Full text of Economic Indicators : July 1994
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103d Congress, 2d Session
Economic Indicators
JULY
1994
(Includes data available as of August 3, 1994)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1994
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
KWEISI MFUME, Maryland, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
DAVID R. OBEY (Wisconsin)
FORTNEY H. (PETE) STARK (California)
RON WYDEN (Oregon)
MICHAEL A. ANDREWS (Texas)
RICHARD K. ARMEY (Texas)
JIM SAXTON (New Jersey)
CHRISTOPHER C. COX (California)
JIM RAMSTAD (Minnesota)
SENATE
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
CHARLES S. ROBB (Virginia)
BYRON L. DORGAN (North Dakota)
BARBARA BOXER (California)
WILLIAM V. ROTH, JR. (Delaware)
CONNIE MACK (Florida)
LARRY E. CRAIG (Idaho)
ROBERT F. BENNETT (Utah)
RICK MCGAHEY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
LAURA D. TYSON, Chair
JOSEPH E. STIGLITZ, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
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at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign
mailing) from:
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ISBN 0-16-044731-3
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 1994, according to advance estimates, current-dollar gross domestic product (GDP) rose
6.8 percent (annual rate), real GDP (GDP in 1987 dollars) rose 3.7 percent, and the implicit price deflator rose 2.9
percent. (Series revised.)
BILLIONS OF DOL1ARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6,800
SEASONAUY ADJUSTED ANNUAL RATES
6,800
X
^
6,000
6,000
^
^
GDP
X"
IN CURRENT DOLLARS
5,200
\
.
.X
-—
\.
-.
*/
5,200
^
A\'
—"
,--'
.—
rino
IS 1987DOU.ARS
f
ff
~~'
^
->
X
S
3,600
3,600
/
2,800
i i i
i
1982
1983
i
i
i i i
]984
1
1
1
1985
!
1
1
1986
t
i i
1987
i
t i
1
1988
1
1
!
1989
1 1
1990
I
I i
I
1991
I I
1992
SOURCE; DEPARTMENT OF COMMERCE
!
1
1993
1
1
1 1
2800
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1986
1987
1988
1989
1990
1991 '
1992 T
1993 r
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
. . . . -...
.. . .
'.
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV '
I *
II T.
Ill '
IV '
1993: I '
II '.
Ill '
IV '
1994: I '
II"
Gross
domestic
product
4,268.6
4,539.9
4,900.4
5,250.8
5,546.1
5,724.8
6,020.2
6,343.3
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,344.8
5,597.9
5,796.6
5,896.8
5,971.3
6,043.6
6,169.3
6,235.9
6,299.9
6,359.2
6,478.1
6,574.7
6,683.6
Personal
consumption
expenditures
Gross
private
domestic
investment
2,850.6
3,052.2
3,296.1
3,523.1
3,761.2
3,902.4
4,136.9
4^378.2
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,599.1
3,836.6
3,955.7
4,044.4
4,097.8
4,154.0
4,251.3
4,294.6
4,347.3
4,401.2
4,469.6
4,535.0
4,584.8
717.6
749.3
793.6
832.3
808.9
744.8
788.3
882.0
464.2
614.8
722.8
737.0
697.1
800.2
814.8
825.2
756.4
756.8
747.7
787.9
795.5
822.0
853.8
869.7
882.2
922.5
966.6
1,028.9
Federal
Net
exports
— 132.5
— 143.1
-108.0
— 79.7
-71.4
— 19.9
303
— 65.3
-29.5
-71.8
-107.1
-135.5
- 133.2
-143.2
-106.0
-73.9
-71.6
-13.7
— 9.9
-31.2
-37.8
-42.2
-49.6
-63.3
-77.0
-71.2
-86.7
-99.1
Exports
319.2
364.0
444.2
508.0
557.1
601.1
638.1
659.1
265.6
286.2
308.7
304.7
333.9
392.4
467.0
523.8
577.6
623.7
631.8
632.7
638.8
649.2
646.8
660.1
649.0
680.3
674.2
696.2
1
(il)l* less exports of goods and services plus imports of goods and services.
NOTE.—Data revised beginning 1991 to reflect the annual revisions of the national
product accounts. See iSwroei/ of Current /Jwsines.*, July 1994,
Government purchases
Exports and imports of goods
and services
Imports
451.7
507.1
552.2
587.7
628.5
620.9
668.4
724.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
597.7
649.2
637.5
641.7
663.9
676.6
691.4
696.4
723.5
726.0
751.4
760.9
795.3
Total
Total
833.0
881.5
918.7
975.2
1,047.4
1,097.4
1,125.3
1,148.4
631.6
657.6
727.0
799.2
849.7
901.4
937.6
994.5
1,076.5
1,097.9
1,114.5
1,116.8
1,131.9
1,138.1
1,137.1
1,146.3
1,152.9
1,157.2
1,159.8
1,169.0
367.8
384.9
387.0
401.6
426.5
445.8
449.0
443.6
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
445.2
443.2
452.9
454.8
446.9
445.2
442.7
439.8
437.8
438.8
National
defense
276.7
292.1
295.6
299.9
314.0
322.8
314.2
302.7
205.5
222.8
242.9
268.6
278.6
295.8
296.8
302.5
322.5
311.6
312.2
310.0
318.6
316.0
307.0
305.8
299.0
299.1
291.7
291.2
Nondefense
91.1
92.9
91.4
101.7
112.5
123.1
134.8
140.9
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.6
114.0
126.6
133.0
133.2
134.2
138.7
139.9
139.4
143.6
140.7
146.1
147.5
State
and
local
465.3
496.6
531.7
573.6
620.9
651.6
676.3
704.7
350.3
367.9
402.2
442.4
476.6
509.0
545.7
589.3
640.0
659.7
669.3
673.6
679.1
683.3
690.2
701.2
710.2
717.4
722.0
730.2
Final
sales of
domestic
product
Gross
domestic
purchases 1
4,260.0
4,513.7
4,884.2
5,217.5
5,539.3
5,726.6
6,017.2
6,327.9
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,314.6
5,621.8
5,782.3
5,903.1
5,967.4
6,038.3
6,160.0
6,215.8
6,281.4
6,345.4
6,469.2
6,550.6
6,621.9
4,401.2
4,683.0
5,008.4
5,330.5
5,617.5
5,744.7
6,050.5
6,408.6
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,418.7
5,669.5
5,810.4
5,906.6
6,002.6
6,081.4
6,211.4
6,285.5
6,363.3
6,436.3
6,549.3
6,661.4
6,782.7
Source: Department of Commerce, Bureau of Economic Analysis.
Addendum:
Gross
national
product
4,277.7
4,544.5
4,908.2
5,266.8
5,567.8
5,740.8
6,025.8
6,347.8
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,365.0
5,630.0
5,810.7
5,907.7
5,979.1
6,049.4
6,167.0
6,243.9
6,303.3
6,367.8
6,476.2
6,574.0
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; ([iiurlcrlv data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
Gross
domestic
product
Personal
consumption
expenditures
Government purchases
Exports mid imports of
goods and services
Federal
Nonresidenlial
fixed
investment
Residential
fixed
investment
Change
in
business
inventories
Net
exports
Kxports
Imports
Total
Total
National
defense
State
and
local
Nondefense
Final
sales of
domestic
product
Gross
domestic
purchases *
Addendum:
Gross
national
product
1986
1987
1988
1989
1990
1991 '..
1992 r.
1993 '
4,404.5
4 539 9
4,718.6
4,838.0
4,897.3
4,867.6
4,979.3
5,134.5
2,969.1
3,052.2
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
8.5 -155.1
26.3 — 143.1
19.9 -104.0
29.8 -73.7
5.7 -54.7
-1.1
-19.5
2.5 -32.3
15.3 -73.9
329.6
364.0
421.6
471.8
510.5
542.6
578.8
602.5
484.7
507.1
525.7
545.4
565.1
562.1
611.2
676.3
855.4
881.5
886.8
904.4
932.6
944.0
936.9
929.8
373.0
384.9
377.3
376.1
384.1
386.7
373.5
356.6
280.6
292.1
287.0
281.4
283.6
281.4
261.4
243.7
92.4
92.9
90.2
94.8
100.4
105.3
112.2
113.0
482.4
496.6
509.6
528.3
548.5
557.2
563.3
573.1
4,395.9
4,513.7
4,698.6
4,808.3
4,891.6
4,868.7
4,976.9
5,119.3
4,559.6
4,683.0
4,822.6
4,911.7
4,951.9
4,887.2
5,011.6
5,208.4
4,413.5
4,544.5
4,726.3
4,852.7
4,916.5
4,882.3
4,985.7
5,140.3
1982:
1983:
19841985:
19861987:
1988:
1989:
19901991:
IV .
IV
IV
IV
IV
IV
IV
IV
IV
IV '.
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,856.7
4,867.2
4,880.8
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
417.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506,9
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
208.0
24.9
-67.4
176.3 -20.9 -36.8
177.5
13.5 -16.9
280.4
291.5
312.8
312.0
342.9
386.1
438.2
487.7
520.4
562.6
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.0
557.2
579.4
735.9
748.1
784.3
830.5
864.8
893.0
894.5
912.6
942.4
934.4
316.0
322.2
341.7
363.7
377.5
391.6
378.4
376.1
386.5
374.1
229.4
242.9
254.3
272.1
282.2
295.0
285.7
281.5
285.7
265.8
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.7
100.8
108.2
419.9
425.9
442.6
466.7
487.3
501.4
516.1
536.5
555.8
560.4
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,831.8
4,888.0
4,867.3
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,924.1
4,904.0
4,897.6
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,875.1
4,895.4
4,893.9
1992:
I'
II "
III '
IV '
4,918.5
4,947.5
4,990.5
5,060.7
3,311.4
3,325.4
3,357.6
3,403.4
506.8
524.8
531.2
540.9
186.7
196.5
196.9
207.7
-6.3
4.2
5.2
6.6
-17.9
34 1
-38.9
38 5
571.0
573.1
580.5
590.7
588.8
607.1
619.4
629.3
937.8
930.7
938.5
940.6
372.9
368.3
376.0
377.0
260.9
257.5
264.6
262.4
112.0
110.8
111.4
114.6
5649
562.4
562.5
563.6
4,924.8
4,943.2
4,985.3
5,054.1
4,936.4
4,981.5
5,029.4
5,099.2
4,929.1
4,955.5
4,997.2
5,061.0
1993: I '
II '
III '
IV '
5,075.3
5,105.4
5,139.4
5,218.0
3,417.2
3,439.2
3,472.2
3,506.2
560.3
581.0
597.9
627.2
210.4
206.3
211.0
224.5
18.5
18.9
13.0
10.8
-57.6
69 3
-86.3
82 2
589.2
600.2
595.3
625.2
646.8
669.6
681.6
707.4
926.5
929.3
931.8
931.5
361.6
358.3
355.6
351.1
248.2
246.8
240.9
238.7
113.3
111.5
114.7
112.4
564.9
571.0
576.2
580.4
5,056.8
5,086.5
5,126.5
5,207.2
5,132.9
5,174.7
5,225.8
5,300.2
5,083.9
5,110.1
5,148.4
5,218.7
1994- I T
IV
5,261.1
5,309.2
3,546.3
3,557.1
643.6
659.1
229.9
233.8
25.4
104 0
54.0 — 113.4
619.6
636.1
723.6
749.5
919.9
918.7
341.7
337.5
228.5
226.3
113.2
111.2
578.3
581.2
5,235.7
5,255.2
5,365.1
5,422.6
5,262.7
1
GDP less exports of goods and sen-ices plus imports of goods and sen-ices.
NOTK.—Sec Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 — 100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Government purchases
Exports and imports of
goods anu services
Federal
Total
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
96.9
100.0
103.9
108.5
113.3
117.6
120.9
123.5
96,0
100.0
104.2
109.3
114.9
119.7
123.5
126.6
96.9
100.0
102.0
104.2
105.7
107.3
108.9
109.8
96.1
100.0
103.7
109.3
115.9
120.0
122.5
124.2
95.7
100.0
105.1
110.6
116.7
122.5
127.7
132.3
98.4
100.0
102.8
105.2
107.3
108.1
106.7
104.1
95.8
100.0
104.2
107.8
110.7
111.9
113.7
117.6
96.9
100.0
105.3
107.7
109.1
110.8
110.2
109.4
93.2
100.0
105.1
107.8
111.2
110.5
109.4
107.1
98.6
100.0
102.6
106.8
111.0
115.3
120.2
124.4
98.6
100.0
103.0
106.6
110.7
114.7
120.2
124.2
98.6
100.0
101.4
107.3
112.0
116.9
120.2
124.7
96.4
100.0
104.3
108.6
113.2
116.9
120.1
123.0
85.0
88.4
92.3
95.5
98.0
101.2
105.5
110.1
115.0
118.8
83.8
87.6
90.7
94.6
97.0
101.6
106.1
111.0
117.5
121.1
90.6
93.3
94.4
95.9
97.8
101.0
103.1
104.9
106.1
107.8
89.4
91.8
94.2
97.0
96.3
101.5
105.6
110.8
119.2
120.8
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.7
119.2
124.5
95.3
95.0
96.4
97.3
99.2
100.7
104.0
106.0
108.2
107.3
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.8
111.1
111.9
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.4
111.0
110.9
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
116.5
110.0
89.0
89.9
95.0
98.1
98.8
100.2
103.6
107.7
112.9
117.2
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.5
112.9
117.2
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.4
113.1
117.0
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.9
115.2
117.7
1992- I r
II *
Ill r
IV *
119.9
120.7
121.1
121.9
122.1
123.2
123.7
124.9
108.3
108.9
109.1
109.1
121.4
122.1
123.0
123.3
125.9
127.3
127.7
129.8
107.4
107.1
106.5
106.0
112.4
113.0
114.0
115.1
110.7
110.4
110.0
109.9
109.0
109.4
109.2
109.9
119.4
120.4
120.4
120.6
119.7
120.4
120.4
120.4
118.8
120.3
120.5
121.1
118.5
119.8
120.7
121.2
1993- I '
II '
Ill r
IV '
122.9
123.4
123.7
124.1
125.7
126.4
126.8
127.5
109.2
109.8
110.0
110.2
124.0
124.2
123.9
124.6
130.8
131.9
132.7
133.8
105.3
104.9
103.5
103.0
115.9
117.2
118.2
119.0
109.8
110.0
109.0
108.8
107.7
108.1
106.5
106.2
123.6
124.2
124.5
125.3
123.7
123.9
124.1
125.3
123.5
125.0
125.2
125.1
122.2
122.8
123.3
123.6
1994: I '.
II"
125.0
125.9
127.9
128.9
110.5
111.2
124.6
125.1
134.4
135.8
103.4
103.7
120.5
121.3
108.8
109.4
105.2
106.1
128.1
130.0
127.7
128.7
129.1
132.6
124.9
125.6
1986
1987
1988
1989
1990
1991 '
1992 r
1993 r
1982198319841985:
19861987:
19881989:
19901991:
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV
NOTK.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GDP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED IMPLICIT PRICE DEFLATORS AND PRICE INDEXES
[Percent change from preceding year or quarter; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross doneslic |>rodurt
Period
Current
dollars
1981
1982
1983 ...
1984
11.9
3.9
8.1
10.9
6.9
5.7
6.4
7.9
7.2
5.6
3.2
5.2
5.4
9.1
5.9
3.1
1.0
2.8
5.0
3.8
2.6
7.1
5.2
4.9
8.6
4.4
4.2
3.8
7.7
6.1
6.8
1985 . .
1986
1987
1988
1989
1990
1991
1992
r
r
1993 T
1990: 1
11
Ill
IV
1991- 1 '
11 '
Ill r*
IV
1992- 1 '
II '
Ill '
IV '
1993- I 'r
II
Ill '
IV '
1994- 1 '
II"
Constant
(11187) dollars
Implicit price
deflator
1.8
— 2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.2
-.6
2.3
3.1
3.5
1.5
9
-3.2
-2.1
2.2
1.0
.1
3.1
2.4
3.5
5.7
1.2
2.4
2.7
6.3
3.3
3.7
10.0
6.2
4.1
4.4
Fixed-weighted
price index
(11187 weights)
Constant
(11)87) dollars
Implicit price
deflator
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.5
-A
2.8
3.3
2.8
.9
2.1
-2.7
-2.8
2.1
1.3
-.5
5.8
1.7
3.9
5.6
1.6
2.6
3.9
4.0
4.7
1.2
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.9
5.1
4.2
3.2
2.5
6.3
4.3
6.1
6.7
3.4
2.4
3.1
3.4
3.3
3.7
1.6
3.9
2.6
2.2
1.3
22
1.3
3.2
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.9
6.8
3.8
6.0
5.8
9.2
5.3
8.3
3.7
.5
4.7
4.3
3.0
9.3
5.4
5.6
9.7
4.1
5.0
5.1
6.4
6.0
4.5
3.9
3.4
3.5
2.8
3.1
4.0
4.5
4.6
4.0
3.2
3.0
5.8
4.4
4.7
3.8
5.1
3.1
3.3
2.7
3.9
3.3
2.7
2.8
4.2
2.4
2.0
2.4
3.1
2.9
3.7
2.6
3.2
3.9
4.4
4.4
3.8
2.8
22
5.2
4.4
4.0
4.3
5.0
2.8
2.8
2.7
3.8
2.7
1.3
2.7
3.3
1.6
1.0
1.3
2.9
2.9
NOTE.—Se,e Note, p. 1.
Current
dollars
Fixed-weighted
price index
(11)87 weights)
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
5.0
5.3
4.4
3.5
2.8
6.6
4.2
6.3
7.0
3.6
2.8
3.3
3.6
3.7
3.8
3.5
3.0
2.9
2.6
1.4
2.8
1.9
2.8
Source.: Department of Commerce, Bureau of Ecom
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data jit seasonally adjusted annual rates]
Gross domestic product
of nonfinancia!
corporate business
(billions of dollars)
Period
Current-dollar cost and profit >er unit of output (dollars) *
Total
cost and
profit 2
Current
dollars
11)87
dollars
1986
2 386 3
1987
1988
1989
1990
1991 *
1992 '
1993 '
198219831984:
198519861987:
19881989199019911992-
2,547.3
2,764.8
2,913.5
3,045.5
3,089.7
3,222.9
3,409.7
1,806.3
2,037.2
2,228.2
2,338.8
2,422.8
2,627.6
2,843.2
2,951.5
3,052.5
3,125.9
2,439.3
2,547.3
2,684.8
2,718.9
2,747.4
2,716.7
2,802.8
2,942.9
1,999.6
2,204.2
2,328.4
2,396.9
2,463.3
2,604.0
2,719.0
2,722.7
2,725.0
2,740.9
0.978
1.000
1.030
1.072
1.109
1.137
1.150
1.159
.903
.924
.957
.976
.984
1.009
1.046
1.084
1.120
1.140
3,150.0
3,194.4
3,239.4
3,307.8
2,746.9
2,778.3
2,815.7
2,870.2
1.147
1.150
1.150
1.152
3,324.4
3,386.3
3,428.7
3,499.3
2,868.4
2,920.5
2,963.3
3,019.5
1.159
1.159
1.157
1.159
3,568.6
3,062.6
1.165
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV *
Ir
II r r
III
IV T
1993- I '
11 'T
Ill
IV r
1994- I r
1
2
.
Consumption of
fixed
capital
0.111
.110
.111
.117
.120
.126
.126
.123
.119
.119
.111
.110
.112
.110
.112
.120
.123
.125
.126
.125
.130
.123
.124
.123
.124
.120
.125
Output is in 'asnred hv GDP of nonfinancial corporate husincss in 11)87 dollars.
This is eqn; 1 to the deflator for gross domestic product of nonfinancial corporate business with
the3 decimal poin shifted two places to the left.
Indirect bus ness tax and nontax liability pins business transfer payments less snhsid cs.
« With invent ,rv valuation and capital consumption adjustments. '
'
'
'
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with inventory
valuation and capital consumption
adjustments
Total
0.095
0.648
.095
.096
.101
.106
.115
.117
.117
.086
.088
.091
.093
.095
.094
.097
.102
.109
.117
.118
.117
.117
.118
.117
.117
.116
.117
.117
.658
.676
.706
.736
.756
.767
.768
.607
.602
.623
.643
.654
.664
.687
.718
.748
.760
.765
.768
.769
.768
.776
.770
.766
.760
.763
0.040
.042
.045
.054
.054
.049
.041
.039
.040
.036
.041
.038
.042
.042
.047
.055
.054
.047
0.084
.039
.039
.039
.038
.096
.102
.094
.093
.092
.099
.112
.051
.079
.091
.092
.081
.099
.102
.088
.085
.092
.095
.098
.095
.107
.102
.111
.113
.123
.038
.122
.044
.041
.039
.038
Profits
tax
liability
0.031
.037
.038
.037
.034
.031
.031
.040
.020
.029
.027
.030
.035
.038
.040
.033
.034
.031
.029
.033
.031
.033
.037
.040
.038
.043
.043
Profits
after
tax4
0.053
.059
.064
.057
.059
.061
.067
.073
.030
.050
.064
.063
.045
.060
.063
.055
.052
.061
.066
.065
.065
.073
.065
.071
.075
.080
.078
Output
per hour
ol all
employees
(11)87
dollars)'
Compel,sation per
hour of
all
employees
(dollars)'
22.735
23.129
23.572
23.189
23.446
23.865
24.813
25.313
21.070
21.893
22.055
22.346
22.891
23.356
23.522
23.146
23.550
24.244
14.741
15.208
15.833
16.377
17.246
18.087
18.897
19.445
12.791
13.186
13.732
14.359
14.975
15.517
16.069
16.616
17.624
18.417
24.391
24.666
24.979
25.230
18.596
18.794
19.023
19.188
24.950
25.203
25.392
25.747
19.273
19.397
19.521
19.623
25.747
19.804
'Data h?ah}]lina 1991 do not reflect the annual /•cn.ijo/j.s Iti I/If national income ami /mxlncl
«cro«/irs released on July 29, 1994.
NOTE.— Sec Note, p. 1.
Sources: Department of Commerce (Bureau „! Economic Analysis) .ml Department ol Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1988
1989
1990 .
1991 '
1992 r
1993 r
1982- IV
1983: IV
1984- IV
1985: IV
1986: IV
1987: IV
1988: IV .
1989: IV
1990: IV
1991- IV '
1992: I '.
II ' r
III .
IV '
1993: I '.
II ' r
111 .
IV r
1994: I '.
II *
4,002.6
4 249 5
4,491.0
4,608.2
4,829.5
5,131.4
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,305.2
4,539.2
4,663.9
4,752.4
4,806.8
4,793.9
4,964.9
5,031.1
5,094.0
5,138.5
5,262.0
5,308.7
:.
2,921.3
3,100.2
3,297.6
3,404.8
3,591.2
3,780.4
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,162.8
3,344.2
3,459.1
3,514.2
3,564.9
3,614.7
3,671.0
3,713.1
3,761.1
3,801.7
3,845.8
3,920.0
3,979.3
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
30.9
40.2
41.9
36.7
44.4
37.3
10.2
6.3
21.9
17.8
23.6
42.4
30.9
38.4
43.8
36.6
49.0
43.7
38.8
46.0
49.6
39.4
15.8
44.4
47.2
37.6
4.3
-13.5
-14.2
- 10.5
-5.5
24.1
24.1
22.2
24.3
14.0
4.7
6.8
2.8
-21.6
11 1
— 8.1
64
-5.4
-15.5
5.1
16.5
23.4
26.3
30.3
15.3
33.1
293.4
307.0
321.4
339.5
374.4
404.3
169.6
193.8
217.7
250.9
260.9
282.6
302.5
311.4
325.1
349.8
361.9
369.1
374.0
392.4
394.8
399.4
404.5
418.5
423.8
431.8
1
Includes employer contributions for social insurance. (See also p. 5.)
NOTB.—-See Note, p. 1.
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Profits
before tax
Total
365.0
362.8
380.6
390.3
405.1
485.8
150.3
229.1
261.3
284.9
264.6
343.3
378.3
354.5
362.8
394.7
412.1
412.6
363.2
432.5
442.5
473.1
493.5
533.9
508.2
Inventory
valuation
adjustment
347.5
342.9
365.7
365.2
395.9
462.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
397.0
413.5
359.5
413.5
432.7
456.6
458.7
501.7
483.5
320.3
325.4
354.7
370.9
389.4
456.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
393.0
396.9
352.3
415.6
421.5
446.6
461.7
495.1
471.2
Capital
consumption
adjustment
Net
interest
44.7
37.4
25.9
19.4
15.7
29.5
-9.6
12.9
37.7
56.9
39.6
49.9
37.9
33.9
13.5
22.4
19.0
15.8
10.9
16.9
21.0
26.5
31.7
38.8
37.0
37.3
387.7
452.7
463.7
447.4
420.0
399.5
256.8
281.8
321.1
331.9
349.7
368.6
408.1
459.8
474.4
431.8
421.6
421.9
418.7
418.0
414.6
397.6
396.7
389.1
394.2
-27.3
-17.5
-11.0
5.8
64
-6.2
86
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-19.5
8
-4.0
-16.6
-7.3
2.1
— 11.2
-10.0
3.0
-6.5
-12.3
- 10.3
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
IVriod
1988
1989
1990
1991 r.
1992 '
1993 '.
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
198H: IV
198S: IV
1990: IV
1991: IV '....
1992: I '
II '.
Ill '....
IV r.....
1993: I '
II '.
Ill '....
IV '.....
1994: I '
II "
Total
persona!
consumption
expenditures
3,162.4
3,223.3
3,272.6
3,259.4
3,349.5
3,458.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,242.0
3,265.9
3,265.3
3,311.4
3,325.4
3,357.6
3,403.4
3,417.2
3,439.2
3,472.2
3,506.2
3,546.3
3,557.1
Total
durable
goods
428.7
440.7
443.1
425.3
452.6
489.9
272.3
319.1
347.7
369.6
415.7
404.7
439.2
436.8
433.2
427.7
443.4
443.8
454.5
468.8
472.5
483.7
492.7
510.8
521.7
522.8
Motor
vehicles
and
parts
194.8
196.4
192.7
170.0
181.8
196.1
123.7
151.6
164.3
173.9
193.6
183.6
197.7
188.3
182.1
171.6
179.8
178.6
180.6
188.2
189.7
195.1
195.0
204.7
213.7
208.9
1
Includes other items, not shown separately.
NOTK.—See Note, p. 1.
Furniture and
household
equipment
Other
78.5
78.5
78.7
171.6
179.2
76.1
193.3
77.5
214.1
79.7
96.4
52.3
109.3
58.1
118.7
64.8
128.6
67.1
141.4
80.7
145.9
75.2
160.3
81.2
167.9 . 80.5
172.3
78.8
181.2
74.9
187.2
76.3
188.8
76.3
195.3
78.6
202.0
78.6
205.2
77.6
209.9
78.7
216.6
81.1
224.6
81.5
225.9
82.0
230.7
83.2
155.4
165.8
Total
nondurable goods
1,035.1
1,051.6
1,060.7
1,047.7
1,057.7
1,078.5
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,058.9
1,057.5
1,040.4
1,051.1
1,049.3
1,056.4
1,074.2
1,070.0
1,074.3
1,081.7
1,088.0
1,098.3
1,100.2
Food
513.4
515.0
523.9
518.8
514.7
524.0
458.3
467.1
475.1
488.2
496.9
502.4
518.0
515.6
525.8
514.9
515.6
509.9
511.5
522.0
520.7
522.3
525.1
528.1
531.9
533.6
Clothing
and
shoes
178.9
187.8
186.2
184.7
193.2
197.8
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.9
184.5
182.8
188.9
190.6
194.9
198.7
194.0
196.1
198.6
202.4
203.8
204.2
Gasoline
and oil
86.1
87.3
86.4
83.1
85.6
86.5
73.4
76.9
79.0
79.5
84.6
85.4
87.5
88.6
84.6
82.4
84.3
85.3
86.6
86.0
86.1
85.7
87.5
86.6
86.1
86.2
Retail sales of new
passenger cars
(millions of units)
Services
Nondurable goods
Fuel
oil and
coal
12.0
11.4
10.5
10.7
11.2
12.1
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.0
9.5
10.7
10.7
12.0
10.8
11.3
12.0
11.8
12.2
12.2
13.4
11.1
Other
244.7
250.2
253.8
250.5
253.0
258.2
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.8
253.1
249.7
251.6
251.5
252.6
256.3
257.2
258.3
258.4
258.8
263.1
265.1
Total
services '
Housing
1,698.5
1,731.0
1,768.8
1,786.3
1,839.1
1,890.3
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,746.3
1,775.2
1,797.3
1,817.0
1,832.3
1,846.7
1,860.4
1,874.8
1,881.2
1,897.8
1,907.4
1,926.3
1,934.1
461.8
469.2
474.6
479.0
485.2
492.6
411.0
419.7
431.3
438.1
444.8
457.0
465.6
471.3
475.9
481.4
482.6
484.2
486.1
487.8
489.8
491.5
493.7
495.4
497.7
500.1
:e: Department of Commerce, Bureau of Economic Analysis.
Medical
care
399.4
408.6
424.6
437.7
454.3
466.4
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.8
429.4
444.7
448.5
453.1
456.6
459.0
463.1
464.3
467.6
470.4
473.2
476.1
Domestics
7.5
7.1
6.9
6.1
6.3
6.7
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
6.6
6.1
6.1
6.2
6.3
6.4
6.4
6.9
6.7
7.1
7.4
7.2
Imports
3.1
2.8
2.6
2.3
2.1
2.0
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.4
2.2
2.2
2.2
2.0
2.0
2.0
2.1
2.0
1.9
2.0
2.0
SOURCES OF PERSONAL INCOME
Personal income rose $4.9 billion (annual rate) in June, following a rise of $23.4 billion in May. Wages and
salaries rose $1.4 billion in June, after rising $24.8 billion in May. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
WAGE AND SALARY DISBURSEMENTS
2,000
2,000
1,400
1,400
\"
OTHER INCOME
TRANSFER PAYMENTS
800
800
V...
400
I I I I I I I II I I
400
1986
1987
1988
1990
1989
1991
1992
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1986
1987...
persona]
income
3,590.4
1988
1989
1990
1991 r
1992 '
1993 r.
1993- June '
July '
Aue '
Sept r
Oct T
Nov r
Dec r
1994: Jan r
Feb r
Mar '
May '
June "
3 8020
40759
43803
4673 8
48603
5 154 3
5375 1
5 361 1
5,356 1
54154
5,416.3
54544
5482 8
55167
5,483.9
55760
5607 5
56356
5,659.0
56639
Wage and
salary
disbursements 1
2,105.4
2261 2
2 443 0
2,586.4
2 7450
2,816.1
2974 8
3,080.8
30869
3,103.2
3 1247
3,119.6
3 1385
3 1460
3,160.8
3,198.2
3,206.7
3 220 1
3,241.5
3,266.3
3,267.7
Proprietor? income 3
Other labor
income ' z
200.7
2104
2305
251 9
274 3
2990
328 7
3553
353 9
356.3
358 8
361.4
3640
3667
3696
371.4
3732
3750
3767
378.4
380.1
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.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Farm
Nonfarm
22.3
31 3
309
40.2
41 9
36.7
444
37.3
27 1
3.7
21 9
21.8
31.4
480
53.9
43.1
49.5
488
46.5
36.3
30.0
5
261.5
2790
2934
3070
321 4
3395
3744
404.3
403 9
401.8
4056
406.0
4145
418 3
422 7
418.2
4243
4290
430.2
432.1
433.2
Less:
income of
persons 4
87
32
43
— 135
14 2
— 105
55
24 1
23 7
21 1
284
29.3
296
30 1
31 4
— 27.0
346
384
343
33.6
31 4
dividend
income
104.7
1004
1084
126.5
1444
150.5
161 0
181.3
181 2
182.1
182 9
183.5
1839
184 1
184.3
184.5
185.4
187 1
189.9
191.8
193.4
interest
income
531.7
548 1
583 2
6682
698 2
695 1
665 2
637.9
631 3
633.3
634 7
634.3
6309
627 3
6249
627.9
631 1
6344
6392
643.9
6489
payments 5
517.8
542 2
576 7
625.0
687 6
770.1
8602
915.4
914 9
917.5
922 7
924.6
927.5
928 8
936.8
943.2
947.4
951 5
955.5
956.2
959.2
contributions
for social
insurance
personal
income 6
162.1
3,545.6
173 6
194 5
211 4
224 9
2362
248 7
261.3
261 8
262.9
3 7494
4 023 9
43180
4 6086
4801 8
50894
5,3166
5 312 7
5,331 2
5 372 1
5,373.0
5401 4
5 413 1
2645
264.1
2658
2664
2675
275.7
2762
2769
278.3
279.7
279.9
5441 1
5,418.6
5504 3
5 536 4
55667
5,600.1
5611 3
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in 1987 dollars rose in the second quarter
of 1994. (Series revised.)
BILLIONS OF DOLLARS' (RATIO SCALE|
BILLIONS OF DOLLARS' (RATIO SCALE]
2,500
2,500
2,000
2,000
DOLLARS* (RATIO SCALE)
DOLLARS* (RATIO SCALE]
PER CAPITA DISPOSABLE PERSONAL INCOME
f-~-
18,000
CURRENT DOLLARS
\
16,000
1r—
16,000
^T^
14,000
__^^
__--
*" *" *~,"^-
^
12,000
-
18,000
"
~~
^
-^ .
14,000
=~^ ~~\
987 DOHA PS
12,000
""""""
10,000
8,000
\
\
\
1982
10,000
^
i * i i
1983
i i
1984
I
1985
1
1
1986
i ii
1987
!
1
i
1988
I
I
!
1989
t
i
i i i
i
1991
1990
i i i
1992
!
1
1993
I
I
!
8,000
1
1994
COUNOL OF ECONOMIC ADVISERS
Personal
income
' """'
Loss:
Personal
nontax
payments
Kuirils*
Disposable
persona!
ineome
Less:
Personal
outlays '
Equals:
saving
Disposable
personal
income in
I!)87
dollars
(billions)
Onrrent
dollars
. .
3,802.0
4,075.9
4,380.3
4,673.8
4,860.3
5,154.3
5,375.1
512.5
527.7
593.3
623.3
623.7
648.6
686.4
3,289.5
3,548.2
3,787.0
4,050.5
4,236.6
4,505.8
4,688.7
1887
dollars
Current
dollars
1SI87
dollars
142.0
155.7
152.1
170.0
211.6
247.9
192.6
3,147.5
3,392.5
3,634.9
3,880.6
4,025.0
4,257.8
4.496.2
3,289.5
3,404.3
3,464.9
3,524.5
3,538.5
3,648.1
3,704.1
13,545
14,477
15,307
16,205
16,766
17,636
18,153
Percent
chi igc in
re 1 per
t pita
dis osahle
pe sonal
Saving as
percent of
disposable
personal
in 'ome
Population,
including
Armed
overseas
(ihousands) 2
Percent
Dollars
Billions of dollars
1987
1988
1989
1990 .
1991 r.
1992 r
1993 r.
Per capita persona!
consumption
expenditures
Per capita
disposable persona!
income
13,545
13.890
14,005
14,101
14,003
14,279
14,341
12,568
13,448
14,241
15,048
15,444
16,192
16,951
12,568
12,903
13,029
13,093
12,899
13,110
13,391
-0.1
2.5
.8
.7
— .7
2.0
.4
4.3
4.4
4.0
4.2
5.0
5.5
4.1
242,860
245,093
247,397
249,951
252,688
255,484
258,290
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,491
15,283
15,588
15,900
16,065
16,235
16,566
16,693
16,856
17,017
17,233
17,443
17,591
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,053
13,010
12,868
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.8
-1.7
.7
7.7
6.8
7.9
6.0
4.8
5.0
4.3
3.9
4.3
5.2
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,372
251,035
253,758
13,018
13,037
13,122
13,262
4.9
.9
.5
9.3
5.3
5.5
5.0
6.2
254,369
255,076
255,865
256,626
13,283
13,335
13,425
13,519
13,640
13,648
-8.3
3.7
4
3.2
2.3
2.0
4.0
4.6
3.9
4.0
3.6
4.0
257,262
257,908
258,635
259,356
259,997
260,636
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
IV
IV
IV
IV
IV
IV
IV
IV
IV ....
IV ' ..
Ir
II '....
Ill r..
IV r...
1993: I r
II '....
Ill rr..
IV ...
1994: I r
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 i
4,759.1
4,934.2
5,032.4
5,101.9
5,148.1
5,335.0
5,255.5
5,364.5
5,395.9
5,484.6
5,555.8
5,652.8
372.1
371.6
413.4
448.8
478.5
528.6
54:10
605.1
625.2
631.2
631.3
638.7
648.1
676.2
657.3
685.9
695.4
707.0
723.0
746.2
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,853.2
3,864.3
4,133,9
4,303.0
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3.496.7
3,715.5
3,957.7
4,078.4
4,401.1
4,463.2
4,500.0
4,658.8
4,166.4
4,219.4
4.274,2
4,371.4
4,598.2
4,678.6
4,700.5
4,777.6
4,832.8
4,906.7
4,413.7
4,464.6
4,518.2
4,588.2
4,657.3
4,710.6
1
Includes persona! consumption expenditures, in1
lews to rest of the world (net).
2
Annual data are averages of quarterly data, which are averages for the period.
183.8
176.3
222.6
179.2
151 1
169,8
156.4
148.8
176.2
224.6
234.7
243.8
225.8
287.4
184.6
214.0
182.3
189.4
175.5
196.1
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,480.9
3,519.0
3,552.1
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,558
16,467
16,957
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,015
14,018
13,998
3,603.5
3,621.9
3,637.2
3,729.6
17,302
17,498
17,587
18,154
14,166
14,199
14,215
14,533
3,658.9
3,701.3
3,708.4
3,747.8
3,779.2
3,806.8
17,874
18,141
18,174
18,421
18,588
18,826
14,222
14,351
14,338
14,451
14,535
14,606
NOTK.—See Note, p. i.
Source: Department of On
and Bureau of the Oei
FARM INCOME
In the first quarter of 1994, according to preliminary estimates, gross farm income rose $4.2 billion (annual rate)
and net farm income rose $4.8 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
160
\_^.
^•^
^^—
120
1
M
GROSS FAR,M
,. — i
1
^^ "
240
200
N/
160
120
INCOME
80
80
60
60
A
\
;v '
\
»
\
--I.
/
'\
1 t
\^
'-^/
40
>
V
\
i' V
'
\
X-
40
\ /
U
*
^N
NETFAR^\ INCOME
20
20
\J
1
1 ft I
10
10
1/
It
2
1
1
1982
i i i
1985
(
1983
1984
i i i
1987
1986
1
1988
1
1
!
1
1
1990
1989
1
1
!
1991
" SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of AGRICULTURE
i i i
1992
i
i i
i i i
1993
2
1994
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1991: III
TV
1992- I
II
III
IV
1993- I
II
Ill
IV
1994: I p
168.0
161.2
156.1
168.5
175.8
190.9
196.4
190.3
197.7
195.3
186.8
192.7
199.6
202.8
197.3
191.3
194.5
201.7
181.6
203.5
207.7
142.8
144.1
135.4
141.8
151.2
161.2
170.0
168.7
171.2
172.9
172.2
169.4
167.1
174.2
178.9
164.5
168.3
178.8
172.9
171.6
171.6
Livestock and
products
69.9
74.3
63.8
65.9
71.7
77.0
80.1
81.9
84.8
82.6
87.3
84.4
82.9
88.1
93.6
74.6
81.3
86.5
82.2
80.6
80.9
72.9
69.8
71.6
76.0
79.4
84.1
89.8
86.8
86.4
90.3
84.9
85.0
84.2
86.0
85.3
89.9
87.1
92.4
90.7
91.0
90.6
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during (lie year.
Crops
3
Value of
inventory
changes 2
6.0
23
-2.2
23
-3.4
4.8
3.4
3
3.8
—4 1
.1
31
4.7
4.3
3.5
2.5
73
-5.8
67
3.4
6.8
Production
expenses
Current
dollars
141.9
132.4
125.1
128.8
137.0
144.0
149.9
150.3
149.1
151.4
151.7
152.2
146.3
148.6
150.4
151.0
148.6
150.9
152.8
153.3
152.7
26.1
28.8
31.1
39.7
38.8
46.9
46.5
40.0
48.6
43.9
35.2
40.5
53.3
54.2
46.8
40.3
45.9
50.8
28.9
50.2
55.0
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator ho
Sources: Department of Agriculture and Department of Commerce.
1987 dollars 3
28.7
30.5
32.0
39.7
37.3
43.2
41.0
34.0
40.2
r
35.5
29.8
34.1
r
44.5
r
44.9
38.6
r
33.1
r
37.3
r
41.2
r
23.4
r
40.5
r
44.0
CORPORATE PROFITS
In the first quarter of 1994, according to revised estimates, corporate profits before tax fell $18.2 billion (annual
rate) and profits after tax fell $10.8 billion. The estimates reflect the effects of the Northridge earthquake. (Series
revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
550
550
5EASONAUY AQJUSTH) ANNUAL RATES
_500
/'
&*"
/
450
400
TS BEFORE
V
350
S\
rAv
450
-
1
400
V
r-^
\s
350
-
S
300
r~-.
250
1
v_y
\.
r~O
200
S
150
~
/
/
100
50
~~
/
s
^
s
y
s'\
\/
/
250
-
s. — *~ — \
.-#••/
\
'
**-•>
-<'
***• +
^s
\
\.
0
i i i
\ \ \
1982
1983
-
1
1
1
1984
1
1 1
1985
t
S
/
s*
\
200
''
150
/
t
\
X
N
\
S-—'
_\-. ' .^. \/f
'•"^
N._
'•-•^ s "~"
f
s
/"
lAXUABILTT '
s
N.
s~-'
S""*
•». >-•
/
-
s
t
--—x-J
300
./
wr3FITS AFTER TAX
„.•"
\~
/•" \
-
^,
100
* "" '
V"
50
-
'UNDISTRI KJTEDPRO ITS
i i i
i i
1986
i
1987
i i
1
!
1 1 i
1990
1
1989
1988
500
V '"*"
\
1 1 1
\ \
1991
1992
SOURCE: MRAKTMENTOFCOMMERGE
1 1 1
1993
i ii
0
1994
CCXJNCILOFECON DMICADV1SKS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
1986
1987
1988
1989
1990
1991 '
1992 '
1993 '
1982- IV
1983: IV
1984- IV
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- IV
1991- IV '
1992- I '
II T
III '
IV r
1993- I r
II '
III '
IV r
1994- I '
II '
1
2
227.6
273.4
320.3
325.4
354.7
370.9
389.4
456.2
160.0
216.2
223.6
228.0
225.0
293.4
340.5
320.6
349.3
372.3
393.0
396.9
352.3
415.6
421.5
446.6
461.7
495.1
471.2
194.6
233.9
271 2
266.0
286.7
302.4
328.8
391.0
130.8
182.6
192.9
193.5
192.5
246.3
285.9
254.8
273.8
301.4
329.5
333.2
291.6
361.0
354.0
383.8
392.6
433.4
410.1
Financial
35.8
36.4
41.8
50.6
65.7
84.3
81.9
103.7
23.0
22.1
20.3
29.0
34.7
39.4
46.1
52.5
66.6
84.6
100.9
91.2
48.8
86.7
95.9
100.1
103.9
114.6
89.6
See i>. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Total
3
158.9
197.5
229.4
215.3
221.1
218.1
246.9
287.3
107.8
160.5
172.6
164.5
157.8
207.0
239.7
202.3
207.2
216.8
228.6
242.0
242.8
274.3
258.0
283.7
288.7
318.8
320.5
Manufacturing
Wholesale and
retail
trade
59.0
87.0
117.5
108.0
109.1
90.1
94.5
114.2
50.1
90.5
79.2
83.3
63.9
98.7
129.3
94.5
98.5
85.3
88.1
93.0
95.6
101.3
96.2
114.2
112.4
134.2
145.1
46.3
39.9
37.1
39.7
37.2
46.7
54.8
61.2
33.8
40.7
50.8
39.0
43.1
39.3
39.3
39.2
36.2
47.4
46.7
55.6
52.5
64.6
56.0
63.3
62.0
63.7
59.0
3
Profits
before
tax
217.8
287.9
347.5
342.9
365.7
365.2
395.9
462.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
334.1
368.9
373.1
397.0
413.5
359.5
413.5
432.7
456.6
458.7
501.7
483.5
Tax
liability
106.5
127.1
137.0
141.3
138.7
131.1
139.7
173.2
58.7
82.2
83.8
97.6
116.6
135.2
146.2
134.2
137.0
133.1
139.6
146.0
124.6
148.6
159.8
171.8
169.9
191.5
184.1
Total
111.3
160.8
210.5
201.6
227.1
234.1
256.2
289.2
109.9
141.6
136.3
134.2
119.2
176.0
226.0
200.0
231.8
240.0
257.4
267.5
234.9
264.8
273.0
284.8
288.9
310.2
299.4
Dividends
109.8
106.2
115.3
134.6
153.5
160.0
171.1
191.7
72.5
84.2
83.4
97.4
111.0
106.3
121.0
141.3
153.7
160.9
161.0
166.8
174.4
182.1
188.2
190.7
193.2
194.6
196.3
202.5
Includes industries not shown separately.
NOTE.—See Note, p. 1.
Source: Department of Commerce, Bureau of Kconomlc Analysis.
Undistributed
profits
1.6
54.6
95.2
67.1
73.6
74.1
85.1
97.5
37.5
57.4
52.9
36.9
8.2
69.7
105.0
58.7
78.1
79.1
96.4
100.8
60.5
82.7
84.7
94.1
95.6
115.6
103.0
Inventory
valuation
ment
9.7
145
-27.3
-17.5
11.0
5.8
-6.4
-6.2
8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
13.5
-19.5
.8
-4.0
16.6
-7.3
2.1
-11.2
10.0
3.0
6.5
-12.3
- 10.3
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
In the second quarter of 1994, according to advance estimates, nonresidential fixed investment in 1987 dollars
rose $15.5 billion (annual rate) and residential investment rose $3.9 billion. There was a $54.0 billion increase in
inventories, following an increase of $25.4 billion in the first quarter. (Series revised.)
BILLIONS OF 1987 DOLLARS
BILLIONS OF 1987 DOLLARS
1,000
1,000
SEASONALLY ADJUSTED ANNUAL RATES
900
r~i
800
700
-v
600
500
/
-
"* •»•.
r~^
^
—«. •«.
s
s
^-^f ~
\_
GROSS PRIVATE DOMESTIC
INVESTMENT
IX- ^
f
yi
s
s
\
900
800
700
^
^f
/
s **
600
^
^ ~"
500
\
NONRESIDENTIAL
FIXED INVESTMENT
s'
400
400
RESIDE NTIAL
FIXED INV
300
300
\
200
-.200
,**"*"
.....
CHA NGE IN BL SINESS
INVENTOR ES
^
100
"• "* %
/
0
X ^
-'
-100
/
i i i
i i i
1982
1983
1 1 1
1984
X
^*
111
1985
100
\
/
'\
' -•»
s
,
•• *
i
i i
1986
•-'
'"*
0
\ ,
i
i i
1987
i
i
i
i
i i
1
1989
1988
1
1
1990
,
i i
!
1
1
1992
1991
SOURCE: DEPARTMENT OF COMMERCE
i i i
1 1 1
1994
1993
-100
COUNCIL CF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
1Aixed iiivestmen
Gross
Period
domestic
investment
1986
1987
1988
1989
lf)90
1991 '
1992 r
1993 r
1982198319841985198619871988198919901991-
.
...
IV
IV
IV
IV
IV
IV
IV
IV
IV
IV *
1992- I r
II T
III '
IV r
1993- 1 '
11 r
III '
IV '
.
. . . . .
.
...
..
...
..
.
.
1994- T r
II p
.
NOTR.—Sec Note, p. 1.
n,anKc il business
Nouresideiitwl
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
735 1
749.3
773.4
784.0
746.8
683 8
725.3
8)99
7265
723.0
7534
754.2
741.1
6849
722.9
8046
500.3
497.8
530.8
540.0
546.5
515.4
525.9
591.6
176.6
171.3
174.0
177.6
179.5
160.6
H9.8
147.7
323.7
326.5
356.8
362.5
367.0
354.9
376.2
443.9
226.2
225.2
222.7
214.2
194.5
169.5
196.9
213.0
8.5
26.3
19.9
29.8
5.7
-1.1
2.5
15.3
503.5
6695
756.4
763.1
705.9
793.8
785.0
769.5
695 7
697.9
548.4
6402
708.4
7329
725.9
733.9
764.1
744.6
7166
684.4
417.2
173.2
162.6
189.5
198.3
170.4
177.9
175.7
179.8
172.8
151.4
244.0
287.0
320.1
327.2
325.0
332.7
363.1
356.9
367.4
355.5
131.2
449.6
509.6
525.5
495.5
510.6
538.8
536.7
540.2
506.9
190.6
198.8
207.4
230.5
223.3
225.3
208.0
176.3
177.5
-44.9
29 3
47.9
30.2
-20.1
687.2
725.5
733.3
755.2
693.5
721.3
728.1
748.6
506.8
524.8
531.2
540.9
152.5
151.9
148.4
146.3
354.3
372.9
382.8
394.6
186.7
196.5
196.9
207.7
-6.3
4.2
5.2
6.6
789.2
806.2
821.8
862.5
770.7
787.3
808.8
851.7
560.3
581.0
597.9
627.2
147.2
147.3
147.5
210.4
206.3
18.5
18.9
13.0
10.8
19.7
22.8
148.7
413.0
433.7
450.3
478.5
898 9
946.8
8734
892.8
643.6
659.1
144.1
150.3
499.4
508.7
229.9
25.4
54.0
22 1
50.0
1
Source: Department of ('uiiimem', Bureau ot Keon
211.0
224.5
233.8
59.9
20.9
249
-20.9
13.5
10.6
32.7
26.9
29.9
3.2
-1.3
— 2.0
18.5
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
31.2
-18.7
14.6
- 14.3
-1.9
1.8
6.3
20.9
10.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1994 survey, business spending for new plant and equipment is
expected to rise 8.3 percent in 1994, following a rise of 7.1 percent in 1993.
BILLIONS OF DOLLARS (RATIO SCALE]
BILLIONS OF DOLLARS (RATIO SCALE]
700
700
SEASONALLY ADJUSTED ANNUAL RATES
600
500
400
300
NONMANUFACTURING-17
200
-''
\
MANUFACTURING
U SURVEYED QUARTERLY
i/SEE FOOTNOTE 4 8ELOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
Period
All
industries
Total
Durable
goods
Nonmanufacturing
Nondurable
goods
Total '
Transportation
Mining
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
1 984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 4
373 83
410.12
399.36
410 5y
455.49
507.40
532.61
528.39
546.60
585.64
634.02
139 6!
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.18
191.60
6-! 57
70.87
65.68
68.03
77.04
82.56
82.58
77.64
73.32
81.33
90.12
75 0-1
82.01
72.28
73.03
86.41
101.24
110.04
105.17
100.69
97.84
101.49
1 1 86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.88
10.03
10.75
1 •} Ad
14.57
15.05
15.07
16.63
18.84
21.47
22.66
22.64
21.87
21.36
."7 r^'t
59.58
56.61
56.26
60.37
66.28
67.21
66.57
72.21
75.72
77.66
I t ^ l SO
/Ufi SR
1 '-IQ K1
97S 77
9'ZA 99
257.24
261.40
269.46
292.04
323.60
339.99
345.58
372.58
406.46
442.41
171.09
181.59
189.84
205.76
229.28
241.43
246.32
268.84
298.83
332.65
454.93
447.11
461.51
508.22
563.93
591.96
587.93
607.71
649.32
152.88
137.95
141.06
163.45
183.80
192.61
182.81
174.02
179.18
191 60
302.05
309.16
320.45
344.77
380.13
399.34
405.12
433.69
470.14
257.24
261.40
269.46
292.O4
323.60
339.99
345.58
372.58
406.46
442.41
1992: I
II
Ill
IV
534.85
541.41
547.40
559.24
173.82
171.98
172.86
176.86
73.98
74.07
72.09
73.30
99.85
97.91
100.77
103.56
361.03
369.44
374.54
382.38
8.92
9.20
8.98
8.47
21.83
23.15
23.91
21.60
69.00
72.63
72.18
74.07
261.27
264.46
269.46
278.24
173.82
171.98
172.86
176.86
361.03
369.44
374.54
382.38
1993: I
II
Ill
IV
564.13
579.79
594.11
604.51
175.05
177.09
182.17
182.40
79.11
80.88
81.99
83.35
95.94
96.21
100.18
99.04
389.08
402.70
411.94
422.11
8.89
9.10
11.14
10.98
22.47
21.58
21.70
21.73
73.51
74.55
75.62
79.21
284.21
297.46
303.47
310.20
17505
177.09
182 17
18240
389 08
402.70
411 94
422.11
1994' I
II*
Ill 4
IV
619.11
637.14
639.71
640.12
186.04
194.96
192.07
193.36
86.98
92.42
90.86
90.20
99.06
102.54
101.21
103.16
433.07
442.18
447.64
446.76
11.30
10.34
10.79
10.55
21.91
20.10
22.16
21.29
72.89
77.30
80.04
80.40
326.98
334.44
334.65
334.52
186.04
194.96
192 07
193.36
433.07
442.18
447 64
446.76
9Q.4 99
1
Kxcl fes forestry, fisheries, ami agricultural services; professional services; social services :iiul
members! |i organizations; ;in<l real estate, which, effective with the April-May 1!JH4 survey, are no
vcved quarterly. See last {-01111011 {" nun ma nul'jict tiring surveyed annually") for data for
:tries.
idustries" [this the part of Monmamilacturing that is surveyed annually.
10
Surveyed
annual|,.3
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
61.11
63.68
3
Consists of forestry, fisheries, and agricultural services; professional services; social services and
membership organizations; and real estate.
M'lanned capital expenditures as reported by business in April-May U>i)4, corrected tor biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In June, civilian employment fell 442,000 and unemployment fell 85,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS *
134
134
SEASONALLY ADJUSTED
130
130
CIVILIAN LABOR FORCE
126
126
\
122
122
118
118
\
CIVILIAN
EMPLOYMENT
114
114
110
110
106
106
12
12
UNEMPLOYMENT
1986
1988
1987
1989
IIIIIIlIIII
1990
1991
1992
1993
1994
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted exeept as noted by NSA]
Unemployment
Civilian emplovment
Period
tional
population
mehi(ling
resilient
Armed
Forces
NSA
Resident
Armed
Forces
NSA
1987
1988
1989
1990
1991
1992
1993
182,293
184,490
180,322
188,081
189,686
191,329
193,142
195,034
1,697
1,706
1,706
1,737
1,709
1,688
,637
,564
,566
,485
1993:
June
July
Aug
Sent
Oct
Nov
Dec
194,933
195,104
195,275
195,453
195,626
185,791
195,993
,477
,471
,482
,482
,475
1,470
1,461
1984
1985
1986 3
1994:
.Ian 4
Feh
Mar
May
178,080
179,912
including
resident
Armed
Fom's
Employment
including
resident
Armed
Forees
Nonagr enltunil
Civilian
labor foree
Total
I'art time
tor
eeonnmil'
reasons 1
Total
IT)
weeks
and over
<l 'ee ) 2
Hmplovint'iit/
population
ratio
(]«-r%
115,241
117,167
119,540
121,602
123,878
125,557
126,424
126,867
128,548
129,525
106,702
108,856
111,303
114,177
116,677
1 19,030
1 19,550
118,440
119,164
120,791
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
126,982
128,040
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
117,598
119,306
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
3,207
3,074
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
114,391
116,232
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
6,116
6,106
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
9,384
8,734
2,737
2,305
2,232
1 ,983
1,610
1,375
1,504
2,323
3,354
3,052
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
66.3
66.2
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
61.4
61.6
129,533
129,573
129,816
129,590
130,055
130,132
130,359
120,664
120,841
121,174
121,050
121,416
121,802
122 122
128,056
128,102
128,334
128,108
128,580
128,662
128,898
119,187
119,370
119,692
119,568
119,941
120,332
120,661
3,031
3,043
3,005
3,093
3,021
3,114
3,096
116,156
116,327
116,687
116,475
116,920
117,218
117,565
6,192
6,213
6,216
6,173
5,957
5,904
5,934
8,869
8,732
8,642
8,540
8,639
8,330
8,237
3,025
3,007
3,000
3,047
3,030
2,971
2,864
66.2
66.2
66.2
66.0
66.2
66.2
66.3
61.6
61.6
61.8
61.6
61.8
61.9
62.0
130,667
130,776
130,580
130,747
130,774
130,248
121,971
122,258
122,037
122,338
122,872
122,430
3,331
3,391
3,426
3,459
3,435
3,235
118,639
118,866
118,611
118,880
119,437
119,195
4,842
4,384
4,762
4,613
4,688
4,590
8,696
8,518
8,543
8,408
7,902
7,817
3,027
3,103
3,110
2,951
2,801
2,683
66.7
66.7
66.6
66.6
66.5
66.2
62.2
62.3
62.2
62.3
62.5
62.2
1
Persons at work. Economic reasons include slack work, material shortages, inability In find fulltime work, etc.
'
2
Civilian labor force (or employment) as percent of civilian noninstiUitional population.
;i
Not strictly comparable with Vnrlirr data.
Total
Agricultural
Civiian
1 lor
1 ee
ji; ieip on
e
4
Data beginning January 191)4 are J)ascd on the revised Current I'opuh tion Survey and arc not
directly eumiarable with da'fa for car ier periods. For details, see Kiitfifayincnf and /v<nm«/.s, Febriuiry *1SW4.
Source: Department of Labor, Bureau of Labor Statistic.
11
SELECTED UNEMPLOYMENT RATES
In June, the civilian unemployment rate remained at 6.0 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT * (SEASONALLY ADJUSTED)
25
TEENAGERS
(16-19)
20
V^
15
15
10
10
ML .
/V ^
VA
•vv
VvH
MEN 2 3 YEARS
AND OVER
^.
LX-.<f^. ~s.
£Z^ .—•—^
\
we3MEN 20 YE/
i,RS
AND OVER
t M 1 111 11 11
1 n n i 1 1 1 n II 1 II 1 1 1 1 1 1
1990
1994
1990
1 1 II 1 1 1 1 M I
1992
1991
*UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1993
1 1 1 n 11 1 1 11
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Unemployment
rate,
all
workers l
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
7.3
6.7
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.7
7.4
6.8
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
7.0
6.4
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
6.3
5.9
1993: June ...
July ....
Aug ....
Sept ....
Oct
Nov ....
Dec
6.8
6.7
6.7
6.6
6.6
6.4
6.3
6.9
6.8
6.7
6.7
6.7
6.5
6.4
6.5
6.5
6.4
6.3
6.2
5.9
5.8
6.7
6.5
6.5
6.4
6.0
6.0
5.9
6.0
5.8
5.6
5.2
5.3
Period
1994- Jan 4
Feb
Mar
Apr
1
3
12
Labor
force
time lost
(percent) 3
White
Black
and
other
Black
Experienced
wage and
salary
workers
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
20.0
19.0
6.5
6.2
6.0
5.3
4.7
4.5
4.7
6.0
6.5
6.0
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
12.7
11.7
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
14.1
12.9
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
7.1
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
5.0
4.4
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.9
9.5
7.5
7.1
6.9
6.0
5.3
5.1
5.4
6.7
7.4
6.8
7.4
7.5
7.4
6.9
6.4
6.2
6.3
6.9
7.4
7.1
8.6
8.1
7.9
7.1
6.3
5.9
6.2
7.6
8.3
7.7
5.9
5.8
5.7
5.8
5.8
5.7
5.7
19.5
18.4
18.4
17.9
18.9
18.3
17.8
6.1
6.0
5.9
5.8
6.1
5.6
5.6
12.0
11.6
11.5
11.4
10.9
11.3
10.7
13.3
12.8
12.5
12.5
11.9
12.5
11.5
6.6
6.5
6.4
6.3
6.4
6.2
6.2
4.4
4.5
4.4
4.2
4.4
4.0
3.9
9.7
9.6
9.0
9.0
9.3
9.0
10.2
6.9
6.8
6.7
6.6
6.6
6.3
6.4
7.1
6.7
6.8
6.9
7.2
6.9
6.6
7.8
7.8
7.7
7.5
7.6
7.2
7.2
6.0
5.7
6.0
5.6
5.4
5.4
18.4
17.9
17.8
19.9
18.3
16.9
5.8
5.6
5.7
5.6
5.2
5.3
11.6
11.3
11.3
10.8
10.4
10.2
13.1
12.9
12.5
11.8
11.5
11.2
6.6
6.4
6.4
6.2
5.8
5.9
4.1
4.3
4.1
3.9
3.7
3.5
9.4
9.7
9.6
9.1
8.9
8.7
6.8
6.6
6.6
6.4
6.0
6.1
6.2
5.9
6.3
6.5
6.2
5.8
Both
sexes
Ifi-U)
years
lTncmp!ovcd as percent of total labor force including; resident Armed Forces.
K.'vised definition; for details, sec Km/iloyittrHt ami Kantint/H, February 19!W.
Aggregate hours lost by the unemployed ;md persons on part time for economic
nt of potentially available labor force hours.
2
By selected groups
By race
By sex and age
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers 2
Parttime
workers 2
4
Diitn beginning January 1994 are based on tlie revised Current Population Survey and are not
directly comparable witb data for earlier periods. For details, see Kwphympn( nnd Ktii-niiiytt, Februarv HI94.
Source: Department of Labor. Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In June, there were increases in the percentages of the unemployed who had been out of work for less than 5
weeks and for 15-26 weeks; the percentage for 5-14 weeks was unchanged; and the percentage for 27 weeks
and over fell. The mean duration of unemployment fell to 18.3 weeks and the median duration fell to 8.9 weeks.
PERCENT DISTRIBUTION '
PERCENT DISTRIBUTION '
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
? »
JOB• LOSERS-"
V
LESS THAN
5 WEEKS
30
~J
30
REENTRANTS
5-U
WEEKS
15-26
WEEKS
JOB LEAVERS
-~~v
27 WEEKS
AND OVER
NEW ENTRANTS
1990
1992
0 i 1 1 i i 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 | 1 1 n i h i 11
1990
1991
1992
1993
* SEASONALLY ADJUSTED
I/BEGINNING JANUARY 1 99-1, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
1111111111 11111 h 1111
1993I1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Ujiemplovment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers1
Job
leavers
Reentrants
Newentrants
Insured
unemployment
Initial
claims
Insured
unemployment,
'all
regular
programs
(unadjusted) 2
Weeklv average, thousands
1984
1 985
986
987
988
989
990
991
1992
1998
1993- .June
,lulv
Aug
Hept
Oct
Nov
Dec
1994- .Ian 3
Keb
Mar
May
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,428
9,384
8,734
39.2
42,1
41.9
43.7
46.0
48.6
46.1
40.1
34.9
36.2
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
29.4
28.9
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
15.2
14.6
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
20.6
20.4
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
17.9
18.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.9
8.8
8.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
54.7
56.4
54.6
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
10.4
10.8
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
23.7
24.6
8,869
8,732
8,642
8,540
8,639
8,330
8,237
35.9
36.7
35.2
35.7
36.4
35.4
37.5
30.6
29.0
30.1
28.7
28.7
28.9
27.5
13.9
14.3
14.5
15.2
14.8
14.6
14.1
19.6
19.9
20.1
20.5
20.1
21.1
21.0
17.8
17.9
18.3
18.4
18.4
18.9
18.2
8.3
8.3
8.4
8.9
8.3
8.5
8.2
54.6
55.5
56.2
55.0
55.2
53.4
54.2
10.6
10.4
10.2
10.8
11.1
11.5
11.4
24.8
24.1
24.0
24.3
24.1
25.0
24.6
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.5
10.0
10.1
9.9
9.6
9.9
9.7
10.0
9.7
8,696
8,518
8,543
8,408
7,902
7,817
38.4
30.6
32.8
34.7
33.4
3S.6
26.8
32.5
30.3
29.5
31.0
31.0
15.1
16.2
15.0
14.2
13.9
14.4
19.7
20.8
21.9
21.6
21.7
19.1
18.3
18.7
19.2
19.1
19.6
18.3
8.5
9.0
9.1
9.2
9.2
8.9
51.1
48.6
46.9
44.4
45.4
47.5
8.8
10.3
10.1
9.7
10.2
10.2
32.6
33.7
35.5
37.9
36.5
36.3
7.5
7.4
7.5
8.1
7.8
6.0
1
Bejrinninf,' J a n u a r y l!)!)4, jot) losers ;uici [lersons \vlio eoni]>letrd !eni|mrarv jobs.
* IneJniles Stall' (ji) Sl;in>»! Dislrii'l al (' ilnuibia. I'niTln Hie
u Virgin' Islands), rx-svrvio'ini'ii ( I M ' X ) , and l-'ederal ( I K ' K B l K n i l n u i i ( I ( R ) |iro K rai]>s ineluded tliron|rl> l!«)l. Also ineludes
Ke.ieral and Stale Mended hravfil |m . K rains. Do.'s nol inelmle Federal si lenienlal romp 'nsation
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,245
2,751
377
396
378
328
310
330
388
447
408
341
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,406
3,339
2,838
2,840
2,851
2,819
2,823
2,815
2,776
2,694
348
352
329
328
341
335
325
2,806
2,<J55
2,721
2,421
2,324
2,563
2,794
2,
2,
2,
2
2,
2,
369
351
340
350
367
351
3,511
3,506
3,396
2,872
•"2,625
2,634
20
91
44
22
55
60
a
Dati lierjinninf; .l;)]ili;i!-v li)!>4 an' >ase<i on lilt' revised Current I'o luliition Snrvev and are not
diri'dlv f o n i u a r n u l r with data liir I'arlier Jic'rimls. For details, si-e Kiaji/m/iural anil Kuriiiuya, Ki'hrnary 'lili)4.
„, L.||)()|. Stll ,i sli( .» .„ , K m|) |,,y m e n and Trail i,,K AdminisKmmr D^,.,,,,, „,„, „, L|1 ,„,. (B|ir,,a
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 379,000 in June.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MIUIONS OF PERSONS*
32
110
•x"**
28
100
i^
*~~-
"
-
-
r
30
-
r^T
\
r
-
SERVICES
26
90
-
-
-
-
24
22
RETAIL TRADE
-
SERVICE-PRODUCING
INDUSTRIES
-
70
18
16
60
f—\
iimlimi
'
1 M 1 1 1 1 III
1
GOVERNM NT
iiiiilinii iiiiilniii
1 1 n il 1 1 1 ih
\
50
40
GOODS-PRODUCING
INDUSTRIES
\
30
Illlllll
20
—
^_
11 ml i
1991
1990
CONST* UCTION
1993
iimlmn
'
1994
1990
|
1991
1992
|
|1|m
Minium
1994
1993
*
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;
Period
.i
T otal
nonagricultural
employment
94,408
97,387
99,344
1986
1987
101,958
105,210
1988
107,895
1989
1990
109,419
1991
108,256
1992
108,604
1993
110,525
1993: June
110,372
July
110,628
Aug
110,714
Sept
110,923
Oct
111,112
Nov
111,366
111,610
Dec
1994: Jan
111,711
111,919
Feb
Mar
112,298
Apr r.... 112,699
May r.... 112,951
June f... 113,330
1984
1985
seasonally adjusted]
Service-producing industries
Goods-producing industries
Manufacturing
Total
2
24,718
24,842
24,533
24,674
25,125
25,254
24,905
23,745
23,231
23,256
23,225
23,232
23,207
23,206
23,245
23,281
23,298
23,328
23,327
23,395
23,506
23,513
23,564
Construction
4,380
4,668
4,810
4,958
5,098
5,171
5,120
4,650
4,492
4,642
4,632
4,653
4,659
4,667
4,700
4,733
4,738
4,744
4,745
4,806
4,893
4,906
4,922
Durable
goo s
Nondurable
goods
Total
Total
19,372
19J248
18,947
18*999
19,314
19*391
19,076
18406
18,104
18*003
17,985
17,973
17,946
17,934
17,940
17,944
17,942
17,968
17,970
17,980
18,007
18,004
18,038
11,476
11,458
11,195
11,154
11,363
11,394
11,109
10,569
10,277
10,172
10,145
10,135
10,121
10,123
10,135
10,142
10,153
10,182
10,182
10,190
10,216
10,215
10,254
7,896
7*790
7,752
7345
7,951
7,997
7,968
7,837
7,827
7,831
7,840
7,838
7,825
7,811
7,805
7,802
7,789
7,786
7,788
7,790
7,791
7,789
7,784
69,690
72*544
74,811
77*284
80,086
82*. 642
84,514
84^511
85,373
87,269
87,147
87,396
87,507
87,717
87,867
88,085
88,312
88,383
88,592
88,903
89,193
89,438
89,766
1
Includes jill 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, seli-eniployed persons, domestic servants, anil personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagriculturat 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
1
Transportation
and
public
utilities
5,156
5*233
5,247
5*362
5,514
5*625
5,793
5*762
5,721
5,787
5,789
5,800
5,786
5,783
5,798
5,800
5,792
5,793
5,803
5,816
5,759
5,859
5,870
Wholesale
trade
5,568
5*727
5*761
5*848
6,030
6*187
6,173
6*081
5,997
5*958
5,949
5,962
5,954
5,962
5,965
5,971
5,976
5,990
6,003
6,013
6,028
6,037
6,045
xveian
trade
1?otnl]
16,512
17*315
17,880
18422
19,023
19475
19,601
19,'284
19,356
19*717
19,695
19,735
19,770
19,805
19,822
19,848
19,931
19,924
19,965
20,026
20,137
20,169
20,271
Government
Finance,
insurance,
and real
estate
Services
5,684
5*948
6,273
6*533
6,630
6*668
6,709
6*646
6,602
6*712
6,704
6,718
6,724
6,735
6,748
6,763
6,769
6,771
6,776
6,781
6,791
6,781
6,792
20,746
21J927
22,957
24,110
25,504
26*907
27,934
28,336
29,052
30*278
30,206
30,355
30,451
30,545
30,661
30,816
30,926
31,004
31,129
31,326
31,497
31,577
31,763
Total
16,024
16*394
16,693
17*010
17,386
17*.779
18,304
18402
18,645
18*817
18,804
18,826
18,822
18,887
18,873
18,887
18,918
18,901
18,916
18,941
18,981
19,015
19,025
Federal
2,807
2*875
2,899
2*943
2,971
2^988
3,085
2*966
2,969
2^915
2,908
2,903
2,906
2,902
2,901
2,900
2,915
2,893
2,892
2,884
2,882
2,870
2,858
weather, etc., even if they are not paid for the time off; and which are ha; 'd oil a sample of the
working-age population, whereas the estimates in this table are based on i eports 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
fFor production or nonsujMTvisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Average gross hourly earnings
Manufacturing
Total
private
nonagrieulturat 1
IVriod
1984
1993- June
July
Sept
Oct
Nov
Dee
1994- Jan
Feb
Mar
May '
June "
Overtime-
Current
dollars
Curtent dollars
Total private
nonagricultnral 1
1382
dollars "
Manufacturing
Current
dollars
1982
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year ear ier, total
private
nonagriculttiral 3
Current
dollars
34.8
34.8
34.7
34.6
34.5
34.3
34.4
34.5
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
41.0
41.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
3.8
4.1
$8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.32
10.57
10.83
$7.80
7.77
7.81
7.73
7.69
.64
.52
.45
.41
.39
$9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
11,46
11.74
$292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
$274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.40
254.99
254.87
$374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
469.86
486.04
$458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.40
537.70
551.81
$174.33
174.64
176.08
178.70
183.62
188.72
194.40
198.48
205.06
209.95
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.5
2.7
2.8
34.4
345
34.6
34.4
345
34.6
34.5
41.3
41.4
41.5
41.5
41.6
41.7
41.7
4.1
4.1
4.1
4.2
4.3
4.4
4.4
10.81
10.82
10.86
10.88
10.92
10.94
10.96
7.38
7.38
7.39
7.40
7.39
7.39
7.40
11.71
11.73
11.77
11.82
11.84
11.87
11.93
371.86
373.29
375.76
374.27
376.74
378.52
378.12
253.83
254.46
255.62
254.43
255.07
255.76
255.14
483.62
485.62
488.46
490.53
492.54
494.98
497.48
552.48
557.28
557.67
553.34
554.11
562.49
559.11
208.94
210.39
211.26
208.78
212.42
211.68
212.26
2.7
2.9
2.8
3.0
3.1
2.3
3.2
34.8
343
34.6
34.7
34.8
34.6
41.7
41.3
42.1
42.2
42.1
42.0
4.5
4.5
4.7
4.8
4.6
4.6
11.02
11.03
11.02
11.05
11.09
11.08
7.43
7.42
7.39
7.40
7.42
7.39
11.95
12.01
12.00
12.00
12.01
12.02
383.50
378.33
381.29
383.44
385.93
383.37
258.60
254.60
255.73
256.83
258.15
255.58
498.32
496.01
505.20
506.40
505.62
504.84
558.44
545.25
561.44
559.02
570.86
568.81
214.89
212.21
214.73
216.05
216.63
215.14
3.7
2.5
3.5
3.5
2.8
3.1
35.2
34 9
1985
1986
1987
1988
1989
1990
1991
1992
1993
Total
Average gross weekly earnings
Total private
nonagrieultnral '
s'
1
Also ini'tudes other private industry groups shown on i>. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerics
•orkers (OP1-W) (on a 1985= KM) base).
1982
dollars
0.8
-1.3
.3
-1.0
-.9
-1.0
-1.8
-1.6
-.2
-•0
1
2
.1
.5
.5
-.2
.7
1.3
.1
1.2
1.3
.7
.6
3
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (.lune 1989 = 100)
Percent change from
12 months earlier
3 months earlier
Total
compensation
Wages and
salaries
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
115.6
119.8
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
112.9
116.4
1991- Mar
108.4
109.7
110.8
111.9
112.9
113.8
114.7
115.7
116.8
117.9
118.9
119.9
120.7
121.8
107.3
108.4
109.2
110.1
110.9
111.6
112.1
113.0
113.9
1)4.6
115.6
116.5
117.1
118.1
Period
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Not seasonally adjusted
1984198519861987198819891990199119921993:
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
122.2
128.3
4.9
39
3.2
3.3
4.8
4.8
4.6
4.4
3.5
3.6
Sept
Dec
1992- Mar
Sept
Dec
1993- Mar
Sept
Dec
1994- Mar
.
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
1.1
1.2
1.0
1.0
.9
.8
.8
.9
1.0
.9
.8
.8
.7
.9
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
5.2
5.0
Not seasonally adjusted
Seasonally adjusted
111.2
113.3
115.2
116.8
118.2
119.5
121.3
122.9
124.7
126.4
127.7
129.1
130.2
131.4
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
2.6
3.1
1.0
1.0
.7
.8
.7
.6
.4
.8
.8
.6
.9
.8
.5
.9
1.2
1.9
1.7
1.4
1.2
1.1
1.5
1.3
1.5
1.4
1.0
1.1
.9
.9
4.4
4.4
4.5
4.4
4.2
3.7
3.4
3.5
3.5
3.6
3.7
3.6
3.3
3.4
4.0
3.7
3.7
3.7
3.4
3.0
2.7
2.6
2.7
2.7
3.1
3.1
2.9
3.1
5.8
6.2
6.4
6.2
6.3
5.5
5.2
5.2
5.6
5.8
5.4
5.0
4.4
3.9
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Output '
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1983
1984
1985
1986 .
1987
1988
1989
1990
1991
1992. ...
1993
102.3
104.8
106.3
108.5
109.6
110.7
109.9
110.7
111.8
115.3
117.1
102.5
104.7
105.6
107.7
108.6
109.6
108.6
109.1
110.3
113.6
115.2
104.1
112.6
116.7
119.9
124.8
130.1
132.3
133.3
131.6
135.4
140.4
104.4
113.0
116.8
120.1
125.0
130.6
132.7
133.5
131.8
135.4
140.6
101.7
107.4
109.7
110.5
113.8
117.5
120.4
120.5
117.7
117.4
119.9
101.9
107.9
110.7
111.5
115.1
119.1
122.2
122.4
119.5
119.2
122.1
103.8
108.3
113.2
118.9
123.1
128.5
133.0
140.6
147.4
154.7
160.0
104.0
108.3
112.8
118.4
122.5
127.7
132.0
139.2
146.2
153.5
158.4
100.6
100.6
101.5
104.7
104.6
104.8
103.5
103.8
104.5
106.4
106.9
100.8
100.6
101.2
104.3
104.1
104.2
102.7
102.8
103.6
105.6
105.8
101.5
103.4
106.5
109.5
112.3
116.0
121.0
127.1
131.9
134.1
136.7
101.5
103.4
106.8
110.0
112.8
116.5
121.5
127.6
132.6
135.1
137.5
103.4
107.7
111.2
113.6
116.6
120.8
126.1
131.2
136.1
139.2
142.5
104.0
107.6
111.6
114.2
117.2
121.4
126.5
131.8
137.0
140.3
143.6
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
IV
101.1
103.1
105.4
107.0
108.3
110.6
110.8
109.7
110.5
101.1
103.3
105.3
106.0
107.4
109.4
110.0
108.5
108.9
100.0
107.5
114.4
118.0
120.6
127.4
131.7
132.3
132.1
100.0
108.1
114.8
118.2
120.8
127.6
132.5
132.7
132.2
98.9
104.3
108.5
110.3
111.3
115.1
118.8
120.6
119.5
99.0
104.7
109.0
111.4
112.5
116.5
120.5
122.3
121.4
102.1
105.3
109.9
115.6
120.9
125.8
130.6
134.9
143.5
102.1
105.2
109.9
115.0
120.4
125.1
129.8
133.9
142.1
100.6
100.5
100.7
102.4
105.6
105.1
104.7
103.4
103.4
100.6
100.4
100.7
101.8
105.2
104.6
104.0
102.6
102.5
101.0
102.1
104.3
108.0
111.6
113.7
117.9
123.0
129.8
101.0
101.9
104.4
108.5
112.2
114.3
118.0
123.4
130.5
101.1
104.8
109.0
112.4
114.6
117.9
122.8
127.8
133.2
101.4
105.2
109.0
112.9
115.2
118.5
123.4
128.2
134.0
1991:
III ....
IV
111.8
112.8
110.4
111.3
131.5
132.4
131.8
132.6
117.6
117.3
119.3
119.2
148.2
150.1
147.1
148.8
104.6
105.1
103.8
104.2
132.6
133.1
133.2
133.7
136.6
137.2
137.5
138.2
1992:
I
II
Ill
IV
114.1
114.8
115.8
116.8
112.3
113.1
113.9
115.0
133.3
134.5
136.0
137.9
133.3
134.4
135.9
137.9
116.8
117.2
117.4
118.1
118.7
118.9
119.3
119.9
152.2
153.6
155.7
157.3
150.9
152.5
154.5
156.0
105.9
106.0
106.6
106.8
104.9
105.2
105.8
106.0
133.4
133.9
134.5
134.7
134.3
134.9
135.6
135.7
138.3
139.1
138.7
140.6
139.3
140.2
139.8
141.8
1993:
I
II
Ill
IV
116.2
116.2
117.0
119.0
114.3
114.2
115.2
116.9
138.0
139.3
140.4
143.7
138.1
139.5
140.9
143.9
118.8
119.9
120.0
120.8
120.8
122.1
122.3
123.1
158.4
159.4
160.7
161.7
157.0
157.7
158.9
159.9
106.8
106.7
107.0
106.9
105.8
105.5
105.8
105.7
136.3
137.2
137.4
135.9
137.3
138.1
137.9
136.8
141.6
142.5
142.8
143.2
142.7
143.5
143.9
144.1
119.3
117.3
145.0
145.2
121.6
123.8
163.8
162.0
107.7
106.5
137.3
138.1
143.8
144.6
2.3
2.4
1.4
2.1
1.0
1.0
-.7
.7
1.0
3.2
1.5
2.5
2.2
.8
2.0
.8
.9
-.9
.4
1.1
3.0
1.4
4.1
8.2
3.6
2.8
4.1
4.3
1.7
.7
-1.3
2.9
3.6
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.6
13
2.7
3.9
1.7
5.6
2.1
.6
3.0
3.3
2.5
.1
-2.3
3
2.1
1.9
5.9
2.5
.8
3.2
3.5
2.6
.2
-2.4
-.2
2.4
3.8
4.3
4.5
5.0
3.6
4.4
3.5
5.7
4.9
4.9
3.4
4.0
4.1
4.1
5.0
3.5
4.2
3.3
5.5
5.0
5.0
3.2
0.6
.0
.9
3.1
-.1
.2
-1.3
.3
.6
1.9
.4
0.8
-.2
.6
3.1
-.2
.1
-1.4
.1
.8
1.9
.2
1.5
1.9
3.0
2.8
2.5
3.4
4.3
5.0
3.8
1.7
1.9
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.1
3.9
1.9
1.8
3.4
4.1
3.3
2.2
2.6
3.6
4.4
4.1
3.7
2.3
2.4
4.0
3.5
3.7
2.4
2.6
3.6
4.2
4.2
3.9
2.4
2.3
-.6
-.6
4.5
5.1
4.6
4.8
1.3
1.8
1.4
1.5
3.8
1.4
3.7
1.5
2.4
1.7
2.6
2.2
5.6
3.9
5.6
4.1
5.6
4.4
5.2
4.1
2.9
.5
2.5
.8
2.8
1.1
2.1
.8
.9
1.5
1.8
.7
1.7
1.8
2.1
.4
3.3
2.4
-1.2
5.6
3.2
2.7
-1.1
5.6
1994: I
Percent change; quarterly data at seasonally adjusted annual rates
1983
1984
1985
1986..
1987
1988. ..
1989
1990
1991
1992
1993
1991:
III
IV
.6
3.7
.9
3.3
.1
2.7
.3
2.7
-.5
-.9
1992:
I
II
Ill
IV
4.7
2.3
3.7
3.4
3.8
2.6
3.0
3.7
2.9
3.4
4.6
5.6
2.1
3.3
4.4
6.0
J <7
.9
2.2
-1.6
.6
1.3
2.2
I
II
HI
IV
-2.0
.1
2.8
6.8
-2.3
-.3
3.5
6.1
.5
3.8
3.2
9.6
.6
4.0
4.1
8.9
2.5
3.7
.4
2.6
3.0
4.3
.6
2.7
2.8
2.6
3.3
2.5
2.4
2.0
3.1
2.5
-.2
-.5
1.4
-.5
-1.1
1.2
4.9
2.6
.5
-4.1
4.7
2.3
-.4
-3.4
2.7
2.6
1.1
1.1
2.5
2.4
1.1
.6
1.1
1.3
3.8
3.6
2.6
2.3
5.3
5.3
3.1
3.1
4.1
3.9
1.5
1.2
1993:
1994:
I
1.1
1
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of nil persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by tbe consumer price index for all urban consumers (CPI-1I).
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
H
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Productivity and cost measures are as released .hme li), 1994 and do not reflect the annual revisions to the national income and product accounts released on July 29, 1994.
Source: Department of Labor, Bureau of Labor Statisties.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in June.
INDEX, 1987 = 100' (RATIO SCALE]
INDEX, 1987 = 100- (RATIO SCALE)
150
FINAL PRODUCTS
140
BUSINESS
EQUIPMENT
130
110
100
CONSUMER
GOODS
90
DEFENSE
AND SPACE .
EQUIPMENT
80
90
70
130
UTILITIES AND MINING
120
110
100
i*
/•\
.--. * '. r~~\
\ /""
v
^
^\
\" A
/
*
\
/
\
NX-
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
'
\*
\/
82 ^
V
UTILITIES
^-*~-^_s^~ x^\
MINING
90
11 1 1 ! 1 I 1 1 1 1
1990
1 1 1 1 1 It 1 1 1 1 i i i i i h 1 1 i i I I 1 I 1 1 1 1 1 1 I \ \ II 1 1 i 1 1 1 1
1994
1991
1992
1993
!
m
1990
x
/
o
f
"-^
j/^^^-/
1991
^
1993
1992
1994
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- June
July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar '
Apr r
May r
June p
Capacity utilization
rate, percent 1
Industry production indexes, 1987=100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
9.3
1.7
.9
4.9
4.4
1.5
.0
-1.8
2.3
4.1
89.3
91.6
94.3
100.0
104.7
106.4
106.1
103.7
106.8
111.7
88.4
91.8
93.9
100.0
106.6
108.6
107.4
103.9
107.0
114.3
90.8
91.5
94.9
100.0
102.3
103.7
104.4
103.5
106.5
108.7
111.9
109.0
101.0
100.0
101.3
100.0
102.0
100.1
98.2
97.3
97.0
99.5
96.3
100.0
105.0
108.7
109.9
112.3
112.0
116.2
81.1
80.3
79.2
81.5
83.7
83.6
82.0
79.1
79.7
81.5
80.4
79.5
79.1
81.6
83.6
83.1
81.1
77.8
78.6
80.6
110.4
110.9
111.1
111.3
111.9
112.8
114.0
4.0
3.8
4.3
4.4
4.1
4.2
4.6
111.2
111.6
111.8
112.1
112.9
114.0
115.4
113.0
113.7
113.9
115.0
116.2
118.0
120.1
108.9
109.1
109.2
108.5
108.8
109.1
109.7
97.9
96.4
96.6
97.4
98.0
96.9
96.9
115.4
118.0
118.4
116.2
114.9
116.1
115.8
81.1
81.3
81.4
81.4
81.7
82.2
82.9
80.1
80.3
80.3
80.4
80.8
81.5
82.3
114.6
115.0
115.9
116.1
116.3
116.8
4.9
4.6
5.4
5.1
5.7
5.8
115.6
116.1
117.2
117.6
117.8
118.0
120.4
120.9
121.7
122.3
122.2
122.7
109.6
110.1
111.7
111.8
112.4
112.2
97.0
98.8
99.5
99.9
98.8
98.2
121.9
119.8
118.0
116.3
117.3
123.7
83.2
83.3
83.8
83.7
83.6
83.9
82.2
82.4
83.0
83.0
82.9
82.8
: Hnanl of (lovprnors of tin- hVdi'rnl lie:
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Consumer goods
Equipment
Pe.riod
Total
Total
1984
1985...
1986
1987. .
1988
1989..
1990
1991. .
1992
1993
. ..
1993: June
July
Sept
Oct
Nov
Dec
1994: Jan
Feb
Mar '.
Apr '
Mav '
June p
1
Durable
goods
Nondurable
goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
91.0
94.2
95.7
100.0
f04.8
106.8
107.0
105.3
108.0
112.7
92.8
93.7
96.8
100.0
102.9
104.0
103.4
102.8
105.7
108.7
91.0
91.6
94.5
100.0
104.6
106.6
102.3
95.2
102.0
110.5
93.4
94.4
97.6
100.0
102.4
103.2
103.8
104.9
106.8
108.2
89.2
94.8
94.5
100.0
107.6
110.9
112.1
108.9
111.2
118.5
85.4
91.1
93.1
100.0
110.7
115.5
116.9
115.7
122.2
134.6
78.9
89.4
96.0
100.0
99.7
100.1
98.8
91.6
83.1
74.8
86.2
88.3
91.9
100.0
101.8
102.0
101.2
96.8
99.0
102.6
86.2
89.1
93.8
100.0
101.5
100.5
98.2
91.0
93.3
96.8
86.2
87.7
90.7
100.0
102.0
103.0
103.2
100.7
102.8
106.5
96.6
96.6
95.9
100.0
105.0
106.7
106.8
105.4
107.7
111.9
103.8
103.4
99.5
100.0
102.2
103.1
104.2
104.5
103.9
103.7
112.1
112.8
112.7
113.1
113.8
114.6
115.4
108.1
108.9
108.6
108.5
109.2
109.7
110.1
107.2
108.2
107.3
108.7
112.7
115.8
118.2
108.3
109.1
109.0
108.4
108.2
107.9
107.9
118.0
118.5
118.6
119.8
120.4
121.8
123.1
133.9
134.6
134.8
136.3
137.7
139.7
141.8
74.9
74.6
74.0
73.7
72.7
72.5
71.5
101.8
102.9
103.3
103.0
103.5
104.3
105.4
95.3
96.4
97.3
97.8
98.6
99.5
101.3
106.1
107.3
107.2
106.4
106.7
107.5
108.1
111.7
111.7
112.1
112.2
112.8
113.9
115.5
104.4
103.6
103.7
103.1
103.0
103.1
103.2
116.2
117.2
117.5
117.5
117.6
118.2
110.9
111.6
111.9
111.6
111.5
112.1
119.0
120.9
118.3
117.8
114.6
115.0
108.6
109.0
110.1
109.8
110.6
111.3
123.9
125.3
125.7
126.1
126.5
126.9
142.9
145.0
145.5
146.2
147.0
147.7
71.0
69.9
69.9
69.7
69.1
68.7
105.7
105.1
105.9
106.8
107.1
107.7
100.5
98.9
99.7
101.6
102.1
102.3
109.2
109.3
110.0
110.3
110.4
111.3
116.0
116.2
117.7
117.9
118.1
118.7
104.8
105.6
105.6
105.6
104.9
106.5
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1984....
1985
1986
1987
1988
1989
1990
1991 ..
1992
1993
1993- June
July
.
....
Sept
Oct
Nov
Dec
1994: Jan
Peb
Mar '
Apr '
May '
June p
.
Source: Board of Governors of the Federal Reserve Svstem.
18
Iron
and
steel
Fabricated
metal
products
Industrial
machinery and
equipment
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
ing and
publishing
Chemicals
and
products
Foods
102.4
101.8
93.7
100.0
108.7
107.2
106.5
98.3
101.1
106.5
105.9
104.5
90.8
100.0
112.7
111.2
111.5
100.5
104.7
111.6
93.3
94.5
93.8
100.0
104.2
102.8
99.5
94.9
95.6
99.5
80.8
86.8
90.3
100.0
113.0
117.3
117.6
113.8
123.4
144.1
94.1
93.1
94.3
100.0
108.5
111.0
111.4
112.7
115.7
127.5
83.1
91.8
96.9
100.0
105.2
109.6
107.0
101.9
102.8
104.2
90.6
99.0
98.5
100.0
105.7
106.9
101.0
94.5
106.4
120.7
86.0
88.0
95.1
100.0
100.1
99.4
97.1
90.6
96.5
100.6
95.7
92.6
96.3
100.0
98.1
95.0
92.2
91.8
93.6
93.1
84.5
87.6
90.6
100.0
100.9
101.1
100.8
96.9
99.0
101.3
91.4
91.4
94.6
100.0
106.0
109.2
111.8
111.4
114.3
117.8
92.1
94.9
97.4
100.0
101.5
102.5
103.7
105.3
107.7
108.6
105.6
105.6
107.2
107.3
106.1
109.8
113.0
111.1
111.9
112.8
112.4
113.3
114.4
119.1
98.3
99.6
99.6
99.6
100.7
102.1
102.6
143.3
146.1
147.1
148.4
150.3
152.0
155.7
126.4
128.6
129.5
130.9
131.4
132.1
134.3
101.2
98.9
98.5
100.4
104.2
108.3
110.7
114.7
110.2
110.6
115.1
124.1
132.4
138.5
97.6
99.6
100.9
101.8
104.6
104.9
105.2
93.6
93.6
93.2
92.1
92.1
92.6
93.1
101.3
101.6
100.9
101.1
101.6
101.7
101.9
118.3
118.6
118.8
118.3
117.8
118.8
119.3
108.8
108.8
109.6
109.0
109.0
108.4
109.0
110.5
107.6
111.1
114.4
113.8
113.6
115.8
111.5
117.2
122.2
120.9
120.6
103.9
103.0
104.1
104.9
104.8
105.3
156.3
158.8
161.4
163.1
164.9
166.5
134.8
136.1
138.3
140.3
141.0
141.5
111.9
113.0
110.1
108.8
106.3
106.0
142.1
146.1
139.9
137.5
132.2
131.4
105.2
102.8
102.9
103.3
104.7
104.4
92.4
92.9
94.2
94.9
95.2
94.9
101.7
102.3
103.6
104.2
104.3
104.7
119.3
119.9
121.7
120.6
122.5
122.4
109.2
110.1
112.2
112.2
112.1
112.1
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
I'criod
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
federal,
State, and
local
Total value
index
(1987=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1984
1985 ..
1986
1987 .
1988
1989
1990
1991
1992 '
1993 r
348.8
377.4
407.7
278.6
299.5
419.4
328.7
337.5
345.5
334.7
293.5
432.3
r
443.7
r
442.2
r
403.6
435.4
466.4
323.1
316.1
341.1
153.8
158.5
187.1
194.7
198.1
196.6
182.9
157.8
187.9
210.5
74.0
89.8
84.4
84.0
88.0
94.3
96.4
77.0
65.8
66.4
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.6
129.6
144.1
50.8
51.3
51.6
50.1
51.5
54.6
55.4
58.7
62.5
64.2
r
83
91
96
100
101
105
95
89
97
103
70.2
77.8
84.6
90.6
94.7
98.2
r
107.5
' 110.1
119.2
125.3
Annual rates
Annual rates
461.0
463.1
1993- June '
July '
Aue r
464.7
470.8
477.8
490.2
499.9
Sept '
Oct '
Nov r
Dec '
1994- Jan '
Feb r
Mar ' ..
Apr '
May '
June ".
1
2
3
488.5
485.9
496.0
500.5
507.2
508.0
955
1,097
1,016
1,019
973
961
783
577
556
575
335.4
335.8
339.3
342.5
350.2
360.4
367.3
206.2
206.5
208.5
211.5
216.6
222.4
228.5
139.6
141.0
143.1
145.3
149.5
154.1
159.5
65.5
64.6
65.8
66.1
67.3
70.8
71.8
63.8
64.6
64.9
65.0
66.3
67.3
67.0
125.6
127.4
125.4
128.3
127.6
129.8
132.7
107
105
106
106
110
107
107
521
571
533
544
561
566
628
363.9
229.8
233.3
236.8
238.8
160.8
164.2
167.0
169.0
170.3
169.3
67.3
66.3
70.3
73.3
74.0
73.9
66.7
62.3
64.6
65.5
66.2
67.2
124.6
124.0
124.4
122.8
126.0
126.2
107
110
113
105
r
!07
105
633
592
742
612
642
624
361.9
371.7
377.6
381.2
381.8
241.1
240.7
NOTE.—New construction series revised beginning 1984.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, bv type of structure
Total
1984. .
1985
1986
1987
1988
1989
1990
1991
1992
1993
,749.5
,741.8
,805.4
,620.5
,488.1
,376.1
,192.7
,013.9
,199.7
,287.6
1 unit
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
1,029.9
1,125.7
2-4 units
5 or more units
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
30.7
29.4
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
139.0
132.6
Units
authorized
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
1,094.9
1,199.1
Units
completed
Homes sold
1,652.2
1,703.3
1,756.4
1,668.8
,529.8
,422.8
,308.0
,090.8
,157.5
,192.7
Homes for
sale at end of
period '
639
688
750
671
676
650
534
509
610
666
353
346
357
366
368
. 365
321
284
266
294
Vacancy rate
for rental
housing units
(percent) 2
5.9
6.5
7.3
7.7
7.7
2
7.4
7.2
7.4
7.4
r
'7.3
Seasonally adjusted annual rates
1993- May
July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr r
May *p
June
1
2
1,241
1,238
1,245
1,319
1,359
1,409
1,406
1,612
1,100
1,067
1,076
1,178
1,160
1,231
1,248
1,383
26
30
53
17
32
31
30
21
115
141
116
124
167
147
128
208
1,113
1,122
1,169
1,234
1,265
1,298
1,363
1,474
1,137
1,168
1,097
1,248
1,172
1,248
1,248
1,289
635
641
647
645
738
723
766
817
273
274
277
286
288
291
294
294
1,271
1,328
1,519
1,471
1,497
1,351
,125
,121
,271
,211
,197
,158
23
33
33
32
35
21
123
174
215
228
265
172
1,312
1,252
1,313
1,380
1,357
1,316
1,216
1,334
' 1,273
1,358
1,446
642
697
296
298
Seasonally adjusted.
Revised series beginning 1989 and 1994; not comparable with earlier data, except 1993 data
have been revised to he comparable with new series beginning in 1994.
Quarterly data entered in last month of quarter.
r
722
673
688
591
r
7.6
r
7.0
6.9
298
7.5
300
301
317
7.4
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In May, manufacturing and trade sales rose 0.3 percent and inventories rose $9.6 billion. According to advance
data, retail sales rose 0.6 percent in June, following a decline of 0.4 percent in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
300
BILLIONS OF DOLLARS* (RATIO SCALE)
,uoo
900
800
_
_——— ~
r—
i
—
1
250
MAN JFACTURING AND
TRA 3E INVENTOf IES
700
RETAIL INVENTORIES
200
~-
600
,-'
x-.^.~ s —- N
— •"
500
\
\
MXVNUFACTURIr-JG
AN D TRADE SALES
150
RETAIL SALES
400
100
300
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
RETAIL
1.60
200
1.50
OCC? "V^XyV/~X
1.40
1 1 1 1 1 1 1 1 1 :i 1 1 1 1 1 1 1 1 1 1 1
1991
1992
I I1 ! !I 1 1 I I!
1990
M ! 1 1 1 1 M 1 1 i 1 It 1
1993
1.30
MM!
,"~~
MANUFACTURING ^
1 1 1 1 il 1 1 1 1 1
M 1 ! 1 1 1 ! 1 I!
1990
1991
1994
M M 1 !M M 1
^N•s. ^
M M 1 IMiM
Sales
Inventories 3
M M 1 1M M 1
1994
COUNCIL OF ECONOMIC ADVISERS
Inventory-sales ratio 4
Retail
Wholesale
Inventories 3
Sales 2
Period
2
1993
1992
•SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
^ /
\/
Sales
2
Inventories s
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Betail
Millions of dollars, seasonally adjusted, except as noted
1984...
1985
1986
1987
1988 ..
1989
1990 ..
1991
1992...
1993
1993:
Mayr
June
July
Aue
Sept
Oct
Nov
Dee
1994:
Jan
Feb
Mar
Apr r
May "
June f
r
411,427
423,940
431,786
459,107
496,819
523,260
542,349
537,598
559,799
592,201
651,551
665,835
664,624
711,725
767,538
813,637
837,120
832,852
841,831
865,584
113,502
114,816
116,326
124,340
135,170
143,754
148,859
146,834
152,031
160,213
144,223
149,155
155,445
165,814
180,535
188,566
196,935
201,462
208,757
216,586
587,850
589,7 11
585,266
591,937
595,536
599,649
606,711
612,462
855,316
856,853
857,008
858,979
860,885
862,110
866,720
865,584
161,819
158,978
160,450
161,054
161,020
161,316
162,135
161,797
211,568
212,060
213,118
214,813
215,071
214,687
216,011
216,586
610,456
619,103
627,781
625,080
626,924
867,692
871,842
870,189
874,989
884,592
163,483
165,330
167,981
167,408
167,987
217,278
218,820
217,359
219,605
223,224
107,243
114,586
120,803
128,442
138,108
146,782
154,031
155,246
163,258
173,468
r
172,024
172,434
173,136
174,327
174,428
177,862
179,002
180,943
178,643
181,958
185,303
183,429
r
182,705
183,814
1
See pagr 9! lor mnintfscttiriiifi
Annual data are averages of r
ally adjusted totals for month.
2
20
; not seasonally adjusted figures; monthly data arc season-
69,369
73,075
75,746
80,453
85,626
91,888
98,088
100,790
104,31-6
108,085
167,812
181,881
186,510
207,836
219,581
238,160
241,117
245,042
253,836
271,573
79,074
88,315
89,983
105,481
112,690
121,716
121,666
119,739
123,520
135,757
88,738
93,566
96,527
102,355
106,891
1 16,444
119,451
125,303
130,316
135,816
1.53
1.55
1.55
1.50
1.49
1.53
1.53
1.54
1.50
1.45
1.49
1.52
1.56
1.56
1.54
1.58
1.56
1.55
1.52
1.52
107,815
107,668
107,814
107,862
108,529
109,403
109,388
109,895
262,157
263,467
262,329
262,774
265,125
267,122
270,528
271,573
128,396
129,318
128,025
128,243
129,416
131,360
134,023
135,757
133,761
134,149
134,304
134,531
135,709
135,762
136,505
135,816
1.45
1.45
1.46
1.45
1.45
1.44
1.43
1.41
1.52
1.53
1.52
1.51
1.52
1.50
1.51
1.50
109,028
111,098
111,997
111,041
r
lll,101
111,642
271,506
272,954
273,058
274,739
278,986
137,492
138,061
137,817
139,242
140,631
134,014
134,893
135,241
135,497
138,355
1.42
1.41
1.39
1.40
1.41
1.52
1.50
1.47
1.50
1.53
37,873
41,510
45,057
47,989
52,482
54,894
55,944
54,456
58,942
65,383
r
64,209
64,766
65,322
66,465
65,899
68,459
69,614
71,048
69,615
70,860
73,306
72,388
r
71,604
72,172
r
3
Seasonally adjusted, end of period.
*-Annual data are averages of seasonally adjusted monthly ratios.
Sourt-p: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers' shipments, inventories, and new and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE]
480
440
400
360
320
TOTAL
280
240
X"-* """^
—^-^r*""~"""
^T
INVfcNIORItS
1
——
200
'
\
280
160
120
\
X
200
\
160
x "*••"./'
•V"*--*^
i
240
DL RABLEGOOD s
__V
/
1
- DURABLE GOOPS
NOND JRABLEGOOI >S
80
\
320
M t 1 ! 11 1 I M
nin 11 11M
1 M 1 I1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1
1 ! 1 1 11 1 1 1 1I
\
120
NO sIDURABLE GC)ODS
BILLIONS OF DOLLARS* (RATIO SCALE)
320
NEW OPPEP5
BO
TOTAL
280
240
J*T_r._,
*\
-
-s^v ^N
-
'
^—"1
1
—
^
1 1 1 ! 1 1 1 1 1 II
1 1 1 1 1 1 1 1 1 1 1 M 1 1 I I 1 1 1 1 i M i l l M i l l 1 1 1 n 1 11 1 1 1
"
200
r»JRABLEGOOE>S
160
120
V
/
l\
_yv—
—,/ -iir ••»«• v--**.
7
*.-••
1
NOND JRABLEGOOt)S
80
i 1 1 1 ill 1 M 1
1 1 11 111i 11 1 1 1 1 1 11 1 M 11
1991
1990
M 1i 1i 1 M 11
Mill 1 1 1 1 1
1993
1994
1992
1990
1994
* SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNOl Of ECONOMIC ADVISERS
Manufacturers' shipments *
Manufacturers' inventories 2
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
Nondurable
goods
Total
Durable
goods
Nondurable
goods
Total
Total
Capital
goods
industries,
non-defense
Nondurable
goods
Manufacturers'
unfilled
orders 2
Manufacturers'
tory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1984
1985
1986
1987
1988
1989 .
1990
1991 .
1992
1993
,
1993: June
July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
May '.
June p
,
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,518
244,511
258,520
97,940
101,279
103,238
108,128
117,993
121,703
122,387
119,151
125,553
135,981
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,367
118,958
122,539
339,516
334,799
322,669
338,075
367,422
386,911
399,068
386,348
379,238
377,425
221,330
218,212
212,006
220,776
241,402
256,065
259,988
249,117
237,717
236,303
118,186
192,879
195,706
195,204
209,389
227,026
235,932
240,646
234,354
241,545
255,701
100,164
102,356
103,647
110,809
121,445
124,933
123,556
117,878
122,614
133,273
23,669
24,545
23,983
26,095
30,729
32,725
32,254
29,468
29,653
31,889
92,715
93,351
91,557
98,579
105,581
1 10,999
117,090
116,476
118,932
122,428
373,529
387,095
393,412
430,288
471,951
510,459
524,846
511,122
475,304
441,947
1.73
116,587
110,663
117,299
126,020
130,846
139,080
137,231
141,521
141,122
258,299
251,680
256,556
260,088
260,471
265,574
269,722
135,042
129,257
134,521
137,521
138,153
142,665
146,182
123,257
122,423
122,035
122,567
122,318
122,909
123,540
381,326
381,561
381,392
380,689
380,301
380,181
377,425
237,514
237,937
237,688
237,571
237,632
237,886
236,303
143,812
143,624
143,704
143,118
142,669
142,295
141,122
255,462
250,566
253,461
255,309
258,270
262,773
266,351
132,252
128,520
131,752
133,176
136,613
139,675
142,481
33,850
30,093
31,992
30,992
32,825
34,878
35,059
123,210
122,046
121,709
122,133
121,657
123,098
123,870
459,309
458,195
455,100
450,321
448,120
445,319
441,947
1.48
1.52
1.49
1.46
1.46
1.43
1.40
268,330
271,815
274,497
274,243
276,232
278,627
144.709
146,260
147,388
146,932
148,510
150,217
123,621
125,555
127,109
127,311
127,722
128,410
378,908
380,068
379,772
380,645
382,382
382,717
238,172
238,832
238,195
239,164
240,539
240,813
140,736
141,236
141,577
141,481
141,843
141,904
272,616
271,786
274,691
275,182
277,441
279,613
148,549
145,882
146,906
147,345
149,412
151,156
36,630
36,382
36,127
35,815
35,498
37,579
124,067
125,904
127,785
127,837
128,029
128,457
446,233
446,204
446,398
447,337
448,546
449,532
1.41
1.40
1.38
1.39
1.38
1.37
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
1.73
1.68
1.59
1.58
1.64
1.65
1.67
1.57
1.47
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 was unchanged. Prices of finished consumer foods were
also unchanged and prices of other finished consumer goods fell 0.1 percent. Capital equipment prices rose 0.1
percent.
INDEX, 1 982 « 1 00 (RATIO SCALE)
INDEX, 1 982 = 1 00 (RATIO SCALE)
140
140
FINISHED GOODS PRICES
SEASONAL ADJUSTED
-•- "~ """"^ "•'
130
^
CONSUMER FOODS
s
\
i
120
CAPITAL EQUIPMENT
—
»— —/^""•*
/
\v ^-^
V
'
^
90
1 M
1
f
_
/
1
'
^
^~^
^^^
^SfS
/
•
" TOTAL
^ ,•'
\
\
—*
""* ~ V '
/
/"
inn
^'
/
\/'~
130
J^V.
f
'
zx^*~ '
^'/^
/
^__ ^^*
'""""
—'
\ ^..^.s ^,.—
f
i— /
r
^"'\
\
120
^
s*'
1 10
CONSUMER GOODS
EXCLUDING FOODS
• "'
.'*•""
1 1 1 1 1 1 1 1
1986
1 M M 1 M M 1
1987
100
i i i i i 1 ii iii
1 1 M
1988
1 1 1 1 1 1 |
1 M
M
1 1 1 1 1 1
1 ! 1 1 1 1 I 1 1 1 1
1990
1989
1 1 1 1 1 1 1 1 M
1
M
1992
1991
M
1 1 1 1 1 1 1
1 1 1 1 i 1 1 1 1
SOURCE: DEPARTMENT OF 1ABOR
M
90
1994
1993
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Total
finished
consumer
goods
Total
Foods
and
feeds 1
Other
Total
Foodstuffs
and
feedstuffs
Other
Nondurable
Capital
equipment
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1984
1985
1986
1987
1988
1989
19,90
1991
1992
1993 . ..
1993:
June
July
Sept
Get
Nov
Dec
1994- Jan
Peb r
Mar
1
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
123.2
124.7
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.1
123.3
125.6
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
123.1
124.4
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
120.8
121.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
125.7
128.0
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
117.3
117.6
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
129.1
131.4
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
121.7
123.0
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.7
116.2
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.7
112.7
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.9
116.4
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.4
102.4
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.1
108.4
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
93.5
94.7
125.1
125.1
124.1
124.3
124.2
124.3
124.2
125.1
125.0
125.4
126.1
125.9
126.9
127.7
125.0
125.0
123.7
123.7
123.6
123.5
123.0
122.6
122.5
120.6
120.5
120.6
120.3
119.6
128.2
128.5
128.9
128.6
127.5
128.6
128.9
118.9
118.5
115.6
115.7
116.2
115.3
114.2
131.2
131.6
131.8
131.9
131.4
131.8
132.0
123.5
123.4
122.1
122.3
122.3
122.4
122.1
116.3
116.3
116.3
116.3
116.4
116.6
116.3
110.4
113.1
113.8
113.3
114.0
115.3
116.9
116.7
116.5
116.4
116.4
116.5
116.7
116.3
103.6
101.5
100.8
101.5
103.7
103.4
101.8
105.8
107.4
108.6
109.1
107.6
112.7
113.8
98.2
93.8
92.0
92.8
97.1
93.5
90.4
124.6
125.1
125.4
125.3
125.2
125.2
127.2
126.8
127.4
126.8
125.6
125.6
123.8
124.5
124.7
124.7
125.0
125.0
120.3
121.2
121.3
121.1
121.3
121.2
130.0
130.0
130.3
130.5
131.0
131.3
114.7
116.0
116.0
115.8
115.7
115.5
132.9
133.1
133.5
134.0
134.5
134.6
122.4
123.0
123.2
123.0
122.7
122.7
116.4
116.9
117.1
117.1
117.3
117.7
117.3
118.2
117.9
117.6
116.5
114.9
116.4
116.9
117.1
117.1
117.3
117.9
103.5
102.1
104.0
103.5
102.0
102.9
112.8
113.8
112.4
111.2
107.4
106.1
93.7
90.7
94.7
94.6
94.7
96.9
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 rose 0.3 percent seasonally adjusted and not seasonally
adjusted. The index was 2.5 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE)
INDEX, 1982-84 - 100 (RATIO SCALE)
150
150
SEASONALLY ADJUSTED
140
140
CONSUMER PRICES—AIL ITEMS
130
130
120
120
110
110
100
100
90
90
80
80
1984
1987
1988
1989
1990
1991
1992
1994
1993
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items *
Transportation
Housing
Shelter
Period
Not
seasonally
adjusted
(NSA)
Rel imp3
100.0
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993:
June
July
103 9
107.6
109 6
113.6
118.3
124.0
130.7
136.2
1403
144.5
Aua:
Sept
Oct
Nov
Dec
1994:
Jan
Feb
Mar
Apr
June
Seasonally
adjusted
Food
Total
Renters'
costs
(Dee.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
Total1
Apparel and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Ener2
All
items
less
food
and
energy
gy
15.8
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
137.9
140.9
41.4
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
137.5
141.2
27.9
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
151.2
155.7
8.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
160.9
165.0
19.8
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
155.3
160.2
0.2
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
128.6
130.6
7.3
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
117.8
121.3
5.9
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
131.9
133.7
17.0
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
126.5
130.4
4.0
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
128.4
131.5
3.0
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
99.0
98.0
7.1
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
190.1
201.4
7.0
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
103.0
104.2
77.2
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
147.3
152.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
144.4
144.6
145.0
145.1
145.6
146.0
146.3
140.7
140.7
141.2
141.6
142.3
142.6
143.3
141.1
141.2
141.6
141.9
142.2
142.5
142.8
155.4
155.6
156.0
156.3
156.6
157.1
157.5
164.2
164.3
164.5
164.8
165.6
165.8
166.3
160.1
160.4
160.8
161.1
161.3
161.9
162.4
131.2
131.3
131.6
131.3
130.8
127.9
127.6
121.4
121.8
122.2
122.4
122.5
122.4
122.3
133.1
133.0
133.9
133.4
133.2
134.1
133.9
130.0
130.5
130.6
130.6
131.9
131.9
131.7
131.2
131.6
132.2
132.5
132.9
133.1
133.2
97.2
96.9
95.3
94.1
98.3
96.6
95.3
201.5
202.4
203.0
203.8
204.8
205.4
206.1
103.7
103.7
103.0
102.6
104.5
103.6
102.9
152.3
152.6
153.0
153.1
153.5
154.1
154.4
146.2
146.7
147.2
147.4
147.5
148.0
146.3
146.7
147.2
147.4
147.7
148.1
143.1
142.7
142.9
143.0
143.5
143.9
142.9
143.5
144.0
144.0
144.3
144.4
157.8
158.6
159.2
159.3
159.7
159.8
166.3
167.0
167.7
167.7
168.4
168.5
162.8
163.6
164.3
164.4
164.8
164.8
128.9
129.4
129.3
130.2
131.0
131.5
121.8
122.9
123.3
122.9
122.8
122.7
133.8
133.4
134.0
133.6
134.2
135.0
131.4
132.0
132.8
133.2
132.7
133.5
133.3
133.9
134.5
135.0
135.4
135.9
94.8
96.8
97.0
96.8
95.3
95.6
206.7
207.3
207.8
209.1
209.9
210.7
102.1
103.7
104.1
103.7
102.7
102.8
154.6
155.0
155.5
155.8
156.3
156.7
1
Includes items not sho\vn separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motoi
excluded beginning 1983.
3
Relative importance, December 1998.
Fuel
and
other
utilities
oil, coolant, etc.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1.7
1.8
23
2.2
4.0
4.9
5.7
-.1
1.6
.2
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
3.5
.6
2.8
-.2
5.7
5.2
2.6
-1.5
1.6
2.4
0.8
2.1
-6.6
4.1
3.1
5.3
8.7
-.7
1.6
-1.4
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
1.2
1.2
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
1.7
1.8
Change, month to month
1993: June
July
Sept
Oct
Nov
Dec
-0.5
0
-.8
.2
-.1
.1
-.1
-0.6
-.1
.3
.6
2
.8
.6
-0.6
-.1
-1.6
1
.1
-.2
-.6
1994- Jan
Feb
Mar
.3
.4
.2
May
-.1
0
-.4
-.3
.5
-.5
-.9
0
.6
.7
.1
-.2
.2
i
„. 1
-0.1
0
-1.9
-5.0
-2.5
.3
.2
.1
— .4
.3
.2
.7
.2
.3
.4
.4
.1
28
.6
3
1.3
— 4.1
-1.3
3.2
2.9
4.9
5.2
1.3
2.6
3.9
2.3
.3
6
4.2
-.3
-.9
-1.3
-3.7
-5.5
-1.0
-2.6
-8.5
67
-6.1
-1.0
-3.0
-1.0
3.0
5.8
2.7
.3
-.3
0.6
.9
1.5
2.2
-.6
0
.3
•
1.9
1.3
-1.1
-1.3
-2.4
-2.2
-1.4
0.6
.8
1.5
2.3
-.6
1.8
4.2
-3.1
-3.9
-4.3
-4.8
-4.8
2.3
1.8
1.5
1.4
.2
.8
1.2
1.3
1.3
.5
.4
.2
.4
.2
-.8
1.6
1.8
1.8
1.5
1.6
3.6
2.2
2.1
1.4
-2.0
-3.3
-3.6
1.0
1.3
.8
1.7
2.7
2.0
2.0
2.4
4.0
4.1
4.0
.2
.2
.2
-.4
4.6
4.0
4.6
3.4
4.3
3.3
2.3
1.2
A
0
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
Fuel
All
items *
and
Food
Total '
RentTotal '
Homeowners'
costs
ers'
costs
other
utilities
Apparel
and
upkeep
Medi-
New
cars
Total '
Motor
fuel
cal
care
Ener-
gy2
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previ-
From
ous
quarter 3
3
6
months
earlier
months
earlier
From
From
year
earlier
NSA
Change, December to December, NSA
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
2.9
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
1.5
2.9
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.6
2.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
2.9
3.0
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
2.8
2.6
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
2.9
3.2
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
2.9
2.3
2.5
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.4
.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
3.0
2.4
2.5 -2.4
3.1
3.4
5.9 -30.7
18.7
1.8
2.1 -2.1
6.8
2.3
36.5
1.4
3.3 -16.0
2.3
1.8
2.8 -5.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
6.6
5.4
0.2
1.8
-19.7
8.2
.5
5.1
18.1
— 7.4
2.0
-1.4
4.7
4.3
3.8
4.2
4.7
4.4
5.2
4.4
33
0.2
.2
.3
.1
.3
.4
.2
.1
.3
.3
2
.3
.3
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.2
3.0
3.0
3.2
Change, month to month
.2
-0.3
0
.4
.3
.5
.2
.5
0.2
.1
.3
.2
.2
2
.2
0.2
.1
.3
.2
.2
.3
.3
0
.3
.3
.1
2
.3
-.1
-.3
.1
.1
.3
.3
.1
.4
.3
0
.2
.1
.2
.5
.4
.1
.3
.1
1993: June
July
Aug
Sept
Oct
Nov
Dec
0.1
.1
.3
.1
.3
1994: Jan
Feb
Mar
Apr
May
June
1
0.1
.1
.1
.2
.5
.1
.3
0.3
.2
2
.2
.1
.4
.3
— 0.4
-.1
.7
4
— .1
|
.7
-.1
-.1
0
.2
.5
.4
.1
.2
0
-.4
.9
.3
-.3
-.1
-.1
.4
.4
0
.4
.1
0.3
.3
.3
2
.1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor c
excluded beginning 1983.
24
-.1
-.3
.4
-.3
.4
.6
.4
.1
0
1.0
0
2
0.2
.3
.5
.2
.3
.2
.1
-1.7
-.3
-1.7
-1.3
4.5
-1.7
-1.3
0.4
.4
.3
.4
.5
.3
.3
-0.5
0
-.7
— .4
1.9
-.9
— .7
-.2
.5
.6
.3
-.4
.6
.1
.5
.4
.4
.3
.4
-.5
2.1
.2
__2
-1.5
.3
.3
.3
.2
.6
.4
.4
-.8
1.6
.4
— .4
-1.0
.1
-0.1
3
3.1
2.0
3.1
1.9
2.8
Quarterly changes are shown in the last month of the quartei
Source; Department of Labor, Bureau of Labor Statistics.
2.5
1.7
2.0
2.0
2.8
2.8
3.3
2.8
2.7
2.5
2.2
2.2
2.4
2.6
3.0
2.8
2.8
2.7
2.8
2.7
2.7
1.9
1.9
2.5
3.0
2.8
2.5
2.4
2.4
2.9
2.5
2.3
2.5
2.5
2.5
2.5
2.4
2.3
2.5
PRICES RECEIVED AND PAID BY FARMERS
In July, prices received by farmers fell 2.9 percent from their June level. Prices paid by farmers in July were 0.5
percent below their April level. (Data are not seasonally adjusted).
INDEX, 1977-100 (RATIO SCALE)
INDEX, 1 977= 1 00 (RATIO SCALE)
120
100
RATIO-''
140
-
120
120
DATir*
100
80
:
[———^i
-i
100
/
80
-1
60
r~
— T—
Jy RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
-
60
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993- July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr
May
June
July
r
1
,
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
142
128
123
127
138
147
. 149
146
139
143
138
120
107
106
126
134
127
129
121
123
146
136
138
146
150
160
170
161
157
162
164
162
159
162
169
177
183
187
189
195
161
156
150
152
159
167
171
172
173
178
155
151
144
148
157
165
171
173
174
179
87
79
77
78
82
83
81
78
74
73
141
144
145
145
144
145
121
125
128
130
128
133
161
161
160
159
158
156
195
178
179
196
178
181
72
74
74
74
73
74
147
148
148
146
142
138
134
135
135
132
131
131
127
120
159
161
163
161
154
148
148
198
180
181
200
183
184
199
180
181
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and3 wage rates. See also footnote 3.
Bc K innin K March lilHti. 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 *
74
75
75
73
71
69
67
NOTK. — The official indexes are published on a 1910-14 base us required by law. The indexes
have been converted to a 1977=100 base to facilitate comparison with other indexes,
Source: Department of Agriculture,
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
M2 and M3 fell in June.
BILLIONS OF DOLLARS* (RATIO SCALE|
4,800
4,400
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,000
3,600
3,600
M3
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
600
600
400
400
1986
1987
1988
1989
1993
1990
" AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD Of GOVERNORS Of THE FEDERAL RESERVE SYSTEM
1994
COUNCIL Of ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
Ml
M2
MS
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
BPs 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-onlv
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Percent change from year or 6
months earlier 2
Ml
M2
M3
Debt
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
552.1
619.9
724.5
750.1
787.4
794.7
826.4
897.7
1,024.8
1,128.4
2,377.8
2,575.0
2,818.2
2,920.1
3,081.4
3,239.8
3,353.0
3,455.3
3,509.0
3,567.4
2,994.6
3,211.6
3,497.3
3,681.3
3,920.4
4,067.3
4,125.7
4,180.4
'4,183.1
'4,230.0
3,536.0
3,838.9
4,137.5
4,340.2
4,674.6
4,897.3
4,974.8
4,992.9
'5,057.2
'5,132.5
6,006.1
6,901.1
7,778.6
8,543.3
9,306.1
'10,027.3
'10,669.5
'11,144.2
'11,722.1
'12,317.3
6.0
12.3
16.9
3.5
5.0
.9
4.0
8.6
14.2
10.1
8.7
8.3
9.4
3.6
5.5
5.1
3.5
3.1
1.6
1.7
11.1
7.2
8.9
5.3
6.5
3.7
1.4
1.3
.1
1.1
14.2
14.9
12.7
9.8
8.9
'7.7
6.4
'4.4
5.2
'5.1
1993: May
1,067.7
1,076.6
1,086.8
1,095.3
1,105.1
1,113.4
1,122.4
1,128.4
3,521.9
3,528.7
3,533.7
3,536.0
3,544.2
3,547.8
3,560.1
3,567.4
'4,187.7
4,187.8
4,186.9
4,186.8
4,195.8
4,203.4
'4,217.1
'4,230.0
'5,088.3
5,089.5
5,086.2
5,094.8
5,087.8
r
5,098.4
'5,112.0
'5,132.5
'11,914.0
'11,985.2
'12,043.6
'12,096.2
'12,156.9
'12,194.5
' 12,244.0
'12,317.3
10.1
10.1
10.4
11.6
12.5
12.7
10.2
9.6
.6
1.1
1.8
2.4
2.8
2.8
'* 2
22
-.3
.2
1.2
1.5
2.0
2.0
1.4
2.0
4.2
'4.5
'4.9
'5.5
'5.8
'5.5
'5.5
'5.5
1,133.5
1,138.6
1,142.4
1,141.3
1,143.2
1,146.9
3,572.6
3,568.8
3,582.7
3,590.1
3,591.3
3,582.1
4,234.1
4,206.9
4,214.6
4,223.0
4,216.8
4,213.2
5,152.4
5,140.1
5,139.5
5,157.8
"5,153.3
12,379.4
12,428.3
12,485.3
12,530.8
"12,575.0
8.6
7.9
6.8
5.0
3.7
3.3
2.2
1.9
2.2
2.4
1.8
.8
2.3
1.0
.9
.9
-.0
5.6
5.5
5.4
5.5
5.4
198419851986:
19871988:
19891990:
19911992:
1993-
July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
May
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple animal rate.
26
NOTE.—See p. 21 for components.
Source: Board of Governors of the Federal Reserve System.
-.8
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSAj
Period
Currency
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars 1
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large
denomination
time
deposits 3
NSA
19841985:
19861987:
19881989:
19901991:
19921993:
1993:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
July
Scot
Oct
Nov
Dec
1994- Jan
Peb
Mar
Apr
May
156.1
167.9
180.7
196.9
212.2
222.6
246.7
267.1
292.2
321.4
304.4
307.2
309.7
312.4
315.4
317.6
319.5
321.4
325.2
329.2
332.4
334.8
337.6
340.3
243.7
266.6
302.1
287.1
287.2
279.8
277.9
290.0
339.6
384.8
358.8
362.2
366.4
370.9
375.4
378.4
383.2
384.8
388.3
390.3
390.0
388.9
385.9
386.6
147.4
179.8
235.6
259.5
280.9
285.4
294.0
332.8
384.9
414.3
396.4
399.2
402.8
404.2
406.6
409.5
411.8
414.3
412.0
411.2
411.9
409.5
411.6
411.9
63.0
75.6
83.3
85.7
84.1
80.2
77.3
80.6
80.6
91.9
75.2
78.5
81.2
82.1
85.4
89.3
90.4
91.9
94.6
92.8
97.7
94.6
r
94.6
96.4
167.9
177.4
209.8
223.5
244.4
320.4
355.5
370.4
352.0
348.8
348.5
347.5
346.6
345.5
345.0
344.4
347.0
348.8
347.8
343.7
348.4
361.5
365.1
359.3
62.5
64.7
85.3
92.0
91.5
108.5
135.0
181.0
201.5
197.0
198.0
194.7
192.6
190.1
190.8
194.3
194.8
197.0
192.7
176.9
177.4
177.0
169.3
169.5
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 th:
5100,000 and more than $100,000, respectively.
2
3
704.8
815.4
941.0
937.7
926.7
891.0
920.4
1,041.1
1,183.6
1,215.5
1,195.1
1,200.4
1,202.1
1,205.9
1,208.4
1,208.8
1,211.9
1,215.5
1,220.3
1,220.9
1,221.9
1,220.7
1,215.9
1,207.3
888.8
885.7
859.0
922.7
1,038.6
1,153.7
1,174.5
1,067.4
870.5
785.6
832.4
823.9
814.5
806.6
799.9
794.9
790.6
785.6
779.5
774.5
771.1
768.6
769.2
770.6
416.6
434.3
431.5
475.5
525.5
549.1
489.5
425.8
360.3
339.0
348.2
345.3
341.8
341.6
340.4
341.6
339.4
339.0
341.5
335.7
330.9
330.5
r
333.5
333.8
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
57.6
62.4
80.6
106.0
121.8
99.0
89.6
72.5
81.1
95.3
89.8
92.8
96.4
96.0
95.6
94.2
94.0
95.3
91.3
89.3
91.2
94.2
r
91.7
95.3
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.6
45.6
r
47.0
r
48.8
45.5
41.9
44.1
45.2
'4:5.0
r
48.9
47.0
46.0
r
48.1
r
47.0
'47.8
r
47.7
48.4
r
r
Savings
bonds
Shortterm
Treasury
securities
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
156.6
171.7
164.7
165.9
167.1
168.2
169.2
170.1
170.8
171.7
172.7
173.4
174.1
174.8
"175.7
261.0
298.3
280.0
253.1
269.3
325.5
332.0
316.2
332.5
329.3
344.8
346.5
344.3
343.8
328.0
323.7
324.6
329.3
r
339.1
r
341.6
' 345.6
r
361.0
"358.4
Bankers'
acceptances
Commercial
paper
45.4
160.7
42.1
207.5
37.1
231.3
44.5
260.6
40.2
335.4
346.5
40.6
355.2
35.9
23.6
334.8
364.3
20.6
14.6
386.8
19.2
371.8
18.5
370.9
17.4
370.4
16.5
379.5
16.4
378.4
16.4
384.7
15.3
384.1
14.6
386.8
14.9
391.6
15.3
403.0
15.7 ' 389.6
14.1 ' 384.9
"11.4 "391.0
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve Svstem.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures l; 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
1984:
1985:
19861987:
19881989:
19901991:
1992:
1993:
1993-
Dec
Dec . ..
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
May
1
T
Data are prorated averages of biweekly (maintenance period) averages of daily figurt
26,847
31,451
38,935
38,849
40,396
40,496
41,769
45,532
54,341
60,476
57,048
57,546
58,011
58,813
59,749
60,320
60,476
60,603
60,763
60,589
60,215
60,019
59,753
Nonborrowed
23,661
30,132
38,108
38,072
38,681
40,231
41,444
45,340
54,218
60,394
56,867
57,302
57,659
58,386
59,464
60,231
60,394
60,529
60,693
60,534
60,091
59,819
59,419
Nonborrowed plus
extended
credit
26,265
30,632
38,411
38,555
39,925
40,251
41,466
45,340
54,218
60,394
56,867
57,302
57,659
58,386
59,464
60,231
60,394
60,529
60,693
60,534
60,091
59,819
59,419
Required
25,992
30,414
37,565
37,803
39,349
39,574
40,105
44,553
53,186
59,413.
56,138
56,457
57,059
57,723
58,660
59,219
59,413
59,155
59,623
59,621
59,064
59,104
58,645
Monetary
base
Total
187,224
203,543
223,576
239,775
256,870
267,696
293,157
317,122
350,609
385,855
368,194
371,286
374,340
378,076
381,400
384,029
385,855
389,613
' 393,960
397,014
399,089
401,828
404,358
3,186
1,318
827
777
1,716
265
326
192
124
82
181
244
352
428
285
89
82
73
70
55
124
200
333
Seasonal
113
56
38
93
130
84
76
38
18
31
142
210
234
236
192
75
31
15
15
24
57
134
226
Extended
credit
2,604
499
303
483
1,244
20
23
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Source: Board of Governors of the Federal Reserve Svstem.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.3 percent in June; commercial and industrial loans rose 0.4 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
3,600
3,200 -
ALL COMMERCIAL BANKS
3,600
3,200
- TOTAL
2,800
2,800
2,400
2,400
2,000
2,000
. LOANS AND LEASES -
1,600
1,600
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
\
400
400
OTHER SECURITIES
-V
200
200
160
160
120
120
1988
1989
1992
1991
1990
1994
1993
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *
Loans and leases in bank credit
—
Real estate
Securities in bank credit
Total
bank
credit
Period
New series:
1988: Dee
1989- Dec
1990: Dec
1991: Dec T
1992: Dec
1993: Dec r
2,435.9
2,608.9
Total
securities
562.6
U.S.
Government
securities
Other
securities
Total
loans and
leases 2
Commercial and
industrial
367.3
400.3
455.9
195.3
184.5
178.2
607.9
639.0
674.5
769.6
563.9
663.3
727.0
179.5
176.4
183.9
1,873.3
2,024.1
2,115.9
2,109.1
2,110.1
2,193.8
640.0
618.6
594.2
583.4
854.5
878.9
900.3
940.7
Total
Revolving
home
equity
Consumer
Security
Other
Other
40.1
50.3
62.3
69.6
73.6
73.2
634.5
719.3
792.2
809.3
826.8
867.4
357.7
378.2
383.5
366.4
358.7
391.1
41.0
41.9
45.2
54.7
64.6
87.6
192.1
195.4
192.8
190.5
192.2
191.2
2,749.9
2,852.6
2,949.8
3,104.7
584.8
634.0
743.5
839.7
910.9
June
July rr
Aug
Sept r.
Oct r
Nov r
Dec r.
3,037.9
3,060.7
3,065.0
3,072.9
3,075.1
3,091.2
3,104.7
892.1
896.4
902.5
904.7
900.0
903.1
910.9
710.3
714.2
718.2
720.3
717.4
720.6
727.0
181.8
182.2
184.3
184.3
182.6
182.5
183.9
2,145.8
2,164.3
2,162.5
2,168.3
2,175.1
2,188.1
2,193.8
592.5
590.5
588.8
586.6
585.9
584.2
583.4
913.1
916.8
919.6
922.8
926.8
933.6
940.7
75.1
75.0
74.7
74.4
73.8
73.5
73.2
838.0
841.8
844.9
848.4
853.0
860.1
867.4
371.1
375.3
378.1
380.3
384.7
388.3
391.1
73.0
83.0
80.3
82.3
81.7
88.1
87.6
196.1
198.7
195.8
196.4
195.9
193.8
191.2
1994: Jan r.
Feb '
Mar r.
Apr r.
May r
June
3,124.4
3,138.6
3,166.3
3,193.1
3,198.2
3,206.2
925.0
930.2
950.2
967.1
965.4
967.2
732.7
732.7
748.2
759.4
752.7
753.5
192.3
197.4
202.0
207.7
212.7
213.7
2,199.4
2,208.4
2,216.1
2,226.0
2,232.9
2,239.0
588.3
590.6
595.2
601.8
606.1
608.4
942.0
941.0
941.2
943.5
945.0
950.9
73.0
73.1
73.2
73.2
73.6
74.0
869.0
867.9
868.0
870.3
871.4
876.9
394.0
397.4
401.6
407.7
410.9
414.2
81.1
82.4
83.5
77.2
77.7
76.4
193.9
197.1
194.6
195.8
193.2
189.1
1993:
r
1
Data are Wednesday values or prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign hanks, New York State investment companies, and foreign-related institutions. Data are adjusted for breaks caused by redassifieattons of
assets and liabilities.
28
2
Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States.
NOTE.—Data, for new series riot yet available prior (o 1088.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annuai rates]
Uses
Sources
External
Period
Credit market funds
Total
Total
1984
1985 .
Total
1986
1987
1988 ....
1989
1990 ...
1991
1992 .
1993
501.0
486.3
531.9
540.5
610.9
562.3
522.8
473.2
587.2
586.5
336.3
351.9
336.7
375.9
404.3
399.6
409.4
437.8
462.7
480.1
164.7
134.4
195.2
164.6
206.6
162.6
113.4
35.4
124.5
106.4
108.6
76.1
140.3
65.2
71.8
62.4
37.7
6.9
69.1
69.6
1992: I ..
II
Ill
IV
1993- I
II .
Ill
IV
1994: I *
560.5
600.9
589.5
597.8
475.6
614.1
606.2
650.1
580.8
454.6
452.2
468.5
475.4
458.8
469.6
489.8
502.1
504.7
105.9
148.7
121.0
122.4
16.8
144.5
116.4
148.0
76.1
81.8
69.8
70.2
54.7
16.1
103.9
79.0
79.3
65.2
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Capital
expenditures 3
Total
Increase in
financial
assets
Discrepancy
(sources less
uses)
27.8
14 6
-32.9
-18.9
95.9
68.8
84.8
114.1
63.1
74.7
37.4
86.4
95.2
56.6
-89.0
.3
-15.2
56.1
58.3
54.9
99.4
134.9
100.2
75.7
28.4
55.3
36.9
515.3
465.8
503.3
489.9
558.2
523.6
502.0
451.2
537.8
571.6
398.5
374.9
351.9
365.0
394.4
403.8
407.3
381.6
397.2
453.5
116.8
91.0
151.5
124.9
163.8
119.8
94.7
69.6
140.6
118.1
-14.3
20.4
28.5
50.7
52.7
38.7
20.8
22.0
49.4
14.9
95.8
96.9
39.1
43.2
78.7
87.2
91.4
81.4
38.2
-14.0
-27.1
31.1
11.5
62 6
16.7
124
-2.1
27.0
24.1
78.9
50.9
67.8
.7
40.5
37.4
68.7
10.9
520.8
567.3
520.0
543.0
498.8
576.0
597.1
614.4
573.9
369.9
401.2
402.7
415.2
442.9
445.5
456.4
469.3
483.5
150.9
166.1
117.3
127.8
55.9
130.5
140.7
145.1
90.4
39.7
33.5
69.5
54.8
-23.1
38.1
9.0
35.7
6.8
55
13.0
65.5
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
.
,
.. .... .
. . .
. . . .. , .,. .
. .
.
* Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Period
Total
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1992:
1993:
Automobile
Revolving
Other 2
Net change in installment credit outstanding *
Total
Automobile
Revolving
Other z
Dec
Dec
Dec
Dec
Dec 3
Dec r
Dec r
Decr
Dec '
Dec r
442,602
517,659
572,006
608,675
662,553
717,200
734,621
728,398
729,932
795,573
173,564
210,238
247,772
266,295
285,364
291,531
282,984
260,574
257,890
281,504
100,280
121,758
135,825
153,064
174,269
199,162
223,589
245,631
257,453
287,970
168,758
185,664
188,408
189,316
202,921
226,508
228,047
222,193
214,590
226,099
73,636
75,057
54,347
36,669
53,878
<4>
17,421
-6,223
1,534
65,641
30,004
36,674
37,534
18,523
19,069
<">
-8,547
-22,410
-2,684
23,614
21,192
21,478
14,067
17,239
21,205
<*)
24,427
22,042
11,822
30,517
22,440
16,906
2,744
908
13,605
(")
1,539
-5,854
-7,603
11,509
1993: May T
June r
July r
Aug r
Sept '
Oct r
Nov r.
Dec r
746,770
752,081
757,554
762,156
772,045
779,220
786,911
795,573
263,644
266,061
268,261
270,311
273,383
277,737
280,561
281,504
268,376
269,644
273,520
275,430
279,324
281,486
285,508
287,970
214,749
216,376
215,773
216,415
219,338
219,996
220,842
226,099
792
5,311
5,473
4,602
9,889
7,175
7,691
8,662
2,133
2,417
2,200
2,050
3,072
4,354
2,824
943
1,717
1,268
3,876
1,910
3,894
2,162
4,022
2,462
-3,060
1,627
603
642
2,923
658
846
5,257
1994: Jan '
Feb r
Marr
Apr r
May"
800,912
805,787
817,173
827,288
837,701
283,453
284,388
287,912
292,738
295,617
290,807
294,461
299,218
304,381
308,449
226,651
226,938
230,043
230,168
233,635
5,339
4,875
11,386
10,115
10,413
1,949
935
3,524
4,826
2,879
2,837
3,654
4,757
5,163
4,067
552
287
3,105
126
3,467
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.
NOTE.—Scries revised beginning 1980 to reflect annual benchmarking and revised seasonal adjustment factors.
Source: Board of Governors ol the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in July.
PERCENT PER ANNUM
PERCENT PER ANNUM
14
14
1993
3994
COUNCIL OF ECONOMIC ADVISERS
SOURCE; SEE TABIE BEIOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) '
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months l
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHPB) *
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
3.45
3.02
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
5.30
4.44
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
7.01
5.87
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
6.41
5.63
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
8.14
7.22
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
3.80
3.30
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
3.25
3.00
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
6.25
6.00
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
8.24
7.20
3.05
3.05
2.96
3.04
3.12
3.08
4.43
4.36
4.17
4.18
4.50
4.54
5.81
5.68
5.36
5.33
5.72
5.77
5.60
5.50
5.31
5.29
5.47
5.35
7.17
6.85
6.66
6.67
6.93
6.93
3.35
3.33
3.25
3.27
3.43
3.40
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
7.20
7.05
6.95
6.80
6.80
6.92
4.48
4.83
5.40
5.99
6.34
6.27
6.48
5.75
5.97
6.48
6.97
7.18
7.10
7.30
5.30
5.44
5.93
6.28
6.26
6.14
6.19
6.92
7.08
7.48
7.88
7.99
7.97
8.11
3.30
3.62
4.08
4.40
4.92
4.86
5.13
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.00
3.00-3.50
3.50-3.50
3.50-3.50
6.00-6.00
6.00-6.00
6.00-6.25
6.25-6.75
6.75-7.25
7.25-7.25
7.25-7.25
6.95
6.85
6.99
7.31
7.43
7.62
July
3.02
3.21
3.52
3.74
4.19
4.18
4.39
Week ended:
1994: July 2 r....
9
16
23
30
4.20
4.31
4.50
4.31
4.43
6.46
6.50
6.53
6.39
6.48
7.27
7.34
7.36
7.23
7.26
6.19
6.20
6.21
6.16
6.18
8.11
8.18
8.17
8.06
8.05
4.99
5.12
5.18
5.07
5.16
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
7.25-7.25
7.25-7.25
7.25-7.25
7.25-7.25
7.25-7.25
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1993: July
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
Apr
May
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
30
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in July.
INDEX, DEC. 31,1 965=50 (RATIO SCALE)
INDEX, DEC. 31,1 965=50 (RATIO SCALE)
300
280
260
240
^~~—^
s
200
S~~^S\
180
*/\
160
_
140
/"
-
-->
/
,/_..„
\
/~^~^^
\
"
A
"~
/"
/-^~-
220
300
280
260
240
220
'
200
f
v/ir
180
160
SITE STOCK PRIC
(NYSE)
140
\,
~
120
120
100
100
80
< 1 1 I 1
M i l l
1 1 I 1 1
1 1 1 1 1 1 1 M
M i l !
1987
1986
U
1 1 I 1 1 1 ! 1 II
1988
1
I I I 1 1
I I I ! !
Mill
1990
1989
1 1 M 1
,
1 111 1 !11111
i M M 1 M 1 I i
1991
1993
1992
80
1994
PERCENT
PERCENT
20
20
15
15
EARNINGS-PRICE RX01O ON COMM DN STOCKS
(S&P)
10
i
/"*
———~~_
5
i
0
i i
1986
i
i i
1987
~^^_
'
1
1
!
i
1988
i i
1989
10
\ ~
i
i
r~—
i
5
!
1
I
1
!
1992
1991
1990
1
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1
!
1
1993
Industrial
Transportation
Utility 3
Finance
Dow-Jones
industrial
average 4
Standard &
Poor's
composite
index
(194143=10) 5
Dividendprice ratio
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
229.01
''49 58
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
284.62
299.99
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
201.09
242.49
92.89
113.49
142.72
148.59
143.53
174.87
181.20
185.32
198.91
228.90
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
179.26
216.42
1,178.48
1,328.23
1.792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
3,284.29
3,522.06
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
415.74
451.41
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
2.99
2.78
1993' July
247.85
251.93
254.86
957 53
255.93
257.73
295.34
298.83
300.92
306.61
310.84
313.22
238.30
250.82
248.15
254.04
262.96
268.11
232.55
237.44
244.21
240.97
230.12
229.95
218.94
224.96
229.35
228.18
214.08
216.00
3,529.43
3,597.01
3,592.29
3,625.81
3,674.70
3,744.10
447.29
454.13
459.24
463.90
462.89
465.95
2.81
2.76
2.73
2.72
2.72
2.72
262.11
261.97
257.32
247.97
249 56
251.21
249.29
320.92
322.41
318.08
304.48
307.58
308.66
307.34
278.29
276.67
265.68
250.43
244.75
246.64
244.21
225.15
220.85
215.45
210.08
205.77
206.54
205.46
218.71
217.12
211.02
208.12
211.30
215.89
210.91
3,868.36
3,905.62
3,816.98
3,661.48
3,707.99
3,737.58
3,718.30
472.99
471.58
463.81
447.23
450.90
454.83
451.40
2.69
2.70
2.78
2.90
2.89
2.84
2.87
246.09
247.18
248.89
250.47
250.80
302.97
304.29
306.99
309.01
309.32
242.42
243.61
244.19
245.38
243.70
202.13
203.51
204.67
206.21
207.53
209.83
210.43
210.43
211.43
211.44
3,658.76
3,681.14
3,720.60
3,739.70
3,738.66
446.30
447.61
450.46
453.28
454.53
2.88
2.89
2.87
2.85
2.85
Sept
Oct
Nov
Dec
1994- Jan
Feb
Mar
May
July
Week ended:
1994- July ^ T
9
16
93
30
1
Average of daily closing prices.
Includes all the'stocks (more than 2,000 in 1992) listed on the NYSE.
Dee. 31, 1965 =1(X). Effective April 27, 1993 the NYSE doubled the value of the utility index
o facilitate trading of options and futures on the index. AH indexes shown here reflect the doubling.
4
Includes 30 stocks.
5
Includes 500 stocks.
2
3
0
Common stock yields
(percent) 6
except as
New York Stock Exchange indexes (Dec
noted) 2
Composite
i i
1994
COUNCIL OF ECONOMIC ADVISERS
Common stock prices 1
Period
i
Eaniingsprice ratio
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.79
4.22
4.46
4.45
4.69
r
o.09
6
Standard & Poor's series. Dividend-price ratios based on Wednesday (.'losing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 9 months of fiscal 1994, there was a deficit of $150.1 billion, compared with a deficit of $201.2 billion
a year earlier.
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYSJ
1,500
BILLIONS OF DOLLARS
1,600
1,500
1,400
1,400
1,300
1,300
OUTLAYS-17
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS
800
800
700
700
600
600
SURPLUS OR DEFICIT (
) -^
0
-100
-100
^^-*—
-200
-300
-^_
^ —^ —
-
-400 A
V
-200
I
1985
I
1986
I
1987
1
1988
1
1989
1
1990
1
1991
1
-300
1
1992
K -400
1994 ^
1993
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 (estimates)
Cumulative total, first 9
months: *
Fiscal year 1993
Fiscal year 1994
Outlays
Surplus
or deficit
(-)
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
-73.7
53 7
-59.2
-40.2
-73.8
-79.0
-128.0
-207.8
-185.4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
705
-49.8
-54.9
-38.2
-72.7
-74.0
120 1
-208.0
1857
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
3.9
-4.3
-2.0
-1.1
5.0
-7.9
.2
.3
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,090.5
1,153.5
1,259.9
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,480.0
-212.3
-221.2
- 149.8
1552
-152.5
221.4
-269.5
2904
-254.7
220 1
547.9
568.9
640.7
667.5
727.0
749.7
760.4
788.0
841.6
925.6
769.6
806.8
810.1
861.4
932.3
1,027.6
1,082.1
1,128.5
1,141.6
1,199.2
-221.7
-238.0
-169.3
-194.0
2052
-278.0
321 7
-340.5
300.0
-273.7
186.2
200.2
213.4
241.5
263.7
281.7
293.9
302.4
311.9
334.3
176.8
183.5
193.8
202.7
210.9
225.1
241.7
252.3
266.6
280.8
9.4
16.7
19.6
38.8
52.8
56.6
52.2
50.1
45.3
53.6
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.3
4,001.9
4,351.2
4,667.4
1,499.4
1,736.2
1,888.1
2,050.3
2,189.3
2,410.4
2,687.9
2,998.6
3,247.2
3,457.8
858.4
939.1
1,059.5
1,089.2
-201.2
-150.1
623.4
685.9
869.9
889.9
-246.4
2040
234.9
253.3
189.6
199.3
45.3
54.0
4,288.5
4,597.6
3,201.2
3,395.4
1
Data from Monthly Treasury Statement,
NOTK.—Data for fiscal 1993 and 1994 are from Mid-Reunion Review of the 1995 Budt/el issued
32
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
July 14, 1994. Other data (except as noted) are from Budget of the United Slalen Government,
Fiscal Year 7.99.5, February 1994.
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 1994, receipts were $80.7 billion higher than a year earlier and outlays were $29.7
billion higher.
BILLIONS OF DC)LLARS
600
BILLO•IS OF DOLLARS
600
RECEIPTS M
INDIVIDUAL INCOME TAXES
v
500
500
400
400
\
300
CORPORATION
„ rlv; UCTAVCC
\
200
OTHER RECEIPTS
300
SOCIAL INSURANCE
TAXES AND P'WPIBUTPN'5
200
—
100
100
1
0
1,300
1
1
1
1
1
1
1
1
0
1,300
OUTLAYS ^
1,200
1,200
„-'""
1,100
1,100
1,000
NONDEFENSE
\
900
_-~~
1,000
.,--'
900
>,-'-''
800
800
700
700
600
600
500
500
NATIONAL DEFENSE
400
300
200
400
\
S(
V
\
1985
\
\
1986
1987
\
1988
300
\
1989
\
1990
\
1991
\
1992
\
^.
1993
J INCLUDES ON-BUOGET AND OFF-BUDGET HEMS.
>OURCE5: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1994
200
N
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal vcar
Total
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
National defense
Other
Total
and
Total
contributions
Department of
Defense,
military
International
affairs
Health
Medicare
Income
securi-
Social
securi-
inter-
ty
ty
est
Net
Other
1976
298.1
1977
1978
1979
1980
1981
1982
1983
1984
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.5
42.6
52.5
68.8
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
734.1
769.1
854.1
..
909.0
990.7
.
1,031.3
1,054.3
1,090.5
1,153.5
1,259.9
334.5
349.0
392.6
401.2
445.7
466.9
467.8
476.0
509.7
549.6
61.3
63.1
83.9
94.5
103.3
93.5
98.1
100.3
117.5
139.4
265.2
283.9
303.3
334.3
359.4
380.0
396.0
413.7
428.3
460.6
73.0
73.1
74.3
78.9
82.3
90.9
92.3
100.5
98.0
110.3
946.4
990.3
1,003.9
1,064.1
1,143.2
1,252.7
1,323.8
1,380.9
1,408.2
1,480.0
252.7
273.4
282.0
290.4
303.6
299.3
273.3
298.4
291.1
279.8
245.2
265.5
274.0
281.9
294.9
289.8
262.4
286.9
278.6
267.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
16.1
16.8
18.6
33.5
35.9
40.0
44.5
48.4
57.7
71.2
89.5
99.4
108.1
65.8
70.2
75.1
78.9
85,0
98.1
104.5
119.0
130.6
146.6
128.2
119.8
123.3
129.3
136.0
147.0
170.3
197.0
207.3
213.4
188.6
198.8
207.4
219.3
232.5
248.6
269.0
287.6
304.6
320.3
129.5
136.0
138.7
151.8
169.3
184.2
194.5
199.4
198.8
204.3
131.8
142.1
125.9
139.4
158.8
203.9
225.1
173.9
159.7
188.9
858.4
939.1
377.1
404.2
88.4
106.2
321.6
347.8
71.3
80.9
1,059.5
1,089.2
218.5
207.9
209.6
198.4
13.9
13.0
73.5
79.8
96.5
106.6
158.8
163.0
227.9
239.2
148.8
149.7
121.6
129.9
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 (estimates)
Cumulative total, first 9 months: *
Fiscal year 1993
Fiscal year 1994
1
Data from Mont
NCJTH.—Data for fiscal 1993 and 1994 are from Mid-Session Review of the 1995 Budget issued
July 14, 1994. Other data (except as noted) are from Budget of the United States Government,
15.8
fiscal Year 1995, February 1994.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1994, according to advance estimates, Federal expenditures rose $8.2 billion (annual
rate); Federal receipts data are incomplete. (Series revised.)
BILLIONS Of DOLLARS
BILLIONS OF DOLLARS
1,600
1,600
SEASONALLY ADJUSTED ANNUAL RATES
1,400
1,200
1,200
1,000
1,000
800
600
400
400
200
SURPLUS OR DEFICIT j - )
-200
CALENDAR YEARS
SOURCE DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
NOTK.—.See Note, p. I .
34
Transfer
payments
Net
interest
paid
Subsidies less
current
surplus
of
Government
enterprises
445.4
444.9
447.4
512.3
606.1
650.2
147.1
168.7
181.0
183.5
189.0
183.5
23.5
25.9
34.5
0.0
.0
.0
-189.2
— 276.1
-254.4
1,331.6
1,460.9
1,507.0
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,209.8
1,306.9
1,386.3
445.8
449.0
443.6
281.4
289.7
324.7
356.9
373.1
392.5
392.0
405.1
436.5
438.3
522.2
625.3
658.0
346.0
351.1
360.1
383.8
404.2
419.7
444.5
488.8
526.6
566.2
153.3
172.2
186.1
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
137.6
162.6
187.8
186.8
183.6
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.9
174.4
191.6
22.4
27.6
35.7
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.0
32.0
27.7
1
.0
.0
.0
.0
.6
.0
.0
— .2
.0
.0
2
.0
-202.9
-282.7
-241.4
-183.4
-184.6
— 186.8
-187.2
-177.5
-152.7
-134.9
-141.5
-191.0
-245.8
483.3
488.5
493.9
501.9
1,435.6
1,455.8
1,460.4
1,492.0
445.2
443.2
452.9
454.8
611.2
622.3
624.8
643.1
164.6
172.8
174.6
176.6
188.2
189.5
186.6
183.1
26.4
28.0
21.5
34.5
.0
.0
.0
.0
-279.9
-284.8
-293.9
-272.1
81.9
83.5
82.3
90.7
501.6
518.6
522.7
528.3
1,496.2
1 ,500.6
1,497.6
1,533.7
446.9
445.2
442.7
439.8
644.8
652.8
660.2
674.1
176.7
182.9
187.8
197.0
182.5
184.8
183.6
183.5
45.2
35.1
23.3
39.3
.0
.0
.0
.0
-283.5
-237.0
-224.9
-220.1
90.4
90.4
545.1
551.2
1,513.7
1,521.9
437.8
438.8
671.5
675.7
190.0
190.9
179.3
185.1
35.1
31.4
.0
.0
— 176.2
Personal
tax and
nontax
receipts
Indirect
business
tax and
nontax
accruals
1,122.6
1,158.4
1,242.3
477.4
481.0
514.0
109.5
112.3
134.2
76.0
81.1
82.9
459.7
484.1
511.2
1,311.7
1,434.5
1,496.6
1,128.7
1,178.3
1,265.7
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,068.3
1,115.8
1 140 5
475.8
489.5
520.3
301.6
290.5
323.5
351.8
371.7
414.8
420.0
470.1
483.9
477.3
108.1
115.6
143.0
45.5
65.4
67.0
77.0
91.4
109.7
118.5
111.3
115.1
109.6
79.9
81.3
84.6
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.2
67.1
82.9
465.0
491.9
517.8
235.9
259.8
291.1
318.0
338.8
359.4
400.7
424.7
449.7
470.7
1,155.7
1,171.0
1,166.5
1,219.9
476.0
481.3
489.2
511.6
115.7
120.8
103.2
122.6
80.7
80.5
80.2
83.8
1,212.7
1,263.7
1,272.7
1 313 6
497.2
519.8
527.5
536.8
132.1
141.8
140.2
157.8
1,337.4
550.2
571 1
151.8
Total
Surplus
or deficit
(-),
national
income
and
product
accounts
Grantsin-aid
to
State
and
local
governments
Corporate
profits
tax
accruals
Period
Fiscal year:
199i '
1992 '
1993 '
CalendarT year:
1991 '
1992 r
1993 '
1982- IV
1983- IV
1984- IV
1985: IV
1986- IV
1987: IV
1988- IV
1989: IV
1990- IV
1991- IV '
1992- I r
II '
Ill *
IV r
1993- I '
II '
Ill '
IV '
1994- I r
I"
Federal Government expenditures
Contributions
for
social
insurance
Total
Purchases
Source: Department of Commerce, Bureau of Kconomic Analysis.
Less:
Wage
accruals
less
disbursements
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84= 100; NSA)
Industrial production (1987=100; seasonally adjusted)
IVriod
United
States
Canada
United
Kingdom
United
States '
Japan
France
Germany
93.4
96.8
96.6
100.0
109.3
115.9
121.4
123.7
116.5
111.7
97.1
97.2
98.0
100.0
104.6
108.9
111.0
111.0
109.7
106.8
93.5
97.7
99.6
100.0
103.9
108.8
114.5
117.9
115.6
107.2
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
106.5
103.6
89.0
93.9
96.2
100.0
104.8
107.0
106.7
102.5
102.0
104.5
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
140.3
144.5
109.9
110.0
110.5
110.0
110.4
110.9
111.1
111.3
111.9
112.8
114.0
101.8 113.5
' 103.2 116.5
r
102.0 113.4
' 101.9 110.7
103.7 112.5
111.9
102.7
103.5 111.0
104.4 113.3
104.4 107.4
105.1
109.9
' 104.7 108.0
107.9
107.1
106.1
106.5
106.2
107.1
107.1
107.8
105.9
106.9
105.7
106.1
107.8
106.6
107.0
107.2
106.4
108.1
107.9
107.4
106.7
107.3
105.9
104.4
99.9
104.3
101.9
104.3
102.4
102.2
104.5
106.0
101.7
' 103.6
103.0
102.8
104.8
103.6
105.0
105.0
105.0
106.2
106.6
106.0
114.6
115.0
107.2
' 105.0 109.1
' 104.5 109.0 ' 106.9
105.6 113.7 * 107.4
106.9 rl!1.2 109.6
110.6
105.4
107.5
108.0
' 109.9
109.0
106.9
' 107.6
r
107.0
r
108.8
108.9
Italy
Canada
Germanv
United
Kingdom
Italy
Japan
France
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
145.2
147.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
116.9
118.5
107.9
114.2
117.2
120.9
124.2
128.6
133.0
137.2
140.6
143.5
102.7 111.5
104.8 121.1
104.7 128.5
104.9 134.4
106.3 141.1
109.2 150.4
112.1 r 159.5
116.0 169.8
120.6 ' 178.8
125.6 r 186.3
'rtks
111.1
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
147.4
147.3
147.3
147.6
147.6
148.0
148.1
148.2
148.4
149.1
148.8
117.4
117.7
118.5
118.6
118.5
118.8
119.2
119.3
119.2
118.5
118.6
142.4
143.1
143.2
143.5
143.4
143.5
143.5
144.0
144.3
144.4
144.3
124.3 183.6
184.0
124.7
125.1 184.7
125.5 185.4
125.7 ' 186.3
126.0 ' 187.0
126.0 187.2
126.1 r 187.4
126.4 188.6
126.7 189.5
126.9 189.5
163.1
163.7
165.2
165.8
165.7
165.3
166.0
166.7
166.6
166.4
166.7
146.2
146.7
147.2
147.4
147.5
148.0
148.8
147.7
147.6
147.6
147.3
147.6
118.7
118.7
119.3
119.5
119.6
144.5
144.9
145.2
145.6
145.9
145.9
128.0 190.6
128.5 ' 191.3
128.7 r!91.7
129.0 192.2
129.3 192.9
129.4 193.3
166.0
167.0
167.4
169.4
170.0
170.0
.-.,-. f «v<..
1984
92.8
94.4
95.3
100.0
104.4
106.0
106.0
104.1
106.5
110.9
1985
1986 .
1987
1988
1989
1990
1991
1992
1993 ». .
1993: Feb . ...
Mar
May
July
Sept
Oct
Nov
Dec
1994: Jan
Feb
Mar
'115.9
r
l!6.1
r
l!6.3
May
116.8
June *
1
91.0
96.1
95.4
100.0
105.3
105.2
101.8
98.1
98.5
103.2
Data relate to all urban consumers.
114.9
119.7
125.6
135.4
148.2
156.9
162.7
165.3
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Office of Trade and Economic Analysis).
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Period
BOP
basis
Auto- ConIndus
Cap- motive sumer
Foods, trial
ital
vehi- goods
supfeeds,
(nongoods cles,
plies
and
parts
food)
except
and
beverand
except
autoages materienautomotive
als
gines motive
BOP
basis
Total,
Census
basis ^
389.3
416.9
421.7
440.4
456.9
448.2
465.1
24.3
32.3
37.2
35.1
35.7
40.3
40.6
38.6
June .... 37.3
July
36.5
Aug
37.4
Sept
37.9
Oct
39.4
Nov
39.4
Dec
41.0
39.3
37.9
37.2
38.1
38.6
40.0
40.1
41.7
3.4
3.2
3.2
3.1
3.4
3.5
3.5
3.7
9.6
8.8
9.2
9.0
9.5
9.9
9.6
9.6
15.3
15.3
14.2
15.1
14.7
15.5
15.5
16.9
4.5
4.3
4.1
4.2
4.3
4.5
4.7
4.5
4.6
4.4
4.5
4.6
4.7
4.6
4.9
4.7
48.6
49.7
48.8
49.0
50.4
51.9
50.9
50.1
47.8
49.3
48.0
48.2
49.2
50.8
50.0
49.4
38.5
37.4
42.1
Apr '..... 40.4
May
40.4
39.2
38.1
42.8
41.1
41.3
3.3
3.2
3.4
3.1
3.3
9.0
8.7
10.6
9.6
9.9
16.0
15.3
17.3
16.7
16.6
4.4
4.4
4.8
4.7
4.5
4.5
4.5
4.9
4.7
4.8
50.5
51.0
53.5
53.7
54.5
50.1
50.2
52.4
53.1
54.0
223.3
250.2
320.2
1987
1988
1989
1990
1991
1992
1993
362.1
1993: May
1994: Jan
Feb
Mar
22.3
Balance of trade
(exports minus imports)
Census basis (by end-use category)
227.2
254.1
322.4
363.8
393.6
1986
1
2
Total,
Census
basis "
Services
(BOP basis)
Goods: Imports (customs value)
Census basis (by end-use category) l
57.3
66.7
75.8
86.2
21.7
24.6
14.2
17.7
368.4
409.8
365.4
406.2
24.4
24.8
85.1
99.3
104.4
109.7
109.1
111.8
109.2
138.8
152.7
166.7
175.9
181.7
29.3
34.8
37.4
40.0
47.0
52.4
23.1 447.2
36.4 477.4
43.3 498.3
45.9 491.0
51.4 536.5
54.7 589.4
441.0
473.2
495.3
488.5
532.7
580.7
24.8
25.1
26.6
26.5
27.5
27.9
Includes undocumented exports to Canada through 1988.
Total includes "other" exports or imports, not shown separately.
BO! basis
Auto- ConIndus
Cap- motive sumer
trial
Foods
ital
vehi- goods
supfeeds,
(nongoods cles,
plies
and
food)
parts
except
and
beverexcept
and
autoages materimotive
autoenals
gines motive
101.3 71.8
111.0
84.5
118.3 101.4
78.2
85.2
Exports
Imports
86.1
97.8
110.0
79.4
88.7
95.9
102.9
105.7
108.0
122.7
134.0
126.8
147.2
163.2
176.6
184.8
79.8
90.2
97.9
101.9
117.0
117.6
120.9
128.0
Goods,
Census
basis
Goods
— 138.3 — 145.1
— 152.1 -159.6
— 118.5 — 127.0
— 109.4 — 115.2
101 7 — 109.0
-66.7 -74.1
— 84.5 -96.1
-115.6 — 132.6
Services
Goods
and
services
6.3 — 138.8
7.6 — 152.0
12.1 — 114.8
24.9 —90.3
30.2 — 78.8
45.6 — 28.5
55.7 —40.4
56.9 — 75.7
132.3
143.2
131.6
138.6
145.6
113.3
116.4
120.7
134.3
152.4
87.7
86.1
87.3
85.7
91.8
102.4
2.3
2.3
2.3
2.3
2.4
2.6
2.3
2.3
12.4
12.8
12.2
11.8
12.2
12.5
12.3
11.5
12.3
12.9
12.8
12.5
12.9
13.6
13.3
13.9
8.2
8.6
8.0
8.6
8.7
8.9
8.9
8.7
10.9
11.2
11.2
11.5
11.5
11.7
11.5
11.3
15.4
15.4
15.6
15.4
15.4
15.7
15.1
15.8
10.4
10.6
10.7
10.6
10.8
11.1
11.1
11.2
-8.5
-11.4
-10.8
-10.1
-10.6
-10.8
-9.9
-7.8
-10.0
-12.5
-12.3
-11.6
-12.5
-12.5
-11.5
-9.1
5.0
4.8
4.9
4.8
4.5
4.6
4.0
4.6
-5.0
— 7.7
-7.5
-6.8
-8.0
-7.9
-7.5
-4.5
2.4
11.7
11.9
12.7
12.8
13.1
14.1
14.0
14.5
14.7
14.9
8.7
8.8
9.5
9.5
9.5
11.6
11.5
11.3
11.8
12.1
14.9
15.2
16.0
15.8
15.8
10.8
11.3
11.4
11.0
10.9
-10.9
-12.1
-9.6
-12.0
-12.7
-12.0
-13.5
-11.5
-13.3
-14.1
4.2
3.9
4.6
4.8
4.9
-7.8
-9.6
-6.9
-8.5
-9.2
2.4
2.5
2.5
2.5
here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census j nd Bureau of Economic Analysis).
Note.—BOP refers to balance of payments or international transactions basis. BOP data shown
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1994, the merchandise trade deficit rose to $37.0 billion, from $33.2 billion in the fourth
quarter of 1993. The current account deficit rose to $31.9 billion, from $30.6 billion.
BIUJONS OF DOLLARS
BILLIONS OF COLLARS*
15
15
-40
-45 I
L
1992
1984
1993
* SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1994
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( —)]
Merchandise l
Period
198:
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1992:
I
II
Ill
IV
1993:
I
II
Ill
IV
1994:
I" .
Investment income
Services
Net
military
transactions 2 3
Net
travel
and
transportation
receipts
Balance
on goods
and
services
Other
services,
net
Exports
Imports
Net
balance
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
362,116
389,303
416,913
440,361
456,866
-265,067
-247,642
-268,901
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
-498,336
-490,981
— 536,458
-589,441
-28,023
-36,485
67 102
-112,492
122 173
- 145,081
159 557
- 126,959
115 249
- 109,033
-74,068
-96,097
132 575
-844
112
-563
2 547
4 390
-5,181
3 844
6315
-6,726
-7,567
-5,485
-3,034
-763
144
-992
— 4,227
-8,438
9 798
-7,382
6481
-1,511
5,071
8,978
17,957
20,885
20,840
108,268
108,803
109,546
113,744
-126,333
-133,139
-136,906
-140,080
-18,065
-24,336
27 360
-26,336
-559
-673
-525
— 1,277
5,311
5,433
5,138
5,005
9,435
9,202
9,960
9,262
-3,877
-10,375
-12,787
-13,346
111,664
113,787
111,736
119,679
- 140,855
-147,514
- 148,224
- 152,848
— 29,191
-33,727
-36,488
-33,169
-105
-128
-87
— 444
5,307
5,565
5,230
4,740
9,567
9,221
9,087
8,897
118,012 -154,977
-36,965
-391
4,269
8,822
1
Adjusted from Census data for differences in timing and coverage; excludes military.
2
Transfers under U.K. military agency sales contracts (exports) minus direct defense expenditures
(imports).
36
Receipts
on
U.S.
assets
abroad
Payments
on foreign
assets in
U.S.
Net
Balance
on goods,
services,
and
income
Unilateral
transfers,
net 4
Balance
on
current
account
12,552 -16,172 86,529 — 53,626
56412
13,209 -24,156 86,200
57 796 84,778 — 53,700
14,095
14,277 - 109,200 104,075
74036
14,266
122 095 92,760 — 73,087
18,855 -138,789 90,858 -79,095
151 981 99,239 — 91,302
17,900
19,961 -114,824 127,414 -115,806
90345 152,517 -138,858
26,558
28,811 -78,810 160,300 -139,574
33,124 -28,472 136,914 — 122,081
37,862 -40,384 114,449 - 109,909
36,773
75 725 113,856 — 109,910
32,903
29,788
31,078
30,038
19,673
11,763
7,937
11,607
13,659
20,725
14,833
4,540
3,946
16,732
5,632
-26,719
-79,161
- 102,422
-127,026
- 144,045
-103,217
-76,686
-58,085
-13,639
-35,844
-71,779
— 11,702
-17,075
-17,741
-20,612
— 22,950
-24,176
-23,052
-24,977
-26,134
-33,663
6,687
-32,042
-32,117
5,030
-11,443
-44,460
-99,773
-125,372
-151,201
-167,097
-128,194
- 102,820
-91,748
-6,952
-67,886
-103,896
30,192
30,236
27,864
26,158
-27,755
-28,624
-26,644
-26,887
2,437
1,612
1,220
-729
— 1,440
-8,763
-11,567
— 14,075
-6,917
-7,776
-7,040
- 10,308
-8,357
-16,539
-18,607
-24,383
— 14,422
-19,070
— 22,258
-19,976
27,727
28,801
28,513
28,816
-25,872
-28,133
-26,498
-29,406
1,855
668
2,015
-590
-12,567
-18,402
— 20,243
-20,566
-7,283
-7,200
-7,613
-10,021
- 19,850
-25,602
-27,856
-30,587
-24,265
29,766
-30,133
-367
-24,632
— 7,269
-31,901
3
4
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant
See p. 37 JOT continuation of table.
U.S.
INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $9.1 billion in the first quarter
of 1994, compared with an increase of $9.3 billion in the fourth quarter of 1993. U.S. liabilities to private
foreigners reported by U.S. banks, excluding Treasury securities, increased $34.1 billion in the first quarter,
following an increase of $7.4 billion in the fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS •
100
100
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
20
-20
-40
-60
« SEASONAliY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIl OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1992:
I
II
III
IV
1993:
1
II
III
IV
1994:
I"
5
U.S.
official
reserve
assets 3 5
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow (-f-)j
U.S.
private
assets
Total
Foreign
official
assets 3
Other
foreign
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,721
71,323
73,442
24,992
41,359
19 815
20 758
23 415
29,908
— 4 443
-12,712
53 075
39 919
- 39 670
— 17)l08 !
21,096
-114,147
-122,335
-58,735
-34,917
-39,225
— 104,818
-71,443
-99,360
-168,744
-70,363
-51.512
-61,510
-147,898
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
5,763
3,901
-1,379
-5,097
-6,131
-5,006
-5,489
-2,821
— 2,022
1,006
2,967
1,259
2,307
2.900
-1,652
-306
-103,875
— 111,239
52 533
-26,298
-32,547
-103,109
-81,597
-98,414
-144,710
-70,512
-60,175
-63,759
— 146,213
83,032
92,418
83,380
113,932
141,183
226,111
242,983
240,265
218,490
122.192
98,134
146,504
230,698
4,960
3,593
5,845
3,140
-1,119
35,648
45,387
39,758
8,503
33,910
17,199
40,858
71,681
78,072
88,826
77,534
110,792
142,301
190,463
197,596
200,507
209,987
88,282
80,935
105,646
159,017
-7,726
-13,586
-10,806
-29,395
-1,057
1,464
1,952
1,542
-269
289
-394
-701
-6,400
— 14,761
-12,364
-30,236
26.116
47,874
29,935
42,581
21,016
20,897
-7,417
6,363
5.100
26,977
37.352
36,218
-10,033
-17,749
— 522
11,197
4,818
592
-6,375
966
74.657
77,092
78,527
71,323
-12,659
-35,966
-35,651
-63,622
-983
822
-545
-673
488
-281
199
-321
— 12,164
-36,507
34 915
-62,628
16,772
51,829
71,934
90,162
10,968
17,492
19,259
23,962
5,804
34,337
52,675
66,200
15,737
9,739
-8,427
4,047
6,105
435
— 6,643
103
74,378
73,968
75.835
73,442
-55,938
-59
446
-56,325
83,127
11,353
71,774
4,712
5,719
76,809
1
( onsists of £ohl, s|HTi:i] <lra\vin K rights ( H l ) K s ) , foreign
an in the IMF.
1,093
Sources: Department of Commerce {Bureau of Koojiomic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures....
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries..
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these .tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
" Preliminary.
' Revised.
' Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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