
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
Planned capital expenditures as reported by business in July-August 1994, corrected for biases.
NOTE.—The quarterly Plant and Equipment Survey will be discontinued and replaced by a new
semi-annual indicator survey of investment plans. The first new survey results are scheduled for
release in February 1995. See Plant and Equipment Expenditures and Plans release of September
8, 1994 for details.
Sourc
' of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In November, civilian employment rose by 372,000 and unemployment fell by 272,000.
MILLIONS OF PERSONS '
MILLIONS OF PERSONS'
134
134
SEASONALLY ADJUSTED
130
130
CIVILIAN LABOR FORCE
\
126
126
122
122
\
118
118
114
CIVILIAN
EMPLOYMENT
114
110
110
106
106
12
12
UNEMPLOYMENT
I M I i I I II I t
I j Mi I( I I Ii
1986
1987
IIIIII IIIII
I I IIIIIIIII
1988
1989
1990
1991
1992
1993
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]
Civilian employment
Unemployment
Civilian
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
1985
1986 3
1987
1988
1989
J990
1991
1999
1993
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
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
1993:
Nov
Dec
195,791
195,993
1,470
1,461
130,132
130,359
121,802
122,122
128,662
128,898
120,332
120,661
3,114
3,096
117,218
117,565
5,904
5,934
8,330
8,237
2,971
2,864
66.2
66.3
61.9
62.0
130,667
130,776
130,580
130,747
130,774
130,248
130,457
131,189
131,343
131,836
131,936
121,971
122,258
122,037
122,338
122,872
122,430
122,452
123,166
123,628
124,236
124,608
3,331
3,391
3,426
3,459
3,435
3,235
3,278
3,444
3,409
3,495
3,561
118,639
118,866
118,611
118,880
119,437
119,195
119,173
119,722
120,218
120,741
121,048
4,842
4,384
4,762
4,613
4,688
4,590
4,224
4,092
4,075
4,186
4,236
8,696
8,518
8,543
8,408
7,902
7,817
8,005
8,023
7,715
7,600
7,328
3,027
3,103
3,110
2,951
2,801
2,683
2,855
2,793
2,841
3,026
2,702
66.7
66.7
66.6
66.6
66.5
66.2
66.3
66.6
66.6
66.8
66.8
62.2
62.3
62.2
62.3
62.5
62.2
62.2
62.5
62.7
62.9
63.1
Period
1984
1994:
Jan*
Feb
Mar
May
July
Sept
Oct
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime
work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
3
Not strictly comparable with earlier data.
Total
Agricultural
Total
101,685
Part time
for
economic
reasons l
Total
15
weeks
and over
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) z
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 o/ Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In November, the civilian unemployment rate fell to 5.6 percent, from 5.8 percent in October.
PERCENT* (SEASONALLY ADJUSTED!
PERCENT * (SEASONALLY ADJUSTED)
15
10
10
1990
1994
1990
1994
*UNEMPIOYMENT AS PERCENT OF CiVSUAN tABOR FORCE iN GROUP S?EC(f !ED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
Nov ....
Dec
Unemployment
rate,
all
workers l
All
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
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
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
7.5
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
7.4
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
6.4
6.3
6.5
6.4
5.9
5.8
5.7
5.7
18.3
17.8
5.6
5.6
11.3
10.7
12.5
11.5
6.2
6.2
4.0
3.9
9.0
10.2
6.3
6.4
6.9
6.6
6.7
6.5
6.5
6.4
6.0
6.0
6.1
6.1
5.9
5.8
5.6
5.9
6.0
5.8
5.6
5.2
5.3
5.6
5.4
5.1
5.1
4.9
6.0
5.7
6.0
5.6
5.4
5.4
5.3
5.4
5.3
5.0
5.0
18.4
17.9
17.8
19.9
18.3
16.9
17.7
17.5
17.0
17.3
15.3
5.8
5.6
5.7'
5.6
5.2
5.3
5.4
5.3
5.1
5.0
4.8
11.6
11.3
11.3
10.8
10.4
10.2
10.4
10.8
10.3
10.6
9.9
13.1
12.9
12.5
11.8
11.5
11.2
11.2
11.5
10.7
11.4
10.5
6.6
6.4
6.4
6.2
5.8
5.9
6.0
5.9
5.6
5.5
5.4
4.1
4.3
4.1
3.9
3.7
3.5
3.7
3.5
3.4
3.3
3.2
9.4
9.7
9.6
9.1
8.9
8.7
7.8
8.9
9.0
8.9
8.2
6.8
6.6
6.6
6.4
6.0
6.1
6.2
6.1
5.9
5.9
5.6
6.2
5.9
6.3
6.5
6.2
5.8
6.0
6.4
5.7
5.6
5.3
1994' Jan *
Peb
Mar
July
Sept
Get
Nov
1
By race
By sex and age
Both
sexes
16-19
years
White
Unemployed as percent of total later force including resident Armed Forces.
Revised definition; for details, see Employment a,nd 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
Black
and
other
By selected groups
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers 2
Parttime
workers 2
Labor
force
time lost
(percent) *
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.7
7.2
7,2
4
Data beginning Jaiiyary 1994 are based on the revised Current Population Survey and are not
directiy comparable with data for earlier periods. For details, see Employment and Earnings, February 1994.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In November, the percentage of the unemployed who had been out of work for less than 5 weeks rose; the
percentages for 5-14 weeks, 15-26 weeks, and 27 weeks and over all fell. The mean duration of unemployment
fell to 17.9 weeks and the median duration fell to 9.1 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION '
70
70
1990
* 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]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers 1
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
35.4
37.5
38.4
30.6
32,8
34.7
33.4
35.6
35.5
32.5
34.1
30.8
34.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
28.9
27.5
26.8
32.5
30.3
29.5
31.0
31.0
29.2
32.7
29.5
29.9
29.1
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
14.6
14.1
15.1
16.2
15.0
14.2
13.9
14.4
15.7
15.2
16.0
18.2
16.5
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
21.1
21.0
19.7
20.8
21.9
21.6
21.7
19.1
19.6
19.6
20.4
21.1
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
18.9
18.2
18.3
18.7
19.2
19.1
19.6
18.3
19.2
19.2
19.2
19.6
17.9
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
8.5
8.2
8.5
9.0
9.1
9.2
9.2
8.9
9.3
9.0
10.0
10.4
9.1
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
53.4
54.2
51.1
48.6
46.9
44.4
45.4
47.5
48.6
47.7
46.7
46.9
48.0
Job
leavers
Eeentrants
New
entrants
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
25.0
24.6
32.6
33.7
35.5
37.9
36.5
36.3
34.7
34.8
33.7
34.7
34.7
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.S
10.0
10.0
9.7
7.5
7.4
7.5
8.1
7.8
6.0
7.3
8.1
8.0
8.2
7.9
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- Nov
Dec
1994- Jan 3
Feb
Mar
Hay
July
Sept
Oct
Nov
1
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
8,330
8,237
8,696
8,518
8,543
8,408
7,902
7,817
8,005
8,023
7,715
7,600
7,328
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (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
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
11.5
11.4
8.8
10.3
10.1
9.7
10.2
10.2
9.4
9.4
11.7
10.2
9.4
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,751
2,776
2,694
2,720
2,791
2,744
2,722
2,755
2,760
2,738
2,679
2,622
2,567
*2,5I7
377
396
378
328
310
330
388
447
408
341
335
325
369
351
340
350
367
351
349
327
320
325
'325
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,838
2,563
2,794
3,512
3,507
3,396
2,873
2,626
2,635
2,578
2,573
2,180
2,202
3
Data beginning1 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 350,000 in November, following rises
of 164,000 in October and 272,000 in September.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE]
34
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
90
80
SERVICE-PRODUCING
INDUSTRIES
70
60
50
40
GOODS-PRODUCING
INDUSTRIES
\
30
____CONSTRUCTION
11111
20
1990
1991
. |, 1 1 1
1992
1993
1994
'
1 11 1 1111 1 11 1 1 1 1 1 111 1 11 1 1 1 1 1 11 1111
1991
1990
1992
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
[ 1 1 1 ll 1 1 1 1 1.
1993
1994
^
COUNCIL OF ECC NOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Goods-producing industries
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
1994:
Total
nonagricultural
employment
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,604
110,525
111,366
Nov
111,610
Dec
111,711
Jan
111,919
Feb
112,298
Mar
112,699
Apr
112,951
May
June .... 113,334
113,624
July
113,914
Aug
114,186
Sept
114,350
Oct "
Nov ".... 114,700
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
23,281
23,298
23,328
23,327
23,395
23,506
23,519
23,576
23,590
23,640
23,673
23,716
23,836
Construction
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,642
4,733
4,738
4,744
4,745
4,806
4,893
4,907
4,927
4,944
4,942
4,972
4,976
5,047
Total
Durable
goods
Nondurable
goods
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,104
18,003
17,944
17,942
17,968
17,970
17,980
18,007
18,009
18,044
18,045
18,095
18,096
18,138
18,189
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,172
10,142
10,153
10,182
10,182
10,190
10,216
10,217
10,253
10,249
10,290
10,306
10,336
10,376
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,827
7,831
7,802
7,789
7,786
7,788
7,790
7,791
7,792
7,791
7,796
7,805
7,790
7,802
7,813
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, had
14
Total
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,373
87,269
88,085
88,312
88,383
88,592
88,903
89,193
89,432
89,758
90,034
90,274
90,513
90,634
90,864
Transportation
and
public
utilities
5,156
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,721
5,787
5,800
5,792
5,793
5,803
5,816
5,759
5,843
5,849
5,857
5,866
5,865
5,864
5,879
Tin
i
Wholesale
trade
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
5,997
5,958
5,971
5,976
5,990
6,003
6,013
6,028
6,037
6,049
6,053
6,079
6,095
6,102
6,111
Retail
trade
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,356
19,717
19,848
19,931
19,924
19,965
20,026
20,137
20,153
20,279
20,386
20,405
20,470
20,512
20,537
Finance,
insurance,
and real
estate
Services
5,684
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,602
6,712
6,763
6,769
6,771
6,776
6,781
6,791
6,787
6,798
6,797
6,801
6,794
6,783
6,791
20,746
21,927
22,957
24,110
25,504
26,907
27,934
28,336
29,052
30,278
30,816
30,926
31,004
31,129
31,326
31,497
31,598
31,765
31,918
32,036
32,138
32,238
32,385
Government
Total
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,402
18,645
18,817
18,887
18,918
18,901
18,916
18,941
18,981
19,014
19,018
19,023
19,087
19,151
19,135
19,161
Federal
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,915
2,900
2,915
2,893
2,892
2,884
2,882
2,870
2,859
2,859
2,858
2,863
2,864
2,866
weather, etc., even if they are not paid for the time off; and which are b ased 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 gross hourly earnings
Average weekly hours
Total
private
nonagricultura! l
Period
Total
Average gross weekly earnings
Total private
nonagrieultural *
Manufacturing
Overtime
Current
dollars
Total private
nonagricultural l
1982
Manufacturing
dollars 2
Current dollars
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagrieultural 3
1982
dollars
Current
dollars
1984
1985
1986
1987
1988
1989
1990
1991..
1992
1993
35.2
34.9
34.8
34.8
34.7
84.6
34.5
34.3
34.4
34.5
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
$8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
$7.80
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
0.8
-1.3
.3
-1.0
-.9
— 1.0
-1.8
-1.6
1993- Nov
Dec
34.6
34.5
41.7
41.7
4.4
4.4
10.94
10.96
7.39
7.40
11.87
11.93
378.52
378.12
255.76
255.14
494.98
497.48
562.49
559.11
211.68
212.26
2.3
3.2
— .2
.7
1994: Jan
Peb
34.8
34.3
34.6
34.7
34.8
34.6
34.6
34.4
34.6
34.9
34.6
41.7
41.3
42.1
42.2
42.1
42.0
42.0
42.0
42.0
42.1
42.1
4.5
4.5
4.7
4.8
4.7
4.7
4.6
4.6
4.7
4.7
4.7
11.02
11.03
11.02
11.05
11.09
11.08
11.11
11.13
11.17
11.24
11.32
7.43
7.42
7.39
7.40
7.42
7.39
7.38
7.36
7.38
7.42
7.39
11.95
12.01
12.00
12.00
12.00
12.03
12.05
12.08
12.12
12.14
12.17
383.50
378.33
381.29
383.44
385.93
383.37
384.41
382.87
386.48
392.28
388.21
258.60
254.60
255.73
256.83
258.15
255.58
255.25
253.22
255.27
258.93
255.57
488.32
496.01
505.20
506.40
505.20
505.26
506.10
507.36
509.04
511.09
512.36
558.44
545.25
561.44
559.02
570.86
567.73
573.78
569.66
577.98
575.14
574.63
214.89
212.21
214.73
216.05
216.63
216.63
216.92
216.75
216.58
220.75
218.20
3.7
2.5
3.5
3.5
2.8
3.1
3.0
1.8
3.3
3.8
2.9
1.3
.1
1.2
1.3
.7
.6
.3
-1.0
.3
1.2
.1
Mar
May
July
Sept
Oct "
Nov '
1
Also includes other private industry groups shown on p. 14,
3
Current doilar earnings divided by the consumer price index for urban wage earners and clerics!
workers {CPI-W) (on a 1982=100 base).
O
-.0
8
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
3 months earlier
Total
compensation
Period
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
32 months earlier
Benefits >
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
1991" Sept
Dee
110.8
111.9
109.2
110.1
115,2
116.8
1.0
1.0
0.7
.8
1.7
1.4
4.5
4.4
3.7
3.7
6.4
6.2
1992' Mar
112.9
113.8
114.7
115.7
110.9
111.6
112.1
113.0
118.2
119.5
121.3
122.9
.9
.8
.8
.9
.7
.6
.4
.8
1.2
1.1
1.5
1.3
4.2
3.7
3.4
3.5
3.4
3.0
2.7
2.6
6.3
5.5
5.2
5.2
116.8
117.9
118.9
119.9
113.9
114.8
115.6
116.5
124.7
126.4
127.7
129.1
1.0
.9
.8
.8
.8
.6
.9
.8
1.5
1.4
1.0
1.1
3.5
3.6
3.7
3.6
2.7
2.7
3.1
3.1
5.6
5.8
5.4
5.0
120.7
121.8
122.8
117.1
118.1
119.0
130.2
131.4
132.9
.7
.9
.8
.5
.9
.8
.9
.9
1.1
3.3
3.4
3.3
2.9
3.1
2.9
4.4
3.9
4.0
1984:
1985198619871988'
1989199019911992'
1993:
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
.
....
...
.
....
J
4.8
3.9
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
Seasonally adjusted
Dec
1993- Mar
Sept
Dec
1994: Mar
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
Not seasonally adjusted
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
85-778 0 - 9 4 - 2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
' Period
Business
sector
Nonfarm
business
sector
Output l
Business
sector
Hour 3 of 2all
pers ons
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Compensation per
hour 3
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour *
Business
sector
Nonfarm
business
sector
Implic it price
itor 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1983 ....
1984
1985 ..
1986
1987
1988
1989
1990
1991
1992
1993 ...
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
112.1
115.5
117.2
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.7
113.7
115.4
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
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.4
120.0
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.2
103.8
108.3
113.2
118.8
123.1
128.5
133.0
140.6
147.4
154.9
160.5
104.0
108.3
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.7
158.7
100.6
100.6
101.5
104.6
104.6
104.8
103.5
103.8
104.4
106.6
107.2
100.8
100.6
101.1
104.3
104.1
104.2
102.7
102.8
103.6
105.7
106.0
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
101.1
103.1
105.4
107.0
108.3
110.6
' 110.8
109.7
110.5
113.0
101.1
103.3
105.3
106.0
107.4
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
110.2
111.3
115.1
118.8
120.6
119.6
117.4
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
120.5
125.1
129.8
133.9
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
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
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
116.8
117.1
117.4
118.1
118.6
118.8
119.3
120.0
152.2
153.7
156.0
157.7
150.9
152.6
154.7
156.4
105.9
106.1
106.8
107.1
105.0
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
I
116.2
116.4
117.3
119.0
114.4
114.5
115.6
117.0
138.1
139.6
140.9
143.9
138.3
139.9
141.5
144.3
118.9
119.9
120.1
121.0
120.9
122.1
122.4
123.3
158.8
160.0
161.2
162.1
157.2
158.2
159.3
160.2
107.0
107.0
107.3
107.2
106.0
105.8
106.1
105.9
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
I
119.8
119.2
120.2
117.9
117.2
118.1
145.8
147.2
148.7
146.1
147.3
148.8
121.7
123.5
123.7
124.0
125.6
126.0
164.6
164.7
166.1
162.6
162.9
164.1
108.3
107.6
107.5
106.9
106.4
106.2
137.4
138.2
138.2
137.9
138.9
138.9
142.6
143.8
144.5
143.5
145.1
145.9
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.3
3.0
1.5
2.5
2.2
.8
2.0
.8
1.0
-.9
.4
1.5
2.7
1.5
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
10
2.4
4.1
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
23
-.3
2.2
1.9
5.9
2.5
.8
3.2
3.4
2.6
.2
-2.4
-.3
2.5
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.8
5.1
3.6
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.1
3.3
0.6
.0
.9
3.1
-.1
.2
-1.3
.3
.6
2.0
.6
0.8
-.2
.6
3.1
-.2
.1
-1.4
.1
.8
2.0
.2
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.5
2.1
2.0
1.5
1.9
3.3
2.9
2.6
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
1.3
2.2
1.6
1.8
.9
1.2
1.1
1.2
-.4
g
-.5
-.6
4.4
5.3
4.6
5.1
1.2
2.0
1.4
1.8
3.1
3.1
2.9
3.2
2.3
1.7
2.6
2.3
I
5.5
1.1
3.7
3.2
4.2
1.9
2.8
3.8
3.4
2.2
4.9
5.6
2.4
2.5
4.4
6.2
-1.9
1.1
1.2
2.3
-1.8
.6
1.6
2.3
5.8
4.0
6.1
4.4
5.7
4.6
5.8
4.5
3.1
.7
3.0
1.2
3.0
1.2
2.6
1.2
.3
2.8
2.4
1.2
1.4
2.6
2.9
.6
3.3
2.2
-1.3
5.1
3.2
2.5
-1.2
5.1
I
-1.9
.6
3.3
5.7
-2.0
.4
4.0
4.9
.6
4.2
4.0
8.6
1.0
4.7
4.9
7.9
2.5
3.6
.7
2.8
3.0
4.3
.9
2.9
2.6
3.1
3.0
2.4
2.1
2.4
2.8
2.4
— .4
-.0
1.1
-.6
-.9
^9
-.6
4.6
2.5
3
-3.1
4.1
2.0
-1.2
-2.4
2.3
1.7
.6
1.2
2.2
1.6
.7
.8
2.9
-2.0
3.5
2.9
-2.1
2.9
5.5
3.7
4.4
5.2
3.2
4.2
2.5
5.9
.9
2.3
5.5
1.2
6.3
.2
3.4
6.1
.7
3.0
4.1
-2.5
— .1
3.9
-2.0
-.6
3.3
2.3
0
3.1
2.9
0
1.5
3.5
1.8
1.2
4.5
2.2
IV....
IV....
IV
IV
IV
IV
IV
IV
IV
IV
1992- I
n
m
IV
1993:
1994:
n
m ....
rv
n
m ".
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984 .. ..
1985
1986 ..
1987
1988
1989
1990
1991
1992
1993
1991: m
rv
1992:
1993:
n
m
rv
n
m
IV
1994: I
n
m".
1
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPI-TJ).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
•?
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
'Third quarter 1994 data are based on GDP data released on November 30, 1994. The GDP
data shown elsewhere in this issue of Economic Indicators were released on December 22, 1994.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in November.
INDEX, 1987 = 100' {RATIO SCALE}
140
INDEX, 1987 =. 100- (RATIO SCALE)
160
UTILITIES AND MINING
130
110
100
90
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
IITIIITIFS
120
\ / '^'^ **
^
-v.
r
v
V- /"v'
v
"
x
/ *- v^
"
MININ 3
•~_^"V\»,—*
1 1 1 1 1
i l l l
1990
LUJ M i l l l_ll I 1 1 1 M 1 M i 1 1 1 M 1 1 1 1 1 1 1
1991
1992
Jim.
1993
1990
1994
COUNOL OF ECONOMIC ADVSSBS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100
Industry production indexes, 1987 = 100
Capacity utilization
rate, percent l
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.7
3.2
4.1
89.3
91.6
94.3
100.0
104.7
106.4
106.1
108.9
108.0
112.9
88.4
91.8
93.9
100.0
106.6
108.6
107.4
104.2 '
109.3
116.1
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.6
106.5
109.3
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.2
98.9
98.2
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.3
111.9
116.2
81.1
80.3
79.2
81.5
83.7
83.7
82.1
79.2
80.2
81.7
80.4
79.5
79.1
81.6
83.6
83.2
81.3
78.0
79.2
80.9
1993- Nov
Dec
113.7
114.7
3.5
3.9
114.8
116.1
119.1
121.2
110.0
110.4
98.2
98.4
116.7
115.6
82.3
82.9
81.4
82.2
1994- Jan
Feb
114.7
115.6
116.6
116.7
117.4
118.0
118.2
119.1
119.0
119.6
120.2
3.7
3.9
4.7
4.8
5.7
5,8
5.5
6.1
5.8
6.1
5.7
115.8
116.7
118.0
118.4
119.0
119.3
119.8
120.9
120.9
121.6
122.6
121.0
122.1
122.9
123.7
124.0
124.6
125.2
127.0
127.3
128.3
129.7
110.0
110.7
112.5
112.4
113.4
113.4
113.6
114.0
113.8
114.2
114.6
97.8
99.5
100.5
100.7
100.7
100.6
100.1
100.0
100.1
99.7
99.1
120.3
119.6
117.9
114.7
115.8
121.1
119.0
118.8
117.5
116.7
114.8
82.7
83.2
83.7
83.6
83.8
84.1
84.1
84.5
84.3
84.5
84.7
81.8
82.2
82.9
83.0
83.2
83.2
83.3
83.8
83.6
83.9
84.4
1984
1985
1986
....
1987
1988
1989
1990
1991
1992
1993
...
...
July
Sept r
Oct r
Nov p
1
.
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total
1
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1984
1985
1986
1987
1988..
1989
1990....
1991
1992
1993
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.6
109.0
113.4
92.8
93.7
96.8
100.0
102.9
104.0
103.4
103.0
105.9
109.4
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.5
102.6
110.7
93.4
94.4
97.6
100.0
102.4
103.2
103.8
105.2
106.9
109.2
89.2
94.8
94.5
100.0
107.6
110.9
112.1
109.4
113.4
119.3
85.4
91.1
93.1
100.0
110.7
115.5
116.9
116.5
124.1
134.6
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.3
86.5
78.5
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.9
98.8
102.4
86.2
89.1
93.8
100.0
101.5
100.5
98.2
91.8
95.0
98.9
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.3
101.3
104.9
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.4
109.2
114.1
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.4
103.7
103.6
1993- Nov
Dec
115.0
115.5
110.6
110.9
115.5
117.1
109.5
109.5
121.5
122.6
138.3
140.0
76.3
75.2
103.9
104.7
101.0
103.7
105.8
105.5
115.9
117.5
103.5
103.2
1994' Jan
Feb
Har
Apr
May
115.9
117.0
117.4
117.3
117.8
118.4
118.5
119.2
118.9
119.2
119.9
111.5
112.4
112.9
112.3
112.8
113.5
113.3
113.8
113.1
113.0
113.6
118.6
121.1
119.0
117.8
116.4
118.0
118.0
120.7
119.2
119.9
122.0
109.8
110.4
111.5
111.0
112.0
112.5
112.2
112.2
111.8
111.4
111.7
122.7
123.8
124.3
124.9
125.4
125.8
126.4
127.5
127.9
129.0
129.6
140.4
142.0
142.6
143.5
144.5
145.5
146.9
148.9
149.2
151.2
152.2
74.5
73.6
73.7
73.6
72.4
71.3
69.9
69.2
68.8
68.6
68.6
104.6
104.9
106.3
106.9
107.7
108.5
109.1
109.2
108.9
109.7
109.9
102.9
102.7
103.2
104.7
106.1
106.4
107.9
108.2
108.5
109.1
109.9
105.8
106.5
108.4
108.5
108.8
110.1
110.0
109.9
109.3
110.3
110.1
117.1
118.1
119.5
119.7
120.5
121.2
121.4
122.8
123.0
123.8
124.5
103.8
104.7
105.0
104.8
104.6
106.7
105.2
106.1
105.9
105.5
104.6
July .
AUK'
Sept '
Oct '
Nov "
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data
lly adjusted]
Durable manufactures
Primary metals
Period
Total
Iron
and
steel
Nondurable manufactures
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
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.7
101.9
106.9
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.5
105.1
111.4
93.3
94.5
93.8
100.0
104.2
102.8
99.5
95.3
98.8
103.7
80.8
86.8
90.3
100.0
113.0
117.3
117.6
115.0
124.6
141.1
94.1
93.1
94.3
100.0
108.5
111.0
111.4
113.4
121.9
139.3
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.3
105.1
105.5
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.3
107.4
121.1
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.5
95.8
100.2
95.7
92.6
96.3
100.0
98.1
95.0
92.2
92.9
95.0
94.9
84.5
87.6
90.6
100.0
100.9
101.1
100.8
97.0
97.2
99.3
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.1
114.7
119.1
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.0
109.4
1993- Nov
Dec
109.1
113.4
114.0
118.6
105.6
107.1
147.3
151.3
145.0
147.3
108.5
109.8
132.4
135.9
103.5
104.6
94.5
94.7
99.3
98.8
120.7
120.9
110.1
110.3
1994' Jan
Feb
Mar
Apr
May
, -"
July
Aug '
Sept '
Oct '
Nov *
108.0
111.6
112.1
114.8
114.8
113.7
112.7
113.5
116.0
116.5
117.4
110.8
116.0
116.7
121.5
120.9
118.2
116.1
113.0
118.3
120.7
120.5
107.2
106.6
108.5
109.6
110.0
110.2
111.7
112.4
112.0
112.8
114.0
150.3
151.9
154.0
156.1
157.7
158.9
160.6
162.6
164.5
166.6
168.6
148.1
150.1
152.6
154.3
156.5
159.5
161.5
164.1
165.1
167.3
169.6
110.8
112.3
110.7
109.5
107.6
107.5
105.7
109.5
108.7
109.1
110.7
138.7
142.6
138.8
136.2
131.6
132.2
129.6
138.1
137.1
138.2
141.4
105.3
103.8
104.0
103.9
106.0
106.2
106.8
105.5
107.4
106.9
108.8
93.5
94.9
95.7
96.2
97.1
97.0
97.0
96.8
96.8
97.0
96.3
98.2
98.8
101.3
101.7
101.6
102.4
102.1
101.5
101.2
102.0
101.9
121.3
121.8
123.1
122.4
124.0
124.4
124.7
124.7
123.4
123.8
124.2
109.9
109.9
112.9
111.9
112.8
112.8
113.4
113.7
114.6
113.9
114.7
Source: Board of Governors of the Federal Reserve Svstem.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
I'rivate
Total new
const ruction
expenditures
Period
Residential
Commercial
Total
New housing
units
Total '
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(I»87=I(X»
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1984
348.8
377.4
407.7
419.4
432.3
443.7
442.2
403.6
435.4
466.4
1985
1986
1987
1988
1989
1990
1991
1992
1993
278.6
299.5
323.1
328.7
337.5
345.5
334.7
293.5
316.1
341.1
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
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
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
62.5
64.2
70.2
77.8
84.6
90.6
94.7
98.2
107.5
110.1
119.2
125.3
83
91
96
100
101
105
95
89
97
104
Annual rates
Annual rates
1993: Oct
Nov
Dec
477.8
490.2
499.9
350.2
360.4
367.3
216.6
222.4
228.5
149.5
154.1
159.5
67.3
70.8
71.8
66.3
67.3
67.0
127.6
129.8
132.7
1994: Jan
Feb
Mar ....
Apr
May ..r.v.
488.5
485.9
496.0
497.0
504.4
506.1
506.8
504.8
513.4
518.1
363.9
361.9
371.7
374.1
378.2
379.3
377.7
375.5
381.3
380.4
229.8
233.3
236.8
238.0
241.2
240.7
239.4
236.8
238.4
235.2
160.8
164.2
167.0
168.4
170.1
168.9
168.9
167.8
168.8
165.6
67.3
66.3
70.3
73.3
73.7
73.5
73.3
74.1
76.2
76.6
66.7
62.3
64.6
62.8
63.4
65.1
64.9
64.6
66.8
68.6
124.6
124.0
124.4
122.9
126.1
126.8
129.1
129.3
132.0
137.6
July
Sept
Oct ».
Nov *
1
2
3
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
955
1,097
1,016
1,019
973
961
783
577
556
575
111
l!3
107
561
566
628
!08
111
113
106
111
r
!08
112
r
l!8
r
l!2
r
!08
111
633
592
742
612
642
624
750
690
685
712
802
r
r
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1984...
1985
1986
1987
1988
1989
1990
1991
1992
1993
,. .
1 unit
2^* units
5 or more units
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
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
1,409
1,406
1,612
1,231
1,248
1,383
31
30
21
147
128
208
1,271
1,328
1,519
1,471
1,491
1,358
1,439
1,463
1,509
1,440
1,540
1,125
1,121
1,271
1,211
1,200
1,163
1,219
1,176
1,234
1,153
1,196
23
33
33
32
36
19
32
39
42
41
60
123
174
215
228
255
176
188
248
233
246
284
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period *
Vacancy rale
for rental
housing units
(percent) 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
1,298
1,363
1,474
1,248
1,248
1,289
723
766
817
291
294
294
6.9
1,312
1,252
1,313
1,380
1,357
1,316
1,337
1,354
1,425
1,398
1,388
1,216
1,334
1,273
1,354
1,446
1,329
1,282
' 1,342
1,406
1,373
642
697
722
673
692
628
630
679
717
726
296
298
298
298
301
313
317
321
326
330
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
1,652.2
Seasonally adjusted annual rates
1993: Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr
Hay
,}
July ... .
" '
Sept '
Oct r
Nov*
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.
7.5
7.4
7.2
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In October, manufacturing and trade sales rose 0.1 percent and inventories rose $3.7 billion. According to advance
data, retail sales rose 1.2 percent in November, following a rise of 1.3 percent in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
1 ,ouo
,<
900
BILLIONS OF DOLLARS* (RATIO SCALE)
300
—'-~
r —'
_
V
800
\
MAN JFACTURING AND
TRA DE INVENTO !IES
700
_/~'
600
_^S-
~~
\
500
\
Mi ».NUFACTURir-JG
M-ID TRADE SA _ES
400
300
200
MM! Ml!!
1990
M i l M M ! 1 1 1 1 1 1 !li 1 ! I ! ! ! 1 1 ! M 1 1 M 1
199!
1992
1993
1 11 M
1994
1994
1990
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
COUNCIL OF ECONOMiC ADV/SKS
Sales
Period
Inventories 3
Inventories 3
Sales 2
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
600,099
606,331
612,462
862,672
866,720
865,584
161,920
162,135
161,797
214,368
216,011
216,586
610,456
619,103
627,781
625,080
627,524
632,863
630,573
651,210
649,932
650,875
867,692
871,842
870,189
874,989
885,185
889,100
894,689
902,514
906,731
910,385
163,483
165,330
167,981
167,408
167,897
169,208
169,801
175,157
174,333
174,926
217,278
218,820
217,359
219,605
223,213
223,098
226,639
227,600
228,755
230,127
Sales 2
Inventory-sales ratio 4
Retail
Wholesale
Total
2
Inventories
Nondurable goods
stores
Durable
goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade l
Retail
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986.
1987
1988
1989
1990
1991
1992
1993
1993: Oct '
r
Dec
1994: Jan
Feb
Mar
May
June
July
Sept r
Oct >>
Nov p
107,243
114,586
120,803
128,442
138,108
146,782
154,031
155,246
163,258
173,468
r
177,708
178,622
180,943
178,643
181,958
185,303
183,429
183,395
185,089
185,287
187,973
189,465
r
191,899
194,160
1
See page 21 for manufacturing.
2
Annual data are averages of monthly not seasonally adjusted figures; monthly data arc se;
ally 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
1.49
1.52
1.56
1.56
1.54
1.58
1.56
1.55
1.52
1.52
109,327
109,351
109,895
268,003
270,528
271,573
132,467
134,023
135,757
135,536
136,505
135,816
1.44
1.43
1.41
1.51
1.51
1.50
109,028
111,098
111,997
111,041
111,455
112,284
112,782
113,441
113,997
r
114,321
114,830
271,506
272,954
273,058
274,739
279,590
282,896
281,405
287,902
291,445
292,441
137,492
138,061
137,817
139,242
141,314
142,792
142,403
147,508
149,766
150,203
134,014
134,893
135,241
135,497
138,276
140,104
139,002
140,394
141,679
142,238
1.42
1.41
1.39
1.40
1.41
1.40
1.42
1.39
1.40
1.40
1.52
1.50
1.47
1.50
1.52
1.53
1.52
1.53
1.54
1.52
37,873
41,510
45,057
47,989
52,482
54,894
55,944
54,456
58,942
65,383
r
68,381
69,271
71,048
69,615
70,860
73,306
72,388
71,940
72,805
72,505
74,532
75,468
r
77,578
79,330
r
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In October, manufacturers' shipments and new orders fell; inventories and unfilled orders rose. In November,
according to advance estimates, durable goods shipments and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
480
440
400
360
320 - SHIPMENT
TOTAL
280
~_
240 x* '-' '
"-
^-^
_^_^I
- ^ - —•-—^
^
INVbNiORItS
X
TOTH
320
200
280
160
DL RABLE GOOD
r "•-; —
240
b
\
- '' ""'
DURABLE G nnrK
200
X'N,-,,'""
"v
' -=~~~~*~~]
/
160
NONDURABLE GOO US
-^
Mill
1 1 I!
1 1 1 1 i
1
1 1 I!
[ 1 [ 1 ! I1
HIM
M i l l
\
120
1 1 1 11
NO ^DURABLE GC)ODS
BILLIONS OF DOLLARS* (RATIO SCALE)
320 _ NEWORD EPS
80
TOTAL
280
I I I! 1 1 1 II 1 I
i i 11 i ii i i
1 1 1 1 1 1 1 1 ! I1
Mill
Mill
1 1 1 1 1 I 1 ! M 1
_
/
s*
240
.—/—
/
^~>\
—\^^/ ^
-"I
v
2.20
200
2.00
D JRABLE GOOC)S
160
/
120
.'•,•-•-.<
_
/
V"
,_
\,
""'-./•/•'
7
-v\i -*-•*.
1
NOND JRABLE GOOt3S
80
M i l l
! 1 1 M
I I I !
1991
1990
I 1 M 1
M i l l
INI
I I I ;
1993
1992
HIM
1990
1994
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments
l
Manu aeturers' inventories 2
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1987
1988
1989
1990
1991
1992
1993
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
122,428
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
1993: Oct
Nov
Dec
260,471
265,574
269,722
138,153
142,665
146,182
122,318
122,909
123,540
380,301
380,181
377,425
237,632
237,886
236,303
142,669
142,295
141,122
258,270
262,773
266,351
136,613
139,675
142,481
32,825
34,878
35,059
121,657
123,098
123,870
448,120
445,319
441,947
1.46
1.43
1.40
1994: Jan
Feb
Mar
268,330
271,815
274,497
274,243
276,232
278,566
275,485
288,080
286,134
284,050
144,709
146,260
147,388
146,932
148,510
150,010
146,472
155,619
154,350
152,609
156,910
123,621
125,555
127,109
127,311
127,722
128,556
129,013
132,461
131,784
131,441
378,908
380,068
379,772
380,645
382,382
383,106
386,645
387,012
386,531
387,817
238,172
238,832
238,195
239,164
240,539
241,039
243,392
244,116
243,814
244,728
140,736
141,236
141,577
141,481
141,843
142,067
143,253
142,896
142,717
143,089
272,616
271,786
274,691
275,182
277,441
279,788
274,305
287,222
287,248
286,094
148,549
145,882
146,906
147,345
149,412
151,212
145,251
154,675
155,433
154,103
159,418
36,630
36,382
36,127
35,815
35,498
38,055
36,310
37,595
39,056
38,320
41,562
124,067
125,904
127,785
127,837
128,029
128,576
129,054
132,547
131,815
131,991
446,233
446,204
446,398
447,337
448,546
449,767
448,587
447,729
448,843
450,887
1.41
1.40
1.38
1.39
1.38
1.38
1.40
1.34
1.35
1.37
1984
1985
1986
May
July
Sept
Oct r
Nov".
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In November, the producer price index for all finished goods rose 0.5 percent. Prices of finished consumer foods
rose 0.2 percent and prices of other finished consumer goods rose 0.7 percent. Capital equipment prices rose 0.1
percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
140
140
110
100
100
90
COUNCIL OF ECONOMIC ADVISERS
SOUSCE: DEPARTMENT OF 1ABOR
[1982=100; monthly data seasonally adjusted]
Finished goods
Intermediate materials
Total
finished
consumer
goods
Total
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
Nondurable
Capital
equipment
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Toial
Durable
Crude materials
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
125.7
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
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- Nov
Dec
124.3
124.2
126.9
127.7
123.5
123.0
120.3
119.6
128.6
128.9
115.3
114.2
131.8
132.0
122.4
122.1
116.6
116.3
115.3
116.9
116.7
116.3
103.4
101.8
112.7
113.8
93.5
90.4
1994: Jan
Feb
Mar
124.6
125.1
125.3
125.3
125.1
125.2
125.8
126.6
126.0
125.4
126.0
127.2
126.8
127.5
126.9
125.7
125.7
126.2
127.1
126.9
126.7
127.0
123.8
124.5
124.5
124.7
124.8
125.0
125.5
126.3
125.7
124.9
125.6
120.3
121.2
121.1
121.1
121.2
121.4
122.0
122.9
122.1
121.4
122.3
130.0
130.0
130.2
130.5
131.1
131.2
131.6
131,9
131.6
130.3
130.9
114.7
116.0
115.8
115.7
115.5
115.7
116.5
117.7
116.5
116.2
117.2
132.9
133.1
133.4
133.9
134.3
134.4
134.6
135.0
135.2
133.9
134.1
122.4
123.0
123.1
123.0
122.7
122.8
123.4
124.3
123.6
123.1
123.8
116.4
116.9
117.1
117.1
117.2
117.9
118.4
119.1
119.4
119.8
121.1
117.3
118.2
117.8
117.4
116.3
114.8
112.5
113.1
113.6
112.5
112.8
116.4
116.9
117.1
117.1
117.3
118.0
118.7
119.4
119.7
120.2
121.5
103.5
102.1
103.4
103.2
101.7
102.5
102.0
101.6
100.0
99.4
100.4
112.8
113.8
112.5
111.3
107.0
106.2
103.5
102.4
102.6
100.5
102.0
93.7
90.7
93.6
94.1
94.4
96.3
97.2
97.2
94.5
94.9
95.6
1984
1985
1986
June r
July .
Sept
Oct
Nov
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In November, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted (it rose 0.1
percent not seasonally adjusted). The index was 2.7 percent above its year-earlier level.
INDEX, 1982-84 =100 (RATIO SCALE)
INDEX, 1982-84 = 100 (RATIO SCALE]
160 I
SEASONALLY ADJUSTED
150
140
140
CONSUMER PRICES—ALL ITEMS
130
130
120
110
100
100
90
1988
1989
1990
1992
1991
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items 1
Housing
Transportation
Shelter
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
Nov
Dec
1994:
Feb
Mar
Apr
May
July
Aug
Sept
Oct
Nov
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1000
103.9
107 6
109.6
113 6
118 3
124.0
130 7
136.2
1403
144.5
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Pood
Total '
Fuel
and
other
utilities
Apparel and
upkeep
Total !
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
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
77.2
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
145.8
145.8
146.0
146.3
142.6
143.3
142.5
142.8
157.1
157.5
165.8
166.3
161.9
162.4
127.9
127.6
122.4
122.3
134.1
133.9
131.9
131.7
133.1
133.2
96.6
95.3
205.4
206.1
103.6
102.9
154.1
154.4
146.2
146.7
147.2
147.4
147.5
148.0
148.4
149.0
149.4
149.5
149.7
146.3
146.7
147.2
147.4
147.7
148.1
148.6
149.1
149.4
149.5
149.9
143.1
142.7
142.9
143.0
143.5
143.9
144.6
145.2
145.7
145.7
146.0
142.9
143.5
144.0
144.0
144.3
144.4
144.7
145.2
145.4
145.6
146.0
157.8
158.6
159.2
159.3
159.7
159.8
160.2
160.9
161.4
161.8
162.3
166.3
167.0
167.7
167.7
168.4
168.5
168.4
169.2
169.1
169.9
170.4
162.8
163.6
164.3
164.4
164.8
164.8
165.4
166.1
166.9
167.2
167.8
128.9
129.4
129.3
130.2
131.0
131.5
131.3
131.2
131.6
130.8
131.2
121.8
122.9
123.3
122.9
122.8
122.7
122.9
123.1
122.6
122.4
123.0
133.8
133.4
134.0
133.6
134.2
135.0
134.4
133.1
133.0
132.4
132.2
131.4
132.0
132.8
133.2
132.7
133.5
134.8
136.2
136.4
136.1
136.3
133.3
133.9
134.5
135.0
135.4
135.9
136.6
136.9
137.6
137.7
137.4
94.8
96.8
97.0
96.8
95.3
95.6
99.2
102.3
101.4
100.3
100.8
206.7
207.3
207.8
209.1
209.9
210.7
211.6
212.4
213.2
214.5
215.2
102.1
103.7
104.1
103.7
102.7
102.8
104.7
106.2
105.5
104.8
105.5
154.6
155.0
155.5
155.8
156.3
156.7
157.0
157.4
157.7
158.0
158.3
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.
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 seasonal!? adjusted, except as noted by KSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer good*
Consumer goods
Total
finished
goods
Period
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1984
1985
1986
1987
IMS
1989
1990
1991
1992
1993
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
— *
1.6
.2
0.8
2.1
-6.6
4.1
3.1
5.3
8.7
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
1
i!e
-1.4
Change, month to month
1993: Nov
Dec
1994: Jan
Feb
Mar
Apr
May
, '
0.1
1
.3
.4
.2
0
-.2
.1
.5
.6
July
Sept............. . . .
Oct
Nov
-0.2
-.6
.6
.7
-.1
0
.1
.2
.5
.7
—.7
-.6
.7
0.8
.6
—.4
-.3
.6
-.5
g
0
.4
.7
-.2
-.2
.2
-.5
.6
0.6
-.3
1.3
2.6
3.6
2.3
0
<j
1.6
4.9
2.6
-1.3
-1.9
0.3
,2
.7
.2
.2
.4
.3
.1
M
r
.3
.1
-1.0
.1
4.9
5.2
4.2
-1.0
-3.0
-1.0
3.0
5.1
2.7
0
1.0
3.0
5.7
2.3
-2.0
-1.9
g
-.6
-.9
-3.4
-5.5
-2.2
4.5
3.9
1.6
-.3
0
.3
4.6
4.0
4.3
3.0
3.7
3.0
r
2.1
2.1
2.4
'-2.1
-2.6
1.8
4.2
3.6
2.2
2.2
1.6
-1.9
31
-1.6
.5
-.9
-.3
2.1
22
-1.4
8
1.6
1.6
1.8
1.3
1.6
1.9
2.4
1.1
.2
1.4
-4.8
-4.8
-3.6
1.0
1.0
.8
1.5
3.0
2.8
2.8
1.7
.5
1.8
0.8
1.2
2.0
2.0
2.3
3.8
3.8
3.7
'2.6
2.9
2.7
0
-.3
.4
.2
.2
.2
.2
-.4
— .4
.1
.6
1.9
1.4
1.0
1.3
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]
Homing
Transportation
Shelter
All
items *
Period
Food
Tottl1
Total'
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total"
Neilears
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
Addendum: All iterns, percent change
(annua rate)
From
previous
quarter 3
Prom
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1984
1985. . .
1986
1987
1988
1989
1990
1991
1992
1993
.
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
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
0.3
.2
0
.3
.3
.1
.2
.3
.3
.3
.2
.1
.3
0.2
.5
0.2
.2
.1
.4
.3
0
.2
.1
.2
.3
.1
.1
.3
0.3
.3
.2
.5
.4
.1
.3
.1
.3
.4
.3
.2
.3
0.1
.3
0
.4
.4
0
.4
.1
—.1
.5
-.1
.5
.3
4.2
5.1
1.8
5.9
4.6 -5.6
1.6
5.3
2.9
4.7
3.2
5.1
4.0
4.7
2.9
3.7
2.3
2.9
2.5
3.2
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
2.5
3.4
5.9
1.8
2.1
2.3
1.4
3.3
2.3
2.8
-2.4
3.1
-30.7
18.7
-2.1
6.8
36.5
-16.0
1.8
-5.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
0.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
-1.4
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
3.2
0.2
.1
.1
.5
.4
.4
.3
.4
.5
.2
.5
.1
-.2
-1.7
-1.3
5
2.1
.2
-.2
-1.5
.3
3.8
3.1
g
-1.1
.5
0.3
.3
.3
.3
.2
.6
.4
.4
.4
.4
.4
.6
.3
-0.9
0.4
.2
.1
.3
.3
.2
.3
.3
.2
.3
.2
.2
.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
Change, month to month
1993: Nov
Dec
1994: Jan
Peb
Mar
Apr
«»y
June
July
Sept
Oct
Nov
,
1
Includes items not shown
2
Household fuels—gas (pi)
excluded beginning 1983.
24
_ 1
-.3
.1
.1
.3
.3
.5
.4
.3
0
.2
irately.
0.7
0.4 -0.1
.3
-.1
.2 ,-» 4, -.1
.5
.9 -.3
.3
.4
.4
3
.1 -.3
.2 -.1
.4
— 1
.6
0
'.2 -.4
.4
.4
.2 -1.0
-.1
.5
^ -.5
.2 -.2
.5 -.2
.4
electricity, fuel oil, etc.- and motor fuel. Motor oil, coolant, etc.,
0
—.2
g
.5
.6
.3
-.4
.6
1.0
1.0
.1
-.2
.1
^
-.8
1.6
.4
— 4
-1.0
.1
1.8
1.4
-.7
-.7
.7
3.1
1.9
2.8
3.6
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.8
3.3
1.9
1.9
2.5
3.0
2.8
2.5
3.3
3.8
3.6
2.4
2.2
2.4
2.6
2.4
2.4
2.9
2.5
2.3
2.5
3.2
3.3
3.0
2.9
3.0
2.7
2.7
2.5
2.5
2.5
2.4
2.3
2.5
2.8
2.9
3.0
2.6
2.7
PRICES RECEIVED AND PAID BY FARMERS
In November, prices received by farmers fell 0.8 percent from their October level. Prices paid by farmers in
October were unchanged from their July level. (Data are not seasonally adjusted.)
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
120
100
RATKD-"
RAT 0-"
140
140
120
120
BATin
100
80
_^->^ggs
f—
60
1
100
^-^-r—~_-r—^
r^""*-—^ —
~-|
1 1 1 1 t J 1 1 I f 1
I I I I I 1 i r i ii
, ,,i , 1 i1 .. .
1li i i n 1 i i i i i
mill
i oon
1 , 1 1 I!
1 001
—,
,
1 II 1 ll 1 1 1 1 1
80
^^^—^
60
1
1OOX
1OO9
_!/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
,^
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1984
1985
1986
1987
1988.. .
1989
1990
1991
1992
1993
1993:
Nov
Dec
1994- Jan
Feb
Mar
May
July
Au£T
Sept
Oct
1
All farm
products
Livestock and
products
Crops
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
144
145
128
133
158
156
147
148
148
146
142
138
133
137
134
133
132
135
135
132
131
131
127
118
123
122
123
120
159
161
163
161
154
148
147
150
145
143
143
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and3 wage rates. See also footnote 3.
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
All commodities,
services,
interest, taxes,
and wage rates '
164
162
159
162
169
177
183
187
189
195
Production
items, interest,
taxes, and wage
rates
161
156
150
152
159
167
171
172
173
178
Production
items
155
151
144
148
157
165
171
173
174
179
Ratio 2
87
79
77
78
82
83
81
78
74
73
73
74
198
180
181
200
183
184
199
180
181
199
180
180
74
75
75
73
71
69
67
69
67
67
66
NOTE. — The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 197T = 100 base to facilitate comparison with other indexes,
„
~
, . . ,
Source:
Department of Agriculture,
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 rose in November.
Biaioh S OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
3,600
r
1
=—-——-
—"\"~
M3
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
2,800
4,000
3,600
3,200
\
M2
2,800
.-'""'
1
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
-^^
800
, i "•*
_-—•
"
— ^—-^
_
~~
^^
800
Ml
600
600
^
l
400
1 M 1 ! 1 1 1 II
1986
1
-UJJ-L1 M i l l . 1 i ] 1 i I 1 f M 1 i i i n i M ! i i \\ i i 1 1 i i i j i H I M M M t
1987
198?
1990
1991
1988
M M i 1 if M!
1992
i H H M 1 MI
U H M M IM
1993
1994
400
COUNCIL Of ECONOMIC ADVISERS
[Averages of daily figures, except as ftoted; billions of dollars, seasonally adjusted]
Period
1984:
1985:
19861987:
198819891990:
19911992:
1993-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1993: Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr
May
.
.
.
Julv '.
Sept'
Oct '
Nov *
. . . .
Ml
M2
MS
Stun of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMHF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
552.1
619.9
724.5
750.1
787.4
794.7
826.4
897.7
1,024.8
1,128.4
'2,377.9
2,575.0
2,818.2
2,920.1
3,081.4
3,239.8
3,353.0
3,455.2
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
4,183.0
4,232.0
1,113.4
1,122.4
1,128.4
3,548.0
3,560.3
3,567.9
3,573.1
3,569.4
3,583.5
3,592.2
3,596.2
3,589.1
3,603.5
3,597.8
3,596.6
3,591.7
3,593.6
4,205.3
4,219.0
4,232.0
1,133.5
1,138.5
1,142.3
1,141.1
1,142.8
1,146.3
1,153.1
1,151.0
1,152.0
1,148.5
1,147.7
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinaiicisl sectors; data frosn 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
4,236.5
4,210.5
4,219.6
4,230.0
4,229.1
4,229.1
4,250.0
4,243.3
4,248.9
4,257.9
4,265.6
L
M3 plus
other liquid
assets
3,536.0
3,838.9
4,137.5
4,340.2
4,674.6
4,897.3
4,974.8
4,992.9
5,057.1
'5,135.0
5,100.3
5,113.8
'5,135.0
'5,155.5
5,143.7
'5,143.8
'5,165.9
'5,171.8
r
o,160.7
5,186.4
5,179.6
5,175.2
"5,204.0
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
6,011.4
6,902.1
7,785.2
8,544.6
9,315.0
10,045.1
10,690.2
'11,171.1
'11,706.1
'12,335.4
'12,211.4
' 12,268.4
'12,335.4
'12,379.6
' 12,430.4
'12,496.0
'12,555.2
'12,613.6
'12,655.5
12,683.4
12,749.1
12,809.6
'12,860.3
Percent change from year
or 6
months earlier z
Ml
M2
MS
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
3.0
1.6
1.7
12.7
10.2
9.6
2.9
2.2
2.2
8.7
7.9
6.7
5.0
3.6
3.2
3.5
2.2
1.7
1.3
.9
2.3
1.9
2.2
2.5
2.0
1.2
1.7
1.6
.7
-.0
NOTE.—See p. 27 for componentsSource: Board of Governors of the Federal Reserve System.
1
11.1
7.2
8.9
5.3
6.5
3.7
1.4
1.3
.1
1.2
2.0
1.4
2.1
2.3
1.1
1.0
1.2
.5
.6^
1.6
1.4
1.3
1.7
Debt
14.6
14.8
12.8
9.8
9.0
7.8
6.4
4.5
4.8
5.4
5.4
'5.3
5.4
5.2
'5.1
5.3
5.6
5.6
'5.2
4.9
5.1
5.0
4.9
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars '
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
19841985:
1986:
19871988:
1989:
1990:
1991:
19921993:
1993-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1994: Jan
Feb
Mar
...
..
...
May
, •'
July
. 3
...
T
Sept
Oct r
Nov *
156.1
167.9
180.7
196.9
212.2
222.6
246.7
267.1
292.2
321.4
317.6
319.5
321.4
325.2
329.2
332.4
334.8
337.6
340.3
343.2
345.4
347.3
349.9
352.9
243.7
266.6
302.1
287.1
287.2
279.8
277.9
290.0
339.6
384.8
378.4
383.2
384.8
388.3
390.3
390.0
388.9
385.8
386.5
389.1
387.5
388.0
385.9
383.5
147.4
179.8
235.6
259.5
280.9
285.4
294.0
332.8
384.9
414.3
409.5
411.8
414.3
412.0
411.2
411.9
409.3
411.2
411.4
412.5
'409.7
408.2
404.4
402.9
63.0
75.6
83.3
85.7
84.1
80.2
77.3
80.6
80.6
92.3
89.5
90.6
92.3
95.1
93.5
98.5
97.0
100.0
104.2
109.2
110.9
112.5
114.3
113.1
62.5
64.7
85.3
92.0
91.5
108.5
135.0
181.0
201.5
197.0
194.3
194.8
197.0
192.7
176.9
177.4
177.0
169.3
169.5
170.9
169.3
167.9
175.3
175.6
167.9
177.4
209.8
223.5
244.4
320.4
355.5
370.4
352.0
348.8
344.4
347.0
348.8
347.8
343.7
348.4
361.5
3S5.1
359.3
363.5
362.9
362.3
365.0
369.8
1
Includes continuing contract RPs.
Data prior to 1983 arc 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
1,208.8
1,211.9
1,215.5
1,220.3
1,220.9
1,221.9
1,220.7
1,215.9
1,207.2
1,202.5
1,194.8
1,186.6
1,173.4
1,159.9
888.8
885.7
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.4
870.5
785.7
794.9
790.6
785.7
779.5
774.4
771.1
768.6
769.1
770.4
772.6
777.7
783.2
793.6
805.9
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
57.6
416.6
62.4
434.3
431.5
80.6
475.5 106.0
525.5 121.8
99.0
549.1
89.6
489.5
72.5
425.8
360.3
81.1
339.0
96.8
95.9
341.6
95.6
339.4
96.8
339.0
341.8
92.9
91.5
336.5
332.2
94.0
97.9
332.1
96.9
335.0
335.3 100.8
'
101.9
337.7 r
340.7 100.3
346.8 101.3
353.3 101.1
359.4 101.7
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
47.0
45.0
48.9
47.0
46.0
48.1
47.2
47.5
48.6
50.9
51.7
51.7
52.4
53.3
55.0
Shortterm
Treasury
securities
Savings
bonds
Bankers'
acceptances
261.0
74.2
298.3
79.5
280.0
91.8
253.1
100.6
269.3
109.4
325.5
117.5
332.0
126.0
316.2
137.9
332.5
156.6
'329.9
171.7
323.7
170.1
324.6
170.8
r
329.9
171.7
'339.8
172.7
'341.5
173.4
r
344.8
174.1
174.8 r362.0
' 364.6
175.7
'351.9
176.6
'355.4
177.5
178.4 r359.7
344.3
179.0
'1 79.4 ' 347.0
Commercial
paper
45.4
160.7
42.1
207.5
231.3
37.1
44.5
260.6
335.4
40.2
346.5
40.6
355.2
35.9
23.6
334.8
20.6
364.3
14.6
386.8
384.7
16.4
384.1
15.3
386.8
14.6
14.9
391.6
15.3
403.0
15.7
389.6
384.9
'14.2
r
391.0
!1.5
r
!0.6
392.6
'10.8
392.7
'11.3
387.0
12.0
391.0
'11.9 "407.8
NOTE.—Travelers checks of nonbank issuers are a component of money stock but art
here.
Source: Board of Governors of the Federal Reserve Svstem.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; 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:
198519861987:
19881989:
19901991:
1992:
19931993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
1994: Jan
Feb
Mar
May
July
Sept
Oct '
Nov 1 " .
1
. .
26,847
31,451
38,935
38,849
40,396
40,496
41,769
45,532
54,341
60,476
60,320
60,476
60,603
60,763
60,588
60333
59,910
59,708
59,819
59,518
59,483
59,170
59,011
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
60,231
60,394
60,529
60,693
60,533
60,208
59,709
59,374
59,361
59,050
58,996
58,790
58,762
Nonborrowed plus
extended
credit
26,265
30,632
38,411
38,555
39,925
40,251
41,466
45,340
54,218
60,394
60,231
60,394
60,529
60,693
60,533
60,208
59,709
59,374
59,361
59,050
58,996
58,790
58,762
Required
25,992
30,414
37,565
37,803
39,349
39,574
40,105
44,553
53,186
59,413
59,219
59,413
59,155
59,623
59,621
59,181
58,995
58,603
58,712
58,514
58,423
58,366
58,006
Monetary
base
187,224
203,543
223,576
239,775
256,870
267,696
293,157
317,122
350,609
385,855
384,029
385,855
389,613
393,960
397,014
399,198
401,725
404,319
407,043
409,175
411,032
413,332
416,379
Total
3,186
1,318
827
777
1,716
265
326
192
124
82
89
82
73
70
55
124
200
333
458
469
487
380
249
Seasonal
113
56
38
93
130
84
76
38
18
31
75
31
15
15
24
57
134
226
364
445
444
339
164
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 Svstei
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.7 percent in November; commercial and industrial loans rose 0.8
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200 r- ALL COMMERCIAL BANKS
3,600
3,200
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 SECURITIES
400
400
OTHER SECURITIES
-v
200
160
200
160
120
120
1988
1989
1992
1991
1990
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l]
Securities in bank credit
Total
bank
credit
Period
New series:
1988- Dec
1989- Dec..
1990: Dec
1991: Dee
1992: Dec
1993: Dec
2,435.7
2,608.6
2,749.7
r
2,852.5
r
2, 949.6
3,105.8
1993: Nov
Dee
3,091.1
3,105.8
1994: Jan r
Feb p.
Mar r.
Apr ',
May r
June r
July r
Aug r
SeptT r.
Oct
Nov
3,141.8
3,152.7
3,178.1
3,206.2
3,212.2
3,224.4
3,259.6
3,269.6
3,278.7
3,286.6
3,296.1
Loans and leases in bank credit
Real estate
U.S.
Government
securities
Other
securities
Total
loans and
leases 2
Commercial and
industrial
633.8
743.4
839.6
911.9
367.1
400.0
455.6
563.9
663.3
727.2
195.3
184.5
178.2
179.5
176.3
184.7
1,873.3
2,024.1
2,115.9
2,109.1
r
2,110.0
2,193.9
607.9
639.0
640.0
903.1
911.9
720.8
727.2
182.2
184.7
941.7
942.9
959.9
976.5
972.9
975.6
979.5
971.4
967.2
957.5
950.6
732.4
731.8
746.6
757.4
750.8
751.8
751.5
746.3
740.1
727.9
719.9
209.4
211.1
213.3
219.1
222.1
223.8
228.0
225.1
227.1
229.7
230.7
Total
securities
562.4
584.5
r
Revolving
home
equity
Other
Consumer
Security
192.1
195.4
192^8
190.5
192.1
r
190.9
Other
40.1
50.3
62.3
69.6
73.6
73.2
634.5
719.3
792.2
809.3
826.8
867.7
357.7
378.2
383.5
618.6
594.2
583.3
769.6
854.5
878.9
r
900.3
940.9
366.4
358.7
391.1
41.0
41.9
45.2
54.7
64.6
87.7
2,188.1
2,193.9
584.2
583.3
933.8
940.9
73.5
73.2
860.3
867.7
388.4
391.1
88.2
87.7
193.6
' 190.9
2,200.1
2,209.8
2,218.2
2,229.6
2,239.4
2,248.9
2,280.1
2,298.2
2,311.5
2,329.1
2,345.5
588.3
590.6
595.2
602.0
607.1
610.2
618.7
623.3
627.7
633.8
639.1
942.9
942.4
943.2
946.4
948.9
956.0
962.7
971.4
978.9
983.7
990.1
73.0
73.2
73.3
73.4
73.7
74.1
74.2
74.4
74.7
75.0
75.6
869.8
869.2
869.9
873.0
875.2
881.9
888.5
897.0
904.1
908.6
914.5
394.3
398.0
402.5
408.8
412.3
416.0
424.0
430.1
434.9
441.9
444.7
81.1
82.3
83.4
77.0
77.5
76.2
77.7
75.1
69.2
72.1
73.3
193.6
196.5
193.9
195.4
193.6
190.4
197.0
198.3
200.8
197.7
198.3
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies, and foreign-related institutions. Data are adjusted for breaks caused by reclassifications of
assets and liabilities.
28
Total
674.5
3
Excludes Federal funds sold to, reverse repurchase agreements fRPs) with, and loans to commercial banks in the United States,
NOTE.—'Data for new series not yet available prior to 1988.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Credit market funds
l
Total
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 *
1992: I
n
m
1993:
IV
I rr
n r
m.
IV
1994: l rr
n
m"
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
511.3
493.9
538.8
564.7
634.2
567.8
535.5
471.7
560.6
557.4
336.3
351.9
336.7
375.9
404.3
399.6
411.6
426.0
438.4
462.3
175.0
142.0
202.1
188.8
229.9
168.2
123.9
45.7
122.2
95.1
118.9
84.7
148.1
89.3
95.0
68.0
48.3
8.7
67.9
67.1
13.2
65.1
39.9
-4.7
-37.5
20 0
96.2
67.0
81.2
124.4
71.5
83.0
49.4
99.7
105.5
68.3
-87.5
.9
-14.1
56.1
57.2
54.1
99.5
134.9
100.2
75.6
37.0
54.2
27.9
495.4
467.2
501.7
492.4
575.8
509.4
488.7
435.4
527.8
523.4
391.6
370.2
344.2
361.5
391.0
401.1
402.8
379.8
386.0
440.4
103.8
97.0
157.5
130.9
184.8
108.3
85.9
55.6
141.8
83.0
16.0
26.7
37.1
72.4
58.4
58.4
46.7
36.4
32.8
34.0
541.3
570.7
531.2
598.9
443.4
548.8
600.5
636.8
653.7
656.8
664.6
434.3
432.9
440.7
445.6
436.4
450.7
476.4
485.7
107.0
137.8
90.5
153.3
7.0
98.1
124.1
151.1
150.8
156.4
161.5
81.6
78.4
39.4
72.2
27.5
80.6
78.6
81.7
110.3
114.4
75.9
94.3
95.3
31.0
47.2
83.9
67.9
102.0
71.1
12.5
36.6
-23.6
-12.7
-16.9
8.4
25.0
-56.4
12.7
-23.4
10.6
97.8
77.8
99.5
25.5
59.4
51.1
81.2
-20.6
17.5
45.6
69.4
40.6
42.0
85.6
512.8
528.7
522.6
547.0
426.1
530.4
550.0
587.2
648.9
652.0
646.2
362.1
389.2
394.1
398.7
424.7
441.5
444.1
451.2
474.7
520.7
535.2
150.7
139.5
128.5
148.3
1.4
88.9
105.9
136.0
174.2
131.3
111.0
28.4
42.0
8.6
51.9
17.3
18.4
50.5
49.5
4.8
4.8
18.3
502.9
500.4
503.1
55
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Soon*: B<"rd »' Governors of the Federal Reserve Svstem.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Other 2
Net change in installment credit outstanding '
Total
Automobile
Revolving
Other 2
1984:
1985:
1986:
1987:
1988:
1989:
1990:
19911992:
1993:
Dec
Dec
Dec
Dec
Dec 3
Dec
Dec . .
Dec
Dec
Dec
442,602
517,659
572,006
608,675
662,553
717,200
734,898
728,389
731,098
794,300
173,564
210,238
247,772
266,295
285,364
291,531
283,072
259,594
257,678
282,036
100,280
121,758
135,825
153,064
174,269
199,162
223,517
245,281
257,304
287,875
168,758
185,664
188,408
189,316
202,921
226,508
228,309
223,514
216,117
224,389
73,636
75,057
54,347
36,669
53,878
<4>
17,698
6509
2,709
63,202
30,004
36,674
37,534
18,523
19,069
(4)
-8,459
23478
-1,916
24,358
21,192
21,478
14,067
17,239
21,205
(4)
24,355
21,764
12,023
30,571
22,440
16,906
2,744
908
13,605
(4)
1,801
-4,795
-7,397
8,272
1993:
Oct
Nov
Dec . .
779,316
786,101
794,300
278,168
280,861
282,036
280,985
285,110
287,875
220,163
220,130
224,389
7,145
6,785
8,199
4,989
2,693
1,175
1,972
4,125
2,765
184
-33
4,259
1994:
Jan
Feb
Mar
798,844
802,720
813,750
823,342
836,936
847,715
854,469
869,628
879,961
891,581
283,134
284,447
288,663
293,018
298,278
303,526
305,193
309,721
315,162
318,069
290,165
292,604
296,710
301,260
305,528
309,472
313,591
321,365
322,823
327,710
225,545
225,668
228,376
229,064
233,130
234,717
235,685
238,542
241,976
245,802
4,544
3,876
11,030
9,592
13,594
10,779
6,753
15,159
10,333
11,620
1,098
1,313
4,216
4,355
5,260
5,248
1,666
4,528
5,441
2,907
2,290
2,439
4,106
4,550
4,268
3,944
4,119
7,773
1,459
4,886
1,156
123
2,708
688
4,066
1,587
968
2,857
3,434
3,827
May
July
Sept
Oct
r
1
For year-end data, change from preceding %'ear-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Short-term interest rates rose in December, while long-term interest rates declined.
PERCENT PER ANNUM
PERCENT PER ANNUM
12
CORPORATE Aoo 8ONDS
{MOODY'S}
\*
\
\
/
\
\
/
V- J
/-'
/
10
\
\,
\
\
/\
-''"''
X
~~-~
/--~
\
8
TREASURY
BILLS
""
/
x..
J
\~l
—'
DISCOUNT
RATE
\
....,~"-"/
1
6
FEDERAL
RESERVE
''--
A
/P
SANK OP
NEW YORK
\
__™_|.
fa 1 1 1 ! t | M I 1
! ! I I 1 i i t i 1 t JJ_UjXi 1 1 I 1- i i H i I I M t !
I 1 1 i 1 i 1 ! 1 11
1989
1988
1987
1986
1991
1990
1 II M ! ! i t )1
1992
1 i ! I !
i 1! H
4
2
1993
SOURCE, sre TABLE setc
[Percent; per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) 1
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard3 £
Poor's)
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months '
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged by
banks*
Kew-home
mortgage
yields
(FHFB)S
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- Dec
3.08
4.54
5.77
5.35
6.93
3.40
3.00-3.00
6.00-6.00
6.92
1994- Jan
Feb
Mar
3.02
3.21
3.52
3.74
4.19
4.18
4.39
4.50
4.64
4.96
5.25
5.64
4.48
4.83
5.40
5.99
6.34
6.27
6.48
6.50
6.69
7.04
7.44
7.70
5.75
5.97
6.48
6.97
7.18
7.10
7.30
7.24
7.46
7.74
7.96
7.81
5.30
5.44
5.93
6.28
6.26
6.14
6.19
6.19
6.33
6.50
6.96
6.77
6.92
7.08
7.48
7.88
7.99
7.97
8.11
8.07'
8.34
8.57
8.68
8.46
3.30
3.62
4.08
4.40
4.92
4.86
5.13
5.19
5.32
5.70
6.01
6.61
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
4.00-4.00
4.00-4.00
4.00-4.75
4.75-
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
7.75-7.75
7.75-7.75
7.75-8.50
8.50-
6.95
6.85
6.99
7.31
7.43
7.62
7.71
7.67
7.70
7.76
7.81
5.44
5.83
5.76
5.59
5.56
7.62
7.64
7.73
7.74
7.89
7.79
7.82
7.82
6.89
6.86
6.73
6.73
8.57
8.47
8.46
8.45
6.30
6.58
6.67
6.63
4.75-4.75
4.75-4.75
4.75-4.75
4.75-4.75
4.75-
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
. .. .
May
July
Sept
Oct
Nov
Dec*
Week ended:
1994- j)ec 3
10
17
24
31 *
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
6
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 fell in December.
INDEX, DEC. 31,1965=50 (RATIO SCALE]
300
280
INDEX, DEC. 31,1965=50 (RATIO SCALE)
300 f
260
^_~—^
X
'
-^
/—>~_-—•/
220
^—-<•-
y"-^
rS\
/
\
. . *J\
Vj
/""
S^~
240
'
XT-7zn:
\
200
160
(NVSE)
,
~l
)
120
100
80
1111j i 11111
1 1 M 1 1 M 1 1 1
1986
1987
1 1 1 1 1 M
1 1 1 1
1 ! 1 1 1 1 1 I 1 1 !
1988
1 1 1 1 1 1 1 M
1989
1 1
1 1 1M
Mill
JJ. 1 U
1991
1990
I1 11 1
|
1 Iiii M |ii1
M 1111 1 M 1t
1993
1992
PERCI:NT
20
PER CENT
20
15
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
IS&P1
10
•
5
0
1
1 L
1986
—"---—p—X-—
.— — -
•— ^
/I
!
!
1987
',
1
!
1988
i
i
l
l
1989
I
S
10
,
_____ _
5
1
!
1
1
^_ i
1991
1990
\ i
1992
I
1
1994
Common stock prices l
Period
Industrial
Transportation
Utility s
1984
198S
1986
1987
1988
1989..
..
1990
1991
1992
1993
1993- Dec
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
257.73
313.22
268.11
1994:
262.11
261.97
257.32
247.97
249.56
251.21
249.29
256.08
257.61
255.22
252.48
248.39
320.92
322.41
318.08
304.48
307.58
308.66
307.34
316.55
322.19
321.53
319.33
313.44
278.29
276.67
265.68
250.43
244.75
246.64
244.21
244.67
239.10
230.71
r
227.45
218.64
247.96
246.15
247.76
250.49
312.93
310.13
312.17
316.57
222.80
218.98
215.96
218.67
Jan
Feb
Mar
May
July
Week ended:
1994- Dec 3
10
17
24
...
* Average of daily closing prices.
Includes ail the slocks (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.
* Includes 30 stocks.
5
Includes 500 stocks.
2
3
Common stock yields
(percent) •
New York Stock Exchange indexes (Dec. 81, 196S=50, except as
noted) 2
Composite
0
!
1993
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW TO«K jTOCK EXCHANGE AN 3 STANDARD & POOR'S COLORATION
Sept
Get
Nov.
Dec*
SO
1994
Finance
Dow-Jones
industrial
average *
Poor's
composite
index
094143 = 10)5
Dividendprice ratio
Earningsprice ratio
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
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
229.95
216.00
3,744.10
465.95
2.72
4.69
225.15
220.85
215.45
210.08
205.77
206.54
205.46
211.26
204.60
203.35
200.13
200.15
218.71
217.12
211.02
208.12
211.30
215.89
210.91
214.77
211.90
203.33
198.38
195.18
3,868.36
3,905.62
3,816.98
3,661.48
3,707.99
3,737.58
3,718.30
3,797,48
3,880.60
3,868.10
3,792.43
3,763.61
472.99
471.58
463.81
447.23
450.90
454.83
451.40
464.24
466.96
463.81
461.01
454.66
2.69
2.70
2.78
2.90
2.89
2.84
2.87
2.78
2.80
2.82
2.86
2.91
199.60
199.59
201.49
200.11
194.48
193.64
194.86
197.01
3,732.77
3,720.05
3,750.53
3,801.60
453.05
4S0.01
453.75
458.82
2.91
2.93
2.91
2.90
5.09
5.67
5.91
6
Standard & Poor's series. Dividead-priee 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 two months of fiscal 1995, there was a deficit of $69.9 billion, compared with a deficit of $83.8 billion
a year earlier.
BILLIOr-IS OF DOLLARS
BILLIONS OF EXDLLARS
1,600
1,600
RECEIPTS AND OUTLAYS ^
!,500
1,500
~- " "~ ~" "~
1,400
1,400
1,300
1,300
,'i"~
1,200
^^
---"""
1,100
----""''
1,000
— -T-
_^-—"**"
900
1,200
^^^
~~"
1,100
"
1,000
RECEIPTS^
900
^^~~^
800
800
•"*~
700
700
1
600 /I
I
_
1
1
1
i
1
1
I
N 600
V
N
0
0
-100
-100
—• "***^'
-200
-300
-400
^""""""--^
^
A
1
V
1986
^
^
1
1987
1
1988
1
1989
1
1990
1
1991
1
1992
1
1993 1994
-^ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
"
200
-~~~^
-300
1
1995
N -400
^
COUNCIt OF ECONOMIC ADVISE8S
[Billions of dollars]
On-budget
Total
Fiscal year or period
Receipts
1976
1977
.. ..
1978
1979
.. ..
1980
1981
.
.. .
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
...
. ..
1993 1
1994 *
1995 (estimates)
Cumulative total, first 2
months: 1
Fiscal year 1994
Fiscal year 1995
Outlays
Surplus
or deficit
(-)
Receipts
Receipts
Held by
the public
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
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
335.0
353.9
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
55.7
61.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.3
4,001.9
4,351.3
4,644.0
4,953.0
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.4
3,432.4
3,633.5
47.2
49.2
48.3
51.8
11
-2.6
4,436.4
4,727.1
3,322.4
3,505.6
73 7
-53.7
59 2
-40.2
73 8
.-79.0
1280
-207.8
1854
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
72 7
-74.0
-120.1
-208.0
185 7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.5
1,460.6
1,521.4
212 3
-221.2
149 8
- 155.2
1525
-221.4
-269.5
-290.4
-255.3
2034
-167.1
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.3
922.2
1,000.5
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,141.9
1,181.2
1,229.4
-221.7
2380
-169.3
1940
-205.2
-278.0
-321.7
-340.5
-300.7
-259.0
2290
161.8
176.7
245.6
246.6
83 8
-69.9
114.6
127.5
197.3
194.8
82 7
-67.3
-38.2
Total
3g
-3.9
-4.3
20
— 1.1
50
-7.9
.2
.3
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
705
-49.8
54 9
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
279.4
292.0
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.2
1,257.2
1,354.3
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1995 are from Mid-Session Review of the 1995 Budget issued July 14,
32
Outlays
Off-budget
Surplus
or deficit
(-)
1994. Other data (except as noted) are from Budge.1 of the United States Government, Fiscal Yec
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 two months of fiscal 1995, receipts were $14.9 billion higher than a year earlier and outlays were $1.0
billion higher.
BILIO>)S OF DOUARS
700
RECEIPTS^
600
BIUJONS OF D!DLLARS
700
600
500
500
400
~~
400
\
300
300
INCOME JAXES
200
OTHER RECEIPTS
TAXES AND CONTRIBUTIONS
200
\
100
100
1
0
1,300
.
1
1
f
1
I
.
i
I
1
OUTLAYS*17
1,200
0
1,300
__—~
1,200
1,100
NONDEFENSE
\
>,'"'
1,000
900
1,100
--'"
1,000
900
—— •••"""'^
800
800
"
700
700
600
600
500
500
NATIONAL DEFENSE
400
300
200
,
400
\
V
i
1986
l
i
l
1987
1988
300
i
1989
i
1990
^ INCLUDES ON-BUDGET AND Of F-BUDGET HEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
i
1991
i
1992
i
1993
I
N
200
1995 N
1994
FISCAL YEARS
COUNCIL Of ECONOMiC ADVISERS
[Millions of dollars]
On-budget and off-budget outlays
Oil-budget and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
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
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.2
1,257.2
1,354.3
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
542.7
603.1
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
140.4
144.0
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
461.5
489.3
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
97.7
112.6
117.9
161.8
176.7
75.3
80.7
4.4
5.0
65.5
70.1
16.6
21.0
Fiscal year or period
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985 .
1986
1987
1988
1989
1990
1991
1992
1993 '.
1994 1
....
Cumulative total, first 2 months:1
Fiscal rear 1994
Fiseai year 1995
1
National defense
Social
insurance
taxes
and
contributions
Other
Data Irom Monthly Tnatun/ Statement,
NOTE.—Data for fiscal 1895 are from Uid-Sanm Rmex of Out 19» Budget issued July 14,
1994. Other data (except as noted) are from Budget of the United Slates Government, Fiscal Year
Income
security
Social
security
Net
interest
Other
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.6
106.5
118.6
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
130.6
144.7
160.8
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.3
214.0
220.1
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
319.6
337.8
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
203.0
224.4
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.8
174.1
171.5
18.0
18.2
22.2
23.8
34.1
31.4
51.1
53.3
33.3
36.9
33.0
35.3
Department of
Defense,
military
International
affairs
Health
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87,9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
946.4
990.3
1,003.9
1,064,1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.5
1,460.6
1,521.4
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
281.5
270.3
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
268.6
258.8
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
16.8
17.2
17.9
245.6
246.6
47.3
41.2
44.9
39.1
6.7
6.5
Total
Total
Medicare
19SS, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1994, according to revised estimates, Federal receipts rose $8.1 billion (annual rate) and
Federal expenditures rose $16.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
1,400
1,000
200
-400
1987
1988
1989
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCiLOF ECONOMIC ADViSERS
[Billions of dollars; quarterly data at seasonally adjusted annua! rates]
Federal Government receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
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
1,166.5
1,219.9
1,212.7
1,263.7
1,272.7
1,313.6
1,337.4
1,380.7
1,388.8
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
489.2
511.6
497.2
519.8
527.5
536.8
550.2
571.1
566.9
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
103.2
122.6
132.1
141.8
140.2
157.8
151.8
166.3
172.4
79.9
81.3
84.6
49.2
55.4
58.2
56.8
54.8
59,5
81,4
62.2
67,1
82,9
80.2
83.8
81.9
83.5
82.3
90.7
90.4
90.4
91.9
465.0
491.9
517.8
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
493.9
501.9
501.6
518.6
522.7
528.3
545.1
553.0
557.6
1,331.6
1,460.9
1,507.0
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
1,460.4
1,492.0
1,496.2
1,500.6
1,497.6
1,533.7
1,513.7
1,525.9
1,542.8
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
452.9
454.8
446.9
445.2
442.7
439.8
437.8
435.1
444.3
522.2
625.3
658.0
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
586.2
624.8
643.1
644.8
652.8
660.2
674.1
671.5
676.2
683.0
Total
.
n ..
in
IV .
1994- I
n
Ill '
.
. .
Source: Department of Commerce, Bureau of Economic Analysis.
34
Contributions
for
social
insurance
Total
Purchases
Surplus
or deficit
(-),
national
income
and
product
accounts
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
0.0
.0
.0
189.2
-276.1
254.4
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
174.6
176.6
176.7
182.9
187.8
197.0
190.0
194.4
200.3
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
186.6
183.1
182.5
184.8
183.6
183.5
179.3
188.8
194.4
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
21.5
34.5
45.2
35.1
23.3
39.3
35.1
31.3
20.9
— .1
.0
.0
.0
.0
.6
.0
.0
2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-202.9
282.7
-241.4
— 183.4
184.6
-186.8
187.2
-177.5
- 152.7
134.9
-141.5
191.0
-245.8
293.9
-272.1
2835
-237.0
-224.9
— 220.1
-176.2
— 145.1
-154.0
Grantsin-aid
Transto
fer
State
payand
ments
local
governments
Personal
tax and
nontax
receipts
Period
Fiscal year:
1991
1992 ....
1993
Calendar year:
1991
1992
1993 ....
1982- IV
1983- IV
1984- IV .
1985- IV
1986- IV..
1987- IV
1988- IV
1989- IV ..
1990- IV
1991- IV .
1992- in
IV .
1993- I
Federal Government expenditures
Less:
Wage
accruals
less
disbursements
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100; NSA)
Industrial production (1987=100; seasonally adjusted)
Period
United
States
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 *
1993- Sept
Oct
Nov..
Dec
1994- Jan
Feb
Mar
May
July
Sept
Oct
Nov*
1
Canada
•lapan
92.8
94.4
95 3
100.0
104.4
106.0
106.0
104.3
107.6
112.0
91.0
96.1
95.4
100.0
105.3
105.2
101.7
97.5
98.4
103.2
112.5
112.7
113.7
114.7
104.4
104.4
104.8
104.6
r
114.7
115.6
116.6
116.7
117.4
118.0
118.2
119.1
' 119.0
r
119.6
1202
105.1
104.8
106.3
107.7
108.8
109.9
r
110.5
r
r
l!1.8
111.4
France
93.5
96.9
96.7
100.0
109.4
115.7
120.6
122.9
115.8
111.0
l!1.4
r
108.2
' 109.7
r
109.0
109.5
109.0
113.7
111.2
110.1
113.0
111.9
116.4
' 114.2
113.5
Germany
Italy
97.1
97.2
98.0
100.0
104.6
108.9
111.0
111.0
109.7
105.6
93.5
97.7
99.6
100.0
103.9
108.8
114.5
117.9
115.6
107.2
92.9
96.2
100.0
105.9
109.2
109.4
108.4
108.2
105.4
106.7
' 106.4
r
107.1
' 106.6
107.9
107.4
106.7
107.3
104.3
104.9
104.2
104.5
'
'
'
'
'
105.4
107.5
108.0
109.9
109.8
103.4
105.1
105.5
111.7
107.5
109.4
111.6
116.8
112.0
r
107.3
107.4
107.9
110.2
110.7
110.4
r
r
r
!11.6
113.3
'r 110.3
l!2.3
r
112.3
111.9
m.5
United
Kingdom
United
States '
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
104.5
105.0
105.1
106.6
106.1
' 107.2
107.9
107.4
' 109.5
109.9
91.8
r
110.1
' 110.6
' 110.9
r
l!2.1
112.2
113.4
Data relate to alt urban consumers.
Canada
Japan
France
United
Kingdom
Italy
Germany
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
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
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
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
145.1
145.7
145.8
145.8
148.2
148.4
149.1
148.8
119.3
119.2
118.5
118.6
144.0
144.3
144.4
144.3
126.1
126.4
126.7
126.9
187.4
188.6
189.5
189.5
166.7
166.6
166.4
166.7
146.2
146.7
147.2
147.4
147.5
148.0
148.4
149.0
149.4
149.5
149.7
148.8
147.7
147.6
147.6
147.3
147.6
148.2
148.3
148.4
148.2
149.0
118.7
118.7
119.3
119.5
119.6
119.2
118.6
119.2
119.5
120.0
144.5
144.9
145.2
145.6
145.9
145.9
145.9
145.9
146.3
146.7
146.7
128.0
128.5
128.7
129.0
129.3
129.5
129.6
129.7
129.8
129.9
130.0
190.6
191.3
191.7
192.2
192.9
193.3
193.6
194.2
' 194.7
195.8
196.5
166.0
167.0
167.4
169.4
170.0
170.0
169.2
170.0
170.4
170.6
170.7
104.8
102.7
Source: National sources as reported by Department of Commerce (Bureau of Economic Analys
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: Exports (f.a.s. value)
Period
BOP
basis
Total,
Census
basis 2
Foods,
feeds,
and
bever-
Industrial
supplies
and
als
ages
als
Exports
Imports
71.8 78.2
84.5 85.2
101.4 87.7
113.3 86.1
116.4 87.3
120.7 85.7
134.3 91.8
152.4 102.4
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
86.1
97.8
110.0
126.8
147.2
163.2
176.6
184.8
79.8
90.2
97.9
101.9
117.0
117.6
120.9
128.0
8.9
8.9
8.7
11.7
11.5
11.3
15.7
15.1
15.8
11.1
11.1
11.2
8.7 11.6
15.1
15.4
8.8 11.5
9.5 11.3
16.3
9.5 11.8 r!5.6
9.5 12.1 '16.0
10.2 . 12.1 16.3
16.2
9.9 12.0
11.1 12.5 r!6.2
9.9 12.6
16.5
10.2 12.7
16.4
11.0
11.5
11.8
r
!0.8
r
!0.9
440.4
456.9
448.2
465.1
39.4
39.4
41.0
40.0
40.1
41.7
3.5
3.5
3.7
9.9
9.6
9.6
15.5
15.5
16.9
4.5
4.7
4.5
4.6
4.9
4.7
51.9
50.9
50.1
50.8
50.0
49.4
2.6
2.3
2.3
12.5
12.3
11.5
13.6
13.3
13.9
38.5
37.4
42.1
40.4
40.3
June .... 42.0
40.1
July
44.1
Aug
Sept '.... 43.6
Oct
43.3
39.2
38.1
42.8
41.1
41.1
42.8
41.0
45.1
44.4
3.3
3.2
3.4
3.1
3.3
3.1
3.1
3.7
3.7
3.9
9.0
8.7
10.6
9.6
9.9
9.8
10.3
10.7
10.3
10.5
16.0
15.3
17.3
16.7
16.6
17.7
16.3
17.7
17.8
16.9
4.4
4.5
4.5
4.9
4.7
4.8
5.1
50.5
51.0
53.5
53.7
54.5
56.0
56.1
58.2
58.0
58.3
50.1
50.2
52.4
53.1
54.0
55.8
55.8
57.9
57.8
58.0
2.4
2.4
11.7
11.9
12.7
12.8
13.2
14.0
14.4
14.7
14.3
13.9
14.1
14.0
14.5
14.7
14.9
15.1
15.2
15.3
16.5
16.6
1994: Jan
Feb
Mar
Apr
May
44.3
21.7
24.6
29.3
34.8
Foods
feeds,
and
421.7
254.1
75.8
86.2
109.2
138.8
152.7
166.7
175.9
181.7
Total,
Census
basis z
37.4
40.0
47.0
52.4
4.4
4.8
4.7
4.5
4.7
4.3
5.2
5.0
5.0
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
14.2
368.4
17.7 409.8
23.1 447.2
36.4 477.4
43.3 498.3
45.9 491.0
51.4 536.5
54.7 589.4
4.9
5.3
5.2
5.4
101.3
473.2
495.3
488.5
532.7
580.7
24.4
24.8
24.8
25.1
26.6
26.5
27.5
27.9
365.4
406.2
441.0
2.5
2.5
2.5
2.6
2.6
2.7
2.7
2.7
111.0
118.3
132.3
143.2
131.6
138.6
145.6
BOP basis
Auto- ConCap- motive sumer
ital
vehi- goods
(nongoods cles,
food)
except parts
autoand
except
automotive
engines motive
389.3
362.1
227.2
57.3
66.7
85.1
99.3
104.4
109.7
109.1
111.8
BOP
basis
Indus
trial
supplies
and
416.9
1993: Oct
Nov
Dec
1
2
Auto- ConCap- motive sumer
ital
vehi- goods
(nongoods
cles,
except parts
food)
autoand
except
motive
enautogines motive
22.3
24.3
32.3
37.2
35.1
35.7
40.3
40.6
223.3
250.2
320.2
Balance of trade
(exports minus imports)
Census basis (by end-use category)
322.4
363.8
393.6
1986
1987
1988
1989
1990
1991
1992
1993
Services
(BOP basis}
Goods: Imports (customs value)
Census basis (by end-use category) >
r
r
ll.l
!1.2
r
ll.l
11.4
11.5
Goods,
Census
basis
Goods
138 3 — 145.1
-152.1 — 159.6
— 118.5 -127.0
— 109.4 — 115.2
-101.7 — 109.0
— 66.7 — 74.1
-84.5 —96.1
— 115.6 — 132.6
-10.8
-9.9
-7.8
-12.5
-11.5
-9.1
Serv-
Goods
and
services
6.3 — 138.8
7.6 — 152.0
12.1 — 114.8
24.9 — 90.3
30.2 -78.8
45.6 -28.5
55.7 —40.4
56.9 — 75.7
4.6
4.0
4.6
-7.9
-7.5
-4.5
-7.8
-10.9 — 12.0 4.1
-9.6
-12.1 -13.5
3.9
-6.9
-9.6 — 11.4 4.5
-12.0 -13.3 '4.8 rr-8.6
-12.9 -14.3 '5.1 -9.2
— 13.0 -14.0 r5.2 r-8.8
-14.8 r-16.0 r5.0 ' — 11.0
-12.8 — 14.1 r5.0 r-9.1
-9.4
-13.4 -14.4
5.1
-13.7 -15.0 4.9 -10.1
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 third quarter of 1994, the merchandise trade deficit rose to $44.6 billion, from $41.6 billion in the second
quarter. The current account deficit rose to $41.7 billion, from $37.9 billion in the second quarter.
BILLIONS OF DOLLARS •
BILLIONS OF DOLLARS
15
15
1993
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
1994
ODUNOL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise l
Period
Net
military
transactions 2 "
Net
travel
and
transportation
receipts
Exports
Imports
Net
balance
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
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
74068
-96,097
132 575
-844
112
-563
-2,547
-4,390
-5,181
3 844
-6,315
6726
-7,567
5485
-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
1992: in
IV
109,546 -136,906
113,744 - 140,080
-525
-1,277
5,138
5,005
1993- I
111,664
140 855
113,787 - 147,514
111,736 -148,224
119,679 -152,848
-27,360
-26,336
29 191
-33,727
36488
-33,169
105
-128
87
-444
1994- I r
118,018 - 154,980
122,683 -164,315
127,817 -172,450
-36,962
-41,632
-44,633
-337
177
376
n
in
rv
n
in '
Investment income
Services
Balance
on goods
and
services
Other
services,
net
Net
Balance
on goods,
services,
and
income
Unilateral
transfers,
net 4
Balance
on
current
account
86,529
86,200
84,778
104,075
92,760
90,858
99,239
127,414
152,517
160,300
136,914
114,449
113,856
-53,626
-56,412
-53,700
-74,036
-73,087
-79,095
-91,302
-115,806
-138,858
-139,574
-122,081
— 109,909
-109,910
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
24977
-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
9,960
9,262
-12,787
- 13,346
27,864
26,158
-26,644
-26,887
1,220
729
-11,567
- 14,075
-7,040
10308
-18,607
-24,383
5,307
5,565
5,230
4,740
9,567
9,221
9,087
8,897
— 14,422
- 19,070
-22,258
-19,976
27,727
28,801
28,513
28,816
-25,872
— 28,135
-26,498
— 29,406
1,855
668
2,015
-590
- 12,567
-18,402
-20,243
20566
-7,283
-7,200
-7,613
-10,021
-19,850
— 25,602
-27,856
-30,587
4,098
5,344
4,843
8,874
9,465
9,903
— 24,328
-26,646
-29,511
29,888
31,878
35,399
30699
811
-34,687 -2,809
-39,347 -3,948
-25,139
-29,455
-33,459
7 178
-8,451
— 8,263
-32,317
-37,906
-41,722
1
3
4
Adjusted from Census data for differences in timing and coverage; excludes military.
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures
(imports).
Payments
on foreign
assets in
U.S.
12,552 -16,172
13,209 -24,156
14,095 -57,796
14,277 - 109,200
122 095
14,266
18,855 - 138,789
17,900
151 981
19,961 — 114,824
26,558
90345
28,811 -78,810
28472
33,124
37,862 -40,384
75725
36,773
2
36
Receipts
on U.S.
assets
abroad
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.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $3.5 billion in the third quarter
of 1994, in contrast to a decrease of $15.2 billion in the second quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $16.8 billion in the third quarter, following an
increase of $25.5 billion in the second quarter.
BIU1ONSOF DOLLARS'
BILLIONS OF DOLLARS •
100
A ,/\i i - •
, \
80
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
I \ /
60
A
/ \
40
20
-20
-40
-60
1984
• SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capifc
)
Period
Total
1981
1982
1983
1984
1985
1986
1987 ...
-114,147
122 335
-58,735
34917
-39,225
-104,818
-71,443
1988
-99,360
1989
-168,744
1990
-70,363
1991
-51,512
1992
-61,510
1993
-147,898
1992: m .... - 10,806
IV
-29,395
1993: I
-12,659
35966
-35,651
IV
63622
1994: I r
-48,236
n ..... -7,031
m"... -20,394
n
m ....
U.S.
official
reserve
assets 3 5
-5,175
4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
25293
-2,158
5,763
3,901
-1,379
1,952
1,542
-983
822
-673
-59
3,537
-165
Other U.S.
Government
assets
-5,097
-6,131
-5,006
-5,489
-2,821
-2,022
1,006
2,967
1,259
2,307
2,900
-1,652
-306
-394
-701
488
-281
-192
-321
490
462
-118
Foreign assets in the U.S., net
[increase/capital inflow (+)]
U.S.
private
assets
-103,875
-111,239
-52,533
-26,298
-32,547
-103,109
-81,597
-98,414
-144,710
-70,512
-60,175
-63,759
-146,213
-12,364
-30,236
-12,164
-36,507
-34,915
-62,628
-48,667
-11,030
-20,111
Total
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
29,935
42,581
16,772
51,829
71,934
90,162
95,078
49,257
67,439
5
Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets *
Other
foreign
assets
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
-7,417
6,363
10,968
17,492
19,259
23,962
11,530
8,925
17,496
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
37,352
36,218
5,804
34,337
52,675
66,200
83,548
40,332
49,943
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
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
-522
11,197
15,737
9,739
-8,427
4,047
-14,525
4320
-5,323
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
-6,375
966
6,105
435
-6,643
103
5,810
639
-6,919
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,751
71,323
73,442
78,527
71,323
74,378
73,968
75,835
73,442
76,809
75,732
78,532
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
f*ge
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
Nonflnancial 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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