Full text of Economic Indicators : June 1992
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102d Congress, 2d Session
Economic Indicators
JUNE 1992
(Includes data available as of June 30, 1992)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
V
JUL 21 1992
FEDERAL RESERVE
BANK OF CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1992
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member
PAUL WONNACOTT, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copy
($3.44 foreign), or by subscription at $30.00 per year ($37.50 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 1992, according to revised estimates, current-dollar gross domestic product (GDP) rose 5.8
percent (annual rate) or $80.9 billion. Real GDP (GDP in 1987 dollars) rose 2.7 percent and the implicit price
deflator rose 3.1 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
6,000
BILLIONS Of DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTED ANNUAL RATES
f
5,600
5,600
S^~
^X|
5,200
x
OOP
4,800
IN 1 987 DOLLAR3
>•>•
\
4,400
5,200
'
^_ _
^
4,800
S ~~"
, *•
r^r
4,400
^ *~
4,000
x
>i
s
*• """
^
/
4,000
GDP
INCrURRENT DO .LARS
V
3,600
3,600
^
3,200
3,200
i i i
1 1 i
i i i
1982
2,800
\\
"/
1983
1984
I
I I
1985
j
I I
1986
1 1 1
i i i
1987
1988
I
I I
1989
i I I
1990
SOURCE: DEPARTMENT OF COMMERCE
i i i
1991
i
i i
1992
2,800
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Gross
private
domestic
investment
3,149.6
3,405.0
3,777.2
4,038.7
4,268.6
4,539.9
4,900.4
5,244.0
5,513.8
5,672.6
2,059.2
2,257.5
2,460.3
2,667.4
2,850.6
3,052.2
3,296.1
3,517.9
3,742.6
3,889.1
503.4
546.7
718.9
714.5
717.6
749.3
793.6
837.6
802.6
726.7
3,195.1
3,547.3
3,869.1
4,140.5
4,336.6
4,683.0
5,044.6
5,340.4
2,128.7
2,346.8
2,526.4
2,739.8
2,923.1
3,124.6
3,398.2
3,592.8
1990- I
5,422.4
5,504.7
5,570.5
5,557.5
1991: I
n
m
Period
Gross
domestic
product
Federal
Net
exports
Final
sales of
domestic
product
Gross
domestic
purchases 2
Addendum:
Gross
national
product 3
Government purchases
Exports and imports of goods
and services1
Total
Nondefense
State
and
local
Exports
Imports
-20.6
-51.4
- 102.7
115 6
-132.5
-143.1
- 108.0
-82.9
-74.4
-30.7
282.6
276.7
302.4
302.1
319.2
364.0
444.2
504.9
550.4
591.3
303.2
328.1
405.1
417.6
451.7
507.1
552.2
587.8
624.8
622.0
607.6
652.3
700.8
772.3
833.0
881.5
918.7
971.4
1,042.9
1,087.5
266.6
292.0
310.9
344.3
367.8
384.9
387.0
401.4
424.9
445.1
193.8
214.4
233.1
258.6
276.7
292.1
295.6
300.0
313.4
323.5
72.7
77.5
77.8
85.7
91.1
92.9
91.4
101.5
111.5
121.6
341.1
360.3
389.9
428.1
465.3
496.6
531.7
570.0
618.0
642.4
3,165.5
3,410.6
3,706.1
4,014.1
4,260.0
4,513.7
4,884.2
5,208.1
5,513.8
5,691.1
3,170.2
3,456.5
3,879.9
4,154.3
4,401.2
4,683.0
5,008.4
5,326.9
5,588.1
5,703.3
3,179.8
3,434.4
3,801.5
4,053.6
4,277.7
4,544.5
4,908.2
5,248.2
5,524.5
5,685.8
464.2
614.8
722.8
737.0
697.1
800.2
814.8
834.4
-29.5
-71.8
-107.1
-135.5
-133.2
- 143.2
-106.0
-77.5
265.6
286.2
308.7
304.7
333.9
392.4
467.0
521.3
295.1
358.0
415.7
440.2
467.1
535.6
573.1
598.8
631.6
657.6
727.0
799.2
849.7
901.4
937.6
990.7
281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7
205.5
222.8
242.9
268.6
278.6
295.8
296.8
301.6
75.9
66.9
81.9
88.3
94.5
96.7
95.2
102.1
350.3
367.9
402.2
442.4
476.6
509.0
545.7
587.0
3,241.4
3,527.1
3,818.1
4,107.9
4,355.4
4,623.7
5,027.3
5,305.3
3,224.6
3,619.1
3,976.2
4,276.0
4,469.8
4,826.2
5,150.7
5,417.9
3,222.6
3,578.4
3,890.2
4,156.2
4,340.5
4,690.5
5,054.3
5,350.9
3,667.3
3,706.0
3,785.2
3,812.0
812.0
825.9
821.8
750.9
-78.0
-60.4
-82.5
-76.6
534.6
545.9
548.7
572.6
612.6
606.3
631.2
649.2
1,021.2
1,033.2
1,046.0
1,071.2
417.2
423.3
424.7
434.5
309.3
312.7
311.1
320.6
107.9
110.7
113.6
113.9
604.0
609.9
621.4
636.7
5,425.7
5,479.1
5,556.5
5,594.0
5,500.5
5,565.1
5,653.0
5,634.0
5,432.7
5,505.5
5,576.8
5,583.2
IV
5,589.0
5,652.6
5,709.2
5,739.7
3,827.7
3,868.5
3,916.4
3,943.7
709.3
708.8
740.9
747.9
-36.8
17 2
-37.3
-31.4
565.9
589.8
597.0
612.5
602.7
607.0
634.3
643.8
1,088.8
1,092.5
1,089.1
1,079.5
451.5
452.1
444.9
432.0
332.3
328.4
322.3
311.0
119.2
123.7
122.6
121.0
637.3
640.4
644.2
647.5
5,628.2
5,689.6
5,712.8
5,733.8
5,625.8
5,669.8
5,746.5
5,771.1
5,611.7
5,660.6
5,720.1
5,750.7
1992: I '
5,820.6
4,020.6
728.4
-24.2
617.7
641.9
1,095.9
440.6
S13.7
127.0
655.3
5,842.5
5,844.8
5,840.7
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
n
m
rv
1
2
Excludes receipts and payments of factor income from or to rest of the world.
GDP less exports of goods and services plus imports of goods and services.
Total
3
National
defense
GDP plus net receipts of factor income from rest of the world.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS DOMESTIC PRODUCT IN 1987 DOLLARS
[Billions of 1987 dollars; quarterly data at seasonal]}- adjusted annual rates]
Gross private
domestic investment
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
Gross
domestic
product
Personal
consumption
expenditures
Government purchases
Exports and imports of
goods and services 1
Federal
Nonresidential
fixed
investment
Residential
fixed
investment
Change
in
business
.inventories
Imports
Total
State
and
local
Final
sales of
domestic
product
Addendum:
Gross
national
product 3
Gross
domestic
purchases -
Net
exports
Exports
296.7
285.9
305.7
309.2
329.6
364.0
421.6
469.2
505.7
537.8
304.1
342.1
427.7
454.6
484.7
507.1
525.7
544.9
557.0
558.7
723.6
743.8
766.9
813.4
855.4
881.5
886.8
900.4
929.1
937.1
306.0
320.8
331.0
355.2
373.0
384.9
377.3
375.0
380.9
384.9
221.4
234.2
245.8
265.6
280.6
292.1
287.0
280.7
281.3
281.4
84.7
86.6
85.1
89.5
92.4
92.9
90.2
94.4
99.6
103.5
417.6
423.0
436.0
458.2
482.4
496.6
509.6
525.3
548.2
552.2
3,777.8
3,902.2
4,080.6
4,257.6
4,395.9
4,513.7
4,698.6
4,804.3
4,884.7
4,862.7
3,767.7
3,962.8
4,270.5
4,425.1
4,559.6
4,683.0
4,822.6
4,912.6
4,936.2
4,869.7
3,796.1
3,939.6
4,174.5
4,295.0
4,413.5
4,544.6
4,726.3
4,840.7
4,894.6
4,860.2
Total
Nondefense
National
defense
' ••->•- .*(•;
iP
2,503.7
2,619.4
2,746.1
2,865.8
2,969.1
3,052.2
3,162.4
3,223.1
3,262.6
3,259.0
433.9
420.8
490.2
521.8
500.3
497.8
530.8
542.4
548.8
512.4
124.1 -17.5
174.2
4.4
199.3
67.9
202.0
22.1
226.2
8.5
225.2
26.3
222.7
19.9
32.6
214.2
.2
195.5
175.2 -13.9
3,759.6
4,012.1
4,194.2
4,333.5
4,427.1
4,625.5
4,779.7
4,859.7
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,241.6
417.2
449.6
509.6
525.5
495.5
510.6
538.8
541.3
131.2 -44.9
190.6
29.3
198.8
47.9
30.2
207.4
230.5 -20.1
223.3
59.9
225.3
20.9
30.0
207.9
19.0
-83.7
-131.4
-155.4
-156.0
-136.0
-102.7
-70.0
280.4
291.5
312.8
312.0
342.9
386.1
438.2
485.8
299.4
375.1
444.2
467.4
498.9
522.1
540.9
555.7
735.9
748.1
784.3
830.5
864.8
893.0
894.5
908.9
316.0
322.2
341.7
363.7
377.5
391.6
378.4
373.9
229.4
242.9
254.3
272.1
282.2
295.0
285.7
279.9
86.6
79.3
87.4
91.6
95.3
96.6
92.7
94.0
419.9
425.9
442.6
466.7
487.3
501.4
516.1
534.9
3,804.5
3,982.8
4,146.2
4,303.3
4,447.2
4,565.6
4,758.7
4,829.7
3,778.6
4,095.8
4,325.5
4,488.9
4,583.1
4,761.5
4,882.4
4,929.7
3,791.7
4,046.6
4,216.4
4,349.5
4,430.8
4,633.0
4,789.0
4,869.3
ffl
4,880.8
4,900.3
4,903.3
4,855.1
3,258.8
3,258.6
3,281.2
3,251.8
550.7
544.3
555.5
544.5
208.2
-4.0
199.5
22.1
190.9
13.9
183.3 -31.2
-56.0
-52.5
-65.7
-31.2
496.2
502.1
501.6
522.5
552.2
554.5
567.4
553.7
923.0
928.1
927.5
937.9
379.3
383.3
378.4
382.6
281.5
283.8
278.0
282.0
97.7
99.5
100,4
100.6
543.7
544.8
549.1
555.3
4,884.8
4,878.1
4,889.4
4,886.3
4,936.8
4,952.7
4,969.1
4,886.3
4,890.2
4,901.2
4,909.2
4,877.7
n
m
rv
1982:
1983:
1984:
19851986:
19871988:
1989:
3,760.3
3,906.6
4,148.5
4,279.8
4,404.5
4,540.0
4,718.6
4,836.9
4,884.9
4,848.8
-7.4
56.1
-122.0
— 145.3
-155.1
- 143.0
-104.0
-75.7
-51.3
-20.9
4,824.0
4,840.7
4,862.7
4,868.0
3,241.1
3,252.4
3,271.2
3,271.1
519.1
514.8
510.0
505.6
170.7 -32.8
172.0 -30.4
.1
176.5
181.7
7.6
-18.6
-12.3
-31,1
21 3
512.5
535.7
545.2
558.0
531.1
548.0
576.3
579.3
944.5
944.3
936.1
923.3
391.7
392.7
384.5
370.7
289.4
287.0
280.4
268.7
102.3
105.7
104.1
102.0
552.7
551.7
551.6
552.7
4,856.8
4,871.2
4,862.6
4,860.3
4,842.6
4,853.1
4,893.8
4,889.3
4,843.7
4,847.8
4,872.0
4,877.3
Ir
4,900.9
3,311.3
509.5
186.8
20 1
561.4
581.5
930.0
371.7
266.4
105.3
558.3
4,917.5
4,921.0
4,917.8
IV
IV
IV
IV
IV....
IV
IV ....
IV
1990- I
n ....
IV ...
1991: I
1992-
16 6
1
Excludes
2
3
receipts and. payments of factor income from or to rest of the world.
GDP less exports of goods and services plus imports of goods and services.
GDP plus net receipts of factor income from rest of the world.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[1987 = 100; quarterly data are seasonally adjusted]
Period
Gross
domestic
product
Personal consumption
expenditures
Gross private
domestic investment
Durable
goods
Nonresidential
fixed
Government purchases
Exports and imports of
goods and services *
Federal
Total
Nondurable goods
Services
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
83.8
87.2
91.0
94.4
96.9
100.0
103.9
108.4
112.9
117.0
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
82.2
86.2
89.6
93.1
96.0
100.0
104.2
109.1
114.7
119.3
90.1
92.4
93.9
95.4
96.9
100.0
102.0
104.3
106.1
107.9
88.6
90.8
93.4
95.9
96.1
100.0
103.7
109.3
115.9
120.0
76.7
81.9
86.2
90.8
95.7
100.0
105.1
110.3
116.1
121.5
95.3
95.1
95.6
96.6
98.4
100.0
102.8
105.2
107.0
107.4
85.2
87.3
89.7
92.0
95.8
100.0
104.2
107.8
110.4
111.3
95.2
96.8
98.9
97.7
96.9
100.0
105.3
107.6
108.9
109.9
99.7
95.9
94.7
91.9
93.2
100.0
105.1
107.9
112.2
111.3
87.1
91.0
93.9
96.9
98.6
100.0
102.6
107.0
111.6
115.7
87.6
91.6
94.8
97.3
98.6
100.0
103.0
106.9
111.4
115.0
85.9
89.5
91.3
95.7
98.6
100.0
101.4
107.5
112.0
117.5
81.7
85.2
89.4
93.4
96.4
100.0
104.3
108.5
112.7
116.3
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV ...
IV
IV
IV
IV
IV
IV
IV
85.0
88.4
92.2
95.5
98.0
101.2
105.5
109.9
83.8
87.6
90.7
94.6
97.0
101.6
106.1
110.8
90.6
93.3
94.4
95.9
97.8
101.0
103.1
105.2
89.4
91.8
94.1
97.0
96.3
101.5
105.6
110.8
79.0
83.7
87.7
92.9
97.3
101.9
107.1
112.2
95.3
95.0
96.4
97.3
99.2
100.7
104.0
105.9
86.0
88.0
90.7
93.1
97.3
101.5
105.3
108.7
94.7
98.2
98.7
97.7
97.4
101.6
106.6
107.3
98.5
95.4
93.6
94.2
93.6
102.6
106.0
107.7
89.0
89.9
95.0
98.1
98.8
100.2
103.6
108.0
89.6
91.7
95.5
98.7
98.7
100.3
103.9
107.8
87.7
84.3
93.7
96.4
99.2
100.1
102.6
108.6
83.4
86.4
90.9
94.8
97.8
101.5
105.7
109.7
1990:
I
111.1
112.3
113.6
114.5
112.5
113.7
115.4
117.2
106.0
105.9
106.1
106.6
113.3
114.3
116.6
119.3
113.7
115.3
116.9
118.5
106.5
106.5
107.4
107.5
110.0
110.4
110.7
110.3
107.7
108.7
109.4
109.6
110.9
109.3
111.2
117.2
110.0
110.4
112.2
113.6
109.9
110.2
111.9
113.7
110.4
111.2
113.1
113.2
111.1
111.9
113.2
114.7
1991: I
m
IV
115.9
116.8
117.4
117.9
118.1
118.9
119.7
120.6
107.3
107.6
108.3
108.5
119.4
119.8
120.2
120.8
119.8
121.1
122.1
123.2
107.9
107.7
107.2
106.6
110.4
111.2
112.0
111.7
110.4
110.1
109.5
109.8
113.5
110.8
110.1
111.1
115.3
115.1
115.7
116.5
114.8
114.4
114.9
115.8
116.5
117.1
117.9
118.6
115.3
116.1
116.8
117.2
I '.....
118.8
121.4
108.9
121.3
124.4
106.3
111.7
110.0
110.4
118.6
117.7
120.6
117.4
n
m
rv
II
1992:
1
Excludes receipts and payments of factor income from or to rest of the world.
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 period; quarterly data at seasonally adjusted annual rates]
Gross domestic product
Period
Constant
(1987)
dollars
Current
dollars
1981
11.9
3.9
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1988- I
II
Ill
IV
1989- I
II
HI
IV
1990- I
II
8.1
10.9
6.9
5.7
6.4
7.9
7.0
5.1
2.9
6.1
'9.1
7.6
8.1
7.8
6.3
4.6
4.9
6.3
6.2
4.9
-.9
2.3
4.6
4.1
2.2
5.8
Ill
IV
1991- I
II
.
Ill
IV
1992- I '
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarer.
1.8
-2.2
3.9
6.2
3.2
2.9
3.1
3.9
2.5
1.0
-.7
2.6
4.3
2.5
3.9
2.5
1.9
1.1
1.2
1.7
1.6
.2
39
-2.5
1.4
1.8
.4
2.7
Implicit
price
deflator
Personal consumption expenditures
Fixedweighted
price index
(1987
weights)
10.0
6.2
4.1
4.4
3.7
2.6
3.2
3.9
4.3
4.2
3.6
3.6
4.4
5.1
3.9
5.4
4.2
3.4
3.7
4.4
4.4
4.7
3.2
5.0
3.1
2.1
1.7
3.1
10.2
6.9
9.6
9.0
8.4
6.9
7.1
8.0
6.7
6.4
3.9
6.1
3.8
3.3
3.5
2.7
3.1
3.9
4.3
4.3
3.9
3.6
4.5
5.4
3.7
4.8
4.5
3.5
3.7
5.0
4.6
4.8
3.2
5.4
3.3
2.6
2.1
3.3
Implicit
price
deflator
Constant
(1987)
dollars
Current
dollars
9.9
7.9
8.4
8.9
4.6
6.4
7.2
4.7
8.6
4.3
8.8
2.9
1.7
4.3
5.0
2.8
8.0
1.2
1.1
4.6
4.8
4.4
3.6
2.8
3.6
1.9
1.2
-.1
7.1
2.5
2.9
4.1
2
1.0
4.1
.1
2.1
-.0
2.8
35
-1.3
1.4
2.3
0
5.0
9.0
5.7
4.9
3.9
3.9
3.1
4.2
4.2
4.7
5.1
4.0
2.8
5.2
5.1
4.7
5.0
5.3
3.0
4.5
6.3
4.3
6.1
6.4
3.1
2.7
2.7
3.0
2.7
Fixedweighted
price index
(1987
weights)
8.6
5.4
4.3
3.7
3.8
3.0
4.1
4.3
4.8
5.2
4.1
2.7
5.2
5.4
4.6
5.0
5.6
3.1
4.6
6.7
4.1
6.1
6.8
3.1
2.9
2.8
2.8
3.3
Source: Department of Commerce, Bureau of Economic Analysis,
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic product
of nonfinancial
corporate business
(billions of dollars)
Period
1987
Current
dollars
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982198319841985:
19861987198819891990-
.. .
IV
IV
IV
IV
IV
IV
IV
IV
I
II
III
IV
1991- I
II
m
IV
1992- I '
1
2
dollars
1,749.1
1,803.5
1,937.1
2,167.3
2,295.5
2,391.3
2,544.6
2,762.1
2,910.8
3,008.9
3,054.2
1,807.1
2,038.1
2,230.0
2,341.3
2,428.4
2,625.9
2,840.1
2,943.3
2,974.7
3,025.6
3,021.2
3,014.2
3,011.8
3,043.9
3,070.1
3,091.1
3,119.1
2,035.8
2,002.1
2,113.3
2,285.0
2,366.3
2,444.3
2,544.6
2,682.2
2,715.3
2,717.4
2,691.8
2,000.5
2,205.2
2,330.3
2,399.5
2,469.0
2,602.4
2,717.1
2,715.3
2,720.0
2,741.6
2,710.4
2,697.6
2,668.1
2,682.1
2,699.0
2,717.9
2,737.0
Total
cost and
profit 2
0.859
.901
.917
.949
.970
.978
1.000
1.030
1.072
1.107
1.135
.903
.924
.957
.976
.984
1.009
1.045
1.084
1.094
1.104
1.115
1.117
1.129
1.135
1.138
1.137
1.140
Consumption of
fixed
capital
0.102
.115
.115
.109
.109
.111
.111
.111
.116
.120
.127
.119
.119
.111
.110
.112
.110
.112
.119
.119
.119
.121
.123
.127
.128
.127
.127
.125
Output is measured by GDP of nonfinancial corporate business in 1987 dollars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Corporate profits with inventor}"
valuation and capital consumption
adjustments
Total
0.081
0.573
0.035
.083
.086
.089
.091
.094
.093
.095
.099
.105
.114
.085
.086
.090
.092
.094
.093
.096
.100
.103
.103
.106
.109
.113
.113
.116
.116
.117
.606
.604
.619
.638
.650
.659
.676
.708
.745
.763
.609
.604
.624
.644
.655
.665
.687
.720
.729
.737
.755
.758
.760
.763
.765
.763
.760
.041
.036
.038
.038
.040
.042
.045
.052
.055
.054
.040
.036
.041
.038
.042
.042
.047
.054
.054
.054
.055
.056
.056
.054
.054
.052
.050
4
0.067
.056
.076
.094
.094
.083
.096
.102
.096
.083
.076
.051
.079
.091
.092
.080
.099
.102
.090
.090
.091
.077
.072
.073
.077
.076
.079
.087
Profits
tax
liability
0.031
.023
.028
.032
.030
.031
.037
.038
.037
.035
.031
.020
.029
.027
.030
.035
.038
.040
.034
.036
.036
.037
.033
.030
.031
.032
.032
.034
Profits
after
tax 4
0.036
.033
.048
.062
.064
.052
.059
.064
.060
.047
.045
.030
.050
.064
.063
.045
.060
.063
.056
.054
.055
.041
.039
.043
.046
.044
.047
.053
Output
per hour
of all
employees
(1987
dollars)
20.560
20.827
21.597
21.905
22.144
22.737
23.047
23.472
'23.058
* 23. 108
' 23.563
21.103
21.905
22.050
22.340
22.891
' 23.272
' 23.428
r
22.998
' 22.952
r
23.205
' 23.062
' 23.237
r
23.317
' 23.500
' 23.653
23.858
24.025
sation per
hour of
all
employees
(dollars)
11.790
12.620
13.037
13.559
14.121
14.770
15.181
15.782
' 16.329
* 17.206
' 17.969
12.842
13.233
13.770
14.395
15.001
' 15.485
' 16.008
r
16.564
' 16.724
'17.110
' 17.408
' 17.605
' 17.723
' 17.928
' 18.083
18.201
18.272
With inventory valuation and capital consumption adjustments.
'Data revised beginning 1987. Data for 1992: I do not reflect GDP revisions of 6/25/92.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1983
1984
1985
1986
1987
1988
1989
1990
1991
198219831984198519861987198819891990:
2,720.8
3,058.3
3,268.4
3,437.9
3,692.3
4,002.6
4,244.7
4,459.6
4,542.2
2,551.5
2,834.3
3,134.4
3,341.9
3,486.0
3,828.8
4,127.6
4,300.5
4,395.5
4,461.0
4,475.2
4,506.8
4,489.8
4,530.8
4,559.8
4,588.3
4,662.6
.. .
IV
IV . ..
IV
IV ....
IV
IV ....
IV
IV ....
I
n
m
IV
1991- I
n
m ....
IV
1992- I *
1
2,029.4
2,226.9
2,382.8
2,523.8
2,698.7
2,921.3
3,101.3
3,290.3
3,388.2
1,940.4
2,101.2
2,288.1
2,442.5
2,582.5
2,785.1
3,004.9
3,157.4
3,216.1
3,279.9
3,325.3
3,340.0
3,342.9
3,377.4
3,405.3
3,427.4
3,459.8
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
2.4
21.3
21.5
22.3
31.3
30.9
41.4
42.5
35.1
10.2
6.3
21.9
17.8
23.6
42.4
30.9
41.0
50.9
45.3
32.4
41.2
32.8
39.6
32.0
36.1
36.4
22.1
23.3
18.7
8.7
3.2
4.3
7.9
-12.9
-12.7
24.1
22.2
24.3
14.0
4.7
6.8
2.8
— 12.5
-14.2
-17.3
10.4
-9.5
-11.9
11 7
-14.2
13.1
-9.3
184.3
214.7
238.4
261.5
279.0
293.4
305.5
330.7
344.5
169.6
193.8
217.7
250.9
260.9
282.6
302.5
310.2
324.9
328.8
336.5
332.7
331.4
340.4
350.5
355.9
367.2
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Profits
before tax
212.7
264.2
280.8
271.6
319.8
365.0
351.7
319.0
306.8
150.3
229.1
261.3
284.9
264.6
343.3
378.3
334.7
340.2
339.8
299.8
296.1
302.1
303.5
306.1
315.6
355.4
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
315.5
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
330.0
335.4
302.4
304.9
315.7
316.1
313.4
316.9
344.8
Inventory
valuation
adjustment
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
312.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
332.8
336.6
331.6
335.1
326.1
309.1
306.2
318.2
316.1
348.8
Total
Capital
consumption
adjustment
-8.5
-4.1
.2
9.7
— 14.5
-27.3
-17.5
-14.2
3.1
8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-6.6
3.8
-32.6
-21.2
6.7
9.9
4.8
.7
-4.0
10.4
27.8
55.5
44.1
46.4
44.7
24.7
.8
87
9.6
12.9
37.7
56.9
39.6
49.9
37.9
15.4
10.2
4.4
-2.7
8.8
-13.6
-12.6
-7.3
-1.3
10.6
Net
interest
270.0
307.9
326.2
350.2
360.4
387.7
452.6
490.1
480.2
256.8
281.8
321.1
331.9
349.7
368.6
408.1
469.6
477.5
484.5
491.8
506.4
492.6
481.6
480.1
466.5
453.1
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES IN 1987 DOLLARS
[Billions of 1987 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
1983
1984
1985
1986
1987
1988
1989
1990
1991
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
2,619.4
2,746.1
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
1991: I
n
m
rv
1992: I '
1
Total
personal
consumption
expenditures
2,865.8
2,969.1
3,052.2
3,162.4
3,223.1
3,262.6
3,259.0
2,539.3
2,678.2
2,784.8
2,895.3
3,012.5
3,074.7
3,202.9
3,241.6
3,258.8
3,258.6
3,281.2
3,251.8
3,241.1
3,252.4
3,271.2
3,271.1
3,311.3
Total
durable
goods
Motor
vehicles
and
parts
297.7
138.1
338.5
370.1
402.0
403.7
428.7
440.8
438.9
412.5
272.3
319.1
347.7
369.6
415.7
404.7
439.2
435.6
452.7
438.7
440.3
424.0
410.8
408.9
418.3
412.2
427.7
160.3
180.2
193.3
183.5
194.8
196.2
191.4
167.9
123.7
151.6
164.3
173.9
193.6
183.6
197.7
187.8
200.7
192.0
192.9
179.8
166.7
164.2
170.9
169.7
176.6
Includes other items, not shown separately.
Furniture and
household
equipment
104.3
115.3
123.8
136.3
144.0
155.4
166.1
170.6
170.5
96.4
109.3
118.7
128.6
141.4
145.9
160.3
167.7
173.1
170.9
170.5
168.0
168.9
171.1
172.5
169.4
175.7
Other
55.3
62.9
66.1
72.4
76.2
78.5
78.5
76.9
74.2
52.3
58.1
64.8
67.1
80.7
75.2
81.2
80.0
78.8
75.8
76.9
76.2
75.1
73.6
74.9
73.1
ISA
Total
nondurable goods
900.3
934.6
958.7
991.0
1,011.1
1,035.1
l|o49.3
1,050.8
1,'043.0
880.7
915.2
942.9
968.7
1,000.9
1,014.6
1,046.8
1,055.3
1,054.4
1,050.3
1,053.7
1,044.7
1,043.9
1,046.2
1,046.1
1,035.8
1,049.2
Food
463.4
472.3
483.0
494.1
500.7
513.4
513.3
515.8
517.2
458.3
467.1
475.1
488.2
496.9
502.4
518.0
511.7
513.9
516.3
517.1
515.9
518.7
517.0
517.4
515.6
519.9
Clothing
and
shoes
142.4
153.1
158.8
170.3
174.5
178.9
187.9
187.4
182.9
135.7
147.7
154.7
161.7
171.9
174.5
182.8
190.1
190.1
187.2
188.2
184.1
181.7
186.1
184.7
179.0
186.2
Retail sales of new
passenger cars
(millions of units)
Services
Nondurable goods
Gasoline
and oil
Fuel
oil and
coal
75.7
77.9
11.1
11.2
79.2
82.9
84^7
86.1
86.7
85.0
83.0
73.4
76.9
79.0
79.5
84.6
85.4
87.5
90.2
87.2
84.5
84.4
84.0
81.8
83.0
83.6
83.6
82.3
11.5
12.1
12.0
12.0
11.5
10.0
9.6
10.5
11.4
11.1
11.4
12.4
11.9
12.0
12.3
9.5
10.5
11.0
8.9
9.3
9.8
10.1
9.4
10.1
Other
207.8
220.0
226.2
231.7
239.1
244.7
250.0
252.6
250.3
202.8
212.2
222.9
228.0
235.2
240.4
246.4
251.0
253.8
251.9
252.9
251.7
252.5
250.3
250.3
248.2
250.7
Total
services l
1,421.4
1 473.0
l]537.0
1,576.1
1J637.4
1,698.5
1J32.9
1,773.0
l'g03.4
1,386.2
1,443.9
1,494.2
1,557.1
1,595.8
1,655.5
1,716.9
1,750.7
1,751.8
1,769.6
1,787.3
1,783.1
1,786.3
1,797.2
1,806.8
1,823.1
1,834.4
Housing
415.5
426.8
435.9
442.1
452.5
461.8
469.0
474.5
478.9
411.0
419.7
431.3
438.1
444.8
457.0
465.6
472.8
472.8
473.0
475.4
476.9
477.3
478.3
479.4
480.7
481.8
Source: Department of Commerce, Bureau of Economic Analysis.
Medical
care
332.6
341.9
353.0
366.2
384.7
399.4
408.5
424.3
439.6
327.8
334.8
344.9
359.1
372.0
390.7
403.0
411.5
417.7
422.4
427.7
429.6
432.9
436.9
441.7
447.0
449.2
Domestics
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
6.1
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
7.1
6.8
7.1
6.6
6.1
6.1
6.3
6.1
6.0
Imports
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.3
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
2.8
2.7
2.5
2.4
2.2
2.3
2.3
2.1
2.3
SOURCES OF PERSONAL INCOME
Personal income rose $14.0 billion (annual rate) in May after rising $3.6 billion in April. Wages and salaries rose
$11.5 billion in May, in contrast to a decline of $1.7 billion in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
BILLIONS OF DOLLARS* (RATIO SCALE)
6,000
5,000
5,000
4,000
4,000
3,000
3,000
2,000
2,000
1,400
1,400
800
400
1984
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991-
....
..
.
..
May
June
July
Auff
Sept
Oct
Nov
Dec
1992- Jan '
Feb r
Mar '
Apr '
May"
Total
personal
income
2,690.9
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.2
4,679.8
4,834.4
4,825.5
4,845.8
4,833.1
4,854.2
4,872.8
4,883.0
4,877.2
4,925.6
4,917.6
4,968.4
4,990.7
4,994.3
5,008.3
Wage and
salary
disbursements 1
1,593.3
1,684.7
1,849.8
1,986.5
2,105.4
2,261.2
2,443.0
2,585.8
2,738.9
2,808.3
2,799.5
2,822.8
2,808.1
2,823.6
2,835.9
2,830.2
2,835.0
2,852.7
2,837.0
2,870.6
2,881.5
2,879.8
2,891.3
Proprietors' income 3
Other labor
income 1 2
165.4
174.6
184.7
191.8
200.7
210.4
230.5
253.7
274.0
290.6
288.6
289.9
291.3
292.7
294.2
295.6
297.0
298.3
299.7
301.1
302.4
303.8
305.2
1
The total oi wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Farm
13.5
2.4
21.3
21.5
22.3
31.3
30.9
41.4
42.5
35.1
43.4
36.0
32.0
31.0
33.0
42.4
27.1
38.9
26.9
36.9
45.5
45.4
37,1
4
5
fl
157.3
184.3
214.7
238.4
261.5
279.0
293.4
305.5
330.7
344.5
340.8
344.3
347.9
350.3
353.3
353.9
355.3
358.4
362.9
368.2
370.4
372.6
373.9
Rental
income of
persons 4
21.9
22.1
23.3
18.7
8.7
3.2
4.3
79
-12.9
12 7
-11.6
11 6
-12.9
14 2
-15.5
19 1
-11.5
86
-8.8
97
-9.3
10 8
-8.9
Personal
dividend
income
67.1
77.8
78.8
87.9
104.7
100.4
108.4
119.8
124.8
128.5
127.5
127.6
128.3
128.6
129.1
129.3
129.5
129.4
129.1
129.4
129.7
130.8
132.0
Personal
interest
income
376.8
397.5
461.9
498.1
531.7
548.1
583.2
669.0
721.3
718.6
721.7
719.8
718.1
716.6
715.5
710.5
705.8
700.9
694.2
688.5
683.8
679.8
676.3
Transfer
payments 5
408.1
438.9
452.9
485.9
517.8
542.2
576.7
624.4
684.9
759.5
752.6
755.5
758.7
765.0
767.4
780.1
779.1
797.1
819.9
829.1
833.1
839.2
848.5
Less:
Personal
contributions
for social
insurance
112.3
119.7
132.8
149.1
162.1
173.6
194.5
211.7
224,3
238.0
237.0
238.3
238.3
239.4
240.2
239.8
240.1
241.4
243.3
245.6
246.4
246.3
247.1
Nonfarm
personal
income 6
2,649.8
2,832.6
3,106.1
3,333.2
3,545.6
3,749.4
4,023.9
4,316.6
4,614.5
4,775.5
4,758.5
4,786.2
4,777.3
4,799.3
4,815.7
4,816.6
4,825.8
4,862.5
4,866.5
4,907.3
4,920.8
4,924.5
4,946.7
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable persona! income in 1987 dollars rose in the first quarter of
1992.
BILLIONS OF DOLLARS" (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
2,000
2,000
DOLLARS' (RATIOSCALE)
DOLLARS' (RATIO SCALE)
18,000
18,000
16,000
16,000
14,000
8,000
,,8,000
1982
COUNCIL OF ECONOMIC ADVISERS
Period
Personal
income
Less:
Personal
tax and
nontax
payments
equals:
Disposable
personal
income
Pnttflla-
Less:
Personal
outlays *
Equals:
Persona!
saving
Disposable
personal
income in
1987
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1983
1984
1985
1986
1987
1988
1989
1990
1991
Current
dollars
1987
dollars
371.4
368.8
395.1
436.8
459.0
512.5
527.7
591.7
621.0
616.1
2,319.6
2,493.7
2)759.5
2,943.0
3,'l31.5
3,289.5
3)548.2
3J88.6
4)058.8
4)218.4
2,120.1
2,325.1
2,537.5
2,753.7
2*944.0
3,147.5
3)392.5
3,622.4
3353.1
3,999.1
2,746.8
2,965.8
3,242.5
3,456.7
3,647.8
3,918.5
4,195.2
4,474.4
4,580.6
4,654.7
4,719.3
4,764.7
4,768.0
4,821.1
4,853.3
4,895.3
4,958.9
372.1
371.6
413.4
448.8
478.5
528.6
542.0
602.9
606.6
622.7
627.5
627.2
617.1
613.6
615.1
618.4
611.1
2,374.7
2,594.3
2,829.1
3,007.9
3,169.3
3,389.9
3,653.2
3,871.4
3,974.0
4,032.0
4,091.8
4,137.5
4,151.0
4,207.5
4,238.2
4,276.8
4,347.8
2,190.9
2,417.9
2,606.5
2,828.7
3,018.2
3,220.1
3,496.7
3,701.3
3,777.4
3,816.2
3,896.2
3,922.5
3,938.4
3,978.7
4,025.7
4,053.5
4,131.2
199.5
168.7
222.0
189.3
187.5
142.0
155.7
166.1
205.8
219.3
2,820.4
2,893.6
s'oso.i
3,162.1
3)261.9
3,289.5
3)404.3
3,471.2
3)538.3
3)534.9
9,989
10,642
ll)673
12,339
13)010
13,545
14,477
15,313
16)236
16,695
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands)2
Percent
Dollars
2,690.9
2,862.5
3,154.6
3,379.8
3,590.4
3,802.0
4,075.9
4,380.2
4,679.8
4,834.4
1982
1987
dollars
Per capita personal
consumption
expenditures
12,146
12,349
13,029
13,258
13,552
13,545
13)390
14,030
14)l54
13,990
9,634
10)408
11,184
ll)843
12,568
13)448
14,219
14)971
15,392
10,782
11,179
11,617
12,015
12,336
12,568
12,903
13,027
13)051
12,898
12,154
12,591
13,145
13,278
13,522
13,685
13,996
14,063
14,185
14,204
14,168
14,058
13,965
14,022
13,992
13,981
14,076
9,134
9,980
10,649
11,445
12,101
12,819
13,814
14,464
14,731
14,848
15,120
15,183
15,208
15,334
15,481
15,542
15,805
10,895
11,390
11,739
12,095
12,472
12,615
13,020
13,051
13,090
13,056
13,107
12,952
12,877
12,892
12,930
12,891
13,017
8,868
—0.1
1.7
5.5
1.8
2.2
— .1
2.5
1.0
.9
-1.2
8.6
6.8
8.0
6.4
6.0
4.3
4.4
4.4
5.1
5.2
232,201
234,326
236,393
238,510
240,691
242,860
245,093
247,405
249,992
252,676
7.7
6.8
7.9
6.0
4.8
5.0
4.3
4.4
4.9
5.4
4.8
5.2
5.1
5.4
5.0
5.2
5.0
233,060
235,146
237,231
239,387
241,550
243,745
246,004
248,387
248,950
249,594
250,349
251,074
251,689
252,281
252,990
253,742
254,388
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m....
IV
1991: I
n
m....
IV
1992: I r
183.8
176.3
222.6
179.2
151.1
169.8
156.4
170.1
196.6
215.9
195.6
215.0
212.6
228.8
212.5
223.4
216.5
2,832.6
2,960.6
3,118.5
3,178.7
3,266.2
3,335.8
3,443.1
3,493.0
3,531.4
3,545.3
3,547.0
3,529.5
3,514.8
3,537.4
3,539.9
3,547.5
3,580.9
1
Includes personal consumption expenditures, interest paid by persons, and persona! transfer pay
ments to rest of the world (net),
2
Annual data are averages of quarterly data, which are averages for the period.
10,189
11,033
11,925
12,565
13,121
13,907
14,850
15,586
15,963
16,154
16,344
16,479
16,492
16,678
16,752
16,855
17,091
-0.5
7.2
1.0
1.8
-1.7
5.2
3.2
1.9
3.5
.5
-1.0
-3.1
-2.6
1.6
-.9
-.3
2.7
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1991, according to revised estimates, gross farm income rose $5.2 billion (annual rate) and
net farm income rose $4.6 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
BILLIONS OF DOLLARS* (RATIO SCALE)
200
200
160
160
120
120
GROSS FARM INCOME
80
80
60
60
40
40
l\
I \
I
-
A
\
20
20
NET FARM INCOME
/\
\
10
1 /
\/
V
10
W
I
I
1982
I
I
1983
1984
I
i i i
I
1
1987
1986
1985
1988
1 1
1989
I
I I
1990
I
I I
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total 1
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1990:
. ..
r
I
n
m
TV ....
1991- I '.
n rr
m. .
IV r
166.3
164.1
153.9
168.0
161.2
156.1
168.4
174.5
190.3
195.1
187.7
199.3
191.5
188.3
201.6
187.0
186.1
186.3
191.5
141.6
142.6
136.8
142.8
144.1
135.3
141.8
151.1
160.9
170.0
167.7
166.0
166.8
173.7
173.4
165.3
164.1
174.0
167.5
Livestock and
products
69.2
70.3
69.6
72.9
69.8
71.6
76.0
79.4
84.1
89.6
85.7
89.4
87.9
90.7
90.3
86.0
83.6
85.9
87.1
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
Value of
inventory
changes 2
72.5
72.3
67.2
69.9
74.3
63.7
65.8
71.6
76.8
80.4
82.0
76.6
78.9
83.0
83.1
4.7
3.6
2.3
1.2
79.2
80.4
88.0
80.3
3
6.5
-1.4
-10.9
6.0
-2.3
-2.2
-2.3
35
4.3
2.9
-1.4
7
-1.4
18
-2.0
Production
expenses
Current
dollars
139.4
140.3
139.6
141.9
132.4
125.1
128.7
133.9
140.2
144.3
145.8
142.0
143.5
143.8
r
147.9
146.1
148.0
144.3
144.8
1987 dollars "
26.9
23.8
14.2
26.1
28.8
31.0
39.7
40.6
50.1
50.8
41.9
57.2
48.0
44.4
53.6
41.0
38.0
42.0
46.6
Income in current dollars divided by the GDP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
34.1
28.5
16.3
28.7
30.5
32.0
39.7
39.1
46.2
45.0
35.9
51.6
42.6
39.1
46.9
35.5
32.7
36.0
39.7
CORPORATE PROFITS
In the first quarter of 1992, according to revised estimates, corporate profits before tax rose $32.7 billion (annual
rate) and profits after tax rose $21.5 billion.
B1UJONS OF DOLLARS
BILLIONS OF DOLLARS
400
SEASONALLY ADJUSTED ANNUAL RATES
350
350
PROFITS BEFORE TAX
300
300
250
250
200
PROFITS AFTER TAX
150
150
/
w.-*g*V
100
tx
100
TAX LIABILITY
50
50
• UNDISTRIBUTED PROFITS
I
I I
1982
I
I I
1983
I
I I
I
1985
1984
I I
I
I I
I
I I
I
1990
1988
1986
SOURCE: DEPARTMENT OF COMMERCE
I I
199!
I I I
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Total
2
Total
1982
1983
1984
1985
1986
1987.
1988
1989
1990
1991
1982:
1983:
19841985:
1986:
1987:
19881989:
1990-
. ...
..
..
IV
IV
IV
IV
IV .
IV
IV
IV
I.
n
in
IV
1991- I
n
m
IV
1992- I r
1
2
166.4
202.2
236.4
225.3
227.6
273.4
320.3
327.0
318.2
315.5
160.0
216.2
223.6
228.0
225.0
293.4
340.5
319.2
330.0
335.4
302.4
304.9
315.7
316.1
313.4
316.9
344.8
138.6
171.9
205.2
194.5
194.6
233.9
271.2
273.1
258.0
249.5
130.8
182.6
192.9
193.5
192.5
246.3
285.9
258.3
271.9
282.1
245.8
232.1
241.2
254.4
250.4
251.9
273.8
Financial
15.6
24.5
20.3
28.7
35.8
36.4
41.8
39.2
39.6
41.7
23.0
22.1
20.3
29.0
34.7
39.4
46.1
32.4
41.4
41.5
39.3
36.4
40.1
42.1
43.5
41.3
50.6
Total3
123.0
147.4
185.0
165.8
158.9
197.5
229.4
233.9
218.3
207.7
107.8
160.5
172.6
164.5
157.8
207.0
239.7
225.9
230.5
240.7
206.5
195.7
201.0
212.3
206.9
210.5
223.3
See p. 4 for profits with inventory valuation and capital consumption adjustments,
Includes rest of the world, not shown separately.
Profits
before tax
Nonfinancial
Period
Manufacturing
63.1
71.4
86.7
80.1
59.0
87.0
117.5
113.6
95.7
81.7
50.1
90.5
79.2
83.3
63.9
98.7
129.3
101.0
102.1
107.1
94.8
78.9
75.0
82.9
84.1
84.7
93.5
Tax
liability
176.3
210.7
240.5
225.0
217.8
287.9
347.5
344.5
332.3
312.4
168.6
223.8
220.1
231.8
235.7
311.2
372.2
332.8
336.6
331.6
335.1
326.1
309.1
306.2
318.2
316.1
348.8
63.1
77.2
94.0
96.5
106.5
127.1
137.0
138.0
135.3
124.5
58.7
82.2
83.8
97.6
116.6
135.2
146.2
129.8
137.6
137.9
138.8
127.1
119.4
123.5
128.6
126.4
137.6
Wholesale and
retail
trade
31.9
38.7
49.7
43.1
46.3
39.9
37.1
42.8
39.8
45.8
33.8
40.7
50.8
39.0
43.1
39.3
39.3
45.1
41.6
45.1
34.4
38.2
45.3
46.9
44.6
46.4
45.0
Total
113.2
133.5
146.4
128.5
111.3
160.8
210.5
206.6
197.0
187.9
109.9
141.6
136.3
134.2
119.2
176.0
226.0
203.0
199.1
193.7
196.3
199.0
189.7
182.7
189.6
189.7
211.2
Dividends
Undistributed
profits
70.0
81.2
82.7
92.4
109.8
106.2
115.3
127.9
133.7
137.8
72.5
84.2
83.4
97.4
111.0
106.3
121.0
130.7
132.3
132.5
133.8
136.2
137.8
136.7
138.1
138.5
138.6
43.2
52.3
63.8
36.1
1.6
54.6
95.2
78.7
63.3
50.2
37.5
57.4
52.9
36.9
8.2
69.7
105.0
72.3
66.7
61.2
62.5
62.8
51.9
46.1
51.5
51.2
72.6
a
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-9.9
-8.5
-4.1
.2
9.7
-14.5
-27.3
-17.5
-14.2
3.1
8.6
-7.6
3.5
-3.8
-10.7
-17.8
-31.7
-13.5
-6.6
3.8
-32.6
-21.2
6.7
9.9
-4.8
.7
-4.0
GROSS PRIVATE DOMESTIC INVESTMENT IN 1987 DOLLARS
According to revised estimates for the first quarter of 1992, nonresidential fixed investment in 1987 dollars rose
$3.9 billion (annual rate) and residential investment rose $5.1 billion. There was a $16.6 billion decrease in
inventories, following an increase of $7.6 billion in the fourth quarter of 1991.
BILUONS OF 1 987 DOLLARS
900
BILLIONS OF 1 987 DC
DLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
^
^
^
/
600
500
~\
^ \
-
'
/^
700
^^"
\
/
700
N.
^
^
GROSS P RIVATE DOW ESTIC
IhJVESTMENT
600
-~.>
/
-"""y
500
X*"
"*
*"
"
X
""-••^
^*s
NONRESIC ENTIAL
FIXED INVESTMENT
x"
400
400
R :SIDENTIAL
FIXE 3 INVESTME ^1T
300
300
\
200
200
x-'""
•
CHANGE IN BUSINESS
INVENTORIES
\
X*
— . — - -""*
100
/
\
100
\,
, «• *,
0
^ '
-100
1
/
\
1
_ _ f
1
1
1982
1
1
1983
1
1 1
1984
i
i
1985
i
\
I
I
1986
I
1
I
1987
I
1
1
1988
I
I
I
I
I
I
I
1990
1989
SOURCE: DEPARTMENT OF COMMERCE
f
I I
1991
0
S
1
1
COUNCIL OF ECONOMIC ADVISERS
[Billions of 1987 dollars; quarterly data at seasonally adjusted annual rates]
1
Change in business
inventories
Fixed investment
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
19821983:
1984:
1985:
1986:
1987:
1988:
19891990:
IV
IV
IV
IV
IV
IV
IV.
IV
I
. . . .
n
in..
IV
1991: I
II
m...
rv
1992: I '
Source: Department of Commerce, Bureau of Economic Analysis.
1
1992
Gross
private
domestic
investment
540.5
599.5
757.5
745.9
735.1
749.3
773.4
789.2
744.5
673.7
503.5
669.5
756.4
763.1
705.9
793.8
785.0
779.2
754.9
766.0
760.3
696.6
657.0
656.3
686.5
694.9
679.7
Nonresidential
Total
Total
558.0
595.1
689.6
723.8
726.5
723.0
753.4
756.6
744.2
687.6
548.4
640.2
708.4
732.9
725.9
733.9
764.1
749.2
758.9
743.8
746.4
727.8
689.8
686.8
686.5
687.2
696.3
433.9
420.8
490.2
521.8
500.3
497.8
530.8
542.4
548.8
512.4
417.2
449.6
509.6
525.5
495.5
510.6
538.8
541.3
550.7
544.3
555.5
544.5
519.1
514.8
510.0
505.6
509.5
Structures
181.3
160.3
182.8
197.4
176.6
171.3
174.0
177.4
177.9
154.0
173.2
162.6
189.5
198.3
170.4
177.9
175.7
178.6
182.3
178.9
180.0
170.4
163.3
158.9
148.4
145.4
146.3
Producers'
durable
equipment
252.6
260.5
307.4
324.4
323.7
326.5
356.8
365.0
370.8
358.3
244.0
287.0
320.1
327.2
325.0
332.7
363.1
362.7
368.4
365.4
375.5
374.0
355.8
355.8
361.6
360.1
363.2
Residential
124.1
174.2
199.3
202.0
226.2
225.2
222.7
214.2
195.5
175.2
131.2
190.6
198.8
207.4
230.5
223.3
225.3
207.9
208.2
199.5
190.9
183.3
170.7
172.0
176.5
181.7
186.8
Total
-17.5
4.4
67.9
22.1
8.5
26.3
19.9
32.6
.2
-13.9
-44.9
29.3
47.9
30.2
-20.1
59.9
20.9
30.0
-4.0
22.1
13.9
-31.2
-32.8
30.4
.1
7.6
-16.6
Nonfarm
-20.7
12.8
66.2
19.8
10.6
32.7
26.9
33.3
1.5
-13.9
-46.2
32.3
50.8
28.0
-18.6
62.1
30.5
38.1
-5.5
15.5
9.9
25.7
-31.1
30.8
-2.8
9.2
-16.3
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1992 survey, business spending for new plant and equipment is
expected to rise 4.7 percent in 1992, following a decline of 0.6 percent in 1991.
BILLIONS OF DOLLARS {RATIO SCALE]
600
BILLIONS OF DOLLARS (RATIO SCALEI
600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
400
400
I
\
ALL INDUSTRIES
300
\
NONMANUFACTURING200
»x
~~ —
\
MANUFACTURING
100
100
1
1983
1984
1
1
1
1986
1
1 1 1
I
1989
1987
1990
1991
COUNCIL OF ECONOMIC ADVISERS
:OMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
1990- I
n
m
IV
1991- I
n
TTT
IV
1992: I '4
n4
m
IV 4
Total
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
529.20
553.86
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 4
1992
All
industries
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
183.61
179.21
532.50
534.55
534.11
530.13
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
405.13
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.59
374.65
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
77.95
75.18
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
105.66
104.03
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
345.59
374.65
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
10.02
8.98
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.69
24.55
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
66.51
72.81
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
246.37
268.31
192.16
195.02
194.05
189.72
86.03
84.15
82.48
79.03
106.14
110.87
111.57
110.69
340.33
339.53
340.06
340.41
9.62
9.77
9.97
10.12
21.84
21.94
21.08
21.18
65.41
64.64
67.68
70.24
243.46
243.18
241.32
238.87
192.16
195.02
194.05
189.72
535.50
524.57
527.86
528.88
191.13
187.35
177.05
178.90
81.24
79.69
74.51
76.36
109.90
107.66
102.54
102.54
344.37
337.22
350.81
349.98
9.89
10.09
10.09
10.00
23.25
23.05
22.83
21.65
67.04
64.58
66.47
67.96
244.19
239.50
251.42
250.37
191.13
187.35
177.05
178.90
344.37
337.22
350.81
349.98
536.49
558.50
557.55
562.89
174.21
185.23
179.63
177.75
74.49
76.64
74.39
75.20
99.72
108.59
105.24
102.55
362.28
373.27
377.92
385.14
21.62
25.43
25.69
25.45
68.81
72.99
73.95
75.51
263.02
265.31
269.21
275.69
174.21
185.23
179.63
177.75
Surveyed
annually*
340.33
339.53
340.06
340.41
362.28
373.27
377.92
385.14
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
8.83
9.53
9.08
8.49 ,
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
588.74
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
183.61
179.21
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
59.54
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
* Planned capital expenditures as reported by business in April-May 1992, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In May, civilian employment fell 19,000 and unemployment rose 349,000.
MILLIONS OF PERSONS*
130
MILLIONS OF PERSONS*
130
SEASONAUY ADJUSTED
126
126
CIVILIAN LABOR FORCE
122
122
\
118
118
114
114
CIVILIAN
EMPLOYMENT
110
110
106
106
102
102
12
12
UNEMPLOYMENT
8
8
/
4
4
0
0
1987
1985
1990
1988
1992
1991
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
191,329
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
1,564
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
126,867
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
118,440
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
125,303
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
116,877
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
3,233
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
113,644
190,980
191,173
191,443
191,589
191,746
191,903
192,057
192,209
1,458
1,505
1,604
1,616
1,624
1,614
1,605
1,604
126,717
127,029
126,808
126,620
127,214
127,122
126,979
127,223
118,188
118,414
118,333
118,100
118,713
118,481
118,377
118,332
125,259
125,524
125,204
125,004
125,590
125,508
125,374
125,619
116,730
116,909
116,729
116,484
117,089
116,867
116,772
116,728
3,256
3,286
3,244
3,254
3,283
3,204
3,272
3,183
192,358
192,469
192,607
192,745
192,881
1,599
1,585
1,585
1,577
1,574
127,645
127,872
128,175
128,407
128,734
118,716
118,628
118,933
119,252
119,230
126,046
126,287
126,590
126,830
127,160
117,117
117,043
117,348
117,675
117,656
3,166
3,232
3,194
3,209
3,178
1982
1983
1984
1985
1986'
1987
1988
1989
1990
1991
1991:
May
June ....
July ....
Aug
Sept ....
Oct
Nov
Dec
1992:
Jan
Feb
Mar
Apr
May
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Agricultural
Total
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Civilian
Labor
force
participation
rate
/n
(percent) 2
Employment/
population
ratio
(percent) 2
Total
15
weeks
and
over
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
5,767
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
2,323
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
66.0
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
61.6
113,474
113,623
113,485
113,230
113,806
113,663
113,500
113,545
5,697
5,469
5,660
5,710
6,040
6,055
6,123
6,084
8,529
8,615
8,475
8,520
8,501
8,641
8,602
8,891
2,213
2,488
2,355
2,417
2,422
2,570
2,623
2,843
66.1
66.2
66.0
65.8
66.1
66.0
65.8
65.9
61.6
61.6
61.5
61.3
61.6
61.4
61.3
61.2
113,951
113,811
114,155
114,465
114,478
6,429
6,213
6,180
5,910
6,210
8,929
9,244
9,242
9,155
9,504
3,059
3,204
3,185
3,018
3,361
66.1
66.2
66.3
66.3
66.5
61.4
61.3
61.4
61.6
61.5
Total
Part time
for
economic
reasons *
57.8
"Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In May, the civilian unemployment rate rose to 7.5 percent and the overall unemployment rate rose to 7.4 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
A
20
TEENAGERS
(16-19)
V
!\(- -^
yv
\
15
-Ar
*S\/ V
^
10
10
MEN 20 YEARS
AND OVER
5
**X~^/^J
•^f^f
•!
y^\"^
\
w OMEN 20 YEXVRS
AND OVER
0
1992
1988
M 1 II 1 II 1 1 1
1988
M 1M i 1 1 1 1 1
1989
MM!
Mill
1990
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
M II 1 I 1 M H
1 MMi MMj
1991
1992
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Unemp!oyment
rate,
nil
workers 1
Period
1982 ... .
1983
1984
1985
1986.
1987
1988
1989 .. .
1990
1991 .
1991:
1992:
May
June
July
Aug
Sept
Get
Nov
Dec
By sex and age
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
By selected groups
By race
Both
sexes
16-19
years
Black
and
other
Black
Experienced
wage and
salary
workers
8.6
8<t
*
6.2
6.0
5.3
4.7
4.5
4.7
6.0
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
11.1
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
12.4
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
6.5
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
4.4
White
Married
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Fulltime
workers
Parttime
workers
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
9.1
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
6.5
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.3
11.0
10.9
8.6
8.1
7.9
7.1
8.3
5.9
6.2
7.6
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
6.6
...
....
....
....
....
Jan
Feb
Mar
Apr
May ....
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6,7
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.3
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.7
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
18.6
6.7
6.8
6.7
6.7
6.7
6.8
6.8
7.0
6.8
6.9
6.8
6.8
6.8
6.9
6.9
7.1
6.4
6.5
6.5
6.5
6.5
6.5
6.4
6.6
5.7
5.7
5.4
5.7
5.6
5.8
5.9
6.1
18.9
19.0
19.9
19.0
18.2
18.9
18.7
19.3
6.0
6.1
6.1
6.1
6.1
6.1
6.2
6.3
11.3
11.2
10.6
11.1
11.1
11.5
11.0
11.5
12.8
12.7
11.9
12.4
12.3
12.8
12.3
12.7
6.5
6.6
6.4
6.5
6.5
6.6
6.7
6.8
4.4
4.6
4.4
4.4
4.5
4.2
4.5
4.7
9.2
9.1
8.5
9.4
9.0
9.4
9.1
9.1
6.5
6.6
6.6
6.6
6.5
6.6
6.5
6.8
8.8
8.5
8.2
8.3
8.4
8.4
8.6
8.6
7.6
7.6
7.6
7.7
7.7
7.7
7.9
8.1
7.0
7.2
7.2
7.1
7.4
7.1
7.3
7.3
7.2
7.5
6.9
7.0
6.9
6.8
7.3
5.9
6.1
6.1
6.3
6.1
18.3
20.0
20.6
19.2
20.0
6.2
6.5
6.5
6.3
6.5
12.6
12.2
12.2
12.4
13.1
13.7
13.8
14.1
13.9
14.7
6.9
7.1
7.2
6.9
7.2
4.8
5.0
4.8
4.7
5.1
9.0
9.5
10.0
10.2
10.0
6.8
7.1
7.0
7.0
7.1
9.1
8.8
9.0
8.8
9.5
8.1
8.3
8.3
8.3
8.3
1
fi
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
12
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In May, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15-26 weeks,
and for 27 weeks and over rose, while the percentage for 5-14 weeks fell. The mean duration of unemployment
rose to 18.3 weeks and the median duration rose to 9.0 weeks.
PERCENT DISTRIBUTION*
70
PERCENT DISTRIBUTION
70
DURATION OF UNEMPLOYMENT
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991: May
July
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
May
1
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
8,426
8,529
8,615
8,475
8,520
8,501
8,641
8,602
8,891
8,929
9,244
9,242
9,155
9,504
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
40.1
42.2
39.2
39.8
39.9
39.0
38.2
38.1
37.1
36.8
33.3
36.0
35.9
36.4
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
32.3
31.8
32.3
32.3
31.6
32.7
32.1
31.5
31.0
29.5
31.7
29.1
30.2
27.8
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
14.5
13.9
15.7
14.6
14.8
14.7
16.4
15.1
15.4
16.1
16.1
15.5
14.4
14.8
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
13.0
12.0
12.8
13.2
13.7
13.6
13.4
15.3
16.5
17.7
18.9
19.4
19.6
21.1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (TJCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
13.8
13.1
14.0
13.9
14.1
14.2
14.6
14.9
15.3
16.4
17.0
17.1
17.0
18.3
58.7
8.7
58.4
10.1
51.8
7.9
6.8 ' 49.8
48.9
6.9
48.0
6.5
46.1
5.9
45.7
4.8
5.4
48.3
54.7
6.9
6.6
53.6
54.7
6.9
54.7
6.8
55.4
7.2
7.4
56.1
7.4
55.1
54.8
7.7
7.8
56.2
53.7
8.1
8.2
57.8
8.0
57.3
8.8
56.5
9.0
57.7
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
11.6
12.1
12.3
11.6
10.5
11.0
11.4
11.5
10.3
11.0
9.8
9.9
11.3
10.5
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
24.8
25.3
24.4
24.3
24.9
23.8
24.2
24.6
24.4
26.4
23.5
24.0
23.1
22.7
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.9
9.0
8.5
9.4
9.1
9.1
9.4
9.0
9.1
8.9
8.9
8.8
9.2
9.0
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
3,342
3,475
3,406
3,336
3,283
3,267
3,273
3,313
3,317
3,349
3,324
3,340
3,348
3,328
583
438
377
396
378
328
310
330
388
447
433
421
418
415
415
418
448
464
446
452
440
412
407
4,594
3,775
2,561
2,693
2,746
2,401
2,135
2,205
2,575
3,407
3,262
3,177
3,270
2,999
2,795
2,795
2,846
3,565
4,197
4,199
4,102
3,626
3,193
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey
MILLIONS OF PERSONS*
rose 68,000 in May. (Series revised.
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
\
^^
ALLNtDNAGRICULT JRAL
ESI ABLISHMEN S
100
-
90
'
80
V
-
SER>/ICE-PRODUC:ING
INDUSTRIES
70
60
-
50
40
GOO[
18
S- PRODUCE G
IbIDUSTRIES
30
V
|
20 M i n i u m
"
1988
| | | | M ,~M|
1989
1990
1991
,mll
1 1 1 1 111 1 1 1 1 J
1992
N
' 1988
""I-
CONSTRUCTlriKI
Illllllll II
1989
-i
I l l l l l l l l l l I l l l l i l l l l |.
1990
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1991
1992
<
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Total
nonagricultural
employment
Transportation
Manufacturing
Total
2
fnn
Construction
Total
Isurable
goods
Nondurable
goods
Total
and
public
utilities
Wholesale
trade
"Rptnil
neiaii
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,782
108,310
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,960
23,830
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,187
5,133
4,685
18,781
18,434
19,378
19,260
18,965
19,024
19,350
19,442
19,117
18,455
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,420
11,130
10,602
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,022
7,988
7,852
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,007
84,822
84,480
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,644
5,808
5,772
5,296
5,286
5,574
5,736
5,774
5,865
6,055
6,221
6,200
6,069
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,677
19,259
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6,729
6,678
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,103
28,323
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,304
18,380
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
2,966
1991: May r .. 108,265
June r. 108,227
July '.. 108,190
Aug '.. 108,267
Sept '.. 108,293
Oct r... 108,285
Nov r.. 108,139
Dec ''.. 108,154
23,864
23,809
23,792
23,791
23,755
23,704
23,613
23,584
4,706
4,692
4,674
4,662
4,662
4,642
4,585
4,592
18,459
18,420
18,425
18,443
18,414
18,388
18,361
18,329
10,622
10,587
10,586
10,582
10,557
10,530
10,498
10,466
7,837
7,833
7,839
7,861
7,857
7,858
7,863
7,863
84,401
84,418
84,398
84,476
84,538
84,581
84,526
84,570
5,769
5,763
5,767
5,773
5,769
5,766
5,761
5,758
6,081
6,069
6,064
6,050
6,049
6,040
6,031
6,021
19,281
19,268
19,238
19,244
19,220
19,175
19,130
19,112
6,683
6,674
6,662
6,661
6,663
6,665
6,666
6,670
28,209
28,251
28,289
28,366
28,450
28,525
28,514
28,559
18,378
18,393
18,378
18,382
18,387
18,410
18,424
18,450
2,957
2,970
2,965
2,970
2,978
2,980
2,981
2,983
Jan r... 108,100
Feb r... 108,142
Mar r.. 108,200
Apr T... 108,382
May '.. 108,450
23,527
23,525
23,532
23,531
23,523
4,587
4,582
4,603
4,602
4,609
18,283
18,290
18,278
18,283
18,273
10,422
10,430
10,417
10,414
10,401
7,861
7,860
7,861
7,869
7,872
84,573
84,617
84,668
84,851
84,927
5,746
5,753
5,754
5,749
5,748
6,010
6,003
5,997
5,993
5,989
19,118
19,143
19,092
19,175
19,131
6,665
6,673
6,675
6,683
6,689
28,577
28,584
28,643
28,702
28,811
18,457
18,461
18,507
18,549
18,559
2,981
2,981
2,989
2,986
2,980
1982
1983
1984
1985
1986
1987
1988
1989
1990 T
1991 r
1992:
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed" persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricuHural 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
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
14
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
NOTE.—Seasonally adjusted data revised beginning 1987; not seasonally adjusted data revised
beginning April 1990.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly hours
Average gross hourly earnings
Manufacturing
Period
Total
private
nonagricultural *
1982 ..
1983
1984
1985
1986
1987....
1988
1989 ...
1990 r
1991 '..
Total
Average groas weekly earnings
Total private
nonagricultural *
Total private
nonagricultural 1
Overtime
Current
dollars
1982
dollars 2
Manufacturing
Current dollars
Current
dollars
1982
dollars2
Manufacturing
Construction
Percent change from a
year earlier, total
private
nonagricultural s
Retail
trade
Current
dollars
1982
dollars
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
34.3
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
3.6
$7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.01
10.33
$7.68
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.52
7.45
$8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
11.18
$267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
354.32
$267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.47
255.64
$330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
455.03
$426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.01
533.02
$163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.40
198.77
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.3
2.6
-1.2
2.0
.8
-1.3
.3
-1.0
9
-1.0
-1.8
-1.5
40.5
40.7
40.7
40.9
40.9
40.9
40.9
41.0
3.4
3.6
3.6
3.7
3.7
3.7
3.7
3.7
10.30
10.35
10.34
10.38
10.39
10.40
10.42
10.46
7.46
7.48
7.46
7.47
7.46
7.45
7.44
7.45
11.14
11.17
11.21
11.24
11.25
11.27
11.30
11.32
353.29
357.08
353.63
356.03
357.42
356.72
358.45
360.87
255.82
258.01
255.14
256.32
256.58
255.53
255.85
257.03
451.17
454.62
456.25
459.72
460.13
460.94
462.17
464.12
533.65
533.27
533.02
533.14
537.98
533.78
529.84
538.37
198.20
200.45
198.93
199.91
200.20
200.07
202.05
202.62
2.4
3.0
1.8
2.8
2.7
3.2
3.0
3.1
-2.4
-1.5
-2.4
-.7
Sept '
Oct '.
Nov '
Dec '
34.3
34.5
34.2
34.3
34.4
34.3
34.4
34.5
1992: Jan '
Feb '
Mar '
Apr r
May'
34.3
34.6
34.5
34.4
34.5
40.9
41.1
41.1
41.1
41.3
3.6
3.7
3.8
3.9
4.0
10.46
10.51
10.55
10.53
10.56
7.44
7.46
7.46
7.43
7.44
11.27
11.34
11.37
11.42
11.44
358.78
363.65
363.98
362.23
364.32
255.36
258.27
257.23
255.45
256.56
460.94
466.07
467.31
469.36
472.47
530.22
526.55
532.87
535.95
548.49
202.91
205.61
205.06
203.06
205.34
3.0
3.9
4.2
3.1
3.4
.6
1.1
1.2
.1
.6
1991:
May '
July '
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 base).
3
Based on seasonally unadjusted data.
4
'.5
.2
.4
NOTE.—Seasonally adjusted data revised beginning 1987; not seasonally adjusted data revised
beginning April 1990.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Percent change from
12 months earlier
3 montha earlier
Period
Total
compensation
Wages and
aalaries
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
4.4
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
3.7
Benefits '
Not s easonally adjusted
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
111.7
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
110.0
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
116.2
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
.6
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
.6
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
.9
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
6.2
Not seasonally adjusted
Seasonally adjusted
1989: Mar
June
Sept
Dec
98.9
99.9
101.2
102.4
99.1
100.0
101.1
102.2
98.2
99.9
101.5
103.0
1.1
1.0
1.3
1.2
1.0
.9
1.1
1.1
1.2
1.7
1.6
1.5
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
1990: Mar
June
Sept
Dec
103.8
105.0
106.2
107.2
103.3
104.4
105.4
106.2
105.2
106.7
108.3
109.9
1.4
1.2
1.1
.9
1.1
1.1
1.0
.8
2.1
1.4
1.5
1.5
5.2
5.2
4.9
4.6
4.2
4.5
4.2
4.0
7.2
6.9
6.8
6.6
1991:
Mar
June
Sept
Dec
108.5
109.7
110.8
111.9
107.3
108.4
109.2
110.1
111.4
113.2
115.1
116.7
1.2
1.1
1.0
1.0
1.0
1.0
.7
.8
1.4
1.6
1.7
1.4
4.4
4.4
4.5
4.4
4.0
3.7
3.7
3.7
5.8
6.2
6.4
6.2
1992: Mar
113.0
111.0
118.4
1.0
.8
1.5
4.2
3.4
6.3
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.
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
Output 1
Compensation per
hour 3
Hours of all
persons 2
Unit labor costs
Real compensation
per hour *
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
98.8
100.0
100.7
100.4
101.0
104.0
103.7
r
103.7
102.3
102.3
102.6
93.1
100.0
101.5
103.3
106.5
109.5
112.2
116.0
121.0
127.3
132.0
93.1
100.0
101.5
103.4
106.8
109.9
112.8
116.4
121.5
127.9
132.7
94.5
100.0
103.4
107.7
111.2
113.6
116.6
120.8
126.0
130.8
135.1
94.2
100.0
104.0
107.6
111.6
114.2
117.2
121.4
126.4
131.3
136.0
100.6
100.4
100.6
102.2
105.3
104.8
104.3
100.6
100.3
100.5
101.6
104.9
104.2
103.6
101.0
102.1
104.3
108.0
111.6
113.6
117.8
101.1
101.8
104.4
108.4
112.1
114.2
118.0
101.1
104.8
109.0
112.4
114.6
117.9
122.8
101.4
105.2
109.0
112.9
115.2
118.5
123.4
131.8
133.2
102.9
102.8
102.1
102.0
121.5
122.8
122.0
123.3
126.4
127.6
126.9
128.0
136.1
139.1
141.5
143.1
134.8
137.7
140.1
141.8
102.5
103.7
103.7
103.2
101.6
102.7
102.7
102.2
124.3
126.1
128.6
130.1
124.9
126.7
129.3
130.8
128.8
130.2
131.6
132.5
129.2
130.6
132.2
133.3
120.2
120.1
120.1
119.8
144.0
145.7
147.0
148.0
142.8
144.5
145.7
146.5
103.0
103.6
103.8
103.6
102.1
102.7
102.9
102.6
131.0
131.9
132.5
132.8
131.7
132.6
133.2
133.5
134.0
135.0
135.6
135.9
134.9
135.7
136.4
136.9
119.4
148.9
147.3
103.5
102.4
132.6
133.3
136.7
137.7
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
99.9
100.0
102.2
104.6
106.1
108.3
109.4
110.4
109.5
109.9
110.7
99.9
100.0
102.4
104.5
105.4
107.5
108.3
109.2
108.2
108.4
109.1
102.4
100.0
104.1
112.6
116.7
119.9
124.8
130.1
132.4
132.9
130.9
102.4
100.0
104.4
113.0
116.8
120.1
125.0
130.6
132.8
133.2
131.0
102.5
100.0
101.8
107.6
109.9
110.7
114.1
117.9
120.9
120.9
118.3
102.5
100.0
102.0
108.1
110.8
111.8
115.4
119.5
122.7
122.9
120.1
93.0
100.0
103.7
108.1
113.0
118.6
122.7
128.0
132.5
139.9
146.1
93.0
100.0
103.9
108.1
112.6
118.1
122.1
127.2
131.5
138.6
144.8
98.7
100.0
100.5
100.4
101.3
104.4
104.3
104.4
103.1
103.3
103.5
IV
IV
IV
IV
IV
IV r....
IV r....
101.1
103.0
105.2
106.9
108.0
110.3
110.5
101.0
103.2
105.1
105.8
107.1
109.1
109.6
100.0
107.5
114.4
118.0
120.6
127.4
131.7
100.0
108.1
114.8
118.2
120.8
127.6
132.5
98.9
104.3
108.7
110.4
111.6
115.5
119.2
98.9
104.7
109.2
111.7
112.8
116.9
120.9
102.1
105.2
109.7
115.4
120.6
125.3
130.2
102.1
105.1
109.7
114.8
120.1
124.6
129.3
1989: mr....
IV....
109.4
109.3
108.1
108.0
132.4
132.2
132.8
132.6
121.1
121.0
122.9
122.8
132.9
134.2
1990: I rr
109.5
110.3
110.1
109.9
108.0
108.7
108.4
108.4
133.2
133.9
132.9
131.8
133.5
134.1
133.1
132.0
121.6
121.3
120.7
119.9
123.6
123.3
122.8
121.7
109.9
110.5
111.0
111.5
108.4
109.0
109.4
109.8
130.2
130.7
131.3
131.5
130.4
130.9
131.4
131.5
118.5
118.4
118.3
118.0
112.2
110.5
131.9
131.9
117.5
Nonfarm
business
sector
Business
sector
Nonfann
business
sector
Business
sector
Nonfarm
business
sector
1982=100; quarterly data seasonally adjusted
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 r
1991 r.
1982:
1983:
1984:
1985:
1986:
1987:
1988:
n .r
m r ....
IV ....
1991: I rr
n .r
in ....
IV '....
1992: I p <
Percent change; quarterly data at seasonally adjusted annual rates
1981.
1982
1983
1984
1985
1986
1987
1988. ..
1989
1990 r
1991 r.
1989: HI '...,
IV '....
1990: I rr
n.
ra rr....
1.3
.1
2.2
2.3
1.4
2.0
1.0
.9
1
A
.1
11
-.4
0.9
.1
2.4
2.1
.8
1.9
.8
.9
-.9
.1
.7
1.9
-2.3
4.1
8.2
3.6
2.8
4.1
4.3
1.8
.4
-1.5
1.6
-2.4
4.4
8.2
3.4
2.8
4.1
4.4
1.7
.3
16
0.6
-2.5
1.8
5.7
2.1
.7
3.1
3.3
2.6
.0
22
0.7
-2.4
2.0
6.0
2.5
.9
3.3
3.5
2.7
.1
-2.3
9.4
7.6
3.7
4.2
4.5
4.9
3.5
4.3
3.5
5.6
4.4
9.6
7.5
3.9
4.0
4.2
4.9
3.4
4.1
3.4
5.4
4.5
-0.8
1.3
.5
j
.9
3.0
-.1
.1
-1.2
.2
.2
07
1.2
.7
-.3
.6
3.0
-.2
.0
-1.4
.0
.3
8.0
7.4
1.5
1.9
3.0
2.8
2.5
3.3
4.3
5.2
3.8
8.6
7.4
1.5
1.9
3.3
2.9
2.6
3.2
4.3
5.3
3.8
10.1
5.8
3.4
4.1
3.3
2.2
2.6
3.6
4.3
3.8
3.3
10.1
6.1
4.0
3.5
3.7
2.4
2.6
3.6
4.1
3.9
3.5
g
-.5
-.1
-.6
.1
-.7
1.0
-.2
.3
-.2
3.2
4.0
3.6
4.1
0
-.2
.4
-.1
4.3
4.4
3.8
4.6
2.7
3.7
3.0
3.5
.9
3.0
-1.0
.1
2.7
-1.2
.2
3.0
2.0
-3.0
-3.0
2.7
1.8
-3.0
-3.1
2.0
-1.0
-2.0
-2.6
2.6
-.9
-1.8
-3.3
5.8
9.2
7.1
4.4
5.1
8.9
7.1
4.8
-1.2
4.8
0
-2.3
-1.8
4.6
.0
-1.9
4.8
6.0
8.1
4.9
5.0
6.1
8.4
4.6
4.0
4.3
4.4
2.8
3.8
4.5
• 4.8
3.4
2.0
1.9
1.8
.0
2.0
1.7
1.3
-4.9
1.7
1.8
.5
-4.9
1.6
1.6
.4
-4.8
-.4
-.1
-1.2
-4.9
-.4
2.7
4.8
3.5
2.7
2.9
4.9
3.5
2.2
-.5
2.3
.8
Q
-.3
2.3
.8
-1.3
2.9
2.7
1.6
.9
2.8
2.8
1.7
.9
4.5
2.9
1.8
1.0
4.8
2.5
2.1
1.5
2.8
2.7
1.1
1.2
-1.6
-1.5
2.4
2.2
-.4
-.6
— .4
2.5
2.4
IV ....
^
1991: I r r
n.
m '....
IV....
1992: I"'
J
1
J
-.9
Output refers to gross domestic product originating in the sector in 1987 dollars.
2
Hours of all persona 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.
* Hourly compensation divided by the consumer price index for all urban consumers.
6
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Labor input measures have been revised to reflect annual benchmarking and updating of seasonal
adjustment factors. (Seasonally adjusted data revised beginning 1987.)
•Data do not reflect GDP revisions of June 25, 1992.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose again in May.
INDE X, 1987 - 100* (RATIO SCALEI
INDE X, 1987 = 100*
120
130
115
A-
120
,~s—*>~+~>*
105
'
1
^
115
\^/—-^
110
100
HIM
105
1 11 1111 11i 1 1 1111111111
Mill
1 1 111111111
i 111 t 1 1 1 I1
100
MANUFACTURING
^^-s^
110
95
DURABLE
s/~~\/
r /
y ^ -~"^^. ~*
\ \ ^,_
'"V""',
*~-~'\
^•T-r"^|V^ S
1 /
NONDURABLE
/^
_-/^'
CONSUMER
GOODS
80
inn
1 11M 111111 1 111 11E1 111
1 111 1
1 1111111111
88
UTILITIES
\
100
C^C;
95
1 1 1 1 1 !1 1 1 11
/
1988
A.
i,/"
Vi v/1
1989
84
."^^ .»
"1
1
MINING
miilnm 1 1 1 i 1 1 1 1 1 1
1 1 1 1 111 1 1M 1 1 1 1 1 1 1 1 1 i I
1 1 1 111E11 11
1 1 1 1 1 1 1 I1 1 1
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
_~^r~s^
-V-l
•^
*~^~\
\
80
\/"\^
78
^/~
76
1991
1990
82
k/-
^^ ^/x
1 1 1 1 1 I1 1 1 1 1
innh in
»N
86
A
i
f^J
"'•>
PERC ENT*
M 1111 11111
UTILITIES AND MINING
110
» X
85
120
105
'
^/^^
DEFENSE
AND SPACE
E QUIPMENT
90
100
115
\
1
BUSINESS
/^
115
95
\^—~^S
r/\
/
A
s'~*
120
105
^
125
110
95
(RATIO SCALE)
FINAL PRODUCTS
TOTAL INDUSTRIAL PRODUCTION
1 1 1 1 il 1 1 1 1 1 1 1 1 1 1 1 1 I 1 1 1
1988
1992
1989
1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 i 11
1991
1990
* SEASONALLY AD USTED
SOURCE: BOARD OF GOVERNORS OF HE FEDERAL RESER VE SYSTEM
1 11 1 11111 1I
1992
COUNCIL OF EC 3NOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
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
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1.9
44
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
19
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
107.5
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
107.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
107.9
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
102.6
101.1
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
109.2
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
79.4
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
78.2
1991:
May
June
July
Aug
Sept
Oct
Nov . . .
Dec
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.4
-2.7
-2.5
21
-2.3
-2.0
-1.4
2
.2
106.6
107.5
108.3
108.4
108.9
109.0
108.6
108.1
106.7
107.3
108.1
107.8
108.4
108.2
107.8
107.1
106.5
107.6
108.6
109.0
109.6
110.1
109.6
109.5
100.2
102.1
102.7
101.3
101.4
100.7
99.6
98.8
111.4
111.5
110.9
110.7
109.7
109.4
111.0
107.9
79.1
79.6
80.0
79.8
79.9
79.8
79.3
78.7
77.8
78.3
78.7
78.6
78.8
78.7
78.2
77.7
1992:
Jan
Peb r...
Mar r
Apr r
May "
106.6
107.2
107.7
108.1
108.8
.0
1.4
2.6
2.5
2.2
107.4
108.1
108.6
109.0
109.8
105.8
107.0
107.1
107.7
109.1
109.5
109.6
110.3
110.7
110.8
97.8
98.4
97.9
99.1
98.8
106.8
106.4
108.1
107.7
107.3
78.0
78.3
78.5
78.7
79.0
77.0
77.4
77.5
77.7
78.1
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Consumer goods
Equipment
Period
Construction
supplies
Business
supplies
Total
Energy
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
103.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
96.0
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
108.4
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
105.5
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
102.3
91.5
91.0
90.0
89.8
89.1
89.1
88.8
88.1
102.7
104.0
104.0
104.4
104.3
104.1
103.9
103.8
95.8
97.4
96.9
96.7
96.5
95.4
95.9
95.0
107.5
108.5
109.0
109.7
109.7
110.1
109.4
110.0
104.5
105.4
107.0
107.2
107.5
107.4
106.6
105.8
102.4
103.4
104.1
103.3
103.6
103.1
102.2
100.4
86.7
86.2
85.6
85.1
85.3
103.9
104.0
104.4
104.3
104.7
95.5
96.0
96.6
96.9
97.3
109.9
109.6
109.9
109.5
109.8
105.2
105.8
106.3
106.8
107.3
100.4
100.5
100.5
101.4
101.2
Defense
and
space
equipment
Total
Durable
goods
Nondurable
goods
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
109.6
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
107.5
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
102.3
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
109.0
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
112.2
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
121.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
91.1
109.3
110.1
110.2
109.8
110.4
110.6
110.6
109.9
106.6
108.0
108.3
108.4
109.4
109.7
110.0
109.1
101.1
104.2
105.5
104.0
107.7
107.5
106.0
104.6
108.1
109.0
109.0
109.6
109.8
110.3
111.1
110.3
112.7
112.8
112.8
111.6
111.8
111.9
111.4
110.9
121.7
121.9
122.5
121.3
122.2
122.3
121.8
121.4
108.7
109.4
109.9
110.5
111.3
108.1
108.8
109.5
109.8
110.4
101.3
105.3
106.2
107.6
110.8
110.0
109.8
110.4
110.4
110.3
109.4
110.2
110.5
111.4
112.5
119.9
121.0
121.7
122.9
124.5
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
. ..
1991- May
July
Sept
Get .. .
Nov
Dec .
1992- Jan
Feb '
Mar '.
Apr '.
May "
1
Total
1
Business
Total
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
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108,4
99.5
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
98.0
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
100.4
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
123.5
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
110.1
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
98.6
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
90.4
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
94.2
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
96.2
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
112.3
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
110.9
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
108.6
1991- May
June
July
Aug
Sept
Oct
Nov
Dee
96.9
96.4
101.2
102.6
102.3
102.6
103.5
101.3
94.0
92.9
99.5
100.6
100.8
102.4
105.6
101.7
99.1
99.8
100.9
101.4
101.9
101.9
101.8
101.2
123.6
123.4
123.9
123.3
123.1
123.5
122.8
121.9
110.6
111.5
111.0
111.5
111.0
109.8
110.7
110.6
98.2
99.7
101.3
99.0
102.2
102.4
99.7
98.0
89.8
92.5
96.7
91.6
99.5
100.4
95.9
94.6
92.5
96.7
94.8
95.3
95.2
93.8
96.4
95.2
95.2
96.2
97.8
98.3
98.1
98.7
98.8
99.0
110.6
111.2
111.9
112.3
113.3
114.4
114.2
114.5
109.2
109.6
111.5
112.3
112.6
113.5
113.0
112.6
107.8
108.6
108.3
108.7
109.5
109.4
110.1
109.6
1992: Jan
Feb '
Mar r .
Apr '
May*
102.5
102.7
103.2
102.1
102.2
105.0
103.7
105.4
103.5
102.9
99.7
100.5
99.9
100.4
101.8
121.4
121.9
123.1
124.0
126.6
110.0
110.7
110.7
111.0
112.3
93.8
96.8
96.5
97.9
99.7
87.1
93.8
94.2
98.7
102.4
97.4
98.8
99.1
99.1
99.0
97.5
97.7
97.9
97.9
98.4
114.8
114.4
114.1
114.4
114.5
112.7
113.4
114.6
115.2
115.7
109.2
109.6
110.2
109.9
109.8
Source: Board of Governors of the Federal Keserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1987 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1983
1984
294.9
348.8
377.4
407.7
1985 .
1986
1987
1988
1989
1990
1991
... .
419.3
231.5
278.6
299.5
323.1
432.2
443.7
446.4
404.0
328.6
337.4
345.4
337.8
295.2
407.1
299.0
399.0
398.2
398.4
403.2
407.0
408.8
405.5
400.8
291.0
409.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
160.6
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
110.8
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
76.0
48.2
50.8
51.3
51.6
50.0
51.4
54.6
58.5
58.6
63.5
70.2
77.8
84.6
90.6
94.8
98.3
108.7
108.8
75
83
91
96
100
101
105
95
r
89
Annual rates
1991- Apr
May
July
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar
Apr "
May"
1
2
3
412.4
420.0
418.8
756
955
1,097
1,016
1,019
973
961
783
545
Annual rates
100.6
103.2
106.7
109.9
114.4
118.0
118.2
118.8
119.0
87.0
78.2
73.8
73.4
72.0
71.2
70.7
68.3
67.3
60.2
58.3
58.8
58.9
58.6
58.8
58.7
58.9
58.5
108.0
108.0
107.3
108.1
109.7
110.4
112.5
111.8
109.6
r
291.2
151.8
154.6
158.3
158.0
162.8
166.6
166.9
166.5
165.4
97
r
91
83
88
92
r
90
96
82
r
97
624
565
438
469
507
408
625
474
479
296.2
297.7
302.6
304.4
170.1
170.3
173.8
176.9
120.4
121.9
125.0
127.6
65.8
66.7
67.4
66.5
60.3
60.7
61.4
61.1
113.5
114.8
117.4
114.4
r
472
563
497
499
423
290.9
290.3
293.4
296.6
296.3
293.7
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
95
100
96
93
86
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1982
1983
.. .
1984
1985.. ..
1986
1987
1988
1989
1990
1991
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1,013.9
1 unit
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
840.4
2-4 units
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
35.6
5 or more units
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
137.9
Units
authorized
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
948.8
Units
completed
Homes sold
Homes for
sale at end of
period '
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
1,090.8
412
623
639
688
750
671
676
650
534
509
253
301
353
346
357
366
368
365
321
283
1,090
1,072
1,104
1,065
1,051
1,193
1,073
1,021
1,021
1,043
' 1,097
1,121
1,026
505
511
513
SOS
522
499
526
578
578
667
302
298
296
295
292
292
289
286
283
281
269
277
275
274
Vacancy rate
for rental
housing units
(percent) 2
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
7.4
Seasonally adjusted annu al rates
1991- Apr
May
July
Sept
Oct
Nov
Dec
1992- Jan
Feb
Mar *
Apr '
May f
1
2
978
983
1,036
1,053
1,053
1,020
1,085
1,085
1,118
1,180
1,257
1,340
1,108
1,230
802
830
870
881
881
864
887
907
972
989
1,109
1,068
952
1,045
32
36
26
46
41
28
49
33
46
28
24
53
25
39
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
mrlier data.
144
117
140
126
131
128
149
145
100
163
124
219
131
146
913
988
956
971
940
974
994
979
1,073
1,106
1,146
1,094
1,058
1,054
r
627
546
531
501
7.3
7.6
7.3
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 April, manufacturing and trade sales fell 0.1 percent and inventories rose $0.3 billion. In May, according to
advance data, retail sales rose 0.2 percent, following a rise of 0.4 percent in April. (Series revised for
manufacturing and wholesale trade.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS • (RATIO SCALE!
300
900
250
BOO
.— '
700 ^—1
\
MANUFACTURING AND
TRADE INVENTORIES
200
600
s
500
- x
___ x
x~~
k^*~
\
150
A"
M/ NUFACTURIhIG
AND TRADE SALES
RETAIL SALES
400
100 I
300
RATIO *
1.80
INVENTORY-SALES RATIO
1.70
..
1.60
. \
200
X^A^
1.50
'^^ '
1 1 111111 1 M M 1 1 111 11 I 1 1 1 1 111 11 M 1 1 11 1 111 1 1 M 1 1 1 1111M 11
1.30
1989
1988
1991
1990
^
^>C^
MANUFACTURING
1.40
1 Mill Mil 1
\
1992
1989
1988
1990
1991
1992
COUNCIL OF ECONOMIC ADVISERS
Manufacturing and
trade *
Sales
Period
Sales
2
Inventories 3
Sales
2
Inventories 3
Inventory-sales ratio 4
Retail
Wholesale
Total
2
Durable
goods
stores
Inventories 3
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
61,316
68,856
79,074
88,315
89,983
105,481
111,892
120,138
119,331
117,454
115,745
115,333
114,017
114,364
115,121
116,582
117,293
116,873
117,454
115,918
117,259
119,827
121,847
73,312
78,977
88,738
93,566
96,527
102,355
107,382
117,461
120,886
125,708
120,432
120,557
120,719
121,286
121,402
122,260
123,453
124,006
125,708
125,068
124,679
124,461
125,064
1.67
1.56
1.53
1.55
1.55
1.50
1.50
r
1.53
r
1.53
r
1.55
1.56
r
1.54
r
1.53
r
1.52
r
1.53
r
1.53
r
1.52
r
1.53
r
1.56
r
1.53
r
1.52
1.51
1.52
Retail
Millions of dollars, seasonally adjusted, except as noted
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991: Apr '.
May ..
T y
June
July
Auff
Sept
Oct
Nov
Dec
1992: Jan
Feb
Mar r.
Apr p ....
May p
1
348,771
370,501
411,427
423,940
431,786
459,107
496,334
r
522,344
r
540,788
r
533,838
530,940
r
535, 172
' 535,089
r
539,729
r
537,373
r
539,269
r
541,247
r
540,382
r
531,919
r
536,977
r
544,017
545,424
544,830
575,486
591,858
651,527
665,837
664,654
711,745
767,387
r
813,018
' 835,985
r
828,184
828,508
r
824,000
r
820,357
r
819,641
r
819,746
r
822,401
* 824,672
r
825,505
r
828,184
r
824,150
r
824,609
826,204
826,511
129,024
96,357
131,663
100,440
113,502
144,223
114,816 149,155
155,445
116,326
165,814
124,340
135,254
180,717
r
' 144,039 188,635
r
' 149,204 196,917
' 145,135 r 198,979
196,593
144,902
r
144,811 r 195,577
r
' 145,5 11 194,583
r
147,238 r 195,217
r
145,710 ' 195,323
r
146,103 ' 194,007
r
145,766 ' 195,371
r
145,310 r 196,347
T
144,909 r 198,979
r
145,922 r 198,730
' 146,366 r 199,416
146,867 198,677
144,763 197,689
89,062
97,514
107,243
114,586
120,803
128,442
137,539
145,580
152,126
153,562
153,009
r
154,708
154,671
154,875
153,819
154,330
154,569
154,092
154,280
157,808
159,753
157,873
r
158,541
158,818
See page 21 for manufacturing.
Annual data are average of monthly not seasonally adjusted figures; monthly data are seasonally adjusted total for month.
3
Seasonally adjusted, end of period.
4
Annual data are averages of seasonally adjusted monthly ratios.
2
20
61,097
27,966
32,571
64,943
69,369
37,873
73,075
41,510
75,746
45,057
80,453
47,989
85,320
52,219
91,252
54,329
97,061
55,065
99,149
54,413
54,265
98,744
r
' 54,759
99,949
99,660
55,011
100,056
54,819
99,739
54,080
55,223
99,107
55,450
99,119
54,722
99,370
55,406
98,874
100,889
56,919
101,792
57,961
57,122 100,751
r
r
57,363 !01,178
101,219
57,599
134,628
147,833
167,812
181,881
186,510
207,836
219,274
237,599
240,217
243,162
236,177
235,890
234,736
235,650
236,523
238,842
240,746
240,879
243,162
240,986
241,938
244,288
246,911
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.59
1.57
1.55
1.54
r
1.52
1.52
1.52
1.54
1.55
1.56
1.56
.58
.53
.51
.55
.56
NOTE.—Wholesale and manufacturing series (p. 21) have been revised historically. Retail series
reflect historical revisions not previously available. Total manufacturing and trade series incorporate
the revisions.
'
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In April, manufacturers' shipments and new orders rose, while inventories and unfilled orders fell. In May, according
to advance estimates, durable goods manufacturers' shipments and new orders fell. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
BILLIONS OF DOLLARS* (RATIO SCALE)
SHIPMENTs
440
200
—T\
'
TOTAL
160
rviDi»BLE GOODS
^
1
360
—--
\
TOTA
_._.---
280
\
--.
*
120
200
'^-
\
DURABLE GOODS
NONI )URABLE GO ODS
160
80
— — —•
120
60
1 I 1 1 11 t 1 11 1
N DNDURABLE 5OODS
1 i 1 1 1 1 M 1 1 1 M i 1 i 1 1! 1 1 1 I l l l l l l l l l l Illllllllll
BILUONS OF DOLLARS* (RATIO SCALE)
280
NEW ORDERS
240 —^
<T •—J- r- -
80
200
60
—V,
-s^"
N
,
TOTAL
,
\
||m|
Illllllllll
DURABLE GOODS
160
IIMlhlll,
RATIO*
2.20
s
INVENTORY-SHIPMENTS RATIO
120
2.00
w **
1.80
NONE URABLE GO' DOS
80
1.60
1.40
60
Illllllllll
Illllllllll
1989
1988
||m |
1|m|
||m|
1991
1990
Illllll
1.20
1992
1989
1988
1990
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories z
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 s
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
163,351
172,547
190,682
194,538
194,657
206,326
223,541
232,724
239,459
235,142
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
Apr '
May r
July r
Aus '
Sept r
Oct '
Nov '
Dec r
1992- Jan '
Feb '
Mar '
May''
1
..
79,212
85,481
97,940
101,279
103,238
108,128
117,993
121,703
122,387
118,548
84,139
87,066
92,742
93,259
91,419
98,198
105,549
111,022
117,072
116,593
311,834
312,362
339,492
334,801
322,699
338,095
367,396
386,784
398,851
386,043
200,423
199,831
221,304
218,211
212,027
220,786
241,356
255,911
259,746
246,966
111,411
112,531
118,188
116,590
110,672
117,309
126,040
130,873
139,105
139,077
162,140
175,451
192,879
195,706
195,204
209,389
227,026
235,905
240,417
233,774
78,064
88,140
100,164
102,356
103,647
110,809
121,445
124,906
123,324
117,063
19,213
19,624
23,669
24,545
23,983
26,095
30,729
32,725
32,227
29,862
84,077
87,311
92,715
93,351
91,557
98,579
105,581
110,999
117,093
116,712
311,889
347,272
373,524
387,087
393,403
430,287
471,942
510,112
521,811
505,631
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.64
1.65
1.67
233,029
235,653
234,907
237,616
237,844
238,836
240,912
240,980
232,730
117,640
118,439
118,904
120,222
121,021
121,958
122,771
122,814
116,869
115,389
117,214
116,003
117,394
116,823
116,878
118,141
118,166
115,861
395,738
392,533
391,038
388,774
387,900
389,552
388.555
388,279
386,043
256,693
254,099
252,919
251,459
250,520
251,319
249,738
249,202
246,966
139,045
138,434
138,119
137,315
137,380
138,233
138,817
139,077
139,077
229,280
234,046
229,219
244,580
239,750
233,703
238,542
238,680
229,924
113,934
115,986
113,478
127,153
122,630
116,528
120,227
120,344
113,920
27,208
26,616
27,558
34,982
29,462
28,762
29,452
33,067
26,968
115,346
118,060
115,741
117,427
117,120
117,175
118,315
118,336
116,004
516,664
515,058
509,370
516,334
518,240
513,107
510,737
508,436
505,631
1.70
1.67
1.66
1.64
1.63
1.63
1.61
1.61
1.66
233,247
237,898
240,684
241,526
118,698
121,991
123,503
123,473
122,261
114,549
115,907
117,181
118,053
384,434
383,255
383,239
38!, 911
245,754
244,395
243,787
242,367
138,680
138,860
139,452
139,544
232,467
233,388
237,606
240,680
118,011
117,750
120,187
122,515
119,531
30,093
29,463
32,163
29,891
30,322
114,456
115,638
117,419
118,165
504,851
500,341
497,263
496,417
1.65
1.61
1.59
1.58
Annual data arc average of monthly not seasonally adjusted figures; monthly data arc seasonally adjusted total of month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
Note.—Scries have heen revised historically.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods rose 0.4 percent. Prices of finished consumer foods fell 0.4
percent and prices of other finished consumer goods rose 0.7 percent. Capital equipment prices rose 0.5 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
SEA50NAlty ADJUSTED
FINISHED GOODS PRICES
130
130
CONSUMER F OODS
\
,
\^-^-—
\
.""•
* • •* .'
120
.zS-'
CAPITAL EQUIPMENT
\
•f''
*>* *
•
/
-
/
\
i
*
.
,
.-'--.'
_/
TOTAL
-~'\
\
100
•
1984
110
\.'
—
^''"~V
\ s'
1 1 1 i M M M I
!
f^~
100
90
—
1
\,
V
>
"
120
!• s. — •i
f
110
-
X
»' ' ,*"*
1 1 ! 1 1 1 1 1 1 M
\
EXCLUDING FOODS
f,J
1 1 1 1 M I M 1 1
II
1 M 1 1 M M
i i i i i 1 i i i ii i i 1 1 i 1 i 1 1 ii 1 1 1 1 1 1 1 1 1 1 1
1987
1986
1985
1989
1988
11111111111
1990
i i i i 1 1 i i i i i 90
1991
SOURCE: DEPARTMENT OF IABOR
1992
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Total
finished
consumer
goods
Total
Foods
and
feeds l
Other
Total
Foodstuffs
and
feedstuffs
Other
Nondurable
Capital
equipment
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
111.5
115.0
114.5
114.2
114.0
114.9
115.3
116.1
116.2
115.8
114.9
114.9
115.5
116.1
117.3
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
126.7
126.6
126.7
126.8
126.9
127.1
127.3
127.5
127.7
128.3
128.0
128.3
128.5
129.2
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
120.5
120.4
120.1
119.8
120.2
120.4
120.8
120.9
120.7
120.2
120.5
120.7
121.0
121.4
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
114.4
114.0
114.2
113.8
114.1
114.3
114.0
114.0
113.9
113.2
113.9
113.9
114.0
114.4
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
111.1
110.5
110.2
108.5
110.6
110.8
111.7
112.0
111.9
110.8
112.6
111.6
111.3
111.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
114.6
114.2
114.4
114.1
114.3
114.5
114.2
114.1
114.0
113.3
114.0
114.0
114.1
114.6
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
101.2
100.9
99.3
99.3
99.1
98.4
100.5
100.4
98.3
97.3
99.4
97.9
98.4
99.8
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
105.5
105.6
106.0
104.2
102.6
104.2
104.2
103.5
102.9
104.8
107.3
106.0
104.5
105.4
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
94.6
94.1
91.5
92.4
93.1
91.1
94.2
94.5
91.6
88.8
90.5
89.1
90.7
92.5
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
May
July
Sept
Oct
Nov
Dec
1992- Jan '
Feb
Mar
• .
1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
121.7
121.6
121.4
121.2
121.5
121.8
122.1
122.2
122.1
121.9
122.0
122.3
122.5
123.0
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.2
125.0
124.7
124.0
123.4
123.3
123.3
123.1
123.0
122.5
123.8
123.2
122.8
122.3
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
120.9
120.4
120.2
120.1
120.6
121.2
121.7
121.9
121.7
121.6
121.6
122.0
122.2
123.0
Intermediate materials for food manufacturing and feeds.
22
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.7
118.1
117.8
117.7
118.3
119.0
119.6
119.8
119.5
119.0
119.0
119.5
119.9
120.7
Durable
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
120.4
123.9
123.4
123.3
123.5
123.8
124.3
124.4
124.6
124.7
125.4
125.3
125.6
125.8
125.7
Crude materials
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In May, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted and not seasonally
adjusted. The index was 3.0 percent above its year-earlier level.
INDEX, 1982-84 - 100 (RATIO SCALE]
150
INDEX, 1982-84 - 100 (RATIO SCALE]
150
SEASONALLY ADJUSTED
140
CONSUMER PRICES—ALL ITEMS
120
80
COUNCIL OF ECONOMIC ADVISERS
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All items '
Transportation
Housing
Shelter
Period
Rel. imp.3....
1982 ....
1983
1984
1985
1986
1987
1988
1989
1990
1991
1991:
May
June
July
Sept
Oct
Nov
Dec
1992:
Jan
Feb
Mar
May
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
100.0
Food
Total l
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
16.0
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
136.3
965
99.6
103.9
107 6
109.6
1136
118.3
1240
1307
136.2
41.5
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
133.6
27.9
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
146.3
8.0
19.7
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
155.6
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
150.2
0.2
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
126.3
Medical
care
Ener-
gy 2
All
items
less
food
and
energy
3.3
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
99.4
6.7
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
177.0
7.4
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
102.5
76.6
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
142.1
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
Motor
fuel
7.3
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
115.3
6.1
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
128.7
17.0
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
123.8
4.1
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
125.3
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
135.7
136.1
136.2
136.6
137.1
137.4
137.9
138.2
136.7
137.3
136.6
136.3
136.5
136.4
137.0
137.4
133.0
133.2
133.6
133.8
134.2
134.6
135.0
135.4
145.3
145.8
146.1
146.4
146.9
147.4
147.9
148.4
154.2
154.6
155.0
155.2
155.8
156.3
156.6
157.3
149.4
149.9
150.2
150.5
151.1
151.6
152.1
152.7
126.9
126.2
126.9
127.2
126.8
126.6
127.6
128.1
114.5
114.4
115.0
115.3
115.7
116.2
116.8
116.8
128.6
127.8
127.7
129.2
130.0
130.3
131.1
129.6
123.1
123.4
123.6
124.2
124.2
124.0
124.5
124.8
125.1
125.5
125.7
125.9
126.3
126.2
126.3
126.5
98.6
98.7
97.1
98.0
97.9
97.3
98.2
98.5
175.4
176.6
177.7
178.9
180.0
181.1
182.0
183.3
101.3
101.1
100.6
101.2
101.4
101.4
102.2
102.3
141.6
142.0
142.4
143.0
143.6
143.9
144.4
144.7
138.1
138.6
139.3
139.5
139.7
138.3
138.7
139.4
139.7
139.9
136.8
137.2
137.9
137.8
137.3
135.7
136.0
136.5
136.7
136.9
149.1
149.5
150.0
150.2
150.4
158.4
158.9
158.5
158.9
159.5
153.2
153.6
154.5
154.6
154.7
128.0
128.3
128.4
128.0
128.1
116.4
115.9
116.4
116.9
117.1
130.0
131.9
132.7
131.8
132.3
124.4
124.2
125.1
125.7
126.1
126.6
126.7
127.2
127.8
128.0
96.3
95.7
96.6
96.8
97.9
184.5
186.0
187.0
188.0
189.0
100.8
99.9
100.5
100.9
101.5
145.1
145.7
146.4
146.8
147.1
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1991.
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
Period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
Capital
equipment
Excluding foods
Foods
goods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
i
1982
1983
1984..
1985
1986..
1987
1988..
1989
1990.
1991
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
7
2.0
2.3
3.5
.6
2.8
2
5.7
5.2
2.6
1.5
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
2.1
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
2.5
Change, month to month
1991- May
-0.2
-.2
6
-.5
0.2
-.2
-.2
.2
.2
.2
.1
— .1
July
Sent
Oct
Nov
Dec
1992- Jan r
Feb *
Apr '
May
.5
.6
.5
.2
3
0.3
.1
.1
.1
.2
.2
.2
.2
0
.4
.3
.7
.5
-.2
.2
.2
.5
4
.7
0
.7
4.1
6.6
5.2
1.7
2.2
1.6
1.9
1.0
1.3
1.6
1.9
1.9
-1.5
-1.1
-2.0
-.2
1.0
1.2
1.0
1.2
0
-.3
-1.3
-2.2
-2.5
-3.2
-3.0
-2.7
-4.9
-4.0
-4.0
-.7
2.4
3.3
2.9
2.9
3.7
3.4
1.8
1.6
1.4
1.8
1.4
1.6
' 3.5
3.5
2.9
2.0
.8
26
2.3
.7
1.0
-4.8
-.7
Y
.7
2.0
3.3
0
-.2
1
1.1
5
-.3
4
41
-5.0
—4.4
-2.2
-1.0
10
.7
-.7
3
1.3
3.0
2.3
1.0
1
1
-.2
.1
.2
.2
.4
Mar
0.3
-.3
20
-2.6
0
3.1
5.8
3.2
1.6
1.9
.6
3.8
1.2
.8
.8
.7
1.3
-2.4
.6
-.2
-.8
-1.3
2.2
1.2
.8
.5
1.5
2.4
1.7
1.9
1.9
2.7
-.4
.4
.9
.9
1.1
20
0.6
-.6
0
-t
-.5
-.1
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items '
Food
Total 1
Total
1
Renters'
costs
Homeowners'
COStS
Fuel
and
other
utilities
Apparel
and
upkeep
Total1
New
cars
Motor
fuel
Medical
care
Ener-
gy*
All
items
less
food
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1982
1983
1984
1985
1986
1987..
1988
1989
1990..
1991
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
3.1
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
1.9
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
3.4
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
3.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.2
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
3.7
1991: May
June
July
Aug
Sept
Get
Nov
Dec
0.2
.3
.1
.3
.4
.2
.4
.2
0.2
.4
-.5
2
.1
-.1
.4
.3
0.2
.2
.3
.1
.3
.3
.3
.3
0.1
.3
.2
.2
.3
.3
.3
.3
0.2
.3
.3
.1
.4
.3
.2
.4
0.1
.3
.2
.2
.4
.3
.3
.4
.1
.3
.5
.2
.1
— .4
.3
.5
.2
.2
.4
.1
.1
.5
.3
.3
.1
.1
.7
.3
-.3
.3
.4
.3
.3
.6
.1
.1
9.7
1.8
4.2
1.8
56
1.6
2.9
3.2
4.0
2.9
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
3.4
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
-1.5
65
11.0
3.4 -1.7
24
2.5
3.4
3.1
5.9
307
1.8
18.7
2.1
21
2.3
6.8
1.4
36.5
3.3 -16.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
7.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
18.1
-7.4
0.7
.1
-1.6
.9
-.1
-.6
.9
.3
-2.2
-.6
.9
.2
1.1
0.5
.7
.6
.7
.6
.6
.5
.7
0.4
-.2
-.5
.6
.2
0
.8
.1
0.2
.3
.3
.4
.4
.2
.3
.2
.7
.8
.5
.5
.5
-1.5
-.9
.6
.4
.6
.3
.4
.5
.3
.2
6.2
3.2
43
3.6
1.9
3.6
4.1
4.8
5.4
4.2
4.5
4.8
4.7
1.5
4.3
3.8
4.2
4.7
4.4
5.2
4.4
Change, month to month
1992:
Jan
Feb
Mar
Apr
May
1
-1
— .4
0.4
-.1
.5
.3
.3
.4
.5
0
3
-.4
.4
.4
.2
0
-.6
-.1
1.2
.6
.2
.6
— 1.1
0.3
.2
.2
.5
0
-.2
.4
.2
0.1
.3
.2
.2
.3
— .1
.1
.2
.3
1.5
.6
7
-.3
-.2
.7
.5
.3
.1
.1
.4
.5
, .2
.4
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
2.4
2.7
3.6
2.9
3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.4
3.0
2.4
2.7
3.0
3.6
3.9
3.2
2.9
2.9
2.2
2.5
3.0
3.0
3.3
3.1
2.6
2.3
3.5
4.1
3.5
3.1
3.1
3.4
3.4
2.9
5.0
4.7
4.4
3.8
3.4
2.9
3.0
3.1
2.6
2.8
3.2
3.2
3.0
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in June were 1.4 percent below their May level. Prices paid by farmers in April were
1.1 percent above their January level. (Data are not seasonally adjusted.)
INDEX, 1977 - 100 (RATIO SCALE)
INDEX, 1977 - 100 (RATIO SCALE)
V!UU
180
180
^-/~"1 "
~~~r\
160
140 ^*\
^V
120
160
/~^ —-^
PRICES PAID
X^
"•"x •^N
V - / ^
140
X/
J
120
\
^
PRICES RECEIVE D
100
100
80 i i ) i i i | i | | | I 1 1 1 1 \ I 1 1 M
RATI :»/
140
120
M 11 1 1M 1 M
i t ii ii i t t ii
i i i i i i i i i ii
1 1 1 1 1 ! 1 1 M i i i i i 1 1 M i ii
1 M M 1 M 1 11
1 1 ! 1 1 1 II 1 t l
80
RA TIOJ'
140
120
RATIO
-
100
100
80 "
" ~
^ 1
60
i I t I I 1 1 1 || I i t t M 1 1 1 1 1 1
1984
. ,.„'
v—:—•—•»-.•«=: '
-
-^
80
^
|
1 1 1 1t 1M 111
1 M 11 11 1 1 t 1
1 M t 1 1t M 1f
1986
1987
1988
1985
t 1 M I J t 11 1I
1 1 1 1 1 1i 1 1 11
1990
1989
1 I! M i 1 H I I
1991
60
1 1! M 1 1 M 1 1
j
1992
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by fanners
Prices received by farmers
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
All farm
products
.
.
. ...
1991' June
July
Sept
Oct
Dec
1992- Jan
Feb
Mar
Apr
May
1
Livestock and
products
Crops
r
!52
!48
146
147
142
139
137
r
138
142
143
141
141
139
Production
items, interest,
taxes, and wage
rates
159
161
164
162
159
162
170
178
184
189
158
159
161
156
150
152
160
167
r
!72
175
153
152
155
151
144
148
157
165
171
173
189
174
173
189
173
172
189
174
171
Production
items
!62
162
158
157
158
'153
r
!53
123
128
131
126
123
120
152
156
155
155
r
!57
158
Ratio z
84
84
87
79
77
78
81
83
81
77
r
r
142
!35
133
137
126
124
120
r
Includes items not shown separately.
Percentage ratio of index of prices revived by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
145
141
146
136
138
146
150
160
170
121
128
138
120
107
106
126
134
127
130
133
135
142
128
123
127
138
r
!47
149
146
All commodities,
services,
interest, taxes,
and wage rates 1
3
191
()
176
173
r
80
78
77
78
75
74
72
73
75
76
74
74
73
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexe;
have been converted to a 1077= UK) 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 rose slightly in May and M3 fell again.
BILLIONS OF DOLLARS* (RATIO SCALE]
4,800
4,400
BILLIONS OF DOLLARS* (RATIO SCALEI
4,800
4,400
4,000
4,000
3,600
3,600
3,200
3,200
-v
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
COUNCIl OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Percent change from year or 6
months earlier 2
1982:
19831984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec
Dec .
Dec
Dec .. .
Dec
Dec
Dec
Dec
Dec
Dec
1991: Apr
May...
June
July
Aug
Sept
Oct
NOT
Dec
1992: Jan
Feb
Mar
May
1
.
;,
..
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Period
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
474.6
521.4
552.5
620.2
724.6
750.0
786.9
794.1
826.1
898.1
1,951.9
2,186.1
2,374.3
2,569.4
2,811.1
2,910.8
3,071.1
3,227.3
3,339.0
3,438.9
2,440.6
2,693.0
2,987.4
3,203.2
3,494.3
3,681.1
3,923.1
4,059.8
4,114.6
4,170.9
2,850.4
3,154.3
3,528.8
3,830.4
4,134.5
4,339.5
4,677.9
4,891.7
4,966.6
4,987.7
4,672.7
5,209.4
5,963.3
'6,830.5
'7,751.2
'8,520.8
'9,316.1
'10,060.0
' 10,747.0
'11,203.6
8.7
9.9
6.0
12.3
16.8
3.5
4.9
.9
4.0
8.7
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.1
3.5
3.0
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.3
1.4
9.3
11.5
14.5
'14.5
'13.5
'9.9
'9.3
8.0
'6.8
'4.2
842.7
850.9
857.3
860.0
866.5
872.0
880.9
891.4
898.1
3,394.8
3,405.6
3,411.8
3,407.4
3,409.5
3,411.5
3,417.3
3,430.9
3,438.9
4,168.8
4,170.5
4,167.7
4,157.3
4,156.6
4,152.6
4,158.7
4,166.8
4,170.9
4,978.4
4,958.3
4,986.4
4,991.5
4,985.1
4,974.2
4,977.3
4,989.8
4,987.7
'10,883.9
'10.934.0
'10,983.5
'11,017.4
'11,056.6
'11,094.7
'11,135.6
'11,177.5
'11,203.6
5.0
6.6
7.6
8.2
7.2
7.1
9.1
9.5
9.5
3.6
4.3
4.4
3.8
2.4
1.5
1.3
1.5
1.6
2.5
2.7
2.6
1.5
-.2
-.6
.5
-.2
.2
4.3
4.2
4.4
'4.5
'4.3
'4.3
'4.6
'4.5
'4.0
910.4
931.0
939.0
942.9
954.5
' 3,448.0
'3,475.5
' 3,474.0
* 3,468.0
3,469.6
'4,174.9
' 4,200.6
r
4,191.3
r
4,177.6
4,176.1
'4,983.0
'5,016.2
'5,028.4
'5,022.4
'11,232.0
'11,274.8
11,325.0
11.373.1
11.7
14.9
15.4
14.1
14.2
2.4
'3.9
'3.7
'3.0
2.3
.8
2.1
'1.9
.9
.4
3.9
'3.9
'4.2
4.3
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.
3
Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
26
L
Debt
Ml
M3 plus
other liquid
assets
Debt of
domestic
nonnnancial
sectors
(monthly
average) l
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Overnight
repurchase
agreeOther
ments
check(RPs),
able
net,
deposplus
its
over(OCDs)
night
Eurodollars >
Money market
mutual fund
balances 2
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits 3
Large Term
denom- repur- Term
ination chase Eurotime
agree- dollars
depos- ments
(net)
3
its
(RPs)
NSA
19821983:
1984198519861987'
19881989199019911991-
132.5
146.2
156.1
167.9
180.8
197.0
212.3
222.6
246.8
267.3
256.3
256.6
257.6
259.3
261.3
262.9
264.8
266.0
267.3
269.4
271.6
271.8
273.6
274.7
Dec
Dec
Dec ..
Dec
Dec ..
Dec
Dec
Dec
Dec
Dec
Apr
Mav
, '
July
SeDt
Oct
Nov .
Dec
1992- Jan .
Feb
Mar .
Apr
May
234.0
238.5
243.9
266.7
302.0
286.8
286.5
279.0
277.1
289.5
276.1
278.4
280.1
279.3
280.1
280.6
283.8
287.6
289.5
293.9
305.1
309.7
311.3
315.2
103.7
131.8
147.2
179.7
235.3
259.3
280.6
285.1
293.9
333.2
302.5
307.8
311.6
313.7
317.3
320.6
324.5
329.7
333.2
339.0
' 346.3
' 349.5
350.0
356.6
39.9
55.6
60.6
73.5
82.3
84.1
83.2
77.6
74.7
75.3
69.6
68.5
67.9
64.9
67.3
66.4
69.4
73.0
75.3
76.7
76.5
73.0
r
70.6
67.0
NSA
184.5
138.3
167.1
176.1
208.0
221.7
241.9
316.3
348.9
360.5
366.6
367.8
368.8
367.9
362.4
359.9
359.3
359.5
360.5
' 360.1
r
363.9
358.0
' 354.1
355.0
51.1
42.7
63.7
.65.8
86.1
92.1
91.0
107.2
133.7
179.1
152.9
155.2
155.3
155.4
158.6
162.6
168.2
173.6
179.1
182.4
188.2
185.3
189.2
194.8
1
Includes continuing contract RPs.
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination deposits are those issued in amounts of less than
9100,000 and more than $100,000, respectively.
2
3
398.5
847.2
684.0
780.8
704.2
884.9
814.4
881.7
940.1
854.8
937.0
917.5
926.2
1,032.9
891.2
1,148.5
920.7
1,168.7
1,042.6
1,063.0
953.0
1,159.7
966.1
1,150.9
976.8
1,140.6
986.1
1,129.5
994.1
1,120.8
1,002.4
1,111.0
1,015.0
1,095.2
1,028.7
1,079.2
1,042.6
1,063.0
1,061.2 ' 1,042.9
1,083.9 ••1,019.8
1,098.0 ' 1,002.9
r
985.5
1,111.3
1,122.5
968.9
323.3
324.8
415.6
436.1
439.5
489.1
541.2
559.3
494.9
437.1
487.7
483.5
478.3
471.2
465.5
458.5
450.0
442.3
437.1
427.9
420.7
r
412.9
r
405.7
401.2
81.7
91.5
82.9
76.5
83.8
91.0
105.7
79.5
68.7
57.7
65.2
62.3
61.6
62.7
63.6
61.5
62.8
61.9
57.7
55.7
r
56.3
r
58.7
r
57.1
55.6
Bankers'
acceptances
Commercial
paper
44.5
45.0
45.4
42.0
37.1
44.3
39.8
40.1
34.0
23.3
30.6
29.1
28.1
28.1
27.2
25.8
25.3
24.5
23.3
23.2
22.9
r
22.2
21.6
113.7
133.2
160.8
207.5
231.2
260.5
336.1
348.6
359.3
339.7
341.6
327.9
333.0
339.8
336.3
337.7
336.2
337.9
339.7
334.8
327.5
r
337.0
341.7
NSA
33.4
49.9
57.6
62.4
80.6
106.0
121.8
99.1
89.6
70.9
82.2
80.4
78.4
78.8
78.4
76.7
75.5
73.6
70.9
70.8
72.0
73.7
r
72.3
71.7
Shortterm
Treasury
securities
Savings
bonds
68.0
71.1
74.2
79.5
91.8
100.6
109.4
117.5
126.0
137.9
130.1
131.3
132.4
133.5
134.4
135.2
136.1
137.1
137.9
138.9
140.1
141.2
142.4
183.6
211.9
260.9
298.2
280.0
253.0
269.6
325.5
332.7
315.9
307.3
299.5
325.1
332.8
330.6
322.9
r
321.0
323.4
315.9
'311.1
r
325.1
' 336.6
339.1
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; 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
1982198319841985198619871988'
1989'
19901991'
1991-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
May '
.. ..
July '
Aug r
Sent r
Oct '
Nov '
Dec "
1992' Jan '
Feb '
Mar '
Aor '
May '
.
....
.
..
27,835
29,901
31,662
37,061
45,863
45,812
47,596
47,729
49,104
45,601
42,389
42,710
42,845
43,282
43,487
44,138
44,785
45,601
46,186
47,746
48,476
49,001
49,495
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
NOTE.—Series for reserves and monetary base have been revised to incorporate new "break adjustments" for changes in reserve requirments and the annual revision of seasonal factors. Data
Nonborrowed
27,201
29,127
28,476
35,473
45,037
45,035
45,880
47,464
48,778
45,409
42,086
42,370
42,238
42,517
42,841
43,877
44,677
45,409
45,953
47,668
48,385
48,911
49,340
Nonborrowed plus
extended
credit
27,387
29,129
31,080
36,242
45,340
45,518
47,124
47,483
48,801
45,410
42,174
42,377
42,284
42,818
43,143
43,889
44,678
45,410
45,954
47,670
48,386
48,913
49,340
Required
27,335
29,340
30,807
36,024
44,494
44,766
46,549
46,807
47,440
44,623
41,359
41,701
41,939
42,196
42,558
43,055
43,893
44,623
45,183
46,681
47,447
47,863
48,494
Monetary
base
Total
164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
317,254
303,734
305,003
306,794
309,132
310,929
313,281
315,332
317,254
319,695
323,411
324,512
326,500
328,585
634
774
3,186
1,318
827
777
1,716
265
326
192
303
340
607
764
645
261
108
192
233
77
91
90
155
Seasonal
33
96
113
56
38
93
130
84
76
38
151
222
317
331
287
211
86
38
17
22
32
47
98
Extended
credit
186
2
2,604
499
303
483
1,244
20
23
1
88
8
46
300
302
12
1
1
1
2
2
2
0
prior to May 1991 are not yet available.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.4 percent in May; commercial and industrial loans fell 0.6 percent.
BILLIONS OF DOLLARS* {RATIO SCALE)
3,200
BILLIONS OF DOLLARS* (RATIO SCALE)
3,200
ALL COMMERCIAL BANKS
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
LOANS AND LEASES
1,200
1,200
800
800
U.S. GOVERNMENT SECURITIES
400
400
OTHER SECURITIES
200
200
160
160
120
1984
1985
1986
1987
1989
1988
1990
1991
1992
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l]
All commercial banks
Loans and leases
Period
Total
loans and
securities *
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1991:
1,400.4
Dec
1,552.2
Dec
1,722.2
Dec
Dec
1,909.5
2,093.2
Dec
Dec
2,238.5
Dec
2,422.8
2,590.8
Dec
2,730.8
Dec
Dec
2,838.0
May
2,764.8
r
2,773.3
June
r
2,773.8
July
r
Aug
2,776.9
r
2,789.1
Sept
r
2,805.5
Oct
Nov
' 2,822.8
Dec
2,838.0
1992: Jan r.... 2,846.5
Feb '.... 2,847.0
Mar '.... 2,853.3
Apr r.... 2,865.5
2,863.4
May
U.S.
Government
securities
201.7
259.2
260.2
270.8
310.0
335.8
363.5
398.2
454.1
562.5
483.9
493.5
502.4
512.6
523.0
538.7
550.8
562.5
565.7
570.4
578.4
590.2
598.9
Other
securities
164.8
169.1
140.9
179.0
193.9
193.6
192.4
181.7
177.9
r
179.3
176.8
176.3
175.8
174.4
176.3
177.9
178.8
r
179.3
178.5
178.6
175.9
176.4
174.5
Total
2
1,033.9
1,123.9
1,321.1
1,459.8
1,589.4
1,709.1
1,866.9
2,010.9
2,098.8
T
2,096.2
2,104.0
r
2,103.6
T
2,095.5
r
2,089.9
r
2,089.8
'2,088.9
' 2,093.2
r
2,096.2
2,102.4
2,098.1
2,099.1
2,098.8
2,090.1
Commercial
and
industrial
Real
estate
Individual
Security
Nonhonl.
oanK
financial
institutions
Agricultural
State
nnA
and
political
subdivisions
392.5
414.2
473.1
500.2
537.0
567.1
606.8
640.2
643.2
617.8
630.5
625.8
623.8
619.5
622.0
'622.6
'621.7
617.8
616.0
611.5
609.1
606.0
602.1
299.9
331.0
376.2
425.8
494.0
586.9
670.1
759.5
843.3
'873.1
863.8
868.5
867.3
866.7
'868.1
'869.8
'871.9
'873.1
873.1
876.9
877.9
879.3
881.1
188.2
212.9
253.8
294.7
315.3
328.3
354.5
374.8
379.6
'363.5
373.8
25.3
28.0
34.4
43.0
40.3
34.8
41.2
41.5
44.7
54.5
49.1
49.0
47.4
48.4
50.0
51.1
53.4
54.5
59.5
57.1
60.5
65.0
61.8
31.2
30.4
31.3
32.4
35.0
32.0
32.3
34.3
35.7
'40.4
36.1
38.6
37.7
36.9
37.1
37.2
37.8
'40.4
39.1
40.1
40.6
40.0
40.3
36.2
39.2
40.1
36.1
31.5
29.4
28.7
29.8
32.0
'34.0
33.7
33.9
34.0
34.3
'34.5
34.1
'33.8
'34.0
33.6
33.5
34.2
34.1
33.9
0.0
.0
46.0
56.7
58.5
52.4
45.1
40.0
33.9
'29.1
31.7
'31.4
'31.0
'30.6
'30.3
'29.7
'29.4
'29.1
28.0
28.2
28.2
27.9
27.7
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because begummg January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
373.1
370.9
370.3
'367.3
'364.2
'363.1
'363.5
363.1
363.6
362.2
361.3
359.7
Foreign
banks
14.7
13.4
11.6
9.9
10.3
7.8
7.7
8.2
7.5
'7.4
6.4
6.3
6.4
6.5
6.8
6.6
6.9
'7.4
7.3
6.8
6.5
6.6
7.3
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve Svstem.
Foreign
official
institutions
Lease
financing
receivables
5.9
9.4
8.4
6.3
6.3
5.7
5.0
3.5
2.8
2.4
2.4
2.5
2.3
2.2
2.3
2.4
2.5
2.4
2.3
2.2
2.2
2.1
2.1
13.3
13.7
16.0
19.0
22.4
24.6
29.3
31.8
32.8
'31.7
33.0
'33.3
'32.5
'31.9
'31.8
'31.6
'31.5
'31.7
31.5
31.6
31.5
31.5
31.4
Other
26.8
31.8
30.2
35.6
38.8
40.1
46.2
47.1
43.3
'42.4
43.4
'41.1
'42.3
'42.7
'39.8
'39.5
'41.1
'42.4
48.8
46.8
46.1
45.0
42.6
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Credit market funds
«• . 1 Tnjernal
Securities
Total
Total
and
mortgages
' 313.5
431.2
491.4
464.3
r
521.4
r
544.9
586.7
r
549.4
470.1
459.9
1982
1983
1984
1985
1986
1987
1988
1989 r
1990 r
1991 l
r
Loans and
short-term
paper
Other2
'—-Capital
expenditures 3
l^Total
24:7 A
292.3
336.4
' 352.0
r
336.7
r
376.0
404.4
r
405.0
381.5
392.4
66.1
138.9
155.0
112.3
184.7
168.9
182.3
144.4
88.6
67.5
50.7
81.0
92.5
52.4
126.7
63.0
63.0
42.1
16.0
25.0
-4.0
45.5
-13.0
r
-4.6
60.9
r
27.6
r
-12.9
-41.7
-13.9
90.7
54.7
35.5
105.5
r
57.0
65.8
35.4
r
75.9
83.8
29.9
-65.7
15.4
57.9
62.5
59.9
58.0
106.0
r
119.2
102.3
72.6
42.5
T
339.3
r
428.6
r
504.7
r
451.7
r
502.5
r
476.8
r
560.4
r
526.8
489.8
435.2
Increase in
financial-
Discrepancy
(sources less
uses)
assets
51.8
125.1
107.2
82.8
151.2
111.7
163.8
103.9
86.5
69.1
r
415.9
430.7
67.6
120.4
r
r
287.5
r
303.5
r
397.5
'368.9
r
351.3
r
365.1
* 396.6
r
422.9
403.3
366.1
r
-25.8
r
2.6
-13.3
r
!2.7
'19.0
'68.1
r
26.3
'22.6
-19.6
24.6
r
1989- TTT
IV
473.0
556.1
410.5
403.7
62.5
152.4
6.6
38.9
-85.5
20.7
92.1
18.2
55.9
113.5
r
483.5
r
1990: lrr
541.7
517.1
443.6
378.2
393.8
395.2
361.2
375.9
147.9
121.9
82.4
2.3
53.6
48.8
-1.9
-36.4
-14.0
7.5
49.0
-.4
67.6
41.3
47.1
-36.0
94.3
73.2
84.3
38.6
507.7
523.0
529.4
398.8
402.4
415.9
418.2
376.2
105.3
107.1
111.2
22.6
34.0
58
-85.7
-20.6
447.1
488.8
484.7
418.5
390.9
390.7
387.1
400.7
56.2
98.1
97.6
17.8
8.5
47.3
31.6
12.5
63.1
109.2
80.0
110.3
-54.6
-61.9
-48.4
-97.8
47.7
50.8
66.0
5.2
387.3
458.2
493.1
402.2
346.0
350.8
380.8
386.7
41.3
107.4
112.3
15.5
59.8
30.6
-8.4
16.3
535.4
415.1
120.3
102.5
119.8
17.8
465.6
358.2
107.4
69.9
nr
m r.
IV
1991: I rr
nr
m r.
IV
1992- I p
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
1
Consists of tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in
17 3
551.1
r
-10.5
r
4.9
the U.S.
8
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Beserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Period
Net change in installment credit outstanding 1
Automobile
Automobile
Kevolving
Other2
325,805
368,966
442,602
517,659
572,006
608,675
662,553
716,825
735,338
727,799
125,945
143,560
173,564
210,238
247,772
266,295
285,364
292,002
284,993
263,003
66,454
79,088
100,280
121,758
135,825
153,064
174,269
199,308
222,950
242,785
133,406
146,318
168,758
185,664
188,408
189,316
202,921
225,515
227,395
222,012
6,937
14,546
43,161
17,615
73,636
30,004
75,057
36,674
37,534
54,347
36,669
18,523
19,069
53,878
4
( )
<4)
18,513 -7,009
-7,539 -21,990
1991: Apr'
May rT
June
July'
Aug r
Sepf
Oct rr
Nov r .
Dec .
733,227
731,724
730,109
728,823
727,311
727,449
729,225
727,960
727,799
276,963
273,389
270,789
268,897
266,620
264,621
264,420
262,383
263,003
230,437
232,297
233,399
234,654
236,294
238,987
241,436
242,573
242,785
225,827
226,038
225,922
225,273
224,396
223,842
223,369
223,004
222,012
45
- 1,503
-1,615
-1,286
-1,512
138
1,776
-1,265
-161
1992: Janrr
Peb r
Mar .
Apr".
728,618
728,395
727,404
723,583
263,134
261,659
262,125
260,169
244,288
245,974
245,259
245,876
221,196
220,762
220,020
217,538
819
-223
-990
-3,821
Total
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
Dec
Pec
Dec r
Dec r.
Dec .
Dec r. 3
Dec r
Dec r'.
Dec .
Dec r.
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Outstanding loans for mobile homes are now included in "Other" credit and will no longer be
available as a separate credit type.
3
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
Total
Revolving
Other 2
5,384
12,634
21,192
21,478
14,067
17,239
21,205
(4)
23,642
19,835
2,224
12,912
22,440
16,906
2,744
908
13,605
<4)
1,880
-5,383
-2,314
-3,574
-2,600
-1,892
-2,277
-1,999
-201
-2,037
620
1,688
1,860
1,102
1,255
1,640
2,693
2,449
1,137
212
671
211
-116
-649
-877
-554
-473
-365
-992
131
-1,475
466
-1,956
1,503
1,686
-714
617
-816
-434
-742
-2,482
4
Because of breaks in aeries, net change not available.
Note.—Series revised beginning June 1985 to reflect benchmark revisions and new seasonal adjustment factors.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Short-term rates rose very slightly in June; longer-term rates fell a little.
PttCENT POt ANNUM
19W
PERCENT PS ANNUM
1991
1985
1992
COUNCIL OF ECONOMIC ADVISBtS
SOUOC& SB TABU BELOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) *
1981
1982
1983 ....
1984
1985
1986
1987
1988
1989
1990
1991
1991: JuneJuly
. J
Am?..
Sept
Oct
Nov
Dec
1992: Jan
Peb
Mar.
Apr
MayJune ".
Week ended:
1992: June 6
13
20
27
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.R.
Bank)*
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB)6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
5.42
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
6.82
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
7.86
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
6.89
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
8.77
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
5.85
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
5.45
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
8.46
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.32
5.60
5.58
5.39
5.25
5.03
4.60
4.12
3.84
3.84
4.05
3.81
3.66
3.70
7.39
7.38
6.80
6.50
6.23
5.90
5.39
5.40
5.72
6.18
5.93
5.81
5.60
8.28
8.27
7.90
7.65
7.53
7.42
7.09
7.03
7.34
7.54
7.48
7.39
7.26
7.09
7.03
6.89
6.80
6.59
6.64
6.63
6.41
6.67
6.69
6.64
6.57
6.50
9.01
9.00
8.75
8.61
8.55
8.48
8.31
8.20
8.29
8.35
8.33
8.28
8.22
6.16
6.14
5.76
5.59
5.33
4.93
4.49
4.06
4.13
4.38
4.13
3.97
3.99
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.00
5.00-5.00
5.00-4.50
4.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.00
8.00-8.00
8.00-7.50
7.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
9.46
9.43
9.48
9.30
9.04
8.64
8.53
8.49
8.65
8.51
8.58
8.59
3.75
3.71
3.66
3.67
5.77
5.67
5.55
5.49
7.35
7.32
7.24
7.20
6.56
6.53
6.47
6.45
8.24
8.24
8.22
8.20
4.05
4.01
3.97
3.95
3.50-3.50
3.50-3.50
3.50-3.50
3.50-3.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
1
Bulk-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
Corporate
Aaa bonds
(Moody's)
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in June.
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
MU
/"—•"*
220
_
-*
200
180
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
Z4U
220
200
180
^x—*"]N—"^"Y
/-~X\
160
\ ^r-^\
/
140
/
120
160
140
1
\
1
COMPtDSITE STOCK P MCE INDEX
(NYSE)
s^S^S
100
^^ r
^-^
\_^r~
120
100
80
80
60
60
1 111 M 11111 1 11 11111 111
40
1984
1985
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M 1 M i l l 40
1991
1989
1992
1986
1987
1988
1990
PEW:ENT
20
PERCENT
20
15
15
<GS-PRICE RATIO ON COMMO
(S&P)
\
x______
10
5
1
0
1
1984
1
1 1 1
^
1985
1
1 1
1986
1
1987
1
1
^ 1 1988 1
r^-r^—^
i\i
1
1989
1
1
I
10
5
I
I
1991
1990
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common stock5 yields
(percent)
Common stock prices '
Period
1981 .
1982
1983
1984
1985
1986
1987
1988
1989..
1990
1991 ..
1991: June...
July
Sept
oc?
Nov
.
Dec
1992: Jan
Feb....
Mar
May
June *
Week ended:
1992: June 6
18
20
27
1
Average
2
Includes
3
Includes
4
Includes
6
:
Industrial
Transportation
Utility
Finance
Dow-Jones
industrial
average s
Standard &
Poor's
(194143 = 10)*
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
206.33
207.32
208.29
213.33
212.55
213.10
213.25
214.26
229.34
228.12
225.21
224.55
228.55
224.68
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
258.14
261.16
262.48
268.22
266.21
265.68
264.89
266.01
286.62
286.09
282.36
281.60
285.17
279.54
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
173.99
177.05
177.15
178.52
177.99
187.31
188.52
185.47
201.55
205.53
204.07
201.28
207.88
202.02
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
92.66
89.01
90.05
92.38
93.72
95.25
96.78
98.08
99.31
96.18
94.15
94.92
98.24
97.23
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
150.82
152.31
151.60
157.70
157.69
158.94
159.78
159.96
174.50
174.05
173.49
171.05
175.89
174.82
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
2,929.33
2,968.14
2,978.19
3,006.09
3,010.35
3,019.74
2,986.12
2,958.64
3,227.06
3,257.27
3,247.42
3,294.08
3,376.79
3,337.79
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
376.18
378.29
380.23
389.40
387.20
386.88
385.92
388.51
416.08
412.56
407.36
407.41
414.81
408.27
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
3.24
3.23
3.20
3.10
3.15
3.14
3.15
3.11
2.90
2.94
3.01
r
3.02
2.99
3.06
228.51
225.73
222.87
221.71
285.52
281.16
276.90
275.11
207.85
204.92
200.03
196.06
97.20
97.31
97.37
97.02
176.29
174.96
173.16
173.60
3,402.94
3,364.63
3,306.32
3,284.71
414.43
409.90
405.10
403.57
price ratio
11.96
1.1.80
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
4.81
5.23
3.00
3.05
3.09
3.08
of daily closing prices.
all the stocks (more tha 1,500) listed on the NYSE.
e than
30 stocks.
500 stocks.
Standard & Poor's aeries. Dividend-price ratios based on Wednesday closing prices. Barninga-
0
1992
COUNCIL Of ECONOMIC ADVISERS
New York Stock Exchange indexes (Dee. 31, 1965=50) 2
Composite
I
1
4.59
3.83
r
4.01
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 8 months of fiscal 1992, there was a deficit of $231.7 billion, compared with a deficit of $175.5 billion
a year earlier.
B1LUONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
RECEIPTS AND OUTLAYS 1,500
1,600
1,500
1,400
1,300
1,300
OUTLAYS1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS -"
800
800
700
700
600
V
600
0
-100
_^,—•—
^~~-~^^
-200
—_^^
-300
-300
-400
A
i
1/1984
i
1985
i
1986
i
1987
i
1988
i
1989
i
1990
i^
1991
—i—"
1992
j\
1993 ^
FISCAL YEARS
-^INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
1977
1978
1979....
1980
1981.. .
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992 (estimates)
1993 (estimates)
Outlays
On-budget
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Cumulative total, first 8
months: *
Fiscal year 1991
Fiscal year 1992
.
-5.0
-7.9
.2
.3
477.4
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
176.8
183.5
193.8
202.7
210.9
225.1
241.7
251.5
264.0
9.4
16.7
19.6
38.8
52.8
56.6
52.2
49.4
61.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,599.0
4,077.5
4,543.0
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,687.9
3,077.3
3,428.0
159.4
165.4
37.2
36.1
3,446.2
3,865.1
2,580.9
2,900.9
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
-73.7
53 7
-59.2
-40.2
-73.8
-79.0
-128.0
-207.8
185 4
231.7
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
328.5
369.1
403.5
476.6
543.1
594.4
661.3
686.0
-70.5
-49.8
-54.9
38 2
-72.7
740
-120.1
2080
-185.7
66.4
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
32
-3.9
43
-2.0
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,075.7
1,165.4
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.0
1,475.4
1,515.3
212 3
-221.2
149 8
-155.2
153 5
-220.5
268 7
-399.7
349 9
547.9
568.9
640.7
667.5
727.0
749.7
760.4
774.8
839.6
769.6
806.8
810.1
861.4
933.3
1,026.7
1,081.3
1,223.9
1,251.3
-221.7
238 0
-169.3
- 194.0
-206.2
-277.1
-320.9
-449.1
-411.7
186.2
200.2
213.4
241.5
263.7
281.7
293.9
300.9
325.8
686.5
694.7
862.1
926.3
175 5
-231.7
489.9
493.1
702.6
760.9
-212.7
-267.8
196.6
201.5
1
Data from Monthly Treasury Statement.
NOTE.— Data (except aa noted) are from Budget of the United States Gover
32
ent, Fiscal Year
Held by
the public
629.0
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
...
. Total
1 1
1993, Supplement, issued February 18, 1992, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1992, receipts were $8.2 billion higher than a /ear earlier and outlays were $64.2
billion higher.
BILLJ DNS OF DOLLARS
BILLIONS OF DO IARS
600
600
RECEIPTS J-'
INDIVIDUAL INCOME TAXES
\
500
400
500
_.—•—'
400
r
300
300
CORPORATION
INi~<~>ME TAXES
\
200
OTHER RECEIPTS
SOCIAL INSURANCE
TAXFS i^n rnwrplfii mr>N<;
200
100
100
1
0
1
1
1
1
1
1
1
1
0
1,300
1,300
OUTLAYS -^
1,200
1,200
*e
1,100
1,100
_,-•"
1,000
NONDEFENSE
\
900
1,000
^ -• "
--•
900
>__-800
800
._---""'
700
700
_-•-•""""
600
600
500
500
400
NATIONAL DEFENSE
300
\
200
/i
V
r
1984
i
1985
\
1986
i
1987
i
1988
400
300
i
1989
r
1990
'
r
1991
i
1992
i\
1993
\J
200
FISCAL YEARS
•^INCLUDES ON-flUDGET AND OfF-8UDGET ITEMS.
jOURCES: DEPARTMENT Of THE TREASURY AND OFflCE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.8
808.4
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,075.7
1,165.4
334.5
349.0
392.6
401.2
445.7
466.9
467.8
478.7
515.2
61.3
63.1
83.9
94.5
103.3
93.5
98.1
89.0
103.8
265.2
283.9
303.3
334.3
359.4
380.0
396.0
410.9
446.7
73.0
73.1
74.3
78.9
82.3
90.9
92.3
97.1
99.7
946.4
990.3
1,003.9
1,064.1
1,144.2
1,251.8
1,323.0
1,475.4
1,515.3
686.5
694.7
302.3
296.6
59.9
55.9
265.3
277.1
58.9
65.0
862.1
926.3
Total
. ..
1985
1986
1987
1988
1989
1990
1991
1992 (estimates)
1993 (estimates)
Cumulative total, first 8 months: '
Fiscal year 1991
Fiscal year 1992
1
National defense
Individual
income
taxes
Fiscal year
1976
1977
1978
1979
1980
1981
1982
1983 .
1984
Social
insurance
taxes
Other
Data from Monthly Treasury Statement.
NOTE.—Data (except aa noted) are from Budget of the United State* Government, Fiscal Year
inter-
ty
est
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
65.8
70.2
75.1
78.9
85.0
98.1
104.5
118.6
129.3
128.2
119.8
123.3
129.3
136.0
147.3
170.8
198.1
196.7
188.6
198.8
207.4
219.3
232.5
248.6
269.0
286.7
302.3
129.5
136.0
138.7
151.8
169.3
184.2
194.5
198.8
213.7
131.8
142.1
125.9
139.4
159.8
202.7
223.8
253.4
255.7
68.7
77.7
119.4
137.4
175.2
187.9
129.5
134.8
134.8
124.0
Health
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
252.7
273.4
282.0
290.4
303.6
299.3
273.3
307.3
291.4
245.2
265.5
274.0
281.9
294.9
289.8
262.4
294.6
278.3
16.2
14.2
11.6
10.5
9.6
13.8
15.9
17.8
18.0
33.5
35.9
40.0
44.5
48.4
57.7
71.2
94.6
108.2
177.1
195.1
169.7
187.1
12.7
12.6
44.6
56.9
Total
Department of
Defense,
military
Net
Social
securi-
International
affairs
Total
and
contributions
Medicare
Income
securi-
'y
Other
1993, Supplement, issued February 18, 1992, and are on a cash basis.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1992, according to revised estimates, Federal receipts rose $7.5 billion (annual rate) and
Federal expenditures rose $48.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED AWUA1 RATES
1,400
1,400
1,200
1,200
1,000
1,000
800
-200
1983
1986
1987
1990
1988
CA1ENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMY ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1988 .
1989
1990.
1991
Calendar year:
1988
1989
1990
1991
1982- IV
1983- IV
1984- IV
1985- IV
1986- IV
1987- IV
1988- IV
1989- IV
1990- I
n
m
IV
1991- I
n
m
IV
1992- I*
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
955.1
1,047.1
1,087.9
1,114.0
403.8
455.7
472.2
476.1
107.6
116.7
113.1
103.2
59.6
62.2
63.7
75.6
384.1
412.5
438.9
459.1
1,098.5
1,162.1
1,245.6
1,310.6"
386.3
399.0
416.4
445.9
430.9
459.4
502.0
508.5
108.4
115.8
128.3
147.0
143.8
160.3
175.3
185.2
28.9
27.6
23.7
24.1
-0.1
.0
.0
.0
-143.3
-115.0
-157.8
-196.6
972.3
1,055.2
1,104.8
1,120.1
632.3
671.1
739.8
803.6
856.8
943.5
1,000.6
1,062.7
1,086.8
1,106.3
1,115.4
1,110.7
1,115.2
1,114.3
1,124.6
1,126.2
1,133.7
410.1
460.2
482.2
470.4
301.6
290.5
323.5
351.8
371.7
414.8
420.0
467.9
471.2
485.4
486.6
485.5
473.9
468.8
469.9
469.0
461.0
111.0
113.9
112.1
102.9
45.5
65.4
67.0
77.0
91.4
109.7
118.5
107.4
113.7
114.1
115.1
105.7
99.0
102.0
106.2
104.4
112.9
60.9
61.9
65.8
78.8
49.2
55.4
58.2
56.8
54.8
59.5
61.4
62.1
64.6
64.8
65.2
68.5
78.2
77.1
78.7
81.2
79.6
390.4
419.4
444.7
468.0
235.9
259.8
291.1
318.0
338.8
359.4
400.7
425.2
437.2
442.0
448.5
451.1
464.1
466.3
469.9
471.6
480.3
1,109.0
1,179.4
1,270.1
1,321.7
815.7
855.7
926.6
990.8
1,034.3
1,096.3
1,135.5
1,206.0
1,247.6
,263.2
,265.1
,304.4
,261.6
,321.0
,334.8
,369.3
,418.1
387.0
401.4
424.9
445.1
281.4
289.7
324.7
356.9
373.1
392.5
392.0
403.7
417.2
423.3
424.7
434.5
451.5
452.1
444.9
432.0
440.6
436.3
469.5
510.8
513.5
346.0
351.1
360.1
383.8
404.2
419.7
444.5
486.4
501.6
507.2
510.7
523.8
457.5
505.1
534.9
556.6
600.0
111.3
118.2
132.2
152.8
84.3
86.9
97.7
104.5
103.8
102.9
113.0
121.9
128.1
132.2
131.2
137.3
143.7
151.0
153.3
163.3
164.5
146.0
164.7
177.5
188.7
86.8
99.2
122.3
129.2
131.1
143.1
151.2
168.8
170.9
177.5
183.7
177.7
185.7
189.7
187.9
191.4
188.2
28.4
25.5
24.7
21.5
17.3
28.8
22.2
16.4
22.1
37.8
34.9
25.1
29.8
23.0
14.8
31.2
23.4
22.7
13.9
26.0
24.9
.0
.0
-136.6
-124.2
- 165.3
-201.6
- 183.4
-184.6
- 186.8
-187.2
-177.5
-152.7
-134.9
-143.3
- 160.8
-156.9
- 149.7
-193.6
- 146.4
-206.7
-210.2
-243.1
-284.4
Source: Department of Commerce, Bureau of Economic Analysis
34
.1
-.1
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
.2
.2
-.4
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987 = 100; seasonally adjusted)
Period
United
Canada
States,fc
Japan
France
Italy
Germany
Consumer prices (1982-84= 100; NSA)
United
Kingdom
United
States '
Canada
Japan
France
Germany
Italy
United
Kingdom
.»i
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
107.1
76.5
81.5
91.4
96.5
95.4
100.0
105.5
105.3
100.8
r
96.5
82.9
85.5
93.4
96.8
96.6
100.0
109.2
115.9
121.4
124.1
97.3
96.5
97.1
97.2
98.0
100.0
104.6
108.8
110.9
111.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.8
114.5
118.0
91.7
88.9
91.8
92.9
96.2
100.0
105.9
109.2
109.4
107.1
86.4
89.6
89.7
94.6
96.9
100.0
103.6
104.0
103.4
100.3
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
136.2
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
135.5
143.1
98.0
99.9
102.1
104.1
104.8
104.9
105.7
108.0
111.4
115.0
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
137.2
97.0
87.7
100.3 100.8
102.7 111.5
104.8 121.1
104.7 128.5
104.9 134.4
106.3 141.1
109.2 150.4
112.1 159.6
116.0 ' 169.7
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
156.9
105.0
105.5
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.4
r
95.0
r
123.0
123.3
126.0
122.8
126.6
122.8
123.7
123.9
123.8
122.0
107.1
109.8
109.6
109.7
110.9
110.9
109.6
111.1
110.3
r
109.1
118.3
117.8
116.9
121.6
119.5
117.3
117.5
117.5
117.9
113.4
108.5
103.5
105.3
110.6
106.5
104.1
107.9
105.8
111.6
104.7
101.3
'98.7
r
98.5
'101.5
101.4
99.8
100.2
'100.6
'100.3
100.0
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
142.3
142.3
143.0
143.7
143.8
143.9
143.7
143.4
144.0
143.4
114.0
114.7
115.3
114.8
114.7
114.9
115.1
116.4
116.6
116.0
135.8
136.3
136.6
136.9
137.4
137.7
138.0
138.6
138.9
139.1
114.2
114.7
115.2
115.8
116.8
116.8
117.0
117.4
117.9
118.0
'167.3
'168.0
'170.2
' 169.6
'171.4
'170.3
'171.0
'172.3
'173.5
'174.0
154.4
156.4
156.9
157.6
157.2
157.6
158.1
158.7
159.3
159.4
106.6
107.2
107.7
'108 1
108.8
r
95.5
r
121.5 r 110.9
'
120.6 110.0
117.7 109.8
118.2 111.4
119.2 108.5
120.3 '111.0
l!8.5 110.7
118.7 104.4
99.1
'100.3
'99.4
100.1
138.1
138.6
139.3
139.5
139.7
144.0
144.1
144.6
144.6
144.9
115.8
115.7
116.3
117.5
139.4
139.8
140.2
140.5
118.5
119.2
119.7
120.0
175.4
175.9
176.6
177.3
178.3
159.3
160.1
160.6
163.1
163.7
1982
1983
1984
1985
. ..
1986
;
1987
1988
1989
1990
1991 "
1991- Mar ..
Apr
May .
, 3
July
. ..
Sept .
Oct
Noy
Dec
1992: Jan
Feb .
Mar
Apr ...
May*
1
96.3
'96.8
r
97.1
r
97.4
r
97.1
r
97.7
97.1
96.7
r
95.3
r
95.9
96.2
r
Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
General merchandise imports (customs value) a
Merchandise exports (t.a.s. value) l
Principal end-use commodity category-
Period
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other 2
216.4
205.6
224.0
6
218.8
6
227.2
254.1
322.4
363.8
393.6
421.7
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
35.7
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
109.7
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
166.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
40.0
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
45.9
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
23.7
35.5
35.0
34.7
35.2
34.5
35.3
36.8
37.3
36.1
2.9
2.9
2.7
3.1
3.0
3.1
3.2
3.2
3.3
9.2
9.4
8.7
9.1
9.1
8.6
9.3
8.9
8.9
14.3
13.7
14.3
13.7
13.4
14.4
14.4
15.4
14.3
3.4
3.4
3.5
3.6
3.3
3.5
3.7
3.6
3.3
3.8
3.7
3.7
3.7
3.7
3.8
4.1
4.1
3.8
35.5
37.7
37.1
36.4
3.1
3.6
3.3
3.5
9.3
8.9
8.8
8.7
13.9
15.3
14.9
14.3
3.2
3.6
3.9
4.0
3.9
4.1
4.0
3.9
Total 2
.
1991- Apr
Mar
July
Sept
Oct
Nov
Dec
1992' Jan
Feb
Mar '
Apr ..
1
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
244.0
258.0
330.7
336.5
365.4
406.2
441.0
473.2
495.3
487.1
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
26.5
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
131.0
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
120.7
1.9
2.0
1.9
2.0
1.9
1.9
2.1
2.1
2.3
39.7
40.0
39.4
40.8
41.1
41.8
42.7
41.4
41.7
2.3
2.3
2.3
2.2
2.1
2.2
2.1
2.2
2.3
10.8
11.3
10.6
10.7
10.9
11.1
11.1
10.8
10.8
10.1
9.9
10.0
10.2
10.0
10.2
10.3
9.9
10.3
2.0
2.1
2.3
2.0
41.3
40.9
42.7
43.4
2.3
2.2
2.3
2.4
10.6
10.3
10.6
11.2
10.3
10.3
10.7
10.8
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through (988.
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
5
Total exports are 6n a revised statistical month basis; end-use categories are on a statistical
2
3
Trade balance
Principal end-use commodity category
Total
4
4
General
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(e.i.(.)
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
16.1
15.9
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
508.4
-27.5
-52.4
-106.7
-117.7
-138.3
-152.1
-118.5
- 109.4
-101.7
-65.4
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
-129.4
-123.4
-86.6
8.5
8.5
8.4
9.1
8.9
9.4
10.0
9.8
9.8
1.3
1.5
1.5
1.3
1.3
1.3
1.4
1.4
1.3
41.6
41.8
41.1
42.6
42.8
43.6
44.5
43.1
43.4
-4.3
-5.0
-4.7
-5.6
-6.6
-6.5
-5.9
-4.1
-5.6
-6.1
-6.8
-6.4
-7.4
-8.4
-8.3
-7.6
-5.8
-7.4
9.5
9.6
9.9
9.8
1.3
1.5
1.6
1.4
43.0
42.6
44.4
45.2
-5.8
-3.3
-5.6
-7.0
-7.6
-5.0
-7.3
-8.8
Consumer
goods
(nonfood)
except
automotive
Other
39.7
33.3
44.9
40.8
60.0
53.5
68.3
66.8
78.2 79.4
85.2 88.7
87.7 95.9
86.1 102.9
87.3 105.7
84.9 108.0
6.8
6.6
6.6
7.4
7.9
7.4
7.7
7.2
7.2
7.3
7.1
7.5
7.6
Automotive
vehicles,
parts,
and
engines
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The current account deficit fell to $5.3 billion in the first quarter of 1992 from $7.2 billion in the fourth quarter of
1991. (Series revised.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
15
15
BALANCE ON GOODS,
SERVICES, AND INCOME
-40
-45
-45
1992
1983
COUNCIl OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise '2
Investment income B
Services
Period
Net
military travel and
transac- transportation
tions " * receipts
Other
services,
net 5
Beceipts
on U.S.
assets
abroad
Payments
on foreign
assets in
U.S. "
Balance on
goods,
services,
and income
transfers,
net 4
on current
account
Exports
237085
211 198
201 820
219 900
215 935
223 367
250 266
320 337
361 451
388 705
1985
1986
1987
1988
1989
1990
1991
.
r
r
1991: I r
—265 063
—247 642
268 900
332 422
338 083
—368425
409 766
—447323
—477368
497 558
27978
36444
67 080
112 522
122148
145 058
159 500
126 986
115 917
108 853
844
112
163
2 147
4 096
4907
3 662
5743
6204
7220
144
992
4227
9 153
10 788
8 939
8006
3844
2621
4140
12 552
12981
13859
14 042
14 008
18 551
18012
19925
25998
29456
84 975
85346
81 972
92 935
82282
80982
90536
110 669
128651
130 091
53 626
57097
54549
69 542
66115
70013
82 908
105 317
125 963
118 146
31349
28250
27423
23394
16166
10969
7 629
5353
2 688
11945
415 962
1981
1982
1983
1984
Imports
489 398
73 436
5 524
17 118
33 701
125 315
108 886
16429
11 710
8028
3 682
100,636
-118,962
-119,721
-124,325
- 126,390
-18,326 -2,564
-16,397 -1,427
-20,174 -994
-18,539 -539
3,755
3,929
4,358
5,080
8,164
8,280
8,660
8,596
35,498
31,215
29,904
28,698
-28,533
-27,284
-26,828
-26,240
6,965
3,931
3,076
2,458
-2,006
-1,684
-5,075
-2,945
14,199
4,115
-6,012
-4,273
12,193
2,431
-11,087
-7,218
- 125,293
-17,468
4,499
9,928
28,891
-24,181
4,710
1,441
-6,744
-5,303
n .r 103,324
m .... 104,151
IV T.... 107,851
1992: I"
107,825
1
Net balance
-228
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
* Includes transfers of goods and services under U.S. military grant programs.
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
2
3
36
Net
8331
6892
15223
—5868
3907 —9775
40143
30188
9 956
99006
86385
12 621
15473
122 332
106 859
16009
145 393
129 384
14 674
160 201
145 527
14943 * 126236
111 294
90814 —15491 '—106305
69 794
22329 * 92 123
United States are excluded from investment income and included in other services, net.
" Revised estimates for the balance on current account are On millions of dollars): 1988:
-126,656; 1989: -101,143; and 1990: -90,428.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks decreased $21.7 billion in the first
quarter of 1992, in contrast to an increase of $23.2 billion in the fourth quarter of 1991. U.S. liabilities to private
foreigners reported by U.S. banks, excluding Treasury securities, decreased $4.8 billion in the first quarter,
compared to an increase of $23.5 billion in the fourth quarter. (Series revised.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET *
-20
-40
-60
1992
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflow (+)] 3
U.S. assets abroad, net
[increase/capit!il outflow (— ) ]
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 '
1991:
1992:
-110,951
124 490
-56,100
-31,070
-37,721
92030
-62,937
-86,057
-138,610
-57,706
-62,220
-640
I rT
-7,050
nr
m r... - 10,368
IV .... -44,158
555
I"
U.S.
official
reserve
assets 3 6
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-3,158
5,763
353
1,014
3,877
1,225
-1,057
Other U.S.
Government
assets
U.S.
private
assets
-5,097 -100,679
-6,131 -113,394
5,006 -49,898
-5,489 -23,451
2821 -21,043
-2,022 -90,331
1,006 -73,091
2,966 -85,111
1,320 -104,637
2,976 -58,524
3,397 -71,379
1,073
- 1,360
-420
-7,644
3,180 -17,426
-437
-44,947
— 112
1,724
Total
Foreign
official
assets
83,032
93,746
84,869
102,621
130,012
221,599
229,828
221,534
316,549
86,303
4,960
3,593
5,845
3,140
-1,083
35,588
45,343
39,657
8,624
32,425
66,980
18,407
-7,840
2,959
22,933
48,929
5,650
-4,178
4,115
12,819
20,474
e
20,747
Other
foreign
assets
78,072
90,154
79,033
99,481
131,096
186,011
184,485
181,877
207,925
53,879
48,573
-13,490
7,137
18,818
36,110
-273
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Total (sum
of the items
with sign
reversed)
19,934
36,612
11,374
27,456
20,041
15,824
-6,690
-9,240
18,366
63,526
-1,078
3 713
1,660
1,478
2,447
-15,726
Of which:
Seasonal
adjustment
discrepancy
4,636
883
-6,137
613
3,967
U.S. official
reserve
assets, net 6
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
77,719
78,002
74,940
74,731
77,719
74,657
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
vet available. They will be published in the July issue of Economic Indicators. Data shown in italics
are the isnrevised series.
NOTE.—As is customary each June, estimates of U.S. international transactions have been revised to incorporate new source data, improved methodologies, and changes in definitions. Several
major improvements were introduced this year. Revised data other than those shown here are not
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product
Gross Domestic Product in 1987 Dollars
Implicit Price Deflators for Gross Domestic Product
Changes in GDP, Personal Consumption Expenditures, and Related Implicit Price Deflators and Price Indexes
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
,
Personal Consumption Expenditures in 1987 Dollars
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment in 1987 Dollars
Expenditures for New Plant and Equipment
.-.
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
:
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
,
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
,
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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