Full text of Economic Indicators : July 1992
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102d Congress, 2d Session
Economic Indicators
JULY 1992
(Includes data available as of August 4, 1992)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
-D..R-
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1992
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V, ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member
PAUL WONNACOTT, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
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TOTAL OUTPUT, INCOME, AND
GROSS DOMESTIC PRODUCT
!n the second quarter of 1992, according to advance estimates, current-dollar gross domestic product (GDPJ rose
3.7 percent (annual rate) or $53.4 billion. Real GDP (GDP in 1987 dollars) rose 1.4 percent and the implicit price
deflator rose 2.4 percent. (Series revised.)
BILLIONS OF DOLLARS (RATIO SCALE!
6,000
BILUONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTED ANNUAL RATES
5,600
5,200
GDP
4,800
IN 1987 DOLLARS
4,400
4,400
4,000
4,000
GDP
IN CURRENT DOLLARS
3,600
3,600
3,200
2,800
2,800
1986
1990
1988
COUNCIL OF ECONOMIC ADVISERS
SOUftCEi DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1982
1983
1984
1985
1986
1987
1988
1989 '
1990 r
1991 '
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Gross
domestic
product
IV
IV
IV
IV
IV
IV
IV
IV '
I 'r
n .r
m
rv r
1991- I r r
n .r
m
rv r
1992- I *
n"
1
3,149.6
3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,522.2
5,677.5
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,445.2
5,522.6
5,559.6
5,561.3
5,585.8
5,657.6
5,713.1
5,753.3
5,840.2
5,893.6
Personal
consumption
expenditures
Gross
private
domestic
investment
2,059.2
2,257.5
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,748.4
3,887.7
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,672.4
3,715.3
3,787.8
3,818.2
3,821.7
3,871.9
3,914.2
3,942.9
4,022.8
4,053.8
503.4
546.7
718.9
714.5
717.6
749.3
793.6
832.3
799.5
721.1
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
820.3
833.0
805.7
739.0
705.4
710.2
732.8
736.1
722.4
759.8
Exports and imports of goods
and services
Federal
Net
exports
-20.6
-51.4
-102.7
-132.5
- 108.0
79 7
-68.9
-21.8
-29.5
-71.8
-107.1
-135.5
-133.2
-143.2
- 106.0
-73.9
-72.1
-59.9
-76.3
-67.2
-28.7
-15.3
-27.1
-16.0
-29.4
Exports
Imports
282.6
276.7
302.4
302.1
319.2
364.0
444.2
508.0
557.0
598.2
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
541.2
551.2
555.9
579.7
573.2
594.3
602.3
622.9
628.1
622.1
303.2
328.1
405.1
417.6
451.7
507.1
552.2
587.7
625.9
620.0
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
613.3
611.2
632.2
646.9
602.0
609.6
629.5
638.9
636.2
651.5
GDP leas exports of goods and services plus imports of goods and services.
Note.—Data revised beginning 1989 to reflect the annual revision of the national income and
product accounts. See Survey of Current Business, July 1992.
Government purchases
Total
Total
607.6
652.3
700.8
772.3
833.0
881.5
918.7
975.2
1,043.2
1,090.5
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,024.7
1,034.3
1,042.4
1,071.3
1,087.5
1,090.8
1,093.3
1,090.3
1,103.1
1,109.4
266.6
292.0
310.9
344.3
367.8
384.9
387.0
401.6
426.4
447.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
420.3
424.4
422.6
438.3
451.3
449.9
447.2
440.8
445.0
446.8
National
defense
193.8
214.4
233.1
258.6
276.7
292.1
295.6
299.9
314.0
323.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
311.6
312.9
308.4
323.2
332.4
325.9
321.9
314.7
313.6
313.2
Nondefense
72.7
77.5
77.8
85.7
91.1
92.9
91.4
101.7
112.4
123.6
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
108.7
111.5
114.3
115.0
118.8
124.0
125.3
126.1
131.4
133.6
State
and
local
341.1
360.3
389.9
428.1
465.3
496.6
531.7
573.6
616.8
643.2
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
604.3
610.0
619.7
633.0
636.3
640.8
646.0
649.5
658.0
662.7
Final
sales of
domestic
product
Gross
domestic
3,165.5
3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,515.9
5,687.7
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,437.1
5,484.9
5,549.2
5,592.3
5,614.4
5,679.4
5,712.9
5,744.2
5,855.9
5,892.9
3,170.2
3,456.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,591.1
5,699.3
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,517.4
5,582.6
5,635.9
5,628.5
5,614.6
5.672.9
5.740.3
5,769.3
5,848.3
5,923.0
Source: Department of Commerce, Bureau of Economic Analysis.
chases l
Addendum:
Gross
national
product
3,179.8
3,434.4
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,542.9
5,694.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,464.1
5,537.0
5,577.8
5,592.7
5,614.9
5,674.3
5,726.4
5,764.1
5,859.8
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
Government purchases
Exports and imports of
goods and services
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases 1
Addendum:
Gross
national
product
Exports
Imports
Total
-56.1
1220
- 145.3
-155.1
-143.0
- 104.0
-73.7
-51.8
21 8
296.7
285.9
305.7
309.2
329.6
364.0
421.6
471.8
510.0
539.4
304.1
342.1
427.7
454.6
484.7
507.1
525.7
545.4
561.8
561.2
723.6
743.8
766.9
813.4
855.4
881.5
886.8
904.4
929.9
941.0
306.0
320.8
331.0
355.2
373.0
384.9
377.3
376.1
383.6
388.3
221.4
234.2
245.8
265.6
280.6
292.1
287.0
281.4
283.3
282.8
84.7
86.6
85.1
89.5
92.4
92.9
90.2
94.8
100.3
105.5
417.6
423.0
436.0
458.2
482.4
496.6
509.6
528.3
546.3
552.7
3,777.8
3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,871.3
4,830.3
3,767.7
3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,911.7
4,929.3
4,842.8
3,796.1
3,939.6
4,174.5
4,295.0
4,413.5
4,544.6
4,726.3
4,852.7
4,895.9
4,836.4
Total
National
defense
Nondefense
3,760.3
3,906.6
4,148.5
4,279.8
4,404.5
4,540.0
4,718.6
4,838.0
4,877.5
4,821.0
2,503.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
433.9
420.8
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
124.1 -17.5
4.4
174.2
199.3
67.9
202.0
22.1
226.2
8.5
225.2
26.3
19.9
222.7
214.2
29.8
6.2
194.8
170.2
93
IV
IV
IV
IV
IV
IV
JV
IV r
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
44 9 -19.0
29.3
83 7
47.9 -131.4
30.2 - 155.4
20 1
156 0
59.9 - 136.0
20.9
102 7
24.9 -67.4
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
1990- T '
4,890.8
4,902.7
4,882.6
4,833.8
3,259.5
3,260.1
3,273.9
3,248.0
544.8
535.6
542.9
529.3
210.7
201.8
189.1
177.5
7.5
32.8
11.2
268
-58.4
569
-59.3
32 7
500.2
508.7
508.4
522.6
558.6
565.6
567.7
555.3
926.8
929.4
924.8
938.5
383.4
385.4
378.3
387.3
284.9
285.1
277.3
285.8
98.5
100.3
101.0
101.5
543.4
544.0
546.5
551.2
4,883.3
4,870.0
4,871.4
4,860.6
4,949.2
4,959.7
4,941.9
4,866.5
4,907.8
4,915.5
4,898.9
4,861.4
4,796.7
4,817.1
4,831.8
4,838.5
3,223.5
3,239.3
3,251.2
3,249.0
507.0
503.0
498.7
492.1
164.1
25 1
166.9 -20.4
172.6
.6
177.3
7.5
17 9
-17.4
31 6
-20.5
515.9
536.1
544.2
561.4
533.8
553.5
575.8
581.8
945.1
945.6
940.2
933.1
394.1
393.8
387.2
378.2
291.8
287.6
280.6
271.0
102.2
106.2
106.6
107.2
551.0
551.8
553.0
554.9
4,821.8
4,837.4
4,831.2
4,830.9
4,814.6
4,834.4
4,863.4
4,858.9
4,822.0
4,831.8
4,843.7
4,848.2
4,873.7
4,890.5
3,289.3
3,286.6
495.8
511.7
185.6
189.5
-21.5
35 9
565.4
560.0
586.8
595.9
937.0
937.6
375.3
375.6
265.6
264.5
109.7
111.1
561.8
562.0
4,886.3
4,889.5
4,895.2
4,926.4
4,890.7
1982
1983
1984
1985
1986
1987
1988
1989 '
1990 '
1991 T
198219831984:
19851986198719881989-
n*
m''
IV '
1991- I 'r
n r
m
IV '
1992- I r p
n
-12.6
1.0
74
1
GDP less exports of goods and services plus imports of goods and services.
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987=100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Durable
goods
Nondurable goods
Services
Nonresidential
feed
Government purchases
Exports and imports of
goods and services
Federal
Total
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
83.8
87.2
91.0
94.4
96.9
100.0
103.9
108.5
113.2
117.8
82.2
86.2
89.6
93.1
96.0
100.0
104.2
109.3
115.0
120.0
90.1
92.4
93.9
95.4
96.9
100.0
102.0
104.2
105.7
107.6
88.6
90.8
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.1
76.7
81.9
86.2
90.8
95.7
100.0
105.1
110.6
116.7
122.8
95.3
95.1
95.6
96.6
98.4
100.0
102.8
105.2
107.3
108.2
85.2
87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.7
111.8
95.2
96.8
98.9
97.7
96.9
100.0
105.3
107.7
109.2
110.9
99.7
95.9
94.7
91.9
93.2
100.0
105.1
107.8
111.4
110.5
87.1
91.0
93.9
96.9
98.6
100.0
102.6
106.8
111.2
115.2
87.6
91.6
94.8
97.3
98.6
100.0
103.0
106.6
110.8
114.5
85.9
89.5
91.3
95.7
98.6
100.0
101,4
107.3
112.0
117.1
81.7
85.2
89.4
93.4
96.4
100.0
104.3
108.6
112.9
116.4
85.0
88.4
92.2
95.5
98.0
101.2
105.5
110.1
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
89.4
91.8
94.1
97.0
96.3
101.5
105.6
110.8
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
111.3
112.6
113.9
115.0
112.7
114.0
115.7
117.6
105.4
105.5
105.8
106.1
113.3
114.3
116.6
119.3
114.2
115.8
117.6
119.3
106.5
106.8
107.8
108.2
110.2
110.6
111.1
111.0
108.2
108.4
109.3
110.9
109.8
108.0
111.4
116.5
109.6
110.1
111.7
113.2
109.4
109.7
111.2
113.1
110.4
111.2
113.2
113.3
111.2
112.1
113.4
114.8
1991: I 'r
116.5
117.5
118.2
118.9
118.6
119.5
120.4
121.4
106.7
107.3
108.0
108.3
119.4
119.9
120.2
120.8
120.8
122.1
123.4
124.7
108.7
108.5
108.0
107.4
111.3
111.6
112.5
111.8
111.1
110.9
110.7
111.0
112.8
110.1
109.3
109.8
114.5
114.3
115.5
116.6
113.9
113.3
114.7
116.2
116.2
116.8
117.6
117.6
115.5
116.1
116.8
117.1
1992- I '
Hr
119.8
120.5
122.3
123.3
108.6
109.4
121.4
122.2
126.1
127.3
107.1
106.8
111.7
112.1
111.1
111.1
108.4
109.3
118.6
119.0
118.1
118.4
119.8
120.3
117.1
117.9
1982
1983
1984
1985
1986
1987
1988
1989 '
1990 T
1991 '
1982:
19831984:
1985:
19861987:
19881989:
IV
IV
IV
IV
IV
IV
IV
IV '
1990: I r
Urr
ro
IV
n
nf
rv
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Gross domestic product
Period
1981
1982
Current
dollars
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.2
2.8
6.1
9.1
7.6
8.1
8.6
6.3
3.8
5.1
7.7
5.8
2.7
.1
1.8
5.2
4.0
2.8
6.2
3.7
. . .
1983
1984
1985
1986
1987
1988
1989 '
1990 '
1991 r .
1988: I
n
m
IV
1989- I r r
nr
in
1990:
IV '
I '.
n'
m *
IV '
1991: I rr
nr
mr
1992:
IV
I 'p
n
Constant
(1987) dollars
Personal consumption expenditures
Implicit price
deflator
Fixed-weighted
price index
(1987 weights)
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.3
4.1
3.6
4.4
5.1
3.9
5.4
4.6
3.8
3.7
4.4
4.8
4.7
3.9
5.3
3.5
2.4
2.4
3.1
2.4
1.8
22
3.9
6.2
3.2
2.9
3.1
3.9
2.5
.8
12
2.6
4.3
2.5
3.9
3.2
1.8
0
1.5
2.8
1.0
1.6
-3.9
-3.0
1.7
1.2
.6
2.9
1.4
NOTE.—See Note, p. 1.
Current
dollars
Constant
(1987) dollars
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
.6
7.1
2.5
2.9
4.1
.1
1.1
2.9
.8
2.2
.1
1.7
31
3.0
2.0
1.5
-.3
5.1
.3
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.4
3.7
9.9
7.9
8.4
8.9
5.1
7.0
6.3
5.3
8.4
4.8
8.0
3.2
,4
5.4
4.4
3.0
8.4
3.1
6.1
3.8
3.3
3.5
2.7
3.1
3.9
4.4
4.5
4.0
3.6
4.5
5.4
3.7
5.0
4.7
3.7
3.6
5.4
4.6
4.7
4.1
4.7
3.5
3.0
2.4
3.6
1.6
Implicit price
deflator
Fixed- weighted
price index
(1987 weights)
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.2
4.3
2.8
5.2
5.1
4.7
5.0
5.7
3.3
4.4
6.3
4.7
6.1
6.7
3.4
3.1
3.0
3.4
3.0
3.3
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
4.9
5.3
4.4
2.7
5.2
5.4
4.6
5.2
5.9
3.5
4.3
6.4
4.4
6.4
6.8
3.4
3.3
3.0
3.1
3.5
3.3
Source: Department of Commerce, Bureau of Economic Analysis-
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1981
1982
1983
1984
1985
1986
1987
1988 '
1989 '
1990 r
1991 r
1982- IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: TV
1988: IV '..
1989: IV '
1990: I 'r . .
n r
m ... .
1991:
1992:
IV '
I 'r
nr
m.
rv r
I'
1
2
Current
dollars
1987
dollars
1,749.1
1,803.5
1,937.1
2,167.3
2,295.5
2,391.3
2,544.6
2,764.8
2,913.5
3,036.5
3,073.8
1,807.1
2,038.1
2,230.0
2,341.3
2,428.4
2,625.9
2,843.2
2,951.5
2,999.6
3,053.1
3,048.2
3,045.0
3,037.1
3,062.7
3,084.4
3,111.1
3,138.1
2,035.8
2,002.1
2,113.3
2,285.0
2,366.3
2,444.3
2,544.6
2,684.8
2,718.9
2,740.0
2,698.0
2,000.5
2,205.2
2,330.3
2,399.5
2,469.0
2,602.4
2,719.0
2,722.7
2,742.0
2,763.3
2,737.3
2,717.4
2,683.5
2,687.4
2,699.1
2,722.0
2,737.6
Total
cost and
profit 2
0.859
.901
.917
.949
.970
.978
1.000
1.030
1.072
1.108
1.139
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.094
1.105
1.114
1.121
1.132
1.140
1.143
1.143
1.146
Consumption of
fixed
capital
0.102
.115
.115
.109
.109
.111
.111
.111
.117
.120
.126
.119
.119
.111
.110
.112
.110
.112
.120
.118
.118
.121
.123
.126
.127
.127
.126
.125
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
Indirect
business
taxes 3
0.081
.083
.086
.089
.091
.094
.093
.096
.101
.106
.115
.085
.086
.090
.092
.094
.093
.097
.102
.104
.104
.107
.109
.113
.114
.117
.117
.118
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.573
0.035
0.067
.606
.604
.619
.638
.650
.659
.676
.706
.737
.759
.609
.604
.624
.644
.655
.665
.687
.718
.724
.730
.744
.750
.754
.760
.763
.761
.760
.041
.036
.038
.038
.040
.042
.045
.054
.054
.053
.040
.036
.041
.038
.042
.042
.047
.055
.054
.054
.054
.055
.054
.053
.053
.052
.050
.056
.076
.094
.094
.083
.096
.102
.094
.091
.085
.051
.079
.091
.092
.080
.099
.102
.088
.093
.098
.088
.083
.084
.086
.084
.086
.093
Profits
tax
liability
0.031
.023
.028
.032
.030
.031
.037
.038
.037
.034
.030
.020
.029
.027
.030
.035
.038
.040
.033
.033
.034
.036
.033
.029
.030
.031
.030
.033
Profits
after
tax 4
0.036
.033
.048
.062
.064
.052
.059
.064
.057
.057
.055
.030
.050
.064
.063
.045
.060
.063
.055
.060
.065
.052
.050
.055
.056
.053
.056
.060
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
20.560
20.827
21.597
21.905
22.144
22.737
23.047
23.472
23.058
23.108
23.563
21.103
21.905
22.050
22.340
22.891
23.272
23.428
22.998
22.952
23.205
23.062
23.237
23.317
23.500
23.653
23.858
24.025
11.790
12.620
13.037
13.559
14.121
14.770
15.181
15.782
16.329
17.206
17.969
12.842
13.233
13.770
14.395
15.001
15.485
16.008
16.564
16.724
17.110
17.408
17.605
17.723
17.928
18.083
18.201
18.272
*Data do not reflect GDP revisions of 7/30/92.
NOTE.—Data revised beginning 1988 to reflect the annual revision of the national income and
product accounts. Earlier data are also subject to revision. See Survey of Current Business, July
1992.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1983
1984
1985
1986
1987
1988
1989 ' . .
1990 r
1991 '
1982: IV
1983- IV
1984: IV
1985- IV
1986: IV
1987- IV
1988: IV
1989- IV '
1990: I 'r
2,720.8
3,058.3
3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,468.3
4,544.2
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,400.7
4,475.3
4,479.3
4,517.9
4,493.0
4,529.2
4,555.4
4,599.1
4,679.4
n
m'r
IV
1991- I T
H rr
in r
IV
1992- I '
n»
2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,291.2
3,390.8
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,223.7
3,281.2
3,320.5
3,339.6
3,343.0
3,379.6
3,407.0
3,433.8
3,476.3
3,502.4
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
22.1
23.3
18.7
8.7
3.2
4.3
13.5
-12.3
10.4
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
162
-13.8
-9.5
9.6
-12.4
123
-10.3
-6.6
45
3.0
184.3
214.7
238.4
261.5
279.0
293.4
307.0
325.2
332.2
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
319.8
322.7
328.8
329.7
322.2
329.1
337.6
340.0
353.6
359.4
2.4
21.3
21.5
22.3
31.3
30.9
40.2
41.7
35.8
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
48.1
43.6
32.2
42.8
34.3
41.3
29.5
37.9
40.1
37.8
1
Includes employer contributions for gocial insurance. (See also p. 5.)
NOTE.—See Note, p. 1.
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
212.7
264.2
280.8
271.6
319.8
365.0
362.8
361.7
346.3
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
367.6
384.0
351.4
344.0
349.6
347.3
341.2
347.1
384.0
202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
337.4
359.6
334.4
333.5
344.2
342.2
331.9
333.1
360.7
Profits
before tax
Inventory
valuation
adjustment
210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
344.0
355.8
367.0
354.7
337.6
332.3
336.7
332.3
366.1
-8.5
41
.2
9.7
-14.5
-27.3
17.5
-14.2
3.1
-8.6
76
3.5
-3.8
-10.7
-17.8
31.7
-13.5
6.6
3.8
-32.6
-21.2
6.7
9.9
-4.8
.7
-5.4
152
Capital
consumption
adjustment
10.4
27.8
55.5
44.1
46.4
44.7
37.4
20.5
8.4
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
30.2
24.4
17.0
10.5
5.3
5.1
9.3
14.1
23.3
27.9
Net
interest
270.0
307.9
326.2
350.2
360.4
387.7
452.7
460.7
449.5
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
457.6
457.6
456.0
471.4
456.2
444.4
450.5
446.9
430.0
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]
Period
1983
1984
1985
198fi
1987
1988 .
1989 '.
1990 ' . .
1991 '.
1982: IV
198-3: IV
1984: I?
1985: IV
1986: IV
1987: IT
Total
persona]
consumption
expenditures
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
2,539.3
2,678.2
2,784.8
3,895.3
3.012.5
| 3,074.7
1988:
IV
3,202.9
1989: IV ' .... 3,242.0
1990: I "r
3,259.5
3,260.1
r
3,273.9
3,248.0
r
1991: l
3,223.5
II 'r
3,239.3
in .... 3,251.2
IV '.... 3,249.0
1992: 1 '
3,289.3
3,286.6
n.
m ....
rv '.....
a»
1
Durable goods
Total
durable
goods
297.7
338.5
370.1
402.0
403.7
428.7
440.7
439.3
414.7
272.3
319.1
347.7
369.6 j
415.7
404.7
439.2
436.8
453.5
439.2
437.7
426.6
412.0
411.3
419.4
416.1
432.3
429.3
Motor
vehicles
and
parts
Furniture and
household
equipment
138.1
160.3
104.3
115.3
180.2
123.8
193.3
136.3
183.5
144.C
194.8
155.4
196.4
165.8
192.2
169.5
171.0
168.6
123.7
96.4
ISl.g | 109.3
164.3
118.7
173.9
128.6
193.6
141.4
183.6
145.9
197.7
160.3
167.9
188.3
202.6
171.8
192.8
169.7
191.3
168.9
182.0
167.5
169.6
166.9
167.2
169.3
173.3
170.4
174.0
167.9
181.5 i 174.4
179.9 | 174.0
Includes other items, not shown separately.
Other
55.3
62.9
66.1
72.4
76.2
78.5
78.5
77.6
75.0
52.3
58.!
64.8
67.1
80.7
75.2
81.2
80.5
79.1
76.8
77.5
77.1
75.5
74.8
75.7
74.2
76.5
75.3
Total
nondurable goods
900.3
934.6
958.7
991.0
1,011.1
1,035.1
1,051.6
1,056.5
1,042.4
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1.046.8
1,058.9
1,058.3
1,057.1
1,059.1
1,051.6
1,043.0
1,046.3
1,044.8
1,035.6
1,049.6
1,045.4
Food
463.4
472.3
483.0
494.1
500.7
513.4
515.0
520.8
515.8
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
518.3
521.2
521.6
522.0
516.4
516.3
515.0
515.3
518.9
513.6
Clothing
and
shoes
142.4
153.1
158.8
170.3
174.5
178.9
187.8
185.9
181.3
135.7
147.7
154.7
161.7
171.9
174.5 |
182.8 !
190.9
188.6
185.6
186.2
183.2
180.8
183.2
183.7
177.5
184.1
184.2
Gasoline
and oil
Ketail sales of new
passenger cars
(millions of units)
Services
Nondurable goods
Fuel
oil and
coal
Other
207.8
75.7
11.1
220.0
11.2
77.9
79.2
226.2
11.5
12.1
231.7
82.9
84.7
12.0
239.1
86.1
12.0
244.7
87.3
250.2
11.4
253.4
86.4
10.1
250.5
85.2
9.7
73.4
10.5
202.8
11.4
212.2
76.9
222.9
79.0
11.1
79.5 ! 11.4 i 228.0
12.4
235.2
84.6
11.9
240.4
85.4
12.0 1 246.4
87.5
88.6
12.0
251.8
87.4
9.8
254.3
86.4
10,9
253.0
253.7
86.7
10.9
252.7
85.0
8.8
9.4
252.5
83.9
251.0
86.0
9.8
86.0
10.0
250.0
84.7
9.4
248.6
250.7
85.7
10.2
12.4
85.7
249.6
Total
services 1
Housing
1,421.4
1,473.0
1^537.0
1,576.1
l|637.4
1,698.5
1,131.0
1,764.6
1,783.1
1,386.2
1,443.9
1,494.2
1.557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,747.7
1,763.7
1,777.1
1,769.8
1,788.5
1,781.8
1,787.0
1,797.4
1,807.3
1.812.0
415.5
426.8
435.9
442 1
452.5
461.8
469.2
474.7
478.2
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
473.3
474.1
475.1
476.1
476.5
477.9
478.8
479.8
481.2
482. S
Medical
care
332.6
341.9
353.0
366.2
384.7
399.4
408.6
423.9
438.8
327.8
| 334.8
344.8
I 859.1
1 372.0
| 390.7
1 403.0
411.8
418.3
422.1
426.7
428.6
431.9
435.6
440.5
447.2
449.6
453.1
NOTE.—See Note, p. 1.
Source: Department of Oiirainerc?, Bureau of Economic Analysis.
Domestics
6.8
8.0
8.2
8.2
7.1
7 5
7.1
6.9
6.1
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
7.2
6.8
7.1
6.6
6.1
t
Imports
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.8
2.7
2.5
2.4
2.2
6.1 i
2.8
S.3
6.1
6.1
2.3
2.2
6.3 I
2.2
2.2
SOURCES OF PERSONAL INCOME
Persona! income fell $1.9 billion (annual rate) in June after rising $13.9 billion in May. Wages and salaries fell
$4.9 billion in June, in contrast to a rise of $14.4 billion in May. (Series revised.)
BILUONS OF DOLLARS* (RATIO SCALE)
6,000
BILLIONS OF DOLLARS* (RATIO SCALEI
6,000
5,000
4,000
4,000
TOTAL PERSONAL INCOME
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
\
OTHER INCOME
800
800
TRANSFER PAYMENTS
l i l l i 1 l i lt
1989
400
1984
1985
1988
1986
400
M 1 I I I I I I II
1990
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF COMMERCE
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1982...
1983
1984
1985
1986
1987
1988
1989 r..
1990 r
1991 r.
1991: June r
July r.
Aue r
Sept, r
Get r
Nov r
Dec r
1992: Jan r.....
Feb r.
Mar r..
Apr r
May r .
June p .
Total
personal
income
2,690.9
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,664.2
4,828.3
4,828.1
4,827.6
4,847.5
4,863.4
4,889.3
4,887.4
4,944.9
4,943.2
4,988.7
5,009.6
5,012.4
5,026.3
5,024.4
Proprietors' income 3
Wage and
salary
disbursements l
Other labor
income l 2
1,593.3
1,684.7
1,849.8
1,986.5
2,105.4
2,261.2
2,443.0
2,586.4
2,7,42.8
2,812.2
2,825.3
2,814.4
2,825.6
2,833.1
2,835.4
2,838.5
2,861.2
2,852.8
2,884.9
2,895.0
2,889.5
2,903.9
2,899.0
165.4
174.6
184.7
191.8
200.7
210.4
230.5
251.9
271.0
288.3
287.5
289.1
290.6
292.1
293.6
295.0
296.4
297.8
299.2
300.7
302.1
303.6
305.0
Farm
13.5
2.4
21.3
21.5
22.3
31.3
30.9
40.2
41.7
35.8
36.0
31.2
28.7
28.6
40.9
29.1
43.8
30.5
40.7
49.0
47.7
35.7
29.9
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Nonfarm
157.3
184.3
214.7
238.4
261.5
279.0
293.4
307.0
325.2
332.2
330.1
337.2
337.3
338.2
339.7
339.5
340.7
349.0
354.8
356.9
358.9
359.0
360.2
Rental
income of
persons 4
21.9
22.1
23.3
18.7
8.7
3.2
4.3
-13.5
12 3
-10.4
11 7
-11.5
10 7
-8.6
12 3
-4.8
-2.8
42
-6.2
32
-1.5
2.9
7.7
Personal
dividend
income
67.1
77.8
78.8
87.9
104.7
100.4
108.4
126.5
140.3
137.0
136.0
135.9
135.6
135.4
134.7
134.3
133.8
133.6
133.8
134.2
135.4
136.6
137.9
Personal
interest
income
376.8
397.5
461.9
498.1
531.7
548.1
583.2
668.2
694.5
700.6
696.8
699.4
701.8
704.2
703.8
703.4
702.6
693.1
684.4
676.9
675.0
673.2
671.4
Transfer
payments 5
408.1
438.9
452.9
485.9
517.8
542.2
576.7
625.0
685.8
771.1
767.0
771.0
778.7
781.5
794.1
793.7
811.7
835.5
844.3
848.2
853.7
860.9
863.8
Less:
Personal
contributions
for social
insurance
112.3
119.7
132.8
149.1
162.1
173.6
194.5
211.4
224.8
238.4
239.0
239.1
240.2
241.1
240.7
241.2
242.5
244.9
247.3
248.2
248.4
249.5
250.4
Nonfarm
personal
income 6
2,649.8
2,832.6
3,106.1
3,333.2
3,545.6
3,749.4
4,023.9
4,318.0
4,599.6
4,770.4
4,770.0
4,774.3
4,796.8
4,813.0
4,826.5
4,836.5
4,879.3
4,890.7
4,925.8
4,938.2
4,942.2
4,968.0
4,971.9
5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
8
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars fell in the second quarter
of 1992. (Series revised.)
BILLIONS OF DOLLARS' (RATIO SCALE]
BILLIONS OF DOLLARS' (RATIO SCALE)
2,000
2,000
DOLLARS' (RATIOSCALE]
DOLLARS' (RATIO SCALE)
10,000
10,000
8,000
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Disposable
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
1987
dollars
9,989
10,642
11 673
12,339
13 010
13,545
14,477
15 307
16,174
16^658
12,146
12,349
13,029
13,258
13 552
13,545
13390
14,005
14^068
13386
8,868
10,782
9,634
10,408
11,184
11,843
12,568
13,448
14,241
14,996
15^384
11,617
12,015
12 336
12,568
12,903
13.029
13,044
12324
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,128
14,120
14,038
13,988
13,861
13,891
13,876
13,913
14,017
14,006
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
14,752
14,887
15,133
15,209
15,184
15,345
15,468
15,537
15,814
15,894
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,094
13,063
13,080
12,938
12,808
12,838
12,848
12,803
12,930
12,886
Billions of dollars
1982
1983
1984
1985
1986
1987
1988
1989 r.
1990 r.
1991r.
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
371.4
368.8
395.1
436.8
459.0
512.5
527.7
593.3
621.3
618.7
2,319.6
2493.7
2,759.5
2,943.0
3,131.5
3*289.5
3^548.2
3,787.0
4^042.9
4^209.6
2,120.1
2'325.1
2,537.5
2*753.7
2,944.0
3,147.5
3^392.5
3,634.9
3367.3
4^009.9
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,571.7
4,640.5
4,692.6
4,751.9
4,752.8
4,806.9
4,846.2
4,907.2
4,980.5
5,021.0
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
609.4
624.6
627,3
623.8
616.8
617.2
618.6
622.3
619.6
614.9
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
3,962.3
4,015.9
4,065.3
4,128.1
4,136.0
4,189.7
4,227.6
4,284.9
4,360.9
4,406.1
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,789.2
3,833.2
3,908.0
3,938.8
3,943.2
3,994.4
4,036.6
4,065.5
4,146.3
4,176.2
199.5
168.7
222.0
189.3
187.5
142.0
155.7
152.1
175.6
199^6
2,820.4
2393.6
3 080.1
3,162.1
3 261.9
3,289.5
3^404.3
3,464.9
3^516.5
3^509.0
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
2,690.9
2,862.5
3,154.6
3^379.8
3,590.4
3302.0
4,075.9
4,380.3
4,664.2
4,828.3
Percent
change in
real per
capita
disposable
personal
income
01
1.7
5.5
1.8
2.2
_ 1
2.5
.8
.4
-1.3
8.0
6.4
6.0
4.3
4.4
4.0
4.3
4.7
232,201
234,326
236,393
238^510
240,691
242360
245,093
247,397
249,961
252,711
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.4
4.6
3.9
4.6
4.7
4.7
4.5
5.1
4.9
5.2
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
248,931
249,558
250,303
251,050
251,687
252,329
253,053
253,776
254,388
255,051
8.6
6.8
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV r ..
Ir
n r....
r
m r ..
IV ...
1991: I rr
n ....
mrr ..
rv ...
1992: Ir
It*...
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
173.1
182.7
157.3
189.3
192.8
195.3
191.0
219.4
214.6
229.9
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,516.8
3,523.9
3,513.7
3,511.6
3,488.7
3,505.2
3,511.5
3,530.8
3,565.7
3,572.3
1
Includes personal consumption expenditures, interest paid by persons, and personal transfer payments to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
15,917
16,092
16,242
16,443
16,433
16,604
16,706
16,885
17,143
17,275
-0.5
7.2
1.0
1.8
i n
5.2
3.2
1.8
3.3
o
-2^3
-1.4
-3.6
.9
-.4
1.1
3.0
o
NOTE.—See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
in the fourth quarter of 1991, according to current estimates, gross farm income rose $5.2 billion (annual rate) and
net farm income rose $4.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE]
240
^4U
.,
.
.
.
j*"*..
——
^.
^x-v
^
-f
\
120
•^-
_
_---|
^
^~^
j
^
200
160
120
\
GRO SS FARM INC<DME
80
60
-V
^—
/
40
\
\
\
K /" "\
__
( \/
\ s
f
/X
/
20
\_ /
\
*
•
\
I
1
10
/
\
J
A /
N
S
- "^
^^
/
v
/'
""-''
\__
_,^*
40
\'
--'
^N
20
NET FARM INCOME
;
M ;
/ \;
1 V
10
\ 1
\ 1
If
t
1
1
1982
1
1
1
1983
1
1
1
1
1984
1
1
i i i
1
1
1
1986
1985
1
1
1987
!
1988
1
1
1
1
1989
1
1
1
1991
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1981
1982
1983
1984 . . .
1985
1986
1987
1988
1989
1990
1991
1990: I
n
HI
IV
1991: I
n
ni
IV
1
166.3
164.1
153.9
168.0
161.2
156.1
168.4
174.5
190.3
195.1
187.7
199.3
191.5
188.3
201.6
187.0
186.1
186.3
191.5
141.6
142.6
136.8
142.8
144.1
135.3
141.8
151.1
160.9
170.0
167.7
166.0
166.8
173.7
173.4
165.3
164.1
174.0
167.5
Livestock and
products
69.2
70.3
69.6
72.9
69.8
71.6
76.0
79.4
84.1
89.6
85.7
89.4
87.9
90.7
90.3
86.0
83.6
85.9
87.1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
72.5
72.3
67.2
69.9
74.3
63.7
65.8
71.6
76.8
80.4
82.0
76.6
78.9
83.0
83.1
79.2
80.4
88.0
80.3
Value of
inventory
changes 2
Production
expenses
6.5
14
-10.9
6.0
-2.3
22
-2.3
35
4.3
2.9
— 1.4
139.4
140.3
139.6
141.9
132.4
125.1
128.7
133.9
140.2
144.3
145.8
4.7
3.6
2.3
1.2
142.0
143.5
143.8
147.9
— .7
-1.4
-1.8
20
146.1
148.0
144.3
144.8
Current
dollars
1987 dollars 3
26.9
23.8
14.2
26.1
28.8
31.0
39.7
40.6
50.1
50.8
41.9
57.2
48.0
44.4
53.6
41.0
38.0
42.0
46.6
34.1
28.5
16.3
28.7
30.5
32.0
39.7
39.1
46.2
45.0
35.9
51.6
42.6
39.1
46.9
35.5
32.7
36.0
39.7
3
Income in current dollars divided by the GDP implicit price deflator. Data do not reflect GDP
revisions of July 30, 1992.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the first quarter of 1992, according to revised estimates, corporate profits before tax rose $33.8 billion (annual
rate) and profits after tax rose $22.3 billion. (Series revised.)
BIUJONS OF DOUARS
BIUJONS OF DOUARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
1
Profits after tax
Domestic industries
Nonfinancial
Period
Total2
Total
1982
1983
1984
1985
1986
1987
1988
1989 r
1990 r
1991 '
1982: IV
1983- IV
1984: IV
1985- IV
1986: IV
1987- IV
1988: IV
1989: IV '
1990: I '.
H 'r
166.4
202.2
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
337.4
359.6
334.4
333.5
344.2
342.2
331.9
333.1
360.7
m.
1991:
IV '...
I T.
n rr
m
IV '
1992: I '
n*
138.6
171.9
205.2
194.5
194.6
233.9
271.2
266.0
275.5
271.3
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
275.0
297.0
269.7
260.2
269.4
275.9
270.0
270.2
292.0
Financial
15.6
24.5
20.3
28.7
35.8
36.4
41.8
50.6
56.7
60.9
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
57.0
57.8
56.9
55.1
59.7
60.7
63.6
59.7
70.1
Total
3
123.0
147.4
185.0
165.8
158.9
197.5
229.4
215.3
218.8
210.4
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
218.0
239.2
212.8
205.1
209.7
215.1
206.4
210.5
221.9
Manufacturing
Wholesale and
retail
trade
63.1
71.4
86.7
80.1
59.0
87.0
117.5
108.0
106.9
89.3
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
104.4
116.6
110.6
96.3
87.6
90.3
91.8
87.5
97.5
31.9
38.7
49.7
43.1
46.3
39.9
37.1
39.7
35.8
44.0
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.7
41.7
30.0
35.0
44.1
45.5
41.7
44.5
39.9
Profits
before
tax
176.3
210.7
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
344.0
355.8
367.0
354.7
337.6
332.3
336.7
332.3
366.1
Tax
liability
63.1
77.2
94.0
96.5
106.5
127.1
137.0
141.3
136.7
124.0
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
132.4
137.6
143.0
133.7
121.3
122.9
127.0
125.0
136.4
Total
113.2
133.5
146.4
128.5
111.3
160.8
210.5
201.6
218.7
210.7
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
211.6
218.2
224.0
221.0
216.3
209.4
209.6
207.4
229.7
Dividends
70.0
81.2
82.7
92.4
109.8
106.2
115.3
134.6
149.3
146.5
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
146.1
148.7
150.6
151.9
150.6
146.2
145.1
143.9
143.6
146.7
_
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
2
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
43.2
52.3
63.8
36.1
1.6
54.6
95.2
67.1
69.4
64.2
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
65.5
69.5
73.4
69.1
65.7
63.2
64.5
63.4
86.2
Inventory
valuation
adjustment
-9.9
85
-4.1
.2
9.7
145
-27.3
17 5
-14.2
3.1
-8.6
76
3.5
38
-10.7
17 8
-31.7
13 5
-6.6
3.8
-32.6
21 2
6.7
9.9
48
.7
54
-15.2
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to advance estimates for the second quarter of 1992, nonresidential fixed investment in 1987 dollars
rose $15.9 billion (annual rate) and residential investment rose $3.9 billion. There was a $1.0 billion increase in
inventories, following a decrease of $12.6 billion in the first quarter. (Series revised.)
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
700
700
600
600
500
500
RESIDENTIAL
FIXED INVESTMENT
300
200
CHANGE IN BUSINESS
INVENTORIES
100
-100
1982
1983
1984
1985
1986
1987
1989
1990
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
1982
1983
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
558.0
595.1
689.6
723.8
726.5
723.0
753.4
754.2
732.9
670.4
433.9
420.8
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
181.3
160.3
182.8
197.4
176.6
171.3
174.0
177.6
179.1
157.6
252.6
260.5
307.4
324.4
323.7
326.5
356.8
362.5
359.0
342.6
124.1
174.2
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
17 5
4.4
67.9
22.1
8.5
26.3
19.9
29.8
6.2
93
-20.7
12.8
66.2
19.8
10.6
32.7
26.9
29.9
3.7
9.6
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
763.0
770.2
743.1
680.0
755.4
737.4
732.0
706.8
544.8
535.6
542.9
529.3
182.0
180.1
181.2
173.2
362.8
355.5
361.7
356.1
210.7
201.8
189.1
177.5
7.5
32.8
11.2
268
5.9
27.9
6.6
256
n.
mr
646.0
649.5
672.0
676.9
671.1
669.8
671.4
669.3
507.0
503.0
498.7
492.1
166.8
162.2
153.0
148.4
340.2
340.8
345.8
343.7
164.1
166.9
172.6
177.3
-25.1
204
.6
7.5
-24.7
245
-1.0
11.8
I'
668.9
702.2
681.4
701.2
495.8
511.7
149.4
148.6
346.4
363.1
185.6
189.5
-12.6
1.0
-10.7
.2
IV
IV
IV
IV
IV
IV
IV
IV '
1990: I 'r
n .r
m
IV '
1991: I 'r
TV
1992:
Change in business
inventories
Nonresidential
540.5
599.5
757.5
745.9
735.1
749.3
773.4
784.0
739.1
661.1
1984
1985
1986
1987
1988
1989 r
1990 '
1991 '
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Gross
private
domestic
investment
np
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1992 survey, business spending for new plant and equipment is
expected to rise 4.7 percent in 1992, following a decline of 0.6 percent in 1991.
BILLIONS OF DOLLARS (RATIO SCALE)
600
BILLIONS OF DOLLARS (RATIO SCALE)
600
-
400
^/SURVEYED QUARTERLY
£/SEE FOOTNOTE 4 BELOW
3OLJKCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
1981
1982. . .
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 4
324,73
326-19
321.16
373.83
410.12
399 36
410 52
455.49
507.40
532.61
529.20
553.86
128.68
123,97
117.35
1S9.61
152.88
137.95
141.06
163.45
183.80
192.61
183.61
179.21
1990: I
532.50
534.55
534.11
530.13
n
m
rv
1991: 1
n
m
IV
1992- I 4
II
TO i
rv*
1
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405,13
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345,58
374.65
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77,95
75.18
89.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.66
104.0S
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
374.65
15.81
14.11
10.64
11.86
12,00
8.15
8.38
9.S9
9.21
B.88
10.02
8.S8
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.69
24.55
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.53
72.81
i20.41 358.77
J22.79
363.08
] 29.41 359.73
151.39 418.38
454.93
171.09
181.59
447.11
189.84
461.51
205.76 1 508.22
229.28
563.93
241.43
591.96
246.37
588.74
268.81
128.68
123.97
117.35
139.6!
152.88
137.95
141.06
164.45
183.80
192.61
133.81
179.21
192.16
195.02
194.05
189.72
86.03
84.15
82.48
79 03
106.14
110.87
111.57
110.89
340.3S
839.53
840.06
340.41
9.82
9.77
9.97
10.12
21.84
21.94
21.08
21.18
65.41
64.64
67.68
70.24
243.46
243.18
241 32
238.87
192.16
195.02
194.05
189.72
340.S3
339.58
340.06
340.41
535.50
524.57
527.86
528.88
191.13
187.35
177.05
178.90
81.24
79.69
74.51
76.36
109.90
107.66
102.54
102.54
344,37
337.22
350.81
349.98
9.89
10.09
10.0.9
10.00
23.25
23.05
22.83
21.65
67.04
64.58
66.47
67.96
244.19
239.50
251.42
250.37
191.13
187.35
177.05
178.90
344.37
387.22
.350.81
349.98
536.49
558.50
557.55
562.89
174.21
185.23
179.63
177.75
74.49
76.64
74.39
75.20
99.72
108.59
105.24
102.55
362.28
373.27
377.92
385.14
8.83
9.53
9.08
8.49
21.62
25.43
25,69
25.45
68.81
72.99
73.95
7S.5!
263.02
265.31
269.21
275.69
174.21
185.23
179.63
177,5
362.28
S73.27
377.92
385.14
Durable
goods
Excludes forestry, fisheries, and agricultural services; medicel services; professional servites;
souai services and membership organizations; and real estate, which, effective with the April-Mav
1984 survey, are no lfmg;-;i' surveyed qyarierjy. See last column ("nonnmnut&KluriTig surveyed fuumsllv") for data for these industries.
"
2
"All industries" phis the pert of nonmamifacturing that is surveyed annually.
10
Commercial
and
other
Total
nonfarm
business 2
\=.~
Surveyed
annually 3
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56,53
59.35
59.54
i.
Consists of forestry, iishe ries. and agriciiitiiral services: medical services; professional ser\!'*>i3:
social services and members!]? » organizaii -.-.;=.: arA roa 33ta:e,
^Planned capital experidilL res ss row "tea by urj.'wezi, in Apnl-May 1092, correiiisii lor bwses.
3
Source: Department at Co-r rrseree. Bur au oi the Census,
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In June, civilian employment fell 82,000 and unemployment rose 471,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
130
SEASONALLY ADJUSTED
126
CIVILIAN LABOR FORCE
122
122
118
118
114
114
CIVILIAN
EMPLOYMENT
110
106
102
102
X
12
UNEMPLOYMENT
M I i I M M
1987
1984
1988
1990
1989
1991
1992
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
!
Period
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1991
1991:
June ....
July ....
Aug
Sept ....
Oct
Nov
Dec
1992:
Jan
Peb
Mar
Apr
May
June
Noninstitutional
population
including
resident
Armed
F orces
NSA
Resident
Armed
Forces
NSA
Lahor force
including
resident
Armed
Forces
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
191,173
191,443
191,589
191,746
191,903
192,057
192,209
1,505
1,604
1,616
1,624
1,614
1,605
1,604
127,029
126,808
126,620
127,214
127,122
126,979
127,223
192,358
192,469
192,607
192,745
192,881
193,025
1,599
1,585
1,585
1,577
1,574
1,570
127,645
127,872
128,175
128,407
128,734
129,119
111,872
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
15
Agricultural
Total
Total
Part time
for
economic
reasons *
Employment/
population
ratio
(percent) 2
2,232
1,983
1,610
1,375
1,504
2,323
5,469
5,660
5,710
6,040
6,055
6,123
6,084
8,615
8,475
8,520
8,501
8,641
8,602
8,891
2,488
2,355
2,417
2,422
2.570
2,623
2,843
66.2
66.0
65.8
66.1
66.0
65.8
65.9
61.6
61.5
61.3
61.6
61.4
61.3
61.2
6,429
6,213
6,180
5,910
6,210
5,824
8,929
9,244
9,242
9,155
9,504
9,975
3,059
3,204
3,185
3,018
3,361
3,675
66.1
66.2
66.3
66.3
66.5
66.6
61.4
61.3
61.4
61.6
61.5
61.4
118,414
118,333
118,100
118,713
118,481
118,377
118,332
125,524
125,204
125,004
125,590
125,508
125,374
125,619
116,909
116,729
116,484
117,089
116,867
116,772
116,728
3,286
3,244
3,254
3,283
3,204
3,272
3,183
113,623
113,485
113,230
113,806
113,663
113,500
113,545
118,716
118,628
118,933
119,252
119,230
119,144
126,046
126,287
126,590
126,830
127,160
127,549
117,117
117,043
117,348
117,675
117,656
117,574
3,166
3,232
3,194
3,209
3,178
3,252
113,951
113,811
114,155
114,465
114,478
114,322
108,856
111,303
114,177
116,677
119,030
119,550
118,440
weeks
and
over
Labor
force
participation
rate
(percent) 2
7,425
6,701
6,528
6,874
8,426
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
5,852
5,997
5,512
5,334
119,865
121,669
123,869
124,787
125,303
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
110,204
111,550
113,544
115,461
117,834
Total
Civilian
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
101,194
102,510
106,702
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Unemployment
Civilian employment
5,345
5,122
4,965
4,657
4,860
5,767
10,678
10,717
8,539
8,312
8,237
3,485
4,210
2,737
2,305
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
" Data beginning January 1986 not strictly comparable with earlier data because of change in
istimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
UNEMPLOYMENT RATES
!n June, the civilian unemployment rate rose to 7.8 percent and the overall unemployment rate rose to 7.7 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED]
25
20
TEENAGERS
(16-19)
15
V\f V
10
10
MEN 20 YEARS
AND OVER
WOMEN 20 YEARS
AND OVER
1990
1992
1991
1992
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LA&OR
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Unemployment
rate,
all
workers 1
Period
1982
1983
1984
1985
1986
1987 .
1988
1989
1990
1991
1991:
1992:
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
June
July
Aug
Sept
Oct
Nov
Dec
...
....
....
....
....
Jan
Feb
Mar
Apr
May ....
June ...
9.7
9.6
Men
20 years
and over
Women
20 years
and
over
8.8
8.9
6.6
6.2
8.3
By selected groups
By race
By sex and age
All
civilian
workers
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
9.3
Labor
force
time lost
(percent) 2
11.0
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
6.1
5.4
4.8
4.5
4.9
6.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.8
6.7
6.7
6.7
6.8
6.8
7.0
6.9
6.8
6.8
6.8
6.9
6.9
7.1
6.5
6.5
6.5
6.5
6.5
6.4
6.6
5.7
5.4
5.7
5.6
5.8
5.9
6.1
19.0
19.9
19.0
18.2
18.9
18.7
19.3
6.1
6.1
6.1
6.1
6.1
6.2
6.3
11.2
10.6
11.1
11.1
11.5
11.0
11.5
12.7
11.9
12.4
12.3
12.8
12.3
12.7
6.6
6.4
6.5
6.5
6.6
6.7
6.8
4.6
4.4
4.4
4.5
4.2
4.5
4.7
9.1
8.5
9.4
9.0
9.4
9.1
9.1
6.6
6.6
6.6
6.5
6.6
6.5
6.8
8.5
8.2
8.3
8.4
8.4
8.6
8.6
7.6
7.6
7.7
7.7
7.7
7.9
8.1
7.0
7.2
7.2
7.1
7.4
7.7
7.1
7.3
7.3
7.2
7.5
7.8
6.9
7.0
8.9
6.8
7.3
7.4
5.9
6.1
6.1
6.3
6.1
6.4
18.3
20.0
20.6
19.2
20.0
23.6
6.2
6.5
12.6
12.2
12.2
12.4
13.1
13.5
13.7
13.8
14.1
13.9
14.7
14.9
6.9
7.1
7.2
6.9
7.2
7.3
4.8
5.0
4.8
4.7
5.1
5.3
9.0
9.5
10.0
10.2
10.0
10.1
6.8
7.1
7.0
7.0
7.1
7.5
9.1
8.8
9.0
8.8
9.5
9.3
8.1
8.3
8.3
8.3
8.3
8.4
6.5
6.3
6.5
6.8
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persona on part time for economic reasons as percent of potentially available labor force hours.
12
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In June, the percentage of the unemployed who had been out of work for less than 5 weeks fell, the percentage
for 5-14 weeks was unchanged, and the percentages for 15-26 weeks and for 27 weeks and over rose. The mean
duration of unemployment rose to 18.6 weeks and the median duration fell to 8.7 weeks.
PERCENT DISTRIBUTION*
70
PERCENT DISTRIBUTION'
70
DURATION OF UNEMPLOYMENT
LESS THAN
5 WEEKS
LV.
\r
1991
1992
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
39.2
39.8
39.9
39.0
38.2
38.1
37.1
36.8
33.3
36.0
35.9
36.4
35.6
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
32.3
32.3
31.6
32.7
32.1
31.5
31.0
29.5
31.7
29.1
30.2
27.8
27.8
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.7
14.6
14.8
14.7
16.4
15.1
15.4
16.1
16.1
15.5
14.4
14.8
15.1
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
12.8
13.2
13.7
13.6
13.4
15.3
16.5
17.7
18.9
19.4
19.6
21.1
21.5
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
14.0
13.9
14.1
14.2
14.6
14.9
15.3
16.4
17.0
17.1
17.0
18.3
18.6
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
6.9
6.8
7.2
7.4
7.4
7.7
7.8
8.1
8.2
8.0
8.8
9.0
8.7
Job
losers
Job
leavers
Reentrants
New
entrants
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
24.4
24.3
24.9
23.8
24.2
24.6
24.4
26.4
23.5
24.0
23.1
22.7
22.8
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
8.5
9.4
9.1
9.1
9.4
9.0
9.1
8.9
8.9
8.8
9.2
9.0
10.4
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982
1983
1984 ..
1985
1986 ...
1987
1988
1989
1990
1991
1991: June
July
Sept
Oct
Dec
1992- Jan
Feb
Mar
May
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
8,615
8,475
8,520
8,501
8,641
8,602
8,891
8,929
9,244
9,242
9,155
9,504
9,975
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
54.7
54.7
55.4
56.1
55.1
54.8
56.2
53.7
57.8
57.3
56.5
57.7
56.3
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
12.3
11.6
10.5
11.0
11.4
11.5
10.3
11.0
9.8
9.9
11.3
10.5
10.4
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,406
3,336
3,283
3,267
3,273
3,313
3,317
3,349
3,324
3,340
3,348
3,328
3,249
583
438
377
396
378
328
310
330
388
447
421
418
415
415
418
448
464
446
452
440
412
407
415
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,407
3,177
3,270
2,999
2,795
2,795
2,846
3,565
4,197
4,199
4,102
' 3,627
3,193
3,141
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 117,000 in June.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
10
.
\
-
ALLNC3NAGRICULT JRAl
ES' ABLISHMEN' S
00
x-
28
-
__
_--•—1
x^l
-
^X1
26
-
24 ^
90
-
80 ,
--
22
'
-
:ING
SER\ rtCE-PRODUC
INDUSTRIES
RETA IL TRADE
70
^-
18
rr
60
-
16
-
18
-
LA
70
'—
__—•—'
1 1 1 1 1 11 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1
.—
t^—
—1
-"^
GOVERNMI NT
—
II 1 II 1 1 M 1 1 1 1 1 1 1 1 M 1 i 1
1 1 1 1 t l 1 i 1 1 ll
50
40
GOOI S-PRODUCItv G
If-JDUSTRIES
- ...
30
V
1
1
CONSTRUCTlriKJ
20
mnlllll!
' 1988
||m|
[I 1 1 1 1 1 1 1 1 1 1 I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l Illllllllll!
1991
1992
'
1989
1990
' 1988
Illllllllllj Illl llll III Timlmii
1989
1990
1991
1992
'
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
F at4nA
enou
Total
nonagricultural
employment
Goods-producing industries
Service-producing industries
Manufacturing
Total 2
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
lie tail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,782
108,310
23,813
23,334
24,727
24,859
24,558
24J08
25,173
25*,322
24,960
23*830
3,905
3,948
4,383
4*673
4,816
4*,967
5,110
5,181
5,133
4*685
18,781
18,434
19,378
19*,260
18,965
19,'024
19,350
19*442
19,117
18*,455
11,014
10*,707
11,479
11,464
11,203
11467
11,381
11,420
11,130
10,602
7,767
7*,726
7,899
7*,796
7,761
7358
7,969
8*,022
7,988
7,852
65,753
66366
69,769
72*660
74,967
77*,492
80,363
83*,007
84,822
84480
5,082
4,954
5,159
5*,238
5,255
5*372
5,527
5*,644
5,808
5,772
5,296
5*,286
5,574
5*736
5,774
5365
6,055
6*221
6,200
6*,069
15,161
15*595
16,526
17*336
17,909
18*462
19,077
19*549
19,677
19,259
5,341
5*468
5,689
5*955
6,283
6*547
6,649
6*695
6,729
6*678
19,036
19,694
20,797
21*999
23,053
24*,235
25,669
27*120
28,103
28*323
15,837
15369
16,024
16*,394
16,693
17*,010
17,386
17*,779
18,304
18*380
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2*.966
1991: June ..
July ...
Aug ...
Sept ...
Oct ....
Nov ...
Dec ....
108,227
108,190
108,267
108,293
108,285
108,139
108,154
23,809
23,792
23,791
23,755
23,704
23,613
23,584
4,692
4,674
4,662
4,662
4,642
4,585
4,592
18,420
18,425
18,443
18,414
18,388
18,361
18,329
10,587
10,586
10,582
10,557
10,530
10,498
10,466
7,833
7,839
7,861
7,857
7,858
7,863
7,863
84,418
84,398
84,476
84,538
84,581
84,526
84,570
5,763
5,767
5,773
5,769
5,766
5,761
5,758
6,069
6,064
6,050
6,049
6,040
6,031
6,021
19,268
19,238
19,244
19,220
19,175
19,130
19,112
6,674
6,662
6,661
6,663
6,665
6,666
6,670
28,251
28,289
28,366
28,450
28,525
28,514
28,559
18,393
18,378
18,382
18,387
18,410
18,424
18,450
2,970
2,965
2,970
2,978
2,980
2,981
2,983
1992:
108,100
108,142
108,200
108,377
108,470
108,353
23,527
23,525
23,532
23,530
23,540
23,444
4,587
4,582
4,603
4,605
4,627
4,595
18,283
18,290
18,278
18,279
18,271
18,213
10,422
10,430
10,417
10,409
10,395
10,364
7,861
7,860
7,861
7,870
7,876
7,849
84,573
84,617
84,668
84,847
84,930
84,909
5,746
5,753
5,754
5,746
5,742
5,752
6,010
6,003
5,997
5,993
5,990
5,974
19,118
19,143
19,092
19,177
19,137
19,117
6,665
6,673
6,675
6,682
6,682
6,677
28,577
28,584
28,643
28,707
28,820
28,805
18,457
18,461
18,507
18,542
18,559
18,584
2,981
2,981
2,989
2,986
2,985
2,975
Jan ....
Feb ....
Mar ....
Apr r...
May '..
June".
1
Includes all full- and part-time wage and aalary workers in nonagricultur&l 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
front this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persona, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Average gross hourly earnings
Manufacturing
Period
Total
private
nonagricultural *
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991: June
July
Sept
Oct
NOT
Dec
1992: Jan
Peb
Mar
May ' . .
June *
Total
Average gross weekly earnings
Total private
nonagricultural 1
Total private
nonagricultural x
Overtime
Current
dollars
1982
dollars 2
Manufacturing
Current dollars
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1982
dollars
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
$7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.33
$7.68
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
$8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
$267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
354.32
$267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.64
$330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
$426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.02
$163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.40
198.77
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.6
-1.2
2.0
34.5
34.2
34.3
34.4
34.3
34.4
34.5
40.7
40.7
40.9
40.9
40.9
40.9
41.0
3.6
3.6
3.7
3.7
3.7
3.7
3.7
10.35
10.34
10.38
10.39
10.40
10.42
10.46
7.48
7.46
7.47
7.46
7.45
7.44
7.45
11.17
11.21
11.24
11.25
11.27
11.30
11.32
357.08
353.63
356.03
357.42
356.72
358.45
360.87
258.01
255.14
256.32
256.58
255.53
255.85
257.03
454.62
456.25
459.72
460.13
460.94
462.17
464.12
533.27
533.02
533.14
537.98
533.78
529.84
538.37
200.45
198.93
199.91
200.20
200.07
202.05
202.62
3.0
1.8
2.8
2.7
3.2
3.0
3.1
-1.5
— 2.4
-.7
34.3
34.6
34.5
34.3
34.6
34.3
40.9
41.1
41.1
41.1
41.3
41.1
3.6
3.7
3.8
3.9
4.0
3.9
10.46
10.51
10.55
10.52
10.56
10.58
7.44
7.46
7.46
7.42
7.44
7.43
11.27
11.34
11.37
11.42
11.44
11.44
358.78
363.65
363.98
360.84
365.38
362.89
255.36
258.27
257.23
254.47
257.31
254.84
460.94
466.07
467.31
469.36
472.47
470.18
530.22
526.55
532.87
535.95
547.71
543.09
202.91
205.61
205.06
202.77
205.06
203.06
3.0
3.9
4.2
3.1
3.4
1.9
.6
1.1
1.2
.1
.6
-1.0
1
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 base).
2
.8
j3
.3
-1.0
.9
-1.0
18
-1.5
A
.5
.2
.4
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent change from
Index (June 1989 = 100)
Period
12 months earlier
3 months earlier
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits 1
Total
compensation
Wages and
salaries
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
Benefits l
Not seasonally adjusted
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1989:
Mar
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
98.9
99.9
101.2
102.4
103.8
105.0
106.2
107.2
108.5
109.7
110.8
111.9
99.1
100.0
101.1
102.2
103.3
104.4
105.4
106.2
107.3
108.4
109.2
110.1
113.0
113.7
111.0
111.5
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
98.2
99.9
101.5
103.0
105.2
106.7
108.3
109.9
111.4
113.2
115.1
116.7
1.1
1.0
1.3
1.2
1.4
1.2
1.1
.9
1.2
1.1
1.0
1.0
1.0
.9
1.1
1.1
1.1
1.1
1.0
.8
1.0
1.0
.7
.8
1.2
1.7
1.6
1.5
2.1
1.4
1.5
1.5
1.4
1.6
1.7
1.4
4.6
4.5
4.8
4.8
5.2
5.2
4.9
4.6
4.4
4.4
4.5
4.4
4.2
4.1
4.3
4.1
4.2
4.5
4.2
4.0
4.0
3.7
3.7
3.7
5.4
5.6
6.0
6.1
7.2
6.9
6.8
6.6
5.8
6.2
6.4
6.2
118.4
119.4
1.0
.6
.8
.5
1.5
.8
4.2
3.7
3.4
3.0
6.3
5.5
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
Not seasonally adjusted
Seasonally adjusted
Sept
Dec
1990: Mar
Sept
Dec
1991: Mar
Sept
Dec
1992: 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.
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistic!
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Hours of all
persons 2
Output *
Business
sector
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
. .
99.9
100.0
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.9
110.7
99.9
100.0
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.4
109.1
102.4
100.0
104.1
112.6
116.7
119.9
124.8
130.1
132.4
132.9
130.9
102.4
100.0
104.4
113.0
116.8
120.1
125.0
130.6
132.8
133.2
131.0
102.5
100.0
101.8
107.6
109.9
110.7
114.1
117.9
120.9
120.9
118.3
102.5
100.0
102.0
108.1
110.8
111.8
115.4
119.5
122.7
122.9
120.1
93.0
100.0
103.7
108.1
113.0
118.6
122.7
128.0
132.5
139.9
146.1
93.0
100.0
103.9
108.1
112.6
118.1
122.1
127.2
131.5
138.6
144.8
98.7
100.0
100.5
100.4
101.3
104.4
104.3
104.4
103.1
103.3
103.5
98.8
100.0
100.7
100.4
101.0
104.0
103.7
103.7
102.3
102.3
102.6
93.1
100.0
101.5
103.3
106.5
109.5
112.2
116.0
121.0
127.3
132.0
93.1
100.0
101.5
103.4
106.8
109.9
112.8
116.4
121.5
127.9
132.7
94.5
100.0
103.4
107.7
111.2
113.6
116.6
120.8
126.0
130.8
135.1
94.2
100.0
104.0
107.6
111.6
114.2
117.2
121.4
126.4
131.3
136.0
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
IV
101.1
103.0
105.2
106.9
108.0
110.3
110.5
101.0
103.2
105.1
105.8
107.1
109.1
109.6
100.0
107.5
114.4
118.0
120.6
127.4
131.7
100.0
108.1
114.8
118.2
120.8
127.6
132.5
98.9
104.3
108.7
110.4
111.6
115.5
119.2
98.9
104.7
109.2
111.7
112.8
116.9
120.9
102.1
105.2
109.7
115.4
120.6
125.3
130.2
102.1
105.1
109.7
114.8
120.1
124.6
129.3
100.6
100.4
100.6
102.2
105.3
104.8
104.3
100.6
100.3
100.5
101.6
104.9
104.2
103.6
101.0
102.1
104.3
108.0
111.6
113.6
117.8
101.1
101.8
104.4
108.4
112.1
114.2
118.0
101.1
104.8
109.0
112.4
114.6
117.9
122.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
1989:
HI
IV
109.4
109.3
108.1
108.0
132.4
132.2
132.8
132.6
121.1
121.0
122.9
122.8
132.9
134.2
131.8
133.2
102.9
102.8
102.1
102.0
121.5
122.8
122.0
123.3
126.4
127.6
126.9
128.0
I
109.5
110.3
110.1
109.9
108.0
108.7
108.4
108.4
133.2
133.9
132.9
131.8
133.5
134.1
133.1
132.0
121.6
121.3
120.7
119.9
123.6
123.3
122.8
121.7
136.1
139.1
141.5
143.1
134.8
137.7
140.1
141.8
102.5
103.7
103.7
103.2
101.6
102.7
102.7
102.2
124.3
126.1
128.6
130.1
124.9
126.7
129.3
130.8
128.8
130.2
131.6
132.5
129.2
130.6
132.2
133.3
1991- I
109.9
110.5
111.0
111.5
108.4
109.0
109.4
109.8
130.2
130.7
131.3
131.5
130.4
130.9
131.4
131.5
118.5
118.4
118.3
118.0
120.2
120.1
120.1
119.8
144.0
145.7
147.0
148.0
142.8
144.5
145.7
146.5
103.0
103.6
103.8
103.6
102.1
102.7
102.9
102.6
131.0
131.9
132.5
132.8
131.7
132.6
133.2
133.5
134.0
135.0
135.6
135.9
134.9
135.7
136.4
136.9
112.2
110.5
131.9
131.9
117.5
119.4
148.9
147.3
103.5
102.4
132.6
133.3
136.7
137.7
1990:
n
m
rv
n
m
IV
1992- V
Percent change; quarterly data at seasonally adjusted annual rates
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1989:
1990:
1.3
.1
2.2
2.3
1.4
2.0
1.0
.9
8.6
7.4
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.3
3.8
10.1
5.8
3.4
4.1
3.3
2.2
2.6
3.6
4.3
3.8
3.3
10.1
6.1
4.0
3.5
3.7
2.4
2.6
3.6
4.1
3.9
3.5
0
2
.4
— .1
4.3
4.4
3.8
4.6
2.7
3.7
3.0
3.5
5.1
8.9
7.1
4.8
-1.2
4.8
0
-2.3
-1.8
4.6
.0
-1.9
4.8
6.0
8.1
4.9
5.0
6.1
8.4
4.6
4.0
4.3
4.4
2.8
3.8
4.5
4.8
3.4
2.7
4.8
3.5
2.7
2.9
4.9
3.5
2.2
-.5
2.3
.8
g
O
2^3
.8
-1.3
2.9
2.7
1.6
.9
2.8
2.8
1.7
.9
4.5
2.9
1.8
1.0
4.8
2.5
2.1
1.5
2.4
2.2
~A
-.6
-.4
-.5
2.5
2.4
.4
.7
1.9
-2.3
4.1
8.2
3.6
2.8
4.1
4.3
1.8
.4
15
1.8
24
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.3
16
0.6
-2.5
1.8
5.7
2.1
.7
3.1
3.3
2.6
.0
-2.2
0.7
24
2.0
6.0
2.5
.9
3.3
3.5
2.7
.1
-2.3
9.4
7.6
3.7
4.2
4.5
4.9
3.5
4.3
3.5
5.6
4.4
9.6
7.5
3.9
4.0
4.2
4.9
3.4
4.1
3.4
5.4
4.5
-0.8
1.3
.5
-.1
.9
3.0
I
.1
12
.2
.2
HI
IV
-1.1
-.4
2
-.5
-.1
-.6
.1
Y
1.0
-.2
.3
2
3.2
4.0
3.6
4.1
I
.9
3.0
-1.0
-.4
.1
2.7
-1.2
.2
3.0
2.0
-3.0
-3.0
2.7
1.8
-3.0
-3.1
2.0
-1.0
-2.0
-2.6
2.6
-.9
-1.8
-3.3
5.8
9.2
7.1
4.4
IV
2.0
1.9
1.8
.0
2.0
1.7
1.3
-4.9
1.7
1.8
.5
-4.9
1.6
1.6
.4
-4.8
-.4
-.1
-1.2
-4.9
4
-.1
-.9
1"
2.8
2.7
1.1
1.2
-1.6
-1.5
7
n
m
IV
1991: I
n
ni
1992:
.6
3.0
2
.0
-1.4
.0
.3
8.0
7.4
1.5
1.9
3.0
2.8
2.5
3.3
4.3
5.2
3.8
0.9
.1
2.4
2.1
.8
1.9
.8
.9
-.9
.1
.7
T[
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 baaed 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.
16
5
-0.7
1.2
.7
Q
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Data do not reflect GDP revisions of July 30, 1992.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in June.
INDEX, 1987 = 100' (RATIO SCALE)
INDEX, 1987 •= 100* (RATIO SCALE]
120
130
115
TOTAL INDUSTRIAL PRODUCTION
FINAL PRODUCTS
_>N
125
^_
y v/
120
110
/]
115
105
110
100
f/^
/^
105
s
100
\
-"^^^
s~
\^s-~~~^
\ 1
BUSINESS
EQUIPMEN -
x^"v •*
^--•'\
CONSUMER
GOODS
v
.-'-.
95
•^•'
"V""',
\.:
DEFENSE
AND SPACE
E QUIPMENT
90
N
">
85
1 1 1 1 1 \ 1 1 1 1 1 1 1 M 1 1 1 : i M n 1 | | | | I ] II
.s
n 1 11111 111
1 M 1 I1 E1 1 1 1
CAPACIl Y UTILIZAT r>N PATE
(TOTAL 1 NDUSTRY)
s~*—^ 1—*-^_
^-V•^
*~~^~~\
\
V/"\^
p
IIMlllllll MIMllllll
1988
uniliiiu
1989
1991
1990
[ 1992
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987=100
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
.
. ..
1991: June
July
Sept
Oct
Nov
Dee
1992- Jan
Feb
Mar T
Apr r
May T
June p
1
Output as percent of capacity.
Capacity utilization
rate, percent 1
Industry production indexes, 1987 = 100
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
1.9
— 4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
-1.9
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
107.5
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
107.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
107.9
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
101.1
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
109.2
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
79.4
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
78.2
107.3
108.1
108.0
108.4
108.4
108.1
107.4
-2.5
-2.1
-2.3
-2.0
-1.4
2
.2
107.5
108.3
108.4
108.9
109.0
108.6
108.1
107.3
108.1
107.8
108.4
108.2
107.8
107.1
107.6
108.6
109.0
109.6
110.1
109.6
109.5
102.1
102.7
101.3
101.4
100.7
99.6
98.8
111.5
110.9
110.7
109.7
109.4
111.0
107.9
79.6
80.0
79.8
79.9
79.8
79.3
78.7
78.3
78.7
78.6
78.8
78.7
78.2
77.7
106.6
107.2
107.6
108.1
108.6
108.2
.0
1.4
2.5
2.5
2.1
.8
107.4
108.1
108.5
108.9
109.6
109.3
109.5
109.6
110.4
110.7
110.5
110.5
97.8
98.4
97.5
99.1
98.9
97.5
106.8
106.4
107.7
108.1
107.7
107.4
78.0
78.3
78.4
78.6
78.9
78.5
77.0
77.4
77.5
77.7
78.0
77.6
105.8
107.0
107.0
107.5
• 108.8
108.4
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Equipment
Consumer goods
Period
Total
Total
1982
1983
1984.
1985
1986.
1987
1988
1989
1990
1991
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
109.6
110.1
110.2
109.8
110.4
110.6
110.6
109.9
108.7
109.4
109.8
110.6
111.1
110.7
....
1991' June
July
Sent .
Oct
Nov
Dec
1992: Jan
Feb
Mar '
Apr ' .
May '
June"
1
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
107.5
108.0
108.3
108.4
109.4
109.7
110.0
109.1
108.1
108.8
109.3
110.1
110.5
110.0
Durable
goods
Nondurable
goods
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
102.3
104.2
105.5
104.0
107.7
107.5
106.0
104.6
101.3
105.3
106.2
107,7
111.1
110.2
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
109.0
109.0
109.0
109.6
109.8
110.3
111.1
110.3
11 0.0
109.8
110.2
110.7
110.3
109.9
Total1
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
112.2
112.8
112.8
111.6
111.8
111.9
111.4
110.9
109.4
110.2
110.4
111.3
112.0
111.7
Business
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
121.5
121.9
122.5
121.3
122.2
122.3
121.8
121.4
119.9
121.0
121.5
123.0
124.2
124.0
Defense
and
space
equipment
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
91.1
91.0
90.0
89.8
89.1
89.1
88.8
88.1
86.7
86.2
85.6
84.6
84.3
83.9
Total
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
103.4
104.0
104.0
104.4
104.3
104.1
103.9
103.8
103.9
104.0
104.4
104,0
104.6
104.2
Construction
supplies
Business
supplies
Total
Energy
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
96.0
97.4
96.9
96.7
96.5
95.4
95.9
95.0
95.5
96.0
96.7
96.3
97.3
96.1
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
108.4
108.5
109.0
109.7
109.7
110.1
109.4
110.0
109.9
109.6
109.7
109.4
109.6
109.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
105.5
105.4
107.0
107.2
107.5
107.4
106.6
105.8
105.2
105.8
106.1
106.7
107.1
106.9
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
102.3
103.4
104.1
103.3
103.6
103.1
102.2
100.4
100.4
100.5
100.1
101.3
100.9
100.1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991- June
Julv
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar '
....
May 'p
June .. .
Source: Board of Governors of the Federal Reserve System.
18
Total
Iron
and
steel
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
99.5
96.4
101.2
102.6
102.3
102.6
103.5
101.3
102.5
102.7
101.4
100.8
100.8
102.3
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
98.0
92.9
99.5
100.6
100.8
102.4
105.6
101.7
105.0
103.7
102.5
101.0
100.4
102.8
Transportation
equipment
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
100.4
99.8
100.9
101.4
101.9
101.9
101.8
101.2
99.7
100.5
100.0
100.6
102.1
101.5
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
123.5
123.4
123.9
123.3
123.1
123.5
122.8
121.9
121.4
121.9
122.9
124.1
126.2
126.2
75.9
80.3
94.1
93.1
34.3
100.0
106.5
109.5
111.4
110.1
111.5
111.0
111.5
111.0
109.8
110.7
110.6
110.0
110.7
110.9
110.7
112.1
111.6
Total
Motor
vehicles
and
parts
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
98.6
99.7
101.3
99.0
102.2
102.4
99.7
98.0
93.8
96.8
96.5
98.0
99.8
98.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
90.4
92.5
96.7
91.6
99.5
100.4
95.9
94.6
87.1
93.8
94.2
98.5
102.7
100.1
Lumber and
products
Apparel
products
Print- Chemicals
ing
Foods
and
and
prodpubucts
lishing
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
94.2
96.7
94.8
95.3
95.2
93.8
96.4
95.2
97.4
98.8
99.2
97.2
96.7
94.3
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
96.2
96.2
97.8
98.3
98.1
98.7
98.8
99.0
97.5
97.7
97.8
98.0
99.0
98.6
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
112.3
111.2
111.9
112.3
113.3
114.4
114.2
114.5
114.8
114.4
113.8
114.1
114.4
114.3
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
110.9
109.6
111.5
112.3
112.6
113.5
113.0
112.6
112.7
113.4
114.S
115.3
115.6
115.6
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
108.6
108.6
108.3
108.7
109.5
109.4
110.1
109.6
109.2
109.6
ne.2
109.9
109.4
108.9
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total1
Commercial
and
industrial 2
Other
Federal,
State, and
local.
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1983
1984
1985
1986 r
1987
1988 r
1989 '.
1990 '
1991 '
..
....
294.9
348.8
377.4
407.7
231.5
419.4
328.7
337.5
345.3
334.2
290.7
432.3
443.4
442.1
401.0
278.6
299.5
323.1
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
48.2
50.8
51.3
51.6
50.1
51.5
54.5
54.9
55.8
75
83
91
96
100
101
105
95
89
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.9
110.2
Annual rates
Annual rates
1991:
June '.
July '
Aug r
Sept r
Oct r
Nov r
Dec '
. . .
. ...
1992: Jan r
Feb '.
Mar '
2
3
286.3
287.7
406.1
401.2
291.7
398.7
291.8
293.6
288.3
287.4
Apr r
407.1
411.8
421.5
423.1
May"
423.4
303.1
p
416.9
303.5
June
1
394.3
397.0
404.8
406.0
292.5
294.8
301.1
305.5
756
955
1,097
1,016
1,019
973
961
783
545
154.9
157.0
161.5
164.2
164.7
164.5
164.1
107.7
110.0
114.4
117.1
117.5
118.0
118.3
75.7
74.8
74.0
72.9
70.1
67.4
67.3
55.8
55.9
56.3
56.5
56.9
56.4
56.0
107.9
109.3
113.1
112.4
114.4
112.9
111.4
83
89
92
89
98
82
97
438
469
507
408
625
474
479
169.5
169.8
172.7
178.9
178.7
180.7
122.0
123.3
125.9
128.9
128.5
130.1
65.8
66.7
69.1
65.9
63.6
62.9
57.2
58.3
59.4
60.7
60.8
59.8
114.6
117.0
120.4
117.6
120.3
113.4
95
102
98
94
'87
90
472
563
497
499
423
525
NOTE.—New construction expenditures aeries revised beginning 1987.
Sources: Department of Commerce {Bureau of the. Census) and McGraw-Hill Information Sygtems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Bodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1882
1983
1984
1985
1986
1987
1988
1989
1990
1991
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1 unit
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
2-4 units
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
5 or more units
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
Units
authorized
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
Units
completed
Homes sold
Homes for
sale at end of
period1
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
412
623
639
688
750
671
676
650
534
509
253
301
353
346
357
366
368
365
321
283
1,072
1,104
1,065
1,051
1,193
1,073
1,021
1,021
1,043
1,097
' 1,127
1,052
1,187
511
513
505
522
499
526
578
578
667
627
298
296
295
292
292
289
286
283
281
269
277
275
273
274
Vacancy rate
for rental
housing units
(percent) z
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
Seasonally adjusted annual rates
1991- May
July
Sept.
Get
Nov
Dec
1992- Jan
Feb
Mar
Apr *
May *
June
p
1
2
983
1,036
1,053
1,053
1,020
1,085
1,085
1,118
1,180
1,257
1,340
1,086
1,205
1,167
830
870
881
881
864
887
907
972
989
1.109
1,068
933
1,035
1,010
36
26
46
41
28
49
33
46
28
24
53
27
30
47
Seasonally adjusted.
Quarterly date entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
117
140
126
131
128
149
145
100
163
124
219
126
140
110
988
956
971
940
974
994
979
1,073
1,106
1,146
1,094
1,058
1,054
1,032
r
555
535
530
572
7.3
7.6
7.3
7.4
7.7
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In May, manufacturing and trade sales fell 0.2 percent and inventories rose $0.5 billion. In June, according to
advance data, retail sales rose 0.5 percent, following a rise of 0.4 percent in May.
BILLIOr•45 OF DOLLARS * (RATIO SCALE]
BILLICDNS OF DOLLARS* (RATIO SCALEI
1,000
300
900
800
250
_^— -I-^
^n
^^
^—
\
700
200 __^
MANUFACTURING AND
TRADE INVENTORIES
.
'
"~
\
R ETAIL INVENTORY 5
600
,—_,—-
"
500
—.
\
150
'"
k=-=-v
\
MX\NUFACTURING
Ar- D TRADE SALES
^ —-•
'
RETAIL SALES
400
I
1 1 1 1 II 1 1 1 1 1
100
300
RATIC) *
1.80
INVENTORY-SALES RATIO
1.70
200
1.50
\^
1.30
1989
"SEASONALLY ADJ ;STED
OURCE: DEPARTM NT OF
1990
1991
^C
^
HIM
1989
1988
1992
1991
1990
l lim
1992
COUNCIL OF ECC NOMIC ADVISERS
Wholesale
Inventories 3
Sales 2
575,486
591,858
651,527
665,837
664,654
711,745
767,387
813,018
835,985
828,184
824,177
820,357
819,641
819,746
822,401
824,672
825,505
828,184
824,150
824,609
826,204
828,630
829,137
96,357
100,440
113,502
114,816
116,326
124,340
135,254
144,039
149,204
145,135
145,085
145,511
147,238
145,710
146,103
145,766
145,310
144,909
145,922
146,366
146,867
146,947
145,670
Inventories 3
Inventory-sales ratio 4
Ketail
Sales
Period
Sales
V^
\^\^/
COMMERCE
Manufacturing and
trade l
2
Z^^
IIMI1
I
1
^-s.
. \
MANUFAC' URING
1.40
1988
..
X
1.60
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
61,316
68,856
79,074
88.315
89,983
105,481
111,892
120,138
119,331
117,454
115,674
114,017
114,364
115,121
116,582
117,293
116,873
117,454
115,918
117,259
119,827
122,884
122,758
73,312
78,977
88,738
93,566
96,527
102,355
107,382
117,461
120,886
125,708
120,662
120,719
121,286
121,402
122,260
123,453
124,006
125,708
125,068
124,679
124,461
125,108
124,577
Manufacturing
and
trade '
Ketail
Millions of dollars, seasonally adjusted, except as noted
1982
1983
1984
1985
1986
1987
1988 .
1989
1990
1991
1991- May r
June
July
Auer
Sept
Get
1992:
Dec
Jan
Feb
Mar
Apr r
May p
June p
348,771
370,501
411,427
423,940
431,786
459,107
496,334
522,344
540,788
533,838
535,424
r
535,012
539,729
537,373
539,269
541,247
540,382
531,919
536,977
544,017
545,424
547,081
546,154
129,024
131,663
144,223
149,155
155,445
165,814
180,717
188,635
196,917
198,979
195,308
194,583
195,217
195,323
194,007
195,371
196,347
198,979
198,730
199,416
198,677
198,432
198,516
89,062
97,514
107,243
114,586
120,803
128,442
137,539
145,580
152,126
153,562
154,686
r
154,594
154,875
153,819
154,330
154,569
154,092
154,280
157,808
159,753
157,873
158,385
r
159,005
159,762
1
See page 21 for manufacturing.
2
Annual data are average of monthly not seasonally adjusted figures; monthly data are seasonally adjusted total for month-
61,097
27,966
64,943
32,571
37,873
69,369
73,075
41,510
75,746
45,057
47,989
80,453
85,320
52,219
91,252
54,329
55,065
97,061
54,413
99,149
54,814
99,872
r
54,877 r99,717
54,819 100,056
54,080
99,739
99,107
55,223
99,119
55,450
54,722
99,370
98,874
55,406
56,919 100,889
101,792
57,961
57,122 100,751
100,943
57,442
r
57,878 r!01,127
101,481
58,281
134,628
147,833
167,812
181,881
186,510
207,836
219,274
237,599
240,217
243,162
236,336
234,736
235,650
236,523
238,842
240,746
240,879
243,162
240,986
241,938
244,288
247,992
247,335
3
Seasonally adjusted, end of period.
* Annual data are averages of seasonally adjusted monthly ratio
Source: Department of Commerce, Bureau of the Census.
20
1.67
1.56
1.53
1.55
1.55
1.50
1.50
1.53
1.53
1.55
1.54
1.53
1.52
1.53
1.53
1.52
1.53
1.56
1.53
1.52
1.51
1.51
1.52
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.59
1.57
1.55
1.53
1.52
1.52
1.54
1.55
1.56
1.56
1.58
1.53
1.51
1.55
1.57
1.56
MANUFACTURERS' SHIPMENTS, INVENTORIES,
ORDERS
In June, manufacturers' shipments and new orders rose, while inventories and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE)
280 i—:
240
SHIPMENTS
— INVENTO
440
200
360
-DURABLE GOODS
160
_-
\
T^TA
280
\
.
\
\
"• " ~"
"
200
DURABLE GOODS
NONDURABLE GOODS
160
^_ .,
\
120
60
NCENDURABLE
BILLIONS OF DOLLARS* (RATIO SCALE|
280
NEW ORDERS
240
200
160
60
\
-——X
DURAE LE GOODS j
,^T~
TOTAL
muimu
RATIC
\
^- — -f
\
i
inin
Illlll
INVENTORY-SHIPMENTS RATIO
2.00
1.80 -
NONI)URABLE GO 3DS
80
-
1.60
^
T
.
V~-"]
1.40
60
||m|
innlinii nnilum
1988
1989
Illlll I M I l l l l M i
l l l l l l l M I I umhiiii mllhllll
1.20
1992
1991
1990
1
*
2.20
x
120
3OODS
80
1989
1988
1991
1990
nlniii
1992
COUNCIL OF 5COWOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' inventories z
Manufacturers' new orders *
ftlanufae-
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
lurers'
inventory —
shipments3
ratio
Millions of dollars, seasonally adjusted, except as noted
1982
1983
163,351
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,142
79,212
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
118,548
84,139
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,593
311,834
312,362
339,492
334,801
322,699
338,095
367,396
386,784
398,851
386,043
200,423
196,831
221.304
218,211
212,027
220,786
241,356
255,911
259,746
246,966
111,411
112,531
118,188
116,590
110,672
117,309
126,040
130,873
139,105
139,077
162,140
175,451
192.879
195,706
195,204
209,389
227,026
235,905
240,417
233,774
78,064
88,140
100,164
102,356
103,647
110,809
121,445
124,906
123,324
117,063
19,213
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,227
29,862
84,077
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,093
116,712
311,889
347,272
373,524
387,087
393,403
430,287
471,942
510,112
521,811
505,681
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
Sept
Oct
Nov
Dec .
234,907
237,616
237,844
238.836
240,912
240,980
232,730
118,904
120,222
121,021
1.21,958
122,771
122,814
116,869
116,003
117,394
116,823
116,878
118,141
118,166
115,861
391,038
388,774
387,900
389,552
388,555
388,279
386,043
252,919
251,459
250,520
251,319
249,738
249,202
246,966
138,119
137,315
137,380
138,233
138,817
139,077
139,077
229,219
244.580
239,750
233,703
238,542
238,680
229,924
113,478
127,153
122,630
116,528
120,227
120,344
113,920
27,558
34,982
29,462
28,762
29,452
33,067
26,968
115,741
117,427
117,120
117,175
118,315
118,336
116,004
509,370
516,334
518,240
513,107
510,737
508,436
505,631
1.66
1.64
1.63
1.63
1.61
1.61
1.66
Jan
Feb
Mar ...
Apr r
May*
June p
233,247
237,898
240,684
241,749
241,479
247,318
118,698
121,991
123,503
123,483
' 122,344
126,069
114,549
115,907
117,181
118,266
119,135
121,249
384,434
383,255
383,239
382.206
383,286
382,881
245,754
244,395
243,787
242,512
242,447
241,570
138,680
138,860
139,452
139,694
140,839
141,311
232,467
233,388
237,606
240,771
238,696
244,205
118,011
117,750
120,187
122,393
' 119,808
123,091
30,093
29,463
32,163
29,901
'30,469
31,160
114,456
115,638
117,419
118,378
118,888
121,114
504,851
500,341
497,263
496,285
493,502
490,389
1.65
1.61
1.59
1.58
1.59
1.55
1984
1985
1986
1987
1988
1989
1990
1991
1991: June
July
1992:
1
Annual data are average of monthly not seasonally adjusted figures; monthly data are seasonally 2adjusted total for month. Shipments are the same as sales.
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 June, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods rose 0.2
percent and prices of other finished consumer goods rose 0.4 percent. Capital equipment prices fell 0.1 percent.
INDEX, 1982 = 100 (RATIO SCALE)
iNDEX, 1982 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
130 —
130
CONSUMER FOODS
120
120
CAPITAL EQUIPMENT
110
TOTAL
100
100
CONSUMER GOODS
EXCLUDING FOODS
90 i I I i I I I M M I
1984
I I i I I I I I II
I ! I I I M I I j i
1 M
1988
1987
1986
1985
i IM
I I II
1V89
I I I I I I I I M
I
I I I I I I I I I ! I
1991
1990
90
1992
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982—100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
Consumer
foods
1985
1986
1987
1988
1989
1990
1991
1991: June. ...
Sept
Oct
Nov
Dec
1992: Jan
Feh '
Mar
Mav
1
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
126.7
126.8
126.9
127.1
127.3
127.5
127.7
128.3
128.4
128.3
128.5
129.2
129.1
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
120.1
119.8
120.2
120.4
120.8
120.9
120.7
120.2
120.6
120.7
121.0
121.4
121.9
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.2
113.8
114.1
114.3
114.0
114.0
113.9
113.2
113.7
113.9
114.0
114.4
115.2
Total
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
121.4
121.2
121.5
121.8
122.1
122.2
122.1
121.9
122.2
122.3
122.5
123.0
123.3
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.2
124.7
124.0
123.4
123.3
123.3
123.1
123.0
122.5
123.7
123.2
122.8
122.3
122.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
120.2
120.1
120.6
121.2
121.7
121.9
121.7
121.6
121,7
122.0
122.2
123.0
123.3
Intermediate materials for food manufacturing and feeds.
22
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
114.2
114.0
114.9
115.3
116.1
116.2
115.8
114.9
115.2
115.5
116.1
117.3
118.1
Consumer goods
Total
1982
1983
1984
Total
finished
consumer
goods
Total
Nondurable
Capital
equipment
Finished goods excluding consumer foods
Total
finished
goods
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
117.8
117.7
118.3
119.0
119.6
119.8
119.5
119.0
119.2
119.5
119.9
120.7
121,2
Durable
100.0
102.8
104-5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
123.3
123.5
123.8
124.3
124.4
124.6
124.7
125.4
125.2
125.6
125.8
125.7
125.6
Foods
and
feeds '
Other
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.2
108.5
110.6
110.8
111.7
112.0
111.9
110.8
112.1
111.6
111.3
111.2
111.7
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.4
114.1
114.3
114.5
114.2
114.1
114.0
113.3
113.8
114.0
114.1
114.6
115.4
Crude materials
Total
Foodstuffs
and
Other
stuffs
Source: Department of Labor, Bureau of Labor Statistics.
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
99.3
99.3
99.1
98.4
100.5
100.4
98.3
97.3
99.0
97.9
98.4
99.8
101.1
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
106.0
104.2
102.6
104.2
104.2
103.5
102.9
104.8
106.9
106.0
104.5
105.4
106.2
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
91.5
92.4
93.1
91.1
94.2
94.5
91.6
88.8
90.2
89.1
90.7
92.5
94.0
CONSUMER PRICES—ALL URBAN CONSUMERS
In June, the consumer price index for alt urban consumers rose 0.3 percent, seasonally adjusted (it rose 0.4 percent
not seasonally adjusted). The index was 3.1 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
150
INDEX, 1982-84 - 100 (RATIO SCALE)
150
SEASONALLY ADJUSTED
CONSUMER PRICES—ALL ITEMS
ll I II I
1984
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items '
Transportation
Housing
Shelter
Period
Rel. imp3
1982
1983
1984
1985
1986
1987
1988 .
1989
1990
1991
1991:
June
July
Aug
Sept
Oct
Nov
Dec
1992:
Jan .,
Feb
Mar
AIM*
May
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1000
96.5
996
1039
107.6
1096
113.6
1183
124.0
1307
136.2
Food
Total1
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
16.0
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
41.5
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
27. 9
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
8.0
19.7
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
102.5
107.3
113.1
119.4
124.8
181.1
137.3
144.6
150.2
0.2
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
4.1
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
3.3
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
6.7
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
7.4
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
76.6
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
Fuel
and
other
utilities
Apparel and
upkeep
Total1
New
cars
7.3
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
6.1
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
17.0
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
136.0
136.2
136.6
137.2
137.4
137.8
137.9
136.1
136.2
136.6
137.1
137.4
137.9
138.2
137.3
136.6
136.3
136.5
136.4
137.0
137.4
133.2
133.6
133.8
134.2
134.6
135.0
135.4
145.8
146.1
146.4
146.9
147.4
147.9
148.4
154.6
155.0
155.2
155.8
156.3
156.6
157.3
149.9
150.2
150.5
151.1
151.6
152.1
152.7
126.2
126.9
127.2
126.8
126.6
127.6
128.1
114.4
115.0
115.3
115.7
116.2
116.8
118.8
127.8
127.7
129.2
130.0
130.3
131.1
129.6
123.4
123.6
124.2
124.2
124.0
124.5
124.8
125.5
125.7
125.9
126.3
126.2
126.3
126.5
98.7
97.1
98.0
97.9
97.3
98.2
98.5
176.6
177.7
178.9
180.0
181.1
182.0
183.3
101.1
100.6
101.2
101.4
101.4
102.2
102.3
142.0
142.4
143.0
143.6
143.9
144.4
144.7
138.1
138.6
139.3
139.5
139.7
140.2
138.3
138.7
139.4
139.7
139.9
140.3
136.8
137.2
137.9
137.8
137.3
137.5
135.7
136.0
136.5
136.7
136.9
137.5
149.1
149.5
150.0
150.2
150.4
151.1
158.4
158.9
158.5
158.9
159.5
160.4
153.2
153.6
154.5
154.6
154.7
155.3
128.0
128.3
128.4
128.0
128.1
128.5
116.4
115.9
116.4
116.9
117.1
117.5
130.0
131.9
132.7
131.8
132.3
132.0
124.4
124.2
125.1
125.7
126.1
126.7
126.6
126.7
127.2
127.8
128.0
128.5
96.3
95.7
96.6
96.8
97.9
101.0
184.5
186.0
187.0
188.0
189.0
189.8
100.8
99.9
100.5
100.9
101.5
103.5
145.1
145.7
146.4
146.8
147.1
147.4
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
8
Relative importance, December 1991.
2
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1967 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Consumer goods
Period
Total
finished
goods
Consumer goods
Consumer goods
Capital
equipment
Excluding foods
Poods
Change from 6 months earlier, annual rate
Change from 3 months earlier, annual rate
Change from preceding period
Total
finished
Excluding
foods
Foods
goods
Capital
equipment
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
-.1
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
— .7
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
Change, month to month
-0.2
6
-0.2
-.2
.2
.2
.2
.1
— .1
2
.2
.1
.2
.4
.2
1991- June
July
Sept
Get
Nov
Dec
1992- Jan
Feb '
Mar r
Mav r
0.1
.1
.1
.2
.2
.2
.2
-0.3
1
.5
.6
.5
2
-.3
4
.2
.3
.3
.7
.4
— .1
0
o
—.1
1.0
4
-.3
4
.2
-.3
1.3
3.0
2.3
1.0
06
-4.1
50
-4.4
-2.2
-1.0
-1.0
0.7
0
.7
4.1
6.6
5.2
1.7
1.6
1.9
1.0
1.3
1.6
1.9
1.9
-1.1
-2.0
_ 2
1.0
1.2
1.0
1.2
-0.3
-1.3
-2.2
-2.5
-3.2
-3.0
-2.7
-4.0
-4.0
-.7
2.4
3.3
2.9
2.9
3.4
1.8
1.6
1.4
1.8
1.4
1.6
-.1
-.7
0
.7
2.0
2.6
3.3
26
2.0
.7
1.0
-4.5
-1.9
-2.0
-2.0
0
3.1
5.1
5.8
3.2
2.9
1.9
.6
2.5
2.5
1.2
1.2
.8
.7
1.3
2.0
-2.4
.5
-.2
-.8
-1.3
-.6
2.2
1.5
.8
.5
1.5
2.9
2.4
2.4
1.9
1.9
2.7
2.2
-.4
.6
.9
.9
1.1
1.5
0.7
.5
.1
.2
.5
-.1
3.5
2.9
2.0
.8
-.1
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items l
Food
Total '
Total *
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total '
Motor
fuel
cal
care
Energy2
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
9.7
1.8
4.2
1.8
56
1.6
2.9
3.2
4.0
2.9
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
1.5
1.5 -6.5
j7
3.4
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2,1 -2.1
6.8
2.3
1.4
36.5
16.0
3.3
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
1.3
5
.2
1.8
-19.7
8.2
.5
5.1
18.1
7.4
4.5
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
Cha nge, month to month
1991:
June
July
Aug
Sept
Oct
Nov
Dec
1992:
Jan
Feb
Mar
Apr
May
June
0.3
.1
.3
.4
2
.4
2
.1
.3
.5
.2
.1
.3
1
2
0.4
5
-.2
.1
— .1
.4
.3
0.2
.3
.1
.3
.3
.3
.3
0.3
.2
.2
.3
.3
.3
.3
0.3
.3
.1
.4
.3
.2
.4
0.3
2
.2
.4
.3
.3
.4
-0.1
.5
.3
.3
.4
.5
0
-.4
.3
.5
.2
.2
.4
.1
.1
.4
.5
.3
.3
.1
.1
.5
.7
.3
-.3
.3
.4
.6
.3
.3
.6
.1
.1
.4
-.3
4
.4
.4
.2
.3
-J
-.4
.1
1.2
.6
.2
.6
-1.1
0.2
.2
.5
0
-.2
.4
.2
0.3
.2
.2
.3
— .1
.1
.2
0.1
16
.9
-.1
-.6
.9
.3
0.7
.6
.7
.6
.6
.5
.7
-0.2
5
.6
.2
0
.8
.1
0.3
.3
.4
.4
.2
.3
.2
.3
1.5
.6
-.7
.4
-.2
-.3
-.2
.7
.5
.3
.5
.1
.1
.4
.5
.2
.4
22
-.6
.9
.2
1.1
3.2
,7
.8
.5
.5
.5
.4
-1.5
-.9
.6
.4
.6
2.0
.3
.4
.5
.3
.2
.2
-0.6
1
Includes items not shown sepi irately,
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel Motor oil, coolant, etc.,
also included through 1982.
24
3
2.4
2.7
3.6
2.9
3.5
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.0
2.4
2.7
3.0
3.6
3.9
3.2
2.9
2.2
2.5
3.0
3.0
3.3
3.1
4.7
4.4
3.8
3.4
2.9
3.0
3.1
2.6
2.3
3.5
4.1
3.5
2.6
3.1
3.1
3.4
3.4
2.9
3.1
2.6
2.8
3.2
3.2
3.0
3.1
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in July were 2.1 percent below their June level. Prices paid by farmers in July were 0.5
percent above their April level. (Data are not seasonally adjusted.)
INDEX, 1977 . 100 (RATIO SCALE)
INDEX, 1977 « 100 (RATIO SCALE)
AKJ
,
.
,,
180
_^""™""'
i
160
^-'~"~
—. —
'"1
~r\
PRICES PAID
140
—X
\A/-X^V^A
120
180
™-"«™
160
J
s^> —^/
-N
/"^— ,
X/
140
X
120
J^
\
PRICES RECEIVE D
100
100
80 1 1 ! ! i i 1 i 1 1
RATK3J/
140
1
1 1 1 1 1 1 1 1 M !
I I I I I ! I I I II I 1 I 1 1 1 1 1 1 1 1
1 1i 1 I1 1 [ ! ! 1
1 1 1 1 1 1
1
1 II II 1 1 1 1 II
80
RA TlOi
140
120
120
-
RATIO
—
100
80
^
-
/
->_
"— •
-•-
1 1 1 1 1 1M
1 1 1
I
-^
'— ^=— -^
p^
60
1 1 I1 1
1 1 I II
1984
i M i1111111
I I I I I ! I I I II
1 1111111111
1986
1987
1988
1985
1 II
1 III1I
1 1 1 1 1 1 1 1
1989
1990
1 1 1 1 1 1 1 II 1 1
1991
100
80
60
1 1 1 M I1 1 1 1 1
1992
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices received by farmers
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991: July
Aug
Sept
Oct
Nov
Dee
1992: Jan
Feb
Mar
Apr
J
May
T
June
July
All farm
products
Prices paid by farmers
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Katio 2
133
135
142
128
123
127
138
147
149
146
121
128
138
120
107
106
126
134
127
130
145
141
146
136
138
146
150
160
170
161
159
161
164
162
159
162
170
178
184
189
158
159
161
156
150
152
160
167
172
175
153
152
155
151
144
148
157
165
171
173
84
84
87
79
77
78
81
83
81
77
148
146
147
142
139
137
135
133
137
126
124
120
162
158
157
158
153
153
189
174
(3)
(3)
173
(3)
(3)
173
(3)
(3)
172
(3)
(3)
78
77
78
75
74
72
138
142
143
141
141
r
!40
137
123
128
152
156
155
155
157
r
!57
158
189
(3)
(3)
191
(3)
(3)
192
174
(3)
(3)
r
!75
171
(3)
(3)
r
!74
(3)
(3)
174
73
75
76
74
74
73
71
r
126
123
!22
116
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by fanners are available only for first month ir* quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes,
and wage rates l
3
()
189
(3)
(3)
(3)
(3)
176
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977= 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 fell in June.
BILLIONS OF DOLLARS* (RATIO SCALE]
4,800
BILLIONS OF DOLLARS* (RATIO SCALE]
4,800
4,400
4,400
4,000
4,000
3,600
3,600
3,200
3,200
-v
2,800
2,800
2,400
2,400
2,000
1,600
1,200
\
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
SPs and
Eurodollars,
MMMF 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
MMHF balances
474.6
521.4
552.5
620.2
724.6
750.0
786.9
794.1
826.1
898.1
1,951.9
2,186.1
2,374.3
2,569.4
2,811.1
2,910.8
3,071.1
3,227.3
3,339.0
3,438.9
1991: May
June
July
Aug
Sept
Oct
Nov
Dec
850.9
857.3
860.0
866.5
872.0
880.9
891.4
898.1
3,405.6
3,411.8
3,407.4
3,409.5
3,411.5
3,417.3
3,430.9
3,438.9
1992: Jan
Feb
Mar
Apr
May
June
910.4
931.0
939.0
942.9
954.5
952.2
3,448.0
3,475.5
r
3,473.9
r
3,468.1
' 3,469.5
3,458.7
Period
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
,,..
. ..
Debt
L
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Percent change from year or 6
months earlier 2
Ml
M2
M3
'4,170.4
2,850.4
3,154.3
3,528.8
3,830.4
4,134.5
4,339.5
4,677.9
4,891.7
4,966.6
'4,989.3
4,672.7
5,209.4
5,963.3
6,830.5
7.751.2
8,520.8
9,316.1
10,060.0
10,747.0
11,203.6
8.7
9.9
6.0
12.3
16.8
3.5
4.9
.9
4.0
8.7
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.1
3.5
3.0
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.3
1.4
9.3
11.5
14.5
14.5
13.5
9.9
9.3
8.0
6.8
4.2
4,170.5
4,167.7
4,157.3
4,156.6
4,152.6
4,158.7
''4,166.5
r
4,170.4
4,958.3
4,986.4
4,991.5
4,985.1
4,974.2
'4,977.7
'4,990.7
'4,989.3
10,934.0
10,983.5
11,017.4
11,056.6
11,094.7
11,135.6
11.177.5
11,203.6
6.6
7.6
8.2
7.2
7.1
9.1
9.5
9.5
4.3
4.4
3.8
2.4
1.5
1.3
1.5
1.6
2.7
2.6
1.5
-.2
4.2
4.4
4.5
4.3
4.3
4.6
4.5
4.0
* 4, 174.5
'4,200.2
r
4,190.5
'4,175.7
'4,173.2
4,157.9
'4,982.9
'5,011.9
'5,019.5
'5,010.3
5,001.2
11,231. 9
11,274.8
11,325.0
11,373.1
11,420.0
11.7
14.9
15.4
14.1
14.2
12.0
2.4
3.9
3.7
3.0
2.3
1.2
2,440.6
2,693.0
2,987.4
3,203.2
3,494.3
3,681.1
3,923.1
4,059.8
r
-.5
M
.8
2.1
'1.8
r
.8
'.3
g
1
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
Debt
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
3.9
3.9
4.2
4.3
4.3
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted,, except as noted by NSA]
fll-Kor
Demand
deposits
Currency
Period
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(EPS),
net,
plus
overnight
Eurodollars *
Money inarket
mutual fund
balanc es 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
1982:
1983:
1984:
1985:
1987:
1988:
1989:
1990:
1991:
1991:
1992:
132.5 234.0
146.2 238.5
156.1 243.9
167.9 266.7
180.8 302.0
197.0 286.8
212.3 286.5
222.6 279.0
246.8 277.1
267.3 289.5
256.6 278.4
257.6 280.1
259.3 279.3
261.3 280.1
262.9 280.6
264.8 283.8
266.0 287.6
267.3 289.5
269.4 293.9
271.6 305.1
271.8 r 309.6
273.6 r311.2
274.7 315.2
276.2 311.0
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec..,.
Dec
Dec
May
June
July
Aug
Sept.....
Oct
Nov
Dec
Jan
Feb
Mar
Apr...
May r.........
June.
103.7
131.8
147.2
179.7
235.3
259.3
280.6
285.1
293.9
333.2
307.8
311.6
313.7
317.3
320.6
324.5
329.7
333.2
339.0
346.3
349.5
r
350.1
356.7
357.0
51.1
42.7
63.7
65.8
86.1
92.1
91.0
107.2
133.7
179.1
155.2
155.3
155.4
158.6
162.6
168.2
173.6
179.1
182.4
188.2
185.3
189.2
194.8
199.7
184.5
138.3
167.1
176.1
208.0
221.7
241.9
316.3
348.9
360.5
367.8
368.8
367.9
362.4
359.9
359.3
359.5
360.5
360.1
363.9
358.0
354.1
355.0
353.3
39,9
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
75.3
68.5
67.9
64.9
67.3
66.4
69.4
73.0
75.3
76.7
76.5
73.0
r
70.8
66.9
68.3
1
2
Includes continuing contract EPs.
Data prior to 1883 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
3
398.5
684.0
704.2
814,4
940.1
937.0
926.2
891.2
920.7
1,042.6
966.1
976.8
986.1
994.1
1,002.4
1,015.0
1,028.7
1,042.6
1,061.2
1,083.9
1,098,0
1,111.3
1,122.5
1,127.1
847.2
780.8
884.9
881.7
854.8
917.5
1,032.9
1,148.5
1,168.7
1,063.0
1,150.9
1,140.6
1,129.5
1,120.8
1,111.0
1,095.2
1,079.2
1,063.0
1,042.9
1,019.8
1,002.9
r
985.4
968.8
955.9
323.3
324.8
415.6
436.1
439.5
489,1
541.2
559.3
494.9
437.1
483.5
478.3
471.2
465.5
458.5
450.0
442.3
437.1
427.9
420.7
r
413.0
405.7
400.8
396.0
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
33.4
49.9
57.6
62.4
80.6
106.0
121.8
99.1
89.6
70.9
80-4
78.4
78.8
78.4
76.7
75.5
73.6
70.9
70.8
72.0
73.7
72.3
71.6
70.0
81.7
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
r
57.2
62.3
61.6
' 62.7
63.6
61.5
62.8
r
61.5
r
57,2
r
55.3
r
55.9
r
57.9
r
55.0
52.7
51.3
Shortterm
Treasury
seeuri-
Savings
bonds
183.6
211.9
260.9
298.2
280.0
253.0
269.6
325.5
332.7
r
317.9
299.5
325.1
332.8
330.6
322.9
r
321.5
r
324.7
r
317.9
r
311.5
r
321.2
T
328.6
r
328.9
332.8
68.0
71.1
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
131.3
132.4
133.5
134.4
135.2
136.1
137.1
137.9
138.9
140.1
141.2
142.4
143.5
Commercial
paper
Bankers'
acceptances
44.5
45.0
45.4
42.0
37.1
44.3
39.8
40.1
34.0
23.3
29.1
28.1
28.1
27.2
25.8
25.3
24.5
23.3
23.2
22.9
22.2
21.6
22.3
113.7
133.2
160.8
207.5
231.2
260.5
336.1
348.6
359.3
339.7
327.9
333.0
339.8
336.3
337.7
336.2
337.9
339.7
334.8
327.5
337.0
341.7
329.4
NOTB.--Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Smiiw Board of Governors of the Federal Reserve System.
oource.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
A djusted for eh anges in reserve requirements
Borroi¥ing8 of depcjsitory
institutu>ns from the Federal
B^serve (SSA.)
Ees erves of depo sitory institutions
Period
Total
1982: Dec r
1983: Dec r
1984: Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee,
June
July.,,
Aug
Sept..........
Oct.,....,..
Nov
,
Dec
Jan.
Feb......
Mar....
Apr...........
Hay r ..
-I.
1
,
,
........
,.
,
«
,
,
,.
,
23,600
25,367
26,878
31,485
39,005
38,934
40,468
40,558
41,832
45,601
42,710
42,845
43,282
43,487
44,138
44,785
45,601
46,186
47,746
48,476
49,001
49,494
49,234
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
22,966
24,593
23,692
30,167
38,179
38,157
38,752
40,293
41,506
45,409
42,370
42,238
42,517
42,841
43,877
44,677
45,409
45,953
47,668
48,385
48,911
49,339
49,005
Nonborrowed plus
extended
credit
23,152
24,595
26,296
30,666
38,482
38,640
39,996
40,313
41,529
45,410
42,377
42,284
42,818
43,143
43,889
44,678
45,410
45,954
47,670
48,386
48,913
49,339
49,005
Required
23,100
24,806
26,023
30,448
37,635
37,888
39,420
39,636
40,167
44,623
41,701
41,939
42,196
42,558
43,055
43,893
44,623
45,183
46,681
47,447
47,863
48,494
48,321
Monetary
base
Total
160,127
175,467
187,248
203,601
223,732
239,967
256,973
267,772
293,287
317,254
305,003
306,794
309,132
310,929
313,281
315,332
317,254
319,695
323,411
324,512
326,500
328,584
329,647
634
774
3,186
1,318
827
777
1,716
265
326
192
340
607
764
645
261
108
192
233
77
91
90
155
229
Seasonal
33
96
113
56
38
93
130
84
76
38
222
317
331
287
211
86
38
17
22
32
47
98
149
Extended
credit
186
2
2,604
499
303
483
1,244
20
23
1
8
46
300
302
12
1
1
1
2
2
2
0
0
Source: Board of Governors of the Federal Eeserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.1 percent in June; commercial and industrial loans fell 0.6 percent.
BILLIONS OF DOLLARS* (RATIO SCALE!
3,200
BILLIONS OF DOLLARS* [RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
2,400
2,400
2,000
2,000
2,800
1,600
1,600
LOANS AND LEASES
1,200
800
U.S. GOVERNMENT SECURITIES
OTHER SECURITIES
200
200
160
160
120
I i I I I i I M II
I i i i Ii Ii l I l
I I I i i I I MII
1 I I I I I I I I II
1987
l l i l Il l l ll
I 1 I I !I I I I II
i I MII I M I
120
1992
1989
COUNCIL OF ECONOMIC ADViSERS
[Billions of dollars, seasonally adjusted *]
AH commercial banks
Loans and leases
Period
Total
securities 2
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1991:
1992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Aug
Sept
Oct
Nov
Dec
Jan r ....
Feb r ....
Mar r....
Apr r....
May '....
June
1,400.4
1,552.2
1,722.2
1,909.5
2,093.2
2,238.5
2,422.8
2,590.8
2,730.8
2,838.0
2,773.3
2,773.8
2,776.9
2,789.1
2,805.5
2,822.8
2,838.0
2,847.3
2,847.8
2,854.1
2,866.3
2,864.2
2,869.0
U.S.
Government
securities
201.7
259.2
260.2
270.8
310.0
335.8
363.5
398.2
454.1
562.5
493.5
502.4
512.6
523.0
538.7
550.8
562.5
565.7
570.4
578.3
589.8
598.5
607.3
Other
securities
164.8
169.1
140.9
179.0
193.9
193.6
192.4
181.7
177.9
179.3
176.3
175.8
174.4
176.3
177.9
178.8
179.3
178.5
178.6
175.9
176.1
174.3
172.7
Total
2
1,033.9
1,123.9
1,321.1
1,459.8
1,589.4
1,709.1
1,866.9
2,010.9
2,098.8
2,096.2
2,103.6
2,095.5
2,089.9
2,089.8
2,088.9
2,093.2
2,096.2
2,103.1
2,098.8
2,099.9
2,100.3
2,091.4
2,089.0
Commercial
and
industrial
392.5
414.2
473.1
500.2
537.0
567.1
606.8
640.2
643.2
617.8
625.8
623.8
619.5
622.0
622.6
621.7
617.8
615.9
611.5
608.7
605.7
602.2
598.5
Real
estate
Individual
Security
299.9
331.0
376.2
425.8
494.0
586.9
670.1
759.5
843.3
873.1
868.5
867.3
866.7
868.1
869.8
871.9
873.1
873.3
876.9
878.6
880.8
882.1
881.0
188.2
212.9
253.8
294.7
315.3
328.3
354.5
374.8
379.6
363.5
373.1
370.9
370.3
367.3
364.2
363.1
363.5
363.1
363.5
362.1
361.0
359.4
360.0
25.3
28.0
34.4
43.0
40.3
34.8
41.2
41.5
44.7
54.5
49.0
47.4
48.4
50.0
51.1
53.4
54.5
59.5
57.1
60.5
65.0
61.8
64.1
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
State
Nonhank
oanK
financial
institutions
31.2
30.4
31.3
32.4
35.0
32.0
32.3
34.3
35.7
40.4
38.6
37.7
36.9
37.1
37.2
37.8
40.4
39.8
40.8
41.3
40.6
40.9
40.4
Agricultural
political
subdivisions
36.2
39.2
40.1
36.1
31.5
29.4
28.7
29.8
32.0
34.0
33.9
34.0
34.3
34.5
34.1
33.8
34.0
33.6
33.5
34.2
34.1
33.9
34.2
0.0
.0
46.0
56.7
58.5
52.4
45.1
40.0
33.9
29.1
31.4
31.0
30.6
30.3
29.7
29.4
29.1
28.0
28.2
28.2
27.9
27.7
27.4
For-
eign
banks
14.7
13.4
11.6
9.9
10.3
7.8
7.7
8.2
7.5
7.4
6.3
6.4
6.5
6.8
6.6
6.9
7.4
7.3
6.8
6.5
6.7
7.3
8.1
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
For-
Lease
eign
official
institutions
financ-
5.9
9.4
8.4
6.3
6.3
5.7
5.0
3.5
2.8
2.4
2.5
2.3
2.2
2.3
2.4
2.5
2.4
2.3
2.2
2.2
2.1
2.1
2.1
ing
Other
receivables
13.3
13.7
16.0
19.0
22.4
24.6
29.3
31.8
32.8
31.7
33.3
32.5
31.9
31.8
31.6
31.5
31.7
31.5
31.6
31.5
31.5
31.4
31.6
26.8
31.8
30.2
35.6
38.8
40.1
46.2
47.1
43.3
42.4
41.1
42.3
42.7
39.8
39.5
41.1
42.4
48.9
46.7
46.1
45.0
42.6
41.8
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Credit market funds
Period
Total
Internal '
Total
Total
Other 2
Increase hi
financial
assets
Discrepancy
(sources less
uses)
247.4
292.3
336.4
352.0
336.7
376.0
404.4
405.0
381.5
392.4
66.1
138.9
155.0
112.3
184.7
168.9
182.3
144.4
88.6
67.5
50.7
81.0
92.5
52.4
126.7
63.0
63.0
42.1
16.0
25.0
-4.0
45.5
130
-4.6
60.9
27.6
-12.9
41 7
-13.9
90.7
54.7
35.5
105.5
57.0
65.8
35.4
75.9
83.8
29.9
657
15.4
57.9
62.5
59.9
58.0
106.0
119.2
102.3
72.6
42.5
339.3
428.6
504.7
451.7
502.5
476.8
560.4
526.8
489.8
435.2
287.5
303.5
397.5
368.9
351.3
365.1
396.6
422.9
403.3
366.1
51.8
125.1
107.2
82.8
151.2
111.7
163.8
103.9
86.5
69.1
-25.8
2.6
-13.3
12.7
19.0
68.1
26.3
22.6
-19.6
24.6
473.0
556.1
410.5
403.7
62.5
152.4
6.6
38.9
-85.5
20.7
92.1
18.2
55.9
113.5
483.5
551.1
415.9
430.7
67.6
120.4
-10.5
4.9
541.7
517.1
443.6
378.2
393.8
395.2
361.2
375.9
147.9
121.9
82.4
2.3
53.6
48.8
19
-36.4
140
7.5
-49.0
4
67.6
41.3
47.1
360
94.3
73.2
84.3
38.6
507.7
523.0
529.4
398.8
402.4
415.9
418.2
376.2
105.3
107.1
111.2
22.6
34.0
-5.8
-85.7
-20.6
IV
447.1
488.8
484.7
418.5
390.9
390.7
387.1
400.7
56.2
98.1
97.6
17.8
8.5
47.3
31.6
12.5
63.1
109.2
80.0
110.3
546
-61.9
-48.4
97 8
47.7
50.8
66.0
5.2
387.3
458.2
493.1
402.2
346.0
350.8
380.8
386.7
41.3
107.4
112.3
15.5
59.8
30.6
-8.4
16.3
Ip
535.4
415.1
120.3
102.5
119.8
17 3
17.8
465.6
358.2
107.4
69.9
,
III
TV
1990- I
n
m
IV
1991- I
n
m
1992:
Loans and
short-term
paper
Capital
expenditures 3
313.5
431.2
491.4
464.3
521.4
544.9
586.7
549.4
470.1
459.9
1982
1983
1984
1985
1986
1987...
1988
1989
1990
1991
1989-
Securities
and
mortgages
Total
. .
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Keserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Period
Total
1982:
19831984:
19851986:
19871988:
1989:
1990:
1991-
Revolving
Other 2
Total
Automobile
Revolving
Other 2
325,805
368,966
442,602
517,659
572,006
608,675
662,553
716,825
735,338
727,799
125,945
143,560
173,564
210,238
247,772
266,295
285,364
292,002
284,993
263,003
66,454
79,088
100,280
121,758
135,825
153,064
174,269
199,308
222,950
242,785
133,406
146,318
168,758
185,664
188,408
189,316
202,921
225,515
227,395
222,012
14,546
43,161
73,636
75,057
54,347
36,669
53,878
(4)
18,513
-7,539
6,937
17,615
30,004
36,674
37,534
18,523
19,069
(4)
-7,009
-21,990
5,384
12,634
21,192
21,478
14,067
17,239
21,205
(*)
23,642
19,835
2,224
12,912
22,440
16,906
2,744
908
13,605
(4)
1,880
5 383
Aue
Sept
Oct
Nov
Dec
731,724
730,109
728,823
727,311
727,449
729,225
727,960
727,799
273,389
270,789
268,897
266,620
264,621
264,420
262,383
263,003
232,297
233,399
234,654
236,294
238,987
241,436
242,573
242,785
226,038
225,922
225,273
224,396
223,842
223,369
223,004
222,012
-1,503
1 615
-1,286
1 512
138
1,776
-1,265
-161
-3,574
2600
-1,892
-2,277
-1,999
201
-2,037
620
1.860
1,102
1,255
1,640
2,693
2,449
1,137
212
211
-116
649
-877
554
-473
365
-992
Jan
Feb
Mar
Apr T
May"
728,618
728,395
727,404
723,821
721,412
263,134
261,659
262,125
260,376
258,677
244,288
245,974
245,259
245,905
246,060
221,196
220,762
220,020
217,541
216,675
819
-223
-990
-3,583
-2,409
131
-1,475
466
-1,749
1 699
1,503
1,686
-714
646
155
-816
434
-742
2479
-865
Dec
Dec
Dee
Dec
Dec
Dee
Dee3
Dee
Dec
Dee
1991- Mav
June
1992:
Automobile
Net change hi installment credit outstanding l
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes are now included in "Other" credit and will no longer be
available as a separate credit type.
3
Data newly available in January 1989 result in breaks in many aeries 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
RATES AND BOND YIELDS
interest rates fel! in July.
PERCENT PER ANNUM
PERCENT PER ANNUM
INCH OF ECONOMIC ADVISERS
ICE; SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) 1
1981
1982.
1983
1984
1985
1986
1987
1988
1989 ..
1990
1991
1991- July
Aug
Sept
Oct
Nov
Dec
1992- Jan
Feb....
Mar
Apr....
May
July
Week ended:
1992: July 4
11
18
25 .
Aug 1
1
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
30
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank)4
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHPB)5
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
5.58
5.39
5.25
5.03
4.60
4.12
3.84
3.84
4.05
3.81
3.66
3.70
3.28
7.38
6.80
6.50
6.23
5.90
5.39
5.40
5.72
6.18
5.93
5.81
5.60
4.91
8.27
7.90
7.65
7.53
7.42
7.09
7.03
7.34
7.54
7.48
7.39
7.26
6.84
7.03
6.89
6.80
6.59
6.64
6.63
6.41
6.67
6.69
6.64
6.57
6.50
6.12
9.00
8.75
8.61
8.55
8.48
8.31
8.20
8.29
8.35
8.33
8.28
8.22
8.07
6.14
5.76
5.59
5.33
4.93
4.49
4.06
4.13
4.38
4.13
3.97
3.99
3.53
5 50 5 50
5.50-5.50
5.50-5.00
5.00-5.00
5.00-4.50
4.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3 50 3 50
3.50-3.50
3.50-3.50
3.50-3.00
8.50-8.50
8.50-8.50
8.50-8.00
8.00-8.00
8.00-7.50
7.50-6.50
6 50 6 50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.00
9.43
9.48
9.30
9.04
8.64
8.53
8.49
8.65
8.51
8.58
8.59
8.43
3.59
3.23
3.22
3.16
3.18
5.33
4.99
4.87
4.80
4.83
7.07
6.90
6.92
6.82
6.67
6.34
6.15
6.15
6.08
5.88
8.16
8.08
8.09
8.06
8.01
3.87
3.55
3.51
3.49
3.48
3.50-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in July.
INDEX, DEC. 31, 1965=50 {RATIO SC:ALE)
INDE X, DEC. 31, 1965=50 (RATIO SCALE)
240
220
200
180
^-
160
/
140
^s
100
^-/
160
\ s^r~~\
1 \ 1
/"~~
120
•v^_^\
[
1
~^*S
>
s^-/ \
240
220
200
180
/-—»•»'
-*
140
120
COM PC)SITE STOCK P !ICE INDEX
(NYSE)
100
80
80
60
60
40
1 1111 11111
1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I
1984
1986
1985
1988
1987
II II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ! 1 1
1990
1989
PER CENT
20
PERC ENT
20
15
-JGS-PRICE RATIO ON COMMO
(S&P)
\
Ni
.-^1r~~~~"
10
"-— \r-
-
5
1
0
40
1992
1991
1
1984
1
1
1
1985
1
1
1
1986
!
1
1
1
1987
1
!
15
10
^^—_,
1
!
1
1
1
>
1
1989
1988
1
1
5
1
1990
1
1
1
Common stock yields
(percent) 5
New York Stock Exchange indexes (Dec. 31, 1965 = 50) "
Period
Industrial
0
COUNCIL OF ECONOMIC ADVISERS
Common stock prices 1
Composite
1
1992
1991
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index
(194143 = 10)4
Dividendprice ratio
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
-322.84
334.59
376.18
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
1991- July
208.29
213.33
212.55
213.10
213.25
214.26
262.48
268.22
266.21
265.68
264.89
266.01
177.15
178.52
177.99
187.31
188.52
185.47
90.05
92.38
93.72
95.25
96.78
98.08
151.60
157.70
157.69
158.94
159.78
159.96
2,978.19
3,006.09
3,010.35
3,019.74
2,986.12
2,958.64
380.23
389.40
387.20
386.88
385.92
388.51
3.20
3.10
3.15
3.14
3.15
3.11
229.34
228.12
225.21
224.55
228.55
224.68
228.17
286.62
286.09
282.36
281.60
285.17
279.54
281.90
201.55
205.53
204.07
201.28
207.88
202.02
198.36
99.31
96.18
94.15
94.92
98.24
97.23
101.18
174.50
174.05
173.49
171.05
175.89
174.82
180.96
3,227.06
3,257.27
3,247.42
3,294.08
3,376.79
3,337.79
3,329.41
416.08
412.56
407.36
407.41
414.81
408.27
415.05
2.90
2.94
3.01
3.02
2.99
3.06
3.00
225.48
226.70
228.95
226.85
230.81
279.36
279.92
282.87
280.06
285.32
201.28
198.65
199.58
194.78
198.79
97.78
100.13
101.60
101.22
102.91
179.42
180.87
181.39
179.87
181.76
3,330.69
3,316.46
3,346.88
3,292.95
3,356.23
410.43
412.43
416.56
412.42
419.88
3.01
3.03
2.98
3.03
2.93
Sept
Oct
Nov
Dee
1992- Jan
Feb
Mar
May1
r
July
Week ended:
1992- July 4
11
18
25
1
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
* Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing pric< . Earnings 2
3
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.59
3.83
4.01
price ratios based on prices at end of quarter.
NOTE.—-All data relate to stocks listed on the New York Stock Exchange {NYSE}.
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 9 months of fiscal 1992, there was a deficit of $227.7 billion, compared with a deficit of $178.1 billion
a year earlier.
BILUONS Of DOLLARS
,600
BILUONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS-!
1,500
1,500
1,400
1,400
1,300
1,300
OUTLAYS-'
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS J
800
800
700
700
600
600
0
-100
-100
— •— ^""
-200
""-—^
^_^^^
-300
-400
- -200
-300
^""•-••^^
A
i
^ 1984
i
i
1985
1987
1986
i
1988
i
1989
i
1990
i
1991
i
1992
A -400
1993 N/
FISCAL YEARS
-^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFCE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMY ADVISERS
[Billions of dollars]
—
••••
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984 ...
1985 ..
1988
1987 .
1988
1989
1990
1991 1
1992 (estimates) *
1993 (estimates) *
Cumulative total, first 9
months: 2
Fiscal year 1991
Fiscal year 1992
Outlays
Surplus
or deficit
(-)
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
73 7
-53.7
-59.2
40 2
-73.8
79 0
-128.0
207 8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
498
-54.9
38 2
-72.7
740
-120.1
-208.0
-185.7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
3.9
-4.3
2.0
-1.1
-5.0
-7.9
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,073.6
1,162.9
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
r
1,323.8
1,407.1
1,503.9
-212.3
221.2
-149.8
155.2
-153.5
220.5
r
- 269.5
333.5
-341.0
547.9
568.9
640.7
667.5
727.0
749.7
760.4
772.7
838.9
769.6
806.8
810.1
861.4
933.3
1,026.7
r
1,082.1
1,155.0
1,238.7
-221.7
-238.0
-169.3
- 194.0
-206.2
-277.1
r
-321.7
-382.3
-399.7
186.2
200.2
213.4
241.5
263.7
281.7
293.9
300.9
324.0
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.1
265.2
9.4
16.7
19.6
38.8
52.8
56.6
52.2
48.8
58.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,009.0
4,463.4
1,499.4
1,736.2
1,888.1
2,050.3
1
2,189.3
2,410.4
2,687.9
3,011.6
3,355.3
789.9
815.6
968.0
1,043.3
-178.1
227.7
566.3
584.6
793.7
863.1
-227.4
-278.5
223.6
231.0
174.4
180.2
49.3
50.8
3,487.1
3,918.8
2,591.9
2,923.2
1
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 24,
1932.
2
Data from Monthly Treasury Statement.
32
Outlays
Gross Federal debt
(end of period)
Off-budget
Oil-budget
NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
1993, Supplement, issued February 18, 1992, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of fiscal 1992, receipts were $25.7 billion higher than a year earlier and outlays were $75.3
billion higher.
BILLIONS OF DO IARS
BILUC NS OF DOLLARS
600
600
RECEIPTS -^
INDIVIDUAL INCOME TAXES
\
500
400
-
— • "~ '
.,
.
500
400
_ — —
"
\
300
300
200
CORPORATION
INCOME T/XES
\
OTHER RECEIPTS
SOCIAL INSURANCE
TAXES AND CONTP'BUTr^NS
200
100
100
1
0
1,300
1
1
1
1
1
t
1
1
0
1,300
OUTLAYS-1'
1,200
1,200
1,100
1,100
1,000
1,000
NONDEFENSE
__^- *"
\
900
900
**
>-.--
800
_ _ — _ . —
700
800
—• • — — • " ' " "
700
600
600
500
500
400
300
200
r~
A ——i
^ 1984
1985
400
\
300
~T
i
1986
NATIONAL DEFENSE
i
1987
1988
-^INCLUDES ON BUDGET AND OFF-BUDGET FTEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1989
1
1
1990
1991
1
1992
FISCAL YEARS
|\ 200
1993
COUNCIL OF F.CONOMK: ADVISERS
[Billions of dollars]
Oil-budget and off-budget outlays
On-budget and off-budget receipts
Social
Fiscal year
Total
Individual
Corporation
National defense
ance
Oilier
Total
298 1
355.6
399.6
463 3
517 1
599 3
617 8
6006
6665
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 i
1992 (estimates) '
1993 (estimates) !
Cumulative total, first 9 months:
Fiscal vear 1991
Fiscal year 1992
131 6
157.6
181.0
217 8
244 1
2859
287 7
288 9
2984
734 1 3345
769 1 3490
854.1 392.6
909.0 401.2
9907 445 7
1 031 3 4669
1 054 3 4-R7 H
1,073.8 472.1
1,162.9 507.0
41 4
54.9
60.0
65 7
646
61 1
^92
37 0
568
Income
securi-
ty
Social
secujity
Net
interest
Other
military
90 8
106,5
121.0
138 9
157 8 182 7
j
-14 a
36.8
37.7
±Ci fi
;
- <0 G
^5
3718
409.2
458.7
503 5
5909
fl7R 9.
97.2
104.5
i IQ 3
1340
157 5
185 3
?0^ 9
227 4
87 9
95.1
102.3
2S2.0
290.4
303 6
298 3
273 3
304.2
291,2
245 2
265 5
274.0
281.9
2948
289 8
2624
291.5
278.2
76.4
76.7
300.1
315.5
86.5
73.7
968.0
1,043.3
198.1
220.9
190.8
212.0
273 4
1185
1396
]5BO
1707
178 2
65 8 128 2
702 119 8
75.1 123.3
78.9 129.3
850 1360
98 1 147 3
1045 1708
120.1 | 199.9
132.5 202.3
188.6
1988
207.4
219.3
232.5
248 6
2690
286.9
303.4
129.5 131.8
142 1
136.0
138.7 125.9
151.8
139.4
169.3 159.8
1842 202 7
194.5 * 224.6
199.1
186.2
210.3 239.7
201.2
215.1
145.2
150.3
19.3
22.8
265
32 1
39 1
46 6
52 6
57 5
13.4
13.5
«4fi 4
990 3
5 ,003.9
1,064.1
1 1 44 9.
1 251 8
*1 323 8
1,407.1
1,503.9
-;r.*> *?
112.2
73 "1
73 1
74.3
73.9
82 3
90 Q
S3 3
96.9
99.2
82.8
93.0
114.7
119 6
131.4
1335
125.4
122 3
118.6
35.5
426
52.5
688
85.0
898
111.1
15 3
17.3
18.5
20 5
23 2
26 9
27 4
93 g
an i
1 6 2 1 S3 -1
14 2
35 9
40.0
11.6
44.5
10.5
484
96
57 7
13 8
159
71 2
17.7
93.0
18.2 106.3
265 2
283 Q
303.3
334.3
359 4
380 0
3960
410.4
444.5
73.9
85.1
93.9
104 1
608
61.0
61.5
664
865
99 7
107 7
122 6
112 7
15 7
7.5
75
12 7
13 1
12 3
11 8
159
<i<>3
851 8
64
6.4
113 6
1309
153 9
180 7
204 4
2209
SF fi
*
71 8
74.1 «
808 4
«f> fi
208 0
939 4
26.7
29.9
2
789.9
815.6
346.9
349.7
:
1
Esismfttes from Mid-Session Review af Ike Budget, Office of Management and Budget, July 24,
1992.
2
Data from Monthly Treasury Statement
Medi-
Health
affairs
201 *
61 3
63 1
83.9
94.5
103 3
93 5
98 1
94.2
Inter-
:
1
1
!
1978
Depart-
Total
and
contributions
51.5
65.5
i
76.7
87.9
129.2
151.0
151.7
139.2
!
No'rE.— l>atfi (excepi, as voted) are from Budget of the United Staffs Government, Fiscal fear
1993, Supplement, issued February 18, 1992, and are on a cash basis.
Soiirffc^: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1992, according to advance estimates, Federal expenditures rose $13.7 billion (annual
rate); receipts data are incomplete. (Series revised.)
BILUONS OF DOUARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,400
1,400
1,200
1,200
1,000
SURPLUS OR DEFICIT (-
-200
I
1986
1987
1991
1988
I
I
1992
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
955.1
1,042.4
1,096.1
1,118.2
403.8
449.3
479.5
475.9
107.6
118.9
113.9
104.6
59.6
61.7
64.4
75.1
384.1
412.5
438.5
462.6
972.3
1,059.3
1,107.4
1,122.2
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,086.7
1,109.6
1,119.9
1,113.3
1,114.6
1,117.3
1,127.7
1,129.4
1,143.3
410.1
461.9
482.6
473.4
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
474.0
487.2
486.6
482.5
474.7
473.1
473.4
472.2
468.4
462.2
111.0
117.1
113.9
102.5
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
110.3
114.6
119.2
111.7
100.3
101.6
104.9
103.3
112.2
60.9
61.9
66.0
78.2
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
64.8
65.2
65.4
68.5
77.3
76.3
78.3
80.8
79.2
79.8
390.4
418.5
444.9
468.2
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
437.6
442.7
448.8
450.6
462.2
466.3
471.1
473.2
483.5
487.5
Period
Total
Fiscal year:
1988
1989 r
1990 r
1991 r
Calendar year:
1988
1989 T
1990 T
1991 *
1982- IV
1983: IV... .
1984- IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV r
1990: I r r
n r
m
IV
1991: I r r
n r
m
IV " ..
1992: I r
n*
Federal Government expenditures
NOTE.—See Note, p. 1.
34
Subsidies
less
current
surplus of
Government
enterprises
or deficit
(-),
national
income
and
product
accounts
Purchases
Transfer
payments
Grantsin-aid to
State
and
local
governments
1,098.5
1,163.0
1,249.1
1,312.6
386.3
398.3
418.1
446.7
430.9
460.5
504.1
511.9
108.4
116.0
128.4
146.8
143.8
160.3
175.1
183.1
28.9
28.0
23.4
24.2
01
.0
.0
.0
-143.3
-120.7
-153.0
1944
1,109.0
1,181.6
1,273.6
1,332.7
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,254.5
1,266.5
1,265.5
1,307.9
1,264.4
1,329.4
1,348.7
1,388.1
1,432.5
1,446.2
387.0
401.6
426.4
447.3
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
420.3
424.4
422.6
438.3
451.3
449.9
447.2
440.8
445.0
446.8
436.3
471.5
513.3
521.9
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
504.7
509.8
513.1
525.5
461.6
514.8
545.5
565.9
609.8
615.4
111.3
118.2
132.3
153.3
84.3
86.9
97.7
104.5103.8
102.9
113.0
121.9
128.1
132.2
131.2
137.6
144.3
151.9
153.4
163.6
165.1
169.9
146.0
164.8
176.6
186.9
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
171.4
176.9
183.3
174.8
182.7
188.1
186.8
190.1
186.8
187.1
28.4
25.5
25.1
23.1
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
29.9
23.2
15.3
32.0
24.8
24.4
15.7
27.7
25.7
26.9
.0
.0
.1
— .1
.0
.0
.6
.0
.0
2
.0
.0
.0
.0
.0
.2
.2
4.
.0
.0
.0
.0
136 6
-122.3
166 2
-210.4
-183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
141 5
-167.8
156 9
-145.6
194 6
- 149.9
212 2
-221.0
258 7
-289.2
Total
Net
interest
paid
Source: Department of Commerce, Bureau of Economic Analysis.
Less:
Wage
accruals
less
disbursements
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987=100; seasonally adjusted)
Period
1991:
1
France
Germany
91.7
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
86.4
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.3
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
98.0
99.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
97.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.7
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
117.8
116.9
121.6
119.5
117.3
117.5
117.5
117.9
113.4
103.5
105.3
110.6
106.5
104.1
107.9
105.8
111.6
104.7
98.7
98.5
101.5
101.4
99.8
100.2
100.6
r
100.4
' 100.1
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
142.3
143.0
143.7
143.8
143.9
143.7
143.4
144.0
143.4
114.7
115.3
114.8
114.7
114.9
115.1
116.4
116.6
116.0
136.3
136.6
136.9
137.4
137.7
138.0
138.6
138.9
139.1
114.7
115.2
115.8
116.8
116.8
117.0
117.4
117.9
118.0
168.0
170.2
169.6
171.4
170.3
171.0
172.3
173.5
174.0
156.4
156.9
157.6
157.2
157.6
158.1
158.7
159.3
159.4
119.2
120.3
118.5
r
l!7.6
118.7
108.5
111.0
110.7
104.4
99.1
100.3
99.6
r
99.9
99.0
138.1
138.6
139.3
139.5
139.7
140.2
144.0
144.1
144.6
144.6
144.9
145.2
115.8
115.7
116.3
117.5
117.6
139.4
139.8
140.2
140.5
140.9
141.0
118.5
119.2
119.7
120.0
120.5
175.4
175.9
176.6
177.3
178.3
178.9
159.3
160.1
160.6
163.1
163.7
163.7
Germany
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
76.5
81.5
91.4
96.5
95.4
100.0
105.5
105.3
100.8
96.5
82.9
85.5
93.4
96.8
96.6
100.0
109.2
115.9
121.4
124.1
97.3
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.5
118.0
105.5
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.4
r
96.1
96.9
97.2
97.4
r
97.0
97.7
r
97.0
96.7
95.3
123.3
109.8
126.0
109.6
122.8
109.7
126.6
110.9
122.8 110.9
123.7 109.6
123.9
111.1
123.8
110.3
122.0 ' 109.2
106.6
107.2
' 107.6
108.1
r
!086
108 2
r
121.5 rl!1.0
120.6 '110.1
117.7
109.8
117.6 rl!1.3
115.7
109.6
Sept
Oct
Nov
Dec
May
June p
Japan
France
Apr
May
T •*
July
. *
1992: Jan
Peb
Mar
Canada
Japan
1983
1984
1985
1986
1987
1988
1989
1990.. .
1991 '.
r
r
95.4
95.8
96.3
96.7
r
r
United
Kingdom
United
States1
Canada
1982
Consumer prices (1982-84=100; NSA)
United
Kingdom
United
States
Italy
Data relate to all urban consumers.
r
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
General merchandise imports customs value) 3
Merchandise exports (f.a.s. value) 1
Principal end-use commodity category
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other 2
216.4
205.6
224.0
5
218.8
5
227.2
254.1
322.4
363.8
393.6
421.7
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
Sept .
Oct
Nov
Dec
35.0
34.7
35.2
34.5
35.3
36.8
37.3
36.1
2.9
2.7
3.1
3.0
3.1
3.2
3.2
3.3
9.4
8.7
9.1
9.1
8.6
9.3
8.9
8.9
13.7
14.3
13.7
13.4
14.4
14.4
15.4
14.3
3.4
3.5
3.6
3.3
3.5
3.7
3.6
3.3
3.7
3.7
3.7
3.7
3.8
4.1
4.1
3.8
2.0
1.9
2.0
1.9
1.9
2.1
2.1
2.3
Jan
Feb
Mar
Apr r
May
35.5
37.7
37.1
36.4
35.5
3.1
3.6
3.3
3.5
2.9
9.3
8.9
8.8
8.8
8.9
13.9
15.3
14.9
14.3
13.8
3.2
3.6
3.9
4.0
3.8
3.9
4.1
4.0
3.9
4.0
2.0
2.1
2.3
2.0
2.1
Period
1982
1983
1984.
1985
1986
1987
1988
1989
1990
1991
.
1991- May
July
1992:
1
Total2
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments.
Total includes revisions not reflected in detail.
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
2
3
4
Trade balance
Principal end-use commodity category
Total
4
4
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
General
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.Lf.)
17.1
112.0
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.0
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
84.9
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
108.0
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
508.4
275
-52.4
-106.7
-117.7
-138.3
-152.1
-118.5
- 109.4
-101.7
-65.4
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
-129.4
-123.4
-86.6
40.0
39.4
40.8
41.1
41.8
42.7
41.4
41.7
2.3
2.3
2.2
2.1
2.2
2.1
2.2
2.3
11.3
10.6
10.7
10.9
11.1
11.1
10.8
10.8
9.9
10.0
10.2
10.0
10.2
10.3
9.9
10.3
6.6
6.6
7.4
7.9
7.4
7.7
7.2
7.2
8.5
8.4
9.1
8.9
9.4
10.0
9.8
9.8
1.5
1.5
1.3
1.3
1.3
1.4
1.4
1.3
41.8
41.1
42.6
42.8
43.6
44.5
43.1
43.4
-5.0
-4.7
-5.6
-6.6
65
-5.9
— 4.1
-5.6
68
-6.4
74
-8.4
-8.3
-7.6
-5.8
-7.4
41.3
40.9
42.7
43.5
42.9
2.3
2.2
2.3
2.4
2.3
10.6
10.3
10.6
11.2
11.3
10.3
10.3
10.7
10.8
10.8
7.3
7.1
7.5
7.7
7.4
9.5
9.6
9.9
9.8
9.8
1.3
1.5
1.6
1.4
1.3
43.0
42.6
44.4
45.3
44.6
-5.8
-3.3
-5.6
-7.1
-7.4
-7.6
-5.0
73
-8.9
-9.1
244.0
258.0
330.7
336.5
365.4
406.2
441.0
473.2
495.3
487.1
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The current account deficit fell to $5.3 billion in the first quarter of 1992 from $7.2 billion in the fourth quarter of
1991.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS
15
15
BALANCE ON GOODS,
SERVICES, AND INCOME
-45
-45
1991
1992
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise l
2
Period
Exports
1981
1982
1983
1984
237 044
Imports
Net
travel and
transportation
receipts
844
112
144
992
4 227
Balance on
Other
services,
net 5
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S. 3
86 200
85 614
100415
91 110
88 998
96 574
119456
140 692
143 547
125 315
53 626
56412
53 700
— 69 572
67 875
— 73*620
85 629
106 991
126 326
124 261
108 886
Net
115 668
108 853
73 436
8 293
9 709
7 324
6 398
1 370
5 851
10 142
17 118
-122,360
— 121,461
- 125,434
- 128,303
-27,379
-24,807
-28,890
-27,777
-1,873
-1,627
-1,692
-2,627
2,093
2,073
2,120
3,855
6,984
7,237
7,461
8,051
35,004
34,586
35,137
38,821
-30,676
-31,386
-30,913
-31,289
4,328
3,200
4,224
7,532
94,981
96,654
ra r .... 96,544
IV .... 100,526
28023
36 485
67 102
— 112492
122 173
— 145 081
159 557
— 126 959
86 529
goods,
services,
and income
transfers,
net 4
on current
account
5,030
16 732 — 11 702
32 903
— 11 443
5 632 — 17 075
29 788
43 623
25 882
17 741
31 915
30,843 — 78 212 — 20,612 —98,824
121 721
98 771
22 950
23 235
15,378 — 123*354 — 24 176 — 147,529
23 052
163 474
140421
10 945
12466 — 101 787 — 24869 — 126,656
75 537 — 25 606 — 101 143
14 366
57511 — 32 916 — 90,428
19 287
3 682
11 710
8 028
16 429
563
2 547
4 390
5 181
3 812
6 354
6 838
7*818
5 524
268 901
— 332 418
338 088
368 425
409 765
447' 189
477 365
497 558
489 398
1990: I r...
.
n r.r
Net balance
Net
military
transactions 3 4
12 552
13 209
14 095
14 277
14 266
18 855
18 400
20430
26 752
29 730
33 701
265 067
247 642
211 157
201 799
219 926
215 915
223 344
250 208
320 230
361 697
388 705
415 962
1985
1986
1987
1988
1989
1990
1991
Inv jstment incom , 5
Services
-15,847 -6,538
-13,924 -7,401
-16,777 -7,201
-10,966 -11,778
-22,385
-21,325
-23,978
-22,744
1991: I
n
m
rv
100 636
103,324
104,151
107,851
118 962
-119,721
-124,325
-126,390
2 564
18 326
-16,397 -1,427
-994
-20,174
-539
- 18,539
3 755
3,929
4,358
5,080
8 164
8,280
8,660
8,596
35 498
31,215
29,904
28,698
28 533
-27,284
-26,828
-26,240
6 965
3,931
3,076
2,458
2 006
-1,684
-5,075
-2,945
14 199
4,115
-6,012
-4,273
12,193
2,431
-11,087
-7,218
1992: I"
107,825
-125,293
-17,468
-228
4,499
9,928
28,891
-24,181
4,710
1,441
-6,744
-5,303
1
2
3
4
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
36
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of tabie.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $21.7 billion in the first
quarter of 1992, in contrast to an increase of $23.2 billion in the fourth quarter of 1991. U.S. liabilities to private
foreigners reported by U.S. banks, excluding Treasury securities, decreased $4.8 billion in the first quarter,
compared to an increase of $23.5 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET s
,
,
—V \ / '. ;V
A/ I/ \ . " '
1
'
i
i
60
i
i
•40
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
-114,147
-122,335
-58,856
-29,224
-34,069
-91,069
-62,402
-92,708
-114,944
-56,321
-62,220
42,141
-30,682
m r... -30,964
IV .... -36,816
1991: I
-640
n
-7,050
m .... -10,368
rv
-44,158
1992: I "
555
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1990: I r r
nr
U.S.
official
reserve
assets 3 6
-5,175
4,965
-1,196
3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
5,763
-3,177
371
1,739
-1,091
-353
1,014
3,877
1,225
-1,057
Other U.S.
Government
assets
Foreign assets in the tl.S., net
[increase/capital inflow (+)] 3
]
U.S.
private
assets
-5,097
103 875
6 131 -111,239
-5,006
52 654
-5,489 -20,605
-2,821 -27,391
-2,022 -89,360
1,006 -72,556
2,967 -91,762
1,271
-90,922
2,304
56467
3,397 -71,379
-743
46,061
794 -30,259
-337
32 366
4,179 -39,903
-1,360
1,073
-420
7 644
3,180 -17,426
-437
-44,947
112
1,724
Total
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,693
99,379
66,980
-30,965
30,853
51,386
48,108
-7,840
2,959
22,933
48,929
20,474
Foreign
official
assets
Other
foreign
assets
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,489
33,908
18,407
6450
6,134
14,097
20,127
5,650
4 178
4,115
12,819
20,747
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,204
65,471
48,573
-24,515
24,719
37,289
27,981
-13,490
7,137
18,818
36,110
-273
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
24,992
41,359
19,099
26,038
24,825
15,407
—4,096
126
2,394
47,370
-1,078
11,209
21,154
3,556
11,452
-3,713
1,660
-1,478
2,447
-15,726
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 6
(unadjusted,
end of
period)
4,489
518
-5,605
600
4,636
883
-6,137
613
3,967
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,719
76,303
77,298
80,024
83,316
78,002
74,940
74,731
77,719
74,657
8
Consists of gold, special drawing rights {SDKs), foreign currencies, and the U.S. reserve position in the IMF.
NOTE.—All data on pp. 36 and 37 reflect revisions as shown in the Survey of Current Business,
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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