Full text of Economic Indicators : July 1993
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103d Congress, 1st Session
Economic Indicators
JULY
1993
(Includes data available as of August 3, 1993)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
AUG 2 0 1993
FEDERAL RESERVE
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1993
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
FORTNEY H. (PETE) STARK (California)
KWEISI MFUME (Maryland)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
RICHARD H. BRYAN (Nevada)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
ALAN S. BLINDER, Member
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-041278-1
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 1993, according to advance estimates, current-dollar gross domestic product (GDP) rose
4.0 percent (annual rate), real GDP (GDP in 1987 dollars) rose 1.6 percent, and the implicit price deflator rose 2.6
percent.
BILLIONS OF DOLLARS (RATIO SCALE]
6,400
BIIUONS OF DOLLARS (RATIO SCALE)
6,400
SEASONALLY ADJUSTED ANNUAL RATES
/I
6,000
6,000
^
5,600
^^|
5,600
<"
5,200
x
GDP
987 DOLU
4,800
5,200
^
^
^
-•
.
____*»
4,800
~"
4,400
4,400
^---x'"""
4,000
S
/
X
x
/
3,600
3,200
\
2,800
1982
'
"
X
'\<\
/^
4,000
GDP
INC URRENT DO LIARS
X
3,600
3,200
\
1
!
1
1984
1983
I
1
1985
I i
1986
i i i
1987
t
i i
1988
i
i \
1989
i i i
1990
i
i i
1991
SOURCE: DEPARTMENT OF COMMERCE
1
1
t
1992
i
i i
1993
2,800
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991-
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
n
ra
IV
1992- I
II
m
IV
1993- I
II "
1
Gross
domestic
product
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,250.8
5,522.2
5,677.5
5,950.7
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,561.3
5,585.8
5,657.6
5,713.1
5,753.3
5,840.2
5,902.2
5,978.5
6,081.8
6,145.8
6,206.9
Personal
consumption
expenditures
Gross
private
domestic
investment
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,523.1
3,748.4
3,887.7
4,095.8
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,818.2
3,821.7
3,871.9
3,914.2
3,942.9
4,022.8
4,057.1
4,108.7
4,194.8
4,234.7
4,301.0
718.9
714.5
717.6
749.3
793.6
832.3
799.5
721.1
770.4
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
739.0
705.4
710.2
732.8
736.1
722.4
773.2
781.6
804.3
844.0
831.3
Federal
Net
exports
102 7
-115.6
132 5
143 1
- 108.0
79 7
-68.9
21 8
304
-29.5
-71.8
-107.1
-135.5
-133.2
— 143.2
- 106.0
-73.9
— 67.2
-28.7
15.3
-27.1
— 16.0
-8.1
37 1
-36.0
405
-49.4
499
Exports
Imports
302.4
302.1
319.2
364.0
444.2
508.0
557.0
598.2
636.3
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
579.7
573.2
594.3
602.3
622.9
628.1
625.4
639.0
652.7
649.4
662.1
405.1
417.6
451.7
507.1
552.2
587.7
625.9
620.0
666.7
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
646.9
602.0
609.6
629.5
638.9
636.2
662.5
675.0
693.2
698.9
712.0
GDP less exports of goods and services plus imports of goods and services.
Government purchases
Exports and imports of goods
and services
Total
Total
700.8
772.3
833.0
881.5
918.7
975.2
1,043.2
1,090.5
1,114.9
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,071.3
1,087.5
1,090.8
1,093.3
1,090.3
1,103.1
1,109.1
1,124.2
1,123.3
1,116.6
1,124.4
310.9
344.3
367.8
384.9
387.0
401.6
426.4
447.3
449.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
438.3
451.3
449.9
447.2
440.8
445.0
444.8
455.2
451.6
441.1
440.6
National
defense
233.1
258.6
276.7
292.1
295.6
299.9
314.0
323.8
315.8
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
323.2
332.4
325.9
321.9
314.7
313.6
311.7
319.6
318.2
304.2
305.0
Nondefense
77.8
85.7
91.1
92.9
91.4
101.7
112.4
123.6
133.4
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
115.0
118.8
124.0
125.3
126.1
131.4
133.1
135.7
133.4
136.9
135.6
State
and
local
389.9
428.1
465.3
496.6
531.7
573.6
616.8
643.2
665.8
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
633.0
636.3
640.8
646.0
649.5
658.0
664.3
669.0
671.7
675.4
683.8
Final
sales of
domestic
product
Gross
domestic
purchases *
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,217.5
5,515.9
5,687.7
5,946.3
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,592.3
5,614.4
5,679.4
5,712.9
5,744.2
5,855.9
5,894.1
5,963.5
6,071.5
6,110.8
6,200.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,330.5
5,591.1
5,699.3
5,981.1
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,628.5
5,614.6
5,672.9
5,740.3
5,769.3
5,848.3
5,939.4
6,014.5
6,122.3
6,195.2
6,256.8
: Department of Commerce, Bureau of Economic Analysis.
Addendum:
Gross
national
product
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,266.8
5,542.9
5,694.9
5,961.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,592.7
5,614.9
5,674.3
5,726.4
5,764.1
5,859.8
5,909.3
5,992.0
6,086.8
r
6,155.1
DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Government purchases
Exports and imports of
goods and services
Personal
Period
Gross
domestic
product
sumption
expenditures
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Exports
Imports
Total
Total
National
defense
State
and
local
Nondefense
Final
sales of
domestic
product
Gross
domestic
purchases L
Addendum:
Gross
national
product
4,148.5
4,279.8
4,404.5
4,539.9
4,718.6
4,838.0
4,877.5
4,821.0
4,922.6
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
3,314.0
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
515.0
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
192.6
-122.0
— 145.3
-155.1
-143.1
- 104.0
-73.7
-51.8
-21.8
-41.8
305.7
309.2
329.6
364.0
421.6
471.8
510.0
539.4
573.2
427.7
454.6
484.7
507.1
525.7
545.4
561.8
561.2
615.0
766.9
813.4
855.4
881.5
886.8
904.4
929.9
941.0
937.8
331.0
355.2
373.0
384.9
377.3
376.1
383.6
388.3
375.6
245.8
265.6
280.6
292.1
287.0
281.4
283.3
282.8
265.0
85.1
89.5
92.4
92.9
90.2
94.8
100.3
105.5
110.6
436.0
458.2
482.4
496.6
509.6
528.3
546.3
552.7
562.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,808.3
4,871.3
4,830.3
4,917.6
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4.911.7
4,929.3
4,842.8
4,964.4
4,174.5
4,295.0
4,413.5
4,544.5
4,726.3
4,852.7
4,895.9
4,836.4
4,932.8
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 -44.9 -19.0
190.6
29.3
-83.7
198.8
47.9 -131.4
207.4
30.2
155 4
230.5 -20.1 -156.0
223.3
59.9
136 0
225.3
20.9 -102.7
-67.4
208.0
24.9
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 • 316.0
748.1
322.2
784.3 341.7
830.5 363.7
864.8 377.5
893.0 391.6
894.5 378.4
912.6
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
4,882.6
4,833.8
3,273.9
3,248.0
542.9
529.3
189.1
177.5
11.2
26 8
-59.3
32 7
508.4
522.6
567.7
555.3
924.8
938.5
378.3
387.3
277.3
285.8
101.0
101.5
546.5
551.2
4,871.4
4,860.6
4,941.9
4,866.5
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
174
-31.6
205
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
48374
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
1992: I
4,873.7
4,892.4
4,933.7
4,990.8
3,289.3
3,288.5
3,318.4
3,359.9
495.8
514.7
518.7
530.9
185.6 -12.6
191.2
7.8
191.3
15.0
202.3
9.8
-21.5
439
-52.7
490
565.4
563.4
575.9
588.3
586.8
607.3
628.6
637.3
937.0
934.2
943.0
936.8
375.3
372.7
379.5
375.0
265.6
262.1
267.4
265.0
109.7
110.6
112.1
109.9
561.8
561.5
563.5
561.9
4,886.3
4,884.6
4,918.7
4,981.0
4,895.2
4,936.3
4,986.4
5,039.8
4,890.7
4,899.1
4,945.6
4,995.9
1993:
4,999.9
5,019.5
3,366.5
3,398.1
547.5
564.9
203.0
198.0
33.5
8.2
-70.3
699
584.2
593.8
654.5
663.6
919.6
920.1
357.0
354.3
245.9
245.0
111.1
109.3
562.6
565.8
4,966.3
5,011.3
5,070.1
5,089.3
1984
1985
1986
1987
1988
1989 .
1990
1991 .
1992
1982: IV
1983: IV
1984- IV
1985- IV
1986: IV
1987- IV
1988- IV
1989: IV
1990: IB
rv
1991:
I
II
m
rv
n
m
rv
1
I. . .
HP
67.9
22.1
8.5
26.3
19.9
29.8
6.2
-9.3
5.0
GDP less exports of goods and services plus imports of goods and services.
r
5,008.5
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
Nonresidential
fixed
Total
Services
Nondefense
State
and local
102.8
105.2
107.3
108.2
106.5
91.3
95.7
98.6
100.0
101.4
107.3
112.0
117.1
120.6
89.4
93.4
96.4
100.0
104.3
108.6
112.9
116.4
118.4
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.3
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.0
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
110.9
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
113.2
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
113.1
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.3
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
114.8
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
108.6
109.4
109.7
109.8
121.4
122.2
122.9
123.3
126.1
127.4
127.7
129.5
107.1
106.9
106.0
105.9
111.7
112.3
113.4
114.6
111.1
111.0
111.0
111.0
108.4
109.1
107.4
108.8
118.6
119.3
120.0
120.4
118.1
118.9
119.5
120.0
119.8
120.3
121.0
121.4
117.1
118.3
118.7
119.5
110.0
110.8
124.3
124 .4
130.5
131.8
104.8
105.0
115.9
117.1
111.2
111.5
106.8
107.3
123.6
124.4
123.7
124.5
123.2
124.1
120.1
120.9
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.6
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.3
1991- I
116.5
117.5
118.2
118.9
118.6
119.5
120.4
121.4
106.7
107.3
108.0
108.3
1992- I
II
119.8
120.6
121.2
121.9
122.3
123.4
123.8
124.8
1993- I
122.9
123.7
125.8
126.6
Source: Department of Commerce, Bureau of Economic Analysis.
National
defense
94.8
97.3
98.6
100.0
103.0
106.6
110.8
114.5
119.1
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
n*
Total
93.9
96.9
98.6
100.0
102.6
106.8
111.2
115.2
119.6
86.2
90.8
95.7
100.0
105.1
110.6
116.7
122.8
127.7
in
rv
Imports
94.7
91.9
93.2
100.0
105.1
107.8
111.4
110.5
108.4
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.1
122.4
n
m
rv
Exports
98.9
97.7
96.9
100.0
105.3
107.7
109.2
110.9
111.0
93.9
95.4
96.9
100.0
102.0
104.2
105.7
107.6
109.4
IV
IV
IV
IV
IV
IV
IV
IV
IV
Residential fixed
89.7
92.0
95.8
100.0
104.2
107.8
110.7
111.8
113.0
89.6
93.1
96.0
100.0
104.2
109.3
115.0
120.0
123.6
19821983:
1984:
19851986:
19871988:
19891990:
Government purchases
Federal
Nondurable goods
91.0
94.4
96.9
100.0
103.9
108.5
113.2
117.8
120.9
1984
1985
1986
1987
1988
1989
1990
1991
1992
Exports and imports of
goods and services
95.7
96.6
98.4
ioo.o
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross domestic product
Period
Current
dollars
Constant
(1987) dollars
Implicit price
deflator
1.8
22
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.4
4.3
4.1
2.6
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.2
2.8
4.8
1981
1982
1983
1984
1985
1986
1987
1988
1989 ....
1990
1991 .
1992
1989: I
II .
HI
IV
1990: I
II
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
4.3
5.3
7.1
in
IV
1991- I
n
m
IV
1992- I
n
in
rv
1993- I
4.3
4.0
n"
3.9
6.2
3.2
2.9
3.1
3.9
2.5
.8
12
2.1
3.2
1.8
0
1.5
2.8
1.0
-1.6
39
-3.0
1.7
1.2
.6
2.9
1.5
3.4
4.7
.7
1.6
Fixed- weighted
price index
(1987 weights)
Current
dollars
Constant
(1987) dollars
Implicit price
deflator
Fixed-weighted
price index
(1987 weights)
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
2.9
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.4
3.7
5.4
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
-.6
2.3
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.2
4.3
3.0
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.4
3.2
5.3
3.5
2.4
2.4
3.1
2.7
2.0
2.3
5.0
4.8
3.8
3.7
5.6
4.6
4.8
4.0
4.9
3.5
2.9
2.4
3.4
2.9
2.2
3.4
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
3.5
5.2
8.6
.1
1.1
2.9
.8
2.2
.1
1.7
-3.1
3.0
2.0
1.5
-.3
5.1
-.1
3.7
5.1
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
3.6
1.3
3.3
5.2
5.9
3.5
4.4
6.5
4.5
6.4
6.8
3.5
3.4
3.1
3.2
3.5
3.4
2.6
3.0
3.3
2.6
4.3
2.6
3.9
6.4
.8
3.8
3.2
2.6
5.4
4.6
3.8
3.7
4.4
4.8
4.7
3.9
'
3.5
2.8
Source: Department of Commerce, Bureau of Economic Analysis-
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) *
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1984
1985
1986
1987
1988
1989
1990
1991
1992
1982198319841985198619871988198919901991-
..
..
IV
IV
IV
IV
IV
IV
IV
IV
IV
TTT
rv
n
m
rv
1992- I
1993- I
1
2
. .
Total
cost and
profit 2
Consumption of
fixed
capital
Compensation of
employees
Net
interest
Current
dollars
1987
dollars
2,166.5
2,293.6
2 386 3
2,547.3
2,764.8
2,913.5
3,036.5
3,073.8
3,201.7
2,284.1
2,364.3
2,439.3
2,547.3
2,684.8
2,718.9
2,740.0
2,698.0
2,780.9
0.949
.970
.978
1.000
1.030
1.072
1.108
1.139
1.151
0.109
.109
.111
.110
.111
.117
.120
.126
.126
0.091
.093
.095
.095
.096
.101
.106
.115
.118
0.617
.636
.648
.658
.676
.706
.737
.759
.757
0.038
.038
.040
.042
.045
.054
.054
.053
.048
0.094
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,045.0
3,084.4
3,111.1
3,138.1
3,178.8
3,211.6
3,278.3
3,286.0
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,717.4
2,699.1
2,722.0
2,737.6
2,760.8
2,787.6
2,837.6
2,824.5
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.121
1.143
1.143
1.146
1.151
1.152
1.155
1.163
.119
.119
.111
.110
.112
.110
.112
.120
.123
.127
.126
.125
.126
.130
.124
.126
.086
.088
.091
.093
.095
.094
.097
.102
.109
.117
.117
.118
.117
.118
.119
.120
.607
.602
.623
.643
.654
.664
.687
.718
.750
.763
.761
.760
.759
.757
.753
.765
.040
.036
.041
.038
.042
.042
.047
.055
.055
.053
.052
.050
.049
.047
.046
.046
.051
.079
.091
.092
.081
.099
.102
.088
.083
.084
.086
.093
.100
.100
.113
.107
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Indirect
business
taxes 3
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
.094
.084
.096
.102
.094
.091
.085
.102
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
employees
(1987
dollars)
Compensation per
hour of
all
employees
(dollars)
.031
.037
.038
.037
.034
.030
.036
0.062
.064
.053
.059
.064
.057
.057
.055
.066
21.925
22.149
22.734
23.128
23.572
23.189
23.383
23.733
24.479
13.527
14.082
14.740
15.208
15.833
16.377
17.230
18.020
18.539
.020
.029
.027
.030
.035
.038
.040
.033
.033
.031
.030
.033
.037
.035
.038
.037
.030
.050
.064
.063
.045
.060
.063
.055
.050
.053
.056
.060
.064
.065
.075
.070
21.071
21.891
22.054
22.346
22.890
23.357
23.523
23.150
23.473
23.779
24.024.
24.197
24.318
24.583
24.887
24.736
12.791
13.185
13.731
14.359
14.974
15.518
16.070
16.619
17.598
18.137
18.286
18.394
18.465
18.603
18.746
18.880
0.032
.030
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of. Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1985.. ..
1986
1987 .. .
1988
1989 .
1990
1991 .
1992
1982- IV
1983: IV
1984- IV
1985: IV
1986- IV
1987: IV
1988- IV
1989- IV
1990- IV
1991: III
IV
1992: I
II
III
IV
1993- I
II"
1
.. .
3,268.4
3,437.9
3,692.3
4,002.6
4,249.5
4,468.3
4,544.2
4,743.4
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,517.9
4,555.4
4,599.1
4,679.4
4,716.5
4,719.6
4,858.0
r
4,914.2
... .
2,382.8
2,523.8
2,698.7
2,921.3
3,100.2
3,291.2
3,390.8
3,525.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,339.6
3,407.0
3,433.8
3,476.3
3,506.3
3,534.3
3,583.7
3,628.4
3,669.4
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
21.5
22.3
31.3
30.9
40.2
41.7
35.8
39.5
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
42.8
29.5
37.9
40.1
38.5
31.5
48.1
52.9
48.4
18.7
8.7
3.2
4.3
-13.5
-12.3
10 4
4.7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
— 21.6
-9.6
-10.3
-6.6
-4.5
3.3
6.4
13.6
17.7
24.6
238.4
261.5
279.0
293.4
307.0
325.2
332.2
364.9
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
329.7
337.6
340.0
353.6
359.9
365.9
380.4
389.0
394.4
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
280.8
271.6
319.8
365.0
362.8
361.7
346.3
393.8
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
344.0
341.2
347.1
384.0
388.4
374.1
428.5
r
424.2
225.3
227.6
273.4
320.3
325.4
341.2
337.8
364.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
333.5
331.9
333.1
360.7
361.4
344.4
390.4
r
383.6
Profits
before tax
Inventoryvaluation
adjustment
225.0
217.8
287.9
347.5
342.9
355.4
334.7
371.6
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
354.7
336.7
332.3
366.1
376.8
354.1
389.4
r
393.0
0.2
9.7
-14.5
— 27.3
-17.5
-14.2
3.1
-7.4
-8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
13 5
-21.2
-4.8
.7
-5.4
-15.5
-9.7
1.0
-9.4
— 16.6
Capital
consumption
adjustment
55.5
44.1
46.4
44.7
37.4
20.5
8.4
29.5
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
10.5
9.3
14.1
23.3
27.0
29.7
38.1
40.6
42.6
Net
interest
326.2
350.2
360.4
387.7
452.7
460.7
449.5
415.2
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
471.4
450.5
446.9
430.0
420.0
407.3
403.6
402.0
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
1984
1985 . . .
1986
1987
1988
1989
1990
1991
1992
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: IV
1991: I
II
Ill
IV
1992: I
II
Ill
IV
1993: I
II"
1
Total
personal
consumption
expenditures
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.3
3,260.4
3,240.8
3,314.0
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,248.0
3,223.5
3,239.3
3,251.2
3,249.0
3,289.3
3,288.5
3,318.4
3,359.9
3,366.5
3,398.1
Durable goods
Total
durable
goods
338.5
370.1
402.0
403.7
428.7
440.7
439.3
414.7
439.1
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
426.6
412.0
411.3
419.4
416.1
432.3
430.0
439.8
454.4
453.5
468.8
Motor
vehicles
and
parts
160.3
180.2
193.3
183.5
194.8
196.4
192.2
171.0
182.2
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.0
169.6
167.2
173.3
174.0
181.5
180.2
179.0
188.0
184.9
196.5
Includes other items, not shown separately.
Furniture and
household
equipment
115.3
123.8
136.3
144.0
155.4
165.8
169.5
168.6
179.6
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.9
167.5
166.9
169.3
170.4
167.9
174.4
174.4
181.5
188.0
189.9
194.1
Nondurable goods
Other
62.9
66.1
72.4
76.2
78.5
78.5
77.6
75.0
77.4
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.5
77.1
75.5
74.8
75.7
74.2
76.5
75.4
79.3
78.3
78.8
78.1
Total
nondurable goods
934.6
958.7
991.0
1,011.1
1,035.1
1,051.6
1,056.5
1,042.4
1,054.1
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,051.6
1,043.0
1,046.3
1,044.8
1,035.6
1,049.6
1,045.6
1,052.0
1,069.4
1,062.2
1,068.6
Clothing
Food
472.3
483.0
494.1
500.7
513.4
515.0
520.8
515.8
518.4
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
522.0
516.4
516.3
515.0
515.3
518.9
513.5
514.3
526.7
522.6
523.9
and
shoes
153.1
158.8
170.3
174.5
178.9
187.8
185.9
181.3
188.3
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
183.2
180.8
183.2
183.7
177.5
184.1
184.4
190.8
193.7
188.2
190.8
Gasoline
and oil
77.9
79.2
82.9
84.7
86.1
87.3
86.4
85.2
85.5
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
85.0
83.9
86.0
86.0
84.7
85.7
85.8
86.0
84.6
84.8
84.9
Retail sales of new
passenger cars
(millions of units)
Services
Fuel
oil and
coal
11.2
11.5
12.1
12.0
12.0
11.4
10.1
9.7
10.9
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
8.8
9.4
9.8
10.0
9.4
10.2
12.0
10.9
10.8
11.7
11.3
Other
220.0
226.2
231.7
239.1
244.7
250.2
253.4
250.5
251.0
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
252.7
252.5
251.0
250.0
248.6
250.7
249.8
250.1
253.6
254.9
257.7
Total
services!
1,473.0
1,537.0
1,576.1
1,637.4
1,698.5
1,731.0
1,764.6
1,783.7
1,820.7
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
,769.8
,768.5
,781.8
,787.0
,797.4
,807.3
1,812.9
1,826.6
1,836.2
1,850.8
1,860.7
Housing
Medical
care
426.8
435.9
442.1
452.5
461.8
469.2
474.7
478.2
484.4
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
476.1
476.5
477.9
478.8
479.8
481.2
483.3
485.8
487.2
489.2
490.9
Source: Department of Commerce, Bureau of Economic Analysis.
Domesties
Imports
341.9
8.0
2.4
353.0
366.2
384.7
399.4
408.6
423.9
438.8
455.8
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
428.6
431.9
435.6
440.5
447.2
449.6
453.7
458.1
461.7
466.6
471.3
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.3
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.1
6.3
6.1
6.1
6.3
6.2
6.4
6.3
6.9
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.1
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.3
2.3
2.2
2.2
2.2
2.0
2.0
2.0
2.1
SOURCES OF PERSONAL INCOME
Personal income decreased $2.5 billion (annual rate) in June, after rising $27.7 billion in May. In both months the
changes were reduced by decreases in subsidy payments to farm proprietors. Excluding these payments, personal
income increased $3.4 billion in June and $38.2 billion in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
'
1 6,000
BIUJONS OF DOLLARS* (RATIO SCALE)
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS .
2,000
2,000
1,400
1,400
OTHER INCOME
800
800
TRANSFER PAYMENTS
400
400
1985
1989
1988
1987
1986
1990
1992
1991
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENTS COMMERCE
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
personal
income
Period
1984....
1985
1986
1987 ...
1988
1989....
1990
1991
1992 ...
1992: June
July
Scot
Oct
Nov
Dec
1993: Jan
Feb
Mar
Apr '
May *
June p
...
. .
....
3 154.6
3 3798
3 5904
38020
407S9
4 380.3
46642
4,828.3
5058 1
5,038.5
50487
50564
5 080.9
5 1450
5,143.7
5 1940
5,223.1
5 229.0
5 2608
5271.0
5298 7
5,296.2
Wage and
salary
disbursements 1
1,849.8
1 986.5
2 1054
2,261.2
2 443.0
2,586.4
2,742.8
2,812.2
2,918.1
2,905.7
2,911.2
2 930.9
2,928.3
2,951.3
2,967.8
2,990.6
3,010.1
3,004.7
3002.6
3,015.6
3046.5
3,042.4
Proprietors income 3
Other labor
income l z
184.7
191 8
' 2007
2104
2305
251.9
271 0
288.3
3057
305.0
3064
307 9
309.3
3108
312.2
3136
315.1
316.5
3180
3194
3208
322.3
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.
Nonfarm
Farm
Less:
income of
persons *
21.3
21 5
214.7
2384
23.3
18.7
22 3
31.3
261 5
279.0
2934
307.0
3252
332.2
364.9
361.9
363.8
3638
369.9
3767
380.0
384.4
388.9
389.0
389 1
391.9
3950
396.3
8.7
3.2
4.3
309
40.2
41.7
35.8
39.5
31.4
30.6
249
39.1
554
39.3
49.4
38.4
45.5
747
57.7
46.8
40.6
-13.5
12.3
-10.4
4.7
8.0
9.6
3.6
6.1
13.5
13.4
14.0
17.7
20.3
15.2
23.7
24.3
25.9
dividend
income
78.8
87.9
1047
100.4
108.4
126.5
140.3
137.0
139.3
137.9
139.5
141.3
142.3
143.8
145.3
148.2
149.6
149.9
150.1
150.3
150.6
151.0
interest
income
461.9
498.1
531.7
548.1
583.2
668.2
694.5
700.6
670.2
674.4
668.6
663.1
657.8
657.7
657.8
657.9
656.9
656.3
655.9
655.3
654.9
654.6
payments s
452.9
485.9
517 8
542.2
5767
625.0
685.8
771.1
866.1
864.1
869.4
8728
880.0
889.2
882.6
892.1
906.8
907.3
9155
918.0
922.5
925.4
4
contributions
for social
insurance
132.8
149.1
162.1
173.6
194.5
211.4
224.8
238.4
250.6
249.9
250.5
252.0
251.9
253.4
254.7
256.3
260.3
260.5
260.2
261.0
262.7
262.2
personal
income 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
4,995.8
4,984.4
4,995.3
5,008.7
5,018.9
5,066.4
5,081.1
5,121.3
5,161.2
5,159.9
5,162.5
5,189.6
5,228.2
5,231.9
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars rose in the second quarter
of 1993.
BILLION S OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
_^.
4,500
4,500
rrr7?Z%>
4,000
DISPOSABLE PERSONAL INCOME
\
^rrt VZZZZ&
3,500
•^^^
^^
4,000
3,500
\
PERSONAL OUTLAYS
^07777?!.
s//L*^
3,000
"
N
3,000
^^
SAVING
2,500
2,000
2,500
^^x
H^T
'rn i 1 i i i
^
1 1 1
1
^
1 1
1
1 1
1
1
1 1 1
1
1
i i i
1 1
1
i i i
1 1
i i i
2,000
DOLLARS' (RATIC5 SCALE)
DOLLARS • (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
.
14,000
\
p^\\
__
12,000
^
8,000
_• -
^
\ \ \
1 1 1
1982
1983
16,000
'
..
_-—1
14,000
:=-~-^
12,000
-
"^~"
10,000
CURRENT DOLLARS
10,000
1 1 1
1984
1
1 1
1985
1
1 1
1986
1 1 1
1 1 1
1987
1
1988
1
1 1
1989
1 1
1990
1
1 1
1991
SEASONALLY A DJUSTED ANNUAL RATES
OURCE: DEPART MENT OF COMMERCE
.
Period
Personal
income
Less:
Personal
tax and
nontax
payments
_
.
Disposable
personal
income
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.3
4,664.2
4,828.3
5,058.1
395.1
436.8
459.0
512.5
527.7
593.3
621.3
618.7
627.3
2,759.5
2,943.0
3,131.5
3,289.5
3,548.2
3,787.0
4,042.9
4,209.6
4,430.8
i i
1992
i i i
8,000
1993
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays l
Equals:
Personal
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1984....
1985
1986....
1987
1988....
1989
1990....
1991
1992
18,000
-—
?87 DOLLA
16,000
1987
dollars
Per capita personal
consumption
expenditures
Current
dollars
1987
dollars
222.0
3,080.1
189.3
187.5
142.0
155.7
152.1
175.6
199.6
212.6
3,162.1
3^261.9
3,289.5
3^404.3
3,464.9
3^516.5
3,509.0
3,585.1
11,673
12,339
13,010
13,545
14,477
15,307
16,174
16,658
17,346
13,029
13,258
13,552
13,545
13,890
14,005
14,068
13,886
14,035
10,408
11,184
11343
12,568
13J448
14,241
14^996
15,384
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
13,988
13,861
13,891
13,876
13,913
14,017
14,021
13,998
14,105
14,165
14,172
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,209
15,184
15,345
15,468
15,537
15,814
15,907
16,063
16,353
16,468
16,683
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
2,537.5
2,753.7
2,944.0
3,147.5
3,392.5
3,634.9
3,867.3
4,009.9
4,218.1
Percent
change in
real per
capita
disposable
personal
income
11,617
12,015
12J336
12,568
12^903
13.029
13,044
12,824
12^974
5.5
1.8
2.2
2.5
.8
.4
— 1.3
1.1
6.4
6.0
4.3
4.4
4.0
4.3
4.7
4.8
236,393
238,510
240^691
242,860
245'o93
247,397
249,961
252,711
255,435
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.6
4.7
4.7
4.5
5.1
4.9
5.3
4.6
4.4
4.9
4.3
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,050
251,687
252,329
253,053
253,776
254,388
255,054
255,786
256,513
257,140
257,816
8.0
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III....
IV
1992: I
n
Ill ...
IV ....
1993:
I
II"...
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,469.4
4,751.9
4,752.8
4,806.9
4,846.2
4,907.2
4,980.5
5,028.9
5,062.0
5,160.9
5,237.6
5,288.6
372.1
371.6
413.4
448.8
478.5
528.6
542.0
605.1
623.8
616.8
617.2
618.6
622.3
619.6
617.1
628.8
643.6
656.0
664.2
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,864.3
4,128.1
4,136.0
4,189.7
4,227.6
4,284.9
4,360.9
4,411.8
4,433.2
4,517.3
4,581.7
4,624.5
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,715.5
3,938.8
3,943.2
3,994.4
4,036.6
4,065.5
4,146.3
4,179.5
4,229.9
4,316.9
4,358.8
4,424.7
183.8
176.3
222.6
179.2
151.1
169.8
156.4
148.8
189.3
192.8
195.3
191.0
219.4
214.6
232.3
203.3
200.4
222.9
199.8
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,511.6
3,488.7
3,505.2
3,511.5
3,530.8
3,565.7
3,576.0
3,580.5
3,618.2
3,642.3
3,653.7
1
Includes personal consumption expenditures, interest paid by persons, and persona! transfer payments to rest of the world (net).
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,443
16,433
16,604
16,706
16,885
17,143
17,297
17,332
17,610
17,818
17,937
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
12,938
12,808
12,838
12,848
12,803
12,930
12,893
12,973
13,098
13,092
13,180
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.4
-3.6
.9
— .4
1.1
3.0
.1
— .7
3.1
1.7
.2
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1993, according to preliminary estimates, gross farm income rose $2.1 billion (annual rate)
and net farm income rose $5.6 billion.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
240
240
v^
s
S
^-v^
r\^[
120
.
/-
w
'-
"
—
•"
'
*
"—-
~~
120
\
GROSS FARM INCOME
•\
,
/\
r-i
\
\
**\
\
'\
\j
t "* ^
S
. *—
^
/\
\
V
S
— —/
/
/
^X
\l
\
^
1
/'
^
' -^
\
/
MFT F A B M IMrOMF
20
1
i
>
^ i
M /
i ' \i
\ i ^
\i
\i
10
2
1 1
1982
i i i
1983
10
1
i i i
1
1984
1985
1
1
1
1986
1
1
1
1987
1
1988
1 1 1
1989
1
1
1
1
1990
1
1991
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1 1
1
1992
i
1993
?
COUNCILOR ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total 1
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992 p
1991- I
II
m
IV
1992- I
II
Ill
IV
1993- I p
1
168.0
161.2
156.1
168.5
175.4
191.1
196.0
189.5
195.3
189.1
189.7
185.2
194.1
197.1
200.3
194.9
189.0
191.1
142.8
144.1
135.4
141.8
151.1
161.0
169.9
167.3
169.3
165.1
165.4
170.6
167.9
165.2
172.2
176.9
162.6
164.0
Livestock and
products
69.9
74.3
63.8
65.9
71.7
76.9
80.0
80.5
83.3
75.6
77.9
85.8
83.0
81.4
86.5
92.0
73.1
78.3
72.9
69.8
71.6
76.0
79.4
84.1
89.9
86.7
86.0
89.6
87.6
84.9
85.0
83.9
85.7
85.0
89.5
85.7
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
3
Value of
inventory2
changes
Production
expenses
Current
dollars
6.0
23
-2.2
-2.3
-3.4
4.8
3.5
.4
3.6
141.9
132.4
125.1
128.8
134.3
141.2
145.1
144.9
145.4
26.1
28.8
31.1
39.7
41.1
49.9
51.0
44.6
49.9
1.2
.6
.1
1
145.8
147.2
143.1
143.4
43.3
42.5
42.0
50.6
4.5
4.2
3.3
2.4
142.7
144.9
146.8
147.3
54.4
55.4
48.1
41.7
13
143.8
47.3
1987 dollars 3
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
28.7
30.5
32.0
39.7
39.6
46.0
45.0
37.9
41.3
37.1
36.2
35.6
42.6
45.4
45.9
39.7
34.2
38.5
In the first quarter of 1993, according to revised estimates, corporate profits before tax rose $3.6 billion (annual
rate) and profits after tax rose $4.7 billion.
BIUJONS OF DOLLARS
BILLIONS OF DOLLARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
198219831984:
1985:
198619871988198919901991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III
IV
1992: I.:
II
III
IV
1993- I
II "
1
2
. .
236.4
225.3
227.6
273.4
320.3
325.4
341.2
337.8
364.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
333.5
344.2
342.2
331.9
333.1
360.7
361.4
344.4
390.4
' 383.6
205.2
194.5
194.6
233.9
271.2
266.0
275.5
271.3
300.2
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
260.2
269.4
275.9
270.0
270.2
292.0
300.4
279.3
329.3
316.4
Financial
20.3
28.7
35.8
36.4
41.8
50.6
56.7
60.9
56.8
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
55.1
59.7
60.7
63.6
59.7
70.1
61.3
40.3
55.3
64.1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Total 3
185.0
165.8
158.9
197.5
229.4
215.3
218.8
210.4
243.5
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
205.1
209.7
215.1
206.4
210.5
221.9
239.0
239.0
274.0
252.3
Manufacturing
Wholesale and
retail
trade
86.7
80.1
59.0
87.0
117.5
108.0
106.9
89.3
113.8
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
96.3
87.6
90.3
91.8
87.5
97.5
115.2
118.0
124.5
110.7
49.7
43.1
46.3
39.9
37.1
39.7
35.8
44.0
47.7
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
35.0
44.1
45.5
41.7
44.5
39.9
46.7
43.7
60.7
51.9
Profits
before
tax
240.5
225.0
217.8
287.9
347.5
342.9
355.4
334.7
371.6
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
354.7
337.6
332.3
336.7
332.3
366.1
376.8
354.1
389.4
' 393.0
Tax
liability
94.0
96.5
106.5
127.1
137.0
141.3
136.7
124.0
140.2
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
133.7
121.3
122.9
127.0
125.0
136.4
144.1
131.8
148.5
147.2
Total
146.4
128.5
111.3
160.8
210.5
201.6
218.7
210.7
231.4
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
221.0
216.3
209.4
209.6
207.4
229.7
232.7
222.2
241.0
' 245.7
Dividends
82.7
92.4
109.8
106.2
115.3
134.6
149.3
146.5
149.3
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
151.9
150.6
146.2
145.1
143.9
143.6
146.6
151.1
155.9
160.2
161.1
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
63.8
36.1
1.6
54.6
95.2
67.1
69.4
64.2
82.1
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
69.1
65.7
63.2
64.5
63.4
86.2
86.1
71.1
85.0
'85.5
Inventory
valuation
adjustment
-4.1
.2
9.7
145
-27.3
17.5
14 2
3.1
74
— 8.6
76
3.5
-3.8
-10.7
17.8
-31.7
13.5
— 21.2
6.7
9.9
-4.8
.7
-5.4
15.5
-9.7
1.0
-9.4
16.6
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to advance estimates for the second quarter of 1993, nonresidential fixed investment in 1987 dollars
rose $17.4 billion (annual rate) and residential investment fell $5.0 billion. There was an $8.2 billion increase in
inventories, following an increase of $33.5 billion in the first quarter.
BIUJONS OF 1 987 DOLLARS
BILLIONS OF 1 987 DC
)LLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
700
r^ r\
^^_
^^
^>
^~
600
/
x
^•^^
400
,_ **»
-"\
~\
500
700
V
GROSS P RIVATE DO rtESTIC
VESTMENT
J
600
r\V • ^\
800
^
-(
VI
NONRESI 5ENTIAL
x
_S
500
FIXED INV ESTMENT
400
RE5 IDENTIAL
FIXED NVESTMENT
300
300
^••'— *
.._.-
^
200
•'•'"'
""
CHANGE IN BUSINESS
INVENTORIES
100
X
t
\
V
s
200
*- . -^ "'^ '
100
,
,-«
0
0
\ ,
i
-100
i i
1982
1
1
1
I
SOURCE: DEPART MENT OF COMM
1
1984
1983
!
i
i i
1985
1
1
1
1
1986
1
i
1
1987
1988
>
i
1989
1
1 1
1990
1
1
i
1
1991
i i
1992
i i i
-100
1993
c DUNCIL OF ECO •1OMIC ADVISERS
ERCE
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
757.5
745.9
735.1
749.3
773.4
784.0
739.1
661.1
712.6
689.6
723.8
726.5
723.0
753.4
754.2
732.9
670.4
707.6
490.2
521.8
500.3
497.8
530.8
540.0
538.1
500.2
515.0
182.8
197.4
176.6
171.3
174.0
177.6
179.1
157.6
146.8
307.4
324.4
323.7
326.5
356.8
362.5
359.0
342.6
368.2
199.3
202.0
226.2
225.2
222.7
214.2
194.8
170.2
192.6
67.9
22.1
8.5
26.3
19.9
29.8
6.2
— 9.3
5.0
66.2
19.8
10.6
32.7
26.9
29.9
3.7
-9.6
2.6
IV
IV
IV
IV
IV
IV
IV
IV
IV
503.5
669.5
756.4
763.1
705.9
793.8
785.0
769.5
680.0
548.4
640.2
708.4
732.9
725.9
733.9
764.1
744.6
706.8
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
529.3
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
173.2
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
356.1
131.2
190.6
198.8
207.4
230.5
223.3
225.3
208.0
177.5
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
24.9
-26.8
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-25.6
1991- I
II
III
IV
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
-20.4
.6
7.5
-24.7
— 24.5
-1.0
11.8
1992- I
II
HI
IV
1993- I
II *
668.9
713.6
724.9
743.1
681.4
705.9
710.0
733.3
495.8
514.7
518.7
530.9
149.4
149.1
144.7
144.0
346.4
365.6
374.0
386.9
185.6
191.2
191.3
202.3
-12.6
7.8
15.0
9.8
-10.7
6.0
9.6
5.6
784.0
771.1
750.5
763.0
547.5
564.9
144.0
145.7
403.5
419.2
203.0
198.0
33.5
8.2
30.5
9.0
1984
1985
.
1986
1987
1988
1989
1990
1991
1992
198219831984198519861987198819891990-
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1993 survey, business spending for new plant and equipment is
expected to rise 6.4 percent in 1993, following a rise of 3.3 percent in 1992.
BILLIONS OF DOLLARS (RATIO SCALE|
BILLIONS OF DOLLARS (RATIO SCALE)
600
500
400
ALL INDUSTRIES
300
\
NONMANUFACTURING200
\
MANUFACTURING
I
1984
J I
I I
1985
1986
1987
J
J L
I
1988
I I I
I
I
I
I
I
I
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufaeturing
Manufacturing
Period
All
industries
Total
Durable
goods
Nondurable
goods
Total '
Transportation
Mining
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufaeturing
Manufacturing
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.90
17823
Total
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.28
Surveyed
quarterly
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.17
402.89
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 "
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
528.39
546.08
581.12
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
182.81
173.90
178.23
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.41
77.49
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.50
100.74
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.17
402.89
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.90
9.51
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.78
23.33
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.57
71.96
75.74
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.54
294.32
1991- I
II
III
IV
534.27
525.02
526.59
529.87
190.83
186.52
177.48
179.06
80.99
79.31
74.94
76.40
109.84
107.20
102.55
102.66
343.44
338.50
349.10
350.81
9.94
10.08
10.09
9.99
22.98
22.87
22.56
22.29
67,01
65.09
66.52
67.42
243.51
240.46
249.94
251.11
190.83
18652
177.48
17906
343.44
338.50
349.10
350.81
1992- I
535.72
540.91
547.53
560.16
173.98
171.78
172.23
177.62
74.19
74.26
71.84
73.34
99.79
97.52
100.39
104.28
361.73
369.13
375.30
382.54
8.87
9.18
9.09
8.44
21.88
23.51
24.69
21.06
68.81
72.63
71.66
74.73
262.17
263.80
269.86
278.32
173.98
171 78
172.23
177 62
361.73
369 13
375.30
38254
564.81
587.29
587.05
585.34
175.17
182.79
177.18
177.77
79.32
78.06
75.01
77.56
95.85
104.73
102.17
100.21
389.64
404.49
409.87
407.57
8.84
10.10
10.15
8.93
22.50
23.99
23.55
23.27
73.31
77.68
76.21
75.77
284.99
292.72
299.96
299.60
175 17
182.79
177.18
177 77
389.64
404.49
409.87
407 57
n
in
IV
1993- I
II 4
in*4
IV
1
Excludes forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate, which, effective with the April-May 1984 survey, are no
longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for
these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.19
Surveyed
annualIy3
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
4
Planned capital expenditures as reported by business in April-May 1993, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In June, civilian employment fell by 54,000 and unemployment rose by 50,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
130
130
SEASONALLY ADJUSTED
126
126
CIVILIAN LABOR FORCE
122
122
118
118
114
114
CIVILIAN
EMPLOYMENT
110
110
106
106
102
102
12
UNEMPLOYMENT
8
1 I 1 1 1
II 1 M
1985
! M
1 l
1 1 1 1 1
M
1987
1986
1
1 1 1 1 1
1988
i ii i i ii 11i
1989
i 1 M 1
1 1 1 I 1
1990
i iiii iiiii
1t1M
1991
*1 6 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
Mill
1993
1992
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1983
1984
1985
1986'
1987
1988
1989
1990
1991
1992
Unemployment
Civilian employment
Civilian
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
193,142
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
1,566
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
128,548
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
119,164
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
3,354
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
193,025
193,190
193,356
193,513
193,683
193,847
194,026
1,570
1,568
1,566
1,566
1,552
1,531
1,517
128,868
128,918
128,970
128,840
128,618
128,896
129,108
119,080
119,290
119,346
119,290
119,239
119,595
119,828
127,298
127,350
127,404
127,274
127,066
127,365
127,591
117,510
117,722
117,780
117,724
117,687
118,064
118,311
3,244
3,207
3,218
3,221
3,169
3,209
3,262
114,266
114,515
114,562
114,503
114,518
114,855
115,049
5,921
6,069
6,099
6,096
6,151
6,230
6,063
9,788
9,628
9,624
9,550
9,379
9,301
9,280
3,432
3,547
3,547
3,522
3,564
3,446
3,605
66.5
66.5
66.4
66.3
66.1
66.2
66.3
61.4
61.4
61.4
61.3
61.3
61.4
61.5
194,159
194,298
194,456
194,618
194,767
194,933
1,515
1,512
1,497
1,492
1,484
1,477
128,598
128,839
128,926
128,833
129,615
129,604
119,586
119,963
120,062
119,908
120,757
120,696
127,083
127,327
127,429
127,341
128,131
128,127
118,071
118,451
118,565
118,416
119,273
119,219
3,191
3,116
3,082
3,060
3,070
3,024
114,879
115,335
115,483
115,356
116,203
116,195
5,887
6,242
5,965
6,238
6,268
6,176
9,013
8,876
8,864
8,925
8.858
8,908
3,317
3,143
3,073
2,926
3,004
2,849
66.0
66.0
66.0
65.9
66.3
66.2
61.3
61.4
61.4
61.3
61.7
61.6
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
97,450
Part time
for
economic
reasons:
Total
15
weeks
and over
Labor
force
participation
rate
(percent) a
Employment/
population
ratio
(percent) 2
1992:
July
Sept
Oct
Nov
Dec
1993:
Feb
Mar
May
, 3
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian tabor force (or employment) as percent of civilian noninstitutional population.
70-865 - 93 - 2
*Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In June, the civilian unemployment rate rose slightly, to 7.0 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
15
10
10
1989
1989
1993
1993
* UNEMPLOYMENT AS PERCENT OF CIVIUAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: June
July
Aug
Sept
Oct
Nov
Dec
...
....
....
....
....
1993: Jan
Feb
Mar
Apr
May
June ...
1
2
Unemployment
rate,
all
workers 1
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
7.6
7.5
7.5
7.4
7.3
7.2
7.2
7.7
7.6
7.6
7.5
7.4
7.3
7.3
7.3
7.2
7.2
7.1
7.2
6.9
6.8
6.3
6.4
6.4
6.4
6.2
6.2
6.4
22.8
20.6
19.9
20.4
18.9
20.2
19.2
7.0
6.9
6.9
6.9
6.8
6.9
7.1
7.0
7.0
7.0
6.9
7.0
6.4
6.5
6.7
6.4
6.4
6.5
6.4
6.0
5.7
6.0
5.9
5.9
19.7
19.6
19.5
20.7
19.7
19.8
Both
sexes
16-19
years
White
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.8
6.6
6.6
6.6
6.5
6.4
6.3
6.2
6.1
6.1
6.0
6.0
6.1
Unemployed aa percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-
By selected groups
By race
By sex and age
Black
Experienced
wage and
salary
workers
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
13.1
13.0
12.9
12.6
12.5
12.6
12.8
14.5
14.4
14.2
13.9
14.1
14.0
14.2
7.3
7.2
7.2
7.2
7.1
7.0
7.0
12.9
12.0
12.0
12.5
11.7
12.0
14.2
13.1
13.5
13.8
12.9
13.3
6.8
6.7
6.6
6.7
6.5
6.6
Black
and
other
Harried
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Fulltime
workers
Parttime
workers
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
7.1
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
9.2
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
5.1
5.2
5.3
5.2
5.1
4.9
4.8
10.1
10.3
10.3
9.1
9.3
10.4
10.3
7.4
7.3
7.3
7.2
7.1
7.0
6.9
9.3
9.2
9.1
9.5
9.2
9.2
9.7
8.4
8.4
8.4
8.3
8.3
8.3
8.1
4.5
4.5
4.7
4.5
4.5
4.4
10.6
10.2
9.0
9.6
9.9
9.8
6.7
6.6
6.6
6.6
6.6
6.6
9.3
9.1
8.9
9.7
8.4
8.9
7.9
7.9
7.9
7.8
7.9
7.8
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In June, there were declines in the percentages of the unemployed who had been out of work for less than 5
weeks, for 15-26 weeks, and for 27 weeks and over, and an increase in the percentage for 5-14 weeks. The
mean duration of unemployment remained at 17.6 weeks and the median duration remained at 8.1 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
N/v
REENTRANTS
30
/
/
NEW ENTRANTS
1990
1993
1991
1992
1993
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
34.9
36.1
34.8
34.0
34.0
33.9
33.2
32.6
36.1
36.5
35.5
38.2
37.7
36.8
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.6
28.6
29.4
29.5
28.3
30.2
28.8
27.4
28.1
29.4
28.4
28.2
31.3
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.0
15.0
15.5
14.8
15.7
15.3
16.5
15.5
13.9
14.4
14.5
14.3
12.9
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
21.3
21.5
21.1
21.7
22.2
21.4
22.1
21.1
21.5
20.7
18.8
19.8
19.1
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.2
18.3
18.3
18.5
19.2
18.4
19.2
18.7
18.3
17.5
17.4
17.6
17.6
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.7
8.6
8.9
9.3
9.3
9.4
9.4
8.5
8.2
8.3
8.5
8.1
8.1
Job
losers
Job
leavers
Reentrants
New
entrants
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
23.1
23.4
23.4
23.6
23.5
23.6
24.1
26.1
25.9
23.0
24.3
25.9
25.0
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.2
9.9
9.8
9.8
8.3
10.0
10.0
10.7
10.0
10.5
10.5
10.2
9.7
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982 .
1983
1984
1985
1986
1987
1988
1989
1990
1991 .
1992
1992- June
July
, '
Sept
Oct . .
Nov
Dec
1993: Jan
Feb
Mar
May
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
9,788
9,628
9,624
9,550
9,379
9,301
9,280
9,013
8,876
8,864
8,925
8,858
8,908
1
Includes) State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFB). Railroad <RR) programs included through 1991. Also includes
Federal and State extended benefit programs. Does not include Federal supplemental compensation
program.
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
56.4
56.3
56.3
56.5
58.5
55.9
55.4
54.0
52.3
54.2
53.9
52.9
54.6
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.4
10.3
10.5
10.0
9.7
10.5
10.5
9.1
11.8
12.3
11.3
10.9
10.6
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
3,279
3,304
3,178
3,168
3,035
2,937
2,783
2,715
2,640
2,701
2,764
2,770
2,813
583
438
377
396
378
328
310
330
388
447
408
414
433
387
402
365
359
341
353
343
362
347
341
343
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
3,141
3,118
3,114
2,814
2,537
2,670
3,064
3,390
3,344
3,394
2,929
2,596
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 13,000 in June.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
32
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
SERVICES
90
24
80
SERVICE-PRODUCING
INDUSTRIES
22
RETAIL TRADE
-V
20
70
18
60
SO
GOODS-PRODUCING
INDUSTRIES
30
=
1
CONST AUCTION
1—-
I I 1 1 1 1 HI
20 1
1989
1990
1991
1992
ill 1 1 1 1 1 1 II I Illllllllll 1 1 1 1 1 1 1 1 1 1 1 M 1 1 1 1 1 1 1 1 1
' 1989
1990
1991
1992
111111
1993
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1 M 1 ll 1 1 1 1 li
1993
N
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: June...
July....
Aug ....
Sept....
Oct
Nov....
Dec
1993: Jan
Feb
Mar
Apr T...
May r..
June*
Total
nonagricultural
employment
90,152
94,408
97,387
99,344
101,958
105,210
107,895
109,419
108,256
108,519
108,454
108,605
108,615
108,674
108,789
108,921
109,079
109,235
109,539
109,565
109,820
110,035
110,048
Total
2
23,330
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,142
23,172
23,160
23,073
23,012
22,995
22,995
22,985
23,001
23,069
23,016
22,980
22,994
22,928
,-,
struction
3,946
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,471
4,469
4,459
4,459
4,447
4,466
4,462
4,459
4,454
4,515
4,481
4,517
4,572
4,566
Manufacturing
Total
Durable
goods
18,432
19,372
19,248
18,947
18,999
19,314
19,391
19,076
18,406
18,040
18,073
18,073
17,991
17,949
17,911
17,917
17,913
17,936
17,954
17,935
17,863
17,820
17,767
10,707
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,237
10,260
10,236
10,192
10,164
10,135
10,142
10,136
10,152
10,163
10,144
10,090
10,041
10,006
Nondurable
goods
7,725
7,896
7,790
7,752
7,845
7,951
7,997
7,968
7,837
7,804
7,813
7,837
7,799
7,785
7,776
7,775
7,777
7,784
7,791
7,791
7,773
7,779
7,761
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces, Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
Total
66,821
69,690
72,544
74,811
77,284
80,086
82,642
84,514
84,511
85,377
85,282
85,445
85,542
85,662
85,794
85,926
86,094
86,234
86,470
86,549
86,840
87,041
87,120
Transportation
and
public
utilities
4,952
5,156
5,233
5,247
5,362
5,514
5,625
5,793
5,762
5,709
5,711
5,707
5,701
5,704
5,699
5,699
5,707
5,719
5,725
5,724
5,720
5,723
5,718
Wholesale
trade
Retail
trade
5,283
15,587
5,568
5,727
5,761
5,848
6,030
6,187
6,173
6,081
6,045
6,042
6,037
6,037
6,037
6,052
6,061
6,062
6,086
6,097
6,103
6,110
6,122
6,111
16,512
17,315
17,880
18,422
19,023
19,475
19,601
19,284
19,346
19,344
19,360
19,359
19,380
19,402
19,405
19,460
19,523
19,629
19,604
19,648
19,687
19,724
Finance,
insurance,
and real
estate
5,466
5,684
5,948
6,273
6,533
6,630
6,668
6,709
6,646
6,571
6,569
6,559
6,558
6,565
6,570
6,569
6,575
6,578
6,577
6,574
6,585
6,590
6,587
Government
Services
Total
19,664
20,746
21,927
15,869
16,024
16,394
22,957
24,110
25,504
26,907
27,934
28,336
29,053
28,996
29,111
29,178
29,247
29,361
29,430
29,524
29,573
29,665
29,756
29,977
30,096
30,152
16,693
17,010
17,386
17,779
18,304
18,402
18,653
18,620
18,671
18,709
18,729
18,710
18,762
18,766
18,755
18,777
18,788
18,800
18,823
18,828
Federal
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
2,969
2,973
2,962
2,961
2,966
2,945
2,943
2,968
2,945
2,944
2,938
2,923
2,915
2,903
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
Total
private
nonagricultura] J
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
June
July
Sept
Get
Nov
Dec
1993: Jan
Feb
Mar
May '
June '
Total
Average gross weeklv earnings
Total private
nonagricultural '
Total private
nonagricultural '
Overtime
Current
dollars
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
34.4
40.1
40.7
40.5
40,7
41.0
41,1
41.0
40.8
40.7
41.0
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
$8.02
8.32
34.3
34.3
34.6
34.2
34.4
34.6
34.3
41.1
41.1
41.1
41.0
41.1
41.2
41.2
34.5
34.4
34.2
34.4
34.7
34.4
41.4
41.4
41.2
41.5
41.4
41.3
1982
dollars "
Manufacturing
Current dollars
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
1982
dollars
Current
dollars
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.58
$7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
7.42
$8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11.46
$280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.95
$272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
255.22
$354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
$442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
$171.05
174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.34
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.8
2.0
.8
-1.3
.3
-1.0
-.9
^1.0
18
-1.6
-.1
3.8
3.8
3.8
3.6
3.8
3.9
3.9
10.56
10.57
10.63
10.62
10.65
10.69
10.68
7.42
7.40
7.43
7.41
7.40
7.41
7.40
11.45
11.46
11.50
11.51
11.52
11.55
11.58
362.21
362.55
367.80
363.20
366.36
369.87
366.32
254.36
253.89
257.02
253.45
254.59
256.50
253.68
470.60
471.01
472.65
471.91
473.47
475.86
477.10
543.20
541.95
542.82
537.59
539.22
537.89
535.72
204.06
203.21
205.92
207.50
206.78
207.79
207.65
1.6
2.5
3.1
1.1
2.5
3.3
1.9
-1.3
-.5
.0
-1.8
-.6
.3
-1.0
4.0
4.2
4.0
4.2
4.1
4.0
10.73
10.74
10.78
10.77
10.81
10.80
7.40
7.38
7.39
7.36
7.38
7.37
11.61
11.64
11.66
11.71
11.71
11.72
370.19
369.46
368.68
370.49
375.11
371.52
255.30
253.92
252.87
253.24
256.05
253.60
480.65
481.90
480.39
485.97
484.79
484.04
534.96
538.94
544.07
r
541.21
548.24
543.62
208.22
208.08
205.01
208.80
211.12
208.94
3.4
2.2
2.0
2.8
3.5
2.5
.2
-.9
-1.0
-.3
.3
-.3
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982 = 100 base).
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
12 months earlier
3 months earlier
Total
compensation
Period
Wages and
salaries
Benefits
l
Total
compensation
Wages and
salaries
Benefits
1
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
.6
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
.8
1.0
.9
1.0
.8
.5
.5
4.9
4.6
4.2
4.0
6.8
6.6
111.3
113.3
115.1
116.7
1.1
1.2
1.1
.9
1.0
1.0
.7
.8
.3
.8
.6
1.4
4.4
4.4
4.5
4.4
4.0
3.7
3.7
3.7
5.8
6.2
6.4
6.2
110.9
111.5
112.2
113.0
118.2
119.6
121.2
122.7
1.0
.7
.8
.9
.7
.5
.6
.7
1.3
1.2
1.3
1.2
4.2
3.7
3.4
3.5
3.4
3.0
2.7
2.6
6.3
5.5
5.2
5.2
113.9
114.6
124.8
126.6
1.0
.9
.8
.6
1.7
1.4
3.5
3.6
2.7
2.7
5.6
5.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
1990- Sept
Dec
106.2
107.2
105.4
106.2
108.3
109.9
1991- Mar
108.4
109.7
110.9
111.9
107.3
108.4
109.2
110.1
113.0
113.8
114.7
115.7
116.9
117.9
1983198419851986:
19871988'
1989199019911992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
. ..
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
.7
1992- Mar
Sept
Dec
1993- Mar
. ...
...j
1
Employer costs for employee benefits.
NOTE. — The employment cost index is a measure of the change in the cost of labor, free from the
3.3
4.8
4.8
4.6
4.4
3.5
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
Not seasonally adjusted
Seasonally adjusted
Sept
Dec
5.7
4.9
3.9
3.2
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output l
Output per hour of
all persons
Period
Hours of all
persons z
Compensation per
hour 3
Real compensation
per hour *
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.1
110.2
113.3
102.5
104.7
105.6
107.7
108.6
109.6
108.6
108.6
108.8
111.7
104.1
112.6
116.7
119.9
124.8
130.1
132.3
132.7
129.8
132.8
104.4
113.0
116.8
120.1
125.0
130.6
132.7
132.9
130.0
132.9
101.8
107.4
109.8
110.5
113.8
117.5
120.4
120.5
117.7
117.2
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.0
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.3
146.8
152.1
104.0
108.3
112.8
118.4
122.5
127.7
132.0
139.0
145.7
150.9
100.6
100.6
101.5
104.7
104.6
104.8
103.5
103.6
104.0
104.6
101.1
103.1
105.4
107.0
108.3
110.7
110.9
109.7
101.1
103.3
105.3
106.0
107.4
109.5
110.0
108.5
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
98.9
104.3
108.5
110.3
111.3
115.1
118.8
120.6
99.0
104.7
109.1
111.5
112.5
116.5
120.5
122.3
102.1
105.2
109.9
115.6
120.9
125.8
130.7
134.9
102.1
105.2
109.9
115.0
120.5
125.1
129.8
133.9
1990: I
109.9
110.6
110.1
109.8
108.4
109.0
108.5
108.3
133.1
133.7
132.5
131.3
133.5
134.0
132.7
131.5
121.2
120.9
120.3
119.6
123.1
122.9
122.4
121.4
136.9
139.5
141.5
143.1
1991: I
109.4
109.9
110.5
111.3
108.0
108.5
109.1
109.7
129.2
129.5
130.0
130.6
129.4
129.7
130.2
130.7
118.1
117.8
117.6
117.3
119.9
119.5
119.4
119.1
1992: I
n
m
rv
112.5
112.7
113.6
114.6
110.9
111.2
112.0
112.9
131.4
131.9
133.0
134.7
131.5
132.0
133.2
134.8
116.7
117.0
117.1
117.6
1993: I *
114.1
112.4
134.9
135.1
118.2
2.3
2.4
1.4
2.1
1.0
1.0
7
.2
.1
2.8
2.5
2.2
.8
2.0
.8
.9
-.9
-.1
.2
2.6
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.2
22
2.3
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.1
22
2.2
1.8
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
-.5
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
— .4
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.5
4.6
3.6
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.3
4.8
3.6
0.6
.0
.9
3.1
-.1
.2
13
.1
.4
.6
0.8
-.2
.6
3.1
.4
2.8
-1.7
-1.1
-.5
2.4
-2.1
-.5
2.6
1.8
-3.6
-3.5
2.2
1.6
-3.7
-3.6
2.1
g
-2.5
2.7
-.8
-1.7
-3.1
6.0
7.8
5.7
4.8
5.3
7.6
5.7
5.4
1991: I
-1.7
2.0
2.2
3.2
-1.3
2.1
2.2
2.4
-6.4
.9
1.6
2.0
-6.1
.9
1.5
1.6
-4.7
-1.1
-.6
-1.1
-4.9
-1.1
-.6
-.8
3.0
6.1
3.7
3.7
1992: I
n
m
rv
4.3
.7
3.2
3.4
4.2
1.4
2.7
3.2
2.3
1.6
3.6
5.2
2.3
1.7
3.5
5.1
-1.9
.9
.3
1.8
-1.8
.4
.7
1.8
1993: I *
-1.5
.5
.8
2.0
2.5
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.6
103.2
103.8
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.4
133.1
134.3
101.5
103.4
106.8
110.0
112.8
116.5
121.5
128.0
133.8
135.1
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.2
139.1
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.0
100.6
100.5
100.7
102.4
105.6
105.2
104.7
103.4
100.6
100.4
100.7
101.8
105.2
104.6
104.1
102.6
100.9
102.1
104.3
108.0
111.6
113.7
117.9
123.0
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
135.6
138.1
140.1
141.9
103.1
104.0
103.8
103.3
102.1
103.0
102.7
102.4
124.6
126.1
128.4
130.3
125.1
126.7
129.1
131.0
129.1
130.6
131.9
133.3
129.6
131.1
132.5
134.1
144.2
146.3
147.7
149.0
143.1
145.2
146.6
147.8
103.1
104.0
104.3
104.4
102.3
103.3
103.5
103.5
131.9
133.2
133.7
133.8
132.5
133.8
134.4
134.7
134.9
136.0
136.7
137.3
135.7
136.6
137.5
138.3
118.6
118.7
118.9
119.4
150.7
151.3
152.7
154.2
149.4
150.1
151.4
152.9
104.7
104.3
104.6
104.8
103.8
103.5
103.7
103.9
133.9
134.2
134.4
134.6
134.8
135.0
135.2
135.4
138.2
139.0
138.9
140.3
139.1
139.9
139.9
141.2
120.2
155.6
154.1
104.8
103.8
136.3
137.1
141.2
142.1
.1
14
-.1
.6
.6
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.3
4.5
.9
1.5
1.9
3.3
2.9
2.6
3.3
4.3
5.4
4.6
.9
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.8
2.1
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
4.0
2.2
-1.4
3.8
-1.0
-1.9
-2.1
3.5
-1.0
-1.4
5.5
4.9
7.6
6.0
5.8
5.1
8.0
5.9
4.2
4.7
4.2
4.2
4.2
4.7
4.5
4.8
3.2
6.2
3.8
3.3
-.7
3.8
1.0
.4
-.5
3.9
1.1
.0
4.8
4.0
1.5
.5
4.6
4.1
1.6
.9
4.8
3.2
2.3
1.6
4.9
2.7
2.7
2.2
4.7
1.5
3.9
3.8
4.5
2.0
3.5
3.9
1.3
-1.6
1.2
.7
1.1
-1.1
.8
.7
.3
.8
.7
.5
.3
.6
.7
.6
2.6
2.4
-.2
4.0
2.4
2.5
-.3
3.9
3.7
3.3
-.1
5
5.3
5.0
2.6
2.5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1982=100; quarterly data seasonally adjusted
1983
1984.
1985
1986
1987
1988
1989
1990
1991
1992
.
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
n
m
rv
n
m
rv
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1990- I
n
m
rv
n
m
rv
-1.6
-1.9
1
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
» Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers (CPI-U).
.
r
,
16
™
rr
r J
5
O
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to alt persons engaged in the sector.
~
'
are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on mdexes shown here.
'Data based on 1993: I CDF data released May 28, 1993.
Source: Department of Labor, Bureau of Labor Statistics.
'Tiata Kaaai] nn
1QQQ-
T nTYP Aata
raloaaoA Mnn 98
1 QQQ
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
UTILITIES,AND MINING
^ ^f
,
/N
/
V
'
1 ^
\
s
, f\ j^. ~ ^ " \ . ^
V v^
\
MINING
90 nil ill ill l
1989
fc~\^^'
,vA,A
X
*««
\
UTILITIES
'V
v>^CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
—v
s^A--
V-
if ml mi i l l ll lilllli i t i t i Jt i in nmlm 1 1
1990
1991
1992
1991
1993
1992
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987=100
1983
1984
1985
1986
.
1987
1988
1989
1990
1991
1992
.
.
.
.
1992' June
July
Sept
.
Oct
Nov
Dec
.
1993' Jan
Feb
Mar T
Apr *
May '
.
.
June "
1
Output as percent of capacity.
Capacity utilization
rate, percent J
Industry production indexes, 1987 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
3.7
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
80.9
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.9
76.8
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.8
108.1
87.0
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
105.4
104.8
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.4
97.6
93.6
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.2
112.0
75.8
81.1
80.3
79.2
81.5
83.7
83.6
82.1
79.2
79.8
74.9
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.8
106.0
106.8
106.6
106.2
107.5
108.4
108.9
1.5
2.2
1.9
.9
2.3
3.2
4.0
106.5
107.1
107.0
106.8
108.0
108.9
109.2
107.6
108.2
108.5
108.1
109.8
110.9
111.8
105.2
105.7
105.2
105.2
105.8
106.4
106.0
97.1
98.5
97.0
97.1
97.6
97.8
98.2
110.0
111.2
110.4
111.2
112.7
114.7
116.8
79.5
80.0
79.7
79.3
80.2
80.8
81.0
78.6
78.9
78.7
78.4
79.2
79.7
79.8
109.3
109.9
110.1
110.4
110.3
110.1
4.6
4.4
4.3
3.9
3.4
3.8
109.9
110.5
110.8
111.3
111.2
110.8
112.9
113.8
114.1
114.8
114.7
114.3
106.4
106.4
106.6
107.0
106.9
106.6
98.3
95.9
95.3
96.4
96.9
96.3
112.8
117.5
117.8
115.0
114.9
116.4
81.2
81.5
81.6
81.7
81.5
81.2
80.3
80.5
80.6
80.9
80.7
80.3
Source: Board of Governors of the Federal Keserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Business
supplies
Total
Energy
Business
Defense
and
space
equipment
76.8
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
112.7
71.9
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
123.2
71.8
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.7
85.9
80.3
86.2
88.3
91.9
100,0
101.8
102.0
101.2
96.5
97.6
80.2
86.2
89.1
93.8
100.0
101.5
100.5
98.2
90.7
93.8
80.3
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.4
100.1
88.3
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.5
107.9
98.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.6
103.4
Total '
Total
Construction
supplies
1983..
1984
1985..
1986
1987..
1988
1989..
1990
1991.
1992
83.0
91.0
94.2
95.7
100.0
104.8
106.8
107.0
105.3
108.2
88.8
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.2
79.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.5
91.9
93.4
94.4
97.6
100.0
102.4
103.2
103.8
105.0
105.9
1992: June
July
107.1
108.1
108.9
108.1
110.1
111.0
111.5
104.0
104.9
105.1
104.4
106.4
107.1
107.5
102.0
102.8
101.9
100.9
104.1
105.7
107.9
104.6
105.5
106.0
105.3
107.1
107.5
107.4
111.6
112.7
114.3
113.5
115.4
116.7
117.2
121.9
123.7
126.1
125.0
127.5
129.0
129.6
86.5
85.1
84.5
84.4
83.5
83.2
82.5
97.7
98.6
97.0
96.9
97.8
98.1
98.3
93.6
94.3
94.1
93.0
94.7
95.1
94.5
100.6
101.4
99.0
99.5
99.9
100.0
100.8
107.8
108.5
107.6
107.4
108.1
109.3
110.0
103.1
104.4
102.5
103.6
103.0
103.9
105.1
111.9
112.4
112.7
112.8
112.6
112.2
107.6
108.5
108.6
108.3
107.9
107.1
110.9
111.3
111.5
112.1
110.8
108.4
106.7
107.7
107.7
107.2
107.0
106.7
118.1
118.0
118.7
119.4
119.5
119.6
131.2
131.7
133.4
134.4
134.7
134.9
82.0
81.5
80.7
80.5
79.8
78.8
98.2
99.3
99.6
99.6
99.6
99.5
94.8
97.5
96.4
95.9
96.9
96.3
100.5
100.5
101.8
102.0
101.4
101.6
110.4
110.9
110.9
111.6
111.6
111.6
103.4
103.8
103.5
103.8
103.6
103.5
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar '
Apr '
May '
June p
1
'
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
1983
1984
1985
1986.
1987
1988
1989
1990.
1991
1992
1992' June
July
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar '
May '
June p
1
Formerly nonelectrical maehineiy.
18
..
Iron
and
steel
Fabricated
metal
products
Industrial and
commercial
machinery and
computer
equipment 1
Electrical
machinery
Nondurable manufactures
Transportation
equipment
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
91.0
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.4
101.1
96.1
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.6
104.7
85.5
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
96.7
64.3
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.7
124.8
80.3
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.8
119.8
72.7
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.8
102.6
74.5
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.3
104.8
79.9
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.5
96.4
93.8
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.9
92.3
79.0
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.8
95.0
87.5
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.3
115.0
90.1
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
106.0
101.2
100.6
100.5
98.0
100.5
101.6
102.4
103.8
104.7
103.8
102.0
104.1
103.6
107.4
97.1
97.0
97.0
96.5
97.5
97.6
97.8
123.8
125.7
126.9
127.9
130.6
132.8
133.8
119.3
120.7
120.6
121.5
122.6
124.4
124.8
102.7
101.4
102.4
100.5
103.0
103.6
106.3
104.8
103.1
105.0
102.6
108.0
109.9
116.2
93.8
96.6
96.6
94.7
97.8
99.8
98.0
91.7
92.7
91.3
91.5
91.7
92.9
92.7
95.6
95.7
93.5
94.1
94.5
94.2
94.7
114.9
114.6
114.4
115.2
116.2
117.7
116.7
105.4
105.9
106.3
105.6
106.8
106.4
106.2
102.8
108.0
104.2
104.3
104.1
104.1
107.0
112.9
107.6
108.4
108.2
108.4
99.8
99.7
100.3
101.0
100.2
100.3
135.0
136.7
139.6
142.5
143.9
145.0
125.8
127.1
128.5
128.6
129.4
129.2
108.4
107.8
106.9
107.0
105.6
103.6
120.9
120.7
120.1
120.9
119.0
116.0
99.3
101.8
98.0
97.4
97.9
95.8
93.1
92.5
92.1
92.0
91.6
91.0
94.7
94.0
94.7
94.9
94.5
94.8
116.8
116.2
117.6
117.7
118.1
118.4
105.9
106.9
106.7
106.8
106.1
105.3
Source: Board of Governors of the Federal Reserve System.
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1!)B7=100)
Commercial
and industrial
door space
(millions of
square feet)
Billions of dollars
1983
1984
1985 ...
1986
1987
1988
1989 '
1990 '
1991 '
1992 '
294.9
348.8
377.4
407.7
231.5
419.4
328.7
337.5
345.5
334.7
293.5
432.3
443.6
442.1
403.4
436.0
278.6
299.5
323.1
317.3
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.8
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
48.2
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
63.7
63.5
70.2
77.8
84.6
90.6
94.8
98.1
107.5
109.9
118.8
75
83
91
96
100
101
105
95
89
97
Annual rules
Annual rates
r
1992: June
July '.
Sept '
Oct'.r
Nov
Dec '
1993- Jan '
Feb '.
Mar '
Apr '
May »
434.9
432.0
430.4
433.5
442.6
449.3
455.2
319.3
314.0
312.3
317.4
451.3
335.5
334.8
337.0
329.0
333.4
334.5
453.8
454.5
449.7
454.6
460.1
324.8
328.2
335.4
186.7
184.6
187.3
189.2
194.6
199.3
206.4
207.2
205.7
205.5
197.8
198.9
200.6
1
Includes
2
Includes
3
756
955
1,097
1,016
1,019
973
961
783
577
544
129.4
126.8
127.9
129.1
132.1
135.4
138.9
67.9
64.9
61.9
63.3
65.0
64.0
63.6
64.7
64.5
63.1
64.9
65.3
64.8
65.3
115.6
118.0
118.1
116.1
117.7
121.1
119.9
95
95
93
96
106
98
96
512
504
512
463
546
510
511
141.8
142.9
141.8
138.0
138.4
139.3
64.4
66.4
67.4
65.6
67.6
66.3
63.9
62.7
64.0
65.6
67.0
67.7
115.8
119.0
117.5
120.7
121.2
125.6
103
98
97
98
r
92
104
443
479
524
548
489
520
NOTE.—New construction expenditures series revised beginning 1989.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
residential improvements, not shown separately.
hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1,199.7
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1 unit
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
2-4 units
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
5 or more units
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
Units
authorized
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
Units
completed
Homes sold
Homes for
sale at end of
period '
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
1,157.5
623
639
688
750
671
676
650
534
509
610
301
353
346
357
366
368
365
321
284
265
Vacancy rate
for rental
housing units
(percent) 2
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
7.4
Seasonally adjusted annual rates
1992' May
July
Sept
Oct
Nov
Dec
J993-
jan
Feb
Mar
Mav r
June
p
1
2
1,197
1,141
1,106
1,229
1,218
1,226
1,226
1,286
1,019
994
961
1,038
1,045
1,079
1,089
1,133
32
40
25
31
28
18
28
32
146
107
120
160
145
129
109
121
1,053
1,048
1,083
1,081
1,120
1,141
1,136
1,196
1,194
1,181
1,234
1,133
1,128
1,137
1,229
1,227
552
584
622
625
672
637
615
662
273
273
271
270
267
264
262
265
1,171
1,180
1,124
1,206
1,254
1,254
1,051
1,036
987
1,059
1,110
1,079
26
24
32
26
27
35
94
120
105
121
117
140
1,157
1,141
1,034
1,101
1,121
1,115
1,136
1,241
1,108
1,198
1,125
603
597
266
268
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
r
602
698
611
678
r
7.7
7.3
7.1
270
7.9
271
276
278
7.6
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In May, manufacturing and trade sales rose 0.4 percent and inventories rose $2.0 billion. In June, according to
advance data, retail sales rose 0.4 percent, following a similar rise in May.
BILLIONS OF DOLLARS « (RATIO SCALE)
300
BILLIONS OF DOLLARS * (RATIO SCALE)
1,000
900
800
_,—_
.
700
h\— 1
M/ kNUFACTURII-JG AND
iADE INVEN1 UKItS
. RETAIL INVENTORIES-
600
500
,-^~~"'
^-— ^--<-
.->\
M/ iNUFACTURIhIG
M D TRADE SALES
-v
150
RETAIL SALES
300
RATIO
1.80
INVENTORY-SALES RATIO
1.70
1.60
200
1.50
C/^ O-^W*
1.30
RETAIL
\
V
\
1.40
1 1 1 1 II II 1 1 1 1 1 M 1 III 1 1 1 II 1 1 1 II II 1 1 1 1 II 1 1 1 1 1 M 1 1 1 1 11 1 1 M 1
1991
1992
1990
1993
1989
,
\\
1"
f*cr>i
~\
J ^*
MANUFAC TURING
AND Tf ADE
Illllllllll
1 1111 1 1 111M 11 1 1
1991
1990
1989
Illlll
1992
Illllllllll
1993
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade 1
Sales 2
Period
Sales
2
Inventories 8
Inventory-sales ratio 4
Retail
Wholesale
Sales
2
Inventories 3
Total
Durable
goods
stores
Inventories 3
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade 1
Retail
Millions of dollars, seasonally adjusted, except as noted
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 .
1992: May T
July
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
Apr r.
Mav p
June p
370,501
411,427
423,940
431,786
459,107
497,031
523,729
543,097
538,609
560,383
591,875
651,551
665,835
664,624
711,725
767,538
813,793
837,445
833,518
849,117
100,440
113,502
114,816
116,326
124,340
135,357
144,158
149,489
147,635
152,337
131,663
144,223
149,155
155,445
165,814
180,519
188,539
196,901
201,285
209,232
551,496
' 558,804
562,699
557,435
563,694
• 567,073
569,848
581,061
835,685
839,775
842,979
844,940
844,011
844,728
846,374
849,117
148,586
151,221
154,124
152,495
153,405
154,011
154,032
155,297
200,997
204,299
204,626
205,609
205,114
206,093
208,424
209,232
581,584 r851,190
584,903 r854,715
583,575 ' 859,094
584,943 862,478
587,223 864,464
159,507
158,987
157,206
159,291
161,994
210,139
209,765
210,503
211,860
212,532
1
r
161,106
161,124
162,316
163,224
164,211
167,603
167,291
169,155
169,232
169,116
167,390
170,538
r
!71,173
171,859
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
2
20
64,943
69,369
73,075
75,746
80,453
85,664
91,974
98,230
100,965
104,777
147,833
167,812
181,881
186,510
207,836
219,597
238,343
241,476
245,885
260,647
68,856
79,074
88,315
89,983
105,481
112,505
121,448
121,338
119,828
131,549
78,977
88,738
93,566
96,527
102,355
107,092
116,895
120,138
126,057
129,098
1.56
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.44
1.49
1.52
1.56
1.56
1.54
1.59
1.56
1.55
1.55
103,674
103,355
103,964
104,855
105,039
106,552
106,681
107,282
251,284
252,568
254,984
254,145
254,884
255,540
256,895
260,647
125,411
125,844
127,018
127,334
126,900
127,760
128,884
131,549
125,873
126,724
127,966
126,811
127,984
127,780
128,011
129,098
1.52
1.50
1.50
1.52
1.50
1.49
1.49
1.46
1.56
1.57
1.57
1.56
1.55
1.52
1.54
1.54
62,216 107,016
60,978 108,138
60,723 106,667
62,804 107,734
r
63,636 ' 107 ,537
64,079 107,780
262,427
265,718
269,052
270,311
270,321
132,861
135,599
137,803
138,784
137,895
129,566
130,119
131,249
131,527
132,426
1.46
1.46
1.47
1.47
1.47
1.55
1.57
1.61
1.59
1.58
32,571
37,873
41,510
45,057
47,989
52,469
54,873
55,919
54,492
58,758
97,514
107,243
114,586
120,803
128,442
138,133
146,847
154,149
155,456
163,535
57,432
57,769
58,352
58,369
59,172
61,051
60,610
61,873
r
r
3
Seasonally adjusted, end of period.
* Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In May, manufacturers' shipments and new and unfilled orders fell, while inventories rose. In June, according to
advance data, durable goods shipments and new orders rose.
BILUC)NS OF DOLLARS* (RATIO SCALE)
SHIPMENTS
320
i
BILUC3NS OF DOLLARS* (RATIO SCALE)
-
280
240
1
,...~N.
^—•
480
*-*^.
v
400
360 --—•
r—^~1
.
—
1 V
'
320
200
•
1
\
- TOTAL —
280
uu [ABLE GOOD s
160
240
/
\
120
•».*•
.'.'
160
NONDURAB E GOODS
.
iiniliiiii
!
Illllllllll
80
DURABLE G 10DS
200
"*
•
120
\
BILUC)NS OF DOLLARS* (RATIO SCALE)
NOr-
DURABLE GC3ODS
320
240
~
Illllllllll
80 Illllllllll
TOTAL
y . _ ^•—.
280
•V^v - y
RATIO *
•>nn
2.20
INVENTORY-SHIPMENTS RATIO
2.00
1.80
-
N-^/l^^/|
1.60
1.40
-
(
v^
-^v ^xIllllllllll
Illllllllll
1.20
1989
1990
1991
1993
1992
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' inventories 2
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Durable
goods
Total
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders z
Manufacturers'
inventory —
shipments
ratio s
Millions of dollars, seasonally adjusted, except as noted
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
.
1992: May
July
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar
May"
June p
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958,
312,379
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
199,854
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
112,525
118,186
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
175,451
88,140
100,164
192,879
102,356
195,706
195,204
103,647
209,389
110,809
227,026
121,445
235,932
124,933
240,646
123,556
234,354
117,878
' 24 1,545 '122,614
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
'29,653
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,090
116,476
118,932
347,273
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
'475,304
1.78
241,804
246,459
246,259
241,716
246,078
245,459
248,525
256,609
123,113
126,166
125,083
124,246
125,873
126,425
128,720
134,228
118,691
120,293
121,176
117,470
120,205
119,034
119,805
122,381
383,404
382,908
383,369
385,186
384,013
383,095
381,055
379,238
244,213
243,625
242,976
243,597
242,122
240,909
239,407
237,717
139,191
139,283
140,393
141,589
141,891
142,186
141,648
141,521
238,933
243,914
241,079
237,230
240,685
'244,882
'243,106
r
256,121
120,522
123,746
119,846
120,007
120,608
'125,656
'123,096
'134,348
29,778
30,168
28,732
27,486
29,801
'30,129
'26,804
'32,275
118,411
120,168
121,233
117,223
120,077
119,226
120,010
122,379
498,786
496,241
491,061
486,575
481,182
'480,605
'475,186
'475,304
1.59
1.55
1.56
1.59
1.56
1.56
1.53
1.48
252,845
256,800
258,979
255,114
254,056
130,805
134,133
135,537
132,763
' 132,250
135 243
122,040
122,667
123,442
122,351
121,806
' 378,624
' 379,232
' 379,539
380,307
381,611
236,332
' 237,034
' 236,849
237,043
237,759
142,292
142,198
142,690
143,264
143,852
'253,626
'257,250
'253,007
252,369
248,233
'131,266
'134,533
' 129,903
129,838
'126,758
131,592
'28,645
'32,748
'29,122
30,453
'29,883
33,283
122,360
122,717
123,104
122,531
121,475
'476,085
'476,535
'470,563
467,818
461,995
1.50
1.48
1.47
1.49
1.50
r
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally2 adjusted totals for month. Shipments are the same as sales.
Seasonally adjusted, end of period.
3
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
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 fell 0.3 percent. Prices of finished consumer foods fell 0.9
percent and prices of other finished consumer goods fell 0.4 percent. Capital equipment prices rose 0.2 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
130
130
CONSUMER FOODS
v
120
120
CAPITAL EQUIPMENT
110
110
7
TOTAL
\,
CONSUMER GOODS
EXCLUDING FOODS
.
100
100
90
1 1 [ 1 1
1 M 1 1
1985
M 1 1 1
1 1 II
1
1986
1 M
1 1
1 1 1 1 1
I I I I I I I I II I 1 E M
1989
1988
1987
1 11 11
1 M 1 1 I1 1 1 1 1
90
1992
1991
1990
SOURCE: DEPARTMENT OF LABOR
1993
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Total
finished
consumer
goods
Total
Foods
and
feeds l
Other
Total
Foodstuffs
and
feedstuffs
Other
Nondurable
Capital
equipment
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992: June
July
Auc
Sept
Oct
Nov
Dec
1993- Jan
Feb r.
Mar
May
1
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
123.5
123.5
123.6
123.9
124.0
123.8
123.8
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
122.8
122.7
123.6
124.1
124.2
123.5
125.1
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
123.6
123.7
123.5
123.7
123.8
123.7
123.3
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.5
121.6
121.2
121.5
121.8
121.6
120.9
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
125.5
126.0
126.3
126.0
125.3
125.9
126.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
118.4
118.4
117.7
118.3
118.9
118.4
117.4
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
129.1
129.2
129.5
129.5
129.3
129.5
129.7
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
122.1
122.1
122.1
122.5
122.6
122.3
122.3
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
115.3
115.3
115.3
115.5
115.2
114.9
114.9
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
111.5
110.1
109.6
110.4
109.7
110.2
111.1
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
115.5
115.6
115.6
115.7
115.4
115.2
115.1
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
101.5
101.6
100.9
103.0
102.7
102.6
101.5
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
105.9
104.7
104.5
104.6
105.6
104.7
105.9
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.8
95.7
94.8
97.9
96.8
97.4
94.8
124.2
124.7
125.0
125.7
125.7
125.3
124.4
124.4
124.4
126.2
126.1
125.0
124.1
124.7
125.1
125.4
125.5
125.2
121.6
122.3
122.9
123.3
123.3
122.8
126.7
127.2
127.4
128.0
127.9
128.4
118.1
118.9
119.6
119.9
119.9
119.1
130.4
130.8
130.8
131.0
131.3
131.5
122.6
123.1
123.5
124.3
124.3
123.6
115.3
115.9
116.3
116.5
116.3
116.5
111.5
111.0
110.1
111.7
111.5
110.5
115.5
116.2
116.6
116.7
116.5
116.8
101.8
101.6
101.8
103.0
105.1
103.9
106.4
106.4
106.2
108.9
109.4
106.0
95.0
94.7
95.0
95.3
98.4
98.6
Intermediate materials for food manufacturing and feeds.
22
Durable
Crude materials
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In June, the consumer price index for all urban consumers was unchanged, seasonally adjusted (it rose 0.1
percent,
not seasonally adjusted). The index was 3.0 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
150
INDEX, 1982-84 - 100 (RATIO SCALE)
150
SEASONALLY ADJUSTED
^
140
**~~~
^^/
I
130
CONSUMER PRICES— ALL ITEMS^^,
120
120
f^\
110
^
^
too
90
80
M 1 1 ! i 1 1 1 11
1985
1986
1987
nmlimi
1988
1989
11 11 1111111
1 M 1111 1 1 11
1991
1992
1990
1 1 1 1 I i 1 1 f t I
1993
COUNCIL Of ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items *
Transportation
Housing
Shelter
Not
Period
seasonally
adjust-
ed
(NSA)
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
June
July
Sept
Oct
Nov
Dec
1993:
Jan
Feb
Mar
May
1
Season-
Rent-
Food
ers'
Total >
ally
adjust-
Total
ed
1000
99.6
103.9
107.6
109 6
113.6
118.3
1240
130.7
136 2
140.3
costs
owners'
Maintenance
costs
and
(Dec.
1982 =
100)
(Dec.
1982 =
100)
repairs
Medi-
Appar-
and
el and
other
utilities
upkeep
Total »
New
cars
Motor
fuel
cal
care
Ener-
gy 2
items
less
food
and
energy
(NSA)
15.8
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
41.4
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
27.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
8.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
19.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
0.2
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
7.3
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
6.0
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
17.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
4.0
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
3.3
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
6.9
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
7.3
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
76.9
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
140.2
140.5
140.9
141.3
141.8
142.0
141.9
140.2
140.6
140.9
141.1
141.7
142.0
142.2
137.6
137.5
138.3
138.7
138.7
138.8
139.2
137.4
137.6
137.9
138.0
138.5
138.8
138.9
150.9
151.1
151.4
151.6
152.2
152.6
152.9
160.2
160.2
160.6
161.2
161.8
162.1
161.9
155.2
155.4
155.7
155.8
156.4
156.8
157.4
128.5
128.8
128.1
128.5
129.4
129.5
129.3
117.4
118.1
118.5
118.6
118.9
119.2
119.3
132.1
132.7
132.4
131.9
132.4
132.3
131.9
126.5
127.1
126.9
126.9
127.8
128.4
128.5
128.3
128.5
128.9
129.2
129.2
129.4
129.5
100.4
101.4
99.8
99.5
100.2
100.3
99.8
189.8
190.8
191.7
192.6
193.7
194.7
195.5
103.1
103.8
103.4
103.4
103.9
104.1
103.9
147.3
147.8
148.1
148.2
148.9
149.3
149.6
142.6
143.1
143.6
144.0
144.2
144.4
142.9
143.4
143.6
144.2
144.4
144.4
139.7
139.9
140.1
140.6
141.2
140.6
139.3
139.6
140.0
140.7
140.8
141.2
153.5
154.0
154.2
155.0
155.1
155.6
161.9
162.5
162.8
163.8
164.3
164.4
158.2
158.7
158.9
159.6
159.7
160.3
129.7
130.5
131.5
131.8
131.6
131.2
119.4
118.8
120.2
120.7
120.9
121.4
133.0
135.0
134.3
134.3
133.6
132.9
129.3
129.9
130.0
130.2
130.1
129.9
129.8
129.8
130.1
130.7
131.0
131.2
101.2
101.8
101.4
100.8
98.4
97.3
196.7
197.7
198.2
199.3
104.4
104.0
104.7
104.9
103.9
103.7
150.3
151.0
151.2
151.8
152.1
152.3
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1992.
All
Fuel
Home-
200.8
201.6
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and* 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Foods
Capital
equipment
Excluding foods
Total
finished
goods
Excluding
foods
Poods
Capital
equipment
Total
finished
Capital
equipment
Excluding
foods
Foods
goods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
0.6
1.7
1.8
2.3
2.2
4.0
4.9
5.7
— .1
1.6
-0.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
J
1.6
Change, month to month
1992: June
July
Sept
Oct
Nov
Dec
1993: Jan
Feb rr
Mar
Apr
May r
0.2
-.1
.7
.4
.1
-.6
1.3
-.6
0
0
1.4
-.1
9
0.2
0
.1
.2
.1
-.2
0
.3
.4
.2
.6
0
-.3
J
j
0.4
.1
3
.2
.2
-.2
6
.6
.6
.5
.3
0
4
-0.1
.1
.2
0
2
.2
.2
.5
.3
0
.2
.2
.2
-0.6
.3
3.6
4.3
5.0
-.3
3.3
.6
2.9
22
5.9
5.6
1.9
3.3
2.3
1.3
1.3
1.6
.6
-.3
.6
2.9
3.9
4.9
3.2
1.0
5.8
4.4
.7
0
.7
1.3
-2.0
7
2.3
6.8
5.7
3.3
-.3
0.9
.3
.9
1.2
.3
0
.6
3.4
4.1
3.4
1.9
1.5
2.2
4.1
4.4
3.0
2.9
2.5
1.0
-1.0
0
1.8
2.3
2.5
2.8
3.2
-0.5
.2
.8
1.8
2.6
1.6
3.8
2.8
1.3
.5
3.2
4.3
2
2.6
2.6
2.3
2.3
2.0
1.0
.5
1.1
1.8
1.8
2.8
3.1
2.4
2.2
1.4
1.7
1.1
.3
.5
.9
1.9
2.0
2.0
2.6
2.8
2.8
1.6
1.7
1.6
1.6
1.8
1.4
1.6
2.0
2.0
2.0
2.4
2.0
1.4
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items l
Food
Total'
Total1
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Appare)
and
upkeep
Ne»
cars
Total1
Motor
fuel
Medical
care
Energy2
All
items
less
food
and
energy
Addendum: AH items, percent -change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
...
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
0.2
.3
.2
.1
.4
.2
.1
0.1
1
.6
.3
0
.1
.3
.4
.1
.1
.4
.4
— .4
0.4
.1
.2
.1
.4
.2
.1
0.3
.1
.2
.1
.4
.3
.2
.4
.3
.1
.5
.1
.3
0.3
0
.2
.4
.4
.2
— .1
0
.4
.2
.6
.3
.1
4.5
1.8
5.1
4.2
5.9
1.8
4.6 -5.6
5.3
1.6
4.7
2.9
5.1
3.2
4.7
4.0
3.7
2.9
2.9
2.3
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
3.4 -1.7
24
2.5
3.1
3.4
5.9 307
1.8 18.7
2.1 -2.1
6.8
2.3
1.4 36.5
3.3 16.0
1.8
2.3
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
-0.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
2.0
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
3.3
2.3
0.2
1.0
.2
.3 -1.6
-.3
.2
0
.7
.1
.2
.1 -.5
1.4
.2
0
.6
A
.2
.5 -.6
24
.2
.2 -1.1
0.5
.5
.5
.5
.6
.5
.4
.6
.5
.3
.6
.8
.4
1.3
.7
— .4
0
.5
.2
0.1
.3
.2
.1
.5
.3
.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
Change, month to month
1992: June
July
Aug
Sept
Oct
Nov ...
Dec
1993: Jan
Feb
Mar
Apr
May
June
.5
.3
.1
.4
.1
0
1
2
.3
.2
.3
.5
.1
.3
0.4
.1
.2
.1
.4
.3
.4
.5
.3
.1
.4
.1
.4
0.2
.6
.3
.1
.3
.3
.1
.1
-.5
1.2
.4
.2
.4
0.2
.5
2
-.4
.4
-.1
-.3
.8
1.5
-.5
0
-.5
-.5
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.- and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
0.3
.5
2
0
.7
.5
.1
.6
.5
.1
.2
-.1
2
3
9
.5
— .4
.7
.2
-1.0
2
.5
.5
.1
.4
.2
.1
2.9
2.9
3.2
3.7
2.8
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.6
2.6
2.9
2.6
3.2
3.2
3.2
3.4
4.0
4.0
3.7
2.8
2.2
3.1
3.1
3.0
2.6
2.9
3.0
2.9
3.3
3.6
3.6
3.6
3.4
3.1
3.1
3.2
3.1
3.0
3.2
3.0
2.9
3.3
3.2
3.1
3.2
3.2
3.0
PRICES RECEIVED AND PAID BY FARMERS
In July, prices received by farmers were unchanged from their June level. Prices paid by farmers in July were
unchanged from their April level. (Data are not seasonally adjusted.)
INDEX, 1977 - 100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
200
200
180
ISO
160
ISO
PRICES PAID
140
140
\
. PRICES RECEIVED -
120
120
100
100
I i i i il
In
80
60
1993
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992:
July
Aue:
Sent
Get
Nov
Dec
1993- Jan
Feb
Mar
Apr
May
June r
July
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
135
142
128
123
127
138
147
149
145
140
128
138
120
107
106
126
134
127
129
121
141
146
136
138
146
150
160
170
161
157
161
164
162
159
162
170
178
184
189
191
159
161
156
150
152
160
167
172
175
176
138
139
139
138
136
137
117
117
117
117
115
118
157
160
159
158
156
156
192
(3)
(3)
192
(3>
(3)
177
(3)
(3)
176
(3)
(3)
139
140
142
146
144
140
140
117
118
116
126
120
112
118
159
162
166
167
168
166
162
194
(3)
(3)
197
(3)
(3)
197
178
(3)
<3>
181
(3)
(3)
180
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items
Ratio 2
152
155
151
144
148
157
165
171
174
174
84
87
79
77
78
81
83
81
77
73
!75
(3)
(3)
r
!75
(3)
<3>
72
72
72
72
71
71
176
(3)
(3)
179
(3)
(3)
178
72
72
73
74
73
71
71
r
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.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 slowed in June; M3 declined.
BILLIONS OF DOLLARS' (RATIO SCALE]
4,800
4,400
BILLIONS OF DOLLARS' (RATIO SCALE]
4,800
4,400
4,000
3,600
4,000
3,600
3,200
3,200
-V
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
\
1985
1986
1993
1989
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs 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
MMMF balances
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinanciai
sectors
(monthly
average) 1
Percent change from year or 6
months earlier 2
Ml
M2
M3
Debt
Dec
Dec
Dec
Dec
Dec .
Dec
Dec..
Dec
Dec
Dec
521.2
552.4
620.1
724.5
750.0
787.1
794.6
827.2
899.3
1,026.6
2,186.5
2,376.0
2,572.4
2,816.0
2,917.2
3,078.3
3,233.3
3,345.5
3,445.8
' 3,496.9
2,693.1
2,988.2
3,203.6
3,491.6
3,674.8
3,915.5
4,056.1
4,116.7
4,168.1
'4,166.4
3,154.4
3,529.6
3,830.9
4,131.9
4,333.5
4,669.4
4,886.1
4,966.6
4,982.2
' 5,043.6
5,244.6
6,008.2
6,875.3
7,795.2
8,546.2
9,326.3
10,086.5
10,755.3
11,219.3
11,779.7
9.9
6.0
12.3
16.8
3.5
4.9
1.0
4.1
8.7
14.2
12.0
8.7
8.3
9.5
3.6
5.5
5.0
3.5
3.0
1.5
10.3
11.0
7.2
9.0
5.2
6.6
3.6
1.5
1.2
-.0
11.6
14.6
14.4
13.4
9.6
9.1
8.2
6.6
4.3
5.0
1992: May...
952.2
952.6
963.3
975.5
990.1
1,005.9
1,019.1
1,026.6
3,467.5
3,462.1
3,463.6
3,472.4
3,480.2
3,491.4
3,498.0
' 3,496.9
4,179.8
4,170.1
4,169.0
'4,178.7
4,183.0
4,180.0
4,178.5
r
4,166.4
5,011.0
5,014.8
5,012.5
5,025.9
5,037.4
' 5,040.5
'5,050.9
'5,043.6
11,456.5
11,507.0
11,553.0
11,603.4
11,642.3
11,669.4
11,724.1
11,779.7
13.7
11.9
11.4
10.6
11.8
13.7
14.1
15.5
1.8
.9
.7
.3
.7
1.5
1.8
2.0
.8
.1
.2
-.5
.1
.1
-.1
.2
4.6
5.1
5.4
5.4
5.0
4.5
4.7
4.7
'4,141.0
4,135.4
r
4,131.0
r
4,142.1
'4,171.6
4,167.2
'5,018.2
'5,013.0
'5,010.6
'5,027.3
P
5,069.2
11,810.0
11,848.6
11,903.2
'11,960.9
" 12,021.3
14.5
11.8
'9.1
7.4
9.4
9.2
'1.3
.2
-.4
-1.0
r
.4
.8
-1.3
-2.1
-2.5
'-1.8
'-.3
.0
4.4
4.2
4.5
5.0
5.1
1983'
1984:
1985:
1986:
1987:
19881989:
19901991:
1992-
July..
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
Apr
May
1,033.3
1,033.1
' 1,035.3
1,043.2
1,067.2
1,073.7
r
3,486.9
3,475.4
'3,472.9
' 3,474.6
r
3,505.4
3,511.6
r
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinanciai sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
r
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve f
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars '
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
1983:
1984:
1985:
19861987:
19881989:
1990:
1991:
19921992:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec ....
Dec
May
June
July
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
,
3
146.2
156.1
167.9
180.8
196.9
212.3
222.7
246.7
267.2
292.3
275.1
276.6
279.5
282.4
286.3
288.0
289.8
292.3
'294.8
'296.9
299.0
301.4
304.0
306.7
238.5
244.0
266.9
302.3
287.1
287.1
279.8
278.2
290.5
340.9
314.7
312.3
317.5
322.5
329.0
336.0
339.5
340.9
341.9
341.9
342.0
347.3
359.2
360.7
131.9
147.3
179.7
235.3
259.3
280.7
285.3
294.5
333.8
385.2
354.7
355.9
358.6
362.8
366.7
373.7
381.6
385.2
388.6
386.4
'386.3
'386.3
'395.7
398.2
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
76.3
73.8
69.5
72.5
72.8
76.2
73.8
75.0
75.1
73.8
72.3
72.9
73.2
'71.0
'67.7
70.5
139.1
168.0
177.2
209.0
222.6
242.9
317.4
350.5
363.9
342.3
354.9
353.5
350.4
348.9
343.9
346.3
343.7
342.3
339.6
333.6
333.1
331.7
336.5
336.1
41.9
63.2
65.5
86.1
92.7
92.0
108.8
135.9
182.1
202.3
202.2
206.3
212.5
220.9
220.7
210.9
209.2
202.3
197.7
201.9
200.9
200.4
202.8
198.1
1
Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
3
685.0
704.7
815.1
940.9
937.6
926.6
891.0
920.8
1,042.5
1,186.0
1,119.6
1,126.0
1,134.5
1,145.7
1,158.9
1,170.5
1,180.4
1,186.0
1,184.4
'1,182.4
1,178.8
1,181.6
1,193.7
1,198.8
784.1
888.9
885.5
S58.9
922.8
1,038.3
1,152.7
1,172.3
1,064.7
'870.1
969.6
955.7
941.5
926.9
912.7
896.5
881.7
'870.1
860.9
'855.1
'850.3
'843.8
837.8
829.8
327.6
416.5
434.1
431.3
475.4
525.4
548.8
489.6
424.7
357.5
395.9
389.3
382.5
378.1
373.7
367.0
361.3
357.5
350.7
346.3
340.5
'346.0
'345.9
342.1
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
49.9
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
80.7
76.4
76.4
75.1
75.8
77.6
79.7
81.5
80.7
79.9
82.2
85.8
88.4
88.0
89.7
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
52.8
51.9
51.1
51.4
49.4
48.1
47.2
45.6
'43.6
'47.0
'50.4
'50.2
'51.8
50.3
Savings
bonds
Shortterm
Treasury
securities
71.1
74.2
79.5
91.8
100.6
109.4
117.6
126.1
138.0
156.8
143.5
144.6
145.8
147.4
149.3
151.9
154.7
156.8
158.9
161.1
162.7
163.9
" 164.8
211.9
260.9
298.2
280.0
253.1
269.2
324.9
331.1
315.0
'331.6
329.4
330.1
324.8
322.9
321.0
'320.1
'325.0
'331.6
'337.0
'340.5
'337.4
'336.7
" 345.2
Bankers'
acceptances
Commercial
paper
133.2
45.0
45.4
160.8
207.6
42.0
231.4
37.0
260.7
44.3
335.5
39.9
40.2
347.3
357.1
35.6
23.4
337.7
20.4
368.4
336.4
22.0
348.1
22.0
351.2
21.7
355.7
21.1
20.7
363.4
20.5
368.0
372.4
20.3
20.4
368.4
360.7
20.6
355.9
20.1
19.2
360.3
'19.1
365.5
" 19.3 "368.3
NOTE.—Travelers checks of nonbank issuers are a component of money stock but i
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures *; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
19831984:
19851986:
19871988:
19891990:
19911992:
1992-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
May
" •>
1
25,367
26,845
31,448
38,943
38,862
40,398
40,492
41,767
45,533
54,351
49,316
49,629
50,341
51,274
52,836
53,815
54,351
54,665
54,922
55,166
55,197
56,877
57,120
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
24,593
23,659
30,129
38,116
38,085
38,683
40,227
41,441
45,341
54,228
49,087
49,345
50,091
50,987
52,693
53,711
54,228
54,500
54,876
55,074
55,124
r
56,756
56,938
Nonborrowed plus
extended
credit
24,595
26,263
30,628
38,419
38,568
39,927
40,247
41,464
45,342
54,228
49,087
49,345
50,091
50,987
52,693
53,711
54,228
54,501
54,877
55,074
55,124
'56,756
56,938
Required
24,806
25,990
30,411
37,573
37,816
39,351
39,570
40,102
44,555
53,196
48,403
48,664
49,407
50,280
51,763
52,772
53,196
53,405
53,818
53,953
54,101
'55,881
56,209
Monetary
base
Total
175,467
187,237
203,585
223,667
239,872
256,932
267,734
293,185
317,169
350,798
330,228
333,177
336,844
341,585
344,849
347,832
350,798
353,224
355,734
358,374
'360,634
'364,770
368,070
774
3,186
1,318
827
777
1,716
265
326
192
124
229
284
251
287
143
104
124
165
45
91
73
121
181
Seasonal
96
113
56
38
93
130
84
76
38
18
149
203
223
193
114
40
18
11
18
26
41
84
142
Extended
credit
2
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
1
1
0
0
0
0
0
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.6 percent in June; commercial and industrial loans rose 0.3 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
\
' LOANS AND LEASES
1,600
1,600
1,200
1,200
U.S. GOVERNMENT SECURITIES
400
400
OTHER SECURITIES
200
200
160
160
1985
1986
1987
1988
120
i i i l l I i i i ii
1990
1989
1992
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1993
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted ']
All commercial banks
Loans and leases
Period
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1992:
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Aug
Sept
Oct
Nov
Dec
1993: Jan
Feb
Mar '....
Apr r....
May T....
June
Total
loans and
securities 2
1,552.2
1,722.9
1,910.4
2,093.7
2,241.2
2,422.9
2,590.8
2,732.4
2,836.9
2,937.6
2,882.8
2,886.9
2,902.2
2,917.4
2,926.0
2,932.4
2,937.6
2,933.4
2,937.7
2,950.8
2,960.8
2,982.9
3,005.9
1
U.S.
Government
securities
259.2
259.8
270.8
310.1
335.8
362.7
397.0
452.1
559.3
657.1
610.7
619.2
632.6
640.6
647.3
651.4
657.1
656.9
667.3
681.6
691.5
694.3
704.1
Other
securities
169.1
140.9
179.0
193.9
195.8
193.7
182.4
178.8
179.9
176.0
175.8
177.9
178.2
178.2
178.8
177.3
176.0
174.0
r
175.3
177.0
177.7
178.4
177.7
Total
2
1,123.9
1,322.2
1,460.6
1,589.7
1,709.6
1,866.5
2,011.4
2,101.4
2,097.8
2,104.6
2,096.2
2,089.8
2,091.4
2,098.6
2,099.8
2,103.8
2,104.6
r
2,102.5
r
2,095.1
2,092.3
2,091.5
2,110.3
2,124.0
Commercial
and
industrial
414.2
473.2
500.2
536.7
566.4
605.3
638.4
642.6
617.0
597.6
604.6
602.5
601.4
601.2
600.8
600.5
597.6
r
598.0
596.1
592.4
589.6
592.5
594.2
Real
estate
331.0
376.3
425.9
494.1
587.2
670.1
760.1
843.4
871.8
892.4
881.8
881.5
883.1
886.8
890.7
892.5
892.4
889.9
887.8
888.1
887.6
893.8
899.8
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
Individual
212.9
254.2
295.0
315.4
328.2
354.8
375.2
380.3
363.9
355.5
359.0
358.6
357.4
357.0
355.8
355.4
355.5
358.2
360.4
360.8
362.6
365.7
366.9
Security
28.0
35.0
43.3
40.3
34.5
40.9
41.3
44.7
54.3
64.8
63.3
60.5
61.6
64.0
64.7
64.2
64.8
63.0
61.7
62.5
60.8
66.9
69.4
NonL
DanK1^
financial
institutions
Agricultural
30.4
31.6
32.8
35.3
32.1
32.5
34.4
35.9
41.4
43.6
42.4
41.5
42.0
44.0
43.9
44.7
43.6
r
45.0
r
44.8
44.5
45.3
45.9
45.7
39.2
40.1
36.1
31.6
29.4
29.0
30.1
32.3
34.2
35.0
34.6
34.9
35.3
35.2
35.1
35.2
35.0
34.5
34.3
34.0
33.7
33.8
33.7
State
anaj
political
subdivisions
For-
eign
banks
0.0
13.4
46.1
56.8
58.4
52.5
45.3
40.0
34.0
29.0
24.8
26.8
26.2
25.9
25.8
25.4
25.1
24.8
24.2
23.7
23.4
23.1
23.3
23.3
11.4
9.7
10.1
7.7
7.6
8.2
7.7
7.3
7.7
7.5
7.7
7.2
7.9
7.6
7.5
7.7
7.7
8.5
8.1
8.0
8.1
8.2
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
9.4
8.4
13.7
16.1
19.1
6.3
6.3
5.1
5.0
3.5
2.9
2.4
2.8
2.0
2.2
2.3
2.5
2.4
2.8
2.8
2.8
3.0
2.9
2.9
2.8
2.9
22.5
24.7
29.4
31.9
32.9
31.7
30.9
31.0
30.8
30.8
31.0
30.8
30.9
30.9
30.3
30.4
30.3
30.3
30.7
30.9
Other
31.8
29.9
35.5
39.0
41.7
46.5
48.1
44.9
44.7
49.5
43.3
43.2
44.3
43.2
42.6
45.0
49.5
48.8
44.5
45.2
47.7
46.8
49.1
OF FUNDS, NONFARM NONFINANCIAL
CORPORATE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Credit market funds
Internal 1
Total
Total
1983
1984
1985
1986
1987
1988
1989
1990
1991 .
1992
Other 2
Loans and
short-term
paper
Capital
expenditures 3
Increase in
financial
a,ssets
Discrepancy
(sources less
uses)
1.9
64.6
32.8
-6.7
34 2
-11.5
92.1
71.2
35.5
105.5
56.6
65.2
34.9
76.0
83.7
34.9
-68.6
-3.6
50.9
58.8
55.4
49.4
97.1
115.1
82.9
80.5
8.7
41.9
420.5
502.3
457.8
502.4
473.4
554.2
512.2
482.4
425.5
534.8
300.1
398.5
374.9
351.9
365.1
394.4
406.0
395.1
363.9
383.6
120.4
103.8
83.0
150.4
108.4
159.8
106.2
87.3
61.6
151.2
7.9
13.5
67.3
34.4
20.0
29.0
23.3
30.5
32.6
34.3
20.2
7.1
96.1
106.4
70.1
95.8
-63.5
72 1
-49.9
88 7
-59.0
17.8
54.7
21.6
336.5
436.8
489.7
439.0
353.5
351.3
371.5
379.2
-17.0
85.5
118.2
59.8
54.5
34.1
-7.8
12.6
113.4
117.1
96.8
111.0
96.0
66.5
53.8
54.3
103.5
98.3
38.7
44.6
75
-31.8
15.1
9.7
17.4
50.6
43.0
56.7
534.5
5567
507.1
541.0
354.2
388.1
394.9
397.3
180.3
168.6
112.2
143.7
18.1
2.5
55.0
46.4
101.5
43.2
78.4
-35.2
58.3
502.2
431.3
70.9
79.0
423.3
493.1
465.7
515.9
540.7
588.7
532.2
511.4
448.8
565.3
292.3
336.3
351.9
336.7
375.9
404.3
399.9
407.5
416.5
455.7
131.0
156.8
113.9
179.2
164.8
184.4
132.3
103.9
32.3
109.6
80.1
98.0
58.5
129.8
67.6
69.3
49.4
23.4
23.5
67.6
1991: I
391.0
471.0
481.9
451.6
417.5
418.9
407.0
422.8
-26.5
52.1
74.9
28.8
1992- I
n ...
m
IV ..
552.5
559.3
562.1
587.4
439.1
442.2
465.3
476.4
1993: Ip...
581.1
479.6
n
m..
rv
Securities
and
mortgages
Total
44.6
75
1
Undistributed profits {after inventory valuation and capital consumption adjustments), capita!
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
2.8
92
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding l
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Other
2
Total
Automobile
Revolving
Other 2
368,966
442,602
517,659
572,006
608,675
662,553
724,353
738,765
733,510
741,093
143,560
173,564
210,238
247,772
266,295
285,364
292,536
284,739
260,898
259,627
79,088
100,280
121,758
135,825
153,064
174,269
198,544
222,552
243,564
254,299
146,318
168,758
185,664
188,408
189,316
202,921
233,273
231,474
229,048
227,167
43,161
73,636
75,057
54,347
36,669
53,878
(4)
14,412
-5,255
7,583
17,615
30,004
36,674
37,534
18,523
19,069
(4)
-7,797
-23,841
-1,271
12,634
21,192
21,478
14,067
17,239
21,205
(")
24,008
21,012
10,735
12,912
22,440
16,906
2,744
908
13,605
(")
1 799
-2,426
1 881
1992- May
June
July
Aug.
Sept
Oct..
Nov
Dec.
730,612
730,866
730,496
731,023
733,023
734,195
736,023
741,093
259,844
257,989
258,259
258,827
259,433
258,208
258,860
259,627
247,205
248,795
248,980
249,384
250,456
251,806
252,086
254,299
223,562
224,081
223,257
222,812
223,135
224,181
225,077
227,167
1 124
254
370
527
2,001
1,171
1,829
5,070
902
-1,855
270
568
606
1,225
653
767
218
1,590
185
403
1,072
1,350
280
2,213
-440
519
-825
445
323
1,046
896
2,090
1993: Jan
Feb
Mar
Apr r
May p
744,196
748,765
751,727
754,719
753,917
258,463
260,945
261,449
261,826
263,552
256,435
259,378
260,990
262,700
263,642
229,299
228,443
229,288
230,193
226,723
3,103
4,569
2,962
2,992
-802
-1,164
2,482
505
376
1,727
2,136
2,943
1,612
1,710
942
2,132
-856
845
906
3,471
1983:
1984:
1985:
1986:
1987:
1988:
1989:
19901991:
1992-
Dec.
Dec
Dec
Dec
Dec
Dec 3
Dec
Dec
Dec
Dec
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes, education, boats, trailers, vacations, etc.
3
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
4
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Interest rates fell in July.
PERCENT PER ANNUM
PERCEHT PER ANNUM
14
14
-A'
,
1
CORPORATE Aaa BONDS
(MOODY'S)
~-«
\*
/ \^
/
\
\
/~*
'/ ;
\. w/~^
\
S-~i
*-*
r^
A
10
\
rx~_^-
"I --'
8
TREASURY
BILLS
'"X
/
/
X
V
v
-_-•
..
\.
v
\/"
'-•'"'-""""•
/'" |
/ 1
/ '.
'•• —-,1
\
,...,---•"•"''I| ^•
-l
1
—'
\J
•....,•-
s
I
DISCOUNT
RATE
FEDERAL
3
*"\J
BANK Of
NEW YORK
1
4
^H, 2
i 1n
i
1 1 1 i
I 1
1 11 i 1 1 1M 1 1
1 1 1 ! 1 1 I i i 1 1
1 I 1 ! 1 I 1 1 1 1 |
1986
1987
1988
1985
1 1 1 1 1 1
1 M 1 1 ! 1 1 1 M
1 1 1 1 1 1 1 1 1 1 !
,,,,,!,,,,,
1990
1991
1992
1989
SOURCE, SEE TABl£ BELOW
2
1993
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1992- Juiv
Aug
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
Apr
June r
July
Week ended:
1993- July 3
10
17
94
31
1
3-month bills
(new issues) 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) *
Prime rate
charged by
banks 4
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.28
3.14
2.97
2.84
3.14
3.25
3.06
2.95
2.97
2.89
2.96
3.10
3.05
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.91
4.72
4.42
4.64
5.14
5.21
4.93
4.58
4.40
4.30
4.40
4.53
4.43
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
6.84
6.59
6.42
6.59
6.87
6.77
6.60
6.26
5.98
5.97
6.04
5.96
5.81
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
6.12
6.08
6.24
6.43
8.35
6.24
6.18
5.87
5.65
5.78
5.81
5.73
5.60
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
8.07
7.95
7.92
7.99
8.10
7.98
7.91
7.71
7.58
7.46
7.43
7.33
7.17
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.53
3.44
3.26
3.33
3.67
3.70
3.35
3.27
3.24
3.19
3.20
3.38
3.35
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.50-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
3.05
3.01
3.04
3.05
3.10
4.37
4.36
4.34
4.49
4.54
5.79
5.79
5.74
5.83
5.88
5.64
5.56
5.55
5.61
5.66
7.24
7.22
7.16
7.17
7.14
3.38
3.33
3.31
3.34
3.39
3.00-3.00
3.00 3.00
3.00-3.00
3.00-3.00
3 00 3 00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Delartment.
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)
New-home
mortgage
yields
(FHFB) 5
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
8.00
8.00
7.93
7.90
8.07
7.88
7.82
7.77
7.46
7.46
7.37
7.23
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
Overall, stock prices rose in July.
INDEX, DEC. 31, 1965=50 (RATIO S(:ALE)
IND EX, DEC. 31, 1965=50 (RATIO SCALE)
260
240
220
^—^
>—•vvx_X\
1
\s
^_/\
^/\
•^^ f
\
/
\^
200
180
160
140
200
180
160
140
'OSITE STOCK PRICE IN
(NYSE) (
VH
/
120
260
240
220
-
_-_
r^^~r—S
'
120
f_^^/
100
100
80
80
60
1 11 11
1 11 11
1 111|
1985
1 1 111 1 1 11111 1111
1986
1 1 1 1 1
1987
1 1111
1 1 111
1 1 1 11
1 1 1 11
1989
1988
MM!
1 11 11 1 11 11 1 11 11
1990
1991
1 1 1 11
1 1 1 11
II
1 1 1
60
1993
1992
PER :ENT
PERC ENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
\
-•
•\_
_-
o
1
1
1985
1
1
1986
10
^
'
"«•
1
I
1987
I
1
1
1
1
1
1989
1988
-i>-^^
r—^
/I
1
5
1
1990
1
1991
1
1
SOURCES: NEW YORK STOCK EXCHANGE Ah D STANDARD & POOR S CORPORATION
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
.
1992- July
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
JMay
J"LJ""
July
Week ended:
1993- July 3
10
17
24
31
1
Industrial
Transportation
3
Utility
3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's
composite
index
(194143=10) 5
Dividendprice ratio
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
94.00
92.88
113.50
142.72
148.60
143.54
174.86
181.20
185.32
198.92
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
228.17
230.07
230.13
226.97
232.84
239.47
281.90
284.44
285.76
279.70
287.30
294.86
198.36
191.31
191.61
192.30
204.78
212.35
202.36
206.82
204.52
203.24
202.26
207.70
181.00
180.47
178.27
181.36
189.27
196.87
3,329.41
3,307.45
3,293.92
3,198.70
3,238.49
3,303.15
415.05
417.93
418.48
412.50
422.84
435.64
3.00
2.97
3.00
3.07
2.98
2.90
239.67
243.41
248.12
244.72
246.02
247.16
247.85
292.11
294.40
298.75
292.19
297.83
298.78
295.34
221.00
226.96
229.42
237.97
237.80
234.30
238.30
211.04
218.89
225.06
227.56
222.41
226.53
232.55
203.38
209.93
217.01
216.02
209.40
209.75
218.94
3,277.72
3,367.26
3,440.74
3,423.63
3,478.17
3,513.81
3,529.43
435.23
441.70
450.16
443.08
445.25
448.06
447.29
2.88
2.81
2.76
2.82
2.80
2.81
2.81
248.69
246.82
248.56
247.27
248.54
297.81
294.21
296.78
294.38
295.38
237.74
233.24
234.61
239.50
244.74
231.14
231.57
232.24
232.46
234.23
217.02
218.22
219.00
218.72
220.48
3,511.93
3,490.27
3,532.32
3,541.48
3,558.70
449.59
445.26
448.42
446.43
448.58
2.80
2.84
2.79
2.82
2.80
Average of daily closing prices.
Includes all the'stocks (more than 2,000 in 1992} listed on the NYSE.
Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index
to facilitate trading of options and futures on the index. Such trading is expected to begin later this
year. All indexes shown here reflect the doubling.
4
Includes 30 stocks.
2
0
Common stock yields
(percent) 6
New York Stock Exchange indexes (Dec 31, 1965 = 50 , except as
noted) 2
Composite
1
COUNCIL OF ECONOMIC ADVISERS
Common stock prices 1
Period
1
1993
1992
Earningsprice ratio
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
4.22
4.32
4.38
4.39
5
Includes 500 stocks.
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-.!ones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 9 months of fiscal 1993, there was a deficit of $200.6 billion, compared with a deficit of $227.8 billion
a year earlier.
BILLIONS OF DOLLARS
BIUIONS OF DOLLARS
1,400
1,600
RECEIPTS AND OUTLAYS-!/
1,500
1,500
1,400
1,400
1,300
1,300
OUTLAYS-V
1,200
1,200
1,100
1,100
1,000
1,000
900
900
800
800
700
700
600
600
,
^^--*'~~*
B
"
A
V 1 984
* -»*^_
"
i
i
1 985
^—"—-~
i
1 986
I
1 987
i
i
1 988
1 989
i
1 990
i
i
1 991
1 992
j\
1 993 ^
FISCAL YEARS
-^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFRCE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 (estimates)
Cumulative total, first 9
months: l
Fiscal year 1992
Fiscal year 1993
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
592
-40.2
-73.8
-79.0
-128.0
-207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
-38.2
-72.7
740
-120.1
2080
-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
32
-3.9
43
-2.0
— 1.1
-5.0
-7.9
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,145.7
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,467.6
— 212.3
-221.2
- 149.8
-155.2
-152.5
-221.4
-269.5
-290.4
-322.0
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
833.9
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,200.4
-221.7
2380
-169.3
1940
-205.2
2780
-321.7
— 3405
-366.5
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.8
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
267.2
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
44.5
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,002.7
4,396.7
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,303.8
815.2
858.9
1,042.9
1,059.5
-227.8
2006
584.2
624.0
862.7
870.5
-278.5
-246.5
231.0
234.9
180.2
189.1
50.8
45.9
3,918.8
4,288.5
2,923.2
3,201.2
1
Data from Monthly Treasury Statement.
NOTE.—Data for fiscal 1992 and 1993 are from Budget of Ihe United States Government, Fiscal
Year 1904, iasued April 8, 1993. Other data (except as noted) are from Budget Baselines, Histori-
32
Outlays
Gross Federal debt
(end of period)
Off-budget
cal Data, and Alternatives for the Future, January 1993.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of fiscal 1993, receipts were $43.7 billion higher than a year earlier and outlays were $16.6
billion higher.
BILUC)NS OF DOLLARS
600
RECEIPTS ^
500
BILLIONS OF DC LIARS
600
INDIVIDUAL INCOME TAXES
\
500
400
— """
—
~
200
CORPORATION
iwrnME TA"E^
\
OTHER RECEIPTS
\
100
1
0
1,300
400
~~~~~~V
\
•"
300
300
SOCIAL INSURANCE
TAWS 4HP roNT&im rriONS
200
^
1
1
1
100
1
1
1
1
1
0
1,300
OUTLAYS-1'
1,200
1,200
_,---^"
1,100
1,100
^ —~
1,000
NONDEFENSE
900
1,000
^, — ~~
900
-X-""
800
800
^ ^ ~*"
700
700
^.-- — '""
600
600
500
500
NATIONAL DEFENSE
400
400
\
300
200 A
'1
V
1984
i
1
1985
1986
1
1987
300
1
1988
T
1989
1990
1
1991
1992
1993
K
\J
200
FISCAL YEARS
^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
jOURCESi DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISER s
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,145.7
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
515.3
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
106.3
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
426.8
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
97.3
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,467.6
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
290.6
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
277.2
815.2
858.9
350.6
377.7
76.0
88.4
315.5
321.6
73.1
71.3
1,042.9
1,059.5
220.9
218.5
212.0
209.6
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993 (estimates)
Cumulative total, first 9 months: *
Fiscal year 1992
Fiscal year 1993
1
Social
insurance
taxes
National defense
Other
Total
Data from Monthly Treasury Statement.
NoTB-.Data for fiscal 1992 and 1993 are from Budget of the United States Government, Fiscal
Year 1994, issued April 8, 1993. Other data (except as noted) are from Budget Baselines, Histori-
Total
and
contributions
89.6
Department of
Defense,
military
International
affairs
Net
Income
securi'.V
Social
securi-
inter-
ty
est
18.5
20.5
23.2
26.9
27.4
28.6
30.4
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
18.3
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
105.3
65.8
70.2
75.1
78.9
85.0
98.1
104.5
119.0
132.7
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
209.2
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.9
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
201.5
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
205.0
13.5
13.9
66.0
73.5
87.9
96.5
149.9
159.2
215.1
227.9
149.9
148.8
139.8
121.2
Health
15.7
17.3
Medicare
Other
82.8
cal Data, and Alternatives for the Future, January 1993.
Sources:
Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1993, Federal receipts rose $20.5 billion (annual rate) and Federal expenditures fell $3.0
billion. In the second quarter, according to advance estimates, expenditures were unchanged; receipts data are
incomplete.
BIWONSOFDOUARS
BILUONS Of DOLLARS
1,600
1,600
SEASONUiV ADJUSTED ANNUAL RATES
1,400
1,400
. EXPENDITURES -
1,200
1,200
1,000
1,000
800
800
600
600
400
400
200
SURPLUSORDEFIdT(-)
I
I I
1982
I
I I
I
1986
1983
I I
1987
I I I
I
I I
I
I I I
I I
1988
1992
-400
1993
CA1£NDAR YEARS
COUNCa OF ECONOMC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Fiscal year:
1990
1991
1992 *
Calendar year:
1989
1990
1991
1992
1982- IV
1983- IV
1984: IV
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- IV
1991: III
IV
1992: I
II
m
IV
1993- I
II p
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal Government expenditures
Contributions for
social
insurance
Total
Purchases
Transfer
Payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Surplus
or deficit
(-),
national
income
and
product
accounts
Less:
Wage
accruals
less
disbursements
1,089.6
1,114.9
1,144.5
473.2
472.1
470.1
113.8
104.4
110.5
63.8
74.8
80.3
438.7
463.5
483.6
1,249.5
1,310.9
1,433.3
417.6
447.1
446.5
504.5
510.7
604.5
128.3
146.9
169.2
175.1
183.1
188.1
23.9
23.1
25.1
0.0
-.0
.0
-159.9
-196.1
-288.8
1,059.3
1,107.4
1,122.2
1,160.4
632,3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,113.3
1,127.7
1,129.4
1,143.3
1,149.8
1,155.4
1,193.1
1,213.6
461.9
482.6
473.4
474.1
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
482.5
473.4
472.2
468.4
464.2
475.5
488.2
499.1
505.8
117.1
113.9
102.5
115.0
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
111.7
104.9
103.3
112.2
118.3
108.2
121.4
120.4
61.9
66.0
78.2
81.5
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
68.5
78.3
80.8
79.2
79.8
81.3
85.8
87.1
89.6
418.5
444.9
468.2
489.7
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
450.6
471.1
473.2
483.5
487.4
490.4
497.7
506.9
509.5
1,181.6
1,273.6
1,332.7
1,458.4
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,307.9
1,348.7
1,388.1
1,432.5
1,452.7
1,459.8
1,488.6
1,485.6
1,485.6
401.6
426.4
447.3
449.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
438.3
447.2
440.8
445.0
444.8
455.2
451.6
441.1
440.6
471.5
513.3
521.9
623.3
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
525.5
545.5
565.9
609.8
619.5
622.6
641.4
643.3
652.0
118.2
132.3
153.3
173.0
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
153.4
163.6
165.1
174.1
174.0
178.7
178.2
184.2
164.8
176.6
186.9
186.7
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.8
186.8
190.1
186.8
187.5
187.8
184.8
182.6
179.0
25.5
25.1
23.1
26.2
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
.0
.1
-122.3
-166.2
-210.4
-298.0
- 183.4
-184.6
-186.8
-187.2
-177.5
-152.7
-134.9
-141.5
-194.6
-221.0
-258.7
-289.2
-302.9
-304.4
-295.5
-272.1
Source: Department of Commerce, Bureau of Economic Analysis.
34
15.7
27.7
25.7
26.9
20.2
32.2
40.4
29.9
J
.0
.0
.0
.6
.0
.0
2
.0
.0
.2
.0
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1!)87— 100; seasonally adiusied)
Period
United
States
1983
1984
1985
84.9
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
108.5
1986...
1987
1988
1989
1990
1991
1992 "
1992: Apr
Mav
Oct
Nov
Dec
1993: Jan.
Feb
Mar
r
97.3
r
96.9
96.5
r
96.5
r
96.0
97.9
r
98.1
98.4
98.9
r
99.3
109.3
99.7
109.9 ' 100.6
110.1 ' 102.0
' 1 10.4 101.3
r
110.3
110 1
-
Apr
May
June
81.2
91.0
96.1
95.4
100.0
105.3
104.9
100.5
96.4
106.3
106.7
106.0
106.8
106.6
106.2
107 5
108.4
108.9
July
1
Canada
p
Japan
France
Germany
85.5
93.4
96.8
96.6
109.3
115.9
121.4
124.1
117.3
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
110.0
90.9
93.5
97.7
99.6
100.0
103.9
108.8
117.6
115.6
118.1
119.0
114.4
119.7
116.6
1 14.3
113.1
111.7
110.0
1 10.3
110.3
110.3
110.6
111.2
106.3
T
104.8
100.0
113.0 r 105.2
107.7
114.9
115.6 ' 106.6
112.5
105.9
110.1
Italy
* 116.0
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
117.7
117.7
116.0
115.7
115.6
115.6
112.8
110.5
107.5
104.7
109.5
107.4
108.0
102.8
103.4
105.6
106.4
99.9
r
r
l!4.1
l!7.4
United
States L
Canada
Japan
France
Germany
Italy
United
Kingdom
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.4
100.1
99.6
103.9
107.6
109.6
1 13.6
118.3
124.0
130.7
136.2
140.3
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
146.4
99.8
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
100.3
108.0
114.3
117.2
121.1
124.4
1 28.9
133.2
137.2
141.0
100.3
102.7
104.8
104.7
104.9
106.3
109.2
112.1
116.0
120.6
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
169.8
178.9
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
162.7
100.0
99.0
139.5
139.7
140.2
140.5
140.9
141.3
141.8
142.0
141.9
144.6
144.9
145.2
145.6
145.6
145.5
145.7
146.4
146.4
117.5
117.6
117.5
116.6
116.9
117.5
117.6
117.4
117.4
140.5
140.9
141.0
141.4
141.5
141.5
141.9
141.9
141.8
120.0
120.5
120.7
120.7
120.9
121.2
121.7
122.3
122.4
177.3
178.3
178.9
179.1
179.2
179.8
180.9
182.0
182.3
163.1
163.7
163.7
163.1
163.2
163.8
164.4
164.1
163.6
142.6
143.1
143.6
144.0
144.2
144.4
147.0
147.4
147.3
147.3
147.6
147.6
117.3
117.4
117.7
118.5
118.6
142.3
142.8
143.5
143.6
143.9
123.8
124.3
124.7
125.1
125.5
125 7
182.9
183.6
184.0
184.7
185.4
162.0
163.1
163.7
165.2
165.8
165.7
r
99.0
100.1
100.0
100.4
101.6
100.9
100.8
107.2
105.3
105.9
105.9
107.8 ' 104.4
T
106.4 100.2
107.9
Data relate to all urbai
Consumer prices (18H2-84 = 100; NBA)
United
Kingdom
100.7
M02.2
' 100.9
100.9
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) l
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
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
109.3
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
176.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
47.1
13.4
448.2
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
40.2
36.0
38.0
37.4
36.4
37.7
38.9
37.8
39.2
3.0
3.1
3.4
3.3
3.5
3.6
3.4
3.4
9.0
9.4
9.6
8.9
9.0
9.6
9.0
9.2
13.9
15.4
14.4
14.0
14.8
15.3
14.5
15.8
3.9
3.8
3.9
4.1
4.0
3.8
4.4
4.6
4.1
4.2
4.2
4.1
4.4
4.5
4.5
4.3
37.5
36.9
38.9
38.5
39.0
3.3
3.4
3.5
3.4
3.3
9.4
8.7
9.2
9.1
9.7
14.5
14.3
15.6
15.2
15.3
4.1
4.4
4.3
4.4
4.3
4.3
4.2
4.4
4.2
4.5
Period
Total
1983
1984
1985
1986 . . . .
1987
1988
1989
1990
1991
1992
1992:
May
July
Sept
Get
Noy
Dec
1993:
Jan
Feb
Mar
May
1
5
5
2
205.6
224.0
218.8
227.2
254.1
322.4
363.8
393.6
421.7
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
50.4
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.
4
Total includes revisions not reflected in detail.
2
3
Trade balance
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
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.6
138.3
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
134.2
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
85.7
91.8
44.9
60.0
473.2
495.3
488.5
532.7
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
27.9
2.1
2.2
2.0
2.0
2.0
2.1
2.0
1.9
43.6
44.9
44.9
45.1
46.0
46.1
45.6
46.1
2.3
2.5
2.5
2.3
2.2
2.3
2.2
2.3
11.5
12.0
12.0
11.9
12.0
12.5
11.8
11.5
10.9
11.1
11.3
11.4
11.6
11.8
11.6
11.9
2.0
1.9
2.0
2.1
1.9
45.2
44.8
49.3
48.7
47.3
2.3
2.2
2.4
2.2
2.3
11.6
11.1
12.6
12.6
12.3
11.7
11.7
12.4
12.4
12.3
Total
Other s
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
24.5
4
4
258.0
330.7
336.5
365.4
406.2
441.0
Other
General
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s) less
imports
(customs
value)
-52.4
Exports
(f.a.s)
less
imports
(c.i.f.)
-64.2
— 122.4
68.3
79.4
88.7
95.9
102.9
105.7
108.0
123.0
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
17.6
269.9
346.4
352.5
382.3
424.4
459.5
493.2
7.6
7.6
7.4
7.7
7.8
7.5
8.0
8.2
10.1
10.1
10.3
10.3
10.9
10.5
10.3
10.7
1.4
1.5
1.5
1.3
1.4
1.5
1.7
1.5
45.4
46.6
46.7
46.8
47.8
47.9
47.4
47.9
-7.7
-6.8
-7.5
-8.7
-8.3
-7.2
— 7.8
-7.0
-9.4
-8.6
-9.3
-10.5
-10.1
-9.1
-9.6
-8.8
7.9
8.3
8.8
8.8
8.2
10.3
10.3
11.5
11.1
10.7
1.4
1.3
1.6
1.5
1.6
47.0
46.6
51.3
50.6
49.2
-7.7
-7.9
-10.5
-10.2
-8.4
-9.5
-9.6
-12.4
-12.1
— 10.2
517.0
508.4
554.0
-106.7
-117.7
-133.6
— 138.3 ^-155.1
~ 152.1 -170.3
-118.5 -137.1
-109.4 -129.4
-101.7 -123.4
-66.7 -86.6
-84.5 - 105.9
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1993, the current account deficit fell to $22.2 billion from $23.7 billion in the fourth quarter
of 1992. The merchandise trade deficit rose to $29.1 billion, from $26.0 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS
15
15
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( —)]
Merchandise * z
Period
Exports
1981
1982
1983 r.
1984 r
1985 T.
1986
1987
1988
1989
1990
1991
1992
1990:
m
IV
1991- I
n
m
IV
1992- I
n
m
rv
1993:
1
2
3
I"
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,937
440,138
96,431
100,249
101,333
104,206
103,764
107,634
108,347
108,306
109,493
113,992
111,627
Imports
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
447 igg
-477,365
-498,336
-490,739
-536,276
-125,385
-128,359
-120,123
-120,525
— 123,404
-126,687
-126,110
-133,107
-137,105
- 139,954
-140,695
Net balance
-28,023
36485
-67,102
112 492
-122,173
145 081
- 159,557
126 959
-115,249
-109,033
-73,802
-96,138
-28,954
-28,110
-18,790
-16,319
- 19,640
- 19,053
-17,763
-24,801
-27,612
-25,962
-29,068
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
Investment income
Services
Net
military
transactions 3 4
Net
travel and
transportation
receipts
Other
services,
net
Receipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
-844
112
-563
2 547
144
-992
-4,227
-8,438
-9,798
-7,382
6481
-1,511
5,071
8,979
17,933
19,718
1,821
3,365
2,926
4,299
5,228
5,481
5,011
5,201
4,882
4,624
5,141
12,552
13,209
14,095
14,277
14,266
18,855
17,900
19,961
26,558
29,505
33,799
39,444
7,364
8,049
7,935
8,397
8,660
8,809
9,608
9,177
11,016
9,641
9,865
86,529
86,200
84,778
99,056
89,489
87,497
95,129
122,275
144,904
151,201
127,292
110,612
36,884
40,431
36,018
32,057
30,074
29,144
29,028
28,641
27,195
25,749
27,015
-53,626
-56,412
-53,700
-69,572
-68,314
-74,736
-87,403
-109,653
-130,091
- 130,853
-114,272
-104,391
-33,160
-32,716
-30,247
-29,147
-28,447
-26,431
-24,609
-27,734
-25,492
-26,555
-26,742
-4,390
5 181
-3,844
6315
-6,726
7 833
-5,851
-2,751
-1,584
-2,719
-2,532
-1,402
-1,164
-755
-571
-727
-617
-836
-383
4
Net
Balance on
goods,
services,
and income
Unilateral
transfers,
net 4
Balance
on current
account
32,903
29,788
31,078
29,483
21,175
12,761
7,726
12,621
14,813
20,348
13,021
6,222
3,724
7,715
5,771
2,910
1,627
2,713
4,419
907
1,703
-806
273
16,732
5,632
-26,719
-79,716
- 100,920
- 126,028
-144,256
-102,203
-75,532
-58,034
- 14,899
-33,505
-17,629
-11,700
-4,690
-2,115
-5,289
-2,805
704
-10,243
-10,628
-13,339
-14,172
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,965
-26,092
-33,827
6,575
-32,895
-7,428
-11,988
14,096
3,884
-6,564
-4,839
-7,389
-8,010
-7,147
- 10,348
-8,077
5,030
-11,443
-44,460
-100,328
-123,870
- 150,203
-167,308
-127,168
-101,624
-91,861
-8,324
-66,400
-25,057
-23,688
9,406
1,769
-11,853
-7,644
-6,685
-18,253
-17,775
-23,687
-22,249
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $33.9 billion in the first
quarter of 1993, in contrast to an increase of $3.5 billion in the fourth quarter of 1992. U.S. liabilities to private
foreigners reported by U.S. banks, excluding Treasury securities, decreased $22.0 billion in the first quarter,
following a decrease of $1.2 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DO LIARS*
80
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET A
,\
\
' ,
20
-20
-60
1983
1993
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow ( + )]
U.S. assets abroad, net
[increase/capital outflow ( — )]
Period
Total
1981....
1982
1983 r..
1984 r
1985 '..
1986
1987....
1988
1989....
1990
1991....
1992
1990: HI
IV
1991: I
n
ni
rv
1992: I
n
m
IV
1993: I"
— 114,147
-122,335
-58,735
-29,654
-34,687
-91,260
-61,254
-91,423
-129,331
-44,132
-59,974
-50,961
-29,885
-29,895
-5,555
-875
15 672
-37,870
-1,029
-8,695
-10,798
-30,438
-3,313
U.S.
official
reserve
assets 3 5
5 175
-4,965
1 196
-3,131
3 858
312
9,149
-3,912
-25,293
-2,158
5,763
3,901
1,739
-1,091
353
1,014
3,877
1,225
-1,057
1,464
1,952
1,542
-983
Other U.S.
Government
assets
U.S.
private
assets
103 875
-5,097
6 131 -111,239
-5,006
52533
-5,489 -21,035
28009
-2,821
2 022 -89,551
71408
1,006
2,967 -90,477
105 297
1,259
2,307 -44,280
68643
2,905
1 609 -53,253
338
31 286
4,181 -32,984
-5,761
559
-1,470
-419
22 774
3,224
459 -38,637
303
-275
293
-9,866
- 12,445
-305
737 -31,243
-2,639
309
Total
83,032
92,418
83,380
102,010
130,966
223,191
229,972
219,489
213,571
105,173
83,439
129,579
52,101
48,194
-20
7,120
23,514
52,826
19,834
44,450
26,450
38,845
19,589
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets 3
Other
foreign
assets
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
34,198
17,564
40,684
14,077
20,249
5,604
—4,924
3,855
13,029
21,124
21,008
-7,378
5,931
10,990
78,072
88,826
77,534
98,870
132,084
187,543
184,585
179,731
205,068
70,975
65,875
88,895
38,024
27,945
-5,624
12,044
19,659
39,798
-1,290
23,442
33,828
32,914
8,600
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed).
24,992
41,359
19,815
27,972
27,592
18,272
-1,410
-899
17,384
30,820
-15,140
-12,218
2,841
5,389
-3,831
-8,014
4,011
-7,312
-12,120
-17,502
2,123
15,280
5,973
Of which:
Seasonal
adjustment
discrepancy
-6,221
2,098
4,710
-120
-6,506
1,911
4,878
653
6 754
1,222
5,726
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
80,024
83,316
78,002
74,940
74,731
77,721
74,657
77,092
78,527
71,323
74,378
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
p^
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:
" Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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